ANNUAL REPORT 2023-24 Royal National Theatre Foundation Charlty Registration Number. 271708
ROYAL NATIONAL THEATRE FOUNDATION CONTENTS TRUSTEES. ANNUAL REPORT INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES 12 BALANCE SHEET 13 STATEMENT OF CASH FLOW8 14 NOTES TO FINANCIAL STATEMENTS 15 In this document Th8 Royal Nallonal Theatre Foundation Is referred lo as the Found8llon and the Royal National Thealre is referred to as'the NT" 'Ihe Natlonal" and 'lhe National Theatre.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 M8rch 2024 ADMINISTRATIVE DETAILS CHARITABLE STATUS The Royal National Theatre Foundation I'The Foundalion'l was established as an unincorporated charity under 8 Trust Deed dated 6th July 1976. The Foundation was registered with the Charity CommlssSon Inumber 2717061 on 1 Olh Augusl 1976. PRINCIPAL OFFICE The Royal National Th8atr8, Upper Ground, London, SE19PX TRUSTEES Grah8m Barker {Chairl Dame Ursul8 Brennan (Oeputy Chairl Sarah Greane Anna Khazen Leslgy Manvllle Daniel Margolin Elizab8lh Pryca Ceinwen Rees Simon W8rshaw EMERITUS TRUSTEE Robert Rayne BANKERS Sanlander, London Corporate Banking Centre, 12 Park Square West, Ulster Terrace, London, NW14U INVESTMENT MANAGERS Ralhbone Investment Management Ltd, 8 Finsbury Circus, London, EC2M 7A2 INDEPENDENT AUDITOR Buzzacotl LLP. 130 Wood Street, London, EC2V 6DL
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2024 REPORT OF CHAIR 11 has been another busy and productive year for the Foundalion, and il is such a pleasure lo work with my fellow Trustees and with the National Theatre lo continue lo find naw opporlunilies lo support the NT'S work and workforce. By extension we also look lo influence the wider sector. which we wish 10 5e8 nal only surviving bul actively thriving. We also continue lo review and refine the guidance for benevolence, weware support and financial advice, working to ensure we reach as many Indivua1S as possible in the most accessible ways. Lesley Manvi11e retires from the Board of Trustees Ihbs autumn. The TrLtslees and l are Sndebled lo her for thè conlrlbullon she has made to both the Foundation and the NT during her tenure and are fortunate lo know that she will continue lo advocate for and support the work we do. The Board and Nominations Commlttee conllnue lo consider the size, shape, diversity and skills needed on the governing body, Following a robust and open Search gUPF>Orted by Nurole, we are in the final stages of the process lo make new appointments lo the Trustee body. The Board of Trustees and l are especially grateful lo the Deputy Chair of the Foundation, Ursula 8rennan, for her invaluable asslslance In the search pr¢X6S8. The Foundation is only able lo conlirnue ils work through the exlraordlnary generosity of those who have left legacies lo the Nallonal The8lr8. We are immensely grateful lo Ihose donors and their families lor their bequests. Those legacies make a profound difference. In 2023124 we r8ceived a lot81 of £235k in legacies. This year's annual National Treasures, event, dedicated lo thanking th088 who have rernembered the Nalional Theatre in their Wills. will be a lunch and special performanG8 of Corio18nus. We are indebted lo those individuals and their familie5. and l and the Trustee8 are grateful to have th6 opporlunlty lo mark and celebrate Ihalr conlribulion. The Foundation has contlnued to a¢tively support the NT and h85 awarded year 2 of 8 3-year grant of £500k per annum 2022123- 2024125 to support urgent capital and other projects. Additionally, in 2023124 the FoUndatn awarded the final Payment of a 2-year grant of £50k per annurn lo support the pllol phase of the Genesis Theatre Design course. Thls is a seclor-changing course which wlll help make o meaninglul change lo access lo the design profession and chlmes wllh the Foundation's amblllon lo Support educatlon, the NT and the wider sector and lo help remove barrlers for those who ware disadvantaged. In order lo promote the profound difference that legacies make both lo the NT and the wlder sector. the Foundation has been happy lo conlrlbule £.31 k lo the costs of th8 excellent work carried out by the NT'S Oevelopmenl Department. The Truste88 and l are extremely grateful lo Lesley Manville who has recorded a superb 8hort promotional video for the legacy lundralsing Gampaign whiGh15 8 model of ils kind. The Trustees and l are grateful lo the H8ad of Wellbeing and the Walfare team for thelr d8dlc8led work. We 8re delighted lo welcome Jessica Dickens. Head of Welfare and Wellbelng back from m818rnily leave and would like lo record our thanks to Sarah Dean for her excellent work coverlng that role. We are particularly proud and pleased lo report that during the 2023124 financial year Ihe Foundation 8warded benevolent grants lolallng £78k In lolal 10 28 Sndividu8ls. Th81 represents both a slgnificanl increase on tha previous year's benevolent givlng and Ss the highest 18vel of benevolent grants ever made in a slngle ye8r. In aédilion. In 2023124, Ihe Foundallon has helped lo support additional welfare and counselling provision al the NT through a £50k grant to the NT. Another key area of support which has been pul in place is the provlsion of grants for individual financial advice sessions with the Wealth Coach, Sara Maxwell. The lake up for and feedback Irom those sessions has been immensely positive. Donna Parker, the Board Secretary. goes above and beyond lo support 8V8rylhing that the FoundalK)n does. and the Trustees and I wish to pay a heart-lell Iribulo lo her. The value of the Portfolio on 31 March 2024 was £6,756,868 compared lo £6,284,500 the prior year. Within the context of a challenging and lurbulonl economic environm8nl, Ihe Foundation's Inve8lmenl portfolio g8ner81ed an absolule inv8slmenl gain of £522,149 an improvement on the loss of £269,142 last year. The Foundation's funds are invesled for th8 lon9er-lerm and are activ8ly managed by Ralhbone8 in close consullalion with the Trustees. In addition lo reGeiving Snveslmenl updates al all Trustees, m88tings, the Foundation has established a Finance Sub-Commi1188, which mee15 with Ralhbones lo monilor performance and consider the investment strategy in detall. The Trustees also regularly review a rolling five-year budget forecasl. The Trustees are confident, going forward, that the Foundation will continue lo h8Vg suffici8nl funds lo enable it lo continue with ils core remit. The Board actively supports Ihe new18gacy campaign whh will be key In malnlaining and growing its funds through increased levels of legacles. Graham Barker, Chair of Trustees
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT ORGANISATIONAL STRUCTURE The governing document ol the Foundation is a DeClaratn of Trust. dated 6 July 1976. The Foundation applies the principles of the Charity Governanc8 Code. The Foundation's Trustees generally maet three times a year. Business al Trustees, meetings usually includes consideration ol grants to beneficiaries, grants to the Nallonal Theatre, reF)Orts on previous awards, a review of the financial position and of investment policy and performance. and approval of the annual Trustees, Roport and Accounts. MEMBERSHIP OF THE TRUSTEE BODY The Trus188s keep under review the membershlp of the Trustee body and are mlndful of the need Io ensure that, as group, they hav8 the skllls and experlence lo enable them lo lulfil their responslbSlllles as Trustees of the Foundation. A SLtb-commillee of the Board. makes recommendations lo the Board on appoinlmenl of Trusl8es and reviews the composition and effecllvene58 of the Board. TrJJsle8s are appointed by exSsling Trustees. All Truste68 are appointed for an Inlllal term of three ye8r8,' after which they may be r8appoinled for a maxSmum of a further two Ihree-year term8. The S8cr8lary arranges the Induction ol new Truste88 lo provide them wllh Information about. and an understanding of, the objects of the Foundation, and Ihelr reswnsibililies as ch8rily Truglees. DECISIONS The Foundation's Trustees generally rneel three lime8 a year. Business USL+ally Includes consideration of applications for grants, repor18 on previous grant awards, a review ol the financial poslllon and of the investment policy. To deal wllh emergency benevolent applications, the Chair has Qlscrellon to make benevolent grants within pr88cribed Ilmlls. The Chair dlscusses such applications with another Trustee on a rolllng rol8 of Tru8lee8. Grants made under thi8 aulhorlly by the Chalr musl be ratified by th8 Trustees in a full meellng. The Trustees are Independent of the Nallonal and operate al Ihèlr own discrelfvjn, however In the Snleresls of malnl8inlng an up lo dale knowledge of National acllvilies, two Trustees also 8erve on the National's 8oard. The Trustees have procedures in place for handling any conflict of interest lo which that 8ltuallon mlghl lead. INVESTMENT AND FINANCE The Board's re8ponsibililies includ8 reviewing the Investment policy and performance,. monitoring and reviewing financial performance and management., reviewing the preparation of the annu81 fln8ncial slalemenls.. relalionships with the External Audllors and revlewing the risk reglsler. The Board have regular meellng8 and discusslons wilh Rathbone Investment Management Limlled Ilnv031menl Managers) lo monitor investment performance and r8view the investment strategy. A Finance Sub-commillee of the Board meets al least annually lo consider Inve81m8nl performanc8 and strategy and the indicative 5-year financial plan. PUBLIC BENEFIT DISCLOSURE The Trustees confirm that they havo referred lo the guidance contalned In the Charity Comml8slon's published guidance on public benefit when reviewing the Foundation's aims. objectives and grant making poliGy and in planning future acllvilles. The Foundation caffies out these objectlves and seeks lo achieve public benefil through the lollowing grant giving pollcy.. Grants to the National The8tre are made primarily lo fund initiatives which are outside of the National's financial capabilities in any particular year bul are relevant to ils current policy. The National Theatre is itself a charity with a comprehensive public reach achieved through 8¢cessible li¢kel pricing, an education arm and a growing internet and digital presence to members of the public.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2024 Benevolent grants ara made to IndivKluals who work, have worked or who have a close association with the National and who are in need. Grants to other individuals and organi5alions are generally made for charitable purposes Ilnked lo the National Theatre. OBJECTIVES ANO ACTIVITIES AIMS AND OBJECTIVES OF THE FOUNDATION The objects of the Foundation sh811 be In the Unlled Kingdorn or any other part of the world.. lo educÈle the public in the art of drama and lo promote their appreciation of classtal and modern drama in all ils artistic forms al the Royal National The8lr8'. lo r8li8v& past or presenl employees of the Royal National Thealre who arg In neGessltQUS circumstances.. and as ancillary lo the abov8 objec15, to support th8 Royal Nallonal Theatre in 115 aims to further the appreciation of Classical and modern drama., lo prOnle and support such other charllable Inslilullons or purposes as the Trustee8 may from Ilme lo Ilme al Ihelr absolute discretion think fil. The Foundalion has achieved these obleclive8 by issuing a grant lo the National Theatre lo support the work of the N81ional Th8alr&'s W8118re Counselling Service. 28 benevolent grants were i88ued to p8s1 and pre5enl employees of It>e National Th88lr&. The Foundation has also i8sue(I the Second of three £500k grants lo the National Theatre this year as well 88 the Peter H811 Award plu6 funding lo cover the costs of Legacy work carried out by the National Theatre, Development Department. ACHIEVEMENTS AND PERFORMANCE Th8 Trustees are extremely grateful lo the individuals who have remembered the Foundatlon In Iheirwills. The Foundation has rec6ived legacies during the year lolalling £234,94412022123.' £238.3121. The Foundallon does not employ any professional fundraisers and complies wlth the $18ndard8 of the schem8 for fundraising. No complaints have been received and no undue pressure has been placed on any pergon. Thè Trustees granted a lolal of £620,60012023'. £632.9541 gr8nl8 and 8ward$ lo the National Th8alre. £50,000 lo the Nallonal Th88lr8's weW3r8 counselling services. The Peler Hall's Directors Award for £30,000 and the R8yn8 Award lor £10,000. The Foundation also contributed £30,600 towards the costs of Legacy work carried out by the National Th6atre's Dev8loprnent Department. The Trustees also granted £500.000 towards urgent Capital Projects. The Trustees approved 28 benevolent grants lolalllng £77,54912022123.. £76,100] made this year lo current and former staff and members of the acting companles. FINANCIAL REVIEW The Foundation received investment income during the year of £143,231 12022123.. £128,417], £86,335 of which is unr8slricled12022123.. £72,103]. Donations and legacy income of £248,67512022123'. £251,937] was received during the year. All legacy income for the year was received via th8 National Theatre, Total expenditure in the year w¥s £830,535 12022123.. £833,1821. The Foundation's inveslrnenl portfolio made a gain on ils investment assels 01 £378.91812022123'. a loss 01 £397,559]. giving an annual absolute investment gain of £522,149 {inveslm8nt income plus galn on portfolio) 12022123 810ss 01 £269,142]. The total funds balance carried forward al 31 March 2024 was £6.166.930 12022123.. £6,226,6411. The Foundation's Portfolio was valued at £6.756.858 at 314t March 202412022123 £6.284,5001.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For tha year ended 31 March 2024 INVESTMENTS Th& Trustees. overarching goal is an investment strategy designed lo produce a balance of capital and Income growth lo enable them to GL)nlinue the Foundation'5 grant support to lh9 National and lo meet ils other charitable obje¢ls in a manner and sGale broadly slmilar to that provided in th8 past. The Foundation has a total relum strategy with a goal of achieving an aver8ge annual return of Inflation plus 3% such as lo preserve and increase ils capital over the long term. Risk is minimised by appropriate élversiflcation across global equities, fixed income, property and cash with consideration being given from lime lo liffle lo investments in hedge funds, emerging markets and convertible bonds. Liquidity is an important consideration, and all investments are required lo be of a reasonably liquid nature. 11 is intended that a minimum annu81 income from interest and dividends and, if necessary, liquidation of capil81 gains. of £200.000 should be generated lo fund benevolent grants. other grants and expenses. Performance is reviewed al least twice a year by the Investment and Finance Committee. Investment pollcy and strategy is reviewed al least annually by the same Committee and followed by a report made lo the full Trustee body. KEY RISKS AND UNCERTAIP4TIES DISCLOSURE The Trustee$ have ¢onsldered Ihg major slralegic, business and operational risks which the Foundation face8. The fundamental one 1$ uncertainly ol income. Procedures. which include regular reporting on rlsk management lo the Trustees, have been o$labll$hed lo manage these risks. PLANS FOR FUTURE PERIODS The Foundation will continue ils essential remil of ben8vo18nC8 by making gran1510 NT employees and past staff members suffering financial hardship. Working closely with the N81ional Theatre, the Foundation will continue to support and develop the Fundraising campaign lo encourag8 supporters of th& Nation81 Theatre lo rernernber the Th8alre in their Wills. RESERVES UNRESTRICTED FUNDS In selllng 8 largel level ol reserves for the Foundallon. the Trustees h8v8 18ken into account that the scale and number of appllcallons lo the Foundation are variable.. that Income from r6lurns on the inv851fflenl portlollo are unpredictable and th81 in the event of a major. exceptional flnancial crlsi8 afflicting the NalionBI, the Foundation would wish lo provlde slgnific8nt supporl of a general nature 1011. In rjoing so, tha TIug18es thus r8cognis& the moral commitment given lo the then Trustees of the Royal National Theatre Endowm8nl Fund, on ils winding up, that fun(Js transferred lo the Foundation from the Endowment Fund would be relalned lo be able lo as51sI the Nalional in such circumstance8. The Trustees consider the level of reserves in the General Fund, which slood al £2.9m al the year-end12022123.. £2.75ml, together with the designated funds held in the Foundation General Purpose fund £0.52m12022123.. £0.53ml and tha NT General Purpose Fund £1.1 m12021122.. £1.35ml lo be adequate lo enable them lo respond to the potential valug ol grant applicalKJn8 in the foreseeable future. DESIGNATED FUNDS Benevolent Fund The purpose of this Fund is lo provlde prolectlon for a proportion of the Foundation's assets for the future so as to enable the Trustees lo continue lo fulfil the Foundation's second charitable objective, to provide support lo the staff and former member5 of staff of the National and of the acting company who are in necessilous circumstances. Trustees consider that 8 fund of £1,000.000 is needed to meet likely on.going applications. The Truslees keep this policy under review. An amount equivalent lo that paid out in gran1$ is transferred from the Foundation General Purpose Fund each year. Since April 2023 the Foundation has awarded benevolent grants to 28 Indivlduals, tolaling £77,549.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2024 In prior years the Trustees have offered support lo the NT'S Apprenticeship schema through Ils allocallon of funds. assisting individual apprentices who mighl themselves be in hardship because of travel costs or living expenses, lo Ihe exlenl that il would jeopardise their ability to complele the apprenticeship. Whilst the Trustees did not receive any applications this year, they feel that there is still a real need in thi5 area, and given their commitment to the NT'S apprenticeship scheine, have agreed lo continue lo support it in future years. Foundatlon General Purpose Fund Th8 Legacies Agr8&menl with National Thealre16ffeclive 17 February 20161 slates that all unrestricted legacies received directly by the Foundation are lo be allocated lo the Foundation General Purpose Fund. RESTRICTED FUNDS The Legacies Agreement with National Theatre leffeclive 17 February 20161 $tale$ that all re$lri¢led18gHcies received by either the National Theatre or the Foundation are lo be allocaled lo the Funds, whlch is one of Ihe flve restricted Nation81 Theatre sub-funds INT Learning. NT Productions. NT Premises, NT SludlolNew Work and NT General Purpos881. NT Leornlng sub fund Thi5 fund, previously known 8s Learning Fund, wa5 established lo rellecl the former Legacies Agreem8nl Idaled 22 March 20121 between the N81ional Theatre and the Foundation lo provide a long term and signilicanl source of grants for learning aclivilie5 al the National and through the Foundation. Monies equival8nl lo amounts received as unreslricled legacies by the National Theatre were glven to th8 Foundation for Investment in Ihls Fund. The current Legacy Agreem8nl slipulalad that the balance on th& Learning Fund lo be credited lo th8 NT Learning sub-fund. The balance on the NT Learnlng 8ub-fund repr8sents the brought forward balance and an allocation of the nel gains on investment in year. NT Produ¢tlon•, NT Prnml•e•, NT StudlolN•w Work and NT G•n•ral Purpose The8e funds represent legacy gifts recelved in year and an allocation of the net galns on investment in year. CONNECTED CHARITIES Tho Foundation has objectlves related lo those of the Natlonal but fulfills these independgnlly. LEGACIES The NT General Purp08e Fund recelved £234,944 from the National represenllng legacles left lo11. CHARITABLE ACTIVITIES During the year a £50,000 grant was pald lo th8 Nallonal lo support the Welfare Departm8nl. A paym&nl ol £30,000 was also made lo the National for the Peler Hall DIrtOr'S Award. In addition, year 2 payment of 3-year £500,000 per year commitment was agreed. The Found¥lion also contributed £30,600 towards the costs of Legacy work Carried out by the National Theatre's Development Department. Plus £10,000 for the Rayne Award. There have been 28 Benevolent Grants awarded this year lolallr¥J £77,54912022123.' £76.1001. Adrninistr¥live Support is provide(J by Ihe National The¥lre and a fee of £18,000 12022123.. £18,000] is charged to the Foundation for these services. STATEMENT OF RECOMMENDED PRACTICE The financial statements have been prepared in accordance with the accounting policies set out on pages 15-17 and comply with the Statement of Recornmended Practice "Accounting and Reporting by Chari118s' and relevant slalulory requirements.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2024 STATEMENT ON DISCLOSURE OF INFORMATION TO THE AUDITORS In so far as the Trustees are aware.. thera is no re16vanl audit information of which the charity's auditor is unaware: and they have taken all the steps that Ihay ought lo have taken as Trustees in order. lo make Ihemsefves aware of any relevant audll Information and to &s18blish that the Gh8rily's audllors are aware of that Inforrnalion. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Tru51ees ar& résponsible for preparing the TrLtst8es' Annual Report and the financial slalemenls in aGcordanGe with applkable law and United Kingdom Generally Acc8pled kGounting Practice (United Kingdom AGGounllng Slandardsl. The law applicable lo charili8s in England and Walos requires the Trustees lo prepare financial statements for each financial year whlch give a true and lalr view of the stale of affalrs of the charity and ol the income and expenditure of the charity for that period, In preparing these financial s18lemenls the Trustees are required to.. select 5uilable accounllng pollcSes and then apply them consislenlly; observe the methods and principles in the Charitles SORP., make judgmen15 and estimates that are reasonable and prudent stale whether applicable accounting standards have been followed. subject lo any materi81 departures d15ckJsed and explained In Ihe flnanol81 slalemenl8'. prepare the flnanclal slalemenls on the goln9 concern b8818 unle881118 InapproprSate lo presume that th8 ch8rity will conllnue In bu8ine88. The Tfuslees are responsible for ke8ping 8dequala accounting r6cords that ara sufficient lo show and explain the charity, Iransaclions, disclose with reasonable accuracy al any lime the financial position of the charity and enable Iham lo ensure that Ihe financial slal8m&nls comply wllh the Charilles Act 20118nd the provlglons of the charily s conslilulion. They are a130 responsiblè lor saf8gu8rding the assets of the Charity and hence for taking reasonabla Steps for the prevention and detection of fravd and other Irregularilies. The Trusle8s' Annual Report wa8 approved by the Trustees and aulhorlsed for Issue on Graham Barker, Chalr of Trus
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL NATIONAL THEATRE FOUNDATION OPINION We have 8udiled th8 accounts of The Royal National Theatre Foundation Ilhe 'ch8rily'l for the year ended 31 March 2024 which comprise th8 slalemenl of financi818ctivilies, th8 balance sheel, the slalernenls of cash flows, principal accounting polici8S and the notes lo the accounts. The financial reporting fram8work that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Pracllcel. In our opinlon, the accounl8'. glve a true and lair view of the slate of the charily's affairs as al 31 March 2024 and of ils incoming resources and applic81ion of resources for the year than ended., hav8 been properly prepared in accordance with Uni18{J Kingdom Generally Accepted Accounting Pr8cllc8' and have been prepared In accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audll in accordance wllh Internallon81 S18nd8rds on Auditing IUKI IISAS IUKII and Bpplicable18W. Our responsibilities und8r those 818nd8rds are further described In the auditor's r8sponsibililies for Ihe audit ol the accounts $8Ction of our report. We are independent of the charlly In accordanca with the elhic81 r8quir&menls Ih818ra relevant lo our Èudil of the accounts in the UK. including the FRC'S Elhlc81 S18n(J8rd, and we h8ve fulfi118d our other ethical responslbllilles In accord8nce with these requirements. We belleve Ihal the audit evidence we have obtained is sufficSenl and appropriate lo provide a basis for our opinion. CoNCLUSIOM8 RELATING TO GOING CONCERN In audlling the accounts, we have concluded that the trusleeg. use of the going Concern basls of accounllng in the preparation of the accounlg is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individualty or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a perlod ol al least twelve monlhs from when the accounts are aulhorised for issue. Our responsibilities and the respongibililieg of the trustees with respect lo going concern are desGrlbed In the relevant 3ecllons of Ihls report. OTHER INFORMATION The other inlormallon comprises the Inlorm811on InclLrded In the 8nnu81 report, including the trustees, annual report, other than the accounts and our auditor's report thereon. The trustees are responsible for the other information contained within th8 annu81 report. Our opinion on the accounts does not cover the other information and we do not express any form of a83urance conclusion thereon. Our responsibility is lo read the other inlormation and, in doing so. consider whether the other informatlon Is malerlally inconsislenl with the accounts or our knowledge obtained in the course of the audit or otherwise appèars lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are requlred to determine whether this gives rise to a material misslatemenl in the accoun15 themselves. If, based on the work we have perfornlled, we conclude that there is a material misslalemenl of this other information, we are required to report that fa¢l. We have nothing to report in Ihls regard.
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2024 MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and underslandlng of the charity and its environment obtained in the course of the audit, we have not identified material misslalemenls in the Iruslees, report. We have nothin9 to report in fespect of the following mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us to r8POrt lo you if, in our opinlon.. the information given in the Iruslees, report Is Inconslslenl in any material respect with the accounts,. or suffi¢i8nl accounllng records have not b88n kept.. or the accounts Bre not in agreement wlth the accounllng records,. or we hav8 not received all the inform81ion and explanations we raquire for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the trustees. respon8ibilllies slalem8nt, th8 Iruslees are respon8Sble for the preparation of the accounts and for being satisfied that they give 8 true and fair view, and for such internal control a8 the Iruslee8 determine Is necessary lo enable the preparation of a¢¢ounls that are free from materi81 mlsslalemenl, whether due to fraud or error. In preparing Ihe accoun18, the trustees are r8spon8ibl6 for assesslng the charlty's abllily to continu8 as a going concern. disclosing, as applicable, mallers r81al8d 10 going concern and using th$ going ¢onc8Tn basis of accounling unless the Iruslees either intend lo liquidate th8 charity or lo cease operation5, or have no realistic 8llernaliv8 bul to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS W8 have been appointed a5 auditor under section 145 of th8 Charities Act 2011 and report in accordance with the Act and r8levanl regulations made or having effect Ihereunder. Our obleclive5 are lo oblaln reasonab18 assurance about whether the accounts as a whole are Iree from material misslalemenl, whether du8 lo fraud or error, and to issue an auditor's report that Includes our oplnion. Reasonable assurance 18 8 hSgh level of 8ssuran¢e, bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will 8lway8 delecl a material misslatemenl when11 exlsls. Misslatemenls Can arise from fraud or error and are consider8d m818rial rf, individually or In the aggregate, they Could reasonably be expected to influence the economic dec181ons of users taken on the b8sI8 of these accounts. Irregularilles. including fraud, are instances of non-compliance with 18w8 and regulations. We de81gn procedures In line with our respon5ibilili8s. outlined above, to delect malarial misslalem8nts in respect of irregularities. Includlng fraud. The exlenl lo which our procedures are capable of detecling irregularities, including Iraud Is delalled below.. Our approach lo idenlty'ng 8nd assesslng the rlsk8 of m8lerlal misslalement in r85pecl of Irregvlarllies, including fraud and non-compliance with laws and regulalions. wag as follows.. The engagement partner ensured that the engagement team collectivèly had the appropriate competence, capabllilias and skills lo identify or recogni58 non-compliance with applicable laws and regulations., We identified the laws and regulations applicable to the charity through dlscussions wlth management and trustees and from our knowledge and experience of the charity sector.. We focused on specifiG laws and regulalions which we considered may have a direct material effect on the accounts or the activities of the Gharity. These included but were not limited lo the Charities Act 2011.. Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe.Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland IFRS 1021 leffeclive 1 January 2019), and We assess the extent of compliance with laws and regulations identified above by Making enquiries of man8gemenl and represenlalives of the Iruslees and review of the minutes of trustee meetings.
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the y8ar ended 31 March 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (CONTINUED) We assess8d the susceplibilily of the charity's accounts to material mis8lal8menl. Includlng how fraud mlghl occur by: Making enquiri8s of management and represenialiv6s of the Iruslees as lo where they considered there was susceplibilily to fraud, their knowledge of actual, suspected and alleged fraud., and Consldering the Inlernal ¢onlrols in plaGe lo mltigate risks of fraud and non-Gompliance with laws and r6oulalions. To address th8 risk of fraud through managernenl bias and overrid8 of controls, wé.. Performed analytical procedures lo idenllfy any unusual or unexpected relalionships,. Tested the aulhorisalion of expenditure., Tested the implemenlalion of financial controls., and Investigated the ratlonale behind significant or unusual tran$a¢tlon8. In response to the risk of Irregularilias and nonwcomplSance with laws and regulallon¥, we deslgned procedures which included, bul were not lirniled to.. Agreelng financl8181alemenl dl$¢lo8ures lo underlylng Supporting documentallon: Reading the minutes of meetings of the truslee8,' and Enquiring of a5 to actual an¢J potential litigation and claims. There are Inherent Ilmllalions in our audit procedur88 déscribed above. The more rernoved that laws and regulalSons are from financlal Iran8aGlion3, the less likely il is that we would become aware of non-compliance. Auditing standards also Ilmil the audit procedures required lo identify non-compliance with laws and regulallons lo enquiry ol the Iruslees and other management and the inspeGIDn of regulatory and legal correspondence, if any. Matorial misslal8menlg that arise due lo fraud can be harder lo delecl than those that arlse from error as they may Involve dgliberale concealment or collusion. A furthei d8scriplion of our r85ponslbililies for the audit of the accounts is located on the Financlal R8porllng Councll's web8lle at www.trc.0r9.uklaudltr88p0n31blliIl8S. Thi8 description forms part of our audltor'8 ieport. 10
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2024 USE OF OUR REPORT This report is made solely lo the charity's Irustegs, as a body, in accwdance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Iruslees those m8118rs we are required lo slate to them in an audito5 report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslees 88 a tijdy, for our audrt work, for this report. or for the opinions we have formed. BuzzaGoll LLP Stalulory Auditor 130 Wood Street London EC2V 6DL Dale.. Buzzacott LLP 18 81igible lo act as 8n auditor in terms of section 1212 of the Compani88 Act 2006 11
ROYAL NATIONAL THEATRE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2024 YEAR ENDED 31 MARCH 2024 Unro$trtsd Dosign&ied Rostrtcte Tot In¢omg & End0vMntl from.. Donation5 & legacies Inveslmenls NotOS 3,731 86,335 244,944 34,457 248,675 143,231 22.439 TOTAL Incom• & Endowm•nto 22,439 279A01 391,906 Expendlture on: Investment Manag&mant Costs Ch8ritable actfvlts.es 29,757 136.364 7,734 80.911 11.876 563,833 49,367 781,16 TOTAL Exp•ndlturn 166.121 Ba.705 575.709 830,535 Not galns on Inve•tm•nt 228,399 59,362 91,1S7 378.911 Not In¢om•ll¥xpgndlturg 152.344 205151 Trnnsf•r# b•tw••n lund• N•t mo¥•m•nt In fund• 152.344 205151 R•conclll•tlon of Fund8: Total lunds brought ltsrward 2.748,106 1,529,891 1,948.5Y 0.226,641 TOTAL Fund8 cath•d IopAt•rd 2,900,540 1,522.987 1,743,403 6,166,930 YEAR ENOEO JI MARCH 2023 Unr••trl¢t•d D••lgnd R••trl¢tsd Tot•1 Ineomo & Endowmont1 from: DoMllon8 &18gack96 Imie8lrnents 3,625 72.103 58,793 18,462 189,519 37.852 251.937 128,417 TOTAL In¢om• & Endowrn?vrt• 75.720 227.371 380.354 Expondltuf• on: Inv85ttn8nl Management C09ts Chgritable actlvltle6 22,038 149,523 5,643 79,596 11,S69 $64,813 39.250 793.932 TOTAL ExndItur• N•t yln•lllwv•l on InY••tm•nt 578 382 B33 182 1223,2211 157.1541 1117.184} 1397,559 Net Incomelle¥p•ndhur•l 319.054 65.138 486.195 850.387 Tr•n•for8 knot1 fund• Not Movet In lundi 319,054 R•conclll•tlon of Funds.. Total funds broughl foNrnrd 3.067,2XI 1.595,029 2.414,749 7,077,028 TOTAL Fd¥ forw•rd 2 748 196 1529 891 1948 $54 6 226 641 All in(xJrne and émpèndlture Is derived from conllnulng 8Ctivllles. The notes on pages 14 to 25 con8litu18 part of the finanaal slalernents. 12
ROYAL NATIONAL THEATRE FOUNDATION BALANCE SHEET For the year ended 31 March 2024 2024 2023 Flxed Aswt•: Inveslrngn18 Note 6,756,858 6,284,500 TOTAL Flxed Asset• 6 756 658 Current aM•ts: D8btor5 10,000 21,329 Accrued Income 2.671 3,944 Cosh at bank and In hand 7.245 168,565 TOTAL CurY•nt A•••ts Ll•bllltl••'. Credilor6'. amounts f8lllng due wllhln one yegr 10 1609.8441 1251,fj97) N•t Curnnt ILlabllltl••V A•*•t• 251697 TOTAL A•Mt• l••• Curr•nt Llablllll 8 166930 0226641 TOTAL Not A•wt• 6 166930 fj226fj41 Th• Fund• of th• Charlty., unw81led funds 2,900.541 2,748,IP6 1,529,891 oe8ignaled lund8 R881rlcled fund8 1,522.988 1.743,403 1,948,554 TOTAL Fund• 8 166930 8226841 Approved and altrlhorised for issue by the trustees on . And Slgned on 118 behalf by.. Graham Barker {Chair} The notes on pages 14 to 25 (x)nstitul8 P8rl of tha financial st8tgments, 13
ROYAL NATIONAL THEATRE FOUNDATION STATEMENT OF CASH FLOWS For th8 year ended 31 March 2024 2024 2023 Cash flow• from opgrallng •ctlvltlo5'. Net c••h us•d in op•rating aetivititii 197.528 154 76T C•5h IIow8 from Inv•8tlng actlvltl•8: Dividends, interest and rents from inv8Blrngnl8 Prctteds frtsm sa of invegtment PLtrchase of investnnIS 129,648 589,690 1578,2691 125.267 1,737,273 fl,674,695) Nèt ci8h pro¥ld•d by Inv••tlng aetlvttl•8 787845 Chan0• In cash and ¢••h •qulvalont• In tho rnportlng p•rlod 56 459 Cash an¢J caBh equivalents at the be9innins of the rgporting perK)d 313,596 280,510 Ca•h •nd ca•h •qul¥al•nt• 41 th• end of thg roportlng pgrlod 257 137 2024 2023 111 R•eonelllatlon of not Incom•ll•xp•ndltur•l to n•t ca•h Ilow from opgr•tlng actlvltlg•: Il•t gxpondlluro for thg w•portlng pèr1 11 p•r th• Stat•m•nt ot Fln•nc141 A¢¢lvltkn•l Dividends, inler881 and rants from Invasimanls IGainsWo8585 on lllvèslmanls 159,7111 1129,6481 1378.9181 f850,387) (125,367) 397,569 Worklng C8pilal nKJv8ments'. Decr881è in dèblof8 Incr888• In cr8d0r9 12,802 358.147 207,995 215,383 N•t cmh uwd In op#r1nll *etlvbtl•• 197 528 164 757 1111 Analy81• of ca•h and ca•h •qulval•nt• Ca8h al tsBnk gnd In hand C88h hekj AS part ol InvestThnl wtfolio 7,24S 249,892 168,565 145,031 TOTAL •h and ca•h •qulv•l•nt• 257137 14
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 1 GENERAL INFORMATION The Foundation was established as an unincorporated Gharlly under a Tru51 Deed dated 6 July 1976. The Foundation was registered with the Charity Commission (number 2717061 on 10 Augu811976 for thè educ8lion of the public in the art of drama and the promotion of Ih8Sr 8pprecialion of classical and modern draffl8 In all ils artistic forms al the National Theatre., the relief of past or pres8nl employees of the National Th8alr8 who are In necessilou8 circum81ances'. as 8ncillary lo the above objects, to support the National Theatre In Ils alms lo further the 8pprecialion of classical and mo(Jern drama, The Foundation's registered ollice is The Royal National Theatre, Upper Ground, London, SE1 9PX, Th8se objects are s61 out in the governing document, which is a Declaration of Trust, and have been developed into a sel of aims and objectives as described within this report on page 4. 2 STATEMENT OF COMPLIANCE The Foundation meets the definition of a publi¢ benefit ents'ty under FRS 102. The financi81 slatgmenls hav& b88n prepared in accordance with applicable United Kingdorn Accounting Standards, the Companies Act 2006, the Charities Act 2011, and the recommendations of the Slalement of Recommended Practice "Accounting and Reporting by Charities, in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland IFRS 1021 effective 1 January 20191"Charilies SORP IFRS1021'1. 3 PRINCIPAL AccouNTING POLICIE8 The following accounting pollcies have been applied conslslently In dealing with item8 which are considered material In relation lo the fSnanclal stalemenls. A BASIS OF PREPARATION The financial slalemenls have been prepared on a golng Concern basls, under the hlstorlcal cost convention. After making enqulries, the trustees have a rea¥onable expe¢lallon that the ch8rity h88 8dequ8le resour¢es lo continue 11$ aGllvitSes for the loreseeab18 lulur8. Accordingly, they conllnue lo adopt the golng conGern basis In preparing the fingnclal slalernenls 88 oullSned in the Slalemenl of Tru8lees Re5pon$lbllllies on page 7. GOING CONCERN Th8 Iruslee8 have assessed whether the use of the going concern as5UmPtion is appropriate preparlng these accounts. The Iruslees have made Ihls asse85ment In respect lo a period of one year from the date of approval of these account8. Th& Iruslees of the charity have concluded Ihal there are no material uncertainties related lo events or conditions that may cast significant doubt on the abllity of the charity lo continue as 8 going concern. The Iruslees are of the opinion that the charity will have sufficient resources lo meet ils liabilities 8$ they f811 due and will draw down from the investment portfollo lo lulfil the nel liabililies position on the balance sheet. The Foundation ha5 sufficient cash and inves1rn8nts lo cover thè grants commilled lo al the year ond and trustees are able lo control the costs and level cf grants made and as such conclude that the Foundation remains a going concern for al least 12 months from the dale of approval of these financial Slalemenls. C INCOME All incom8 is included In the Slatem8nl of Financial Activitie8 when the Foundation has legal entitlement. there is reasonabl8 probabillty over recelpl and the amount ol incom8 can be quantified wilh reasonable accuracy. Donations and legacies are recognised when there is evidence of enlitlemenl, receipt is probable and its amount can be measured reliably,. furthermore. enlitlemenl to legacy income is when estate accounts are sellled or there is nolificalion of a distribution. Charitable activities are recognised when there is evidence of enlillemenl, receipt is probable, and ils amount can bo measured reliably. Investment income and interest ceIvable are recoonised on an accruals b8SIS. 15
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 3 PRINCIPAL AccouNTING POLICIES (CONTINUED) D EXPENDITURE All expenditure is accounted for on an accruals basis and is classili8d under the relevant acllvlty within the Statement of Financial Aclivilies. Grants for 6p8crfK projects are accounted for when approved by the Trustees and notified to Ihe beneficiaries. Excess grants ar8 written back on receipt ol final clalms from beneficiories. 8enevolenl grants 8re m8de to current 8nd former ernployees of the National and its acting comp8ny', these grants are accounted for when the ben8ficiary is notifie(l. Raislng donBlions & leg8CI8S axp8ndilure on ralsing donations and legacies represent the cost of securing don8lions an(J legacies, including marketing costs, Charitabl8 a¢livilie8 expenditure directly incurred relating lo th8 charitable objectives, includlng awards and grants lo National Thgalre and IliVidUals. Support costs are apportioned across charitable activities In proporllon lo the value of grants and awards made as sel out in Note 8, including expenditur8 on audit lees, National Th8alre management and bank charges. The Foundation uses the services of staff employed and pald by Nalbnal Theatre and a management Gharge ol £18,00012022123.. £18,000] is paid in this respecl E FINANCIAL INSTRUMENTS The Foundation has financial assets and liabilities of a kind that qualify a8 basic financial inslrum8nl8. Bagic instruments are initially recognised al transaction value and subsequently measured al amorlised cost. Financial assets are held al 8mortised cost and comprise cash 81 bank and in hand. and debtors. Flnancial li8bilill8s 8r8 held 81 amrtlsed Cost and comprise of creditors. Al the Balance Sheet dale. the Foundation held financial assets al amortised Gosl of £19,91612022123'. £193,838] and financial Ilabililles al amorli$8d cosl of £609.84412022123'. £251,697]. F INVESTMENTS Inveslments, in¢ludlng bonds held as parl of an Investment portfolio. are slated al market value as al the balance sheet date. Inveslmenl$ are revalued lo market value as 81 the balance sheet dale antj the surplus or deficll of this revalualion is shown as unrealised gains or losses on the face of the Sto18menl of Financial Activities. Reali5ed gains and losses ropresent the difference between the sale proGeeds and the opening market value of an investment or cost if purchased during the year. Al the Balance Sheet date. the Foundation held 1Snanci8188sels at market value of £6,756,85812022123'. £6,284,500]. G DEBTORS Debtors include amounts owed to the Foundation for the provisSon of goods and services, or the amounts the Gharily has paid in advance for the goods and services il will receSve. Debtors also Include amounts receivable on grant funding 10 whlch the charity is enlllled. Debtors are measured at Ihelr recoverable amunl. H CASH AT BANK ANO IN HAND Cash at bank and In hand Includes cash In hand. deposlts held at C811 with banks, and other highly liquid inveslmenls. I CREDITORS Creditors are measured al Iheir settlement amount and is recognised for the 8mounl that the Foundation anlicipales il will pay to sellle the debt or the amount It has received as an advance payment for goods or services il must provKIe. J RESTRICTEO FUNDS These are monies which have legal reslriclions on their use where donor8 have specified the funds Can only be spent on certain ofthe charity's aclivilies. These represent reslricled grant funding, and legacies covered by the agreement between th8 National Theatre and the Foundalion affective 17 February 2016. 16
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 3 PRINCIPAL AccouNTING POLICIES (CONTINUED) K UNRESTRICTED FUNDS These general funds are available for use at the discretion of the Trustees in furtherance of the charity's general objectives. L DESIGNATED FUNDS These arg funds set aside out of general funds by the Trustees, for p8rticular purposes. The purpose of this Fund is lo provide protection for a proportion of the Foundation's assets for the futur8 $0 as lo enable the Trustees lo continue to fulfill the Found81ion's second charitable objective, to provide support to th8 staff and former mefflbers of slafl of the National and of the acting company who are in necessilous circumstsnce8. Trustees consider that a fund of £1,000,000 is sufficient lo meol likely on-going application5. The Trusleas keep this pollcy under r8V18w. An amount eqlsivalenl lo that paid out In grants Is transferred from the Foundation Gen8r81 Purpose Fund each ye8r. M TAXATION The Foundation is a r8gi3lered charlty and G8n tske advan18ge of the exempllons from Income lax under the prov181on3 ol the Income Taxès Act 2007. Tax recoverable relate8 lo tax lo be reclaimed from HMRC on Inveslménl incom8 where lax wa8 deducted al 80urce. N CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In th8 application of the Foundation's accounting policies. Iruslees are r8qUlf8d lo make ludgemen15, e8timales and assumptions about the carying values of assets and liabilities that are nol r8adily apparent from other sources. The estimates and underlying assumptions are based on historical experienc8 and other laclors that are considered to be relevanl. Actual results may differ from these e81imales. The eslimales ané underlying as¥umplions are review8d on an on-going basis. Revisions lo accounting eslimales are recognised in the period In which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods 11 th8 ravision affects the current and future periods. In the view of the trustees, no assumptions concerning the future or eslimailon uncerlalnly affecllng asselg and IlabS111188 al the balance sheet dale afe likely lo re8uII in a material atlluslmenl lo Iheir carrying amounts in the next flnanclal year.
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 4 DONATIONS & LEGACIES UnrestrKted Designated R8slricled 2024 Donallons Legacles 3,731 10,000 234,944 244,944 13,731 234,944 248,675 3,731 Unresfrfcted Deslgn8t8d R8strlct8d 2023 Donallons L8gaGigS 3,625 10,000 179,519 189,519 13,825 238,312 251,937 58,793 58,793 3,625 5 INVESTMENT INCOME Unreslricled D831gnaled Reslrlcled 2024 Income from securities Interest receivable 52.951 33.384 13,762 8,677 21,133 13,324 87,846 55,385 80.335 22,439 34,457 143.231 UnrnslC18d Deslgn8t8d Restrlcted 2023 Income from securltles Intor&8t recalvable 39.813 32,290 10,194 8,268 20,901 16,951 70,908 57,509 72.103 18.462 37.852 128.417 18
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 6 INVESTMENT MANAGEMENT COSTS Unr8slricted Designated Restrtell 2024 Investment Management Costs 29,757 7,734 11,876 49,367 29,757 7.734 11.876 49,367 Unr8Strf¢led Doslgnated Reslrfcled 2023 Inv8stmenl M8n8g&ment Co$18 22,038 5,643 11,569 39,250 22.038 11.569 39,250 7 EXPENDITURE ON CHARITABLE ACTIVITIES {•) Anal18 of frxpendlture on charltable actlvltle• Grant funding of activities Support costs 2024 Grants lo Natn81 Th&alr& Grants lo Other Inslilulions B8nevolenl Grants Awards lo National Theatre 580,600 50,000 77.549 40,000 25,624 2,207 3,423 1,765 8C6,224 52,207 80,972 41,765 748 149 781 168 Grant fvndlng of acllvitios Support costs 2023 Grants lo Natlonal Theatre Grants lo Other Institutions 8enevol8nt Grants Awards 592,954 S0,0(X) 76,100 40,000 27,246 2,297 3,497 1,838 620,200 52,297 79,597 41,838 759.054 34.878 793.932 19
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Ib) Analysls of Support Costs Notional Theatre Other InstitutnS B8nevolent Grants Awards 2024 Governance 10,129 872 1,353 698 13,052 NT M8nagemenl Charge 13,969 1,203 1.866 962 18,000 Flnance 392 52 27 505 Other 1.134 98 1S2 78 1,462 25.624 Natlonal Thoatr& Other Instltutlons 8en8volent Grants Awards 2023 Govamance NT M8n8gement Chgrge Finance Other 12,243 14,081 919 1,032 1,186 77 1,571 1,805 118 826 15.672 18.000 1,178 30 34,878 23 27,246 2,297 3,497 1,838 Support costs are allocated to the key acllvily areas drlving 8UPPOrt CO8is as abov8 based on their proporlionata costs to overall direct costs. Governance costs are comprlsed of audllor's remunerallon whl¢h consists of a stalulory audil fee of £12,000 12022123.. £8,400]. Th8 Foundation u¥e¥ the $ervl¢eg of staff employed 8nd pakl by the National Theatr8 and 8 management charge of £18,00012022123.' £18,000] Is inGluded In support costs. 1¢) Analys1• of Grants Grants lo Inslilulions Grants lo individuals Support costs 2024 Natlonal Theatr• National Theatre Welfare Grant Capital Grant NT Legacy Costs Awards 50,000 500,000 30,600 40,000 2,207 22,067 1,350 1,765 52,207 522,067 31,950 41,765 Other Benevolent Grants New Motley Design Grant 77,549 3,423 80,972 781 168 20
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Gr8nls lo institutions Grants to individuals Support costs 2023 Natlonal Theatr• National Theatre Welfare Grant Capital Grant NT Legacy Costs Awards Oth•r Benevolent Grants New Motley Design Grant 50,000 500.000 42,954 40,000 2,298 22.975 1.973 1.838 52,298 522,975 44,927 41,838 76,100 3,497 2,297 34,878 79,597 52,297 793,932 50.000 682,954 76,100 8 INVESTMENTS la} Movement In flxod a•Mt Invoslments 2024 2023 Market Value al Beglnning of Year New Money Inve$led Reinvested Income Amounts extracted Investment management fees paid in year Increase in value 01 investm8n18 6,284,500 107,593 133.699 1110,0001 137,8521 378,918 6,867,375 450,824 129,983 1726,000 140,1231 1397,559 Market Value at End of Yoar 6 756 858 6,284,500 Al the 31 March 2024, all funds were held wllh Ralhbone Inve3lm8nl Management Ltd. {bl Inv•strnonts at Market Value comprlsed: 2024 2023 Flx8d Interest Equllles Propety Commodities Cash 1,798,055 4,425,819 122,540 160,552 249,892 1,577,614 4,284.605 130,892 146,358 145.031 Market Valuo at End of Y•or 6 756 858 6 284 500 The valve of Investments held outside the UK al 31 March 2024 was £2.491.50912022123.' £1,847,848]. 21
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 9 DEBTORS 2024 2023 Trade debtors Accrued Income 10,000 2,672 12,672 21,329 3.944 25.273 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR lal Cr•dltorn: omount• falllng du• wlthln on• y•ar 2024 2023 A¢crua18 lor gran18 payable Trad8 cr8dllor$ Accruals and deferred Income 550,000 26.124 33,720 609,844 185,504 36,915 29,278 251.697 Ib) Grant commltment• Brought forward Pald In year Committed in Carried forward year Awards 185,504 1383,6531 748,149 550,000 185,S04 383,653 748,149 550,000 22
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 11 ANALYSIS OF FUNOS YEAR ENDED 31 MARCH 2024 Fund balances brought forward Income Expenditure Transfers Gains and losses Fund balances arried forward Unrestrlcted Funds: General Fund 2,748,196 83,488 1159,543 228,400 2.900,541 Dg¥lgnatad Funds: 8anevolent Fund Foundallon General Purposes Fund 1.000.000 {80.9711 80.971 1.000,000 529,891 20,729 16,024) 180.9711 59.361 522,986 R••trlctgd Fund•: Reslricl8d Income NT Learning NT StudiolN8w Work NT General Purposo 589.834 9,590 1,349.130 9,167 204 267,405 12.6651 159} 1570,3601 26.252 622,588 10,319 1,110,496 64,321 Total Funds 6 226 641 380 993 819 622 378,918 6 168 930 YEAR ENDED 31 MARCH 2023 Fund balances brought fotward Income Expgndlture Tr8nsf8rs G8lns and losses Fund b818nc85 ¢anled fonvard Unro8trlcted Funds: General Fund 3,067,250 75,728 1171,5611 1223,2211 2,748,196 Do8lgnated Fund•: Benevolent Fund Foundation General PurF4)8es Fund 1.000.000 179,596) 79,596 1,000,000 595.029 77.255 15.6431 179.596) {57.154} 529,891 ReBtrlcted Funds: Restricted Income NT Learning NT stud101N Work NT General Purpose 609,441 10,025 1.795,283 8,164 182 219.025 12,4951 1551 1573.8321 .125,276) (5621 191.346) 589,834 9,590 1,349,130 T¢>tsl Fund$ 7 077 028 3BO 354 B33 182 397 559 6,226 641 23
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year erKled 31 March 2024 Doslgnatsd Funds The Trustoes Gonsider that a fund of £1,000,000 is sufficient to meet likely on-going benevolent appliealions. An amount 8quival6nl to that paid out in grants is transferred from the General Fund each year, which was £80,971 in year12022123'. £79.5961. The Foundation General Purpose sub-fund has recelved an allo¢alDn of the nel galns on Investment Sn year. Rostrlcted Fund8 NT L•arnlng sub fund The balance on the NT Learning 8ub-fund r6presenl8 the brought fonvard balance and an allocation of the net galns on investment in year. MT Productlons, NT Promls•s, NT StudlolNew Work and NT G•naral Purpo8e sub fund• These funds represent legacy gifts r9c&lved in ye8r and they also received an allocalion of the net gain5 on Inveslrn8nt in year. 24
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For th8 year end8d 31 March 2024 12 ANALYSIS OF ASSETS BETWEEN FUNDS YEAR ENDED 31 MARCH 2024 Unrestricted Funds Designated Funds Regtricted Funds Total Funds Investm8nls A5sel Current Assets Current Liabilities 2,898,285 8.854 6,598 2,900,541 1,548,692 419 26,125 1,522,986 2,309,881 10,643 577,121 1,743,403 6,756,858 19,916 609,844 6,166.930 YEAR ENOED 31 MARCH 2023 Unrestricted Funds Design8ted Funds R&stricted Funds To181 Funds Investments Assets Current Assets Cuff8nl Llabllities 3.815.200 1926,4941 140,510 2,748,196 973,851 563.512 7,472 1,529,891 1,495,449 556,820 1103.715 1.948,554 6,284,500 193,838 251.697 6.226.641 13 TRUSTEES REMUNERATION & EXPENSES Trustees have not received any remuneration ol b8neflls or Incurred any expen8es for their service lo the Foundallon In the year12022123'. nill. 14 RELATED PARTY TRANSACTIONS Theie have not been any related party transactions in the year12022123'. nill. Two Truste85, Ellbath Pryce {formally Elizabeth Offordl and Simon Warshaw. are also Board Members of the Royal National Theatr8. The v81ue of money p8ld from the Found8tlon lo the Royal Nation81 Theatre lotalled £638,600 IGr8nts and Awards lotalling £620.600 plus £18,000 man8gemenl feel. With £550.000 owing al year end. 12022123.. £650,954 (Grants and Awards tolalling £632,954 plus £18,000 management feel. Wllh £150,954 owing al year endl. 25