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 Indiv￿ua1S 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 FoUndat￿n 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 wh￿h
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 DeClarat￿n 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 prOn￿le 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 DIr￿tOr'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.uklaudlt￿r88p0n31blliIl8S. 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 audito￿5 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$tr*tsd Dosign&ied
Rostrtcte
Tot
In¢omg & End0vM￿ntl 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••lgn*d 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 Ex￿ndItur•
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 knot￿1￿ fund•
Not Move￿￿t 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 F￿d¥ 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.,
unw81￿led 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 investn￿nIS
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￿ 1*1 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 cr8d￿0r9
12,802
358.147
207,995
215,383
N•t cmh uwd In op#r￿1nll *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 I￿liVidUals.
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
Unrnsl￿C18d
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
Restr￿tell
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
{•) Anal￿18 of frxpendlture on charltable actlvltle•
Grant funding of
activities
Support costs
2024
Grants lo Nat￿n81 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
Institut￿nS
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, Ell￿bath 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