ANNUAL REPORT 2024-25 Royal National Theatre Foundation Chadty Reglslrats'on Number.. 27170fj
ROYAL NATIONAL THEATRE FOUNDATION CONTENTS TRUSTEES, ANNUAL REPORT INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTNITIES 12 BALANCE SHEET 13 STATEMEMT OF CASH FLOWS 14 NOTES TO FINANCIAL STATEMENT8 15 In this document The Royal Natlonal The8lre Foundalionls referred lo as 'lhe Foundation. and the Royal N8tlonal Theatre is relee(l lo as the Nf, the NalionBI and the National Th8alr8"
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 ADMINISTRATIVE DETAILS CHARITABLE STATUS The Royal National Theatre Foundation I'The Foundalion'l w8$ established as an unincorporated charily under a Trust Deed dated 61n July 1976. The Foundation was registered with the Charity Commission (number 2717061 on 10th August 1976 PRINCIPAL OFFICE The Royal National Theatre. Upper Ground, London, SE19PX TRUSTEES Graham Barker (Chalrl 08me Ursula Brennan {Depuly Chalrl Sarah Greene Anna Khazen (Reslgned 31Jl March 20251 Lesley Manvllle.IResign6d 16th October 20241 Danlel Margolln EIiz8b8th PryGe Ceinwen Rees Simon Warshaw {Rgslgned 3 July 3025) Moira Sarah Sinclair IAppoSnled on 5th March 2025} Hazel O'Dell (Appointed on 111h June 20251 EMERITUS TRUSTEE Robert Rayne BANKERS Sanlander. London Corporate Banklng Centre, 12 Park Square W8sl, Ulster Terrace, London, NW14LJ INVESTMENT MANAGERS Ralhbone Investment Managoment Ltd, 8 Flnsbury Circus, London, EC2M 7AZ INDEPENOENT AUDITOR Buzzacott Audit LLP, 130 Wood Street, London, EC2V 60L
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 REPORT OF CHAIR 11 has be8n an evenrful year for the Foundation. and il continues to be a pleasure lo work with my fellow Trustees and the National Theatre to Gonlinue lo support the staff and freelancers who together make up the NT. Anna Khazen relired from the Board ol Trustees in March 2025. The Trustees and l are indebted lo her for the contribution she has made to th the Foundation and the NT during her tenure. We are fortunate in the knowledge that Anna will continuè lo be an advocate for and support the work we do. We have also been delighted lo welcome two new appointments lo the Board of Trustees.. Molra Sinclair and Hazel Holder. The Foundation is immensely gratèlul for the extraordinary generosity of those donors and Ih6ir families who have left logscies lo th8 National Theatre. In 2024125 we received 8 total of £244,587 in legacies, and in 2024125 the Foundation awarded Ihg third inslallment of the 3-year grant of £SOO,000 per annum 2022123 - 2024125 to Support the learning projects. In order lo promote the profound drfference th81 legacies make both tc> the NT and the wider sector, th Foundation has been happy lo contribute £28,032 to the costs of the excellent work carried out by the NT'S Development Department. In recognition of the very dlff8renl exlemal environment and financial posilion of the Nation81 Theatre p051 pandemic. in March 2025, the Foundation and NT joinlly agr8ed a variation lo the 2016 Legacies Agreement b8tween the NT and the Foundation, so that th8 NT has absolute discr81ion about whether lo pa55 any legacy Income to the Foundation. Currently, th8 Foundation has reverted to the pre-2016 arranggmenls whereby il is focusing ils available funds on benevolent gr8nls lo indlvidu8ls and the support of welfar8 al the NT. W8 are proud of h8ving made subslanlial Gapit81 grants lo the NT recent y88rs bul equally happy lo be cenlered on our core aclivily of maklng ben8voler¢l grants. One of my primary aims when I became Chair of Ihe Foundation was for the Foundation lo more proacliv81y fulfil ils benevolent remll and lo ensure the Trustees were more actively engaged in that vital work. To th81 end we have established clear criteria and guid81ines for benevolent grants, refresh8d and updated th6 Foundation's 'markellng mal8rlals' copy on the webslte, information provided in new starter packs. and posters about our work displayed in the NT. The fruslees and l are grateful lo Jessica Dick8ns, Head ol Welfare and Wellbeing, and Hannah Scoll, Welfare and Wellbeing Manager, for their dedicated work. We are proud and pleased lo report Ihal during th8 2024125 financial year the Foundalion awarded benevolent grants lolaling £53,252 in lolal 10 29 Individuals, In addition, in 2024125, the Foundation helped lo support addillonal welfare and counselllng provision al the National Theatre through a £50,000 grant lo the NT. That grant svpported welfare and wellbelng inillative such as baspoke counselling for staff and freelancers, the Nalional Theatre'5 new Dye and Wellbeing Garden, and a pilot programme of finance workshops for NT staff and freelancers. This programme points to the holislic nalure of the offer the Foundallon- providing both supporl for those in crisis and providing individuals with the skills and tools they need lo help avert falllng into financial crisis. We are also deeply grateful lo Donna Parker for her tireles5 dedatIon lo Ihe assessment of applicalltrns to the Foundation and all she does as secretary lo the Board. The value of Ihe Portfolio on 31 March 2025 was £6,386.967 compared lo £6,756.858 the prior year. Within the context ol a challenging and lurbulenl economic environment, the Foundation's Inveslmenl portfolio geneTaled an absolute investment gain of £219,213, a decrease from the gain of £522,149188t year. Th8 Foundation's funds are invested lor the longer term and are actively managed by Ralhbones In close consull81ion with the Trustees. In addition lo receiving inve51rnenl updalgs al all Trustees, meetings, the Foundation has established a Finance Sub-commlllee, which meets with Ralhbones lo monitor performance and conslder the investment strategy in detail. Th8 Trustees also regularly review a rolling five-year budget forecast. The Trustees are confident, and going forward, that the Foundation will continue lo have sufficient funds lo enable it lo continue with ils core remit. As a matter of good governance, and in light ol the changed cash requirements of the Foundatlon. June 2025, th8 Foundatlon pul the investment managemenl ol ils portlolio oijl lo lender. Following a robust and open proces5 the Found81ion decided lo Gontracl Cazenove Capital as ils new Investment Managers. The Trustees and I would like lo thank Alexander Dow and Elizabeth Barrett of Rathbones for their excellent work in managing the portfolio over the year8. We look loard to working with Cazenove Capital. Graham Barker, Chair of Truslees
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 STRUCTURE, GOVERNANCE ANO MANAGEMENT ORGANISATIONAL STRUCTURE The governing document of the Foundation ig a Declaration of Trust. dated 6 July 1976. The Foundation applies the principles of the Charity Governance Code. The Foundation's Truslees generally meet three lirnes a year. Business al Trustees, meetings usually includes consideration of grants lo beneficiaries, grants lo the National Thealie, reports on previoLt5 awards, a review of the financial position and of investment policy and performance. and approval of the annual Trustees, Report and Accounts. MEMBERSHIP OF THE TRUSTEE BODY The Trustees keep under review the membership of the Trustee body and are mindful of the need lo ensure that, as a group, they have the skills and experience lo enable them lo fulfil their responslbilitiès as Trustees of the Foundation. A sub-commillee of the 8oard, makes recornmendalions to the Board on 8ppoinlm8nl of Trustees and reviews the composition and effeclivene88 of the 8o8rd. Trustees are appoin18d by existing Tfuslee5. All Trust888 are appoinl8d for an Inllial lerm of three years,. after whlch they may be reappointed for a maximum of 8 further hvo three-year terms. The Secretary arranges the induction of new Trustees lo provide them wllh informatlon about, and an understanding of. the objects of the Founéalion, and their responsibilities as charity Trusle8s. DECISIONS The Foundation's Trustees generally meet three limes a year. Business Usually includes consideralion of appli¢alions for grants, reports on previous grant awards, a review of the financial posilion and of the investment policy. To deal with emergency benevolent applic81ions, the Chair has discretion lo make benevolent grants within prescrSbed Ilmils. The Chair discusses $u¢h applicÈlion3 wilh another Trustee on a rolllng rol8 of Tru5tee8. Grants mad8 under this authority by the Chair mug1 be ralrfied by the Trustees in a full meeting. The Trustees are Indepèndent of the National and operate al Ihelr own dlscrelion, however In the interests of mainlalnlng an up to dale knowl8dg6 01 National aclivili8s, two Tru81ees als0 serve on the National's Board. The Trustees have procedures In place for handling any conflict of inlere811o which that situation might lead. INVESTMENT AND FINANCE The Board's r8sponslbllllles Include reviewlng the investment policy and performance., monllorlng and rèviewing financlal performancè and rnanagemenl,. reviewlng the praparallon of the annual financial stalemenls.. relatnShIpS with the External Auditor8 and reviewing the risk reglstar. The Board have regular meellngs and di3¢ussions with Ralhbone Investment Management Limited. Ilnve8lmenl Managers) lo monitor Investment performance and review the inveslrnenl 51ralegy. A Finance Sub-commillee of the Board meets at18891 annually lo consider investment pertormance and strategy and the indicative 5-year financial plan. Pu8LIC BENEFIT DISCLOSURE The Trustees confirm th81 they have referred lo the guidance contained in the Charity Cornmission's publlshed guidance on public benefit when reviewing the Foundation's aims, objectives and grant making policy and In planning future aclivilies. The Foundation carries out these objectives and seeks lo achieve public benefit through the following grant giving pollcy.. Grants lo the National Theatre are made prlmarily lo fund initiatives whlch ar8 oiilslde of the National's financi81 capabilities in any particular year bul are relevant lo ils current policy. The National Theatre is itself a charity with a comprehensive public reach achieved through a¢ce$sible li¢ket pricing, an 8ducallon arm and a growing inlernel and dlgltal presence to members of the public.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 Benevolent gr8nls are made to individuals who work. have worked or who have a close association with the National and who are in need. Grants lo other individuals and organisalions are generally made for charitable purposes linked lo the National Theatre. OBJECTIVES AND ACTIVITIES AIMS AND OBJECTIVES OF THE FOUNDATION The objects of the Foundation shall be in the United Kingdom or any olh8r parl of the world.. to educate the public in th8 arl of drama and lo promote thelr appreciallon of classkal and modern drama in all Its artistic forms al the Royal National Theatre., lo relieve past or present employe8$ of the Royal National Theatre who are In necessllous clrcumslances,. and c. li) as anclllary lo the above oblecls, lo support the Royal National Theatr& in ils alms to further the appreclalion of classical and rnod$rn drama.. lo promote and 5UPPOrt such other charitable in8tllutions or purposes as the Truslges may from lime lo lime al their absolute dlsorelion think fil. The Foundation has a¢hleved these objective¥ by issuing a grant lo the National Theatre lo supporl the work of the National Theatre's Welfare Counselling Service. 29 benevolent granis12023124'. 281 were issued lo past and present emp5oy88s ofthe National Theatre. The Foundation has a190 issu8d the third of three £500k grants lo the National Theatre thls year plus funding lo Ggver the costs of Legacy work carrled out by the National Theatre's Oevelopmenl Department. ACHIEVEMENTS AND PERFORMANCE The Trustees are extremely grateful lo the individuals who have remembered the Foundation In their wills. The Foundation has received lega¢ies during the year lotalling £244.58712023124.' £234,944]. The Foundation dogs not employ any prolesslonal lundraisers and complies with the stand8rd8 of the scheme for fundralsing. No complaints have been received, and no undue pressure has been placed on any person. The Trustee5 granted a total of £588,03212023-24'. £620,600) grants ané awards lo the Nallonal Theatre. £50,000 lo the National Theatre'8 welfare coun5011ing servlces and the Rayne Award for £10,000. The Foundation also contributed £28,032 low8rds the costs of Legacy work ¢arrl8d out by the National Theatre's Development Oeparlmenl. The Trustees also granted £500,000 towards the Participate" strand of the new NT learning strategy at the National Theatre. The Trustees approved 29 benevolent grants lolalling £53,25212023124: £77,549 for 28 granlsl made thls year to Current and former 51aff and memb8rs of the acting companies. FINANCIAL REVIEW The Foundation received investment income during the year of £139,402 12023124.. £143,231], £63,094 of which is unreslricled12023124-. £86.3351. Donations and legacy income of £254,90712023124'. £248.6751 was received during the y88r. All legacy income lor the year was received via the National Theatre. Total expenditure in the year was £726,795 12023124.. £830,535]. The Foundation's investment portfolio made 8 gain on its invcslmcnl assets of £79,891 [2023124. a gain of £378,918], giving an annual absolute investment gain of £219.293 linveslmenl income plus gain on portfolio) 12023124 a gain of £522,149]. The total funds balance carried forward al 31 March 2025 was £5,914,33512023124.- £6.166,9301. The Foundation's Portfolio was valued al £6,386.967 at 31EI March 202512D23124 £6,756,858].
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 INVESTMENTS The Trustees, overarching goal is an inveslm8nl strategy deSne to produce a b818nce of capital and income growih lo enable them to continue the Foundation's grant support lo the National an¢J lo meet its other ¢h2rilable objects in a manner and scale broadly simllar lo that provided in the past. The Foundation has 8 total relum strategy with a goal of achieving an average annual return of inflation plus 3% such as lo preserve and increase its Gapilal over the long term. Risk is minimised by appropriate diversification across global equities, fixed incoffle, property and cash with consideration being 9iven from lim8 to lime lo investments in hedge funds, emerging m8rkels and convertible bonds. Lpuidily is an Important consideration, and all investments are required lo be of a reasonably liquid nature. 11 is intended that a minimum annual income from interest and dividends and. if necessary, Ilquidalion of capital 9ains. of £200.000 should be generated lo fund benevolanl grants, other grants and expenses. Performance is reviewed at least Iwlce a year by the Investment and Finance Committee. Investment policy and strategy is reviewed al least annually by the same Committee and followed by a report made lo the full Truslee body. KEY RISKS AND UNCERTAINTIES DISCLOSURE The Trustees have consid8red the major slrat8glc, bu8in8SS 8nd operalDnal risks which the Foundation faces. The fundamental one is unc8rlainly of Incorne. Procedures, which Include regular reporting on risk management lo the Trustees, have been established lo manage these risks. PLANS FOR FUTURE PERIODS The Foundation will continue ils essential remit ol benevo18nce by maklng grants lo NT employees and p8sl staff members suffering financial hardship. From 31 March 2025, by agreernenl with the National Theatre, lagacies will b8 retained by the Nalional Theatre aT)d directed lo the Foundallon 81 th8 discretion of Ihe National Theatre. RESERVES UNRESTRICTED FUNDS In selling 8 largel level of reserves for the Foundation. the Truslees have taken into account that the scale and number of applications to the Foundation are variable,, that income from returns on the inveslmenl porllolio are unpredictable and that in the event of a major, exceptional financial crisis afflicting the National, the Foundation would wish lo provide significant support of a general nature lo it. In doing so. the Trustees Ihus recognise the moral comrnilmenl given lo the then Trustees of the Royal National Theatre Endowmenl Fund, on ils winding up, that funds transferred lo the Foundation from the Endowment Fund would be ret8ined lo be able lo a851sI the National In such circumstances. The Trustees conslder Ihe18vel ol reserves in the General Fund to be free re8erve8, which stood 81 £2.9m al the year- end12023124.' £2.9ml. These free reserves, together wllh the designated funds held in the Foundation Genèral Purpose fund £0.5m12023124.' £0.52ml and the reslricled fund NT General Purpose Fund £1.4m12023124.. £1.1 ml lo be adequate lo enable them lo respond lo the polenllal value of gr8nl 4ppliGalions in the foreseeable future. DESIGNATED FUNDS Benevolent Fund The purpose of this Fund is lo provide protection for a proportion of the Foundation's assets for the fulLJre so as lo enable the Trustees lo continue lo fulfil the Foundation's second charilable objective, lo provlde support lo the staff and former members of staff of the National and ol the acting Company who are in necessilous circumstances. Trustees consider that a fund of £1,000,000 is needed lo meet likely on-going applications. The Trustees keep thi5 policy under review. AF) amount equivalent lo that paid out in grant5 Is transferred from the FourKlation General Purpose Fund each year. Since April 2024 the Foundation has awarded benevolent grants to 29 individuals, lotallng £53,252.12023124.' 28. £77,549].
During the year, the Trustees have offered sUPPOrt lo the NT'S Apprenticeship scheme through its allocation of funds. assisting individual apprentices who might themselves be in hardship because of travel costs or living expenses. to the extent Ihat Il would jeopardise their ability lo complete th8 apprenticèship. Foundation General Purpose Fund Th8 Legacies Agreement with National Theatre leffeclive 17 February 20161 stales that all unreslricled legacies received directly by the Foundation are lo be allocated lo the Foundation General Purpose Fund. This clause remains unchanged as per the March 2025 version of this agreement, and where legacies are transferred at the National Theatre's discretion this will be upheld. RESTRICTED FUNDS The Legacies Agreement with Natlon81 Theatre leffeclive 17 February 20161 states that all reslricled legacies received by eilh8r the National Thgalre or the Foundation are lo be allocated lo the Funds, which is one of the five reslricled National Theatre sub-funds INT Learning, NT Productions, NT Premises, NT SludiolNew Work and NT General Purpose$l. This clause remain5 unchanged in the March 2025 version of this aoreement. NT Learnlng Sub fund This fund, previously known as Learning Fund, was eslabllshed lo reflect the formef Legacies Agreement {dated 22 March 20121 belween the National Theatr8 and the Foundat) lo provlde a long term and signifan1 source of grants for learning activities at the National and through the Foundation. Monies equivalent lo amounts received as unreslrict8d legacies by the Nation81 Theatre were given lo the Foundation for Inve51rnenl in Ihis Fund. The currant Legacy Agreernonl slipulaled that the balanco on the Learning Fund lo b& cr8diled lo the NT Learning sub-fund. The balance on the NT Learning sub-fund represenls the brought forward balance and an allocation of th8 nel galns on inve51m6nl in year. NT Produ¢tlons. NT Prernlsos, NT StudlolNow Work and NT Gonornl Purpos• These lunds represent legacy gifts received In year and an allocation ol the n81 galns on investment in year. CONNECTED CHARITIES The Foundation has obleGlive$ related lo those of the Nallonal bul fulfllls these Sndependently. LEGACIES The NT General Purpose Fund receivèd £244.58712023124: £234,944] from the National r8pr8senling legacies left lo it. CHARITABLE ACTIVITIES During the yeor 8 £50,000 grant wa8 pald lo the Natlon811o support the Welfare 08partmenl. In addltion, year 3 payment of 8 3-year £500,000 per year Gommltmenl wa8 agreed. The Foundallon a180 contributed £28.032 towards the costs of Legacy work carrieé out by the National Theatre's Development Department. Plus £10,000 ft)r th8 Rayne Award. There have been 29 8enevolent Grants awarded Ihls year lolaling £53,25212023124.. £77,549 for 28 granlsl. Adminislrallve support is provided by the National Theatre and a fee of £18,000 12023124.. £18.0001 18 charged to the Foundation lor these service8. STATEMENT OF RECOMMENDED PRACTICE The financial statements have been prepared in accordance with Ihe accounting pollcies sel out on p8ges 15-17 and comply with the Statement of Recommended Praclice "Accounting and Repoiling by Charities" and r818vanl stalulory requirements.
STATEMENT ON DISCLOSURE OF INFORMATION TO THE AUDITORS In so far as the Trustees are aware= there is no relevant audit information of which the charity's auditor is unaware- and they have taken all the steps that they ought lo have taken as Trustees lo make Ihems8lves aware of any relevant Audit informalion and to establish that the charity's auditor5 are aware of that information. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Truste8$ are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Acc8pled Accounting Practice Iuniled Kingdom Accounting Stsndardsl. The law applicable to chari118s in England and Wales requires thè Trustees to prepare financial slalemenls for each financial year which give a true and fair vi&w ol the stale of affairs of the charity and of the income and expendlture of the charity for that period. In preparing these financial slalemenls the Trustees are required lo.. 8el8cI sullable accounting pollcles and then apply them conslstenlty- observe the methods and principles in the Charities SORP., mak8 judgments and estimates that are reasonable and prudent slal& whether applicable accounting standards have been followed, Subject lo any material departures disc108ed and explained In the financial sl8lemenls', prepare the finanGial statements on the going ¢on¢ern basis unless it is Inapproprlale lo presume Ihal the charlly will conllnue In business. The Trustees are responsible for keeping a¢Jequale accounllng records Ihal are sufflci8nl lo show and explaln the charity's transactions, disclose with reasonable accuracy al any lime the financial posllion of the charity 8nd enable them lo ensure that the financial slalemenls comply with the Charities Act 2011 and the provisions of the charity's conslilulion. They are also responsible for safeguardSng thè as3et5 of the charSly and hence for taking reasonable gleps for the prevention and detection of ffaud and other Irr8gul8rilie5. The Truslee8' Annual Report was approved by tha Trustee5 and aulhori88d for Issue on .. >-.*h .b). o v &gAr........ And signed n Ils behalf by Graham Barker, Chalr of Trusl8e8
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For Ihe year ended 31 March 2025 INDEPENDENT AUDITOR'S REPORt TO THE TRUSTEES OF THE ROYAL NATIONAL THEATRE FOUNDATION Oplnlon We havè audited the ac¢ountg of The Royal N8llon81 Theatr8 Foundation Ilhe 'charity') for the year ended 31 March 2025 which comprise the statement of financial aclivllies. the balance sheet, the sialements of cash flows. principal accounting policies and the notes to the a¢counts. The financial reporting framework that has been applied In Ihelr preparalion 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, (United Kingdom G8nerally Accepted Accounting Pracli¢el. In our opinion, the ucc4)unts'. • give a true and fair view of the stale of the charitls affairs a¥ a131 March 2025 and of Ils Incoming resources and appllcalion of rosources for the year then ended.. have been property prepared in accordance wlth United Kingdom Generally Accepted AcGounllng Practice., and • have been prepared In accordance with the requirements of Ihe Charilles Act 2011. Basls for oplnlon W¢ ¢onductcd our audil in accordancc wilh International StdndaTd8 on Auditing IUKI (ISA8 IIIK)) and applicllbl¢ law. Our rcsponsibililics undLr thole slandards 4rc further 11¢4¢Tibed in thc audit()r's rc%pont%ibiliiics for ihc Hudit of the account4 K'ition of ()ur report. Wc are in<l¢p¢ndent of thc chdrity in accoTdancc with thc c¢hical rcquirL?mcnis that a T¢l¢vwnt li) Our uudit of th¢ account$ in thc UK, including the fRC.'s F.Ihicdl Siandurd, and wc havc fuifillcd our othcr eihical rL'¥ponsibilitie8 in dccord8nc¢ wilh ihesc requimeNtS. We belicvc that thc audil ¢vidertcc w¢ havc obtain¢d i$ wfficient and appropriate to providc a bayis for our opinion. Concluslon8 relatlng to golng ¢oncorn In auditin8 the dccounts, we havc ¢nnClUd that th¢ tNstCC8' Usc of ihc going concern bH¥iy of accounting in the prcpdralion of ihc ac¢Dunts is appropriate. Bascd on ihL work wc havc pcrfornicd. w¢ havc n(Trt idcntificd dny matcrial unccrtaintie5 relating lo cvLnls or Lvnditions th4Lt, individually or ci)Ilccliv¢ly. may ca¥t yignificant doubt on thL charily's dbilily lo wn¢inuL as d going conLcm for pcriod of di Ica%t twelve month8 from whcn thc aLcounts are duthuriwd for i5SUC. Our r¢%ponsibilili¢% and the responsibilitie¥ of the tW5tees wilh reypecl ¢0 going ¢on¢ern are desLrib¢d in thc rclcvant section% of ihis rcport.
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2025 Other Inforniatlon 'I'hc oth¢r inforniation comprises the inforniation included in the annual report, in¢luding the trnsiees. annual r¢port, other ihan the accounts and our auditor's r¢port thereon. The Irustces are responsible fur the other inf(Trrnldtion contdined within th¢ annual pOrt. Our opinion on the accounts docs not c(trver the other inforniation and we do not express arhy forni ofassuran¢e eonLlusion thorcon. Our responsibility IS to r¢ad th¢ othcr infomiation and. in doing $0, ¢onsidcr whcthcr the other infoThation is materially inconyistent with th¢ accounts or our knowlLd¥¢ obtaincd in thc COU of th¢ audit oro¢herwisc appcars to be matcrially mi&y141ed. If wc idcntify suLh malerial inL(Trnsi¥iencic% or apparent rnatcrial misslJtcments, we arc rcquired to dctcrniinc. whclher this gives ri Io kl materidl misstatcmLnt in ihc accounis ihcm%Llve%. Ir, based on th¢ work wc have pcrfortn¢d, we ¢on¢ludc that ihLrc i¥ a material mi4stutemcnl of this oihcr infurmation. wc ur¢ requircd to repon ihai fdLt, We hdve nothin8 to rep(Trrt in Lhis rcgard. Matter8 on whl¢h w• arn requlr•d to report by ex¢oPtlon In thL light of ihe knowlcdgc und undcrstdnding of the churity and it8 cnvironmLnt obthinod in th¢ coursc ol. the audit, wo havc not identified mdl¢rial misStui¢rn¢nty in the tTU8tec4' rcport. W¢ haYL nothing 10 rcport Én re$p¢¢i of ¢h¢ followin8 rnatrers in rclation to which the Charitic% (A¢wunt& and Rcports} Regulations 2(K)8 r¢quir¢s us tu r&'port lo you if, in our opinion.. • the Information given in the truslee$' report is inconsislenl In any material respect with the accounts,. or sufficlenl accounting re¢ords havé not been k8pI,' or • the accounts are not in agreement wllh the accounting Tecords,. or we have not received all the Information and expl8nallon$ we requlre for our 8udS1. Responslbllltle8 of tru$te•• Lxpldined more fully in thc tru8lces' rc$ponsibilitiC% Stalcmcnt, th¢ IruslcL4 are rcspvnsibl¢ foT ihL' PTepdration ofihc
ccounis and f(>r being satiqfied thui ihey 8ivc a true and fuir vicw. and for such inl¢rnal control as ihe Irusl¢¢s dLt¢rniine
i¥ necessary to Lndble the prcparution of a¢Lounts th&t are fr¢¢ fr()m malcri&il misstalcmcnt, whcihcr due to Iraud QT em)r. In preparing the accounL¥. the iruAtecis aro responsible for a%4e%sing th¢ Charity's ability to continue a$ a going conc¢rn, disclosin¥, uppli¢able, rnatteTS relatLd to &koing concern and using ihc going conccm basis of accounting unlcs% thc ¢ru8lee5 ¢lther intend ¢0 liquidate the ¢harity or io ceaye operations, or havc no reuliqtic alt¢rnativc but to do 50. Audltor'8 respongibilitlgs for the audlt of the accounts Wc havc bcen appoinied as auditor under %cction 145 for a lower income charity of thc Charilies Act 201 l and report in accordan¢¢ with the Act and rL.levant rcgulations rnadc or having cff¢ct ih¢r¢undc¥. Our obj¢ctive5 are to obtain reasonable assurance aboui whethcr th¢ accounts as a wholc arc free from Tnat¢rial missiatement. whether du¢ to fraud or ern)r, and to igsuc an auditor's report that includ¢8 our opinion. Rcasonable
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2025 assurance a high levcl of as%urance. but 1% not a guarantee that an audit conducied in accordance with ISAS (UK) will Iway8 detcct a mat¢rial misstatemcnl when itcxists. Misqtatcmenis can dris¢ frum fr#ud or error and arc considercd mal¢rial if, 5ndivithially or in thc aggrcgate, th¢y could reasoiidbly be expected to InflU¥n thc ccontsrnic dccision% of u$ers iakcn on thc basi% of thc%¢ account5. Irregularities. including fraud, arc instanc¢% of non-complian¢o with litws and rL'gulations. We design procLdures in line wilh OUT rc8ponsibilities, outlinod abovc. io dctcct material misstdlcmcnts Iri re5PCtt of irre8ulariti¢%, ineluding frauii. 'rhc cxtent to which our proccdurL's are capable of dLteclin¥ 1C87alic1. in¢luJing frdud, is detdiled bcl(Trw'. Our approach to idcntifying and a4SLs%ing ihe Tisk5 of malcridl mi58tat¢m¢nt in respccl of iff¢gularitics, including fraud nd non-compliyncc with lawy and regulation& wys as follow¥'. • The engagement partner ensured that Ihe &ng8gemenl leam collectively had the appropriat8 ¢ompet8nce, cap8billlie8 and skills to entIfy or reco9nise non-cornpliance with applicable laws and regulations., • We identified the laws and regulations applicable lo the charlty through discussions with management and Iruslees and from our knowledge and exporience of the charity Sector,. • We fo¢us8d on sp8clflc law8 and regulations whlch we considered may have a direct materlal effect on th8 accounts or the acllvilies of the charily. Those included bul were not limlted lo the Charllles Act 2011; Accounting and Reporting by Charili8s.' Slalemenl of Recommended Practice applicable lo charities proparing their accounts in accordance with the Financial Fleportlng Standard appli¢able lo the United Kingdom and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, and • We assess tha exlenl of compliance with laws and regul8llons idenlifigd above by making enqulries of management and represenlalive8 of the trustees and revlew of the minules of trustee Tll881ings. We assesd thc SU4CLplibility ofihc charity's Accounts to mJi¢ridl mi4staicmcnt, in¢ludinB how fraud might o¢¢ur by.. • Making enqulries of management and representalivos of the Iruslees as lo where they considered thera wa$ susceptibility lo Ir8ud, their knowledge of actual. SUSPeGled and alleged fraud; and • Considertng the internal controls In place lo millgale rlsks of fraud and non-complianc8 with laws and regulations. 'I'o addTCSS thc ri$k of fraud through manauemLnt bias and ovcrride of conlrols, W¢.. • Performed 8nalytlc81 Procedurès lo klanlify any unusual or unexpected relationship$; • Tested the aulhorisalion of expendllura; • Tested the implemenlalion of financial oontrols., and • Reviewed a sample of journal entries for validity and appropriate authorisation. In Tc%pon8C to thc risk of irrcgularitic8 and non-compliance with laws and regulations, we designed proc¢dures which inolud¢d, but wcrc not limi¢cd to.. • Agreeing financial slalement disclosures to underlying supporting documenlalion., 10
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2025 • Reading the minutes of meetings of the Irustee5', and • Enquiring of as lo actual and potential lrtigation and claims. There arc inhcreni limitations in our audit proccdures described abDve. The mor¢ r¢mov¢d ihui laws r¢gulations are from fin&nLial transJ¢tions, th¢ Icss likely it is that wc would become awarL' of non.LOTnpliance. Auditing stshndards Also limit tho audit procedurLs fcquircd to identify non-eompliancc with laws and rcgulations t(Tr enquiry ul. the Irnstees and other m#nag?cm¢nt and Ihc inspeciion of rLgulalory and Icgdl correspondonce, il'any. MatL'rial migstatLmenl$ ihat ari4e due to fraud bc harderio dct¢et than those ihai arise from crmr as thLy may involv¢ d¢libcrdt¢ conccalmLnt or collusion. A funhcr dexcriplion ofour respon%ibilities for the audil of the Accounts is locat¢d on the findncial Rcporting L'ouncil's websit¢ al www.frc.or8.uklaudiLorsr¢sponsibiliciLS. This dcscription fornis port of our auditor'8 report. U•• of our report This report18 made solely lo the charrty's Irusl8es, 8s 8 body, in accordanc6 with Parl 4 of the Charilies (Accounts and R8POrtsl Regulations 2008. Our 8udil work has been undertaken 80 that wa might slate to the charity's trusl8es thos6 mallers we are required 10 51al8 lo them in an auditor's report and for no other purpose. To the fLJllesl exlenl permilled by law, we do not acoepl or assume responsibillly lo anyone other thon the charity and the charlly's Iru81ees as 8 body. for our audil work, for Ihls report, or for the oplnlons we have formed. Buzzdcott Audit LLP Stlltutory Auditor 130 Wood Sir¢¢t London ,C2V 6DL 081e Buzr.a¢ott Audit Ll.P is ¥li¥ible lo act #n auditor in temis of section 1212 of thc Companicg Act 2006 11
ROYAL NATIONAL THEATRE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2025 YEAR ENDED 31 MARCH 2025 unlri¢ted Unrestrtled Gen8r81 Designated Restricte Tolal Incomo & Endowmonts from.. Donations & legac5 Inve81rn9nts Notes 320 63,094 254,587 43,584 254,907 139,402 32.724 TOTAL In¢<yn• & Endowment8 298 171 Expendlture on.. Inveslmonl M8n8g8menl Costs Charit8ble actltIeS 17,293 83,787 8,970 57,180 11,947 547,618 38.210 686,585 TOTAL Exp8ndltur• N•t g•ln• on Inv••¢mont 101080 559 565 721795 36.159 18.754 24.978 79,891 N•t •xpendltur• 07 236416 Trangf•r• only b•twoan d?•lgnt•d fund• Net mov•ment In lund• 236 410 252 5•5 R•¢onelllatlon of Fund: Total fund8 broughl forward 2.900,540 1,522,987 1.743,403 6,166.930 TOTAL Fund• earrbed fon¥•rd 2 899 033 1 SOU315 1 51)6 987 5.914,336 YEAR ENDED 31 MARCH 2024 UnMstrfct•d Unr••¢rt¢¢•d R•itrict•d G•ngral D••lgn•t•d Tol•l Incom• & Endovmi•nts from: Don8tbn8 &1698cle$ Inv88tffvanls Not•• 3.731 88,335 244,944 34,457 248,67S 143,231 22,439 TOTAL Incomo & Endowm•nt¥ 279 01 ExndItl0 on,. Inve3lmant Monagemonl Costs Charftable 8cllvi¢ie8 29,757 13e,364 7,734 80,971 11,876 583,833 49.3fj7 781,168 TOTAL Exp•ndlture Ilet galn• on In•tM•nt 575 709 226,399 59,362 91,157 378,918 N•t In¢omel1èxndI1uf9l 205 151 Tran•fgrn fund• N•t mo¥èm•nt In lund• 20 151 R•¢onelllatlon of Fund¥'. Total funds bn)ughl forward 11 2.748,19e 1.S29.891 1.94B,554 6.226,641 TOTAL Funds earrled forward 2 900 540 1522.987 1,743 403 6 166.930 All Incorne and 8xpefiéitu is d8riv8d from ccffjlinuing 8CtNikn'es. The notes on pages 1410 25 eonstilule part of the financlal statenIS.
ROYAL NATIONAL THEATRE FOUNDATION BALANCE SHEET For the year ended 31 March 2025 2025 2024 Fix•d A88ots- Investments Note 6.386,967 6.756,858 TOTAL Flxed As••tg 0.386.987 6 756 858 Currènt as•t8: DeblorB 10.OC¥J 8,718 51.016 10,OC(J Acerued Incom¢ 2,671 7,245 Cash al bank in hand TOTAL Curr•nt A••ot• 69,792 19.910 U•bllltlo8: Creditors.. aunt6 falllng due thin on8 yaaf 10 1542,4241 1609,8441 Not Cyrrwnt Ll•bill¢l•• 472,632 TOTAL l•t• l••• Curr•nt Llablllll 5 914 335 8 116 930 TOTAL N•t A•W• 5 914 335 6 166 930 Tho Fund• of th• Ch•rlly: Unre8lrlcted gen8rBI fundB Unrestrtell design8ied fund8 Restdcted funds 2,899,033 1,508.315 1,506,987 2,900,541 1,522,988 1,743,403 TOTAL Fund• 5 914 335 0166930 Approvod and aulhorised for issue by the Iruslees on And slgned on Ils behalf by.. kJov2ozf Graham Barker ofjL ICh8ir) Th& rtr)t&s on p8g8$ 14 to 25 conststut8 Part of Il fin8nckg1 slalernents. 13
ROYAL NATIONAL THEATRE FOUNDATION STATEMENT OF CASH FLOWS For the year ended 31 March 2025 2025 2024 C•ih flows Irom oper4¢lng ¥thltl8¥: Not cash u••d In operatlng adivitie# 197,528 Cash flow• from Inv•$tlno actlvltle8: Dividends. interest and rents from inv08tmonls Proceeds from sab of investments Purchase of inveslmtnts 139,402 860.152 1437,4041 129,64B S89.690 1578.2691 N•t c•sh provldgd by InlI1n9 actlvltle• 562150 Chang• In cash And ea•h •qulvalwth In th• rgportlng p•rlod 16,737 56,459 Cash and Cash equivalents 8¢ the beginning of the rep¢Jt1ing period CJ•h INI e4•h •qul¥•lent• at th• •nd of r•portlnp 257.137 313,596 273 874 257.137 2025 2024 111 Reconclli•tlon ol not •xnd11Ur• to n•1 caBh Ilow from opgratlng •cllvltb•i- Ng1 exp8ndlturg for th• r•portlng (•• p•r th• Stat•rngnl of Fln•n¢lal Actlvltlo81 OlYld8nds, inlaresl and rents Ir¢m inv¥slmont8 G&ln8 on Investments 1252.5951 1139.4021 179.8911 ISg,7111 1129,8481 1378,9181 Working c8pllal movements.. Ilncrea68lld8creaBg In debtor8 IOecre888Vlner88s• In erndilor8 18,1051 167,4201 12,602 358,147 N•t c•sh umd In op•r411ng •¢tlvllbo• 197 528 1111 Anoly•l8 ol eish And c••h •qulvalonl• Cash al bank and In h8nd Cash held as part ol invastm8nl portfolio 51,016 222,858 7,245 249,892 TOTAL cJ•h Ind ca•h •qulvalent• 273 874 257 137 14
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 1 GENERAL INFORMATION The Foundation was established as an unincorporated charity unéer a Trusl Deed dated 6 Juty 1976. The Foundation was registered with the Charity Commission (number 2717061 on 10 August 1976 for the education of the public in the art of drama and the promolion of their appreciation of classical and modern drarna in all ils artistic forms al the Nallonal Theatre; the relief of past or present employees of th8 National Theatre who are in necessilous circumstances., as ancillary lo the above objects, lo support the National Theatre in its aims lo further the appreciation of classical and modern drama. The Foundation's regislered office is The Royal National Thealre. Upper Ground, London, SE1 9PX. These objects are sel out in the governing document, which Is a Declaration of Trust, and have been develop8d Into a sel of aim$ and objectives as described within this report on poge 4. 2 STATEMENTOF COMPLIANCE The Foundallon m8els the definllion of a public benefit entity under FRS 102. The financial slalem8nls hève been prepared in accordance with applicable United Kingdom Accounting Standards, ,Ihe Charities Act 2011, and the recommendations of the Slalemenl of Recommended Practice Accounting and Reporting by Charilias, in accordance with the Financial Reporting Standards applicable in the UK and the Republic ol Ireland IFRS 1021 effective 1 January 2019 I"Charilie$ SORP IFRS102)'1. 3 pNCIPAL AccouNTIMG POLICIES The following accounting pollcles have been applied consislenlly in dealing with items which are considered malerlal in relation lo the flnancial slalem6nls. A BASIS OF PREPARATION The flnancial slalemenls have been prepared in accordanc8 with Accounllng and Reporting by Charrties.. Slalemenl of Recommended Practlca 8ppllcable lo charllies preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. with FRS 102 and Ihe requirem8nls of Ihe Charities Act 2011. 8 GOING CONCERN The truslaes have assessed whether the use of the going concern assumpllon is appropri818 in preparing these accounls. The Iruslees have m8d8 Ihls assessmenl In respect lo a period of on8 ye8r from the dale of 8pproval of these accounls. The Iruslees of the charity have concluded that there are no material uncertainties rèlated to 8venls or condltlons that may cast signiflcant doubl OD the 8blllly of the charity lo continu8 as a going concern. The Irusl&8s ar8 ol the oplnion that the charity will have sufficlenl resources lo meet ils liabilities as they fall due and will draw down from the investment porlfolio lo fulfil the nel current Ilabililies p0811ion on the balance sheet. The Foundation has sufflcient cash and investments lo cover the grants commltted lo al the year end and trustees are able lo control the costs and level of grants made and as such conclude that the Foundation remains a golng concern for al least 12 months from the dale of approval of these flnan¢ial slalemenls. C INCOME All income Is Included in the Slalemenl of Flnanclal Aclivilles when the Foundation has legal entillemenl, the is reasonable probability over receipt and the amount of income can be quantified with reasonable accuracy. Donations and legacies are recogni58d when there is evidence of entillemenl. receipt is probable and Its amount can be measured reliably., furthermore, enlillemenl to legacy Irome is when e51ale accounts are $8ttled or there is nolificallon of a distribution. Charitable 8Ctivilies are recognised when there 15 evidence of enlillement, receipt is probable. and its arTh)unl can bo measured reliably. Investment income and interest receivable are recognised on an ac¢rual$ basis. 15
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 3 PRINCIPAL AccouNTING POLICIES (CONTINUED) D EXPENDITURE All expendrture 18 accounled for on an accruals basis and is classified under the relevant activity within the Slalemenl of Financial Aclivilies. Grants lor specific projects Bre accounted for whan approved by the Trustees and notified lo the beneficiaries. Excess grants are written back on receipt of final claims from beneficlaries. Benevolent grants are made lo current and former employees of the National and ils acting company., these grants are accounted for when the beneficiary Is notified. Raising donations & legacles expenditure on raising donations and 18gacie5 represent the c05t of securing donations and legacies, including marketing costs. Charitablè aclivilies expenditure directly incurred relating lo the charitable obieclives, including awards and grants lo Nallon81 Theatre and indlvidual5. Support costs are apportioned across ch8rilable activities In proportion lo the value of grants and awards made as Sel out in Note 8. including expendilure on audit fees, National Theatre management and bank charges. The Foundalion us8s the services of staff employed and paid by Nallonal Theatre and a managemenl.charge of £18,00012023124.' £18,000] 18 paid in this respect. E FINANCIAL INSTRUMENTS The Foundation has financial assets and liabilities of a kind that qualKy as basic financi81 inslrumenls. Bast instruments are initially recognised al transaction value and subsequently m888ured 81 amortised Gosl. Flnancial assets are held al amorlised cost and comprise cash 81 bank and hand, and deblors. Financial liabiliti85 are held al amor115ed cost 8n comprise of creditors. Al Ihe Balance Sheet dale. the Foundation held financlal asse15 al amortlsed cost of £69,79212023124.. £19,916] and financial li8billlies at amorlised cost 01 £542,42412023124'. £609,8441. F INVESTMENTS Inveslmenls, including bonds held as part of an invèstment portfollo, are slated al market value as al Ihe balance sheèt ale. Inveslmenls are revalued lo market value as al the balance Sheel dale and the surplus or defiGIt of this revaluation is shown as unrealised gains or losses on the face of the Slatemenl of Financial liVI11es. Realised gains and losses represent the difference between the sale proceeds and the opening market value ol an inveslmenl 01 cost if purchased during the year, and this is reinvested into the wrlfolio. Al the Balan¢e Sh881 dale. the Foundation h8ld financial as8els al market value of £6,386,96712023124'. £6,756,858]. G DEBTORS Debtors include amounts owed lo the Foundation for the provision ol goods and services, or the amounts the ch8rily has paid in advance for the goods and services it will receive, Debtors also include amounts recelv8ble on grant funding to whlch the charity Is entitled. Debtors are measured at Ihelr recoverable arrounl. H CASH AT BANK ANO IN HAND Cash al bank and in hand includes cash in hand, deposils held al call with bank¥, ané other highly liquid Investments. I CREDITORS Creditors 8re measured al their settlement amount and is Tecognised for the amount that the Foundation anlicip8les it will pay lo settle the debt or the amount il has received as an adv8nce payment for goods or services it must provide. J RESTRICTED FUNDS These are monies which have legal reslriclions on their use where donors have specified that the funds can only be spent on cerlain of the charity s aclivilies. These represent restricted grant funding, and legacies covered by the agreement between Ihe National Thealfe and the Foundation effective 17 FebruaTy 2016 and updated March 2025. 16
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 3 PRINCIPAL AccouNTING POLICIES {CONTINUEDI K UNRESTRICTED GENERAL FUNOS These g8neral fvnds are available for use al the discrellon of the Trustees in furtherance ofthe Gharily's general objectives. L UNRESTRICTED DESIGNATED FUNDS These are funds set aside out of general funds by the Trustees, for particular purposes. The Benevolent fund is lo provide protection for a proportion of the Foundation's 858els for the future lo enable the Trusteès lo continue lo fulfill the Foundallon's $8cond charitable obieclive, lo provide support lo the staff and former members of staff of the National and of the acting cornpany who are in necessilous circum51anGes. Trustees consider that this fund of £1,000,000 is sufficient lo meel likely on-going applications. The Trustaes keep Ihls policy under review. An amount equivalent lo Ihal paid out In benevolent grants is transferred from the $8cond deslgnaled fund the Foundation General Purpose Fund each year. M TAXATION The Foundation is a regislergd Charity and can lake advantage ol the exemptions from Income lax under the provislons of the Incom& Taxes Acl 2007. rax recoverable relates to lax due lo be reclaimed from HMRC on investment income where lax was deducted at source. N CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the appliGalion ol the Foundation's accounting policies, trusle6s ar8 required lo make judgemgnts. eslimales and assurnplions about the carrying values of assets and liabilities that are not readily apparent from other sources. The eslimale5 and underlying assumptions are based on historical experience and other factors Ihal are relevant. Actual results may differ from these e81imales. The &slimale¥ and underlying assumptions are reviewed on an on-going basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised if lh8 revlsion affec18 only that period, or In the period of the revision and lulure periods if Ihe revision affects the current 8né lulure pariods. In the vlew of the Irustees. no assurnpllons concernlng the fulure or eslimalion uncertalnly affecting as8818 and liabilities at the balance sheet dale are likely lo result in a material adju8lmenl to their carrylng 8mount8 in th8 next fSnancial year. 17
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 4 DONATIONS & LEGACIES Unreslricled General Unrestricted Designated Restricted 2025 Donations Legacies 320 10,000 244,587 254.587 10,320 244,587 254,907 320 UnTrslriGt&d General Unr8Strictgd Designated Restrict8d 2024 Don81n$ LegaGios 3.731 10.000 234,944 244.944 13.731 234,944 248,673 3,731 5 INVESTMENT INCOME Unreslriclad General Unr881ricled Deslgnaled Restrlcled 2025 Income from se¢urltl88 Interest receivable 40,225 22,869 20,863 11,861 27,787 15,797 88,875 50,527 63,094 32,724 43,584 139,402 Unresltlcted G8ner81 Unr8StrlGl8d Designat8d R8stricled 2024 Income from securltlgs Interest r8c8ivable 52,951 33,384 13,762 8.677 21,133 13,324 87,846 55,385 86,335 22,439 34,457 143,231 18
OYAL ATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 6 INVESTMENT MANAGEMENT COSTS Unreslricled Designated Restricted 2025 Investment Management Costs 17,293 8,970 11,947 38,210 17,923 8,970 11.947 38.210 Unrestricted Designat9d R8stricted 2024 Investment M8na98ment Costs 29,757 7,734 11,876 49,367 29.757 7,734 11.876 49,367 7 EXPENDITURE ON CHARITABLE ACTIVITIES la} Analy•l• of expendlturo on charltabl• •¢tl¥ltlo8 Grant funding of activities Support Costs 2025 Grants lo National Theatre Grants lo Other In81ilulions Benevolent Gr8nls Awards to National Theatre 578,032 42.636 620.668 53,252 10,000 3.928 737 57.180 10.737 Gr8nt funding ol 8Ctlvilles Support Gosts 2024 Grants to Natlonal Th88tre Grants to Othgr Institutions Benevolent Grants Awards 580,600 50.000 77,549 40.000 25,624 2,207 3,423 1,765 606.224 52,207 80,972 41,765 748.149 33.019 781.168 19
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year 8nded 31 March 2025 Ib} Analysis of Support Costs National Theatr& Other Inslitulions Benevolent Grants Awards 2025 Governance NT Management Charge Finance Other 14,422 16,225 439 11,550 42,636 1,329 1.495 41 1.063 3,928 249 280 16,000 18.000 488 12,813 47,301 200 737 N811onal Theatre Other Institutions 8on8volenl Grants Awgrds 2024 Gov8rnan¢o 10,129 872 1.353 698 13,052 NT M8nagemenl Charge 13,969 1,203 1,866 18,000 Fin8nc8 392 34 52 27 505 Olhor 98 152 78 25,624 Support costs aro allocated to th8 key aclivlty areas driving support costs as above based on their proportlona18 costs lo overall direct costs. Governance costs Includes auditor's remuneration whlch conslsls of a slalulory audit fee of £12,00012023124'. £12,000]. The Foundation uses the services of staff emplo*ed 8nd pakl by the National Theatre and a management charge of £18,00012023124.. £18,000] is included in support costs. {cl Analyslj of Grants Grants lo Institutions Grants lo Indlviduals Support oosts 2025 Matlonal Theatr• National Theatre Welfare Grant Learning Program Grant NT Legacy Costs Awards 50,000 500,000 28,032 10,000 3.688 36,880 2.068 737 53,688 536,880 30,100 10,737 Other Benevolent Grants 53.252 53.252 3,928 47,301 57,180 688,585 588,032 20
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2D25 Grants lo Institutions Grants to Individu81s Support costs 2024 Natlonal Thaatre National Theatre Welfare Granl Capital Grant NT Legacy Costs Awards Othor Benevolent Grants Now Molloy Deslgn Grant 50,000 500,000 30,600 40.000 2.207 22,067 1.350 1,765 52,207 522,067 31,950 41,765 3,423 80,972 52,207 so.000 670 600 781 168 8 INVESTMENTS {a} Mov•mont In flxed 098•t Invo8tmonts 2025 2024 Market Value al 88ginning of Year New Money Invested Reinvested Income IrealSsed gains) Amount8 extracte Inveslrnenl management fees paid in year Increase in valu8 of investments 6,756.858 6,284,500 107,593 133,699 1110.0001 137.8521 378,918 139,402 (549,9991 {39,1851 79,891 Mark•t Value at End ol Year 6 386 967 6,756,858 Al the 31 March 2025, all funds Were held wlth Ralhbone Investment Man8g8ment Ltd. (bl Investments at Mark•t Valu• comprl$•d: 2025 2024 Fixed Interest Equities Property Comrnodilies Cash 1,692.977 4,197,922 150,175 123,035 222,858 1,798,055 4,425,819 122,540 160.552 249,892 Markat Valu& at End of Year 6.386.967 6 756 858 The value of Investments hekl outglde the UK al 31 Marth 2025 was £2,753,24512023124.. £2,491,509]. 21
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 8 INVESTMENTS (CONTINUED) (cl Matorlal Holdlngs of Investrnonts As al 31¥t March 2025. the Royal National Theatre Foundation held the followlng material inve8lments'. Invgstrnont Name Nature of Invèstment Percentsge Holdlng Market Value 1£) SPDR Serl88 Trust 718% Green Gill 2033 Findlay Park Funds Edgewood L Sele¢l Overseas Equlll8S Fixed Interest Overseas Equities Overseas Equities 11.4% 10.6% 5.5Vo 5.3% £728,756 £677,288 £350,763 £336,754 AS al 31 March 2024, th& Roy81 Nallonal Theatr8 Foundalkin held the following matorlal Inveslmenl8'. Investment Nam• Nature of Investm•nt PO0ntaga Holdlno Mark•t Valu• (£) 7180A Green Glll 2033 FIx8d Interest SPDR Serie3 Trust Overseas Equilles Invest Fund Servlc88 UK Equille5 JP Morgan As8el Mgrs UK EqultSe8 10.9% 10.4% 6.OQ 5.8% £735,767 £705.568 £402.287 £394,415 9 DE8TOR8 2025 2024 Trad8 debtors Accru8d Income 10,000 8,776 18,776 10,000 2,672 12,672 22
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR la) Crèditors: amounts falllng due wlthln one y•ar 2025 2024 Accruals for granlg payable Trade credltor5 Accruals and deferred Income 486,501 34,597 21,326 542,424 550,000 26.124 33,720 609.844 (bl Grnnt commltmont• Brought forward Paid In year Commilled n Carrled forward year Awards 550,000 1704.7831 641,284 486,501 550,000 704.783 641,284 486,501 23
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 11 ANALYSIS OF FUNDS YEAR ENDED 31 MARCH 2025 Fund balances brought forward Income Expendlture Transfers Gains and losses Fund balances carried foThvard UnrestrlGted Funds: General Fund.. 2,900,539 63,414 1101,0801 36,160 2,899,033 Designated Fund¥'. 8enevolenl Fund Foundation General Purposes Fund 1,000,000 522,988 157,1801 18,9701 57,180 157,1801 1,000,000 508,315 32,724 18,753 R8strlcted Fundj: Reslricled Incom8'. NT Learning NT SludiolNew Work NT General Purp089 622.589 10,318 1,110,496 10,280 229 287.662 1539,6981 1631 119,804} 5,892 131 18,955 99.063 10.615 1.397,309 Total Funds 6,166,930 394,309 1726,7951 79,891 5,914.335 YEAR ENDED 31 MARCH 2024 Fund b818n¢8S brought fonv8rd Incom8 Expendllure Tr8nsfgrs G8in$ and 10s88S Fund balances carried forward Unro8trl¢t•d Fund•: General Fund.. 2,748.198 83,488 1159.543) 228,400 2,900.541 De8ignal8d Funds.. Benevolent Fund Foundation General Purposes Fund 1,000.000 180,9711 80.971 1,000,000 529,891 20.729 16,0241 180,971 } 59,361 522.986 Restrlct8d Funds: Restricted Income.. NT Learning NT StudiolNew Work NT General Purpose 589,834 9,590 1,349.130 9,167 204 267,405 {2,665} 1591 1570.3601 26.252 584 64.321 622.588 10,319 1.110,496 Total Fund8 6,226,641 380 993 819.622 378,918 6 166,930 24
OYAL ATIONAL HEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Unr•strlct•d D?slgnated Funds Th8 Trustees consider that a Benevolent Fund of £1.000,000 is sufficient lo meet likew on-going benevolent appll¢alions OV8r th8 long term. An amount equivalent lo that paid out in grants is transferred ffom the second designated fvnd the Foundation General Purposes FurKI eaGh year, which was £57,180 in year12023124.. £80,971]. The Foundation G8n8ral Purpose sub-fund has recefv8(J an allocation of the nel gain5 on investment in year. Ro$trl¢tod Funds NT Learnlng sub fund The balanc8 on th6 NT Learning sub-fund represents the brought forward balance and an allallOn of Ihe nel 98ins on investment In year. NT Productlons. NT Pr•ml808, NT StudlolNew Work and NT G•n•ral Purpo•a sub funds These funds r&pre$ent legacy gifts received In year and they also r8celved an alloc8tion of the net galns on investment in year. 25
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 12 ANALYSIS OF ASSETS BETWEEN FUNDS YEAR ENDED 31 MARCH 2025 Unreslricled Funds Designaled Funds Reslricled Funds Totsl Funds Inv8slm8nls Asset Current Assets Current Liabilllles 2.847,439 55,960 4.3661 2,899.033 1.517.883 1,530 111,0981 1,508,315 2.021.645 12,302 526,960 1,506,987 6,386,967 69,792 {542.4241 5,914,335 YEAR ENOED 31 MARCH 2024 UnreslrlGl8d Fund$ D8&gn818d Funds Reslriclod Fund$ Total Funds Investments Assels Current Assets Cuffent L18bllltles 2,898,285 8,854 16,5981 2,900.541 1,548,692 419 126,125 1,522,988 2,309,881 10,643 577,121 1,743,403 6,758,858 19,916 609,844 6,166,930 13 TRUSTEES REMUNERATION & ExpeN8ES Trustees have nol received any remunerallon or benefits or incurred any expenses for their service to the Foundation In the year12023124.' nlll. 14 RELATED PARTY TRANSACTIONS Two Trustees, Elizabeth Pryce Iformally Ellzabelh Offordl and Simon Warshaw, wère also Board Members of the Royal National Theatre during the period. The VAlue ol money paid from the Foundation lo the Royal National Theatre lotalled £606,032 (Grants and Awards lotalling £588,D32 plus £18.000 manogemenl lee). With £521,098 owing al year end. 12023124,, £638,600 (Grants and Awards totalling £620,600 plus £18,000 management feo). With £550,000 owing at year endl. There have not been any further relaled party transactions in the year12023124'. hill. 26