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 rele￿e(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 ded￿atIon 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 lo￿ard 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 $u¢h applicÈlion3 wilh another Trustee on a rolllng rol8 of Tru5tee8. Grants mad8 under this authority by the Chair mug1 be ralrfied by the Trustees in a full meeting. The Trustees are Indepèndent of the National and operate al Ihelr own dlscrelion, however In the interests of mainlalnlng an up to dale knowl8dg6 01 National aclivili8s, two Tru81ees als0 serve on the National's Board. The Trustees have procedures In place for handling any conflict of inlere811o which that situation might lead. INVESTMENT AND FINANCE The Board's r8sponslbllllles Include reviewlng the investment policy and performance., monllorlng and rèviewing financlal performancè and rnanagemenl,. reviewlng the praparallon of the annual financial stalemenls.. relat￿nShIpS with the External Auditor8 and reviewing the risk reglstar. The Board have regular meellngs and di3¢ussions with Ralhbone Investment Management Limited. Ilnve8lmenl Managers) lo monitor Investment performance and review the inveslrnenl 51ralegy. A Finance Sub-commillee of the Board meets at18891 annually lo consider investment pertormance and strategy and the indicative 5-year financial plan. Pu8LIC BENEFIT DISCLOSURE The Trustees confirm th81 they have referred lo the guidance contained in the Charity Cornmission's publlshed guidance on public benefit when reviewing the Foundation's aims, objectives and grant making policy and In planning future aclivilies. The Foundation carries out these objectives and seeks lo achieve public benefit through the following grant giving pollcy.. Grants lo the National Theatre are made prlmarily lo fund initiatives whlch ar8 oiilslde of the National's financi81 capabilities in any particular year bul are relevant lo ils current policy. The National Theatre is itself a charity with a comprehensive public reach achieved through a¢ce$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 deS￿ne￿ 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 signif￿an1 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 inr 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$ers iakcn on thc basi% of thc%¢ account5. Irregularities. including fraud, arc instanc¢% of non-complian¢o with litws and rL'gulations. We design procLdures in line wilh OUT rc8ponsibilities, outlinod abovc. io dctcct material misstdlcmcnts Iri re5PCtt of irre8ulariti¢%, ineluding frauii. 'rhc cxtent to which our proccdurL's are capable of dLteclin¥ 1￿C8￿7a￿lic1. in¢luJing frdud, is detdiled bcl(Trw'. Our approach to idcntifying and a4SLs%ing ihe Tisk5 of malcridl mi58tat¢m¢nt in respccl of iff¢gularitics, including fraud nd non-compliyncc with lawy and regulation& wys as follow¥'. • The engagement partner ensured that Ihe &ng8gemenl leam collectively had the appropriat8 ¢ompet8nce, cap8billlie8 and skills to ￿entIfy or reco9nise non-cornpliance with applicable laws and regulations., • We identified the laws and regulations applicable lo the charlty through discussions with management and Iruslees and from our knowledge and exporience of the charity Sector,. • We fo¢us8d on sp8clflc law8 and regulations whlch we considered may have a direct materlal effect on th8 accounts or the acllvilies of the charily. Those included bul were not limlted lo the Charllles Act 2011; Accounting and Reporting by Charili8s.' Slalemenl of Recommended Practice applicable lo charities proparing their accounts in accordance with the Financial Fleportlng Standard appli¢able lo the United Kingdom and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, and • We assess tha exlenl of compliance with laws and regul8llons idenlifigd above by making enqulries of management and represenlalive8 of the trustees and revlew of the minules of trustee Tll881ings. We asses￿d thc SU4CLplibility ofihc charity's Accounts to mJi¢ridl mi4staicmcnt, in¢ludinB how fraud might o¢¢ur by.. • Making enqulries of management and representalivos of the Iruslees as lo where they considered thera wa$ 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 un￿lri¢ted Unrestrtled Gen8r81 Designated Restricte Tolal Incomo & Endowmonts from.. Donations & legac￿5 Inve81rn9nts Notes 320 63,094 254,587 43,584 254,907 139,402 32.724 TOTAL In¢