## **The Royal Albert Hall Trust** **Annual Report and Accounts** 31 December 2024 Charity Registration Number 285111 ## **Contents** ## **Reports** |**Reports**|| |---|---| |Reference and administrative|| |information|1| |Trustees’ report|2| |Independent auditor’s report|8| |**Accounts**|| |Statement of financial activities|12| |Balance sheet|13| |Cash flow statement|14| |Principal accounting policies|15| |Notes to the accounts|18| The Royal Albert Hall Trust ## **Reference and administrative information** |**Trustees**|Ian McCulloch (Chair)| |---|---| ||Dr Hosein Khajeh-Hosseiny| ||Mo El Husseiny| ||James Max| ||Nigel Hamway| ||Stuart Newey| ||Thomas van Straubenzee (appointed 28| ||March 2024)| |**Secretary**|Susan Gent| |**Principal address**|Royal Albert Hall| ||Kensington Gore| ||London| ||SW7 2AP| |**Charity registration number**|285111| |**Auditor**|Moore Kingston Smith LLP| ||9 Appold Street| ||London| ||EC2A 2AP| |**Bankers**|Coutts & Co| ||440 Strand| ||London| ||WC2R 0QS| |**Solicitors**|Bates Wells Braithwaite LLP| ||10 Queen Street Place| ||London| ||EC4R 1BE| The Royal Albert Hall Trust **1** **Trustees’ report** Year to 31 December 2024 The trustees present their statutory report together with the accounts of The Royal Albert Hall Trust (“the Trust”) for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 15 to 17 of the attached accounts and comply with the charity’s trust deed, applicable laws, the requirements of the Charities Act 2011 and the Charities SORP (FRS102). ## **Structure, governance and management** ## _Constitution and objects_ The Royal Albert Hall Trust – Charity Registration No. 285111 – was established under a Trust Deed dated 24 June 1982 with the object of maintaining and preserving the Royal Albert Hall, a building owned by The Corporation of the Hall of Arts and Sciences (“the Corporation”), Charity Registration No. 254543. On 23 September 2005, following approval by the Charity Commission, the objects of the original Trust Deed of 1982 were extended by a Scheme to include the advancement of education for public benefit by the provision of such instructive activities that relate to the Royal Albert Hall as the trustees shall from time to time determine. On 6 January 2020, the Trust Deed was amended to provide for the appointment of additional trustees who do not have to be Members of the Corporation. On 15 November 2023, the trustees of the Trust agreed to further amend the Trust Deed so that the Vice Presidents of the Corporation would no longer be ex officio trustees of the RAH Trust, following which the ex officio trustees all agreed to resign from office, but Stuart Newey and James Max would be reappointed as Appointed Trustees of the Trust subject to the agreement of the Corporation. The aims of the Trust (set out in the Trust deed) are the maintenance, preservation, restoration, improvement, renewal, decoration and general upkeep of the Royal Albert Hall, with power for the Trustees to furnish the Royal Albert Hall with such works and objects of scientific and artistic interest as they think fit, together with the advancement of education for public benefit. The relationship between the Trust and the Corporation is such that all amounts received into the Trust are donated to the Corporation at the year-end provided that any conditions attached to the amounts received have been satisfied. ## _Organisation_ The trustees are now the current President of the Corporation together with appointed trustees who are not Members of the Corporation and three additional trustees who are members of the Council of the Corporation. The Corporation appoints the trustees who meet a minimum of two times per year (amended from the previous requirement of four times per year in 2023) to review the progress of the Trust’s charitable aims. The Trust has no employees and receives donated administration services from the Corporation. The Royal Albert Hall Trust **2** ## **Trustees’ report** Year to 31 December 2024 The Trustees of the Trust, who include the President and Vice-Presidents of the Corporation, have powers under the Trust Deed to maintain the Hall (as set out above); and to hold the capital and income of the Trust Fund upon trust to apply it at such time or times as they may in their absolute discretion think fit for the purposes of the Trust. They may also (subject to any Charity law restrictions) sell, demise, let, licence and generally manage and deal with any land, buildings or interest therein, in such manner as they think fit; borrow money; and appeal for and accept donations and bequests to be held on trust for the purposes of the Trust. At its meeting in July, the Trustees appoint the Trust’s auditors and approve the Trust Annual Report and Accounts. In addition, they agree the amount of funds to be donated to the Hall. During the year, the trustees in office were as follows: **Name** Ian McCulloch (Chair) Dr Hosein Khajeh-Hosseiny Mo El Husseiny James Max Nigel Hamway Stuart Newey Thomas van Straubenzee (appointed 28 March 2024) On appointment, trustees receive a copy of the Trust’s Trust Deed, a full briefing on its activities from the Chief Executive of the Corporation as well as an induction from the Secretary to the Corporation which includes a copy of the Code of Governance for Charities and an induction pack to assist them with their governing responsibilities. ## **Statement of trustees’ responsibilities** The trustees are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period. In preparing the accounts, the trustees are required to: -  select suitable accounting policies and then apply them consistently; -  observe the methods and principles in the Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities SORP); -  make judgements and estimates that are reasonable and prudent; -  state whether applicable United Kingdom Accounting Standards have been followed, subject to any departures disclosed and explained in the accounts; -  prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Royal Albert Hall Trust **3** **Trustees’ report** Year to 31 December 2024 The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Risk management** The trustees have established a process for identifying the major operational and financial risks to which the Trust is exposed and have reviewed these risks. As the Trust’s primary objective is to raise funds for the maintenance, preservation, restoration, improvement, renewal, decoration and general upkeep of the Royal Albert Hall, there are risks connected with potential reputational damage or incidents that may prevent the use of the building and therefore impact on the Trust’s ongoing ability to raise funds. The trustees are satisfied that systems have been established and are functioning to mitigate and manage the above risks. Below are principal risks specific to the Trust : |**Risk**|**Management**| |---|---| |**Significant Loss in Income**
Loss of major funder
Major financial fraud/theft
Decrease in donations
Misuse of restricted donations|•Keep in regular contact with all
significant donors and keep open
dialogue
•Work with the Philanthropy Board and
others to steward donors effectively
•Limited access to the Hall’s finance
and banking with robust controls in
place for payments, cost reporting
and receiving income
•Fundraising team actively engage
with potential funders, including
events at the Hall
•Expenditure of restricted funds use is
reported and reviewed by senior
management at least quarterly and
audited externally annually.| |**Significant Reputational Damage**
Inappropriate behaviour or statement
from an associated person, group or
organisation
Safeguarding breach|•All major donors are researched and
approved by Governance and Ethics
•Safeguarding committee and officers
in place to assess risks| The Royal Albert Hall Trust **4** **Trustees’ report** Year to 31 December 2024 ||| |---|---| |**Significant people shortages**
High turnover of staff
Unable to recruit Trustees|•Remuneration and employee benefits
is benchmarked regularly
•Existing flexible working request
procedure in place.
•Learning and development
opportunities designed to retain staff
•Recruitment is prioritised
•Work closely with Chairs of Trust,
Philanthropy board and the Royal
Albert Hall Executive to develop
network and attract volunteers| |**Major systems failure**
Cyber attack
Data Breach
Website or email failure|•Adherence to ICO protocols and
procedures
•Immutable daily backups stored on
and offsite
•Cyber insurance policy
•Compulsory cyber security awareness
training for new starters and all staff
annually.
•All redundant equipment containing
sensitive data is securely destroyed
using specialist provider| The Royal Albert Hall Trust **5** **Trustees’ report** Year to 31 December 2024 ## **Activities** The Trust meets its objectives by raising funds from donations and other fundraising events in order that it may make periodic donations (or grants) to the Corporation. When considering the aims and activities of the Trust, the trustees have had regard to the Charity Commission’s general guidance on the provision of public benefit together with relevant specific guidance. ## **Achievements, performance and financial review** The principal funding source of the Trust is derived from donations and bequests in furtherance of its Objects as set out above. We have had another successful year of fundraising activities through a well-received programme of prospecting events and raising significant funds for investment in our capital projects. In the year ended 31 December 2024 donations income totalled £2.1m (2023: £2.0m). During the year, the Trust recorded a donation to the Corporation of the Hall of Arts and Sciences of £1.2m (2023: £2.1m). ## _Reserves policy_ As explained above, the Trust exists specifically to fulfil two purposes. Firstly, to contribute to the maintenance and preservation of the Royal Albert Hall and secondly to advance education for public benefit by the provision of such instructive activities that relate to the Royal Albert Hall. The trustees have examined the need for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets or designated for specific purposes. Given the objects of the Trust, the trustees believe there is no specific need for general or free reserves. The total reserves held at the balance sheet date were restricted funds of £3.3m (2023: £2.6m) and unrestricted funds of £130K (2023: nil). The unrestricted fund balance relates to a fixed asset seat in the Royal Albert Hall which was bequeathed to the trust in the year and is being held by the Trustees to generate future benefit for the Royal Albert Hall. In 2024 income of £10K from the sale of tickets for this seat was donated to the Hall. In 2023 all unrestricted funds received were fully spent in the year. ## _Fundraising policy_ The Hall operates an internal Philanthropy team and is a member of the Fundraising Regulator and adheres to the Fundraising Code and all good standards of practice. As set out in our Philanthropy Policy, the Hall’s fundraising team adheres to Section 1.2 of the Code of Fundraising Practice and is committed to protecting vulnerable donors. We comply with all legal requirements relating to data protection, under the UK GDPR and do not share any data for the purposes of fundraising with third parties or data sharing schemes. We regularly carry out data protection impact assessments to ensure that we comply with the UK GDPR and we do not engage in intrusive practices. The Royal Albert Hall Trust **6** **Trustees’ report** Year to 31 December 2024 ## _Going Concern_ This report sets out a review of financial performance and the charity’s reserve position. We have adequate financial resources and are well placed to manage the business risks. Our planning process, including financial projections, has taken into consideration the current economic climate of inflation, changing energy prices and on-going cost of living challenges and its impact on the various sources of income and planned expenditure. We believe that there are no material uncertainties that call into doubt the charity’s ability to continue. The accounts have therefore been prepared on the basis that the charity is a going concern. ## _Financial position_ The balance sheet as at 31 December 2024 shows total funds of £3.4m (2023: £2.6m), comprising, £2.9m restricted to building projects, £37K restricted to Engagement (formerly known as education and outreach), £309K restricted to future productions and unrestricted funds of £130K (2023: nil). ## _Investment policy_ The trustees have wide powers conferred on them by the Trust’s trust deed enabling them to invest in stocks, shares, land and buildings of whatsoever nature at their absolute discretion as they deem appropriate and in compliance with charity law. The investment policy of the Trust is to safeguard the funds of the charity by making secure investments and, within the limits that this implies, to generate the best return possible from these funds in order to assist the Trust to carry out its purposes. See note 6 below for details of investments held during the year ended 31 December 2024. ## _Future plans_ The Trust will continue to meet its objectives by seeking donations and bequests in order to make periodic donations to the Corporation. ## **Related Parties** None of the trustees receive remuneration or other benefit from their work with the charity. Approved by the trustees on 8 May 2025 and signed on their behalf by: I McCulloch S Newey Chair Trustee The Royal Albert Hall Trust **7** ## **Independent auditor’s report** 31 December 2024 ## **Independent Auditor’s Report to the Trustees of The Royal Albert Hall Trust** ## **Opinion** We have audited the financial statements of The Royal Albert Hall Trust for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. The Royal Albert Hall Trust **8** ## **Independent auditor’s report** 31 December 2024 ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: - the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or - the charity has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we required for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on pages 2 to 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. The Royal Albert Hall Trust **9** ## **Independent auditor’s report** 31 December 2024 ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The Royal Albert Hall Trust **10** ## **Independent auditor’s report** 31 December 2024 The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. Our approach was as follows: - We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council - We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. - Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. **Moore Kingston Smith LLP** 13 May 2025 Statutory auditor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. The Royal Albert Hall Trust **11** ## **The Royal Albert Hall Trust** ## **Statement of financial activities** Year to 31 December 2024 |Notes|
Unrestricted
funds
’000|Restricted
funds
£’000

1,457
-
1,457
-
766
766
691
691
2,562
**3,253**|
**2024**
**Total**
**funds**
**£’000**|2023
Total
funds
£’000| |---|---|---|---|---| |**Income:**
Donations and legacies
1
Investment income
**Total income**
**Expenditure:**
_Cost of raising funds:_
Commercial trading operations
_Expenditure on charitable activities_
Cost of activities in furtherance of the
2
charitable objectives
**Total expenditure**
**Net income/(expenditure)**
**Net movement in funds**
**Fund balances brought forward**
**at 1 January**
**Fund balances carried forward**
**at 31 December**|
601
10||**2,058**
**10**|2,042
-| ||611||**2,068**|2,042| ||1

480||**1**
**1,246**|1
2,075| ||481||**1,247**|2,076| ||130||**821**|(34)| ||130
**-**||**821**
2,562|(34)
2,596| ||**130**||**3,383**|2,562| Net income and the net movement in funds relate solely to activities from continuing operations. The notes on pages 15 to 22 form part of these financial statements. The Royal Albert Hall Trust **12** ## **The Royal Albert Hall Trust** ## **Balance sheet** 31 December 2024 |**ce sheet**31 December 2024||||| |---|---|---|---|---| |Notes|
**2024**
**£’000**



**3,256**
**-**
**3,256**

**(3)**

|**2024**
**£’000**|2023
£’000|2023
£’000| |**Fixed asset investment**
6
**Current assets**
Debtors 7
Cash at bank
**Creditors**: amounts falling due
within one year
8
**Net current assets**
**Total net assets**
**Represented by:**
**Funds and reserves**
Unrestricted funds
Restricted funds
9||
**130**













**3,253**|2,569
-|-



| ||||2,569
(7)|| |||||| |||**3,383**||2,562| |||


**130**
**3,253**||-
2,562| |||**3,383**||2,562| Approved by the trustees on 8 May 2025 and signed on their behalf by: I McCulloch Chair S Newey Trustee The notes on pages 15 to 22 form part of these financial statements. The Royal Albert Hall Trust **13** ## **The Royal Albert Hall Trust** ## **Cash Flow Statement** 31 December 2024 |**Cash flows from operating activities**
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
**Cash and cash equivalents at the end of the reporting period**
**Reconciliation of cash flows from operating activities**
Net income for the reporting period
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
Donated investment asset
**Net cash used in operating activities**|**2024**
**£’000**
**-**
**-**
**-**
**-**
**821**
**(687)**
**(4)**
**(130)**
**-**|2023
£’000
-| |---|---|---| |||-
-| |||-| |||(34)
49
(15)
-| |||-| The notes on pages 15 to 22 form part of these financial statements. The Royal Albert Hall Trust **14** ## **Principal accounting policies** 31 December 2024 ## **Charity Information** The aims of The Royal Albert Hall Trust (RAHT) (set out in the Trust deed) are the maintenance, preservation, restoration, improvement, renewal, decoration and general upkeep of the Royal Albert Hall, with power for the Trustees to furnish the Royal Albert Hall with such works and objects of scientific and artistic interest as they think fit, together with the advancement of education for public benefit. The Trust is a UK registered charity (registered number: 285111) which is incorporated and domiciled in the UK. The address of the registered office is Royal Albert Hall, Kensington Gore, London, SW7 2AP, UK. ## **Principal activity** The principal activity of the Trust is to raise funds from donations and other fundraising events in order that it may make periodic donations (or grants) to the Corporation. ## **Parent Charity’s Principal Activities** The Trust’s parent charity is The Corporation of the Hall of Arts and Sciences (“the Corporation”), which through the appointment of the Trust’s trustees has overall control of the Trust. The Corporation is a registered charity (registered number: 254543) which is incorporated and domiciled in the UK. Its purpose is to serve to promote the Arts and Sciences and the preservation and enhancement of the Grade I listed building which is held in trust for the nation. The Royal Albert Hall constitutes a public benefit entity as defined by FRS 102. The Corporation produces consolidated financial statements in which the company’s financial results and position are included. The consolidated financial statements are available to the general public from the Charity Commission. https://www.gov.uk/government/organisations/charity-commission ## **Basis of accounting** These financial statements have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Accounting Practise. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Royal Albert Hall Trust meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The Royal Albert Hall Trust **15** ## **Principal accounting policies** 31 December 2024 ## **Going Concern** Having assessed the Trust’s financial position, its plans for the foreseeable future, the risks to which it is exposed and forecast projections the Trustees of the Charity are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the charity’s accounting policies, which are described below, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates 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 if the revision affects the current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. ## **Financial instruments** The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors. ## **Accounting for income** Income is recognised in the period in which the charity is entitled to receipt of the funds if performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Legacy income is recognised when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Entitlement is the earlier of the charity being notified of a distribution or the income being received. Donated assets are recognised at the market value, where this can be quantified. ## **Expenditure** Expenditure is included in the statement of financial activities when incurred and includes any attributable VAT which cannot be recovered. Expenditure comprises the following: a. The costs of raising funds comprise of bank charges payable. The Royal Albert Hall Trust **16** ## **Principal accounting policies** 31 December 2024 - b. Donations to The Corporation of the Hall of Arts and Sciences represent the transfer of monies to fund the maintenance and preservation of the Royal Albert Hall and to fund the advancement of education by the provision of instructive activities relating to the Royal Albert Hall. - c. Governance costs comprise audit fees specific to the Trust. ## **Gifts in kind** Donated administration services and facilities received from the Corporation are not included in the Statement of Financial Activities because they are considered immaterial and would be impossible to quantify with sufficient accuracy. ## **Funds** Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions. Unrestricted funds comprise amounts which may be applied towards the Trust’s charitable activities at the discretion of the trustees. ## **Debtors** Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. ## **Investments** Investment assets are held at fair value and are revalued at each reporting date. ## **Creditors** Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. ## **Cash at bank and in hand** Cash at back and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. The Royal Albert Hall Trust **17** ## **Notes to the accounts** 31 December 2024 ## **1 Income from donations and legacies** |**Income from donations and legacies**||| |---|---|---| ||**Total**
**2024**
**£’000**|Total
2023
£’000| |Income from donations
Income from legacies|**1,928**
**130**|2,018
24| ||**2,058**|2,042| Legacy income relates to a seat at the Royal Albert Hall which was bequeathed to the charity in the year, recognised at market value. ## **2 Expenditure on charitable activities** |**Expenditure on charitable activities**||| |---|---|---| ||**Total**
**2024**
**£’000**|Total
2023
£’000| |Support costs
Donation to the Corporation of Hall of Arts and Sciences|**3**
**1,243**|3
2,072| ||**1,246**|2,075| Included within expenditure on charitable activities as support costs are governance costs of £3k (2023: £3k), including statutory audit fees of £3k (2023: £3k). ## **3 Trustees and employees** The trustees received neither remuneration nor reimbursement of expenses for their services during the year (2023 - £nil). The trustees of the charity are covered by indemnity insurance taken out by the Corporation of the Hall of Arts and Sciences in respect of all directors, trustees and officers of the Corporation, its subsidiaries and related trusts. The total premium for the indemnity cover which was charged to the Corporation in 2024 was £18k (2023 - £19k) and the cover provided was £5 million (2023 - £5 million). The Trust has no employees (2023 - none). ## **4 Related party transactions** The accounts have been consolidated with those of The Corporation of the Hall of Arts and Sciences (registered number: 254543). The address of the registered office is Royal Albert Hall, Kensington Gore, London, SW7 2AP, UK. The Corporation, which through the appointment of the trustees has overall control of the Trust. During the year, the Trust made a donation to the Corporation of £1.2m (2023: £2.1m). Two Trustees made donations to the Charity to carry out its charitable objectives during the year of £165k (2023: £126k from two trustees). The Royal Albert Hall Trust **18** ## **Notes to the accounts** 31 December 2024 ## **5 Taxation** The Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. ## **6 Fixed Asset Investments** |**Fixed Asset Investments**||| |---|---|---| |Market value as at 1 January 2024
Additions
Revaluation
As at 31 December 2024|**Investment**
**property**
**£’000**|**TOTAL**
**£’000**| ||-
130
-|-
130
-| ||130|130| Investments consist of a seat in the Stalls of the Royal Albert Hall which the Charity was bequeathed in the year and receives income in respect of. This is included at its fair value. ## **7 Debtors** |**Debtors**||| |---|---|---| ||**2024**
**£’000**|2023
£’000| |Amounts due from the Corporation of the Hall of Arts and Sciences
Other debtors|**3,250**
**6**|2,557
12| ||**3,256**|2,569| ## **8 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2024**
**£’000**|2023
£’000| |Other creditors|**3**|7| ||**3**|7| The Royal Albert Hall Trust **19** ## **Notes to the accounts** 31 December 2024 ## **9 Funds** |**9 Funds**|||| |---|---|---|---| ||As at
01/01/24
£’000
Income
£’000
Expenditure
£’000
Transfers
£’000
**As at**
**31/12/2024**
**£’000**||| |**Engagement Fund:**
Engagement
**Total Engagement Fund**
**Production Fund:**
Associated Artists
**Total Production Fund**
**Building Fund:**
Artists Bar Development
Creator Space
Door 6 restoration
**Total Building Fund:**
Total Restricted Funds
**Unrestricted Fund**
**Total Funds**|106
477
(546)
-||37| ||**106**
**477**
**(546)**
**-**||**37**| ||356
-
(47)
**-**||**309**| ||**356**
**-**
**(47)**
**-**||**309**| ||1,000
830
(173)
500
500
-
-
(500)
600
150
-
**-**||**2,157**
**-**
**750**| ||**2,100**
**980**
**(173)**
**-**||**2,907**| ||**2,562**
**1,457**
**(766)**
**-**||**3,253**| ||||| ||-
**611**
**(481)**
**-**||**130**| ||||| ||**2,562**
**2,068**
**(1,247)**
**-**||**3,383**| |||As at
01/01/2023
£’000
Income
£’000
Expenditure
£’000
**As at**
**31/12/2023**
**£’000**
110
471
(475)
**106**
**110**
**471**
**(475)**
**106**
424
-
(68)
**356**
**424**
**-**
**(68)**
**356**
1,000
-
-
1,000
500
-
-
500
450
150
-
600
112
-
(112)
-
-
908
(908)
-
**2,062**
**1,058**
**(1,020)**
**2,100**
2,596
1,529
(1,563)
2,562
**-**
**513**
**(513)**
**-**
**2,596**
**2,042**
**(2,076)**
**2,562**|| |**Engagement Fund:**
Engagement
**Total Engagement Fund**
**Production Fund:**
Associated Artists
**Total Production Fund**
**Building Fund:**
Artists Bar
Creator space
Door 6 restoration
150th Statues
Archive Space Project
**Total Building Fund:**
**Total Restricted Funds**
**Unrestricted Funds**
**Total Funds**||110
471
(475)|| |||**110**
**471**
**(475)**|| |||424
-
(68)|| |||**424**
**-**
**(68)**|| |||1,000
-
-
500
-
-
450
150
-
112
-
(112)
-
908
(908)|| |||**2,062**
**1,058**
**(1,020)**|| ||||| |||2,596
1,529
(1,563)|| ||||| |||**-**
**513**
**(513)**|| ||||| |||**2,596**
**2,042**
**(2,076)**|| The Royal Albert Hall Trust **20** ## **Notes to the accounts** 31 December 2024 ## **9 Funds (continued)** Restricted funds comprise the Building Fund, Engagement Fund (formerly known as the Education Fund) and Production Fund. The Engagement Fund represents donations received in respect of specific education projects to be delivered by The Corporation of the Hall of Arts and Sciences. The Engagement fund is a programme helping change lives through music and is divided into three main strands of activity through supporting communities, engaging with music and discovering careers in music. The Production fund’s associated artist scheme is committed to developing talent and diversifying our artists and audiences. The introduction of this scheme allows us to put the forefront of artistic innovation, and positively challenge people’s perception of the Royal Albert Hall. The Building fund contains a number of projects including a plan to create a modern Artist bar and backstage space, work began on this project in 2024. The Creator space is no longer a proposed project and funds were transferred to the Artists Bar fund during 2024 by agreement of the donor. Also included is a fund to complete the restoration of Door 6. This is the door that faces the Prince Albert memorial. Unrestricted funds comprise the value of the investment held. ## **10 Analysis of net assets between funds** ||Unrestricted
Funds
£’000|Restricted Funds|**2024**
**Total**
**£’000**| |---|---|---|---| |||Engagement
Fund
£’000
Building
Fund
£’000
Production
Fund
£’000
-
-
37
2,907
309
-
-
-
37
2,907
309
Restricted Funds|| |4
Fixed assets
Current assets
Creditors: amounts falling
due within one year|130
3
(3)||**130**
**3,256**
**(3)**| ||130||**3,383**| ||Unrestricted
Funds
£’000||**2023**
**Total**
**£’000**| |||Engagement
Fund
£’000
Building
Fund
£’000
Production
Fund
£’000
106
2,100
356
-
-
**-**
106
2,100
356|| |33
Current assets
Creditors: amounts falling
due within one year|7
(7)||**2,569**
**(7)**| ||-||**2,562**| The Royal Albert Hall Trust **21** ## **Notes to the accounts** 31 December 2024 ## **11 2023 Comparative Statement of Financial Activities** |Notes|
Unrestricted
funds
’000
|
Restricted
funds
£’000

1,529
-
1,529
-
1,563
1,563
(34)
(34)
**2,596**
**2,562**|
**2023**
**Total**
**funds**
**£’000**| |---|---|---|---| |**Income:**
Donations and legacies
Commercial trading operations
**Total income**
**Expenditure:**
_Cost of raising funds:_
Commercial trading operations
_Expenditure on charitable activities:_
Cost of activities in furtherance of the
1
charitable objectives
**Total expenditure**
**Net (expenditure)**
**Net movement in funds**
**Fund balances brought forward**
**at 1 January**
**Fund balances carried forward**
**at 31 December**|513
-||**2,042**
**-**| ||513||**2,042**| ||1

512||**1**
**2,075**| ||513||**2,076**| ||-||
**(34)**| ||-
**-**||
**(34)**
**2,596**| ||**-**||**2,562**| The Royal Albert Hall Trust **22**