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2024-07-31-accounts

ROYAL ACADEMY OF DRAMATIC ART (RADA)

Charity Registration Number 312819

Annual Report and Accounts

Year ended 31 July 2024

Annual report and accounts 2023-24

Table of contents

1. Chair’s review 2
2. Principal’s review 3
3. About RADA 3
4. Strategic aims and priorities 6
5. World-leading training and productions 7
6. Graduates and industry 10
7. Anti-racism and equity 12
8. Access and participation 12
9. Estate and operations 12
10. People 13
11. Income generation and sustainability 13
12. Financial review 14
13. Public benefit 16
14. Statement of corporate governance and internal control 16
15. Statement of trustees’ responsibilities 22
16. Independent auditors’ report to the trustees 24
Financial statements
17. Consolidated statement of financial activities 27
18. Group and academy balance sheets 29
19. Consolidated cash flow statement 30
20. Notes to the financial statements 31

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1. Chair’s Review

It is a tremendous privilege to present this year's Chair's review as we celebrate 120 years of astonishing storytelling, impact, and excellence at RADA. Meeting the new year groups at the start of each academic year fills me with humility and optimism. Their energy, imagination, and determination are truly inspiring, especially as they prepare to face a world rife with political, economic, environmental, and technological challenges. This new generation of storytellers is being expertly nurtured by our dedicated faculty, staff, creatives, support teams, and industry partners who all contribute to their success.

Equity and inclusion remain central to our initiatives. This year, we undertook a detailed review of the undergraduate curriculum, focusing on wellbeing and creating space for learning. We are incredibly proud that the Originate Actor Training programme. a free nine-month course in collaboration with Theatre Peckham and the Guildhall School of Music and Drama—was nominated for a NEON award. This recognition highlights the success of our partnership with brilliant organizations that place equity and young people at the heart of their mission.

Despite considerable financial pressures facing the higher education sector, with funding constraints becoming more pronounced, we continue to offer world-leading training and education. Our graduates achieve remarkable success across stage and screen, earning numerous nominations and awards. We are proud to contribute to the UK's £126 billion creative industries, driving economic growth and affirming the country's place on the world stage as a creative superpower. With several new MA courses approved, we have ambitions to expand our reach even further.

Bolstering our financial resilience are RADA's Short Courses and RADA Business. Our Short Courses continue to flourish, serving an international community of professional and enthusiast learners. RADA Business applies our core pedagogy to empower individuals, teams, and organisations. However, these vital parts of our business model primarily help us meet day-to-day operational expenses. The necessity for significant capital investment in our facilities is increasingly clear. Our historic estate requires modernization to meet the evolving needs of our community and to realize our ambitions. Upgrading our environments is crucial for nurturing innovation, creativity, and well-being, and for maintaining our standing as a leading institution.

We extend our deepest gratitude to outgoing President Sir Kenneth Branagh, whose production of King Lear opened in the West End with an all-RADA graduate cast and is set to transfer to New York. His indefatigable support of our students and graduates exemplifies how industry and training can work together. We are delighted to welcome our new President, David Harewood, and Vice President, Cynthia Erivo, whose fresh energy and visionary leadership highlight our prominent role in the industry and set the stage for the future. Additionally, in our 120th anniversary year, we were thrilled to host our Royal Patron King Charles III and Queen Camilla.

Our work would not be possible without the generosity of our much-valued supporters, funders, and partners, to whom we offer our profound thanks. Your support ensures that our world-leading training and educational excellence will endure, and we are sincerely grateful for your ongoing commitment.

My fellow colleagues on the Council continue to generously give their time and expertise to RADA. This year, several members concluded their tenure, and I especially thank Chipo Chung, Tamar Thomas, Tim Clark, Dan Collins, Michelle Snyder, Joanie Diamond, and Kath Morton. We welcome our new members Michael Simkins, Bex Snell, Jake Steele, Elizabeth Ballinger, Matt Leventhall and Tom Carswell, who bring invaluable industry and training expertise as we navigate the future.

Reflecting on this year, I am struck by the creative determination and perseverance of RADA's community and its art form. Together, we are shaping a future where innovation continues to thrive at RADA, within the creative industries and beyond, and where arts education inspires and impacts the world we live in.

Marcus Ryder, Chair

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2. Principal’s Review

The changes that began two years ago are starting to manifest with all the joys, excitement, anxieties and work that involves. This reviewing and development of the organisation leads us into the 120[th] Anniversary of RADA. With a new Patron, King Charles III, and new president David Harewood and Vice President Cynthia Erivo, this has been a fast-moving year, and we have many very productive outcomes at the end.

A very special heart felt thank you to our outgoing president Sir Kenneth Branagh, and to all Council members who contribute endless hours of time, to graduates, staff and students who have contributed to the productive ongoing conversations about the sustainability and future of the Academy. Work continues on the new Strategic Plan which will be launched in January 2025.

Finances continue to be a challenge, and we are particularly aware of the lack of investment in capital expenditure.

The new undergraduate curriculum was approved by King’s College London in May 2024 and launched in September 2024. Students and staff wanted the inclusion of self-generated work as part of training, review of texts and casting, more screen and digital work, staff diversity and are committed to an explicit consciousness of the social impact of theatre. All of this was embedded in designing the new curriculum.

Six new MA programmes were validated, to be launched in 2024/25 for 2025 and 2026 entry, offering in-depth, practice-based courses for those who wish to pursue further vocational study at a postgraduate level. The courses have a specific focus on a close connection to industry, vocational training and practice research . The courses align both pedagogically and philosophically with the undergraduate provision at RADA.

Postgraduate qualifications are an important step towards access and rewarding professional employment and offer significant entry into the industry. Practice-based research and partnering with the industry are key elements of postgraduate courses as we realise our potential as innovative practitioners. It is important to note postgraduate courses are being developed with an imperative to contribute to central costs.

An incredible amount of work has gone into planning and writing these new curricula and programmes so particular thank you to everyone who has contributed to that process in the context of the rest of their work.

With innovative curricula and a stronger focus on industry collaboration and sustainability, we are ready to shape the future of dramatic arts education. Challenges remain, especially with finances and infrastructure investment. However, the dedication and creativity of our staff, students, graduates, and supporters keep us moving forward with purpose and ambition.

Niamh Dowling, Principal

3. About RADA: a summary

Founded in 1904, RADA has an unparalleled record of success in training some of the world’s most renowned actors, writers, directors, and technical specialists.

With 181 students, RADA is one of the smallest providers of vocational degrees in acting and technical stagecraft in the UK and is officially recognised as a world-leading conservatoire. Our training, gold-rated in the Teaching Excellence Framework (TEF), aims to foster students’ artistic, intellectual, and personal growth, creating an environment so graduates can emerge as leaders in their field. RADA seeks to cultivate powerful creative and

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technical artists, highly skilled, culturally aware and positioned to have exemplary careers and lead the future of their profession.

RADA's reputation as a world-renowned centre of excellence is based on attracting talent from every part of society and delivering an outstanding training experience. We allocate places at RADA on talent alone, regardless of background or circumstance.

RADA’s exceptional training is resource intensive. It costs over £30,000 per year to train a RADA student. This is significantly higher than the funding we receive and as a result we have to raise the majority of this money through external sources.

World-leading training

Anti-racism and equality, diversity and inclusion

Financial sustainability

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ANNUAL REPORT

The Trustees present their report and accounts for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the requirements of the Royal Charter, the Charities Act 2011, and the Charities SoRP (FRS102) as well as the disclosure requirements of the Office for Students' (OfS) 'Regulatory advice 9: Accounts direction'.

4. Strategic aims and priorities

Charitable Objectives

The objectives of RADA, as defined by the revised Royal Charter of 20 July 2020, are "to advance the art of Drama by means of giving instruction in and promoting the study, practice and knowledge of dramatic literature and acting in all or any of its branches exclusively. To promote and supervise such instruction as may be thought most conducive to the cultivation and dissemination of the art of Drama in the United Kingdom and generally to encourage and promote the cultivation of Drama as an Art throughout the world".

Our purpose, values, and strategic commitments

Our purpose and mission

We are a progressive and inclusive community of practice that inspires innovation and bold action.

Our world-leading training in the dramatic, production and technical arts nurtures creative expression, empowers individuals and seeks to influence positive change in the creative industries and wider community.

Our values

We are empowering, progressive, inclusive, and creative.

Strategic aims and priorities for 2023-24

The key priorities for 2024-25 are:

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5. World-leading training and productions

BA Acting

The third-year students have successfully graduated, completing eleven stage productions, six films and three showcases (two live and one filmed). We moved the Film Showcase earlier this year (from June to April) to maximise industry interest and provide students with showreel material sooner. This change remains for the future. There has been positive industry interest in this year-group: 23 out of 27 have signed or have offers with agents. There have been 71 professional castings, with eight confirmed offers and seven pending.

Second-year students toured three Shakespeare for Young Audience productions to London schools and we continued the international touring schedule, taking the productions to the META festival in Florence, the Utah Shakespeare Festival and Alpbach Forum, Austria.

The Periodic Programme Review concluded, with timetable details finalised in consultation with first- and second-year students. Confirmation of revalidation of the updated programme was received from King’s College London in June 2024 ready for implementation in September 2024.

There were staff changes as a result of the programme review, including two new part-time posts, along with revisions to the dramaturgy strand and reduced teaching hours for combat and Alexander technique.

MA Theatre Lab

The 2024 year-group commenced in January this year. This will be the penultimate Lab group starting in January, as during the revalidation process, we informed King’s College London that Lab will return to starting the academic year in September from 2025. This return to a September start will coincide, hopefully, with the first roll out of RADA’s new MA programmes, creating the beginnings of a new postgraduate community at the Academy.

The 2024 group is more international than recent years, including five students from South and East Asia. This is providing an exciting opportunity for exploring collaboration and original theatre making with an ever more global sensibility.

FdA and BA in Technical Theatre and Stage Management, and PgDip in Theatre Costume

Over the 2023-2024 academic year, we have welcomed several new staff members and seen current staff move into new positions within the team. These new positions have brought fresh approaches and valuable new industry contacts. Students have attended placements in new areas including Cameron Mackintosh Productions, Premier Events, Theatre Royal, Bath and Lewisham Seen.

The intensity of the course was highlighted in student feedback and reinforced the need to create more space in the TTSM course, a key area of focus within the curriculum review. Tireless work has gone into the new timetables and linear teaching preparation, much of which now falls within the first four weeks of the first term. The staff are excited to have this dedicated time with the students in a more effective learning environment.

Along with some technically demanding productions, we staged a relaxed performance of The Winslow Boy to an invited audience, an experience which we hope to build on to offer public relaxed performances in 2025. We are also looking into signed, audio-described and touch tours. The year concluded with another very successful technical exhibition, opened by our new president, David Harewood, and attended by industry professionals, family and friends.

Staged productions, tours and short films

Technical students stage-manage, prop, crew, clothe, design, call, operate, dress, build, and bring to life all the productions listed here with the support and expertise of the teachers guiding them.

The 2023-24 academic year started with three productions: Vinay Patel’s Sticks and Stones, directed by Diyan Zora, Caryl Churchill’s Love and Information, directed by Tim Hoare, and Simon Stephens’ Light Falls, directed by Dadiow Lin, all providing Theatre Production students with the usual assessment points for the Autumn 1 cycle.

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The second half of the autumn term saw another three productions: Tom Wright’s adaptation of the Joan Lindsey novel Picnic at Hanging Rock, directed by Joshua Roche, Tony Kushner’s Angels in American Part One: Millenium Approaches, directed by Roger Haines, and Sami Ibrahim, Laura Loma and Sabrina Mahfouz’s adaptation of Ovid’s Metamorphoses, directed by Tristan Fynn-Aiduenu.

In Autumn 2023, the January-December 2023 MA Theatre Lab cohort presented two successful public performances of original works directed by Guillaume Pige and Kristine Landon-Smith. The group then completed their study by presenting nine original works in Lab’s end of year festival Lab Works, some of which was redeveloped and extended at the Notting Hill Coronet Theatre in July 2024, as a part of the Lab’s now yearly alumni residency.

During the spring term, six short films were produced and screened at The Courthouse Hotel, in Central London, and at RADA Studios. The films were Machine Learning (written by Joe Vinciguerra) directed by Pamela Jikiemi, Still (written by Callum Cameron) directed by Ravenna Tran, THEN, & NOW. A mediation on the process of acting (written by Millie Faraway, Jasper Talbot, Sophia Razvi, Miles Paloma and Tony Kaye) directed by Tony Kaye, man enough (written by Beru Tessema and Alfie Jallow) directed by Beru Tessema, Quiz Show (written by Noella Mingo) directed by Noella Mingo, and Cold Chain (written by Katie Bonna) directed by Pamela Jikiemi and Katie Bonna. Two of the films embraced the area of digital technology and were shot utilising virtual sets in collaboration with University of Portsmouth CCIXR department. RADA collaborates with Portsmouth to explore the emerging technologies that actors are increasingly required to navigate as part their professional offer: motion capture, extended reality, gaming, virtual sets, 3D and performance capture.

We also captured Screen Moments – a short, filmed piece to camera, professionally produced by RADA’s Head of Film, TV and Audio Pamela Jikiemi – and the creation of individual commercial voice-over demo reels enabling each graduating RADA student to showcase their offer to industry nationally and internationally.

There were also four productions in the Spring term: E.V. Crowe’s The Sewing Group, directed by Joan Oliver, Carlo Goldoni’s Mirandolina, directed by Simona Gonella, Samuel Bailey’s Shook, directed by Gari Jones, and Alice Birch’s Anatomy of a Suicide, directed by Kate Budgen.

After Easter, the January-December 2024 MA Lab cohort visited Greece with a version of The Bacchae by Euripides and began their summer productions with Brazilian director Ramon Ayres (of UK-based company Ephemeral Ensemble) and Elizabeth De Roza from Singapore, in late July.

Mark Hollmann and Greg Kotis’ Urinetown, the Musical, directed by Nona Shepphard, opened the summer term productions, alongside Beru Tessema’s House of Ife, directed by Beru Tessema, and Terrence Rattigan’s The Winslow Boy, directed by Georgia Green.

There were three final productions of the year, all Shakespeare for Young Audiences productions: As You Like It directed by Gabriella Bird, A Midsummer Night’s Dream, directed by Kash Arshad, and The Winter’s Tale, directed by Dadiow Lin. Each production toured to a school in London. The Winter’s Tale also toured to the META (Meeting of European Theatre Academies) Festival at the Teatro Della Pergola in Florence, Italy, A Midsummer Night’s Dream toured to the Utah Shakespeare Festival in Cedar City, Utah, USA and As You Like It toured to the EFA (European Forum Alpbach) in Alpbach, Austria.

Masterclasses and professional development

This year our students had masterclasses and professional development sessions with more than 50 visiting lecturers and professionals, including (among others) Gabrielle Dawes, Juliet Gilkes Romero, Ameena Hamid, Owen Horsley, Ben Ormerod, Prasanna Puwanarajah, Rebecca Root, Aga Serugo-Lugo, Lyndsey Turner and Bruce Wall, as well as RADA graduates Geraldine Alexander, Stephen Beresford, Amelda Brown, Chipo Chung, Tom Hiddleston, Anthony Holmes, Dino Kelly, Asif Khan, Mike Leigh, Nathaniel Martello-White, Maxine Peake and Imelda Staunton.

Rickman breakfasts

The Rickman breakfast series continues to bring in speakers from a wide range of experiences and industries. During 2023-24, we were pleased to welcome Anne-Marie Imafidon, MBE, computer scientist, CEO and co-

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founder of Stemettes, speaker, author, social entrepreneur and podcast host; Wes Streeting, MP and Secretary of State for Health and Social Care; and Hannah Ryder, former diplomat and economist, and founder and CEO of Development Reimagined.

Student and Academic Services

Student and Academic Services (SAS) staff continue to work closely with the wellbeing team and academic staff to ensure that students are well supported and can make the most of their training. The Disability Co-ordinator post, which was made permanent in 2023, has made a significant contribution to ensuring that students with particular learning needs are able to access appropriate resources and support.

The new student application system, launched in September 2023, has proved to be more efficient for applicants and staff alike. RADA Connect is fully integrated within the applications process and will widen access and support to applicants currently underrepresented at RADA and more generally in higher education. We have developed a contextual admissions policy which will ensure that admissions panels are able to identify potential beyond the audition/interview process alone.

The periodic review of RADA’s partnership with King’s College London took place on 29 November 2023 with an extremely positive outcome and the changes to the undergraduate curriculum were approved in June 2024. RADA is now considering a submission to the Office for Students to be able to award its own degrees.

Student Wellbeing

The RADA Student Wellbeing Service, encompassing Counselling and Disability Services, has experienced significant growth and changes in the 2023-2024 academic year. The service provides confidential support to students, addressing mental health issues, disability assistance, and practical needs. There's been a notable increase in clients using counselling services, with anxiety, relationships, and depression being the most common presenting issues. The addition of a new, permanent Disability Coordinator has helped expand neurodiversity support.

Key developments include the establishment of a Safeguarding Steering Group, development of a comprehensive Mental Health Strategy, and implementation of expanded training initiatives. The service has also focused on policy development, including guidance on suicide prevention.

Despite challenges, feedback has been positive. Looking ahead, the service aims to expand support, enhance outreach efforts, and implement a more holistic approach to student wellbeing, including integrating wellbeing into the curriculum.

Short Courses

RADA has continued to deliver a diverse portfolio of online, blended, and in-person Short Courses. In-person courses remain a cornerstone of our programming, driving strong engagement and exceeding income targets during key periods. This year saw a successful Foundation Course in Acting as well as Part-Time Blended Foundation. Our flagship programmes, including Acting Shakespeare, Shakespeare Summer School, and Contemporary Drama Summer School, attracted high participation and outstanding participant feedback. Alongside our continued partnership with NYU’s Shakespeare in Performance programme, these courses highlight the enduring appeal of RADA’s training.

Student awards

Several students were the recipients of sector-wide and competitive awards:

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6. Graduates and industry

Graduates from 2023 have secured acting and technical roles at:

20[th] Century Studios, Abbey Theatre, Amazon Studios, Apple TV+, Apollo Theatre, Barbican, Barbican Theatre Plymouth, BBC, Barons Court Theatre, Bush Theatre, Buxton Opera House, Camden People’s Theatre, Channel 4, Central Saint Martins, Chichester Festival Theatre, The Cockpit, The Coronet Theatre, Contact Manchester, Churchill Theatre, Disney+, Gaiety Theatre Dublin, Gamepath Entertainment, Hampstead Theatre, HBO, ITV, Kings Head Theatre, Kiln, Kenneth Branagh Theatre Company, Liverpool Playhouse Theatre, The Lir Academy, The Lord Chamberlain’s Men, National Theatre, Netflix, Neal Street Productions, New Wimbledon Theatre, Old Vic, Omnibus Theatre, Opera Holland Park, Peacock, Pentabus, Royal Opera House, RSC, Sadler’s Wells, Sky Studios, Southwark Playhouse, Shakespeare's Globe, The Shed New York, Theatre Royal Plymouth, Unity Theatre, Wardrobe Theatre Bristol , Wyndham's Theatre.

Graduates from 2023 have presented and been celebrated at the following festivals: Bloomsbury Festival, Voila! Festival and Emergency 24 Manchester.

Below is a non-exhaustive list of graduate awards and nominations during 2023-24.

Academy Awards

BAFTA Film Awards

BAFTA Television Awards

Black British Theatre Awards

Emmy Awards

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Golden Globes

The British Independent Film Awards

David Jonsson was nominated for Best Joint Lead Performance, alongside Vivian Oparah for Rye Lane. The film has been nominated for a total of 14 BIFA Awards, including Best British Independent Film.

The Offies, OffFest and OnComm

The Evening Standard Awards

The Stage Debut Awards

Industry Liaison

The Industry Liaison Manager acts as a bridge between the Academy and the industry. The role maximises and builds on RADA’s strong links with agents, casting directors, producers, directors, and other key members of the professional creative industries. The main purpose of the role is to work collaboratively with students through two-way transparent communication to support their transition into the industry through professional work and/or gaining representation with an agent. This role also supports unsigned graduates with gaining representation and/or booking professional work in the six months post-graduation, as well as front-facing events for industry to strengthen key relationships such as working in partnership with Spotlight to deliver their annual Industry Forum at RADA in 2023 and scheduled for 2024.

Staff engagement with the sector

Staff are continually working within the industry across many areas: as directors, writers, performers, voice coaches, lighting designers, choreographers. This ensures RADA’s professional relevance and currency and includes work on films and in theatre across the country: The National Theatre, The Globe, The Royal Court, RSC, Dominion Theatre, Hampstead Theatre, Theatre Royal, Stratford East, Harold Pinter Theatre/Savoy Theatre, Wyndhams Theatre, The Bush, Theatre by the Lake, Royal Exchange, Watford Palace, Ipswich, The Barbican.

At the same time there is a constant stream of industry specialists teaching on courses as teachers, directors, skills specialists and working on productions in their professional capacity.

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7. Anti-racism and equity

RADA’s anti-racism and equity work continues to be guided by its Institutional Anti-Racism Action Plan. One of the strategic priorities outlined in that plan is the scrutiny of the recruitment, progression, and retention of Global Majority students and staff.

In 2023-24 the Director of Equity reviewed RADA’s staff and student recruitment processes, in particular, the recruitment of students applying for RADA’s four accredited courses. The review involved an end-to-end analysis, which looked at the experience of student applicants from all points of entry into RADA’s courses, as well as a thorough assessment of RADA’s internal admissions systems, led by its Student and Academic Services department. In addition to the recruitment review, the DoE broadened the equity scope to include other protected characteristic groups.

The progress on RADA’s Anti-Racism and Equity Action Plan is outlined on RADA’s website https://www.rada.ac.uk/about-us/equality-diversity-and-inclusion-rada-about/.

RADA Pride

RADA Pride brings together LGBTQ+ students, staff, alumni and allies for talks, workshops, and events. Previous events have included talks with industry such as writer/actor Waleed Akhtar (The P Word, Bush Theatre) and Russell T Davies (Doctor Who), Pride open mics once a term, rehearsed reading of new verbatim play My-dentity by Dr Tony Chapman-Wise exploring Trans identities in Newcastle, and 50 staff, students and alumni walking as part of the official parade for London Pride 2024.

8. Access and Participation

This year, Access and Participation has built new partnerships and projects, set up the Higher Education Access Tracker and submitted a new Access and Participation plan for 2025-2029.

Our primary focus has been the launch and development of RADA Connect, which has shown promising results. The project has engaged over 300 participants nationwide. RADA Connect removed financial barriers through fee waivers and travel bursaries, while creating a sense of community through bespoke support sessions tailored to both Acting and TTSM applicants.

The Originate Actor Training course has gained recognition, being shortlisted for the NEON 2024 Widening Access Partnership Award.

Our Shakespeare for Young Audiences tour reached new audiences through extended outreach to local schools and youth groups in Camden.

We have also established new partnerships in technical theatre arts, including a collaboration with Theatre Royal Stratford East and Backstage Niche on the Young Technician's course.

9. Estate and operations

During the year we enhanced the efficiency of RADA’s operations. A new Head of Operations and Estates was appointed to bring focused leadership, and we merged the Front of House and Venue Hire teams. A number of critical estate and equipment upgrades were undertaken to ensure we continue to provide appropriate facilities. We developed a strategic ICT roadmap to strengthen our technology systems, focusing on cybersecurity and scalability. To support long-term planning, we commissioned a comprehensive survey of our buildings, which will guide our estate strategy for the next five-10 years. Additionally, we addressed health and safety improvements, focusing on staff training, systems and risk management.

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10. People

This year, our commitment to diversity and inclusion has been central to our mission, with significant progress in creating a workforce that reflects our community. We have delivered comprehensive training, covering induction, compliance, and professional development for all staff. Awareness programs focused on neurodiversity, trans inclusion, antisemitism, and Islamophobia have been key in fostering an inclusive culture.

Employee wellbeing remains a priority. We launched a wellbeing app to support staff health, while enhancing our employee-funded benefits program to ensure comprehensive support for physical, emotional, and financial wellbeing. Our focus on transparent communication has been supported by weekly newsletters and termly town halls, maintaining a connected community.

Recent restructures highlighted the importance of effective leadership, and we remain committed to developing our staff for future success. Despite financial constraints, our staffing decisions prioritised employee wellbeing and professional growth while ensuring sustainability.

We are proud of our achievements, with turnover reduced to 7% and an employee engagement score of +62.07. These figures demonstrate the positive work environment we have created. Moving forward, our focus on diversity, training, wellbeing, and transparent communication will continue to guide us in building an inclusive and thriving workplace.

11. Income Generation and Sustainability

RADA Business Review

At the core of our values is a commitment to diversity, inclusion and anti-racism, and these guide our recruitment, company culture and ethical business practices.

Despite market challenges during the year, the team delivered a strong and consistent performance. Key successes, including transformation projects and long-term preferred supplier agreements, as well as growth in open programmes, contributed to longer term business resilience, and we provided training for the team to enhance capabilities. Consistently positive feedback from our clients underscores the efforts of the team. A number of client engagement events throughout the year have continued to strengthen relationships.

In governance, the Chair and the Business Development and Strategy Director stepped down, and we thank them for their significant contributions. We welcomed three new non-executive board members, including a new Chair, all bringing substantial business, finance, and commercial expertise.

Fundraising

We are deeply grateful for the continued generosity of our supporters, whose contributions help ensure RADA’s world-leading training and educational excellence. Our valuable supporters, funders, and partners collectively helped us to raise £1.3 million this financial year. Our income includes support from major donors, trusts and foundations, public funding grants, individual donations, Members and Patrons, sponsorship and corporate partners, and legacies. The amounts are recorded within the appropriate categories of the Statement of Financial Activities. In particular, we acknowledge the generous support of Jerry Murdock, Anne Peck, Charles Holloway, Stephen Waley-Cohen, Philip & Linda Carne, The Leverhulme Trust, The Clothworker’s Foundation and The Wall Trust for their continuing support, and we acknowledge our long-standing Principal Partner Warner Bros. Discovery, and our valuable partnership with AXA XL.

Fundraising is managed by building ongoing relationships with prospective and existing supporters, regardless of the route of the donation. RADA’s fundraising is conducted by its employees, supported voluntarily by members of RADA Council and the Development Board. Our fundraising team of five, led by the Development Director, ensures the protection of any vulnerable people they may encounter, maintaining the highest standards of professionalism.

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RADA upholds the highest standard of fundraising practice. We are registered with the Fundraising Regulator and adhere to their Code of Fundraising Practice for the UK. During the period, we recorded no failures to comply and no fundraising complaints. Our approach is legal, open, honest, and respectful, in compliance with all relevant laws and regulations.

We ensure that all restricted income is allocated to the specific project and used solely for the intended purpose of that gift. RADA’s fundraising is principally with individuals who have a personal connection to RADA, trusts and foundations and corporate organisations, and we do not use intrusive or persistent approaches.

We continue to fundraise so we can invest in our training and our people, and so that our teaching is of the highest standard, reflects our values and is fully aligned with UK industry practice.

Communications, Marketing, and Public Affairs

Throughout the year, our efforts in Communications, Marketing, and Public Affairs have played a crucial role in advancing RADA's mission, student recruitment, and strategic outreach. A key focus has been enhancing student recruitment campaigns, including the launch of RADA Connect, aimed at increasing diversity in our applicant pool.

In Public Affairs RADA has engaged with government and local authorities to advocate for funding and policy support. Locally, we engaged with Camden Council and the London Mayor's office, with a view to collaborations to support young cultural leaders. During 2024, RADA hosted a visit from our Royal Patron King Charles III and joined the DCMS Creative Industries Garden Party at Buckingham Palace.

12. Financial review

The table below, in the form of an abridged operating income and expenditure account, is a summary of RADA’s financial performance for the years ended 31 July 2024 and 31 July 2023:

2024 2023
£,000 £,000
Student and other fees 4,497 4,060
HE grants 2,335 2,119
Bursary funding 494 279
Other fundraising 386 469
Donations in kind 58 37
Investment income 153 109
Other income 271 225
Royalties 112 23
Total Academy Income 8,307 7,321
RADA Business Turnover 7,139 7,684
RADA Business expenditure (6,547) (6,532)
RADA Business operating profit 592 1,162
RADA operating costs (8,937) (8,322)
Bursary costs (479) (433)
Donations in kind (58) (37)
Net deficit from principal activities (575) (309)

Reconciliation to SOFA

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Add endowment donations 282
258
Add TCIF capital grant 36
32
Deduct depreciation and impairment (775)
(794)
Total income less total expenditure (1,033)
(813)

During the year an extensive cost reduction program was undertaken. This has maintained academic costs at the same level as last year, despite increases in input prices and our levels of activity. Short Courses again achieved significant growth, with sales up by 9.5% in the year. Royalty income enjoyed a good year, largely owing to some one-off payments on RADA’s rights to Pygmalion.

Investment Policy

RADA’s policy is to invest in total return funds that aim to protect capital and provide real absolute returns. To spread risk, the investments are currently with three funds that have different asset mixes including equities, bonds, gilts, gold, and cash. The Academy’s investments are monitored by the chairs of the Finance and General Purposes and Audit and Risk committees, and the Finance Director.

Reserves Policy

During the year, a new reserves policy was approved by the Council:

RADA aims to maintain a sufficient level of unrestricted reserves in order to cover unexpected variations in its income. To calculate an appropriate level, it assesses the risk and volatility of each major source of income that it receives and applies an appropriate percentage of reserve cover to each source. These percentages are reviewed annually by the Finance and General Purposes Committee, who will at the same time assess whether the policy continues to be generally appropriate.

Any surplus made during the year will be added to reserves net of any amounts approved by the trustees for essential capital projects.

Once the required level is achieved, reserves should be maintained within a band of +/- 20% of the target level determined by the formula.

Total
Cover
Needed
£,000
%
Student and Other Fees
4,498
10%
HE Grants
2,335
50%
Bursary Funding
494
100%
Other Fundraising
386
100%
Donations in Kind
58
20%
Investment Income
154
50%
Other Income
150
60%
Royalties
112
50%
Rada Business
7,139
35%
Total Reserves required		 Reserves required
£,000
450
1,168
494
386
11
76
162
56
2,499
5,302

The general unrestricted reserves of RADA at 31 July 2024 were £1.2m (2023: £0.6m, see note 23). These are offset by long term liabilities relating to the finance lease (note 16). Annual payments towards this continue to be met from operating income.

The pension fund’s assets at 31 July 2024 are estimated to be greater than the fair value of its liabilities, but no surplus has been recognised as it is not certain at this point that any benefit will be returned to RADA.

15

Going concern

During the year, RADA commissioned an extensive survey of the condition of its estate. This identified around £3.3m of works that are required to put the estate into an acceptable and compliant condition. Of this amount, £800k has been identified as critical work in order to continue using the premises in the short term.

The consequences of this expenditure have been modelled, including the impact of the loss of use of part of the estate for maintenance closures, and an initial £750k has been approved by the Council to remedy the issues. The remaining £50k will be covered by a drawdown of the restricted Capital Campaign fund. The scenario analysis shows that cash balances available on unrestricted funds will remain positive over the next twelve months under such expenditure (reaching a low point of £912k in September 2025). As such, the trustees believe that the business is a going concern, and that the accounts should be prepared on that basis.

RADA is currently assessing its options to finance the remaining balance of the recommended works in the medium and longer term.

Pay policy for senior staff

All Council members give of their time freely and no member received remuneration in the year for their work as trustees. Details of Council members’ expenses (if any) and related party transactions are disclosed in note 21 to the accounts.

The pay and conditions of the Senior Leadership Team are reviewed annually by a remuneration committee and normally increase in accordance with average earnings. When senior staff are recruited, remuneration is benchmarked against similar roles in other educational, artistic, charitable, or commercial organisations as appropriate. The Remuneration Committee reports annually to Council.

13. Public benefit

RADA's Council members have had regard to the guidance on public benefit issued by the Charity Commission. RADA is committed to making its training accessible to students from all backgrounds. This ambition is supported by our Access and Participation programmes, and bursary scheme.

14. Statement of Corporate Governance and Internal Control

The Trustees of RADA acknowledge their responsibility for ensuring that a sound system of internal control is maintained and have reviewed the effectiveness of those arrangements for the period from 1 August 2023 to the date of signing of these accounts. Further details of RADA's corporate governance arrangements and approach to internal control are set out below.

Legal Structure

RADA is a charity registered with the Charity Commission under registration number 312819. It is governed by a Royal Charter of Incorporation dated 16 July 1920 as amended by Orders in Council dated 22 December 1971, 19 July 2006, and 21 July 2020. RADA has a subsidiary company, RADA in Business Limited ("RADA Business" or "RB"), company registration number 03999577, incorporated 12 June 2000). RADA holds 100% of the issued ordinary share capital of RB.

From 1 August 2019, RADA became an independently registered Higher Education Provider with the Office for Students (OfS), registration number 10009292.

Organisational Structure

The primary responsibility for RADA is vested in the Council with management of RADA being delegated to the Principal and through them to the Senior Leadership Team. The Council operates a series of committees with relevant senior RADA staff attending and presenting information and updates. The Principal is RADA’s Accountable Officer and has delegated authority from the Council for academic, corporate, financial, estate and people management.

16

The Finance and General Purposes Committee is responsible for recommending RADA's annual revenue and capital budgets to Council and monitoring performance in relation to approved budgets. The Audit and Risk Committee is responsible for monitoring RADA's system of internal controls, the work of internal and external auditors and the preparation of, and proper disclosure in, the annual Financial Statements. The Nominations Committee is responsible for identifying potential new members of Council. The Remuneration Committee considers the pay and conditions of senior staff and any other remuneration issues as they arise. The Training Committee reviews and makes recommendations on any aspect of the training policy, provision, and practice. The Anti-Racism Committee reviews the effectiveness of Council operations from an anti-racism perspective and makes recommendations to develop and maintain inclusive working practices.

These committees agree financial and non-financial targets with the management of RADA and monitor these on a regular basis on behalf of Council. RADA’s management is required to supply further reports to the relevant committee if there is any significant change to the budget or business plan.

The governance of RADA Business lies with the RADA Business Board and this Board monitors the activity of RADA Business through regular board meetings. The leadership team of RADA Business reports directly to the RADA Business Board.

Appointment of Trustees

As set out in the revised articles of the Royal Charter, members of the Council, who are trustees for charity law purposes, are elected by the Council at a meeting of the Council or by written resolution signed by the majority of members.

Members of the Council hold office for a period of three years from the date of their election. Members may be reelected for further three-year periods provided that they do not serve for more than nine consecutive years without a break of at least one year, unless the Council shall by Special Resolution otherwise determine. A Nominations Committee exists to review potential new members, both to replace retiring members and to ensure that the Council is composed of members with the right balance of skills and experiences to support RADA’s needs.

Trustee Induction and Training

New members are given agendas, papers, and minutes from the previous year's Council meetings and a copy of the last Annual Report and Financial Statements. New members meet key individuals in RADA and on Council to discuss their duties as members. New and existing members are encouraged to attend key meetings, depending on their area of expertise, and performance and fundraising events at RADA. All new members have an introductory meeting with the Chair and receive an induction into RADA’s governance structure and trustee responsibilities from the Secretary.

Risk Management

The risk management policy of RADA is to adopt best practices in the identification, evaluation, and costeffective control of risks to ensure that they are eliminated or reduced to an acceptable level. It is acknowledged that some risks will always exist and cannot be eliminated. The main risks for RADA are dependence on variable revenue streams and the wider economy (for example, RADA Business and Short Courses) versus a relatively fixed cost base around the three main buildings, and the effects of changes in educational policy (for example, the level and type of grants and fees). As the risks associated with the pandemic have diminished, we have focused on growing RADA Business and Short Courses income, while controlling costs associated with Higher Education provision, in order to support the high cost of training while rebuilding our reserves. Through its professional networks, RADA is kept informed of possible changes to higher education policy and aims to position itself as a key provider of world-leading learning.

The risks are reviewed regularly through a risk register monitored by the Audit and Risk Committee. Council feels that RADA is adapting satisfactorily to the current financial and regulatory environments. The Audit and Risk Committee receives regular reports from management and internal audit on emerging risks and their management. These are reported to Council. The Audit and Risk Committee is responsible for reviewing the effectiveness of RADA's internal controls, supported by internal audit.

17

Internal Controls

RADA's key internal financial controls, which are designed to discharge the responsibilities set out in the Statement of Trustees' Responsibilities, include the following:

Any system of internal financial control can, however, only provide reasonable, but not absolute, assurance against any material misstatement or loss.

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Administrative Information

Principal Office 62-64 Gower Street, London WC1E 6ED
President Sir Kenneth Branagh (to 14 February 2024)
David Harewood, OBE (from 15 February 2024)
Vice President Cynthia Erivo (from 15 February 2024)
Trustees The following have served as members of Council since 1 August 2023:
Chair Marcus Ryder MBE
Vice Chair John Romeo
Helen Selwood
Members Judith Blake, the Baroness Blake of Leeds to 18 July 2024
CBE
Professor Judith Buchanan
Lolita Chakrabarti
Judith Chan
Chipo Chung to 23 November 2023
Tim Clark OBE to 4 July 2024
Rishi Madlani
Richard Middleton OBE
Maxine Peake
Tanya Rose
Michael Simkins from 4 July 2024
Bex Snell from 4 July 2024
Shona Spence
Caroline Spicer
Jake Steele from 4 July 2024
Tamar Thomas to 4 July 2024
Miranda Wayland
Staff Governors Niamh Dowling (Principal)
(Acting) Elizabeth Ballinger from 2 October 2023
(TTSM) Dan Collins to 16 January 2024
Matt Leventhall from 26 February 2024
(Other) Michelle Snyder to 2 February 2024
Tom Carswell from 18 March 2024
Student Joanie Diamond (Acting) from 18 October 2023 to
Governors 13 July 2024
Kath Morton (Technical Theatre) to 13 July 2024

Senior Niamh Dowling Principal, CEO and Accountable Officer Leadership Diane Favell Director of Technical Training (from 1 August 2023) Team Axa Hynes Director of Access & Participation (to 9 February 2024) Jane O’Gara Interim Finance Director (to 29 April 2024) Joan Oliver Director of Equity, Interim Director of Actor Training (from 1 September 2024) Lucy Skilbeck Director of Actor Training (to 31 August 2024) Helen Slater Vice-Principal and Director of Communications and Marketing

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Registrar and Secretary (from 25 September 2023) Head of HR (from 1 August 2023) Interim Finance Director (from 29 April 2024)

Angela Taylor Dee Ward Colin Warner

Sub-Committees of Council

Finance and General Purposes Committee Chair Caroline Spicer Members Judith Chan Tim Clark (to 4 July 2024) Richard Middleton (20 December 2023) John Romeo (co-opted) Remuneration Committee Chair Helen Selwood Members Richard Middleton Marcus Ryder Caroline Spicer Audit and Risk Committee Chair Helen Selwood (Co-Chair to 23 November 2023) Shona Spence (Co-Chair to 14 October 2022, Chair from 23 November 2023) Members Rishi Madlani Bex Snell (from 13 November 2024) Nominations Committee Chair Marcus Ryder MBE Members Judith Buchanan (co-opted, from 21 August 2023 to 9 October 2023) Lolita Chakrabarti Tim Clark (to 4 July 2024) Training Committee Chair Tamar Thomas (to 4 July 2024) Members Lolita Chakrabarti Chipo Chung (to 23 November 2023) Maxine Peake Michael Simkins (from 4 July 2024) Bex Snell (from 4 July 2024) Jake Steele (from 4 July 2024) Anti-Racism Committee Chair Marcus Ryder MBE Members Lolita Chakrabarti (from 7 November 2024) Chipo Chung (to 23 November 2023) Tim Clark (to 4 July 2024) Maxine Peake Jake Steele (from 4 July 2024) Miranda Wayland (from 7 November 2024)

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Attendance

Attendance at Council and other meetings by Trustees in the year to 31 July 2024 was as follows:

Name
Council
F&GP
Audit
Nominations
Marcus Ryder MBE
5/5
3/3
Judith Blake, Baroness Blake of Leeds CBE (to 18 July
2024)
3/4
Professor Judith Buchanan
4/5
1/1
Lolita Chakrabarti
3/5
2/3
Judith Chan
3/5
6/7
Chipo Chung (to 23 November 2023)
1/1
Tim Clark (to 4 July 2024)
2/4
3/6
2/3
Rishi Madlani
4/5
3/4
Richard Middleton
5/5
4/4
Maxine Peake
1/5
John Romeo
5/5
6/7
Tanya Rose
3/5
Helen Selwood
4/5
4/4
Michael Simkins (from 4 July 2024)
2/2
Bex Snell (from 4 July 2024)
1/2
Shona Spence
4/5
4/4
Caroline Spicer
5/5
7/7
Jake Steele (from 4 July 2024)
1/2
Tamar Thomas (to 4 July 2024)
3/4
Miranda Wayland
2/5
Staff Governors
Niamh Dowling
5/5
Lizzie Ballinger
3/5
Tom Carswell (from 18 March 2024)
2/3
Dan Collins (to 16 January 2024)
0/2
Matt Leventhall (from 26 February)
2/3
Michelle Snyder (to 2 February 2024)
0/2
Student Governors
Joanie Diamond (from 18 October 2023 to 13 July
2024)
2/4
Katherine Morton(to 13 July2024)
3/4

RADA recognises that many of its Council members in the profession may not be able to attend all meetings due to their professional commitments. All members receive all relevant papers in advance of meetings and are able to discuss issues with the Chair, the Principal or members of Senior Leadership Team at any time.

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Professional Advisers

Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers National Westminster Bank plc 250 Bishopsgate London EC2M 4AA Solicitors Womble Bond Dickinson LLP 1 Whitehall Riverside Leeds LS1 4BN Mills & Reeve Botanic House 100 Hills Road Cambridge CB2 1PH

Investment Managers McInroy & Wood Ltd Easter Alderston Haddington East Lothian EH41 3SF

15. Statement of Trustees’ Responsibilities

Council is responsible for preparing the Report of the Members of Council and the Financial Statements 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 members of Council (who are Trustees for the purposes of charity law) to prepare Financial Statements 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 of the charity for that period. In preparing these financial statements, the Trustees are required to:

Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Office for Students ("OfS") 'Regulatory advice 9: Accounts direction', and the provisions of the Royal Charter. Council is responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Council also has regard to the voluntary code of practice of the Committee of University Chairs, Guide for Members of Higher Education Governing Bodies in the UK.

Council has taken steps to:

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The annual report was approved by Council on 23 November and signed on its behalf by:

Marcus Ryder Marcus Ryder (Jan 6, 2025 15:29 GMT) …………………………….. Marcus Ryder Chair of Council

23

16. Independent Auditors’ Report to the Trustees

Opinion

We have audited the financial statements of the Royal Academy of Dramatic Art (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, Balance sheets, Consolidated 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 Financial Reporting Standard 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:

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 group and parent 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 group or the parent 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.

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. 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 this gives rise to 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.

Report on other legal and regulatory requirements

We are required to report on the following matters by Regulatory Advice 9: Accounts Direction (2019) issued by the Office for Students (OfS).

24

In our opinion, in all material respects:

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

We are required to report by exception, the following matters by the Accounts Direction 2019 issued by the Office for Students:

We have nothing to report in these respects.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on [page x], 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 group and the parent 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We

25

identified laws and regulations that are of significance in the context of the group and parent charity by discussions with trustees and informed management and updating our understanding of the sectors in which the group and parent charity operate.

Laws and regulations of direct significance in the context of the group and parent charity include the Education Reform Act 1988, the OfS Accounts Direction 2019, the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity 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 anyone other than the parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP Queen Victoria Street, Statutory Auditors London, EC4V 4BE ~~[oe]~~ Date: Jan 22, 2025

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

26

ROYAL ACADEMY OF DRAMATIC ART

Consolidated Statement of Financial Activities for the year ended 31 July 2024

Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds		 Total
Funds		 Total
Funds
note 2024 2024 2024 2024 2023
£,000 £,000 £,000 £,000 £,000
Income and Endowments from:
Grants, donations and legacies
Charitable Activities
Other trading activities
Investment income		 556 494 282 1,332 1,067
7,139 - - 7,139 6,436
7,139 - - 7,139 7,694
- - 153 153 109
Total Income 2 14,834 494 435 15,763 15,306
Expenditure on:
Raising funds- commercial trading
Raising funds- fundraising
Raising funds- investment management
Charitable activities		 6,027 - - 6,027 6,090
361 - - 361 320
- - 26 26 62
9,459 923 - 10,382 9,647
Total expenditure 3-6 15,847 923 26 16,796 16,119
Total income less total expenditure (1,013) (429) 409 (1,033) (813)
Netgains on investment 11 - - 154 154 (5)
Net income for the year (1,013) (429) 563 (879) (818)
Transfers between funds 23 1,184 1,128 (2,312) - -
Net income after transfers 171 699 (1,749) (879) (818)
Taxation 8 491 - - 491 -
Net movement in funds 662 699 (1,749) (388) (818)
Total funds brought forward 7,026 19,814 6,970 33,810 34,628
Total funds carried forward 7,688 20,513 5,221 33,422 33,810

All activities derive from continuing operations

The notes on pages 31 to 52 form an integral part of these accounts

27

ROYAL ACADEMY OF DRAMATIC ART

Consolidated Statement of Financial Activities for the year ended 31 July 2023

Unrestricted
funds		 Restricted
Funds		 Endowment
Funds		 Total
Funds		 Total
Funds
note 2023 2023 2023 2023 2022
£,000 £,000 £,000 £,000 £,000
Income and Endowments from:
Grants, donations and legacies
Charitable Activities
Other trading activities		 510 299 258 1,067 2,019
6,436 - - 6,436 5,411
7,694 - 7,694 6,141
Investment income 4 - 105 109 105
Total Income 2 14,644 299 363 15,306 13,676
Expenditure on:
Raising funds- commercial trading
Raising funds- fundraising
Raising funds- investment management
Charitable activities		 6,090 - - 6,090 4,792
320 - - 320 426
7 - 55 62 17
8,547 1,100 - 9,647 9,492
Total expenditure 3-6 14,964 1,100 55 16,119 14,727
Total income less total expenditure -320 -801 308 -813 -1,051
Netgains on investment 10 -7 - 2 -5 46
Net income for the year -327 -801 310 -818 -1,005
Transfers between funds 22 182 54 -236 - -
Net income after transfers -145 -747 74 -818 -1,005
Other recognised gains/ losses
Net actuarial gains on defined pension
benefit schemes		 7 - - - - 406
Net movement in funds -145 -747 74 -818 -599
Total funds brought forward 7,171 20,561 6,896 34,628 35,227
Total funds carried forward 7,026 19,814 6,970 33,810 34,628

All activities derive from continuing operations

28

ROYAL ACADEMY OF DRAMATIC ART

Balance Sheets at 31 July 2024
Group Academy
notes 2024 2023 2024 2023
£,000 £,000 £,000 £,000
Fixed Assets
Intangible assets 9 90 103 18 -
Tangible assets 10 30,370 30,853 30,316 30,836
Investments held as fixed assets 11 4,948 5,497 4,950 5,499
Total fixed assets 35,408 36,453 35,284 36,335
.
Current Assets
Debtors 13 2,691 1,740 2,591 1,603
Cash at bank and in hand 4,087 4,018 2,967 2,675
Total current assets 6,778 5,758 5,558 4,278
Current Liabilities
Creditors: amounts falling due within one
year 14 (3,771) (3,269) (2,585) (1,832)
Net current assets 3,007 2,489 2,973 2,446
Total assets less current liabilities 38,415 38,942 38,257 38,781
Creditors: amounts falling due after more
than one year 16 (4,968) (5,107) (4,968) (5,107)
Provisions for liabilities (25) (25) - -
Total net assets 33,422 33,810 33,289 33,674
Represented by:
Unrestricted Revenue funds 22,23 (3,771) (4,473) (3,778) (4,490)
Designated Fixed Asset funds 22,23 11,459 11,499 11,333 11,380
Total unrestricted funds 7,688 7,026 7,555 6,890
Restricted Revenue funds 22,23 1,500 356 1,500 356
Restricted Fixed Asset funds 22,23 19,013 19,458 19,013 19,458
Total restricted funds 20,513 19,814 20,513 19,814
Endowment Revenue funds 22,23 5,221 6,970 5,221 6,970
Total endowment funds 5,221 6,970 5,221 6,970
Total charityfunds 33,422 33,810 33,289 33,674

The financial statements on pages 27 to 52 were approved by Council on 28 November 2024 and

signed on its behalf by:

Marcus Ryder (Jan 6, 2025 15:29 GMT)Marcus Ryder caroline spicer (Jan 8, 2025 18:41 GMT)caroline spicer ~~a~~ edn Uke ~~a~~ Marcus Ryder MBE Helen Slater Caroline Spicer Chair of Council Interim Accountable Officer Member of Council

The notes attached on pages 31 to 52 form an integral part of these accounts

29

ROYAL ACADEMY OF DRAMATIC ART

Consolidated cashflow statement for the year ended 31 July 2024

Consolidated cashflow statement for the year ended 31 July 2024
notes 2024
2023
£,000
£,000
Cash Flow from Operating Activities
Net cash used byoperatingactivities as shown below
A		 (482)
1,345
Cash flows from investing activities
Other investments income including rents from investments 125
107
Purchase of property, plant and equipment (190)
(247)
Disposals of property, plant and equipment -
-
Purchase of intangible assets (91)
(89)
Proceeds from sales of investments 802
1,015
Purchase of investments (125)
(107)
Net Cashgenerated byinvestment activities
B		 521
679
Cash Flows from financing activities
Repayments of amounts borrowed (123)
(110)
Receipt of endowment 153
318
Net cash used in financingactivities
C		 30
208
Overall cash used byall activities
A+B+C		 69
2,232
Cash movements
Change in cash and cash equivalents from activities in year 69
2,232
Cash and cash equivalents at 1 August 4,018
1,786
Cash at bank and in hand 31 July 4,087
4,018
Reconciliation of net income to net cash flow from operating activities
Net income as shown in the Consolidated Statement of Financial Activities (388)
(818)
Adjustments for:
Depreciation 672
719
Disposals of property, plant and equipment 2
-
Amortisation of intangible assets 104
74
Net losses/ (gains) on investment assets incl mgmt fees (129)
68
Dividends, interest and rents from investments (125)
(107)
Endowment income (153)
(258)
Decrease/ (Increase)in debtors (951)
1,781
Increase/ (Decrease) in creditors excluding loans 486
(114)
Net cash used byoperatingactivities (482)
1,345
Analysis of cash and cash equivalents
Cash in hand at the year end 31 July 4,087
4,018
Total cash and cash equivalents 4,087
4,018

30

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

1. Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

These consolidated accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) including the Charities SORP (FRS 102) - second edition, and in accordance with all UK applicable law. The accounts are prepared in sterling which is the functional currency of the group and the charity. Monetary amounts are rounded to the nearest £,000.

The charity constitutes a public benefit entity as defined by FRS 102; it is incorporated under a Royal Charter of Incorporation dated 16 July 1920 as amended by Orders in Council dated 22 December 1971, 19 July 2006 and 21 July 2020. It is a charity registered with the Charity Commission for England and Wales under registration number 312819. Its registered office is 62-64 Gower Street, London WC1E 6ED.

RADA is also a Higher Education Provider, registered with the Office for Students ('OfS'), with number 10009292.

Group accounts

These accounts consolidate the results of Academy and its wholly owned subsidiary, RADA in Business Limited (“RADA Business”, together "the Group"), on a line-by-line basis. A separate Statement of Financial Activities has not been prepared for the charity alone as this is not considered to be materially different to the consolidated Statement of Financial Activities.

Going concern

During the year, RADA commissioned an extensive survey of the condition of its estate. This identified around £3.3m of works that are required to put the estate into an acceptable and compliant condition. Of this amount, £800k has been identified as critical work in order to continue using the premises in the short term.

The consequences of this expenditure have been modelled, including the impact of the loss of use of part of the Estate for maintenance closures, and an initial £750k has been approved by the Board to remedy the issues. The remaining £50k will be covered by a drawdown of the restricted Capital Campaign fund. The scenario analysis shows that cash balances available on unrestricted funds will remain positive over the next twelve months under such expenditure (reaching a low point of £912k in September 2025). As such, the Trustees believe that the business is a going concern, and that the accounts should be prepared on that basis.

RADA is currently assessing its options to finance the remaining balance of the recommended works in the medium and longer term.

Critical estimates and judgments

The level of liability relating to the defined benefit pension scheme depends on a number of actuarial assumptions (see note 7). Although the scheme valuation shows that the scheme is fully funded at the balance sheet date, no surplus has been recognised as the recoverability of any surplus by RADA is not sufficiently certain.

The allocation of support costs between activities is based on assumptions regarding the relationship between activity and cost. Council believe that the assumptions made are reasonable.

With respect to the next reporting period, the most significant area of uncertainty that relates to the carrying value of investment assets is the future performance of capital markets (see the Investment Policy section of the Annual Report for more information).

31

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

1. Accounting policies (cont’d)

Determining when income from residuary legacies should be recognised within income often requires judgement. The Charity’s accounting policy with respect to legacies is set out below.

Significance of financial instruments to the Academy's position

The Academy has financial investments that are carried at fair value (see note 10) and other financial assets and financial liabilities of a kind that qualify as basic financial instruments (i.e. debtors and creditors). These are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans and finance leases which are subsequently measured at amortised cost using the effective interest method.

Policies relating to categories of income and income recognition.

Income receivable from OfS and other grant making bodies is apportioned to financial years on a time basis. - Tuition Fees Tuition fees are recognised in the period in which tuition is provided. - Bursary and scholarships

Gifts intended to provide bursaries or scholarships to students are recognised in the period in which they become available to students. Scholarships towards RADA fees and fee waivers are shown as charitable expenditure rather than as a reduction of income.

Accounting for other deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the Academy can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the Academy, is ccounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Income from legacies

Income from legacies is recognised when RADA has sufficient evidence that a gift has been left to it, that, where required, probate has been granted, that the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by RADA, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of RADA or have been met.

Donated goods, facilities and services

Donated goods, assets and services are recognised at the current fair value. All such donations are recognised as donation income, and debited to expenditure or fixed assets as appropriate.

32

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

1. Accounting policies (cont’d)

Policies relating to expenditure on goods and services provided to the Academy.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is pro-rata with total direct expenditure in each area (excluding grants of scholarship and bursary funds).

Redundancy payments

Redundancy payments are accounted for in the period that the agreement is made.

Policies relating to assets, liabilities and provisions and other matters.

Fixed asset investments

Fixed asset investments in quoted shares, traded bonds and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date.

Investments in subsidiaries are valued at the cost of acquisition of shares in the subsidiary.

All gains on fixed asset investments, whether realised or unrealised, are included in the Statement of Financial Activities.

Intangible assets

Intangible assets are initially recognised at their original cost and are written off in equal instalments over their estimated useful economic life. The estimated useful economic life of the database is three years.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value. Cost value includes all costs expended in bringing the asset into its intended working condition.

Assets costing more than £2,000 are capitalised in the year of purchase.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Freehold premises 1% straight line Leasehold premises Straight line over the period of the lease Fixtures, fittings and office equipment 10% to 33% straight line Theatre, props, wardrobe and library plant and equipment 10% straight line

Accounting for capital grants and fixed asset funds.

Gifts for the purposes of acquiring specific assets to be used for charitable activity are credited to fixed asset funds after the donated asset has been received or sums have been properly expended on the restricted purpose.

Where the terms of the gift require RADA to hold the asset on an ongoing basis for a specific purpose, then the fixed asset fund so created is categorised as a restricted fixed asset fund.

33

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

1. Accounting policies (cont’d)

When assets are acquired for the furtherance of the RADA's objects, utilising the Academy's own unrestricted funds, a transfer is made from unrestricted funds to a designated fixed asset fund.

Whether acquired with unrestricted or restricted funds, the asset acquired is initially shown in the balance sheet at the full cost of acquisition or subsequent revaluation.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Creditors and provisions

Creditors and provisions are recognised where the Academy has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Liabilities relating to RADA's obligations to the defined benefit pension scheme (The Royal Academy of Dramatic Art 1978 Retirement Fund) are recognised and valued in line with FRS 102, Section 28 as further detailed in Note 7.

All other creditors and provisions are measured at fair value.

Cash and bank balances

Cash held by the Academy is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Leasing and hire purchase contracts and commitments

The leasehold property held under a finance lease is recognised as an asset of RADA at historic cost less depreciation. The liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and a reduction in the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised.

Rentals payable under operating leases are expensed on a straight-line basis over the term of the relevant lease.

Pensions - defined contribution schemes

The Academy operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Pensions - defined benefit schemes

The Academy operates a defined benefit pension scheme (The Royal Academy of Dramatic Art 1978 Retirement Fund, "the Scheme"). Scheme assets are measured using market values. Scheme liabilities are measured using the projected unit valuation method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. Any increase in the present value of liabilities within the Scheme expected to arise from employee service in the period and net interest is charged to the Statement of Financial Activities within total expenditure. Changes to the plan liabilities arising from changes to demographic and financial assumptions are shown in other recognised gains and losses.

The expected return on the Scheme's assets and any decrease during the period in the present value of the Scheme's liabilities arising from the passage of time are included in the Statement of Financial Activities. Scheme surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet.

34

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

  1. Accounting policies (cont’d)

Liability to taxation

As a registered charity, RADA is exempt from income and corporation tax to the extent that its income and gains are applied towards its charitable objects and for no other purpose. Value Added Tax is not completely recoverable by the RADA, and the irrecoverable amount is therefore included in the relevant costs in the Statement of Financial Activities.

35

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

2
Analysis of incoming resources
Unrestricted
funds		 Restricted
Funds		 Endowment
Funds		 Total
Funds		 Total
Funds
2024 2024 2024 2024 2023
£,000 £,000 £,000 £,000 £,000
Donations and legacies
Fundraising (donations and grants)
Royalties
Donated goods and services
Legacies
375 494 - 869 749
112 - - 112 23
58 - - 58 37
11 - 282 293 258
Total from donations and legacies 556 494 282 1,332 1,067
Charitable activities
HE Fees- UK Undergraduate
HE Fees- UK Postgraduate
1,228 - - 1,228 1,166
206 - - 206 195
HE Fees- EU Undergraduate - - - - 19
HE Fees- EU Postgraduate
HE Fees- Non-EU Undergraduate
HE Fees- Non-EU Postgraduate
Short Course income		 42 - - 42 10
479 - - 479 347
183 - - 183 167
2,360 - - 2,360 2,156
Course fees and education contracts 4,497 - - 4,497 4,060
OFS Teaching Grant
Research England other grants
Capital Grants(TCIF)
1,437 - - 1,437 1,430
897 - - 897 689
36 - - 36 32
2,370 - - 2,371 2,151
Audition fees 101 - - 101 105
Ticket and audience income
Sundryincome		 68 - - 68 56
102 - - 102 64
271 - - 271 225
Total from charitable activities 7,139 - - 7,139 6,436
Other trading activities
RADA Business Turnover 7,139 - - 7,139 7,694
Investment income
Income on fixed asset investments - - 153 153 109
Total incoming resources 14,834 494 435 15,763 15,306

36

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

2
Prior year analysis of incoming resources
Unrestricted
funds
Restricted
Funds
Endowment
Funds
Total
Funds
Total
Funds
2023
2023
2023
2023
2022
£,000
£,000
£,000
£,000
£,000
Donations and legacies
Fundraising (donations and grants) 450
299
-
749
999
Coronavirus job retention scheme
Royalties
Donated goods and services
Legacies		 -
-
-
-
17
23
-
-
23
28
37
-
-
37
53
-
-
258
258
922
Total from donations and legacies 510
299
258
1,067
2,019
Charitable activities
HE Fees- UK Undergraduate
HE Fees- UK Postgraduate
HE Fees- EU Undergraduate
HE Fees- EU Postgraduate
HE Fees- Non-EU Undergraduate
HE Fees- Non-EU Postgraduate
Short Course income
1,166
-
-
1,166
1,297
195
-
-
195
152
19
-
-
19
56
10
-
-
10
20
347
-
-
347
192
167
-
-
167
121
2,156
-
-
2,156
1,145
Course fees and education contracts 4,060
-
-
4,060
2,983
OFS Teaching Grant
1,430
-
-
1,430
1,425
Research England other grants 689
-
-
689
791
Capital Grants(TCIF) 32
-
-
32
12
2,151
-
-
2,151
2,228
Audition fees
Outreach income
Ticket and audience income
Sundryincome
105
-
-
105
120
-
-
-
-
2
56
-
-
56
36
64
-
-
64
42
225
-
-
225
200
Total from charitable activities 6,436
-
-
6,436
5,411
Other trading activities
RADA Business Turnover 7,694
-
-
7,694
6,087
Fundraisingevents -
-
-
-
54
7,694
-
-
7,694
6,141
Investment income
Income on fixed asset investments 4
-
105
109
105
4
-
105
109
105
Total incoming resources
14,644
299
363
15,306
13,676

37

ROYAL ACADEMY OF DRAMATIC ART Notes to the accounts for the year ended 31 July 2024

3
Analysis of expenditure
Raising funds
RADA Business expenditure
Fundraising
Investment management		 Direct costs Grants made
to
individuals		 Allocated
support
costs		 Depreciation
and
impairment		 Total Total
2024 2024 2024 2024 2024 2023
£,000 £,000 £,000 £,000 £,000 £,000
5,915 - - 112 6,027 6,090
361 - - - 361 320
26 - - - 26 62
Total raisingfunds 6,302 - - 112 6,414 6,472
Charitable activities
Core courses
Non-core courses
2,601 - 3,809 163 6,573 5,374
897 - 1,313 56 2,266 1,895
Access and participation 142 463 209 9 823 1,165
Theatre and other presentations
Other charitable activities		 4 - 416 420 400
119 - 173 8 300 813
Total charitable activities 3,763 463 5,920 236 10,382 9,647
Total expenditure 10,065 463 5,920 348 16,796 16,119

Grants made to individuals consist of bursary payments to students.

Core courses are the Foundation degree and BA Courses in Acting and Technical Theatre and Stage Management. Non-core courses include foundation courses and short courses as well as Widening and Participation and Opportunity activities such as the Acting and Technical Youth Companies.

The basis for allocation of support costs has been updated this year. Support costs and depreciation included in the above have been allocated to the activities above by the following amounts:

Core courses Governance
Finance
Admin and
support
costs
Premises and
other
overheads
Total
2024
2024
2024
2024
2024
2023
£,000
£,000
£,000
£,000
£,000
£,000
4
159
1,954
1,406
3,523
2,672
Non-core courses 1
55
674
485
1,215
938
Access and participation
Theatre and other presentation costs
Other charitable activities		 9
107
77
193
367
412
2
414
399
89
569
89
64
811
681
94
792
3,236
2,034
6,156
5,057

38

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

3 Analysis of expenditure (Contd)

3
Analysis of expenditure (Contd)		 3
Analysis of expenditure (Contd)
Prior Year Direct costs
Grants made to
individuals
Allocated
support costs
Depreciation
and
impairment
Total
2023
2023
2023
2023
2023
£,000
£,000
£,000
£,000
£,000
Raising funds
RADA Business expenditure 6,007
-
-
83
6,090
Fundraising 320
-
-
-
320
Investment management 62
-
-
-
62
Total raisingfunds 6,389
-
-
83
6,472
Charitable activities
Core courses 2,701
-
2,208
465
5,374
Non-core courses 957
-
773
165
1,895
Access and participation 364
433
305
63
1,165
Theatre and other presentation costs 2
-
398
-
400
Other charitable activities 107
26
662
18
813
Total charitable activities 4,131
459
4,346
711
9,647
Total expenditure 10,520
459
4,346
794
16,119
Governance
Finance
Admin and
support costs
Premises
and other
overheads
Total
2023
2023
2023
2023
2023
£,000
£,000
£,000
£,000
£,000
Core courses 20
166
1,243
1,243
2,672
Non-core courses 7
59
431
441
938
Access and participation 3
22
174
168
367
Theatre and other presentation costs 0
0
398
1
399
Other charitable activities 83
470
212
-84
681
113
717
2,458
1,769
5,057
4
Specific expenditure
The net movement in funds in the financial year is stated after charging:
2024
2023
£,000
£,000
Remuneration of auditors for audit services 43
37
Remuneration of auditors for non-audit services -
2
Access and Participation expenditure 2024
2023
£,000
£,000
Access investment (including salaries) 358
375
Financial support to students 463
433
Support for disabled students 2
91
823
899
2024 2023
£,000 £,000
Remuneration of auditors for audit services 43 37
Remuneration of auditors for non-audit services - 2
Access and Participation expenditure 2024 2023
£,000 £,000
Access investment (including salaries) 358 375
Financial support to students 463 433
Support for disabled students 2 91
823 899

39

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

5
Staff costs and emoluments
Salary costs
Gross salaries
Employers' National Insurance
Employers' contribution to defined contribution pension scheme		 Total Total
2024 2023
£,000 £,000
7,147 6,987
796 793
280 233
Total salaries,wages and related costs 8,223 8,013
Redundancy, termination and compensation payments
Redundancy and other severance costs
Compensationpayments in lieu of notice
2024 2023
£,000 £,000
95 159
173 45
268 204
Redundancy or other severance payments were made up of 9 staff (2022-23: 4)
Numbers of employees
The average number of total staff employed in the year was
The estimated full time equivalent number of staff in the year
The estimated number of full-time equivalent staff deployed in different
activities
in the year
was:
Charitable activities
Commercial trading
Fundraising
Management and administration
184 193
139 142
2024 2023
£,000 £,000
83 90
40 33
4 4
12 15
139 142
Except as noted in note 21, no trustee or any person connected with any of them has received any
remuneration from the Academy or any related entity either in the current or prior year.
2024 2023
Total salaries and other benefits received by key management personnel were £,000 £,000
632 782

Key management personnel are considered to be the Principal and senior leadership team of RADA.

40

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

5 Staff costs and emoluments (contd.)

The number of employees who received emoluments including taxable benefits (but excluding employers' pension contributions) in the following bands were:

employers'pension contributions)in the followingbands were:
RADA 2024 2023
No No
£60,001 - £70,000 4 3
£70,001 - £80,000 1 1
£100.001 - £105,000 - 1
£115,001 - £120,000 1 -
£130,001 - £135,000 1 1
£155,001 - £160,000 - 1
7 7
RADA In Business 2024 2023
No No
£60,001 - £70,000 6 3
£90,001 - £100,000 2 -
£100,001 - £105,000 - 1
£105,001 - £110,000 1 -
£110,001 - £115,000 1 -
£115,001 - £120,000 1 -
£125,001 - £130,000 2 -
£140,001 - £145,000 1 -
£160,001 - £165,000 1 -
£170,000 - £175,000 - 1
£245,001 - £250,000 - 1
£365,001 - £370,000 1 -
16 6
Total Total
Thepension details of such higherpaid staff were as follows: 2024 2023
£,000 £,000
Contributions to defined contributionpension scheme 91 36
Numbers of such staff to whom benefits are accruing:
Under defined contribution schemes 25 11
Emoluments for the Principal were as follows: 2024 2023
£,000 £,000
The remuneration in theyear was 134 134
Pension contributionspaid bythe employer 5 5
Total remunerationpackage included in salaries above 139 139

Based on salaries paid in July 2024, the Principal's basic salary is 2.7 times the median pay of staff (2023: 2.8 times)

where the median pay is calculated on a full time basis for the salaries paid by RADA to its staff. The same ratio applies when total remuneration is considered.

41

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

5 Staff costs and emoluments (contd.)

When considering the Principal's salary, the Remuneration Committee take into account the context in which RADA operates (as a small specialist HEP) and the value and performance delivered by the Principal. Both RADA's and the Principal's performance over a number of years are considered. Benchmarks from the higher education, arts and charities sectors are used.

6 Defined Contribution Pension Scheme

The Academy operates a defined contribution auto enrolment pension scheme administered by Legal and General, the costs of which are shown above. The Academy contributes 4% of basic salary for all eligible employees (2023: 4%). All costs are treated as an expense of unrestricted funds.

7 Defined benefit pension scheme

RADA operates a defined benefit pension scheme in the UK ("The Scheme"). A full actuarial valuation was carried out at 31 March 2022 and updated to 31 July 2024 by a qualified actuary, independent of the Scheme's sponsoring employer. The major assumptions used by the actuary are shown below.

The most recent full actuarial valuation at 31st March 2022 showed a deficit of £942,000. However, based on the

estimated improvement in the funding position, it has been agreed that no recovery plan contributions will be payable.

Present values of defined benefit obligation, fair value of assets and defined benefit liability

2024
£000
2023
£000
2022
£000
Fair value of plan assets 7,495
6,976
7,430
Present value of defined benefit obligation 4,959
4,732
6,368
Asset ceiling (2,536)
(2,244)
(1,062)
Defined benefit (liability) to be recognised -
-
-

Reconciliation of opening and closing balances of the defined benefit obligation

Reconciliation of opening and closing balances of the defined benefit obligation
2024
£000
2023
£000
Defined benefit obligation at start of period
4,732
6,368
Interest expense
241
219
Actuarial (gains)
185
(1,633)
Benefitspaid and expenses
(199)
(222)
Defined benefit obligation at end ofperiod
4,959
4,732
(see sensitivity analysis below)

42

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

7 Defined benefit pension scheme (cont'd)

7
Defined benefit pension scheme (cont'd)		 7
Defined benefit pension scheme (cont'd)		 7
Defined benefit pension scheme (cont'd)		 7
Defined benefit pension scheme (cont'd)		 7
Defined benefit pension scheme (cont'd)		 7
Defined benefit pension scheme (cont'd)		 7
Defined benefit pension scheme (cont'd)		 7
Defined benefit pension scheme (cont'd)
Reconciliation of opening and closing balances of the fair value of plan assets
2024
£000
Fair value of plan assets at start of period
6,976		 2023
£000
Fair value of plan assets at start of period 6,976 7,430
Interest income 355 256
Actuarial gains / (losses) 449 (488)
Contributions by the employer - 24
Benefits paid and expenses (285) (246)
Fair value of plan assets at end of
period		 7,495 6,976

The actual return on the plan assets over the period to 31 July 2024 was a gain of £804k (2023: £232k).

During the year, the plan assets were moved from the Baillie Gifford Diversified Growth Fund to a low-risk portfolio of gilts, credit and cash with Legal and General Investment Management Ltd. There is no investment in the Academy's own financial instruments or any property occupied or other assets used by the employer.

Reconciliation of opening and closing asset ceiling Reconciliation of opening and closing asset ceiling 2024
£000
2023
£000
Asset ceiling at end of prior year 2,244
1,062
Interest income 117
37
Remeasurement - change in asset
ceiling		 175
1,145
Asset ceiling at end of year 2,536
2,244
Defined benefit cost recognised in profit or loss 2024
£000
2023
£000
Net interest cost 89
24
8
Taxation
UK Corporation Tax
(491)
-

Income from Corporation Tax relates to Theatre tax relief reclaimed for the years 2021-22 (£157k), 2022-23 (£184k) and an accrued amount for 2023-2024 (£150k).

43

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

9
Intangible fixed assets		 Group Academy
Total
2024		 Total 2023 Total 2024
Total 2023
Cost £,000 £,000 £,000
£,000
At 1 August 2023 221 132 -
-
Additions 91 89 27
-
At 31 July24 312 221 27
-
Amortisation
At 1 August 2023 118 44 -
-
Provided duringtheyear 104 74 9
-
At 31 July2024 222 118 9
-
Net book value 90 103 18
-
10
Tangible fixed assets
Group Land and
Buildings		 Plant and
Machinery
Total
Cost
£,000 £,000
£,000
At August 2023 41,390 5,101
46,491
Additions - 190
190
Disposals (2) -
(2)
At 31 July2024 41,388 5,291
46,679
Depreciation
At August 2023 10,992 4,646
15,638
Charge for the year 480 191
671
On disposals - -
-
At 31 July2024 11,472 4,837
16,309
Net book value
At July2024 29,916 454
30,370
At July2023 30,398 455
30,853
Land and Plant and
Total
Academy Buildings Machinery
Cost
£,000 £,000
£,000
At August 2023 41,390 5,070
46,460
Additions - 135
135
Disposals (2) -
(2)
At 31 July2024 41,388 5,205
46,593
Depreciation
At August 2023 10,992 4,631
15,623
Charge for the year 481 173
654
On disposals
At 31 July2024 11,473 4,804
16,277
Net book value
At July2024 29,915 401
30,316
At July 2023 30,398 439
30,837

44

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

10 Fixed Assets (Cont'd)

The net book value of plant, machinery and vehicles held under finance leases and hire purchase contracts included above is:

included above is:
2024
2023
£,000
£,000
Total of assets held under finance leases 2,349
2,642
11 Investments held as fixed assets
Group		 Academy
note
2024
2023		 2024
2023
£,000
£,000		 £,000
£,000
Quoted investments
4,948
5,497		 4,948
5,497
Investment in subsidiary
13
-
-		 2
2
4,948
5,497		 4,950
5,499
Group and
Academy
Carrying value of listed investments 2024
2023
£,000
£,000
At August 2023 5,497
6,473
Additions - income reinvested 125
107
Revaluations at 31 July 2024 154
-5
Disposals and management fees (828)
(1,078)
At 31 July2024 4,948
5,497
Analysis between fair and historical cost
Investments as above held at fair value 4,948
5,497
Historic cost of the above investments 2,494
2,823

The market value at 31 July 2024 includes cash and securities which are invested in three funds managed by McInroy and Wood Ltd, Ruffer LLP and Troy Asset Management Ltd.

All investments are held in one of the three funds. Within those funds, no one investment in any company accounts for more than 5% of that fund's value.

McInroy and Wood Ltd, Ruffer LLP and Troy Asset Management Ltd.
All investments are held in one of the three funds. Within those funds, no one investment
accounts for more than 5% of that fund's value.		 in any company
Investments are analysed as follows: 2024
2023
£,000
£,000
UK 948
1,517
Non-UK 4,000
3,980
4,948
5,497
2024
2023
£,000
£,000
Fixed interest 1,465
1,446
UK equities 521
-
Overseas equities 2,854
3,269
Cash 108
223
Other -
559
4,948
5,497

45

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

12 Subsidiary companies

The name of the subsidiary undertaking is RADA in Business Ltd (RADA Business) which is registered in England and Wales with company number 03999577.

The aggregate amount of RADA's investment in its subsidiary is £2k which represents 100% of the issued ordinary share capital of the subsidiary. The subsidiary is controlled by the holding company by virtue of the power to appoint directors to the board of the subsidiary.

RADA Business donates its taxable profits to RADA every year.

Investment in RADA Business at 31 July 2023 and 2024 Investment in RADA Business at 31 July 2023 and 2024 Investment in RADA Business at 31 July 2023 and 2024 2024 2023
£,000 £,000
2 2
A summary of the audited financial statements of the subsidiary is:
Assets and funds 2024 2,023
£,000 £,000
Aggregate amount of assets 2,375 2,724
Aggregate amount of liabilities (2,239) (2,583)
Aggregate amount of funds 136 141
Profit and loss
Turnover net of VAT 7,139 7,694
Expenses net of VAT (6,547) (6,532)
Net profit for the year before tax 592 1,162
Donation to RADA bywayof Gift Aid (597) (1,168)
Surplus/ (deficit)for theyear after Gift Aid (5) (6)

The net profit for the company is stated after including intergroup expenditure of £443k (2022 £416k) which has been eliminated on consolidation.

Amounts owing from the subsidiary are shown in the note relating to debtors.

13 Debtors

Group Academy
Trade debtors
Prepayments and accrued income
Other debtors		 2024
2023		 2024 2023
£,000
£,000		 £,000 £,000
1,493
1,221		 481 146
482
318		 352 270
566
201		 562 68
Due from group undertaking -
-		 1,046 1,119
Taxation - accrued theatre tax relief 150
-		 150 -
2,691
1,740		 2,591 1,603

46

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
Group Academy
Note 2024 2,023 2024 2,023
£,000 £,000 £,000 £,000
Trade creditors 389 508 375 308
Accruals - RADA 473 426 473 426
Accruals - RADA Business 112 436 - -
Deferred income - RADA 15 1,343 727 1,343 727
Deferred income - RADA Business 15 676 487 - -
PAYE, NIC, VAT and other taxes 520 462 137 148
Finance lease (see note 15) 139 123 139 123
Other creditors 119 100 118 100
3,771 3,269 2,585 1,832

Deferred income reflects fee income received or invoiced in the year for courses that take place after the year end (such as short courses) and funding for multi-year scholarships and bursaries that has been donated for use in future years.

15 Deferred income reconciliation Deferred income reconciliation Group Academy
2024 2,023 2024
2,023
£,000 £,000 £,000
£,000
Brought forward at 1 August 1,214 1,325 727
710
Released from previous period (1,214) (1,290) (727)
(745)
Deferred in thisperiod 2,020 1,179 1,343
762
Balance at 31 July23 2,020 1,214 1,343
727
16 Creditors: amounts falling due after one year Group Academy
2024 2,023 2024
2,023
£,000 £,000 £,000
£,000
Amount due under finance lease 4,968 5,107 4,968
5,107
Amount due under finance lease falls due as follows:
Within 1-2 years 156 139 156
139
Within 2-5 years 579 521 579
521
After more than 5years 4,233 4,447 4,233
4,447
4,968 5,107 4,968
5,107

The finance lease has a term of 35 years to December 2040 and is repayable by quarterly instalments which are subject to annual fixed rate increments. The interest rate implicit in the lease is 5%.

17
Provision for dilapidations		 2024
2,023
£,000
£,000
Provision for dilapidations on Scala Street Lease 25
25

47

ROYAL ACADEMY OF DRAMATIC ART Notes to the accounts for the year ended 31 July 2024

18 Net debt reconciliation

18
Net debt reconciliation
At 1 Aug
2023		 Cashflows Non cash
movements
At 31 July
2024
£,000 £,000 £,000
£,000
Cash 4,018 69 -
4,087
Cash equivalents - - -
-
4,018 69 -
4,087
Finance lease obligations (< 1 year) (123) - (16)
(139)
Finance lease obligations(> 1year) (5,107) - 139
(4,968)
(1,212) 69 123
(1,020)
At 1 Aug
2022		 Cashflows Non cash
movements
At 31 July
2023
£,000 £,000 £,000
£,000
Cash 1,786 2,232 -
4,018
Cash equivalents - - -
-
1,786 2,232 -
4,018
Finance lease obligations (< 1 year) (110) - (13)
(123)
Finance lease obligations(> 1year) (5,230) - 123
(5,107)
(3,554) 2,232 110
(1,212)

19 Contingent liabilities

a) RADA received during the year ended 31 Mar 1990 a sum of £500k being a contribution towards the purchase of 18 Chenies Street from the then Secretary of State for Education to be used in compliance with the Education (Grant) regulations 1983. In the event of the property not being used for the purpose for which it was intended to be used at the time the grant was made, on the application of the Secretary of State, it may be repayable by RADA.

b) Under the terms of a grant towards RADA's Centenary Project, Arts Council England ("ACE") paid RADA a grant of £22,897,736 from the National Lottery Fund. In the event of RADA not complying with the conditions of the grant, ACE may apply for it to be repaid.

20 Operating Lease Commitments Lessor commitments

RADA acts as a lessor in connection with operating leases and continues to recognise the assets subject to the operating lease as assets on its balance sheet. The lease payments received from the lessee are recognised in the Statement of Financial Activities on a receivable basis. The leases relate to the rental of property, namely the use of part of the roofs of Gower St and Chenies St for telecoms masts. The future minimum lease receipts arising from non-cancellable operating leases are shown below. The amounts due to the Academy fall due as follows:

follows:
Group and Academy
2024
2,023
£,000
£,000
Within one year 35
35
In the second to fifthyears inclusive 15
50
50
85

48

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

20 Operating Lease Commitments (cont'd)

Lessee commitments

RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February 2028 following the first break clause in February 2023.

20 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.		 Operating Lease Commitments (cont'd)
Lessee commitments
RADA has rented office premises in Scala Street, London W1 which it in turn sublets to RADA Business. The lease
payments to the landlord are recognised on a straight-line basis over the remainder of the lease term to February
2028 following the first break clause in February 2023.
Group and Academy
2024
2023
£,000
£,000
Within one year
212
212
In the second to fifth years inclusive
546
758
758
970
21 Related party transactions
Donations totalling £14k were received from Council members or organisations connected with Council members
(2023 £10k). No trustee claimed expenses from the Academy during the year (2023: nil).
Rishi Madlani, a member of Council, is also the councillor for the Bloomsbury ward of the London Borough of
Camden, where RADA is situated. During the year, the Academy paid £25k in rent and £133k in non-domestic rates
to the borough.
Council members received no remuneration in respect of their service as governors. During the year, 4 members
of RADA staff (as well as the Principal - see note 5) served as governors and received remuneration for their
teaching or management work totalling £303k (including pension contributions) (2023: 3 members, £280k).
Transactions with RADA Business are described in notes 12 and 20 and the balance due from RADA Business to
RADA is shown in note 13.
22 Analysis of how particular funds are represented by assets and liabilities
At 31 July 2024 Unrestricted
funds		 Designated
funds		 Restricted
funds		 Endowment
Funds		 Total
funds
£,000 £,000 £,000 £,000 £,000
Intangible assets - 90 - - 90
Tangible fixed assets - 11,357 19,013 - 30,370
Fixed asset Investments at valuation 18 - 511 4,419 4,948
Current assets 5,777 12 989 - 6,778
Current liabilities (3,771) - - - (3,771)
Borrowing between funds (802) - - 802 -
Long term liabilities (4,968) - - - (4,968)
Provisions for liabilities and charges (25) - - - (25)
(3,771) 11,459 20,513 5,221 33,422
RADA is shown in note 13. RADA is shown in note 13. RADA is shown in note 13. RADA is shown in note 13.
22
Analysis of how particular funds are represented by assets and liabilities
At 31 July 2024 Unrestricted Designated Restricted Endowment Total
funds funds funds Funds funds
£,000 £,000 £,000 £,000 £,000
Intangible assets - 90 - - 90
Tangible fixed assets - 11,357 19,013 - 30,370
Fixed asset Investments at valuation 18 - 511 4,419 4,948
Current assets 5,777 12 989 - 6,778
Current liabilities (3,771) - - - (3,771)
Borrowing between funds (802) - - 802 -
Long term liabilities (4,968) - - - (4,968)
Provisions for liabilities and charges (25) - - - (25)
(3,771) 11,459 20,513 5,221 33,422
At 31 July 2023 Unrestricted
funds		 Designated
funds		 Restricted
funds		 Endowment
Funds		 Total
funds
£,000 £,000 £,000 £,000 £,000
Intangible assets - 103 - - 103
Tangible fixed assets - 11,396 19,457 - 30,853
Fixed asset Investments at valuation 16 - - 5,481 5,497
Current assets 3,912 - 357 1,489 5,758
Current liabilities (3,269) - - - (3,269)
Long term liabilities (5,107) - - - (5,107)
Provisions for liabilities and charges (25) - - - (25)
(4,473) 11,499 19,814 6,970 33,810

49

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

23
Change in total funds over the year
Unrestricted and designated funds Funds Income Expenditure Asset Gains Funds
brought purchases and carried
fwd from and Losses fwd to
2023 transfers 2025
£,000 £,000 £,000 £,000 £,000 £,000
Unrestricted- RADA General Fund 618 9,174 (9,508) 904 - 1,188
Unrestricted- RADA Business reserves 16 7,139 (7,031) (115) - 9
Sale and leaseback commitments due > (5,107) - - 139 - (4,968)
1 yr
Designated fixed asset funds 11,499 36 (332) 256 - 11,459
7,026 16,349 (16,871) 1,184 - 7,688
Prior Year
Unrestricted and designated funds Funds Income Expenditure Asset
Gains		 Funds
brought purchases
and		 carried
fwd from and
Losses		 fwd to
2022 transfers 2024
£,000 £,000 £,000 £,000
£,000		 £,000
Unrestricted- RADA General Fund 856 6,919 (7,015) (135)
(7)		 618
Unrestricted- RADA Business reserves 48 7,694 (7,617) (109)
-		 16
Sale and leaseback commitments due > (5,230) - - 123
-		 (5,107)
1 yr
Designated fixed asset funds 11,497 32 (333) 303
-		 11,499
7,171 14,645 (14,965) 182
(7)		 7,026

Designated fixed asset funds

The designated fixed asset funds represent the net present value of assets acquired with unrestricted funds. Transfers

Transfers consist of asset purchases from unrestricted or restricted funds and the transfer from unrestricted general funds to the sale and leaseback fund representing the change in creditor during the year.

Following a detailed review of endowment funds, it was discovered that a number of items had been historically mis-classified as Permanent Endowment funds. These have now been moved into the correct categories, with £242k being restricted scholarship funds, £986k being a restricted legacy and £1,083k being general funds. Of these general funds, £256k has been designated to the Fixed Asset fund.

50

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

23 Change in total funds over the year (contd.)

Restricted funds 2024: Funds brought
fwd from
2023		 Income Expenditure Asset
purchases and
transfers		 Gains
and
Losses		 Funds
carried fwd
to 2025
see note
2		 see note 3 see note 9 see notes
7&10
£,000 £,000 £,000 £,000 £,000 £,000
Restricted fixed asset funds 19,457 - (444) - - 19,013
Capital Campaign Fund 148 - - - - 148
Sebok Fund - - - 986 - 986
Shaw Fund 32 - - - - 32
Scholarshipfunds 149 494 (479) 142 - 306
Sundryother funds 28 - - - - 28
19,814 494 (923) 1,128 - 20,513
Restricted funds 2023: Funds brought
fwd from
2022		 Income Expenditure Asset
purchases and
transfers		 Gains
and
Losses		 Funds
carried fwd
to 2024
£,000 £,000 £,000 £,000 £,000 £,000
Restricted fixed asset funds 19,918 0 (461) - - 19,457
Capital Campaign Fund 198 - - (50) - 148
Shaw Fund 32 - - - - 32
Access and Participation 90 13 (103) - - -
Scholarshipfunds 282 286 (523) 104 - 149
(Re)Framingthe future 13 - (13) - - -
Sundryother funds 28 - - - - 28
20,561 299 (1,100) 54 - 19,814

Restricted funds

Restricted fixed asset funds represent the depreciated value of assets that have been purchased with restricted funds. These include the Centenary Project investment in the Gower Street site, the Jerwood Vanbrugh Cinema and the refurbishment of the Props room, as well as investment in the Chenies St project.

The Attenborough Campaign Fund was established to raise money to upgrade the theatre and buildings in 16-18 Chenies St.

The Shaw Fund represents monies donated towards a fund to invest in new writing and to replace the royalties bequeathed to RADA by George Bernard Shaw which expired in 2020.

The Access and Participation fund represents monies donated to encourage progression to higher education by students from diverse social backgrounds.

The Scholarship Funds represent funds donated for student bursaries, maintenance grants and other support costs.

The (Re)Framing the Future fund is donations received for work on decolonising the curriculum.

The Sebok fund represents a bequest received in 2022 to support the costs of a dedicated voice and singing coach. It had originally been misallocated to endowment funds and was transferred to restricted funds during the year.

51

ROYAL ACADEMY OF DRAMATIC ART

Notes to the accounts for the year ended 31 July 2024

23 Change in total funds over the year (contd.)

Endowment funds: Funds brought fwd Income Expenditure Asset Gains Funds
from 2023 purchases and carried
and Losses fwd to
transfers 2025
see note see note 3 see
2 notes
7&10
£,000 £,000 £,000 £,000 £,000 £,000
Category A 4,658 435 (26) - 154 5,221
CategoryB 2,312 - - (2,312) - -
Total endowment funds 6,970 435 (26) (2,312) 154 5,221
Prior Year
Endowment funds: Funds brought fwd Income Expenditure Asset Gains Funds
from 2022 purchases and carried
and Losses fwd to
transfers 2024
see note see note 3 see
2 notes
7&9
£,000 £,000 £,000 £,000 £,000 £,000
Category A 4,484 320 (43) (104) 1 4,658
Category B 2,412 43 (12) (132) 1 2,312
Total endowment funds 6,896 363 (55) (236) 2 6,970

Endowment funds

The original monies donated to endowment funds have been preserved as capital. An assessment of the income from these funds is made as required and investments are sold where required to provide scholarships and other support whilst keeping within limits that preserve the original capital value.

Category A funds may only be used for student scholarships and bursaries. Category B funds may be used for scholarships or for wider RADA purposes as agreed by Council.

RADA has exercised its power at section 284A of the Charities Act 2011 to borrow £802k from the Category A funds to support medium term liquidity. This will be repaid over five years to 31st July 2028, with a repayment holiday of the first two of those five years.

During the year, a review of historic endowment funds was conducted which concluded that funds in

Category B were not permanent endowments. A total of £1,228k was found to be restricted and has been moved to restricted funds, £256k was transferred to the designated capital fund and £828k was transferred to general reserves.

52

RADA annual report and accounts 2023-24

Final Audit Report 2025-01-22

Created: 2025-01-06 By: Cordelia Longworth (cordelialongworth@rada.ac.uk) Status: Signed Transaction ID: CBJCHBCAABAAQsuhuPDW2pxvfg826gUeqMIuJDJdtKSZ

"RADA annual report and accounts 2023-24" History

2025-01-09 - 12:06:23 PM GMT

2025-01-22 - 7:42:53 AM GMT