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← The Royal Academy Of Dramatic Art

2025-07-31-accounts

ROYAL ACADEMY OF DRAMATIC ART (RADA)

Charity Registration Number 312819

Annual Report and Accounts

Year ended 31 July 2025

Annual report and accounts 2024-25

Table of contents

1. Chair’s review 2
2. Interim Principal’s review 3
3. About RADA 4
4. Strategic aims and priorities 6
5. World-leading training and student experience 6
6. Graduates and industry 8
7. Anti-racism and equity 11
8. Access and participation 11
9. Estate and operations 11
10. People and culture 11
11. Income generation and sustainability 12
12. Financial review 13
13. Public benefit 15
14. Statement of corporate governance and internal control 15
15. Statement of trustees’ responsibilities 19
16. Independent auditors’ report to the trustees 21
Financial statements
17. Consolidated statement of financial activities 25
18. Balance sheets 27
19. Consolidated cashflow statement 28
20. Notes to the accounts 29

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1. Chair’s review

RADA’s students and graduates continue to inspire; their work across theatre, film, television and new creative platforms shows the depth of their craft and the courage of their storytelling. Their achievements remind us that RADA’s purpose is not only to train exceptional artists but to shape culture and society through their creative contribution.

Over the past year we have focused on strengthening the foundations that sustain that purpose: the quality and reach of our training, the wellbeing of our community, and maintaining our facilities. We have made important progress in embedding equity, care and inclusion across all aspects of Academy life, ensuring that every member of our community can thrive. Alongside the validation of new postgraduate programmes, our work on access and inclusion also continues to develop, ensuring that opportunity at RADA is determined by talent and potential, not background.

We remain deeply grateful for the tireless support of our President, David Harewood, and Vice President, Cynthia Erivo, and we are delighted to welcome our new Honorary Fellows: costume designer Lindy Hemming, director Mike Leigh, and actor Michael Sheen.

This has also been a year of leadership transition. Our Principal, Niamh Dowling, was in post for the first four months of the year and has since announced her resignation following a period of illness. We thank Niamh for her energising and inclusive leadership and wish her well for her continued recovery. For the remainder of the year, the Academy has been led by Helen Slater as Interim Principal, supported by the Senior Leadership Team and RADA’s faculty and staff. I am deeply grateful to them all for their commitment and care during this period of change.

RADA Business and our Short Courses have played an important role in sustaining our work and sharing RADA’s practice more widely. We are also grateful to our supporters, funders and partners, whose belief in our mission makes what we do possible.

While our commercial activity helps us meet day-to-day operational needs, philanthropic support remains essential to our long-term future. This year has made clear the scale of investment required in our historic estate. Modern, accessible and fit-for-purpose facilities are critical to the wellbeing of our community and to the innovation we aspire to foster. Securing capital funding for these upgrades will be central to ensuring that RADA can continue to serve future generations.

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 Lolita Chakrabarti, Rishi Madlani, Tanya Rose, and student governors Frances Chappell and Friedli Walton.

As Council, we continue to guide the Academy through the next phase of development, refining our operating model, and ensuring that RADA’s artistic and academic work remain world-leading. RADA’s strength lies in its people: artists, teachers and supporters whose understanding of dramatic practice reveals what connects us, builds confidence and creativity, and inspires leadership in every field.

Marcus Ryder Chair, RADA Council

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2. Interim Principal’s review

This year has been defined by the creativity and focus of our students and the remarkable commitment of our staff. Across acting, technical and postgraduate programmes, training has remained ambitious and artistically rigorous, supported by teams who have worked with care and professionalism. Despite temporary closures and rapid shifts in our estate, our students continued to create exceptional work, guided by practitioners whose expertise keeps RADA at the forefront of conservatoire training.

We have made significant progress in shaping RADA’s future academic offer. Four new Master’s programmes have been validated, recruitment across all programmes is strong, and the integration of our revised undergraduate curriculum is already delivering clearer learning pathways and a more inclusive student experience. Our work on anti-racism and equity continues to deepen, with curriculum change, staff training and departmental leadership now embedded across the Academy.

Stability and sustainability have been central to the year. Commercial performance, in both RADA Business and Short Courses, has been particularly strong, and has played an essential role in supporting the Academy’s financial position. Alongside this, we have strengthened planning, improved forecasting, and taken the first steps in shaping a long-term approach to our estate and operating model.

I am grateful to colleagues across RADA for their commitment, professionalism and warmth throughout a year that has demanded resilience. Their work ensures that our students continue to thrive, and that RADA’s reputation as a world-leading centre for performance and technical training is sustained both locally and internationally. We are also all deeply indebted to Niamh Dowling’s leadership, skill and generosity in empowering our practice and perspective.

As we look to the year ahead, our priorities are clear: to protect the quality of our conservatoire training, to embed equity and care in everything we do and to secure the resources and environment needed for RADA to flourish for the next generation of artists. The support of our funders, donors and partners is critical to this mission, and we are profoundly grateful for their continued belief in the importance of RADA’s work.

Helen Slater Interim Principal

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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 169 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 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.

World-leading training

Anti-racism and equality, diversity and inclusion

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Financial sustainability

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ANNUAL REPORT 2024-25

The Trustees present their report and accounts for the year ended 31 July 2025. 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 and mission

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.

Priorities and aims for 2025-26

RADA’s strategic framework reflects our ambition and the realities we face, and is designed to support decisionmaking, prioritisation and long-term impact. The five key priorities are:

5. World-leading training and student experience

Accredited programmes

RADA has had a successful year across all programmes, maintaining its position as a global leader in conservatoire training. Our revised undergraduate curriculum is now fully embedded, bringing clearer pathways, integrated assessment and strengthened pastoral and academic support.

This year, RADA is the top-ranked National Student Survey performer against similar institutions on 2023-24. RADA was again recognised as the top-ranked UK drama school and fifth internationally in The Hollywood Reporter ’s 2025 list, reflecting the quality of our training and the international regard in which RADA is held.

Our postgraduate provision has expanded: four new MA programmes have been validated, with first intakes beginning in 2025, building specialist training routes in performance lighting design, theatre costume, stage management and playwriting.

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RADA’s academic development received strong external endorsement this year. At the annual monitoring meeting with King’s College London, the Academy was commended for the quality of its revised curriculum, improved student satisfaction, positive External Examiner reports, and the support offered to staff pursuing HEA fellowship. The approval of new and updated programmes was also recognised as evidence of a maturing academic environment with clear direction.

Enhancements in the undergraduate curriculum were designed to strengthen learning pathways and reflect contemporary practice. New teaching in play reading, stagecraft and decolonised approaches in voice and movement have enriched the undergraduate experience, while refinements to assessment and timetabling in Technical Theatre Arts have created more balanced and coherent training. These developments reflect the Academy’s ongoing commitment to a responsive, inclusive and forward-looking curriculum.

Recruitment across postgraduate and undergraduate programmes has remained strong, supported by targeted outreach and refreshed programme materials. Technical training has benefited from new industry partnerships, including access to £350k of lighting equipment through Entedi, and renewed relationships with leading theatres and suppliers.

Staged productions, screen and creative work

Productions across the year were delivered to a high standard despite temporary closure of buildings, demonstrating the resilience and professionalism of staff and students. Guest workshops, industry-led masterclasses and international opportunities, including MA Theatre Lab’s work at the Festival of Ancient Greek Drama, continue to deepen the artistic experience for all students. The MA Theatre Lab residency (now in its fourth iteration) at the Coronet Theatre in July showcased Theatre Lab graduates through workshops, scratch nights, and original theatre shorts.

Highlights from the year included a screening at BAFTA of the third-year short films, with a number of films being screened and recognised at international short film festivals. Staged productions included Is God Is , Home, I’m Darling and the first amateur staging of the 2017 musical Come From Away . Our Shakespeare for Young Audiences project staged performances in Greater London schools, and our own Jerwood Vanbrugh Theatre before touring internationally at festivals in Italy, Austria and the USA. The Technical Theatre and Stage Management students also ran their sixth highly successful Escape Room project.

In addition to our regular production schedule, a new ‘RADA Studio’ termly event created a space for students across year groups and courses to share original work, and to receive peer feedback shaped by their own goals for development.

Masterclasses and professional development

Professional development remains a key focus. Rob Hastie, Tanya Moodie, Fiona Shaw, Lindsay Posner, Anthony Holmes, Teresa Moreo, Jayne Trotman, Susan Wokoma, Sam Miller and James Norton were invited speakers, and Q&As with United Agents, Hamilton Hodell, Jonathan Arun Group and Spotlight also took place. Third-year Acting students participated in mock auditions with The Globe, the RSC, and Kenneth Branagh. Meanwhile, Technical Theatre and Stage Management students undertook placements at organisations including National Theatre, Royal Opera and Ballet, Hampstead Theatre, Royal Court and TAIT.

RADA continues to maintain strong relationships with industry partners, agents, casting directors, theatre companies and production houses. Industry engagement this year included Q&As, masterclasses, mock auditions with major institutions, and international festival performances. Agent signings for BA Acting graduates are consistent with previous years.

Student wellbeing

Student wellbeing is of great importance to us, and RADA’s Wellbeing Service continues to provide confidential, timely and accessible support for students across all programmes. The Disability Service worked closely with students to ensure that learning needs and reasonable adjustments were identified early and integrated into

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their programmes. Pre-arrival webinars, wellbeing workshops and clearer signposting have helped students feel more prepared and supported throughout the year.

Student awards

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

6. Graduates and industry

Graduates from 2024-25 have presented and been celebrated at the following festivals: Bloomsbury Festival, Voila! Festival, Emergency 24 Manchester and the Edinburgh International Festival.

Below is a non-exhaustive list of graduate awards and nominations during 2024-25.

Awards and Honours

Academy Awards

BAFTA Film Awards

BAFTA Television Awards

Irish Film and Television Academy (IFTA) Awards

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Screen Actors Guild

Emmy Awards

Golden Globes

Black British Theatre Awards

The Olivier Awards

Tony Awards

Cannes Film Festival

The British Independent Film Awards

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The Offies, OffFest and OnComm, UK Panto Awards

The Evening Standard Awards

The Stage Debut Awards

What’s On Stage Awards

Welsh National Theatre

Ian Charleston

ALPD Awards

GLAAD

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7. Anti-racism and equity

Equity and inclusion remain embedded priorities across RADA’s teaching, culture and operations. The Director of Equity and twelve departmental anti-racism leads have continued systemic work to embed equitable practice in curriculum design, pedagogy, and student experience.

The new BA Acting curriculum incorporates anti-racist and decolonised approaches across reading lists, play choices, movement and voice practice, and assessment. Student and staff feedback is being built into an annual evaluation cycle, ensuring accountability and long-term progress.

Specialist training has also expanded in neurodiversity and inclusive recruitment, while technical departments are increasing representation through targeted outreach and accessible performance projects.

8. Access and Participation

RADA’s 2025 – 29 Access and Participation Plan was approved by the Office for Students this year.

RADA Connect, our admissions support programme, which aims to remove financial barriers through fee waivers and travel bursaries, while creating a sense of community through bespoke support sessions tailored to both Acting and Technical Theatre and Stage Management applicants, continues to show promising results engaging over 490 participants nationwide in its second year.

Other progress includes new partnerships and projects, the introduction of the Higher Education Access Tracker, and national recognition for the pioneering Originate Actor Training programme (in partnership with Theatre Peckham, Guildhall School of Music & Drama and Young and Talented), which won the NEON 2024 Widening Access Partnership Award.

Pre-arrival support for incoming students has expanded through online financial planning sessions, wellbeing webinars, and transition resources.

9. Estate and operations

This year RADA undertook essential maintenance works, which meant temporary closure of its buildings at 16 Chenies Street, Gower Street and Malet Street during the course of the year. We were able to relocate all activity with minimal disruption. During the year, the Operations, Estates and ICT departments have delivered a range of improvements to strengthen service delivery, compliance, and financial resilience. Key developments include enhanced health and safety systems, and progress on major capital and compliance projects. A newly appointed Group Operations Director will support the development of a long-term estate strategy, to ensure our estate can support the delivery of our strategic and charitable objectives.

10. People and culture

Our people remain at the heart of our resilience and ambition. Over the past year, staff across all departments have sustained the quality of our training and student experience through a period of operational challenge and leadership transition. Their professionalism, care and adaptability have enabled continuity across teaching, productions and professional services.

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HR initiatives this year have included new wellbeing and support offers, expanded neurodiversity and inclusion training, and reviewed recruitment practices. Our staff engagement score is positive at +66, reflecting confidence in enhanced internal communication and organisational support.

11. Income Generation and Sustainability

RADA generates supplementary income through fundraising and commercial activity to sustain and enhance our training. These ventures not only provide vital financial support but also demonstrate RADA’s educational reach, sharing the principles of our actor training with wider professional audiences. Together, they enable continued investment in our people, facilities and programmes, ensuring our teaching remains of the highest standard, reflects our values and is fully aligned with industry practice.

RADA has made meaningful progress in a challenging national context for higher education and specialist arts training. Rising estate costs and inflation continue to exert pressure, but disciplined financial planning, cost control and improved forecasting have strengthened our ability to manage our finances .

RADA Business review

RADA Business helps people in the workplace become brilliant communicators by translating the skills used in actor training to the business world. RADA Business offers world-class programmes, coaching, and consultancy to organisations and individuals, focusing on leadership, confidence, and impactful communication. Their work is grounded in an understanding of business needs and aims to give everyone a voice at work. All profits support RADA’s activities, helping to develop the next generation of actors and technicians.

RADA Business achieved positive and sustained results this year. The team’s dedication continues to ensure high standards of client experience and commercial success, with growth in key client relationships and new opportunities. Positive client feedback and a successful programme of engagement events have further strengthened our partnerships. We have continued to invest in our people, strengthening team practices and fostering a culture of collaboration and shared values to support future growth and resilience.

RADA Studios was closed between November 2024 – September 2025 in order for essential maintenance and refurbishment work to be completed, and during this period RADA Business operated its Open Programmes from a nearby leased location.

Short Courses

RADA’s Short Courses continue to reach a global community of learners, from those beginning their acting journey to established professionals. This year we worked with 2,400 participants from around the world, offering training grounded in RADA’s classical practice and adapted for today’s industry. Our Acting for Camera and Meisner courses have expanded to three levels, reflecting growing demand, and we successfully launched our first Short Courses in New York City ( An Actor’s Workout and Shakespeare in New York ), both of which achieved high participation and satisfaction. These courses extend RADA’s educational influence internationally, sharing the Academy’s training philosophy with a wider creative community.

Fundraising

We are deeply grateful for the continued generosity of our supporters, whose contributions help sustain RADA’s world-leading training and educational excellence. Together, our supporters, funders, and partners helped us to raise £1,286k this financial year (2023-24: £1,322k) through major gifts, trusts and foundations, public grants, individual donations, Members and Patrons, corporate partnerships, sponsorship and legacies. These amounts are recorded within the comparative categories of the Statement of Financial Activities.

We warmly acknowledge the generous support of Jerry Murdock, Anne Peck, Satoko Yamaga Macdonald, Charles Holloway OBE, Philip & Christine Carne, The Leverhulme Trust, The Clothworker’s Foundation and The Wall Trust for their continuing support, and thank our long-standing Principal Partner

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Warner Bros. Discovery. A special thanks to Cockayne – Grants for the Arts: a donor advised fund held at The London Community Foundation, for supporting RADA’s Library Project in the 2023/24 academic year.

RADA’s fundraising is managed by our in-house team supported by members of RADA Council and the Development Board. We focus on building lasting relationships with individuals, trusts, foundations and organisations who share RADA’s values. Our approach is legal, open, honest and respectful, and we are registered with the Fundraising Regulator, adhering fully to its Code of Fundraising Practice. During the year we recorded no failures to comply and received no complaints.

All restricted income is allocated to its specified project and used solely for the intended purpose. We do not use intrusive or persistent fundraising methods and ensure that our work maintains the highest professional standards.

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 2025 and 31 July 2024:

Student and other fees
HE grants
Bursary funding
Other fundraising
Donations in kind
Investment income
Other income
Royalties
Total Academy Income

RADA Business turnover
RADA Business expenditure
RADA Business operating profit
RADA operating costs
Bursary costs
Depreciation on donations in kind
Total income less total expenditure
Add Endowment donations
Add TCIF capital grant
Deduct depreciation and impairment on other assets
Total income less total expenditure
Net(loss)/gain on investment
Theatre tax relief		 2025
2024
£,000
£,000
5,111
4,497
2,302
2,335
354
494
579
386
274
58
125
153
490
272
71
112
9,306
8,307
7,410
7,139
(6,687)
(6,547)
723
592
(8,946)
(8,937)
(478)
(479)
(55)
(58)
550
(575)
8
282
-
35
(846)
(775)
(288)
(1,033)
(103)
154
349
491

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(42) (388)

Deficit

During the year an extensive cost reduction program was undertaken. Tuition fees increased by £614k. Short Courses again achieved significant growth, with sales up by £425k (18%) in the year to £2,785k (2023-24 £2,371k).

There has been an increase in the year for RADA Business income of £271k (to £7,410k) and in contribution of £131k (to £723k).

Cash balance at the year end is £4,948k (2024: £4,087k).

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 Finance and General Purposes Committee and the Finance Director.

Reserves policy

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
5,111
10%
HE Grants
2,302
50%
Bursary Funding
354
100%
Other Fundraising
579
100%
Donations in Kind
274
20%
Investment Income
125
50%
Other Income
490
60%
Royalties
71
50%
Rada Business
7,410
35%
Total Reserves required		 Reserves required
£,000
511
1,151
354
579
55
63
294
36
2,594
5,637

The general unrestricted reserves of RADA at 31 July 2025 were £1.04m (2024: £1.2m, 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. We are reviewing classification on an ongoing basis of restricted reserves, and also improving the financial model of RADA to improve future financial performance.

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Historic pension fund

The defined benefit pension scheme has been closed to new members since 2005. The pension fund’s assets at 31 July 2025 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.

Going concern

Tuition fees; the regulated fee is rising for both 2025-26 and 2026-27. There is an annual increase for unregulated fees. Student demand for RADA courses remains high.

Growth in income and contribution from both RADA Business, and Short Courses continues. This is set in the context of the deficit of £42k for the year, and 2024-25 is the sixth consecutive year of deficits.

During the prior year, RADA commissioned an extensive survey of the condition of its estate. Options are currently being worked through along with an updated estates strategy. The cost estimate for 2025-26 is £1.2m.

As a first step of the wider update of the estate, the refurbishment of the RADA Studios building was undertaken during the year, with a cost for the 2024-25 year of £637k of the £850k total project which was completed after the year end.

The Trustees are content that RADA has the funds to operate for at least 12 months from the point at which these financial statements are approved.

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 2024 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

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"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, risk and people management.

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.

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 re-elected 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 follow good practice in the identification, evaluation, and costeffective control of risks to ensure that they are 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

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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). Other key risks include estates strategy and compliance, and business operations including cyber.

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 receive 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.

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 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 David Harewood, OBE
Vice President Cynthia Erivo
Trustees The following have served as members of Council since 1 August 2024:
Chair Marcus Ryder MBE
Vice Chair John Romeo
Helen Selwood
Members Professor Judith Buchanan
Lolita Chakrabarti to 10 July 2025
Judith Chan
Rishi Madlani to 31 Dec 2024
Richard Middleton OBE
Maxine Peake
Tanya Rose to 11 November 2024
Michael Simkins
Bex Snell
Shona Spence
Caroline Spicer
Jake Steele
Heather Walker from 28 October 2024
Miranda Wayland
Staff Governors Niamh Dowling (Principal) to 14 November 2025
Helen Slater (Acting Principal) from 17 December 2024
(Acting) Elizabeth Ballinger
(TTSM) Matt Leventhall
(Professional Tom Carswell
Services)
Student Governors Katie Friedli Walton (Acting) from 28 October 2024 to
12 July 2025
Frances Chappell (Technical Theatre) from 28 October 2024 to
12 July 2025

Professional Advisers

Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers National Westminster Bank plc 250 Bishopsgate London EC2M 4AA

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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 11 December 2025 and signed on its behalf by:

Marcus Ryder

Marcus Ryder (Dec 16, 2025 09:51:16 GMT)

……………………………..

Marcus Ryder Chair of Council

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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 2025 which comprise the Consolidated Statement of Financial Activities, the Balance sheets, the Consolidated Cashflow Statement and the 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

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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). 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 19, 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

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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 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 noncompliance 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

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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 Statutory Auditors 71 Queen Victoria Street, London, EC4V 4BE

Date:

19/12/2025

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

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RADA Consolidated Statement of Financial Activities for the year ended 31 July 2025

Income and Endowments from:
Grants, donations and legacies
Charitable Activities
Other trading activities
Investment income
Total Income
Expenditureon:
Raising funds- commercial trading
Raising funds- fundraising
Raising funds- investment management
Charitable activities
Total expenditure
Total income lesstotalexpenditure
Net (loss)/gain on investment
Net incomefortheyear
Transfers between funds
Net income after transfers
Taxation
Netmovementin funds
Total funds brought forward
Total fundscarriedforward		 notes
2
3-6
11
23
8
22		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
Funds
Total
Funds
2025
2025
2025
2025
2024
£,000
£,000
£,000
£,000
£,000
732
546
8
1,286
1,332
7,904
7,904
7,139
7,410
7,410
7,139
125
125
153
16,046
671
8
16,724
15,763
6,147
6,147
6,027
365
365
361
24
24
26
9,289
1,187
10,476
10,382
15,801
1,187
24
17,012
16,796
244
(516)
(16)
(288)
(1,033)
(103)
(103)
154
244
(516)
(119)
(391)
(879)
211
(211)
455
(727)
(119)
(391)
(879)
349
349
491
804
(727)
(119)
(42)
(388)
7,688
20,513
5,221
33,422
33,810
8,492
19,786
5,102
33,380
33,422

All activities derive from continuing operations

The notes on pages 29 to 48 form an integral part of these accounts

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ROYAL ACADEMY OF DRAMATIC ART

Balance Sheets at 31 July 2025

Balance Sheets at 31 July 2025July 20252025
Group Academy
notes 2025 2024 2025 2024
£,000 £,000 £,000 £,000
FixedAssets
Intangible assets 9 48 90 9 18
Tangible assets 10 30,807 30,370 30,709 30,316
Investments held as fixed assets 11 4,399 4,948 4,401 4,950
Total fixedassets 35,254 35,408 35,119 35,284
Current Assets
Debtors 13 2,163 2,691 2,063 2,591
Cash at bank and in hand 4,948 4,087 3,522 2,967
Totalcurrent assets 7,111 6,778 5,585 5,558
CurrentLiabilities
Creditors: amounts falling due
within one year 14 (4,147) (3,771) (2,480) (2,585)
Net current assets 2,964 3,007 3,105 2,973
Totalassetslesscurrentliabilities 38,218 38,415 38,224 38,257
Creditors: amounts falling due after
more than one year 16 (4,813) (4,968) (4,813) (4,968)
Provisions for liabilities 17 (25) (25)
Totalnet assets 33,380 33,422 33,411 33,289
Represented by:
Unrestricted Revenue funds 22,23 (3,769) (3,771) (3,738) (3,778)
Designated Fixed Asset funds 22,23 12,261 11,459 12,261 11,333
Total unrestricted funds 8,492 7,688 8,523 7,555
Restricted Revenue funds 22,23 1,192 1,500 1,192 1,500
Restricted Fixed Asset funds 22,23 18,594 19,013 18,594 19,013
Total restrictedfunds 19,786 20,513 19,786 20,513
Endowment funds 22,23 5,102 5,221 5,102 5,221
Totalendowmentfunds 5,102 5,221 5,102 5,221
Totalcharityfunds 33,380 33,422 33,411 33,289

The financial statements on pages 25 to 48 were approved by Council on 11 December and signed on its behalf by:

Marcus Ryder Marcus Ryder (Dec 16, 2025 09:51:16 GMT) Marcus Ryder MBE Helen Slater Chair of Council Accountable Officer

Caroline Spicer Member of Council

The notes attached on pages 29 to 48 form an integral part of these accounts

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ROYAL ACADEMY OF DRAMATIC ART

The notes on pages 29 to 48 form an integral part of these accounts

Notes to the accounts for the year ended 31 July 2025

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

Tuition fees: the regulated fee is rising for both 2025/26 and 2026/27. There is an annual increase for unregulated fee. Student demand for RADA courses remains high.

Growth in income and contribution from both RADA Business, and short courses continues. In addition, development income is similarly increasing year on year. This is set in the context of the deficit of £42k for the year, and 2024/25 is the sixth consecutive year of deficits.

During the year, RADA commissioned an extensive survey of the condition of its estate. Options are currently being worked through along with an updated estates strategy. The cost estimate for 2025/26 is £1.2m

As a first step of the wider update of the estate, the refurbishment of the RADA Studios building was undertaken during the year, with a cost for the 2024/25 year of £637k of the £850k total project which was completed after the year end.

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The Trustees are content that RADA has the funds to operate for at least 12 months from the point at which these financial statements are approved.

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.

Theatre tax relief (TTR) for 2024/25 has been included as an estimate based on the previous year's claim, with both years having the same number of productions held, rather than a detailed calculation using exact costs.

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).

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.

Amounts received after the year end may differ from estimates made in these accounts

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.

Specific sources of income are treated as follows:

- Funding Council Grants

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.

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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 accounted 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 performancerelated 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.

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.

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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.

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

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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 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.

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.

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RADA annual report and accounts 2024-25 FINAL draft (v4, for signing)

Final Audit Report

2025-12-19

Created: 2025-12-16 By: Cordelia Longworth (cordelialongworth@rada.ac.uk) Status: Signed Transaction ID: CBJCHBCAABAAhHHsRpX4-5N_wSX4yzSDf9-BesyGuvHB

"RADA annual report and accounts 2024-25 FINAL draft (v4, for signing)" History

Signature Date: 2025-12-16 - 9:51:16 AM GMT - Time Source: server

Signature Date: 2025-12-16 - 11:35:57 AM GMT - Time Source: server

Document emailed to caroline.spicer49@gmail.com for signature 2025-12-16 - 11:36:03 AM GMT

2025-12-17 - 6:47:14 PM GMT

Agreement completed.

2025-12-19 - 3:02:34 PM GMT