2026-02-16T11:57:38-06:00 2025-03-31 131655065 LUTZ AND CARR CPAS LLP 551 FIFTH AVENUE SUITE 400 NEW YORK NY 10176 990 2024-04-01 133085180 THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON ROYA 1789296655 WATERSIDESTRATFORD-UPON-AVON WARWICKSHIRE UK CV37 6BB KATE HOLDEN CHIEF FINANCE OFFICER 1789296655 2026-02-14 1 0 LAUREN CRESCI P01268493 2126972299 2024 2025-03-06 01:10:19Z ANDREW LEVESON WATERSIDESTRATFORD-UPON-AVON WARWICKSHIRE UK CV37 6BB 104260892 0 X WWW.RSC.ORG.UK X 1925 UK THE COMPANY'S PRINCIPAL OBJECTIVES LAID DOWN IN THE ROYAL CHARTER ARE TO CONSERVE, ADVANCE AND DISSEMINATE THE DRAMATIC HERITAGE OF SHAKESPEARE AND TO ADVANCE AND IMPROVE THE DRAMATIC ART, BOTH IN THE UNITED KINGDOM AND THROUGHOUT THE WORLD. THE COMPANY IS CHARGED WITH PRODUCING AND PRESENTING DRAMATIC PERFORMANCES OF ALL KINDS, AND WITH TEACHING AND TRAINING AND OTHER EDUCATIONAL ACTIVITIES. 16 13 0 36 0 0 26479502 28319171 86218457 73476973 2194249 2346471 -278337 118277 114613871 104260892 0 0 0 0 842544 1028217 0 0 2376994 108524104 105368027 109366648 106396244 5247223 -2135352 215566826 216659130 50785326 51485618 164781500 165173512 X THE COMPANY'S PRINCIPAL OBJECTIVES LAID DOWN IN THE ROYAL CHARTER ARE TO CONSERVE, ADVANCE AND DISSEMINATE THE DRAMATIC HERITAGE OF SHAKESPEARE AND TO ADVANCE AND IMPROVE THE DRAMATIC ART, BOTH IN THE UNITED KINGDOM AND THROUGHOUT THE WORLD. THE COMPANY IS CHARGED WITH PRODUCING AND PRESENTING DRAMATIC PERFORMANCES OF ALL KINDS, AND WITH TEACHING AND TRAINING AND OTHER EDUCATIONAL ACTIVITIES. THE ORGANIZATION IS BASED IN THE UNITED KINGDOM AND HAS MINIMAL ACTIVITY IN THE UNITED STATES. 0 0 99525472 73595250 PRODUCTIONS PRESENTED IN 2024/25THIS YEAR WE WERE DELIGHTED TO PRESENT DANIEL AND TAMARA'S BOLD AND EXCITING INAUGURAL SEASON. THE SEASON OPENED WITH LUKE THOMPSON STARRING IN LOVES LABOURS LOST AT THE RST DIRECTED BY EMILY BURNS, WHICH DREW AN AUDIENCE OF ALMOST 30,000 PEOPLE. THIS WAS FOLLOWED BY THE BUDDHA OF SUBURBIA, A CO- PRODUCTION WITH WISE CHILDREN. IT WAS DIRECTED BY OUR GOOD FRIEND EMMA RICE, WHO WON BEST DIRECTOR FOR BUDDHA IN THE WHAT'S ON STAGE AWARDS. THIS PLAYED IN THE SWAN THEATRE BEFORE TRANSFERRING TO THE BARBICAN FOR A VERY SUCCESSFUL RUN IN THE AUTUMN.ENGLISH, WRITTEN BY SANAAZ TOOSSI AND PRESENTED IN ASSOCIATION WITH THE KILN THEATRE, OPENED IN THE OTHER PLACE. IT WAS NOMINATED FOR AN OLIVIER AWARD FOR BEST NEW PRODUCTION IN AN AFFILIATE THEATRE. DURING THE SUMMER, DOUBLE OLIVIER AWARD WINNER SAM SPIRO PLAYED MISTRESS PAGE IN THE MERRY WIVES OF WINDSOR, PLAYING TO HOUSES OF ALMOST 42,000 PEOPLE. TINUKE CRAIG'S HOT PINK PRODUCTION OF RICHARD BRINSLEY SHERIDAN'S 1777 THE SCHOOL FOR SCANDAL PLAYED IN REPERTOIRE WITH THE MERRY WIVES OF WINDSOR DURING SUMMER 2024. WE WERE DELIGHTED TO WELCOME UKRAINE'S THEATRE STUDIO OF IDP'S UZHIK TO THE OTHER PLACE TO PERFORM THEIR POWERFUL PRODUCTION OF KING LEAR, WHICH PLAYED TO SELL OUT AUDIENCES IN JUNE. AS PART OF THEIR VISIT, THEY MET WITH REPRESENTATIVES FROM INTERNATIONALLY DISPLACED PEOPLE GROUPS ACROSS WARWICKSHIRE (INCLUDING WELCOME HERE, MOSAIC CHURCH, HAND IN HAND AND ASSOCIATION OF UKRAINIANS OF GREAT BRITAIN) WHO WERE GIVEN THE OPPORTUNITY TO WATCH A PERFORMANCE AHEAD OF THE PUBLIC OPENING. 99525472 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 X 0 0 0 0 1 UK 0 0 0 0 0 0 X 16 13 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 NY X THE ORGANIZATION 1789296655 WATERSIDE STRATFORD-UPON-AVON WARWICKSHIRE UK CV37 6BB X SHRITI VADERA CHAIRMAN 1.00 X X 0 0 0 MARK THOMPSON DEPUTY CHAIRMAN 1.00 X X 0 0 0 ANDREW LEVESON EXECUTIVE DIRECTOR 40.00 X X 148820 0 7437 TAMARA HARVEY CO-ARTISTIC DIRECTOR 40.00 X X 196532 0 11783 DANIEL EVANS CO-ARTISTIC DIRECTOR 40.00 X X 220294 0 16210 GEOFF BARTON MEMBER 1.00 X 0 0 0 SIR NICHOLAS HYTNER MEMBER 1.00 X 0 0 0 ANDREW MILLER MBE MEMBER 1.00 X 0 0 0 AMANDA PARKER MEMBER 1.00 X 0 0 0 WINSOME PINNOCK MEMBER 1.00 X 0 0 0 CLARE REDDINGTON MEMBER 1.00 X 0 0 0 EMMA SMITH MEMBER 1.00 X 0 0 0 MARK SMITH MEMBER 1.00 X 0 0 0 AYANNA THOMPSON MEMBER 1.00 X 0 0 0 LIZ VERNON MEMBER 1.00 X 0 0 0 LUCY WILLIAMS MEMBER 1.00 X 0 0 0 CATHERINE MALLYON FORMER EXECUTIVE DIRECTOR 1.00 X 227027 0 3099 CHRISTOPHER HILL DIRECTOR OF AUDIENCES & MARKETING 40.00 X 218764 0 11659 LISA HUGHES CHIEF FINANCE OFFICER 40.00 X 159712 0 11283 CHRISTOPHER O'BRIEN DIRECTOR OF AUDIENCES & MA 40.00 X 115744 0 15923 STEPHANIE DITTMER HENSEN DEVELOPMENT DIRECTOR 40.00 X 104544 0 7461 SARAH ELLIS DIRECTOR OF CREATIVE INNOVATION 40.00 X 108540 0 10461 PETER WARMAN DEPUTY DIRECTOR OF DEVELOPMENT 40.00 X 105611 0 9888 1605588 0 105204 9 1 1 0 AKA PROMOTIONS LTD 115 SHAFTESBURY AVE LONDON UK WC2H8AF MARKETING SERVICES 2944121 CASAROTTO RAMSAY & ASSOCIATES LTD WAVERLY HOUSE 7-12 NOEL STREET LONDON UK W1F8GQ AGENT SERVICES 2385477 OCS GROUP UK LIMITED 5 THE ENTERPRISE CENTRE KELVIN LAN CRAWLEY UK RH109PE CLEANING/ENVIRONMENTAL CONTRACTOR 2223819 THE AGENCY (LONDON) LTD 24 POTTERY LANE HOLLAND PARK LONDON UK W114LZ AGENT SERVICES 1396684 DEWYNTERS LTD WELLINGTON HOUSE 125 STRAND LONDON UK W2CR0AP MARKETING SERVICES 1361804 75 19814644 8504527 28319171 THEATRE OPERATIONS 711110 59042043 59042043 INCOME FR. SUBSIDIARIES 711110 7156419 7156419 OTHER TRADING ACTIVITIES 711110 2669508 2669508 LICENSING OF RIGHTS 711110 2434225 2434225 EDUCATION INCOME 611710 2174778 2174778 73476973 2346471 2346471 NET GAIN FROM JOINT VENTURE 900000 118277 118277 118277 104260892 73595250 0 2346471 1028217 976806 51411 6170774 6170774 PRODUCTIONS 66005818 62705527 3300291 THEATRE OPERATIONS 18126965 18126965 TRADING EXPENDITURES 6966920 6966920 EDUCATION 4578480 4578480 3519070 1142076 2376994 106396244 99525472 4493778 2376994 20037138 20300029 17469213 12932968 2148775 9031547 4754575 5150754 178891664 56337253 117682675 122554411 50107362 43130953 3367088 3558468 215566826 216659130 18090363 17368160 5827700 7780926 26867263 26336532 50785326 51485618 X 0 0 0 0 164781500 165173512 164781500 165173512 215566826 216659130 X -2135352 -420966 2948330 X X 0 1 X 1 0 X 36683161 24469930 24730888 26479502 28319171 140682652 36683161 24469930 24730888 26479502 28319171 140682652 6327370 134355282 729922 875372 1407770 2194249 2346471 7553784 -406820 -124090 -191100 -278337 118277 -882070 147354366 267061438 0.91180 0.92140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 18167375 643531 3693863 15117043 16536016 1597632 -33727 18167375 18649536 -645918 29302 1438300 16536016 18831944 1161317 66091 1277634 18649536 7252430 9156728 1138050 58865 -1343601 18831944 1.00000 0 0 178891664 56337253 122554411 122554411 REPAYABLE FINANCE FROM CULTURE RECOVERY FUND 24447707 DEFINED BENEFIT PENSION PAYABLE 1888825 26336532 X 103839926 -420966 -420966 104260892 0 104260892 106396244 0 106396244 0 106396244 PART III, LINE 4: THE CORPORATION MAINTAINS A COLLECTION THAT WAS STARTED IN 1897 BY CHARLES EDWARD FLOWER, CONSISTING OF COSTUMES, ARTWORKS, PROP AND OBJECTS AS WELL AS AN ARCHIVE OF PAPERS WHICH INCLUDE A COPY OF SHAKESPEARE'S FIRST FOLIO. SOME OF THE ASSETS WITHIN THE COLLECTION HAVE ARTISTIC QUALITIES AND CONTRIBUTE TO KNOWLEDGE AND CULTURE THROUGH THEIR RETENTION. THESE ASSETS, VALUED AT 9.5M UK POUNDS FOR INSURANCE PURPOSES, ARE THEREFORE CONSIDERED TO BE HERITAGE ASSETS. THESE ASSETS ARE STATED AT HISTORICAL COST OF NIL AT MARCH 31, 2025. MOST OF THESE ASSETS WERE DONATED TO THE ORGANIZATION MANY YEARS AGO. EXPENDITURE REQUIRED TO PRESERVE OR PREVENT DETERIORATION OF AN INDIVIDUAL COLLECTION ITEM IS RECOGNIZED AS AN EXPENSE WHEN INCURRED. PART X, LINE 2: THE ORGANIZATION IS NOT A US ENTITY AND IS NOT SUBJECT TO THE REQUIREMENTS OF THE FASB TO DISCLOSE UNCERTAIN TAX POSITIONS. EUROPE 2 1029 ALL ACTIVITIES 106396244 2 1029 0 0 2 1029 106396244 0 106396244 0 0 1 0 1 0 FORM 990, SCHEDULE F, PART IV, LINE 3 AND 5 THE ROYAL SHAKESPEARE COMPANY IS A NON-US PERSON THAT HAS AN INTEREST IN A NON-US CORPORATION AND PARTNERSHIP. A FORM 5471 OR FORM 8865 IS NOT REQUIRED. 1 X X X 1 0 0 0 0 0 0 0 0 ANDREW LEVESON EXECUTIVE DIRECTOR 139827 0 8993 0 0 0 7437 0 0 0 156257 0 0 0 TAMARA HARVEY CO-ARTISTIC DIRECTOR 181023 0 15509 0 0 0 11783 0 0 0 208315 0 0 0 DANIEL EVANS CO-ARTISTIC DIRECTOR 173645 0 46649 0 0 0 16210 0 0 0 236504 0 0 0 CATHERINE MALLYON FORMER EXECUTIVE DIRECTOR 227027 0 0 0 0 0 0 0 3099 0 230126 0 0 0 CHRISTOPHER HILL DIRECTOR OF AUDIENCES & MARKETING 218764 0 0 0 0 0 11659 0 0 0 230423 0 0 0 LISA HUGHES CHIEF FINANCE OFFICER 159712 0 0 0 0 0 11283 0 0 0 170995 0 0 0 PART I, LINE 4A CATHERINE MALLYON RESIGNED HER POSITION AS EXECUTIVE DIRECTOR AND CEASED TO BE A TRUSTEE ON DECEMBER 22,2023. PAYMENTS OF $227,027 AND $3,099 IN BENEFITS IN KIND WERE MADE TO CATHERINE MALLYON UNDER AN OBLIGATIONS AND SETTLEMENT AGREEMENT IN JANUARY AND MARCH 2024. FORM 990, PART V, LINE 1A AND 2A THE OFFICERS AND DIRECTORS WHO RECEIVED COMPENSATION WORKED IN THE UNITED KINGDOM AND THEY DO NOT RECEIVE A W-2 OR 1099. SEE SCHEDULE O 0 FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS (CONTINUED) WE WERE THRILLED TO CO-PRESENT WITH GOOD CHANCE THE WORLD PREMIERE AT THE RST OF KYOTO, A NEW PLAY WRITTEN BY JOE MURPHY AND JOE ROBINSON WHICH WAS MET WITH CRITICAL ACCLAIM, PRIOR TO TRANSFERRING TO LONDON FOR A HUGELY SUCCESSFUL RUN AT SOHO PLACE. KYOTO WAS NOMINATED FOR TWO OLIVIER AWARDS - JOE MURPHY AND JOE ROBINSON FOR BEST NEW PLAY AND JORGE BOSCHE FOR BEST ACTOR IN A SUPPORTING ROLE. BRENDAN O'HEA DIRECTED AS YOU LIKE IT IN THE HOLLOWAY GARDEN THEATRE IN THE SUMMER, WITH LUKE BRADY AND LETTY THOMAS MAKING THEIR RSC DEBUTS AS SPARRING LOVERS, ORLANDO AND ROSALIND. TAMARA MADE HER DIRECTORIAL DEBUT AT THE RSC IN JULY WITH PERICLES, STARRING ALFRED ENOCH AT THE SWAN THEATRE. IT HAS BEEN 18 YEARS SINCE THE RSC STAGED THIS PLAY. EXCEEDING ALL TARGETS, IT THEN TRANSFERRED TO THE CHICAGO SHAKESPEARE THEATER IN OCTOBER 2024. IN SEPTEMBER, WE WERE PLEASED TO WELCOME NORTHERN BALLET WITH THEIR PRODUCTION OF ROMEO AND JULIET IN SELLOUT SHOWS AT THE RST. THE NEW REAL, DAVID EDGAR'S 10TH PLAY FOR THE RSC, PREMIERED IN OCTOBER 2024 AT THE OTHER PLACE, AND BECAME THE HIGHEST GROSSING PLAY EVER IN THAT VENUE. DURING OCTOBER, JOHN DOUGLAS THOMPSON STARRED AS OTHELLO AND WILL KEEN AS IAGO IN TIM CARROLL'S OTHELLO AT THE RST. MATT BAYNTON REPRISED HIS BRILLIANT PORTRAYAL OF BOTTOM IN A MIDSUMMER NIGHT'S DREAM DURING OUR WINTER RESIDENCY AT THE BARBICAN. A HUGE HIT WITH AUDIENCES, IT WAS ALSO WIDELY WELL RECEIVED BY CRITICS. FOR CHRISTMAS 2024, PLAYWRIGHT NANCY HARRIS BROUGHT HANS CHRISTIAN ANDERSONS DARK FAIRY TALE INTO THE 21ST CENTURY IN THE SWAN THEATRE WITH HER INTERPRETATION OF THE RED SHOES, WHICH WAS SEEN BY AN AUDIENCE OF OVER 26,000. PRASANNA PUWANARAJAH'S TWELFTH NIGHT WAS THE CHOICE FOR A CHRISTMAS SHOW AT THE RST, WHICH EXCEEDED ALL TARGETS. SAMUEL WEST AS MALVOLIO WAS JOINED BY GWYNETH KEYWORTH AS VIOLA, FREEMA AGYEMAN AS OLIVIA AND BALLY GILL AS ORSINO. OPENING 2025, RUPERT GOOLD DIRECTED LUKE THALLON, JARED HARRIS AND NANCY CARROLL IN HAMLET AT THE RST, WITH SET DESIGN BY ES DEVLIN. CLOSING THE SEASON, DANIEL STARRED IN CHRISTOPHER MARLOWE'S RARELY PERFORMED TRAGEDY EDWARD II AT THE SWAN THEATRE, DIRECTED BY DANIEL RAGGETT. EDWARD II WAS LAST PERFORMED AT THE RSC IN 1990. MATILDA THE MUSICAL THERE WERE OVER 420 PERFORMANCES OF MATILDA DURING THE YEAR, REACHING AN AUDIENCE OF OVER 440,000. THIS BRINGS THE TOTAL NUMBER OF PERFORMANCES OF MATILDA IN LONDON SINCE IT STARTED IN OCTOBER 2011, TO OVER 5,000. KEY HIGHLIGHTS - CREATIVE LEARNING AND ENGAGEMENT DURING THE YEAR, WE WERE AWARDED A GRANT TO TEST THE FEASIBILITY OF A CULTURAL EDUCATION PLATFORM. IN 2024, WE WERE AWARDED SEED FUNDING FROM BLOOMBERG TO TEST THE FEASIBILITY OF A CULTURAL EDUCATION RESEARCH HUB FOR THE SECTOR. THIS HAS RESULTED IN THE RSC CONVENING ROUNDTABLES INVOLVING 40 REPRESENTATIVES FROM THE ARTS AND CULTURAL SECTOR. THE ASSOCIATE SCHOOLS PROGRAMME WE WORKED WITH 290 SCHOOLS AND 16 REGIONAL THEATRES THROUGH OUR ASSOCIATE SCHOOLS NETWORK, DELIVERING 86 TEACHER TRAINING DAYS AND 18 PLAYMAKING FESTIVALS INVOLVING 863 TEACHERS AND 124,122 STUDENTS, INCLUDING 457 YOUNG SHAKESPEARE AMBASSADORS. RESEARCH UNDERTAKEN USING QUALITATIVE AND QUANTITATIVE METHODS, INCLUDING A RANDOMISED CONTROL TRIAL. RESEARCH - TIME TO ACT WE HAVE SHARED THE RESULTS OF OUR TIME TO ACT RANDOMISED CONTROL TRIAL UNDERTAKEN IN 23/24 WITH COLLEAGUES IN GOVERNMENT AND IN THE CULTURAL AND EDUCATION SECTORS THROUGH 3 ROUNDTABLE EVENTS, 5 CONFERENCE PRESENTATIONS AND 10 STAKEHOLDER MEETINGS. FIRST ENCOUNTER TOUR OF ROMEO AND JULIET WE COMPLETED 89 PERFORMANCES ACROSS A 12-WEEK TOUR OF A 90-MINUTE PRODUCTION OF ROMEO AND JULIET AS PART OF OUR FIRST ENCOUNTERS WITH SHAKESPEARE PROGRAMME. THE PRODUCTION WAS SEEN AND ENJOYED BY 17,212 PEOPLE (114% OF TARGET), 60% OF WHOM WERE SEEING SHAKESPEARE IN PERFORMANCE FOR THE FIRST TIME AND A QUARTER OF WHOM WERE SEEING THEIR FIRST PLAY. PUBLIC PROGRAMME FOR VISITORS AND COMMUNITIES, SUMMER 2024 DURING THE SUMMER OF 2024 WE RAN 3 SUMMER SCHOOLS, 44 ACTIVITIES AND WORKSHOPS FOR CHILDREN AND FAMILIES, AN INTERACTIVE LIGHT AND SOUND INSTALLATION 'THE GLASSHOUSE AND AN OPEN STAGE PROGRAMME OF PERFORMANCES BY COMMUNITY, STUDENT AND AMATEUR GROUPS. 10,056 PEOPLE OF ALL AGES PARTICIPATED IN THE ACTIVITIES. KEY HIGHLIGHTS - CREATIVE INNOVATION AND INDEPENDENT RESEARCH ORGANIZATION (IRO) IN MARCH 2024 WE WERE AWARDED A CREATIVE RESEARCH CAPABILITY (CRESCA) GRANT FROM THE ARTS AND HUMANITIES RESEARCH COUNCIL (AHRC) OF 1,594,120, WHICH HAS ENABLED US TO CONTINUE WITH OUR RESEARCH INTO A FUTURE PERFORMANCE INSTITUTE. WE HAVE SUCCESSFULLY RECRUITED A FURTHER COHORT OF FELLOWS. FROM 400 APPLICATIONS WORLDWIDE, WE INTERVIEWED 40 INDIVIDUALS AND HAVE RECRUITED 15 NEW FELLOWS FROM ACROSS THE GLOBE, REPRESENTING A HUGELY DIVERSE CROSS SECTION OF TALENT ACROSS THE ARTS. THE FELLOWS WILL GATHER TOGETHER IN STRATFORD FOR THE FESTIVAL OF IDEAS IN JULY 2025. EQUIPMENT FUNDED BY THIS GRANT ENABLED THE TEAM TO MAKE A 20-MINUTE DEMO OF OUR GAME, LILI, WHICH WAS DEBUTED AT THE CANNES FILM FESTIVAL IN MAY 2025. VIRTUAL MODEL BOX FUNDED BY BLOOMBERG WILL ALLOW CREATIVE TEAMS TO ACCURATELY SEE AND EXPERIENCE THE SET OF OUR PRODUCTIONS IN 3D BEFORE THEY ARE MADE. KEY HIGHLIGHTS - BUILDINGS, INFRASTRUCTURE AND SYSTEMS AS A THEATRE COMPANY, WE ARE DIFFERENT FROM MANY OTHERS IN THAT WE HAVE THE PRIVILEGE OF HAVING A LARGE ESTATE, ESSENTIAL TO OUR OPERATIONS IN STRATFORD, TOGETHER WITH THE RESPONSIBILITY AND OBLIGATION TO MAINTAIN IT. THE CONDITION OF OUR ESTATE, TECHNICAL EQUIPMENT AND SYSTEMS CONTINUES TO BE A MAJOR DRAIN ON OUR RESOURCES AND CONSTITUTES A SIGNIFICANT FUTURE LIABILITY. TO BETTER INFORM OUR ASSESSMENT OF NEED FOR CAPITAL, DURING THE YEAR WE STARTED WORK ON OUR FIRST ESTATES MASTER PLAN. WE HAVE WORKED WITH A MULTI-DISCIPLINARY TEAM OF PROFESSIONALS TO GATHER DATA TO SUPPORT THIS PROCESS. WE HAVE HAD THE FIRST INDEPENDENT CONDITION SURVEY OF OUR BUILDINGS SINCE 2018. WE ALSO COMMISSIONED AN INDEPENDENT SURVEY OF OUR TECHNICAL EQUIPMENT REPLACEMENT PROGRAMME. WE HAVE RECEIVED AN INDEPENDENT VALUATION OF OUR COMMERCIAL BUILDINGS AND COMPLETED DETAILED FLOOR PLANS OF ALL BUILDINGS. IN ADDITION, WE HAVE HAD AN UPDATED FLOOD RISK ASSESSMENT FOR THE RST AND SWAN THEATRES. KEY HIGHLIGHTS - BUILDINGS, INFRASTRUCTURE AND SYSTEMS AS A THEATRE COMPANY, WE ARE DIFFERENT FROM MANY OTHERS IN THAT WE HAVE THE PRIVILEGE OF HAVING A LARGE ESTATE, ESSENTIAL TO OUR OPERATIONS IN STRATFORD, TOGETHER WITH THE RESPONSIBILITY AND OBLIGATION TO MAINTAIN IT. THE CONDITION OF OUR ESTATE, TECHNICAL EQUIPMENT AND SYSTEMS CONTINUES TO BE A MAJOR DRAIN ON OUR RESOURCES AND CONSTITUTES A SIGNIFICANT FUTURE LIABILITY. TO BETTER INFORM OUR ASSESSMENT OF NEED FOR CAPITAL, DURING THE YEAR WE STARTED WORK ON OUR FIRST ESTATES MASTER PLAN. WE HAVE WORKED WITH A MULTI-DISCIPLINARY TEAM OF PROFESSIONALS TO GATHER DATA TO SUPPORT THIS PROCESS. WE HAVE HAD THE FIRST INDEPENDENT CONDITION SURVEY OF OUR BUILDINGS SINCE 2018. WE ALSO COMMISSIONED AN INDEPENDENT SURVEY OF OUR TECHNICAL EQUIPMENT REPLACEMENT PROGRAMME. WE HAVE RECEIVED AN INDEPENDENT VALUATION OF OUR COMMERCIAL BUILDINGS AND COMPLETED DETAILED FLOOR PLANS OF ALL BUILDINGS. IN ADDITION, WE HAVE HAD AN UPDATED FLOOD RISK ASSESSMENT FOR THE RST AND SWAN THEATRES. KEY HIGHLIGHTS - ENVIRONMENTAL RESPONSIBILITY ESTATES CARBON AND ENERGY REDUCTION ROADMAP WE APPOINTED CPW CONSULTANTS TO CARRY OUT IN-DEPTH BUILDING AUDITS ACROSS ALL OUR COMMERCIAL BUILDINGS AND A SAMPLE OF RESIDENTIAL BUILDINGS. THEY COMPLETED A COSTED PLAN FOR ENERGY EFFICIENCY IMPROVEMENTS AND THE FEASIBILITY OF MOVING TO RENEWABLE ENERGY SOURCES SUCH AS HEAT PUMPS. THE REPORT HAS PROVIDED AN INCREASED UNDERSTANDING OF THE WORK AND FINANCIAL INPUT REQUIRED TO IMPROVE THE CURRENT BUILDING STOCK AND MOVE TO RENEWABLE ENERGY SOURCES. THE IMPACT OF THIS WORK IS THAT THE ACTIONS WITHIN THE REPORT ARE BEING USED TO INFORM ESTATE PLANNING AND ARE BEING INCORPORATED INTO CONSTRUCTION AND MAINTENANCE PROJECTS. REGIONAL THEATRE GREEN BOOK EVENT WE SUCCESSFULLY HOSTED THE FIRST REGIONAL THEATRE GREEN BOOK EVENT. THE EVENT WAS ATTENDED BY OVER 60 DELEGATES FROM THEATRE ORGANISATIONS WHO WERE PRESENTED WITH CASE STUDIES FROM FIVE DIFFERENT REGIONAL THEATRE ORGANISATIONS. THE IMPACT OF THIS WORK IS THAT IT INCREASED AWARENESS OF THE BENEFITS, CHALLENGES AND PRACTICAL MEASURES TO IMPLEMENT THE GREEN BOOK, PARTICULARLY FOR PARTICIPANTS NEW TO THE SECTOR. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS (CONTINUED) CLIMATE-LED CREATIVE PROGRAMMING: KYOTO A CO-CREATION WITH GOOD CHANCE, OUR PRODUCTION OF KYOTO TOLD THE STORY OF THE 1997 KYOTO CONFERENCE. THIS WAS A TARGETED DELIVERY OF A CLIMATE FOCUSED PRODUCTION AS PART OF OUR ADVOCACY WORK. THIS ACCLAIMED POLITICAL THRILLER WAS SUCCESSFULLY TRANSFERRED TO SOHO PLACE IN THE WEST END. THE PRODUCTION WAS SUPPORTED IN STRATFORD BY OUR CREATIVE LEARNING AND ENGAGEMENT TEAM WHO WORKED WITH GOOD CHANCE TO DELIVER 'CONFERENCE', A PROGRAMME OF PUBLIC EVENTS EXPLORING THE MESSINESS OF AGREEMENT, NEGOTIATION AND HOPE. IT INCLUDED A CLIMATE THEMED ART INSTALLATION, 'SOMEWHERE/NOWHERE' EXPLORING THE PAST, PRESENT AND FUTURE OF SUSTAINABILITY IN THEATRE MAKING, A COMMUNITY LED PEOPLE'S ASSEMBLY FACILITATED BY MEMBERS OF THE RSC'S YOUTH ADVISORY BOARD, A PANEL DISCUSSION FEATURING STEPHEN KUNKEN AND BARONESS ASHTON, MUSIC PERFORMANCES BY LOVE SSEGA, AND A SHORT FILM CALLED THE FUTURE (SIXES AND SEVENS), BY CORNELIA PARKER, EXPLORING THE RESPONSE OF PRIMARY SCHOOL CHILDREN TO THEIR FUTURE. ASSOCIATE DIRECTOR APPOINTMENT WITH RESPONSIBILITY FOR THE ENVIRONMENT WE APPOINTED AN ASSOCIATE DIRECTOR WITH EXPERIENCE OF CLIMATE LED CREATIVE WORK AND IN-DEPTH KNOWLEDGE OF CLIMATE IMPACTS AND ACTION. ELIZABETH FREESTONE, A THEATRE DIRECTOR, CREATIVE CONSULTANT AND ENVIRONMENTALIST WAS APPOINTED TO THE POSITION. THE IMPACT OF THIS APPOINTMENT IS THAT IT HAS INCREASED THE PROFILE OF, AND ENGAGEMENT IN, ENVIRONMENTAL INITIATIVES ACROSS THE RSC, SPECIFICALLY AROUND THE CREATIVE WORK AND ENVIRONMENTAL CULTURE OF THE ORGANISATION. PRODUCTION WORKSHOPS WORK ON REUSE WE HAVE MADE IMPROVEMENTS TO MAXIMISE MATERIAL REUSE WITHIN PRODUCTIONS. WE HAVE IMPLEMENTED AN ASSET MANAGEMENT TOOL, TO ENABLE MANAGEMENT OF POST-PRODUCTION SCENIC MATERIALS AND SET ITEMS AND ESTABLISHMENT OF POST-PRODUCTION DE-BRIEFS. THE IMPACT OF THESE WORKSHOPS HAS BEEN IMPROVED CATALOGUING AND REUSE OF STANDARD ITEMS, MONITORING OF MATERIALS DATA AND REUSE ACROSS PRODUCTIONS. INCREASED ENVIRONMENTAL PROCUREMENT WITHIN RETAIL OFFERING THE RETAIL TEAM CARRIED OUT RESEARCH INTO THE ENVIRONMENTAL CREDENTIALS OF PRODUCTS BEING OFFERED IN STORE AND ONLINE. AS A RESULT, PLASTIC AND SINGLE USE ITEMS ARE BEING PHASED OUT IN PREFERENCE TO MORE SUSTAINABLE OPTIONS SUCH AS WOOD, AND GREATER DUE DILIGENCE CHECKS ARE BEING CARRIED OUT ON SUPPLIERS IN RELATION TO ETHICAL AND ENVIRONMENTAL STANDARDS. THE IMPACT OF THIS WORK HAS BEEN IMPROVED ENVIRONMENTAL STANDARDS ACROSS THE RETAIL RANGE, DEMONSTRATING TO CUSTOMERS OUR COMMITMENT TO THE ENVIRONMENT AND INDIRECTLY SUPPORTING OUR ADVOCACY WORK. FORM 990, PART V, LINE 6B THE ORGANIZATION DOES NOT SOLICIT CONTRIBUTIONS IN THE UNITED STATES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE FINANCE DIRECTOR IN ADVANCE OF FILING. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY APPLIES TO BOARD MEMBERS AND COMMITTEES OF THE BOARD. ALL CONFLICTS OR POTENTIAL CONFLICTS SHOULD BE DISCLOSED TO THE CHAIRMAN. SUCH PERSONS ARE ENTITLED TO PARTICIPATE IN THE INFORMATION GATHERING STAGE OF DISCUSSIONS, BUT IS NOT ENTITLED TO PARTICIPATE IN THE FINAL DELIBERATIONS OR DECISIONS OF THE BOARD OR COMMITTEE. THEY ARE ALSO NOT ENTITLED TO VOTE ON EITHER THE TRANSACTION OR WHETHER THE MEETING IS QUORATE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION LEVELS ARE REVIEWED BY THE BOARD OF GOVERNORS. FORM 990, PART VI, SECTION C, LINE 19 THE ROYAL CHARTER IS REFERRED TO WITHIN THE FINANCIAL STATEMENTS AND IS AVAILABLE ON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION ON THE CHARITY COMMISSION WEBSITE AND THE ANNUAL REPORT SUMMARISING THE FULL FINANCIAL STATEMENTS IS AVAILABLE ON THE COMPANY'S WEBSITE. COPIES OF FULL FINANCIAL STATEMENTS ARE AVAILABLE ON REQUEST TO THE COMPANY. FORM 990, PART VII, COMPENSATION OF OFFICERS AND DIRECTORS, COLUMN D THE OFFICERS, DIRECTORS AND HIGHEST COMPENSATED EMPLOYEES PERFORM ALL THEIR SERVICES OUTSIDE OF THE UNITED STATES AND DO NOT RECEIVE A FORM W-2. THE AMOUNT INCLUDED IN COLUMN D IS THE AMOUNT OF COMPENSATION RECEIVED THAT WOULD HAVE BEEN ON FORM W-2 IF ONE HAD BEEN REQUIRED. PART VII LINE 1A COMPENSATION FOR CERTAIN HIGHLY COMPENSATION EMPLOYEES WAS NOT DISCLOSED UNDER LAWS AND REGULATIONS OF THE UK DATA PROTECTION ACT. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON CURRENCY EXCHANGE 3,455,779. LOSS ON DEFINED BENEFIT PENSION PLAN -507,449. PART IV, QUESTION 12 AND PART XI QUESTION 2B FINANCIAL STATEMENTS WERE AUDITED UNDER INTERNATIONAL STANDARDS ON ACCOUNTING (U.K. AND IRELAND) AND NOT IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. PART XII, QUESTION 2B THE PROCESS FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART VIII THE OFFICERS AND DIRECTORS WHO RECEIVED COMPENSATION WORKED IN THE UNITED KINGDOM AND THEY DO NOT RECEIVE A W-2 OR 1099. SCHEDULE L, PART IV IT IS NORMAL PRACTICE FOR MEMBERS OF THE BOARD, OR ORGANIZATIONS WITH WHICH THEY ARE CONNECTED, TO HELP RAISE DONATIONS OR SPONSORSHIP FOR THE CHARITY. SUCH RECEIPTS CAN COME FROM MEMBERS DIRECTLY OR FROM ORGANIZATIONS IN WHICH MEMBERS HAVE CONTROLLING INTERESTS. NO MATERIAL BENEFITS ARISE TO MEMBERS AS A RESULT OF SUCH TRANSACTIONS AND THEY ARE THEREFORE NOT DETAILED BELOW. THE FOLLOWING TRANSACTIONS TOOK PLACE WITH RELATED PARTIES: ANDREW MILLER IS A NATIONAL COUNCIL MEMBER OF ARTS COUNCIL ENGLAND. DURING THE YEAR, THE CORPORATION RECEIVED A NATIONAL PORTFOLIO ORGANISATION GRANT OF $19,407,294 (2024: $19,687,070) AND A TOURING GRANT OF $407,445 (2024: $639,784). CLARE REDDINGTON HAS BEEN A TRUSTEE OF WISE CHILDREN LIMITED SINCE 2018, WHICH INVOICED THE CORPORATION FOR THE DEVELOPMENT COSTS AND ROYALTIES IN RELATION TO THE THEATRICAL PRODUCTION OF "BUDDHA OF SUBURBIA" AS WELL AS OTHER SMALLER PROJECTS FOR $383,221 (2024: $41,832). THE BALANCE OWED AT THE END OF THE YEAR WAS NIL (2024: NIL). DURING THE YEAR, THE CORPORATION ALSO INVOICED WISE CHILDREN LIMITED FOR ITS CONTRIBUTION TO COSTS RELATING TO THE ABOVEMENTIONED PRODUCTION AND RENT OF A RESIDENTAL PROPERTY FOR $132,663 (2024: $964). THESE WERE ON WISE CHILDREN'S NORMAL COMMERCIAL TERMS AND THE BALANCE OWING AT THE END OF THE YEAR WAS NIL (2024: $964). DESPINA TSATSAS IS ALSO AN EXTERNAL MEMBER OF THE BARBICAN CENTRE BOARD, A COMMITTEE RESPONSIBLE FOR THE ACTIVITIES AND SERVICES OF THE BARBICAN CENTRE. DURING THE YEAR, THE CORPORATION INVOICED THE BARBICAN CENTRE $2,901,139 (2024: $8,327,667) FOR THEATRE TICKET SALES FOR PRODUCTIONS OF "BUDDHA OF SUBURBIA AND "A MIDSUMMER NIGHT'S DREAM" THAT PLAYED IN THE WEST END. RSC ENTERPRISE LIMITED, A SUBSIDIARY OF THE CORPORATION, INVOICED THE BARBICAN CENTRE $149,270 (2024: NIL) FOR ITS SHARE FROM THE SALE OF PROGRAMMES. THE CORPORATION WAS ALSO INVOICED $1,309,887 (2024: $2,183,984) FOR VARIOUS ITEMS INCLUDING THEATRE RENTAL, SALES COMMISSION AS WELL AS CHARGES FOR UTILITIES, TECHNICAL STAFF AND CATERING. THESE WERE ON THE BARBICAN CENTRE'S NORMAL COMMERCIAL TERMS AND THE BALANCE OWED AT THE END OF THE YEAR WAS $6,556 (2024: BALANCE OWING $597,101). SARAH ELLIS HAS BEEN A TRUSTEE OF FIGURATIVE SINCE 2023. THE CORPORATION IS IN A RECEIPT OF A REPAYABLE FINANCE FROM ARTS & CULTURE FINANCE, WHICH IS NOW PART OF FIGURATIVE. DURING THE YEAR, THE CORPORATION MADE A LOAN REPAYMENT INCLUDING INTEREST OF $279,796 (2024: $18,763). THE CORPORATION WAS ALSO INVOICED $389 (2024: NIL) FOR FURTHER SERVICES IN RELATION TO PARTICIPATION IN FELLOWSHIP ADVISORY MEETINGS. THESE TRANSACTIONS WERE ON ARTS & CULTURE FINANCE'S NORMAL COMMERCIAL TERMS AND THE LOAN BALANCE OUTSTANDING AT THE END OF THE YEAR WAS $508,720 (2024: $748,920). DURING THE YEAR, TAMARA HARVEY AND ANDREW LEVESON USED RSC FREEHOLD PROPERTY IN STRATFORD UPON AVON RENT-FREE, CREATING A TAXABLE BENEFIT IN KIND. A PROPORTION OF THE INDEMNITY INSURANCE EQUATING TO $8,254 (2024: $8,100) COVERS BOARD MEMBERS. THE CHARITY COMMISSION HAS INDICATED ITS APPROVAL OF THIS ARRANGEMENT. PART VI, QUESTION 16B THE ORGANIZATION HAS A JOINT VENTURE POLICY. RSC ENTERPRISE LIMITED 3 CHAPEL LANE STRATFORDUPONAVON UK CV37 6BE TRADING ACTIVITIES UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 7602820 2634040 1.00000 0 ARDEN HOTEL WATERSIDE LLP 44 WATERSIDE STRATFORDUPONAVON UK CV37 6BA JOINT VENTURE IN ARDEN HOTEL UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 1817402 4029063 0.50000 0 RSC PRE-PRODUCTIONS LIMITED 3 CHAPEL LANE STRATFORDUPONAVON UK CV37 6BE TO PRODUCE THE SET & EQUIPMENT NECESSARY FOR THE PRODUCTION OF LIVE THEATRE. UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 47879455 8095515 1.00000 0 RSC PRODUCTIONS LIMITED 3 CHAPEL LANE STRATFORDUPONAVON UK CV37 6BE CO-PRODUCER OF THE MATILDA MIRACLE TOUR IN AUSTRALIA UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 1.00000 0 RSC MATILDA US LIMITED ROYAL SHAKESPEARE THEATRE WATERSID STRATFORDUPONAVON UK CV37 6BB INVESTMENT IN MATILDA ON BROADWAY LP UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 3815 15472 1.00000 0 RSC MATILDA AUSTRALASIA LIMITED ROYAL SHAKESPEARE THEATRE WATERSID STRATFORDUPONAVON UK CV37 6BE INVESTMENT TO CO-PRODUCE MATILDA MIRACLE TOUR IN AUSTRALIA UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 1.00000 0 RSC ESTATES LIMITED 3 CHAPEL LANE STRATFORDUPONAVON UK CV37 6BE INVESTMENT IN AND REDEVELOPMENT OF ARDEN HOTEL UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 3867900 1.00000 0 RSC TOURING LIMITED 3 CHAPEL LANE STRATFORDUPONAVON UK CV37 6BE PRODUCES AND MANAGES CERTAIN TOURING PRODUCTIONS ON BEHALF OF THE RSC UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 6359 972132 1.00000 0 HATHAWAY PRODUCTIONS LIMITED 39 WATERSIDE STRATFORDUPONAVON UK CV37 6BA PRODUCES AND MANAGES CERTAIN PRODUCTIONS ON BEHALF OF THE RSC AND THIRD-PART UK THE ROYAL SHAKESPEARE COMPANY STRATFORD-UPON-AVON 3661512 12746020 1.00000 0 0 1 1 0 0 1 0 1 0 1 0 1 1 0 0 0 1 0 0 RSC ENTERPRISE LIMITED J 366496 RSC ENTERPRISE LIMITED M 403157 RSC ENTERPRISE LIMITED C 311910 RSC PRE PRODUCTIONS LIMITED M 47879812 RSC PRE PRODUCTIONS LIMITED M 55840469 RSC TOURING LIMITED M 6454 HATHAWAY PRODUCTIONS LIMITED L 344728 HATHAWAY PRODUCTIONS LIMITED Q 1565595 HATHAWAY PRODUCTIONS LIMITED F 869882 HATHAWAY PRODUCTIONS LIMITED B 4428720 ARDEN HOTEL WATERSIDE LLP M 136519 ARDEN HOTEL WATERSIDE LLP H 1708323