THE ROYAL NATIONAL THEATRE
The National Theatre is central to the creative life of the UK. In its three theatres on the South Bank in London it presents new plays and classics from the world repertoire. It extends its reach through live broadcasts into cinema, UK and International tours and deepens audience engagement through its education programme. It looks after the wider health of theatre through R&D at the NT Studio.
Objects
TO PROMOTE AND ASSIST IN THE ADVANCEMENT OF EDUCATION SO FAR AS SUCH PROMOTION AND ASSISTANCE SHALL BE OF A CHARITABLE NATURE AND IN PARTICULAR, SO FAR AS OF A CHARITABLE NATURE, TO PROCURE AND INCREASE THE APPRECIATION AND UNDERSTANDING OF THE DRAMATIC ART IN ALL ITS FORMS AS A MEMORIAL TO WILLIAM SHAKESPEARE.
Financial health, per its FY2025 accounts
The accounts state that the charity reported an operating deficit of £1.6m for the year, resulting in a negative unrestricted operations fund balance of £5.3m. However, the trustees confirm that the charity has sufficient liquidity and resources to continue as a going concern, with total group funds increasing to £88.9m. The organization is actively working towards a break-even position by 2027/28 while managing significant capital infrastructure needs.
What the accounts disclose
“Our unrestricted reserves target is to hold a minimum of the equivalent of three months of core, normalised operating expenditure in operational reserves, which is circa £15m.” — page 26
“Vicki Mortimer, a trustee (resigned 26 September 2024) provides services to the Company as a specialist designer on certain productions. The total amount paid for such services in the period to 26 September 2024 was £6k (2024: £7k). £15k (2024: £11k) was also paid in relation to royalties on NT at Home and NT Live screenings, and £4k paid in relation to other royalties.” — page 96
“James Graham, a trustee (appointed 27 November 2024) provides services to the Company as a writer. The total amount paid for such services in the period from appointment to 30 March 2025 was £1k. £7k was also paid in relation to royalties on NT at Home and NT Live screenings. A further £62k was payable at 30 March 2025 in relation to royalties payable as the writer of Dear England (Olivier Theatre).” — page 96
“Vicki Mortimer, a trustee (resigned 26 September 2024) provides services to the Company as a specialist designer on certain productions. The total amount paid for such services in the period to 26 September 2024 was £6k (2024: £7k). £15k (2024: £11k) was also paid in relation to royalties on NT at Home and NT Live screenings, and £4k paid in relation to other royalties.” — page 96
“James Graham, a trustee (appointed 27 November 2024) provides services to the Company as a writer. The total amount paid for such services in the period from appointment to 30 March 2025 was £1k. £7k was also paid in relation to royalties on NT at Home and NT Live screenings. A further £62k was payable at 30 March 2025 in relation to royalties payable as the writer of Dear England (Olivier Theatre).” — page 96
“Vicki Mortimer, a trustee (resigned 26 September 2024) provides services to the Company as a specialist designer on certain productions. The total amount paid for such services in the period to 26 September 2024 was £6k (2024: £7k). £15k (2024: £11k) was also paid in relation to royalties on NT at Home and NT Live screenings, and £4k paid in relation to other royalties.” — page 96
“James Graham, a trustee (appointed 27 November 2024) provides services to the Company as a writer. The total amount paid for such services in the period from appointment to 30 March 2025 was £1k. £7k was also paid in relation to royalties on NT at Home and NT Live screenings. A further £62k was payable at 30 March 2025 in relation to royalties payable as the writer of Dear England (Olivier Theatre).” — page 96
“Vicki Mortimer, a trustee (resigned 26 September 2024) provides services to the Company as a specialist designer on certain productions. The total amount paid for such services in the period to 26 September 2024 was £6k (2024: £7k). £15k (2024: £11k) was also paid in relation to royalties on NT at Home and NT Live screenings, and £4k paid in relation to other royalties.” — page 96
“James Graham, a trustee (appointed 27 November 2024) provides services to the Company as a writer. The total amount paid for such services in the period from appointment to 30 March 2025 was £1k. £7k was also paid in relation to royalties on NT at Home and NT Live screenings. A further £62k was payable at 30 March 2025 in relation to royalties payable as the writer of Dear England (Olivier Theatre).” — page 96
Year-over-year changes
- Reserves position vs the charity's own policy moved from "below" (FY2024) to "above" (FY2025).
Policies the charity declares
- Bullying and harassment policy and procedures
- Campaigns and political activity policy and procedures
- Complaints handling
- Complaints policy and procedures
- Conflicting interests
- Financial reserves policy and procedures
- Internal charity financial controls policy and procedures
- Internal risk management policy and procedures
- Investing charity funds policy and procedures
- Paying staff
- Risk management
- Safeguarding policy and procedures
- Safeguarding vulnerable beneficiaries
- Serious incident reporting policy and procedures
- Social media policy and procedures
- Trustee conflicts of interest policy and procedures
- Trustee expenses policy and procedures
- Volunteer management
From the charity’s annual return (Part A, self-declared)
Self-declared on the annual return for the financial year ending 30/03/2025
- Volunteers: 14
- Government income: £4,400,000 — grants £4,400,000 (1); 3% of the £128,700,000 total gross income on the same return
- Employees paid over £60,000: 106 (£60,001–£70,000: 59; £70,001–£80,000: 18; £80,001–£90,000: 5; £90,001–£100,000: 10; £100,001–£110,000: 1; £110,001–£120,000: 4; £120,001–£130,000: 2; £130,001–£140,000: 1; £150,001–£200,000: 6)
- Has a trading subsidiary
Self-declared on the annual return for the financial year ending 31/03/2024
- Volunteers: 20
- Employees paid over £60,000: 65 (£60,001–£70,000: 33; £70,001–£80,000: 10; £80,001–£90,000: 6; £90,001–£100,000: 4; £100,001–£110,000: 3; £110,001–£120,000: 5; £130,001–£140,000: 1; £140,001–£150,000: 1; £150,001–£200,000: 2)
- Has a trading subsidiary
Self-declared on the annual return for the financial year ending 31/03/2023
- Volunteers: 25
- Employees paid over £60,000: 40 (£60,001–£70,000: 17; £70,001–£80,000: 7; £80,001–£90,000: 5; £90,001–£100,000: 4; £100,001–£110,000: 4; £130,001–£140,000: 1; £150,001–£200,000: 2)
- Trustee benefits, answered Yes to: any trustee benefit; payments to trustees for services to the charity
- Has a trading subsidiary
UK research funding (UKRI Gateway to Research)
- Open Access Smart Capture: Immersive accessibility in theatre
- Universal Performance Space
- Open Access Smart Capture: Immersive accessibility in theatre
Property (HM Land Registry)
Structured financials (annual return, FY ending 30/03/2025)
Trustees
- SIR DAMON MARCUS BUFFINIchair
- Amanda Kate Pritchard
- Baroness Beeban Kidron
- Cate Blanchett
- Dame Marit Mohn
- Deborah Weinstein
- Francesca Mary Robinson
- James Matthew Graham
- LUKE BRADLEY-JONES
- Louise Elizabeth Charlton
- Melanie Jane Richards CBE
- Sarah Maria Wiggins
- Simon Minty
- Tim Score
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 30/03/2025 | £128.7m | £121.6m |
| 31/03/2024 | £121.4m | £125.4m |
| 31/03/2023 | £89.0m | £90.9m |
| 31/03/2022 | £80.8m | £80.1m |
| 31/03/2021 | £56.3m | £51.6m |
Common questions
Is THE ROYAL NATIONAL THEATRE financially healthy?
Per its FY2025 accounts: The accounts state that the charity reported an operating deficit of £1.6m for the year, resulting in a negative unrestricted operations fund balance of £5.3m. However, the trustees confirm that the charity has sufficient liquidity and resources to continue as a going concern, with total group funds increasing to £88.9m. The organization is actively working towards a break-even position by 2027/28 while managing significant capital infrastructure needs. Its FY2025 accounts were audited by BDO LLP.
Who funds THE ROYAL NATIONAL THEATRE?
Funders whose own accounts filings name THE ROYAL NATIONAL THEATRE as a grant recipient include THE MOHN WESTLAKE FOUNDATION, THE FOYLE FOUNDATION, THE THOMPSON FAMILY CHARITABLE TRUST, GARFIELD WESTON FOUNDATION, THE ROYAL NATIONAL THEATRE FOUNDATION.
Shared trustees with funders
- Dame Marit Mohn — trustee here and at THE MOHN WESTLAKE FOUNDATION
- Sarah Maria Wiggins — trustee here and at THE ROYAL NATIONAL THEATRE FOUNDATION
- Simon Minty — trustee here and at THE ROYAL NATIONAL THEATRE FOUNDATION
Known funders
Government & lottery funding
| Funder | Date | Amount | Purpose |
|---|---|---|---|
| UK government | 18/03/2025 | £1.0m | Investment Funds |
| UK government | 17/07/2024 | £20k | Investment Funds |
| UK government | 10/07/2024 | £5.5m | Investment Funds |
| Greater London Authority | 06/03/2024 | £40k | Organisation Development |
| Greater London Authority | 06/03/2024 | £60k | Organisation Development |
| Greater London Authority | 06/03/2024 | £60k | Organisation Development |
| The Mercers' Company | 06/07/2023 | £89k | Grant to National Theatre |
| Greater London Authority | 21/03/2023 | £47k | Site and Operational Feasibility for a Theatre Set and Prop Recycling Centre |
| UK government | 20/10/2022 | £16.2m | National Portfolio Organisations |
| UK government | 20/10/2022 | £16.2m | National Portfolio Organisations |
| The Mercers' Company | 26/07/2022 | £73k | Grant to Royal National Theatre |
| UK government | 09/12/2021 | £17.0m | National Portfolio Organisations |
| UK government | 21/06/2017 | £17.0m | National Portfolio Organisations |
| City Bridge Foundation | 28/11/2013 | £50k | Grant to National Theatre |
| The National Lottery Heritage Fund | 27/03/2012 | £2.5m | "National Theatre Future" |
| Northern Rock Foundation | 25/09/2009 | £10k | Grant awarded to The Royal National Theatre (North East) |
| The National Lottery Heritage Fund | 09/03/2006 | £250k | "The Re-housing of the Royal National Theatre's Archive" |
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| THE MACKINTOSH FOUNDATION | 2 | £49k |
| THE THEATRES TRUST CHARITABLE FUND | 2 | £9k |
| THE DORFMAN FOUNDATION | 1 | £20k |
| THE ORR MACKINTOSH FOUNDATION LIMITED | 1 | £15k |
| FRAZER TRUST | 1 | £6k |
| THE LIZ AND TERRY BRAMALL FOUNDATION | 1 | £5k |
| THE MIDDLETON FOUNDATION | 1 | £4k |
| THE BARBOUR FOUNDATION | 1 | £2k |
Charities like this
- THE ROYAL NATIONAL THEATRE FOUNDATION
- NEWCASTLE THEATRE ROYAL TRUST LIMITED
- NATIONAL DRAMA
- REGENT'S PARK THEATRE LIMITED
- NORTHERN STAGE (THEATRICAL PRODUCTIONS) LIMITED
- SOUTHWARK PLAYHOUSE THEATRE COMPANY
Side by side with its peers
| Charity | Income | Top pay band | Staff >£60k | Reserves vs policy | Fundraising cost | Going concern |
|---|---|---|---|---|---|---|
| THE ROYAL NATIONAL THEATRE | £128.7m | — | — | above | — | no doubt |
| THE ROYAL NATIONAL THEATRE FOUNDATION | £394k | — | 0 | unclear | — | no doubt |
| NEWCASTLE THEATRE ROYAL TRUST LIMITED | £16.3m | — | — | unclear | — | no doubt |
| NATIONAL DRAMA | £28k | — | 0 | unclear | — | no doubt |
| REGENT'S PARK THEATRE LIMITED | £8.7m | — | — | unclear | — | no doubt |
| NORTHERN STAGE (THEATRICAL PRODUCTIONS) LIMITED | £3.8m | — | — | below | — | no doubt |