THE ROYAL NATIONAL THEATRE

Registered charity 224223 · accounts filings on the Charity Commission register · Wikidata: Q511108 · Wikipedia · also known as THE NATIONAL, THE 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.

Area of benefit: NOT DEFINED

The charity’s charitable objects and area of benefit, quoted from its governing document as held on the Charity Commission register.

Causes: Education/training · Arts/culture/heritage/science · website · Get email alerts

Registered contact address: Lambeth, London, England (from the postcode on the register)

Latest income
£128.7m
Latest spending
£121.6m
Registered
1963
Accounts read
FY2025

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.

Automated summary of the FY2025 accounts; the evidenced findings below carry the verbatim passages.

What the accounts disclose

Reserves policy: three months of core, normalised operating expenditure (held: £19.5m)
“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
Per its FY2025 accounts as filed with the Charity Commission.
Related-party transaction: Trustee Vicki Mortimer provided services as a specialist designer and received royalties.
“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
Per its FY2025 accounts as filed with the Charity Commission.
Related-party transaction: Trustee James Graham provided services as a writer and received royalties.
“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
Per its FY2025 accounts as filed with the Charity Commission.
Related-party transaction: Tanya Ronder, wife of former Director Rufus Norris, received royalties.
“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
Per its FY2025 accounts as filed with the Charity Commission.
Related-party transaction: One to Seventeen Limited, sharing a director with NTPL, received co-production income.
“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
Per its FY2025 accounts as filed with the Charity Commission.

Accounts audited by BDO LLP. Discloses 4 of 6 completeness components.

Year-over-year changes

Comparing this charity’s FY2024 and FY2025 accounts as analysed by this site.

Policies the charity declares

In its annual return the charity told the Commission that it has the policies listed below. This is self-declared: it is not verified by the Commission or by this site, and it is not evidence of how a policy works in practice.

From the charity’s annual return (Part A, self-declared)

Answers and figures the charity gave in Part A of its annual return to the Charity Commission. They are self-declared: not verified by the Commission or by this site. Only positive answers and figures are listed; items not listed are simply not shown.

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

Source: this charity’s annual returns on the Charity Commission register.

UK research funding (UKRI Gateway to Research)

Property (HM Land Registry)

9 registered titles in England and Wales held by the charity’s company or corporate body (2 freehold); recorded price paid £87k. All charity-held property. Contains HM Land Registry data © Crown copyright, OGL v3.0.

Trustpilot: National Theatre scores 2.0/5 from 26 reviews (source) — reviews usually concern the charity’s shops or services, not its charitable performance.

Structured financials (annual return, FY ending 30/03/2025)

Total income
£128.7m
Total spending
£121.6m
Cost of raising funds
£3.6m
Reserves (reported)
£88.9m
Employees
931

Reported reserves equal ~8.8 months of spending — in the top quarter for charities its size (median 2.6 months; benchmarks).

Per its annual return, largest income source: Charitable activities (46% of income) — components as reported reconcile to the return’s total income; not from the accounts narrative.

Per its annual return, cost of raising funds: 2.8% of total income — below the median for charities its size (3.2%) (benchmarks).

Trustees · trustee networks

Trustee list from the Charity Commission register (current, not historical).

Operates in: China · Germany · Netherlands · Northern Ireland · Scotland · United States

Income and spending

Financial year endIncomeSpending
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

Register facts shown side by side: a person serves as trustee of both this charity and a funder whose accounts record grants to it. Shared trusteeship is lawful and common; well-run charities manage it through declared-interest procedures.

Known funders

Grants to this charity found in funders’ own accounts filings.

FunderYearAmountPurpose (as stated by the funder)
THE MOHN WESTLAKE FOUNDATIONFY2024£10.0m
THE MOHN WESTLAKE FOUNDATIONFY2024£2.0m
THE MOHN WESTLAKE FOUNDATIONFY2024£2.0m
THE MOHN WESTLAKE FOUNDATIONFY2024£2.0m
THE MOHN WESTLAKE FOUNDATIONFY2024£2.0m
THE MOHN WESTLAKE FOUNDATIONFY2024£2.0m
THE FOYLE FOUNDATIONFY2023£1.5m
THE COPPING JOYCE FOUNDATIONFY2025Unverified read£1.1mcapital appeals and charitable activities
THE FOYLE FOUNDATIONFY2024£1.0m
HUO FAMILY FOUNDATION (UK) LIMITEDFY2023Unverified read£617k
THE MOHN WESTLAKE FOUNDATIONFY2024£600k
THE FOYLE FOUNDATIONFY2025£600k
THE THOMPSON FAMILY CHARITABLE TRUSTFY2023£500k
GARFIELD WESTON FOUNDATIONFY2024£500kArts
THE ROYAL NATIONAL THEATRE FOUNDATIONFY2024£500kCapital Grant
THE THOMPSON FAMILY CHARITABLE TRUSTFY2022£500k
THE ROYAL NATIONAL THEATRE FOUNDATIONFY2023£500kCapital Grant
THE HEARN FOUNDATIONFY2023£424k
THE HEARN FOUNDATIONFY2025£341k
HUO FAMILY FOUNDATION (UK) LIMITEDFY2021£277kPerforming arts support
HUO FAMILY FOUNDATION (UK) LIMITEDFY2025£275k
THE MASTER CHARITABLE TRUSTFY2021£264k
THE CORCORAN FOUNDATIONFY2025£251k
THE HEARN FOUNDATIONFY2024£231k
THE CLORE DUFFIELD FOUNDATIONFY2024Unverified read£227kArts, heritage and education
Genesis FoundationFY2025Unverified read£200kArts projects
GENESIS AMERICA (UK) LIMITEDFY2023£156k
Genesis FoundationFY2023Unverified read£156kArts projects
THE RIX-THOMPSON-ROTHENBERG FOUNDATIONFY2025Unverified read£139k
HUO FAMILY FOUNDATION (UK) LIMITEDFY2022£138k
CARETECH CHARITABLE FOUNDATIONFY2022£131k
CARETECH CHARITABLE FOUNDATIONFY2023£131kPublic Acts
Genesis FoundationFY2021£125kArts projects
THE FOYLE FOUNDATIONFY2021£125k
GENESIS AMERICA (UK) LIMITEDFY2022£100k
GENESIS AMERICA (UK) LIMITEDFY2025£100kGrants in support of the Genesis Foundation
Genesis FoundationFY2022Unverified read£100kArts projects
GENESIS AMERICA (UK) LIMITEDFY2024£100k
Genesis FoundationFY2024£100kGenesis Music Theatre Programme
Y COLEG CYMRAEG CENEDLAETHOLFY2025£99k
Y COLEG CYMRAEG CENEDLAETHOLFY2024£98k
THE ROSE FOUNDATIONFY2022£84k
ATKIN CHARITABLE FOUNDATIONFY2024£80k
THE CONSTANCE TRAVIS CHARITABLE TRUSTFY2025£80k
CHARITY OF SIR RICHARD WHITTINGTONFY2023£73kYoung People & Education
THE TUIXEN FOUNDATIONFY2023£70k
KUSUMA TRUST UKFY2023£70kNT - New Views
KUSUMA TRUST UKFY2024£70kNew Views
CARETECH CHARITABLE FOUNDATIONFY2024£69kPublic Acts
BACKSTAGE TRUSTFY2022£51k

Grants marked “Unverified read” were flagged by automated checks as possibly misread from the funder’s filed accounts. They are listed, but left out of the totals, counts and funder relationships this site computes.

Government & lottery funding

Grants to this charity published as open data by government and lottery funders (360Giving).

FunderDateAmountPurpose
UK government18/03/2025£1.0mInvestment Funds
UK government17/07/2024£20kInvestment Funds
UK government10/07/2024£5.5mInvestment Funds
Greater London Authority06/03/2024£40kOrganisation Development
Greater London Authority06/03/2024£60kOrganisation Development
Greater London Authority06/03/2024£60kOrganisation Development
The Mercers' Company06/07/2023£89kGrant to National Theatre
Greater London Authority21/03/2023£47kSite and Operational Feasibility for a Theatre Set and Prop Recycling Centre
UK government20/10/2022£16.2mNational Portfolio Organisations
UK government20/10/2022£16.2mNational Portfolio Organisations
The Mercers' Company26/07/2022£73kGrant to Royal National Theatre
UK government09/12/2021£17.0mNational Portfolio Organisations
UK government21/06/2017£17.0mNational Portfolio Organisations
City Bridge Foundation28/11/2013£50kGrant to National Theatre
The National Lottery Heritage Fund27/03/2012£2.5m"National Theatre Future"
Northern Rock Foundation25/09/2009£10kGrant awarded to The Royal National Theatre (North East)
The National Lottery Heritage Fund09/03/2006£250k"The Re-housing of the Royal National Theatre's Archive"

Funders of similar charities

Funders whose accounts show grants to charities similar to this one (and no recorded grant to this charity) — a starting list for fundraisers.

Charities like this

Semantically similar by activities and financial character, from our analysed corpus. Compare with THE ROYAL NATIONAL THEATRE FOUNDATION.

Side by side with its peers

CharityIncomeTop pay bandStaff >£60kReserves vs policyFundraising costGoing concern
THE ROYAL NATIONAL THEATRE£128.7m——above—no doubt
THE ROYAL NATIONAL THEATRE FOUNDATION FY2025£394k—0unclear—no doubt
NEWCASTLE THEATRE ROYAL TRUST LIMITED FY2025£16.3m——unclear—no doubt
NATIONAL DRAMA FY2024£28k—0unclear—no doubt
REGENT'S PARK THEATRE LIMITED FY2025£8.7m——unclear—no doubt
NORTHERN STAGE (THEATRICAL PRODUCTIONS) LIMITED FY2025£3.8m——below—no doubt

Each row is that charity’s latest analysed filing; every value is quote-backed on its own page.