THE ROYAL ACADEMY OF ARTS

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Crowe UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the group's ability to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements and have considered the macro-economic situation the Royal Academy now finds itself in following an extended period of higher inflation and interest rates; and the impact of the "cost of living crisis" and changes in customer behaviours on growing back visitor numbers. 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'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.”

Group structure

1. THE ROYAL ACADEMY OF ARTS · parent
   1. R.A. Enterprises Limited 100% · England and Wales · operates a shop and e-commerce business, a restaurant and cafés, a publications and art sales business and commercial learning
   2. Burlington House Limited 100% · England and Wales · raises funds from the corporate sector and individuals through ticketed events
   3. RA (Arts) Limited 100% · England and Wales · provides entertainment services to the corporate sector

Significant events

• “The RA's exhibitions programme attracted 686k visits... However, attendance remains significantly below the pre-pandemic average.”
• “The RA Collection Gallery Project will see the RA expand its Collection Gallery in Burlington Gardens into an ambitious and elegant double-height space.”
• “Simon Wallis appointed Secretary and Chief Executive of the Royal Academy of Arts in June 2025, succeeding Axel Rüger, who stepped down in October 2024.”
• “The Royal Academy undertook a significant restructuring during the year. The total cost of the restructuring was £1.2m. In addition to £0.9m redundancy and termination payments, there were further holiday pay and social security costs of £0.1m and legal, professional and consultancy costs of £0.2m (see note 8). Due to the impact of this, salaries and wages and the number of full-time equivalent employees have reduced compared to last year.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

16

last 12 months

Capital events

0

last 24 months

Officers appointed

7

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -6.6%

  £9,602,000 → £8,964,000

• Cash

  -9.3%

  £4,707,000 → £4,269,000

• Net assets

  -4.3%

  £89,706,000 → £85,850,000

• Employees

  -9%

  301 → 274

• Wages

  -3.5%

  £13,688,000 → £13,206,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers