2021-08-31-accounts - Welsh National Opera Limited

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At31August				2021	2020
				E'000	2'000
Total unrestricted	funds			8,376	4,252
Exclude designated		funds - restructuring	reserve (Nots 13)	(437)	(437)
Exclude designated		funds —production	reserve (Note 13)	(2,002)	(1,155)
Exclude designated		funds —CJRS income (Note 13)			(504)
lass fixed assets				(1,646)	(1,724)
Exclude pension	reserve			(1,015)	1,145
Free reserves				3,276	1,577

Independent Auditor's Report to the Members of Welsh Natlonal Opera Limited (continued) In preparlng thefsnandalstatements.the trustees are responslble forassessln8 the erovp and parent charftable ¢ompanVs ability to continue a5 a Boing concern. di5closinE. as applicable, matters related to goin8 concern and using the 8oinB concern basls of a¢¢ountlng unless the trugtees efther Intend to liquidate the group or parent charltsble company or to cease operation5, or have no reallstlc alternatlve but to do so. Audltor r¢sponstbllltles for the audlt of the financlal statements We have been appointed auditDr under the Companies Art 2006 and report in accordance wlth thls Act. Our objectlves are to obialn reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issuè an audltorfs rèport that include5 our oplnlon. Reasonablè assurance Is a hlgh level of assurance but Is not a guardntee that an audit conductèd in accordante wrlh ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arisè from fraud or error and are con51dered materlal If, Indmdually or In the aggrete, they Could reasonably be expected to Influence the economi decisions of users tsken on the basis of these financial statements. A further description of our responsibilitie5 is available on the Finandal Reptsrtin8 CoLtncil'5 website at..httpS..IIw4•.frC.Qrg.uVour-WorkIAUrfitIAud0t-andS$Ur?nCe15tand3rd$-and-uldalstand3rdS-and-gIdaThcfor- auditors/Auditors-respon5ibilitie5-for-auditlDescription-of-auditors-responsibilities-for-audlt.aspx. Thls description forms part of our audltorfs report. The extenl to thlch our procedures are capable of detectlni Irregularltl•s, Intludlngfraud IrregularStSes, Including fraud, are Instan$ of non-complSance wh laws and regulatlons. We deslgn procedures in line with our responslbllltles, outllned abovè and on the Flnandal Rèptsrtlng Council's website, to detect materlal misstaternents in respect of irregularities. 5ncluding fraud. We tsbtairt and update our undÈrstandinB of the entty. its attivities, its control environment, and Ilkely futu developments, including In relatlon to the legal and regulatory framework applicable and howthe entity is complying with that framL)work. Basèd on this undetstsndin8, we idèntfify and assèss thè risks of material misstatement of the financlal statenfjts, whether due to fraud or error, deslgn and perform audit procedures responsivetothose rlsks, and obtalnaudit evidence that is sufficient and appropriate to provide a basi5 for ouroplnion. Thls includÈs ¢onsideration of the risk of acts by the entity that were contrary to applicable laws and re8ulation5. including fraud. In rÈspofis• to thé risk of irre8ularities and non<ompliante with law5 and re8ulation5, Includlng fraud, we designed procedures which included: Enquiry of management and those charged with 8o¥ernance around actual and potential litigation and claim5 a5 well as actual, suspected and alleged Iraud.. Reviewin8 minutes of meetin8s of those charoed with 8o¥ern3nce,' A5sessin8 the extent of compllance with the laws and regulations consldered to have a direct materlal effett on the flnanclal statements or thè operations of the entlty through enquiry and inspectlon: Reviewin8 financial ststement disclosures and testin8 to supporting documentatlon to assèss Compllance wlth applicable laws and regulatlons- Performlng audlt work over the rlsk of management blas and overrlde of Controls, including testing of journal entries and other adlustments for appropriateness, evaluatlng the buslne5s ratlonale of signlfitant transaciions outslde the normal course of buslness and revlewlng accountlng estlmatès for Indl¢ators of potential bias.

ASttt 3XAUg	USt.2021
		Note	31August	31Aug Us't
			2021	2020
			1'000	1ooo
Fixed assets
Tangible assets		7e	2 646
Investments		7b		~628
				4235*
Current assets
Stocks			94	43
Debtors Cash and bank deposits		9 10	2&94 ~6	3I051 ~8
Creditors: amounts	falling due within one year		8,8os	6,001 ~8
Net current assets			5 218	a%a
Total assets less current liabilities			9e985	7,356
Net assets excluding pension liability			9i985	7,356
Defined benefit pension (liability)/asset		17	Xdt35
Net assets			BkdL08
Unrestricted funds
Othercharltablefunds		13	4054	2s433
Designated funds		13	2s439	2i096
Revaluation reserve		13	868	868
Pension reserve		17	~01
Total unrestricted	funds	13	8,376	4&52
Restricted funds			6ss	304
Endowmentfunds			%969	2.655
Total charity funds			000

ASat 33,Augu	St Zoix
		Note		31August	31August
				2021	2020
				E000	E'000
Fixed assets
Tangible assets		7a		2,646	1r724
Investments		yb		3r222	~2628
				4r767	4r352
Current assets
Stocks				94	43
Debtors			9	1,824	sr034
Cash and bank deposits		'10		~660
				8,278	4r714
Creditors: amounts	falling due within one year				(2~8
Net current assets				~02	188
Total assets less current liabilities				9,786	6,243
Net assets excluding pension liability				9,786	6r243
Defined benefit pension (liabigty)/asset				~01	~11
Net assets				36bN92	Edati
Unmstricted funds. '
Other charitable funds		'13		3,8ss	+320
Designated funds		13		2r439	2r096
Revaluation reserve		13		868	868
Pension reserve		17
Total unrestricted	funds	13		8277	3r139
Restricted funds				Sss	304
Endowment funds		15		1,969	1r655
Total charity funds

Years to31August:			Note	2021	2020	2020
				E'000	S000
Net cash flow from operating activities (see below)				3s556	sr205
Interest received				78
Investing actlvttiesr
Proceeds from sale ofinvestments	(shares etc.)		7b			716
Investments (in shares etc.)			7b	(442)	(997)
Purchases offixed assets			7a	(57)	(so6)
Proceeds from sale offixed assets			20
Net cash movement						691
Opening cash at bank and in hand				2~908	2~217
Closing cashat bank and in hand				6,517	ar	9o8
Net cash Itow from operating activities				1021	2020
Years to31August:				S'000	s000
Net expense forthe year				2,602	(2	436)
Adjustments for:
Release from reserves
Movement in WNO Endowment	Fund					500
Interest receivable				(78)		(73)
Depreciation charges			70	135		129
Profit on sale affixed assets
Movement In investments			7b	(493)		208
Operating cash flow before movement		in working capital		2,166	(672)
Movements in working capital:
Movement in stocks			8	(51)		(2)
Movement in debtors			9	857	2s439
Movement in creditors				589		340
Adjustment for pension funding			17	(5)
				si390
Net cash (oufiow)/inflow from operating		ectivkles		%556	srs05
No separate statement ofcash flows is presented forthe parent Company			in accordance	with the provisions
ofsr,oaofthe Companies Act 2oo6.
The notes on pages 27to 54form	part ofthese financial statements.

(a) Income:		Unrestricted	Restricted	Endowment	Year	Year
		fundsso21	fundssoss	fund 2o22
		E'000	E'000	E'000	2021	2020
Yearsto31August:					E'000	E'000
Boxoffice and similar income		7			7	2,600
Programmes &Engagement		18			18	96
Income from other charitable	activity	82			82	198
Profit on disposal offixed assets
Income from charitable activities		107			107	sr894
Grants receivable:
Arts Council England		6,236			6,236	6170
Arts Council ofWales		4r592			4r592	4,546
HMRC CARS			270		270	1176
General grants		so,828	170		11r098	ssr892

b) Expenditure on charitable	b) Expenditure on charitable	activities
Years to31August:		Directactivity	Support	Year		Direct	Support	Year
		2021	COStS2021			activity	costs
		E'000	E'000	2021		2020	2020	2020
				E'000		E000	E000	E'000
Main-scale opera		8,154	1r433	9r587		24r075	1r392	15467
Programmes	&	736	91		817	2,258	88	1,346
Engagement
Charitable ectivity		8,890	1r524	2+r424		25r333	1r480	16r813
Fundralsing		287	47		334	378	46
Trading		1r185		2,2,85		910		910
Total expenditure		10I362	sr571	22	933	16,611	1,526	28r247

(c)Support costs
Years to 31August:		2021	2020
		E'000	E'000
Wales Millennium	Centre premises	207	266
Finance &IT		766	700
Administration,	HR		512
Governance costs			5
Defined Benefit	Scheme pension costs		43
Support costa		1s571	2,526
Allocation ofsupport costs toactivities based on direct «oats incurred:
Opera		~i433	2(392
Programmes &Engagement		91	88
Fundraising		47	46
Support costs		Ei572

(a) Net incoming /(out	going) reso	urces isstated after charging:
Years to31August:			2021	2020
			E'000	E'000
Rentals under operating leases -		land and buildings
Rentals under operating leases —equipment				'14
Depreciation- owned	assets		135	129
Auditor remuneration	asstatutory	auditor	49	31
Other non-audit fees	paid tothe auditor

National Opera Lim	ited:
					2021	2020
Year to32.August:
					E'000	E'000
Total incoming resources					&r556	18,851
Net (deficit)/surplus	forthe year				2i520	T/
Actuarial (loss)/gain	on defined benefit scheme (see note 17)				2,287	881
(Deficit)/surplus including		actuarial	(loss)/gain	inthe pension scheme	5z703	958

Group and Company
Employee costs during the year (including	temporary	staff) amounted to:
Years to31Aug usti			2021	2OEO
			E'000	E'000
Wages and salaries			li647	8,372
Social security costs			720	816
Other pension costs			431	462
Pension deficit costs			27	219
			8,825	9,869

Monthly average numbers ofpermanent employees by a	ctivity were:
Years to31August:	2021	2020
	Number	Number
Opera	174	170
Youth and Community	11
Support	12	12
Fundraising	8	10
Trading	16	25
	231	229

In kind were In excess of«6o,ooo was:
Years to 92August:	2021	2020
	Number	Number
«60qooo - «69i999
Ey~zoon «79a999
«80gooo «89g999
E90,000 - «99z999
Esoo,ooo - «209i999
«220,000 - E119,999
Esrro,ooo - «249,999

The Company and Group were committed to making respect ofoperating leases:	the following future minimum lease payments	in
Years to31August:	2021	2020
Due, zyear	118,136	118136
Due z-5years	224i533	117,468
Due &5years	2(305i742	zr333i742

7a.Tangible fixed assets
Group and Company	Long	Vehicles	Equipment	Total
	leasehold
	E'000	E'000	E'000	E'000
Cost
At1September zozo	+500	579	1,830	agog
Additions		53	4	57
Disposals		77	112	18g
At31August 2021	zi500	555	sv722	3i777
Depreciation
At1September zozo	150	522	1I513	2,185
Charge forthe year	30	20	85	135
Disposals		77	112	18g
At31AU9Ust 2021	1.8o	465	1,486	+232
Net book value
At31AUgus't 1020	zs350	57	317	zs724
At31AU9Ust 2021	si320	90	236	1,646

Group and Company:	Group and Company:			2022.	2020
At 31August				E000	E000
Corporate bonds	and cash				396
Equities:
UK				2/257	1/027
US				797	62o
Otherequities				629	521
Property				67	6E
				3/2.21	2,628
The movements	in investments		held were asfollows:
Years ended 31Aug use				2022.	2020
				E'000	E'000
Market value at	the beginning		ofthe year	2,628	2,836
Additions atcost					997
Disposals at carrying value				(s7s)	(716)
Net realised and	unrealised	(losses)/gains		525	(r89)
Marketvalue at	the end ofthe		year	3/121	2,628
Historicalcost atthe end		ofthe year		2/500	2/39//
Included within the above		iscash held within the portfolio totalling

Group	Group	Company	Company
2021	2020	2021	2020
E'000	E'000	E000	E'000
		94	43

			Group	Group	Company	Company
		At31August	2021	2020	2022.	2020
			E'000	E'000	E'000	E'000
Trade debtors					61	60
Amounts	owed by Group undertakings				179	95
Other debtors			70	237	61	247
Taxation			314	1,103	66
Prepayments		and accrued income	1I457	1,631	1(457	1,632
			2I194	3.051	1I824	2IO34

			Group	Group	Company	Company
At31August			2021	2020	2021	202O
			E'000	E'000	E'000	E000
Cash at bank	an din hand		6~517	+908	6,36o	2I647
The Company	has no borrowings	oroverdraft facilities.
Asignificant	proportion ofthe Group's		liquid assets is held asfixed asset	investments	(note 7b).

S.s.Creditors: A	mounts Falling Due Within One	mounts Falling Due Within One	Year	Year
	Groupaoas		Group		Company	Company
At31August	E'000		2020		2021	2020
			Erooo		E'000	E'000
Trade creditors		94		2'1	94
Other creditors including	taxation	357		339	357	339
Accruals		335		358	330	36o
Deferred grant income		r,48		66		66
Other deferred income		ar353		2r214	2r030	2r047
		3r587		ar998	3r259	ar833
Other deferred income	arises from co-productions,	future productions	and the	work of	Cardiff Theatrical	Services
Limited.
Analysis ofmovement	in other deferred income
		Group		Group	Company	Company
At31August		2021		2020	2021	2020
		E'000		E'000	E000	E'000
Brought forward		2,214		sr105	sr047	srooo
Released in year		(136)		(121)	(17)	(16)
Received inyear		275		sr230		sr063
Carried forward		sr353		2r214	sr030	2r047
Analysis ofmovement	in deferred grant income
		Group	Group		Company	Company
At31August		2021		2020	2021	2020
		E'000		E'000	E'000	E'000
Broughtforward		66		378	66	378
Released in year		(so,446)	(1o,716)		(1o,446)	(1o726)
Received in year		1o,828	10r404		1o,828	10r404
Carried forward		448		66	448	66

At31August	2021
Group		Opening	Incoming	Resources	Gains/		Transfers	Closing
		balance	resources	expended	(losses)			balance
		s'000	s000	S000	S'000		S'000	s000
Restructuring	reserve	437						437
Production reserve		21255					847	21002
CJRSreserve		504					(So4)
Pension reserve		(1,14S)		(27)	2,187			+025
Revaluation	reserve	868						868
Income and	expenditure	ai433	13i203	(11,9o6)		211	113	4s054
Total Group	funds	4 252	13~203	(«r933)	2898		456	8,376
Company		Opening	Incoming	Resources	Gains J		Transfers	Closing
		balance	resources	expended	(losses)			balance
		s'000	e'000	e'000	s'000		e'000	a'000
Restructuring	reserve	437						437
Production reserve		2 255					847	2,OO2
CJRSreserve		504					(So4)
Pension reserve		(2,245)		(27)	2	187		1i015
Revaluation	reserve	868						868
Income and	expenditure	1i320	24i239	(12,o28)		211	113	3,855
Total Company funds		3r239	14r*39	(1*,oSS)	2	398		8,177

At31August		2020
Group			Opening	Incoming	Resources	Gains	/	Transfers	Closing
			balance	resources	expended	(losses)			balance
			S'000	s'000	S000	S'000		S'000	S000
Restructuring		reserve	672					(235)	437
Production	reserve		2393					(238)	%255
CJRSreserve								504	504
Pension reserve			(1,8o7)		(219)		881		(1,14S&
Revaluation		reserve	868						868
Income and		expenditure	3s279	15,66o	(26,749)		(89)	332	si433
Total Group		funds	4i405	1566o	(16,968)		792	363	4i252
Company			Openingbalance	Incoming	Resources	Gains/		Transfers	Closing
				resources	expended	(losses&			balance
			s'000	S'000	S'000	S'000		S'000	S'000
Restructuring		reserve	672					(23S&	437
Production	reserve		si393					(238)	2 255
CJRSreserve								504	504
Pension reserve			(1,8o7)		(21g)		882		(29ES)
Revaluation		reserve	868						868
Income and		expenditure	6s4	17I592	(17,26g)		(89)	332	'1,320
Total Company funds			2 780	27i592	(17,388)	(2„722)		363	3r139

At31August	2021
Group and Company		Opening	Incoming	Resources	Revalue	Transfers	Closing
		balance	resources	expended			balance
		E000	E'000	E'000	E000	E'000	E'000
Seligman Trust		63			10	(1)	74
Schaefer Bursary		18					18
C Ball Bursary		7				(2)
parry Family	Bursary	10				1
Paul Hamlyn	Artworks	4				(4)
Fidelity		40				(ro)
Dunard			300				300
HMRC CARS			270			(27o)
Other		162	225			(14o)	247
Total restricted funds		304	797			(4S6)	6SS
At 31.Aug Ust	2020
Group and Company		Opening	Incoming	Resources	Revalue	Transfers	Closing
		balance	resources	expended			balance
		E000	E'000	E'000	E'000	E'000	E000
Seligman Trust		65			(4)		63
Schaefer Bursary		18					18
C Ball Bursary		9		(2)			7
Parry Family	Bursary	2.0					10
Paul Hamlyn	Artworks	4					4
Fidelity		16o				(120)	40
HMRC CIRS			1,176	(2,276)
Other		364	41			(243)	162
Total restricted funds		63o	1I219	(1178)	(4)	(363)	304

At 31.August so21
Group and Company	Opening	Interest	Resources	Revalue	Closing
	balance	income	expended		balance
	E'000	E'000	E'000	E'000	E'000
Mary Warner Trust	1i172	30		192	sr394
RW Pethybridge	421			69	501
SirJohn Moores Award	62			10	74
Total endowment	sr655	43			1,969
funds
At'31.August 2020
Group and Company	Opening	interest	Resources	Revalue	Closing
	balance	income	expended		balance
	E'000	E000	E'000	E.000	E000
Mary Warner Trust	1115	28		(81)	1.,172
RW Pethybridge	440	10		(19)	411
SirJohn Moores Award	66			(5)	61
Total endowment	si732	40		(115)	1I655
funds

At 31August 2o21
Group	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds
	E'000	E'000	E'000	E000
Tangible fixed assets	1,646			1,646
Fixed asset investments	1r339	64		121
Net current assets	4,376	591	251	Sr218
Pension reserve	1,015			1r015
Net assets	8,376	655	sr969	11(000
Company
Tangible fixed assets	1,646			1,646
Fixed asset investments	1r339	64	1,718	3,121
Net current assets	4r177	591	251	Sr»9
Pension reserve	lr015			1,015
Net assets	8177	655	sr969	sor801,

At 31August 2020
Group	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds
	E'000	E'000	E'000	E'000
Tangible fixed assets	1r724			sr724
Fixed asset investments	1r127	54	1r447	2,628
Net current assets	2r546	250	2o8	3r004
Pension reserve	(W245)			(1,145)
Net assets	4r252		sr655	6 222
Company
Tangible fixed assets	sr724			sr724
Fixed asset Investments	1,127	54	tr447	2,628
Net current assets	1r433	250	2o8	1,891
Pension reserve	(~245)			(1,1r,s)
Net assets	3r139	304	sr655	S,o98

			Assumptions
		31August 2021	31August	zozo	31August 1019
		94p.a.	36p.a.		Ki p.a.
RPI Inflation		3.30		295	33
CPI Inflation		z.8o		2 35	2.4
Pension increases (Pre	April 1997in excess ofGMP)
		3.0		3.0	3.0
Pension increases (April 1997-April zoo5)
		2 75		235	2.4
Pension increases (Post April zooS)		2.0		1.8	1.8
Discount rate for Scheme liabilities		175		1.7	1.8
Longevity for member	currently aged 65:
Male		219		21.2	z1.6
Female		24.3		23 2	23.6
Longevity formember	reaching 65 In zo years:
Male		23.2		22.5	23.0
Female		257		24-7	25.1

				Fairvalue ofassets	Fairvalue ofassets
				31AU9ust2021.	3'1AU9us(2020	31AUgust2019
				E'000	E000	E'000
Equities
Index-linked				9,686	8,662	8,321
Bonds				7r920	6r714	6,447
Corporate bonds				2770	1,693	1634
Other				78	61	27
Total				19r454	17r130	16r429
Reconciliation	offunded status tobalance sheet
					Value at	Value at
					31.Augustao21	31Augustaoao
					E000	E'000
Fairvalue ofScheme		assets			19r454	17r130
Present value offunded defined benefit obligations					(18,4.39)	(18275)
(Defiicit)/surplus					s.r015	(1,145)
(Liability)/asset	recognised on the statement		offinancial position		tr015	(+45)
Analysis ofprofit and		loss
					Value at	Value at
					31AU 9Us(2021	31August2020
					E000	E'000
Administration	expenses
Net interest cost					20	33
Past service cost						186
Expense recognised		in profit and
loss					27	219

				Value at	Value at
				31AUgUst 2021	31August 2oxo
				E000	E000
Opening	defined benefit obligations
				18275	18,236
Administration expenses
Interest	cost				326
Remeasurement (gains)/losses
	Actuarial losses on Scheme liabilities		in
	respect ofassumptions			854	248
	Actuarial losses on Scheme liabilities		in
	respect ofexperience			(377)	(87)
	From change in demographic	assumptions		(145)	(330)
Net benefit paid out				(482)	(304)
Past service cost				7	186
Closing	defined bene(it obligation			18,439	18275
Changes	tothe fair value ofScheme assets
				Value at	Value at31
				31August 2021	Augustaoao
				E'000	E'000
Opening	fair value ofScheme assets			17,130	16,419
Interest	income on Scheme assets			287	293
Actuarial	gains/(losses)
	Return on Scheme assets less	interest
	income			1,51.9	712
Contributions by the Company
Net benefits paid out				(482)	(304)
Closing	fair value ofScheme assets			29r454	17r230
Analysis	ofamounts recognised in the	Statement offinancial activities
				Value at	Value at31
				31August2021	August 2oao
				E000	E'000
Return on Scheme assets less interest		income		1r519	712
(Losses)/gains onfinancial assumptions				(854)	(24B)
(Losses)/gains on demographic assumptions				145	330
Experience Gains on Scheme liabilities				377	87
Total (loss)/gain				2,187	881.

	Value at	Value at
	32.AUgUst 2021	31AugUs(2020
	E'000	E'000
Interest income on Scheme assets	28y	293
Return on Scheme assets less interest Income	ai529	712
Total return on Scheme assets	2,8o6	s.i005

xS.Additional Information on Subsidiaries	xS.Additional Information on Subsidiaries	xS.Additional Information on Subsidiaries	(continued)	(continued)
Included within turnover	and cost ofsales isinter-company		trade
A(31August					2021	2020
					E'OOO
Sales					212	430
Purchases					si425	1,367
Amounts outstanding	atyear	end			179	95
Statement ofChanges	in Equity
Company			Share	capital	Profit and loss	Total
					reserves
					E	E
Balance at 10September 2o19				90	24,789	24,879
Year ended 31August 2oao:
Profit and total comprehensive		income forthe year			(21,o83)	(21,o83)
Distributions to parent	charity	under gift aid
Balance at31August	aoao			90	3,706	3r706
Year ended 31August	ao21:
Loss and total comprehensive		income forthe year			(118,409)	(118409)
Balance at31August	ao21			90	(228,4og)	(118,319)

Thetrading results ofthe subsidiary were asfollows:	Thetrading results ofthe subsidiary were asfollows:
Years to31August:		2022	2020
		S'000	1'000
Turnover		2476	8,82g
Costofsales		(2,483)	(8,82.4)
Gross profft		11	15
Administrative	expenses	(22)	Og)
Operating prorit / (loss)
Preltt /(Loss)	before taxation
Theatre tax relief on productions		312	/103
Profit retained	in subsidiary	312	+203
The aggregate	ofthe assets, liabilities and funds was:
At31August		2022.	2020
		S000	e'000
Assets		328	2 223
Liabilities		(21)	(2S)
Shareholder funds		317	12,08

				2021	2020
				S000	S000
At31August
Sales				2876	8,823
Purchases				2,476	8,828
Amounts outstanding	atyear	end
Statement ofChanges	in Equity
Company			Share capital	Profit and loss	Total
			s	reserves
Balance at1 September 2019			100	2,600,081	2,600,181
Yearended31August	202o:
Profit and total comprehensive		income forthe year		(2,492,476)	(2,492,476)
Balance at 32,August	soao		100	2,207,605	2I207/705
Yearended 31August	ao»:
Loss and total comprehensive		income forthe year		3»833	3»r233
Distributions' to parent	charity	under gift aid		(1102605)	(2,SSS,o81)
Balance at31August	ao»		100	327is33	327r233

At 31August	2021	2O2O
Income received	5i509	491
Funding awarded	(5ooo)	(1000)
Debtor		509

At31August		2021	2020
Investment	income	25,862.	25i375
Bursa ries applied for		6o,ooo	40,000
Debtor		87,284	75'537
Creditor		6o,ooo	40~000
Value ofportfolio		1,043834	879A73

Incorporating Years 'to 31August:	the i	ncom	e and expenditu	re accoun	t forthe year en	ded 31August	so2O
				Note	Unrestricted	Restricted	Endowed	Totai2020	Total
					funds	funds	funds	6'000	2019
					6'000	6'000	6'000		f000
Income from:
Charitable activities				20	sv894			1,894	2~921
Donations					701			742	2(138
Legacies					306			306	268
General grants					xo 726	1,176		stv892	so,657
Trading income					909			909	2,536
Investment income					31		40	73	85
Total income					srn557			15,81.6	1.8,6o5
Expenditure on:
Charitable activities					15,634		1	16,813	28,026
Raising funds					424			424	538
Trading expenditure					910			910	sr349
Total expenditure				sb	16,968	1,178		28r147	20v913
Net(losses)/gains on	investments				(89)	(4)	(115)	(so 8)	(29)
Net income/(expenditure)		before tax			(2,5oo)	37	(76)	(2,539)	(sr337)
Taxation					+103			11103	s„462
Net income/(expenditure)		for	theyear		(F397)	37	(76)	(2,436)	(876)
Transfer from restricted funds				13	363	(363)
Transfer to WNO Endowment			Fund Actuarial						(Soo)
(losses)/gains inthe defined beneprtpension
scheme				17	881			881	(1,712)
Net movement in funds						~26	~6	(555)	~088
Fund balance brought	forward				4i405	630	tv)32	6g66	g,854
Fund balance carried	forwanf				6L223		~26	6222

			Nominations
YvetteVaughan-Jones(Chair)
Nicola Amery
Lynne Berry CBE
Chltra Bharucha MBE
Toke Dada		(Resigned 13.01.22)
Manon Edwards
Daniel Evans		(Retired 22,07.21)
Sam Jones
Henry Little
Andrew Miller MBE		(Resigned 13.01.22)	X
Aileen Richards
Elen ap Robert		(Resigned 13.0122)
Martyn Ryan
Geraint Davies (Co	opted)
Nigel Goldsworthy	(Co-opted)

Senior Management T	eam
Matt Carwardine-Palmer	Director ofMarketing and Sales	(Left	oy.oa.as)
Huw Davies	Director ofFinance Ih Company	Secretary
Alison Dunnett	Director ofDevelopment, Communications		and	Strategy
Emma Flatley	Director ofEngagement and Partnershlps
Peter Harrap	Chorus and Orchestra Director
Jan Michaelis	Technical Director
Alison Woodward	Director ofPeople 8 Culture	(Appointed		o6.oe.ss)
Kate Bayliss	Director ofArtistic Administration	(Appointed		za.og.ss)
Emrah Tokala(	Director ofAudiences	(Appointed		oz,.oc,.sa)