OpenCharities

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2022-08-31-accounts

At31August 2022 2021
E'000 E'000
Total unrestricted funds 10376 8,376
Exclude designated funds - restructuring reserve (Note 13) (437) (437)
Exclude designated funds —production reserve (Note 13) (2,002) (2,002)
Exclude designated funds —CJRSincome (Note 13)
Less fixed assets (1,543) (1,646)
Exclude pension reserve (2,696) (1,015)
Free reserves 3,698 3„276

Note 3jl AeiIIfst 31AUgust
'$0112'. 2021
eeAir,, aooe
Fixedhssets
Tang itble assets
investm
eats		 M
gel8$.		 2/4)r
a646
-'A™'
—
t +7~&g,
Current assets
Stecks 144,
5tebters 3rt@jtt 2i294
lthsh andihank
depo'sitg'
I
Eraditottsr
amhumts		 falling due within one yeas
a't aurfen't esse'ts
tr
'fothl iisshts lhs's chant lihbilitied sr988 Qgl45
f4et 8'sects exir4iylihgj'pemsiore
liibilitiy
Defiisad benefit pdnsipm
(liability)fhsseti
jIS~a.d~s		 -.: -th
either. charitable funds 13 4r37t3t 4ro54
Pesi'gnated
fundh		 13 21439 2A39
Revaluatiom
reserve		 13 868 868
Pensiom reserve 17. ~66 ~2
Total unrestricted funds 13 10976. 8i376
Restricted funds 14 35o 655
Endowment
funds		 '15 1,969 1,969
Total charity funds

Note 31.August 31Augus't
2022 2021
s000 sooo
Fixed assets
Tangible assets 7a si943 1,646
Investments 7b
xone		 ~11 ~122
4v658 4,767
Current assets
Etocks 224 94
Debtors ~r537 1,824
Cash and bank deposits 3F33Z ~660
4;988. 8)2j8
Creditors: amounts
I		 falling due within one year ~z6
Net curreht assets 3i386 ~02
Total'assets
less current		 liabjlities 7i 973' 92786
Net assets excluding pens(on liability 7r923 9r786
Definedbenefit
pension		 (liability)/asset ~26 6 ~1es
Net assets
um estricted funds:
Other charitable funds '13 2i347 3i855
Designated
funds		 13 ai439 ai439
Revaluation
reserve		 13 868 868
Pension reserve 17 2 6c66
Total unrestricted funds 13 8,35o
Restricted funds 14 350 655.
Endowment
funds		 15 1969 1,969
Totalcharityfunds

Years to31August: Note 2o22 2o22 2021
E000 E'000
Net cash flow from operating
activities (see below)		 (3,222) 3,556
Interest received 102 78
Investing activities:
Proceeds from sale ofinvestments (shares etc.) 7b 832 47rt
Investments
(in shares etc.)		 7b (716) (ac,2)
Purchases offixed assets 7a (33) (57)
Proceeds from sale offixed assets 2a
Net cash movement (3,2o7) 3,6o9
Opening
cash at bank and in hand		 6~527 2~908
Closing cash at bank and in hand 3,59o 6,517
Net cash flow from operating activities 2022 2021
Years to31August: E000 E000
Net income for the year 2,6o2
Adjustments
for:
Release from reserves
Movement
in WNO Endowment		 Fund
Interest receivable (102) (78)
Depreciation
charges		 7a 136 135
Profit on sale offixed assets 2a
Movement
in investments		 7b (112) (693)
Operating
cash flow before movement		 in working capital (67) &266
Movements
in working capital:
Movement
in stocks		 (2o) (51)
Movement
in debtors		 9 (1,256) 857
Movement
in creditors		 11 (2,772) 589
Adjustment
for pension funding		 17 (17) (5)
(3,o65) ai390
Net cash (outflow)/inflow
from operating		 activities (3 112) 3556

(a) Income: Unrestricted Unrestricted Restricted Restricted Restricted Endowment Year Year
funds Funds Fund
2022 2022 2022 2022 2021
Years to31August: E'000 E000 E'000 E'000 E'000
Boxoffice and similar income 1,466 2,466 7
Programmes 8Engagement 39 39 18
Income from other charitable activity 2,645 2,645 82
Profit on disposalof fixed assets
Income from charitable activities 4 150 4/150 107
Grants receivable:
Arts Council England 6,236 6,236 6,236
Arts Council ofWales 4,62.2 4,612 4/592
HMRC CARS 270
General grants s.o,848 s.o,848 11/098
The majority ofthe income in both years is derived from activities in the UK with less than Esoo,ooo arising
from the European Union and E2.4m from Dubai.
(b) Expenditure
on charitable		 activities
Years to31August: Direct Support Year Direct Support Year
activity costs activity costs
2022 2022 2022 2021. 2021 2021
E000 E000 E'000 E'000 E000 E'000
Main-scale opera 14,829 1/727 16,556 8154 1/433 9,587
Programmes
8		 1,o86 110 1/ag6 736 91 827
Engagement
Charitable activity 15/915 1./837 17/752 8,89o 1/524 10/414
Fundraising 299 57 356 287 47 334
Trading 2,062 a,o62. 1/185 1/185
Total expenditure 18,275 1,894 20/169 10/362 1/571 »/933

Years to 31August: Years to 31August: Years to 31August: 2022 2021
a'000 s000
Wales Millennium Centre premises 311 207
Finance & IT 823 766
Administration, HR 688 514
Governance costs
Defined Benefit Scheme pension costs 71
Supportcosts 1894 sr571
Allocation ofsupport costs to activities based on direct costs incurred:
Opera zr727 2&433
Programmes8 Engagement 110 91
Fundraising 57 47
Supportcosts 1,894 siS71

Years to31August: 2022 2021
S000 e000
Rentals underoperating leases-land
and buildings		 18o 181
Rentals under operating leases- equipment 14 14.
Depreciation-
owned		 assets 136 135
Auditor remuneration as statutory auditor 38 49
Other non-audit
fees paid tothe auditor

National
Opera Lim		 ited:
2022 2021
Years to 31.August:
S000 8000
Totalincoming
resources		 16i32g 14 556
Net (deficit)/surplus forthe year (1,5o7) 3,526
Actuarial
(loss)/gain		 on defined benefit scheme (see note 17) 1,664 2i187
(i)eficit)/surplus
including		 actuarial (loss)/gain in the pension scheme 157 Si703

Years to 31August: 2022 2021
e'000 e'000
Wages and salaries 7,85o 7647
Socialsecurity costs 828 720
Other pension costs 400 431
Pension deficit costs 71 27
gr249 8,825
Years to31August: Years to31August: 2022 2021
Number Number
Opera 159 174
Programmes and Engagement 14
Support 12
Fundraising 8
Trading 22 26
220 231

The number ofGroup employees whose emoluments
excluding p		 The number ofGroup employees whose emoluments
excluding p		 ension contributions
but including
ben		 efits
in kind were in excess ofE6o,ooo was:
Years to31August: 2022 2021
Number Number
E60 000 —E69999
E70IOOO E79s999
EBO000 - E89,999
E90iooo - E99i999
E100IOOO E109/999
E110,000 .E119999
E140gooo E149z999

Years to31August: 2022 2021
Due, 1year 106,459 118,136
Due 2-5years 112,000 224i533
Due &5years ?r277i742 ?i305742

Group and Company Long Vehicles Equipment Total
leasehold
E000 E'000 E'000 E000
Cost
At1September 2o21 1,500 555 1i722 3i777
Additions 33 33
Disposals
At31August 2022 1q500 555 4755 3i820
Depreciation
At1September 2o11 18o 465 1,486 2,131
Charge forthe year 30 23 83 136
Disposals
At31AUgust 2022 210 488 1.,569 2(267
Net book value
At 31August 2021 1I320 90 236 1,646
At 3'1August 2022 2I290 67 186 xi543

Group and Company: 2022 2021
At 31August S'000 S'000
Corporate bonds and cash 519 471
Equities;
UK 1I239 2I257
US 970 797
Other equities 422 62g
Property 65 67
3I115 3I121

Years ended 32August: 2022 2021
s000 S000
Market value atthe beginning ofthe year 3I121 2(628
Additions atcost 724 442
Disposals at carrying value (832) (474)
Net realised
andunrealised(losses)/gains		 122 525
Market value atthe end ofthe year 3I115 3I121
Historical costatthe end ofthe year 2718 2I500
Included within the above is«ash held within the portfolio totalling 142 50

Group Group Company Company
2022 2021 2022 2021
E'000 E'000 E000 E000
Raw materials 114 94 114 94

Group Group Company Company
At 31.August 2022 2021 2022 2021
E'000 E'000 E'000 E000
Trade debtors 532 353 240 61
Amounts
owed by Group undertakings		 464 179
Other debtors 123 70 43 61
Taxation 21044 314 40 66
Prepayments and accrued income 751 2I457 750 1I457
3I450 ar194 sr537 1,824

Group Group Company Company
At31August 2022 2021 2022 2021
E000 E000 E000 E'000
Cashat bankandin hand 3,59o 6,517 3i337 6,36o
The Company has no borrowings oroverdraft facilities.
Asignificant proportion ofthe Group's liquid assets is held as fixed asset investments (note 7b).

Group Group Company Company
At 31August 2022 2021 2022 2021
E'000 E'000 E'000 E000
Trade creditors 94 101 94
Other creditors including taxation 352 357 352 357
Accruals 494 335 487 330
Deferred grant income 388 448 388 448
Other deferred income 478 2r353 345 2,030
1./813 3,587 1,673 3,259

Group Group Company Company
At 31August 2022 2021 2022 2021
E000 E'000 E000 E000
Broughtforward 2,353 2,214 2/030 2r047
Released
in year		 (1,875) (136) (1,685) (17)
Received in year 275
Carried forward 478 2/353 345 2/030

Group Group Company Company
A't 31Augus't 2022 2021 2022 2021
,E000 E000 E000 E'000
Broughtforward 448 66 448 66
Released
in year		 (1o,8/,8) (1o,446) (1o,8/,8) (10,446)
Received in year 1o,788 10,828 1o,788 1o,828
Carried forward 388 448 388 448

Group Opening Incoming Resources Gains/ Transfers Closing
balance resources expended (losses) balance
E'000 E'000 E'000 E000 E'000 E'000
Restructuring reserve 437 437
Production reserve 2z002 2,002
Pension reserve 1,015 1,681 2,6g6
Revaluation reserve 868 868
Income and expenditure 4i054 19r917 (20,285) (3) 590 4i373
Total Group funds 8,376 29i927 (aoi185) 1.,678 590 10376
Company Opening Incoming Resources Gains/ Transfers Closing
balance resources expended (losses) balance
E000 E000 E000 E000 E000 s000
Restructuring reserve 437 437
Production reserve 2,002 2~002
Pension reserve 11015 2,682 2,6g6
Revaluation reserve 868 868
Income and expenditure 3,855 26,568 (18,663) (3) 590 2s347
Total Company funds 8 177 16,568 (18,663) 1.,678 590 8 350

Group Opening Incoming Resources Gains/ Transfers Closing
balance resources expended (losses) balance
E'000 E'000 E'000 E'000 E'000 E'000
Restructuring reserve 437 437
Production
reserve		 1/155 847 2,002
CJRSreserve 504 (So4)
Pension reserve (2,24S) (27) 2,187 1.,015
Revaluation reserve 868 868
Income and expenditure 2i433 13I203 {11,9o6) 211 113 4i054
Total Group funds 4s252 13i203 (san933) 2,398 456 8,376
Company Openingbalance Incoming Resources Gains/ Transfers Closing
resources expended (losses) balance
E'000 E'000 E'000 E'000 E000
Restructuring reserve 437 437
Production
reserve		 1,155 847 2~002
CJRSreserve 504 (So4)
Pension reserve (2,145) (27) 2,187 2~015
Revaluation reserve 868 868
Income and expenditure 1,320 24i239 (12,o28) 211 3,855
Total Company funds 3i139 24i239 (12055) 2,398 4s6 8,177

Group and Company Opening Incoming Resources Revalue Transfers Closing
balance resources expended balance
E'000 E'000 E'000 E'000 E000 E000
Seligman Trust 74. 76
Schaefer Bursary 18 2.8
C Ball Bursary 5 (2) 3
Parry Family Bursary 11 11
Dona rd 300 (3oo)
Other 247 232 (237) 242
Total restricted funds 6ss 234 (2) (537) 350
Group and Company Group and Company Opening Incoming Resources Revalue Transfers Closing
balance resources expended balance
E'000 E'000 E'000 E000 E'000 E000
Seligman Trust 63 10 (1) 74
Schaefer Bursary 18 18
C Ball Bursary (2) 5
Parry Family Bursary '10 11
Paul Hamlyn Artworks 4 (4)
Fidelity 40 (4o)
Dona rd 300 300
HMRC CARS 270 (27o)
Other 162 225 (24o) 247
Total restricted funds 304 797 10 (4s6) 6ss

Group and Company Opening Interest Resources Revalue Closing
balance income expended balance
E000 E000 E000 E000 E'000
Mary Warner Trust si394 40 (2) 1I432
RW Pethybridge 501 1.4 (1) 514
SirJohn Moores Award 74 2 (53) 23
Total endowment 1,969 56 (53) 969
funds
Group and Company Opening Interest Resources Revalue Closing
balance income expended balance
E'000 E'000 E'000 E'000 E000
Mary Warner Trust 1/272 30 192 1I394
RW Pethybridge 421 11 69 501
SirJohn Moores Award 62 10 74
Total endowment 1655 43 271 1,969
funds

Group Unrestricted Restricted Endowment Total
funds funds funds
E000 E'000 E'000 E000
Tangible fixed assets 1/543 1/543
Fixed asset investments 1,336 64 1/715 3/115
Net current assets 4,801 286 254 5/341
Pension reserve 2,696 2,696
Net assets 10/376 350 1969 12/695
Company
Tangible fixed assets 1/543 2 543
Fixed asset investments 1/336 64 1/715 3/»5
Net current assets 1/775 286 254 3,315
Pension reserve 2,696 2,696
Net assets 8 350 350 1969 1o,669
Group Unrestricted Restricted Endowment Total
funds funds funds
E'000 E'000 E'000 E'000
Tangible fixed assets 1,646 1,646
Fixed asset investments 1/339 64 1/718 3/1.21.
Net current assets 4,376 591 251 5,218
Pension reserve 1,015 1,015
Net assets 8,376 655 1/969 11/000
Company
Tangible fixed assets 1,646 1,646
Fixed asset investments 2339 64 1,718 3,121
Net current assets 4/177 591 251 5/019
Pension reserve 1/015 1,015
Net assets 8,177 655 1,969 10801

Assumptions
31AUgus't 2022 31.August 2021 31Augus't 2020
44 p.a. 'AA p.a. 34p.a.
RPI Inflation 3 50 3 30 z.g5
CPI Inflation 3 05 z.8o 2.35
Pension increases (Pre April zgg7 in excess ofGMP)
3.00 3.00 3.00
Pension increases (April zgg7 —April zoo5)
2.95 2.75 235
Pension increases (Post Apnl zooS) 2.05 2.00 1.8o
Discount rate for Scheme liabilities 4.30 1.75 1.70
Longevity for member currently aged 65:
Male 21.9 21.9 21.2
Female 243 143 23 2
I ongevity for member reaching 65 in zo years:
Male 23 2 23.2 22.5
Female 25 7 25 7 247

Fair valve ofassets Fair valve ofassets
31AugUst 2022 31August 2021 31August 2020
s000 s000 s000
Equities 7i952 9,686 8,662
Index-linked gilts 6,074 7 920 6r724
Corporate bonds zi541 &i770 2.,693
Other 81 78 61
Total 15,648 29i454 171130
Reconciliation offunded status to balance sheet
Value at Value at
31Aug US't 2022 31August 2021
s'000 S'000
Fair value ofScheme assets 15,648 29i454
Presentvalue offunded definedbenefit obligations (zzi952) (18,439)
(Deficit)/surplus 2,696 1~025
(Liability)/asset recognised on the statement offinancial position 2,696 1I015
Analysis ofprofit and loss
Value at Value at
31August zozz 31August zozz
S000 S000
Administration expenses
Net interest cost (17) 20
Past service cost
Expense recognised in profit and
loss (17) 27

Value at Value at
31August 2022 31August 2o21
E'000 6000
Opening defined benefit obligations
18,439 18,275
Administration
expenses
Interest cost 320 307
Remeasurement
(gains)/losses
Actuarial losses on Scheme liabilities in
respect ofassumptions (6,473) 854
Actuariallosses on Scheme liabilities in
respect ofexperience 1,o26 (377)
From change
in		 demographic assumptions (13) (245)
Net benefit paid out (347) (482)
Past service cost 7
Closing defined benefit obligation 22~952 18,439
Value at Value at31
31August 2022 AUgiis't 2021
E'000 E'000
Opening fair value ofScheme assets 19A54 17i230
Interest income on Scheme assets 337 287
Actuarial gains/(losses)
Return on Scheme assets less interest
income (3,796) 2I519
Contributions
by the Company
Net benefits paid out (317) (482)
Closing fair value ofScheme assets 15,648 29r454
Value at Value at31
31August 2o22 August 2021
E000 E'000
Return on Scheme assets less interest income (3,796) 2i529
(Losses)/gains on financial assumptions 6,473 (854)
(Losses)/gains on demographic assumptions 13 1.45
Experience Gains on Scheme liabilities (1,o26) 377
Total (loss)/gain 1.,664 2187
49

Value at Value at
31August 2022 3'1AU9ust 2021
E000 E'000
Interest income on Scheme assets 337 287
Return on Scheme assets less interest income (3i796) 2i529
Total return on Scheme assets (3,659) 2,8o6

Years to31August: Years to31August: 2O22 2021.
E'000 E'000
Turnover 2,395 si303
Cost ofsales 2i295 (s,ri18)
Gross profit 100 (115)
Administrative expenses (5) (7)
Operating
profit/(loss)		 95 (1.22)
Gift Aid to parent company
Profit/(Loss) before taxation 95 (1.22)
Taxation
Profit/(loss) forthe financial year 95 (122)
The aggregate ofthe assets, liabilities and funds was:
At31August 2022 2021.
E'000 E'000
Assets 572 &~8
Liabilities (595) (566)
Shareholder funds (23) (1.1.8)

3.8.Additional
Inf		 ormation
on subsidiaries		 ormation
on subsidiaries		 (con tinued)
Included within turnover and cost ofsales is inter-company trade
At31August 2022 2021
EOoo E'000
Sales 287 212
Purchases 2,yrt6 1IA25
Amounts outstanding atyear end 10rr 279
Statement ofChanges in Equity
Company Share capital Profit and loss Total
E reserves
E
Balance at 1"September 2oto 90 3,7o6 3,7o6
Year ended 31.August 2o21I
Profit and total comprehensive income forthe year (122,115} (122I115}
Distributions
to parent		 charity under gift aid
Balance at31August 2o21 90 (228IErog) (118319)
Year ended 31August ao22:
Loss and totalcom prehensive income for the year (23I210) (23,21o)
Balance at31August 2022 (23I210) (23I120)

Years to31August: Years to31August: 2022 2021
E000 E000
Turnover 10,870 2,476
Cost ofsales (20,839) (2,466)
Gross prolit 11
Administrative expenses
Operating
profit /(loss)
ProSt/(Loss) before taxation
Theatre tax relief on productions 2r044 312
Profit retained in subsidiary aso44 312
At31August 2022 2021
E'000 E000
Assets 2,036 328
Liabilities (7) (11)
Shareholder funds aro49 317

2022 2021
e000 s000
At31August
Sales 1o,87o 2,476
Purchases 10,870 2,476
Amounts outstanding atyear end
Statement ofChanges in Equity
Company Share capital Profit and loss Total
e reserves
Balance at 1"September 2oto 100 1107605 1l107/7&is
Year ended 31August 2o21:
Profit and total comprehensive income forthe year (790r472) (790,472)
Balance at 32.August 2o21 100 317r133 317r233
Year ended 32.August 2ostu
Loss and total comprehensive income forthe year 2 043 568 2r043r568
Distributions'
to parent		 charity under gift aid (322r133) (312r133)
Balance at31August 2o22. 100 2,o48,568 a,o48,668

At31August At31August 2022 2021
Income received 68 5s509
Funding awarded (300) (S,ooo)
Debtor
At31August 2022 2021
Investment income 33i705 25,861
Bursaries applied for 20,000 6o,ooo
Debtor 59,248 87,284
Creditor 20,000 6o,ooo
Value ofportfolio 1,041,789 1,o43,834

Welsh Nation al
Opera Limited
(Company limited by guarantee
and without		 share
capital)
Registered office Wales Millennium Centre
Bute Place
Cardiff
CF1o5AL
Company number oorr5rr297(registered in England and Wales)
Charity number 222538
VAT registration GB218989551
Auditor Azets Audit Services
Ty Drew
Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8AB
Solicitors Darwin Gray Solicitors
Helmont
House Churchill
Way
Cardiff CF1o 2HE
Bankers Lloyds Bank pic
31Queen Street
Cardiff CF1o 2AG

Main Audit Ik All Wales
Board Risk Nominations CTSLtd HBW Group Strategy
Nicola Amery X Chair
Lynne Berry CBE
Chitra Bharucha MBE
Manon Edwards Ahlr X Chair X
Sam Jones X
Henry Little X
Martyn
Ryan		 X Chair
Yvette Vaughan Jones(Chair) Chair X(obs)
Aileen Richards X X X
Stepehen
Harrison		 Chair
Geraint Device
Nigel Goldsworthy
Dr Arun Midha (Appointed 29.07.22)
Claire Pillman (Appointed 29.07.22)
Prof Medwin
Hughes		 (Appointed ss.oy.ss) Chair