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2023-08-31-accounts

At 31 August 2023 2022
2'000 E'000
Total unrestricted funds 10,096 10,376
Exclude designated funds - restructuring reserve (Note 13) (200) (437)
Exclude designated funds —production reserve (Note 13) (2,002) (2,002)
Less fixed assets (1,482) (1,543)
Exclude pension reserve (4,186) (2,696)
Free reserves 2,226 3,698

Note 31 August 3iAugust
2023 2022
E'000 E'000
Fixed assets
Tangible assets 7a 1,482 ir543
Investments 7b ~08 ~21
4r 520 4,658
Current assets
Stocks 102 114
Debtors 9 4,420 3r450
Cash and bank deposits 10 ~21 3590
7r273 7r154
Creditors: amounts
Net current assets		 falling due within one year ~12
~2		 ~282~1
Total assets less current liabilities 10062 9r999
Net assets excluding pension liability 10062 9r999
Defined benefit pension (liability)/asset
Net assets		 17 ru286
~8		 2 6&66
unrestricted
funds
Other charitable funds 13 2,8o3 4r373
Designated
funds		 13 ir239 ir439
Revaluation
reserve		 13 868 868
Pension reserve 17 6 286 2 6ii6
Total unrestricted funds 13 10096 io,376
Restricted funds 14 459 350
Endowment
funds		 15 3,693 1,969
Total charity funds ~22 6

Note 31August 31August
2023 2022
6000 6000
Fixed assets
Tangible assets 7a 1,482 11543
Investments 7b ~08 ~11
4r520 4,658
Current assets
Stocks 102 114
Debtors 9 ii334 1i537
Cash and bank deposits 10 ~26
4r109 4,988
Creditors: amounts falling due within one year (iii~:Q
Net current assets ~2
Total assets less current liabilities 7i275 7I973
Net assets excluding pension liability 7i275 7i973
Defined benefit pension (liability)/asset
Net assets		 1,7 4 286 ~z6 6
~6
Unrestricted
funds:
Other charitable funds 13 16 ?i347
Designated
funds		 13 ii239 ii439
Revaluation
reserve		 13 868 868
Pension reserve 17 4 286 ~z6 6
Total unrestricted funds 13 7r309 8,35o
Restricted funds 14 459 350
Endowment
funds		 15 3I693 2.,969
Totalcharityfunds 2~66

Years to31August: Note 2o23 2022 2022
E'000 E000
Net cash flow from operating activities (see below) (773) (3,1»)
Interest received 79 102
Investing activities:
Proceeds from sale ofinvestments (shares etc.) 7b 796 832
Investments
(in shares etc.)		 7b (883) (714)
Purchases offixed assets 7a (64) (33)
Proceeds from sale offixed assets 2a 6
Net cash movement (839) (3,207)
Opening cash at bank and in hand 3,590 6,517
Closing cash at bank and in hand 2r751 3r590
Net cash flow from operating activities 2023 2022
Years to31August: S000 S'000
Net expense forthe year 179 31
Adjustments
for:
Release from reserves
Movement
in WNO Endowment		 Fund
Interest receivable (79) (1o2)
Depreciation
charges		 7a 125 136
Profit on sale offixed assets 2a (6)
Movement
in investments		 7b 164 (112)
Operating
cash flow before movement		 in working capital 383 (47)
Movements
in working capital:
Movement
in stocks		 12 (2o)
Movement
in debtors		 9 (970) (1,256)
Movement
in creditors		 11 (82) (1,772)
Adjustment
for pension funding		 17 (116) (17)
(sr156) (3,065)
Net cash (outflow)/inflow
from operating activities		 (773) (3 112)

(a) Income Unrestricted Restricted Endowment Year Year
Fund Fund Fund
2023 2023 2023 2023 2022
Years to 31August E000 E'000 E'000 E'000 E'000
Boxoffice and similar income 1r741 sr741 2,466
Programmes
&Engagement		 77 77 39
Income from other charitable activity 904 904 2,645
Profit on disposal offixed assets 6 6
Income from charitable activities ar728 2,728 4r150
Grants receivable:
Arts Council England Sr304 5r304 6,236
Arts Council ofWales 4r729 4r729 4,612
General grants 10r033 10r033 s.o,848
Years to31August: Years to31August: Years to31August: Direct Support Year Direct Support Year
activity costs activity costs
2023 2023 2023 2022 2022 2022
E'000 E'000 E000 E000 E000 E000
Main-scale opera 14,6g6 2r057 16,753 14,829 1r727 16,556
Programmes & 1,078 132. 1r209 1,o86 110 1,2,g6
Engagement
Charitable activity 15r774 2,188 17r962 15r915 s.r837 17r752
Fundraising 276 68 344 299 57 356
Trading 2,428 2,418 2,061 2061
Total expenditure 18,468 2,256 20r724 18,275 1894 20r169

Years to31August: Years to31August: 2023 2022
s 000 IE000
Wales Millennium Centre premises 414 311
Finance &IT 852 823
Administration, HR 913 688
Governance
costs		 1
Defined Benefit Scheme pension costs 76 71
Support costs 2 256 1.,894
Allocation ofsupport costs toactivities based on direct costs incurred:
Opera 2I057 sr727
Programmes
8 Engagement		 131 110
Fundraising 68 57
Support costs 2,256 1894

Years to31August: 2023 2022
S000 s'000
Rentals under operating leases —land and buildings 18o 18o
Rentals under operating leases —equipment 14 14
Depreciation —owned assets 125 136
Auditor remuneration as statutory
auditor		 36 29
Other non-audit fees paid tothe auditor 2

National
Opera Lim		 ited:
2023 2022
Years to 31.August:
4000 S000
Total incoming resources 2o,278 16i329
Net (deficit)/surplus forthe year (582) (1,507)
Actuarial
(loss)/gain		 on defined benefit scheme (see note 17) 1i490 1,664
(Deficit)/surplus
including		 actuarial (loss)/ga in in the pension scheme 908 157

Years to 31August: 2023 2022
e 000 S'000
Wages and salaries 8,283 7,85o
Social security costs 896 828
Other pension costs 418 400
Pension deficit costs 76 71
9 673 9z249
Years to31August: Years to31August: 2023 2022
Number Number
Opera 155 159
Programmes and Engagement 11 14
Support 17 14
Fundraising 8
Trading 23
214 220
37

The number ofGroup employees whose emoluments excluding pension contributions but including benefits
in kind were in excess ofE6o,ooo was:
Years to31August: 2023 2022
Number Number
E60,000 - E69(999
E70(000 E79(999
EBoooo - E8g ggg
E90(000 E99(999
E100000 - E109(999
E1101000- E119(999
E1401000 - E149/999

years to31August: 2023 2022
Due, syear 194,062 106459
Due 2-Syears 112/000 112/000
Due» 5years 2,249/742 2,277,742

Group and Company Group and Company Long Vehicles Equipment Total
leasehold
E'000 E.'000 E'000 E'000
Cost
At1September 2o22 1,500 555 1/755 3,81o
Additions 18 46 64
Disposals (75) (75)
At31AugUst 2023 1/500 498 1,8o1 3/799
Depreciation
At 1September 2o22 210 488 1,569 2,267
Charge forthe year 30 17 78 125
Disposals (75) (75)
At 31AugUst 2023 240 43o 1,647 2,317
Net book value
At 31August 2022 1,290 67 1.86 1,543
At 31August 2023 1/260 68 154 1/482

Group and Company: Group and Company: 2023 2022
At31August f000 f000
Corporate bonds and cash 512 519
Equities:
UK 878 1,139
US 1i009 970
Other equities 584 422
Property 55 65
3,o38 3i215
The movements in investments held were as follows:
Years ended 32.August: 2023 2022
f000 f000
Market value at the beginning ofthe year 3r115 3i221
Additions
at cost		 883 714
Disposals at carrying value (796) (832)
Net realised and unrealised (losses)/gains (164) 112
Market value at the end ofthe year 3,o38 3r115
Historical costatthe end ofthe year 2,844 2718
Included within the above iscash held within the portfolio totalling 82. 142

Group Group Company Company
2023 2022 2023 2022
f000 E000 f000 E000
102 114 102 114

Group Group Company Company
At 32August 2023 2022 2023 2022
E'000 E'000 f000 f000
Trade debtors 530 532 121 240
Amounts
owed by Group undertakings		 204 464
Otherdebtors 320 123 258 43
Taxation 2,824 2r044 40
Prepayments and accrued income 746 752 751 750
4r 420 3r450 sr334 sr537

Group Group Company Company
At31August 2023 2022 2023 2022
E'000 f'000 f000 E'000
Cash at bank and in hand ar751 3r590 2,673 3,337
The Company has no borrowings oroverdraft facilities.

Group Group Company Company
At31August 2023 2022 2023 2022
E000 E'000 E'000 E'000
Trade creditors 107 101 107 101
Other creditors including taxation 418 352 432 352
Accruals 637 494 432 487
Deferred grant income 383 388 383 388
Other deferred income 176 478 345
si732 1,813 4354 1,673

Group Group Company Company
At 31August 2023 2022 2023 2022
E'000 E000 E000 E000
Brought forward 478 2i353 345 2,030
Released in year (3o2) (1,875) (345) (1,685)
Received in year
Carried forward 176 478 345

Group Group Company Company
At31August 2023 2022 2023 2022
E000 E'000 E000 E'000
Brought forward 388 448 388 448
Released in year (1o,o33) (1o,848) (1.0,033) (1o,848)
Received in year 10,033 1o,788 10,033 1o,788
Carried forward 388 388 388 388

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 (2oo) 237
Production reserve 2,002 2I002
Pension reserve 2,6g6 si490 4,186
Revaluation reserve 868 868
Income and expenditure 4(373 18,g21 (2o,84o) (32) 382 2~803
Total Group funds 10I376 18921 (ao,84o) 1,458 181 10I096
Company Opening Incoming Resources Gains/ Transfers Closing
balance resources expended (losses) balance
E000 E000 E'000 E'000 E'000 E000
Restructuring reserve 437 (20o) 237
Production reserve 2,002 2,002
Pension reserve 2,696 1J490 4,286
Revaluation reserve 868 868
Income and expenditure 2i347 18,219 (2o,Bgg) (32) 381 16
Total Company funds 8,350 18219 (20,899) 1458 2.81 7i309

At 31August 2022
Group Opening Incoming Resources Gains/ Transfers Closing
balance resources expended (losses) balance
E'000 E.'000 E000 E000 E000 E000
Restructuring reserve 437 437
Production reserve 2I002 2i002
Pension reserve 1I015 1681 2,6g6
Revaluation reserve 868 868
Income and expenditure 4~054 1.9,917 (20,285) (3) 590 4r373
TotalGroupfunds 8,376 19I917 (2o,185) 1,678 59o 1o,376
Company Opening Incoming Resources Gains / Transfers Closing
balance resources expended (losses) balance
E.000 E000 E'000 E'000 E000 E000
Restructuring reserve 437 437
Production reserve 2,002 2,002
Pension reserve 2i025 1,681 2,6g6
Revaluation reserve 868 868
Income and expenditure 3,855 16,568 (18,662) (3) 590 2,348
Total Company funds 8 177 16,568 (18,662) 1,678 590 8,351

Group and Company Opening Incoming Resources Revalue Transfers Closing
balance resources expended balance
E'000 E000 E000 E'000 E'000 E'000
Seligman Trust 76 (2) 76
Schaefer Bursary 18 18
C Ball Bursary 3 (3)
Parry Family Bursary 11
Other 242 267 (155) 354
Total restricted funds 350 269 (2) (158) 459
Group and Company Opening Incoming Resources Revalue Transfers Closing
balance resources expended balance
E000 E000 E'000 E000 E000 E000
Seligman Trust 74 76
Schaefer Bursary 18 18
C Ball Bursary 5 (2)
Parry Family Bursary 11
Dunard 300 (3oo)
Other 247 232 (237) 242
Total restricted funds 655 234 (2) (537) 350

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 si432 38 (3o) 1I440
RWPethybridge 514 14 (12.) 517
SirJohn Moores Award (23) (2)
Seligman
Legacy		 2.,336 1336
RolfOlsen Fund 400 400
Total endowment 1969 sr790 (23) (43) 3,693
funds
At 31August
202'2
Group and Company Opening Interest Resources Revalue Closing
balance income expended balance
E'000 E'000 E000 E000 E'000
Mary Warner Trust sr394 40 (2) si432
RW Pethybridge 501 14 (1) 514
SirJohn Moores Award 74 2 (53) 23
Total endowment 1969 56 (53) 1,969
funds

Group Unrestricted Restncted Endowment Total
funds funds funds
E'000 E000 E000 E000
Tangible fixed assets 1,482 1,4.82
Fixed asset investments &i537 54 si447 3,038
Net current assets 2,891 405 2,246 Si542
Pension reserve 4,186 4,1.86
Net assets 10096 459 3693 14 248
Company
Tangible fixed assets 1,482 1,482
Fixed asset investments ti537 54 &i447 3,038
Net current assets 104 405 2,246 2i342
Pension reserve 4,186 4,186
Net assets 7r309 459 3,693 11461
Group Unrestricted Restricted Endowment Total
funds funds funds
E'000 E'000 E'000 E000
Tangible fixed assets 2&543 2&543
Fixed asset investments 1,336 64 1I715 3,115
Net current assets 4,801 286 254 Si342
Pension reserve 2,6g6 2,6g6
Net assets soi376 350 1.,969 12r695
Company
Tangible fixed assets 11543 1I543
Fixed asset investments 1,336 64 1,715 31225
Net current assets 2i775 286 254 3z315
Pension reserve 2,6g6 2,696
Net assets 8350 350 1969 soz669

Assumptions
31August zo23 31August 2022 31August 2021
'Vo p.a. Vo p.a. o/o p.a.
RPI Inflation 3.25 3 50 3.3i&
CPI Inflation z.go 3.05 2.80
Pension increases (Pre April zgg7 in excess of6MP)
3.0 3.00 3.00
Pension increases (April 2997 —April zoo5)
2.75 295 2.75
Pension increases (Post April zooS) 2.00 2.05 2.00
Discount rate for Scheme liabilities 5 40 4.30 1.75
Longevity for member currently aged 65r
Male 21..2 21.9 21.9
Female 23.7 243 24 3
Longevity for member reaching 65in zo years:
Male 22.2 23 2 23.2
Female 24.8 25.7 25 7

Fair value ofassets Fair value ofassets
31AUQ Ust 2023 31AugUst 2022 31Aug us't 2021
E000 E000 E000
Equities 7i427 7r952 9,686
Index-linked
gilts		 5i9» 6,o74 7i920
Corporate bonds 1,498 1j541 si770
Other 85 81 78
Total 14i931 15,648 29i454
Reconciliation offunded status to balance sheet
Value at Value at
31Augus't 2023 31AUgust 2022
E000 E'000
Fair value ofScheme assets 14,931 15,648
Present value offunded defined benefit obligations (1o,745) (22,952)
(Deficit)/surplus 4,2.86 2,696
(Liability)/asset recognised on the statement offinancial position 4,286 2,696
Analysis ofprofit and loss
Value at Value at
31.AugUst 2023 32.AUgUst 2022
E'000 E'000
Administration expenses
Net interest cost (116) (17)
Past service cost
Expense recognised in profit and
loss (226) (17)

Value at Value at
31AUgust 2023 31AUgust 2022
E000 E'000
Opening defined benefit obligations
»J952 18439
Administration
expenses
Interestcost 548 320
Remeasurement(gains)/losses
Actuarial
losses on Scheme liabilities		 in
respect ofassumptions (2,271) (6,473)
Actuarial
losses on Scheme liabilities		 in
respect ofexperience 359 1026
From change
in demographic		 assumptions (429) (13)
Net benefit paid out (414) (347)
Past service cost
Closing defined benefit obligation soi745 12i952
Changes tothe fair value ofScheme assets
Value at Value at31
31AUgust 2023 AUgust 2022
E'000 E'000
Opening fair value ofScheme assets 15,648 29i454
Interest income on Scheme assets 664 337
Actuarial gains/(losses)
Return on Scheme assets less interest
income (967) (3,796)
Contributions
by the Company
Net benefits paid out (414) (347)
Closing fair value ofScheme assets 24r931 15,648
Analysis ofamounts
recognised
in the		 Statement offinancial activities
Value at Value at31
3'1AUgUSt 2023 AUg Ust 2022
E'000 E000
Return on Scheme assets less interest income (967) (3,796)
(Losses)/gains
on financial assumptions		 2I271 6,473
(Losses)/gains
on demographic
assumptions		 429 13
Experience Gains on Scheme liabilities (359) (1,o26)
Total (loss)/gain ii374 1,664
50

Value at Value at
31AUgust 2023 32.AUg Ust 2022
E'000 E'000
Interest income on Scheme assets 664 337
Return on Scheme assets less interest income (967) (3,796)
Total return on Scheme assets (303) (3I459)

Years to31August: Years to31August: 2023 2022
E'000 E'000
Turnover 2(422 2i395
Cost ofsales 2I410 2i295
Gross profit 100
Administrative expenses (8) (5)
Operating
profit/(loss)		 (7) 95
Gift Aid to parent company
Profit/(Loss) before taxation (7) 95
Taxation
Profit/(loss) forthe financial year (7) 95
The aggregate ofthe assets, liabilities and funds was:
At31August 2023 2022
E'000 E000
Assets 542 572
Liabilities (572) (595)
Shareholderfunds (3o) (23)

Included within turnover Included within turnover and cost ofsales is inter-company and cost ofsales is inter-company trade
At31August 2023 2022
sooo eooo
Sales 183 287
Purchases 2,418 2,y46
Amounts outstanding atyear end 185 104
Statement ofChanges in Equity
Company Share capital Profit and loss Total
s reserves
s s
Balance at 20 September 2o21 90 (118,4o9) (118,319)
Yearended31August 2o22:
Profit and tote Icomprehensive income forthe year 95899 95i299
Distributions
to parent		 chanty under gift aid
Balance at31August 2022 (23'220) (23,12o)
Year ended 31August 2023:
Loss and total comprehensive income forthe year (&.242) (7,242)
Balance at31August 2023 90 (30i452) (3o,362)

Years to 31August: Years to 31August: Years to 31August: 2023 2022
E'000 1000
Turnover 11I621 10,870
Cost ofsales (11I6o8) (1o,85g)
Gross profit 13 11
Administrative expenses (13)
Operating
profit I(loss)
Profit/(Loss) before taxation
Theatre tax relief on productions 2,814- 2I044
Profit retained in subsidiary 2,814 2I044
The aggregate ofthe assets, liabilities and funds was:
At31August 2023 2022
E'000 s 000
Assets 2,829 2I056
Liabilities (13) (7)
Shareholder funds 2 816 2I049

2023 2022
e000 e000
At 31Augus't
Sales 11,621 10870
Purchases 11,621 10870
Amounts outstanding atyear end
Statement ofChanges in Equity
Company Share capital Profit and loss Total
e reserves
Balance at ss September 2021 100 327I233 327833
Year ended 31August 2o22:
Profit and tota I comprehensive income forthe year 2,040,584 2,o4o,584
Distributions
to parent		 charity under gift aid (312,133) (322i233)
Balance at31August 2022 100 2,o45,584 2,o45,684
Year ended 31August ao23:
Loss and total comprehensive income forthe year si824i398 *.814r398
Distributions toparent charity under gift aid (2,o43,568) (2,o43,568)
Balance at31August 2023 100 2 816414 2 816514

At 31August 2023 2022
Income received 454 68
Funding awarded (3oo)
Debtor
At 31.August 2023 2022
Investment income 34i035 33'705
Bursaries applied for 20,000 20~000
Debtor 1o7,276 59,248
Creditor 21,740 20,000
Value ofportfolio 1,015,958 1,041,788

Incorporating
the
Years to31August:		 income and expenditur e
account		 forthe year end ed 31August 2o22
Note Unrestricted Restricted Endowed Total Total
funds funds funds 2022 2021
E000 E'000 E000 E'000 E000
Income from:
Charitable activities 4(15(i 4(150 107
Donations 592 182 774 2054
Legacies 82 50 132 3i(3
General grants 28 1o,848 1o,8r,8 11,098
Trading income 2,156 2 156 1(091
Investment
income		 44 56 102 78
Tota Iincome 17,872 56 18,162 13(731
Expenditure
on:
Charitable
activities		 17(750 17(752 10(414
Raising funds 356 356 334
Trading expenditure 2,o61 2,061 1,185
Total expenditure 2b 20(167 20(169 11(933
Net (losses)/gains
on investments		 7b (3) (3) (6) 492
Net income/(expenditure) before tax (2,2g8) 53 (2(013) 2(290
Taxation 18 2(i(44 2(044 3s.2
Net income/(expenditure) forthe year 3 (254) 232 53 32. 2,6oa
Transfer from restricted funds 537 (537)
Other gains/losses
Actuarial (losses)/gains
in		 the defined benefit 17 1,664 1,664 2,287
pension scheme
Net movement
in funds		 ~2000 ~0 ~26 ~8
Fund balance brought forward 8(376 655 1(969 s1(000 6(211
Fund balance carried forward ~20 o
6		 ~o ~26 ~22 6 ~22 000