2025-08-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

��

WELSH NATIONAL OPERA LIMITED

Year ended 31 August 2025

Annual Report and Financial Statements

Year ended 31 August 2025

Welsh National Opera Limited

(Company limited by guarantee without share capital) Company Number: 00454297 (England and Wales) Charity Number: 221538

��

Reference and administrative details

2 Company Details
2 Professional Advisers 3 Directors and Officers

Introduction

4 Objectives, Vision and Values 5 Chair’s Statement

Strategic Report

8 Directors’ Report
23 Statement of Trustee’s Responsibilities

Independent Auditor’s Report

24 Independent Auditor’s Report to the Members of Welsh National Opera Limited

Financial Statements

28 Consolidated Statement of Financial Activities 29 Consolidated Balance Sheet
30 Company Balance Sheet
31 Consolidated Cash Flow Statement

Notes

32 Notes to the Financial Statements

63 Consolidated Statement of Financial Activities (2024)

��

Reference and administrative details

Company Details

Welsh National Opera Limited

(Company limited by guarantee and without share

capital) Registered office Wales Millennium Centre Bute Place Cardiff CF10 5AL Company number 00454297 (registered in England and Wales) Charity number 221538 VAT registration GB 218 9895 51

Professional Advisers

Auditor Bevan Buckland LLP Cardigan House Castle Court, Swansea SA7 9LA Solicitors Eversheds LLP 1 Callaghan Square Cardiff CF10 5BT Bankers Lloyds Bank plc 31 Queen Street Cardiff CF10 2AG

Bank deposits are also held at National Westminster and Barclays.

Investment Managers Brewin Dolphin 5 Callaghan Square Cardiff CF10 5BT

��

Directors and Officers

Board of Directors and Committees

The directors are also the Company’s charitable trustees. The directors who served throughout the financial year, unless otherwise stated, and the committees they attend, are shown below:

The Board meets a minimum of four times per year, delegating appropriate matters to the Audit & Risk and Nominations committees. Each committee determines its own frequency for meetings subject to the requirement to meet at least twice each year.

Executive Team

Adele Thomas Joint General Director/CEO (Appointed 02.01.25) Sarah Crabtree Joint General Director/CEO (Appointed 02.01.25) Tomáš Hanus Music Director Carlo Rizzi Conductor Laureate Christopher Barron Interim General Director (Resigned 30.09.24) Stephanie Bradley Executive Director (Resigned 30.09.24) Jan Michaelis Interim General Director (Resigned 31.01.25)

Senior Management Team

Chris Skaife Sarah Boswell Matthew Freeman Emma Flatley Kate Baylis Nadine Holloway

Interim Chief Operating Officer (Appointed 09.04.25) Director of Development & External Relations (Resigned 06.02.25) Interim Director of Development (Appointed 03.09.25) Director of Engagement and Partnerships (Resigned 17.10.25) Director of Artistic Administration Interim Director of Finance (Appointed 01.10.24)

��

Matthew Downes Head of Orchestra Sian Morris Interim Head of People & Transformation Martina Fraser Head of Marketing & Digital

Objectives, Visions and Values

Introduction

The trustees are pleased to present their annual directors’ report which incorporates the strategic report, together with the financial statements of the activity for the year ending 31 August 2025, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019)”.

Charitable Objectives

WNO’s charitable objectives are ‘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 in Wales and elsewhere.’ These words are taken from WNO’s Memorandum of Association.

Vision

We bring together people from all walks of life to create and experience extraordinary opera, to enhance lives, strengthen communities and enrich all the places in which we focus our work.

The Strategic Plan 2023-27 supports the transformation of Welsh National Opera to ensure the Company retains its national and international status, utilising a network of local hubs that are designed to build close bonds between the Company and its respective communities. Its programming will be a blend of performances and participatory projects, with a special emphasis on co-created work. The overarching goal is to always make the work relevant, finding connections between the work itself and the lived experiences of the audience.

Values

We are:

Inclusive - We have a workplace culture where all people are respected and valued.

Collaborative - We work as a team to achieve common goals.

Dynamic - We challenge ourselves creatively and encourage new ideas.

Generous - Our people use their talent, knowledge and skills with a generosity of spirit. Responsible - We act with integrity and accountability.

��

Chair’s Statement

In so many ways, the 2024/25 Season at WNO has been a formative and transformative one.

It is the year that heralded the arrival of our new co-CEO/General Directors Adele Thomas and Sarah Crabtree. They bring with them a new vision for the future of the company and a revised operating model to be delivered in September 2026 alongside their first season.

It has been the year of awards. WNO has triumphed again and again. Death in Venice won the Sky Arts Award and the Critics’ Circle Award, and Peter Grimes won the UK Theatre Award, while Death in Venice ’s lighting designer Robbie Butler won the Profile Award, our Three Letters project won the Iris LGBTQ+ Prize and our Head of Stage Dan Saddington won Technician of the Year at the Association of British Theatre Technicians’ Awards.

This success is all the more astonishing considering that the year contained some true challenges, including a restructure in the core staff - voluntary exits as well as redundancies within the Chorus - and union negotiations with both Equity and the Musicians Union. Both industrial negotiations are now resolved. The full-time Orchestra and Chorus contracts are protected alongside world-leading new agreements that will enable them to take a full part in our Programmes and Engagement work across Wales and England from September 2025. Throughout, our unions have worked tirelessly to fight for their members, our staff, and we convey our deepest thanks for to them for their integrity and professionalism.

Throughout all of this, the Company has continued to deliver world-class opera to our treasured touring venues across the UK. Our Season opened with a stunning new production of Rigoletto from our incoming General Director Adele Thomas, making her WNO debut, and a welcome return to Pietro Rizzo as our Conductor. A real statement of intent, Rigoletto showed the Company at their very best, from the stunning costumes made here in Cardiff to the brilliant company of actors, many making operatic debuts. Sorya Mafi’s Gilda blew away audiences and critics alike. Alongside Rigoletto , there was a return for our major new co-production with Scottish Opera of Puccini’s much-loved Suor Angelica & Gianni Schicchi (Double Bill) from renowned opera director David McVicar and starring Swansea’s own Natalya Romaniw. Delivering this complex and ambitious production on tour was a testament to the skill and tenacity of the touring team. No mean feat, even in the best of times.

The Spring Season saw successes in major role debuts in a pair of operatic masterpieces. First, the return of our much-loved production of The Marriage of Figaro , including a role debut from Michael Mofidian as the eponymous trickster servant. Then Melly Still’s new production of Peter Grimes , masterfully conducted, as always, by our Music Director Tomáš Hanus and featuring a monumental role debut by WNO favourite Nicky Spence in the role of the eponymous fisherman; a return to BBC Radio 3 with a broadcast of the production was also a highlight. The Season was rounded off in spectacular style with Panig! Attack!! , a new trilingual (Cymraeg, English and integrated BSL) opera to celebrate 20 years of our Youth Opera Company, with grateful thanks to the Seligman Youth Opera gift. Performed and co-created by participants of the Company past and present at the New Theatre, to music by Dan Perkin and text by Bethan Marlow and accompanied by the WNO Orchestra, it was a riot of young talent, fabulous music and breathtaking design, the future of opera is bright.

��

Chair’s Statement (continued…)

On the concert platform, we saw the Orchestra diversify its portfolio of work and increase its reach, from the Northernmost tip of Wales to the Southernmost areas of Cornwall: whether with 60 foot dinosaurs on screen as part of Netflix's Life on our Planet Live, performing with worldclass singers in concert (including Sir Bryn Terfel, Rebecca Evans CBE, Dame Sarah Connolly and Nicky Spence), or returning to the Grange Festival in Hampshire with an all-Bernstein concert, our Orchestra remains an ensemble at the height of its musical powers. July and Autumn were particularly busy, with festival engagements, including at MusicFest Aberystwyth (performing Arwel Hughes' Serch Yw'r Doctor ) and two visits to the Fishguard Festival of Music. 2024-2025 saw us continue to visit Newtown, Swansea, Brecon, Aberystwyth, Bangor, Southampton, Bristol and Truro, as well as twelve concerts at the Royal Welsh College of Music and Drama (RWCMD) in Cardiff. The Season culminated with our first invitation to the BBC Proms and Radio 3 since 2010, thrilling audiences with an Italian-inspired programme of Puccini, Verdi, Respighi, Berio, Rossini and Elgar.

The Orchestra and Chorus play a key role in the talent pathways from conservatoire through to the profession. Performances at RWCMD allow young musicians to learn directly from the experience of our professional Orchestra, showcasing the young singers of the David Seligman Opera School, the MA Conducting Students, and both under- and post-graduate instrumentalists. Our Side-by-Side study days with both Trinity Laban and the Royal Birmingham Conservatoire immerse the students in the unique demands of being an instrumentalist in an opera company. December 2024 saw our first-ever Side-by-Side choral concert with RWCMD Chorus and the WNO Chorus in A Chorus Christmas. We also continued to develop our partnership with RWCMD, including students in our productions of Suor Angelica & Gianni Schicchi and Peter Grimes , giving them the unique experience of performing in our mainscale work in Cardiff and on tour.

Our Technical and Production Teams play an increasing role in developing future backstage talent. During 24/25 we continued to partner with Wales Millennium Centre (WMC) to deliver yearlong technical apprenticeships and to offer a range of placement opportunities for students in Stage Management. This year we partnered with RWCMD to offer an MA Arts Management Placement which helped develop our use of the Theatre Green Book. A new initiative has seen a growing partnership with Careers Wales to develop hands-on activities for secondary school pupils. These build on activities developed for Play Opera Live and introduce students to the range of backstage careers that are available. Workshops at Abertillery Learning Community attracted 350+ participants and at Idris Davies School in Merthyr attracted 50+ participants. We also continue to support skills development within the existing teams, often hosting courses in partnership with Cult Cymru. Areas covered in 24/25 included Advanced Lighting Programming, Rope Access for Rigging and Make Up for Darker Skin Tones. Our Scenery Construction arm Cardiff Theatrical Services (CTS) offered scenic craft apprenticeships (in partnership with Sgil Cymru) and formally partners with RWCMD to offer placements; it also has close ties to most other Drama Schools and High Education providers, particularly BOVTS, Central School of Speech and Drama, Bath Spa, Rose Bruford, LAMDA and Guildhall. The Management team of CTS also give visiting lectures on the industry to RWCMD Construction students.

��

Chair’s Statement (continued…)

Welsh National Opera’s Programmes and Engagement team continues to transform lives through the power of music and creativity, breaking down barriers into opera and welcoming people into WNO, often for their very first taste of opera. Highlights of a spectacularly busy year include the growth of our groundbreaking Opera Tutti concerts, which give young people with profound and multiple learning difficulties a chance to visit the theatre and experience live music, and sell-out performances of Play Opera Live! for families and young children, as well as the growth of our Discover Opera programme into secondary schools. Wellness at WNO continues to break new ground, including a new partnership with Velindre Cancer Centre, and in the Autumn we celebrated the success of a new pilot programme for people suffering from persistent pain at the Senedd with partners from all 7 Welsh health boards.

As WNO prepares to enter its 80[th] Anniversary year, it is vital that we lay the foundations now that will ensure the best for the Company for the next 80 years. My particular thanks go to our many supporters, from trusts and foundations to the individuals that support our work and to the Arts Council of Wales and Arts Council England for their support of WNO, especially as we navigate the changes needed to truly build the opera company of the future. My thanks especially to Richard Brooks for his generosity and Mathew and Lucy Prichard, as well as The Colwinston Trust for their continued support of WNO, and to Yvette Vaughan Jones for her stewardship of WNO over the last four years as Chair of the Board. She has led the Company with dedication and tenacity through a particularly challenging time, and we are all grateful for her service. There are still challenges to come but with a new General Directorate, I have no doubt that the Company is on the road to a bold and brave future.

Professor Medwin Hughes, Chair

Dated: 10/12/2025

��

Directors’ Report

Business Performance

The Company began the year with a strong balance sheet and raised income, including Theatre Tax Relief (TTR) and Orchestra Tax Relief (OTR) totaling £21.6m, an increase of 3.34% on the previous financial year. Income sources comprised 47% from the Arts Councils, 16% trading income, 9% charitable activities, 10% donations, and 18% from other activities and TTR tax relief. The year concluded with a strong financial position, ensuring the availability of funds needed to support the Company’s transition to a revised operating model over the next three years.

The 2024/2025 programme featured four operatic titles. The Autumn Season consisted of Suor Angelica & Gianni Schicchi (Double Bill) and Rigoletto , as well as an Opera Favourites at the Movies concert. During Spring 2024, we toured The Marriage of Figaro, Peter Grimes and Play Opera LIVE!, as well as performing an anniversary production of WNO Youth Opera, Panig! Attack!! , in Cardiff. Despite fewer performances over the year we performed mainscale opera to 38,173 people and exceeded our financial target (114%).

Engaging Communities

Programmes and Engagement (P&E) activity continued with a focus across Southampton, Plymouth and Bristol, as well as across South, North, Mid and West Wales. The P&E delivery spans across 4 main strands:

Teach and Inspire - WNO TEACH - our schools and special schools programme across Wales and England, where we work with between 10-12 schools and ALN pupils every week throughout the academic year, teaching children to sing and perform. This work is heavily tied into the Expressive Arts Curriculum in Wales and is fully operatic, focussing on the voice to develop a musical and performative understanding of opera, including costume, technical, composing and directing. Schools apply to be part of the programme for either a year or two years and we select schools that are in areas that rank highly on the deprivation index, with limited cultural access or that have a high proportion of free school meals.

WNO TEACH includes weekly sessions, schools dress rehearsals and backstage tours, culminating in a performance in the Weston studio that was standing room only this summer. Young people from the programme are invited to join our Youth Opera, and if cost is a barrier we offer bursaries, support with travel and a buddy scheme, to encourage children that wouldn’t normally get involved to take part. This year we have up to 60% of young people in our Youth Opera programme from WNO TEACH, who are supported by a WNO bursary.

As well as our weekly sessions, we also run special projects with schools that are thematically linked to the repertoire of the season, as well as teacher training and CPDs in partnership with BBC NOW and intergenerational schools’ projects where young people have been creating music and song for our Cradle Choir (choir for people with Dementia and their families and carers). Alongside working directly in schools, we have continued to offer annual schools concerts, reaching up to 1500 children per show across Wales and the Southwest of England, as well as schools dress rehearsals / schools backstage visits and career talks. We engage with thousands of children through WNO TEACH every year across hundreds of events, and for many this is their first taste of live opera.

Discover Opera is a new programme and a collaboration with secondary schools taking place in Wales and Southwest England working with young people aged 11-14 where they are invited to watch and review our CWTA/ In Short productions, based on repertoire as part of our tour but designed for young people who have never seen opera.

��

Directors’ Report (continued…)

Inspire - offers opportunities for people of all ages to take part in world-class opera; this includes our award-winning Youth Opera for young people aged 11-18 years old, which takes place in Cardiff every week, with up to 80 young singers joining us. This spring we celebrated Youth Opera’s 20[th] Anniversary through a specially commissioned trilingual production (Welsh, English and BSL) performed at the New Theatre in Cardiff and co-created with the young singers, Librettist Bethan Marlow, Composer Dan Perkins (Youth Opera’s Music Director), Vocal Director Sian Cameron and Stage Director Hannah Noone. The production of Panig! Attack!!, as part of the Seligman Youth Opera Performance gift, was the first time that Youth Opera had performed with the whole of the WNO Orchestra, joined by Youth Opera alumni and soloists Jess Robinson (Cardiff Singer of the World finalist), Mica Liberta-Smith and, making her WNO Youth Opera debut, Sarah Adedeji, a British Nigerian Deaf and BSL Performer. Youth Opera also developed a new and fruitful partnership with Taking Flight Theatre Company, who specialise in working with Deaf, disabled and neurodiverse performers. The production was a resounding success with over 80 young performers on stage, celebrated by the whacky and innovative design of April Dalton. The whole production was one that our young performers will never forget.

Also, this year touring to all venues, our family show Play Opera Live! welcomed back Blaze of Glory! Director Caroline Clegg to the ranks, who expertly choregraphed the WNO Chorus, Associate and Guest Artists through a fairy tale inspired journey accompanied by our Orchestra. This is designed to bring the world of opera to life for early years up to aged 8, with interactive front-of-house workshops that show all aspects from wigs to make up, costumes and lighting design. Alongside this, we ran our groundbreaking Opera Tutti concert, created for young people with profound and multiple learning needs. Opera Tutti is a bespoke production for non-ambulant young people with associated physical difficulties and visual or hearing impairments, requiring significant support which means they wouldn’t be able to visit a theatre. We have created the show as a unique way to experience opera through a sensory, interactive, unique performance. This year we visited Swansea (Pontardulais), Mid Wales (Powys) and North Wales (Flintshire), as well as Gloucester, Plymouth and Southampton, also offering a larger production in studio theatres for all ages to enhance the experience further.

Wellness and Sanctuary – Wellness with WNO , our rapidly growing health and wellbeing programme delivered in partnership and with investment of all 7 NHS health boards across Wales, as well as medical professionals across Wales, has continued to grow from strength to strength, capturing the attention of the national and international press. To date we have received over 450 patient referrals to the programme and the evaluation results have been incredibly positive. The programme comprises a 6-week singing and breathing online course, designed to help people join the programme without even having to leave their home, as many patients face barriers due to geography, accessibility or chronic pain. The programme is designed to support people experiencing symptoms of breathlessness and anxiety from the COVID-19 virus. Due to the demand, this year we expanded the programme to include people with Chronic Fatigue, ME and Fibromyalgia and other long-term health conditions. We have also been providing resources for people to practice at home, and we have set up ‘drop-in sessions’ to allow people to continue working with our vocal leaders longer-term.

We also set up a weekly pilot programme for people suffering from persistent pain, funded by Powys Teaching Health Board. We launched the results of this pilot programme at an event attended by all health boards, patients and the press at the Senedd in the Autumn, sponsored by MS Peredur Owen Griffiths.

��

Directors’ Report (continued…)

The initial independent evaluation of the pilot indicated that post-intervention patients reported reduced symptoms of pain, improvements in mental health, and a sense of community and support. Our NHS partners indicated high engagement from participants compared to other interventions, increased referrals and overall cost efficiency. Results showed that 95% of participants continued to use the breathing techniques post-intervention and two thirds of patients reported an improvement in pain that supported daily functionality, improvement in feelings of anxiety and the ability to manage pain independently .

As part of Wellness with WNO we have continued to offer, in partnership with Swansea Bay University Health Board Paediatric and Physiotherapy team, a series of wellbeing workshops for secondary school pupils who are experiencing social anxiety. We were also delighted to start a new partnership with Velindre Cancer Centre in Cardiff to deliver a breathlessness management programme for lung-cancer patients, post-radiotherapy treatment and an ‘on the ward’ concert series. We’ve been running a pilot with Supportive Care in Wales, and our team continues to bring music and song to 8 hospital wards across Wales every week and runs a specialised choir for people with Dementia (running in Milford Haven, Llanelli and Llandeilo) and a performance programme in care homes in Ely and West Wales.

For our local communities in Cardiff we were proud to develop a programme with community organisations and young people in Ely through WNO’s Ely Bridge Programme. Ely is an area of the city that ranks high on the deprivation index, has a high and growing rate of crime often related to drug trafficking, and is an area that is isolated from the main cultural hub of the city, lacking regular arts and cultural activities. Attainment rates for young people rank considerably lower than other parts of the city. We were keen to continue to develop the programme by working in partnership with Action Caerau Ely, South Wales Police, The Church of the Resurrection and Ely Court Care home but have paused this for the timebeing due to funding.

Sanctuary - our singing, writing, composition and performance programme for refugees and asylum seekers in Wales and England, celebrating diverse cultures, musical traditions, stories and ideas; once again focussed on a partnership with the University of Southampton through their department of Music and Social Justice; and through an ongoing collaboration with the Clear Project, a Centre for Education and Action for refugees and asylum seekers.

Our Engagement Reach:

Through our engagement work in England across the year we reached:


Sessions*		Performances			Participants	Audience


194		26			5432	5247

And in Wales we reached: Sessions Performances Participants Audience 966 42 10858 10859*
Sessions*	Performances		Participants	Audience
966	42		10858	10859

A total of 16,106 people across the year

��

Directors’ Report (continued…)

External Factors

The performing arts continue to be buffeted by a particularly unstable period in global politics alongside the increasing strain on society from the cost-of-living crisis. Despite this, audiences continue to stabilise and the new patterns that have emerged post-covid, in particular later bookings, seem to be with us to stay. We are delighted that this Season saw us exceed our box office targets, building on the improvements seen in the previous year.

November 2024 saw WNO applying for an extension year for our Arts Council England (ACE) National Portfolio (NPO) funding, taking us through until March 2027. In March 2025 it was announced by ACE that the next National Portfolio Organisation (NPO) round would be delayed a further year to 31 March 2028 and the Executive and Board of WNO have contributed to the ACE Review, chaired by Margaret Hodge, and await its findings. ACE’s Let’s Create Opera Music Theatre review from 2024 has seen some positive action across the sector this year, in particular in the creation of a new UK Opera Association, a coalition of opera companies and sector leaders who have come together in response to a collective desire for greater collaboration and stronger advocacy. WNO continue to sit with ACE at the heart of conversations about Innovation in opera and the future of touring.

In March 2025, we negotiated the second year of our three-year funding agreement with Arts Council of Wales – our funding agreement with Arts Council of Wales is reviewed annually. Each year, this is still subject to ratification by Arts Council of Wales (both lead officer Council and CEO) and by the Welsh Government preceding their budget settlement per annum. There will be a review point at the end of year two (Spring 26) in regard to whether WNO will be supported in another three-year revenue funding cycle. Also in March 2025, we received percentage uplifts from both ACE (1.61%) and Arts Council of Wales (2.5%), which will help towards the significant strain of rising costs across our business.

Following the allocation of Transformation Funding from ACE, WNO received support from ACW’s Jobs Resilience Fund in November 2024. Designed to support organisations through periods of change, these funds have been instrumental in enabling WNO to work towards becoming a flexible, sustainable organisation. Autumn 2024 saw the creation of WNO’s Milestone Plan - a road map for the Company to reach that sustainable producing and operating model by the 2027/28 Season. Change is happening at pace, but the new vision brought to the Company by the co-General Directors gives the company a ‘north star’ by which to navigate these challenging but necessary times.

Audiences

Despite a reduction in performances, Welsh National Opera continued to stabilise audience numbers and revenue in 2024/25, with popular opera titles doing particularly well. Late bookings continue to be a pattern, due to the continued cost-of-living concerns, which is a wider trend. Box office revenue remained consistent and achieved 114% of the financial target. The repertoire was well-balanced and indicated the importance of a balanced repertoire to allow WNO to build our audience base while still appealing to those who have seen the Company before.

Results from post-show surveys conducted during the 2024/25 Season revealed that 85% of respondents had attended WNO performances in the past, which was slightly up from the previous year (82%). However, data from ticket booking systems suggest the percentage of new bookers could be higher. This is expected as those completing surveys are more likely to be older, and more regular bookers.

��

Directors’ Report (continued…)

Audiences

Better known titles such as The Marriage of Figaro continued to attract first-timers, but surprisingly Rigoletto did not follow this pattern as expected and instead attracted a more traditional audience as per Peter Grimes and Sour Angelia and Gianni Schicchi (double bill) the latter of which drawing bookers from a larger than usual drive time due to it being rarely performed. Of those surveyed two main motivations to attend were cited. The most common response was ‘to be entertained’ (35%), followed by ‘opera is an important part of who I am’ (29%).

Several factors have contributed to the continued strength of this year’s mainscale audience performance. The 2024/25 repertoire offered a compelling mix of familiar favourites ( Rigoletto , The Marriage of Figaro ) and thought-provoking works ( Sour Angelia and Gianni Schicchi (double bill), Peter Grimes ), appealing to both loyal audiences and new attendees. Autumn 2024 presented some challenges, with overall box office performance at 95% of target and 47% average capacity across venues. However, Sour Angelia and Gianni Schicchi (double bill) and Rigoletto achieved encouraging results in Cardiff and Oxford, with Cardiff’s Sour Angelia and Gianni Schicchi (double bill) exceeding its income target by 13%, demonstrating a strong appetite for rarely performed but well-known work.

Momentum built significantly in Spring 2025, where overall box office performance reached 139% of financial target, marking one of WNO’s strongest recent touring seasons. The combination of The Marriage of Figar o and Peter Grimes resonated with audiences, particularly in Birmingham, Milton Keynes and Cardiff, where multiple performances exceeded budget expectations by over 150%.

The positive trajectory through Spring 2025 more than compensated for the softer Autumn results, resulting in a combined 114% achievement against budget across the full Season. This demonstrates growing audience engagement and the impact of strategic repertoire planning, with evidence that familiarity coupled with creative innovation continues to deliver both artistic and financial success.

Throughout the 2024/25 Season, WNO’s Programmes and Engagement work continued to reach people within our communities daily, inspiring children, young people, families, those with longterm health conditions and intergenerational groups, among others, through projects such as Wellness with WNO , Youth Opera’s 20[th] Anniversary celebrations, Opera Tutti and our schools programme. Many of these participants would otherwise not be given the chance to experience opera. As part of our mainscale programme, Play Opera LIVE! attracted a younger audience. Much of this audience had not previously experienced WNO performances (38%) previously, although this is less than last year, indicating that the product is also starting to attract a returning audience due to its quality and unique market placement.

WNO is committed to growing its audience base by delivering electric experiences that inspire new attendees and re-engage returning audiences.

��

Directors’ Report (continued…)

Development and External Relations

In 2024/25, fundraising was pivotal to our success, with individual donors, Trusts and Foundations and corporate supporters collectively constituting 11% of our income. Individual Giving led the way, accounting for 55% of this support, followed by legacies at 25%, Trusts and Foundations at 16%, and other income (Gift Aid, events, corporate support) at 4%. This support enabled us to deliver remarkable performances, inspire audiences across national and international tours, and nurture emerging talent, showcasing the transformative power of giving in sustaining and growing our cultural impact.

Looking ahead, we see significant opportunities for growth, particularly in underrepresented areas, such as corporate partnerships and a new generation of individual giving. We have invested time into prospecting and portfolio building and have undertaken a valuation of our sponsorable work to enable us to maximise existing and new corporate partnerships. Our strategic focus includes developing individual giving through active donor engagement at all levels, annual match-funding campaigns and major gift cultivation, developing Trusts and Foundations through increased bid writing, and exploring new collaborations within the corporate sector. By investing in these growth areas, we can secure a stronger, more sustainable future for WNO, ensuring opera and classical music continue to resonate with audiences today and for generations to come .

People and Culture

In support of the WNO strategy, a People Strategy has been developed that will focus on delivering a more diverse, modern, agile, creative and efficient workforce. We will have strong inspirational leadership and engaged colleagues who understand WNO’s vision and strategic plan and the contribution they make to achieving them. We will ensure our colleagues are listened to and shape business decisions for the future.

Delivering the aims and objectives of our strategic plan will require organisational transformation. The greatest impact in terms of ‘the WNO employment experience’ comes from the managers who work, develop, and build relationships with their teams daily. We want to ensure that every colleague feels valued and appreciated for the work they do, whilst ensuring they are listened to in shaping the business.

Through the transformation process, we will ensure that engagement at all levels is effective in communicating the drivers for and ensuring everyone is engaged within this programme.

��

Directors’ Report (continued…)

Finance

Following several years of decreasing public funding for the arts, WNO is now entering a period of relative funding stability. However, the cumulative reductions have made the transformation of the Company’s operating model a critical priority. Transforming a fully contracted touring company remains challenging due to internal restructuring timescales and the fact that programming is planned two to three years in advance. Nevertheless, we continue to review future budgets and are taking a phased approach toward becoming financially sustainable by Summer 2026, supported by a financial strategy covering 2025–2028.

Board

In 2024/25, the WNO Board convened on six occasions, including one bespoke Board call.

During the year, Stephen Harrison resigned from his role as Chair of CTS. In addition, the Chair of the WNO Board, Yvette Vaughan Jones, stepped down in October 2025 and she was succeeded by Professor Medwin Hughes, with Clare Pillman assuming the role of Senior Independent Director (SID). Further information is provided in the Directors’ and Officers’ note on page 3 of this report.

All Board appointments were undertaken in line with the organisation’s commitment to the highest standards of governance. The recruitment and selection process was open and transparent, involving public advertisement and the engagement of the Nomination and Remuneration Committee.

To ensure continuity and maintain the breadth of skills and experience on the Board, two new Trustees were appointed during the year to succeed Nicola Amery and Aileen Richards in October 2025.

Subsidiaries

WNO has two wholly owned subsidiaries. Details of both are included in note 18.

Cardiff Theatrical Services Limited was established in 1984 as the in-house workshop for WNO and has a reputation for building outstanding quality scenery for some of the world’s leading performing arts companies, visitor attractions and exhibitions.

The company continued with another successful year resulting in a profit of £241,458. Strong demand and the controls and processes introduced by management during recent years contributed to the success.

The Directors would like to express their gratitude to the company’s employees for effectively managing this significant increase in activity and achieving a healthy profit. The employees' dedication and flexibility have enabled the company to deliver this increase in activity while maintaining its delivery and quality standards. Customer feedback has been excellent. Although the entertainment sector is experiencing challenging times due to constraints on consumer spending, the company’s sales pipeline remains strong, and the directors anticipate a positive outcome for the current year.

WNO Productions Limited was set up in 2014 to create and prepare theatrical productions for the Welsh National Opera Group of companies.

��

Directors’ Report (continued…)

Public benefit

Welsh National Opera’s public benefits are covered by its mission, vision and values.

The Directors have considered the Charity Commission’s guidance on public benefit when reviewing the Company’s aims and objectives and in planning future activities. In particular, the Directors have considered how the planned activities will contribute to the Company’s aims and objectives.

Our activities are planned ahead of the year being reported, and from the outset consideration is given to the likely public benefits and public impact of all activities, the accessibility of this offer and the inclusivity of design and reach and how they fulfil the Company’s mission, alongside the objectives of our funder (both Arts Councils) and DCMS and the Welsh Government, as well as the public benefit objectives of Trusts and Foundations funding. The details of the activities carried out, including activities aimed at encouraging specific audience groups, are shown in the business performance strand 1 review under the Artistic Content and Presentation section.

Several members of the WNO team and senior team are available at all our performances and events, to respond to participant or audience enquiries and to publicly represent the Company. Our Marketing team capture audience feedback through surveys and qualitive and quantitative data collection. Feedback and participation direct from audiences is encouraged, through surveys, through our website and through activities outside the main productions, and is used through our evaluation process to improve our public offer.

Participants of all ages take part in productions and engagement activities. Projects involving young people are supported by suitably qualified professionals and artists, all of whom are DBS checked, and are also supported by legally compliant Safeguarding policies and procedures.

We aim to encourage audiences from the widest catchment area across the communities we tour to, and we perform in easily accessible theatres, in major towns and cities in England and Wales. To further support access, we offer Touch Tours and Audio Description in many of our venues for people with visual impairments, and BSL interpretation and Makaton to support communication. All the theatres we tour to are part of the Hynt scheme. Several of our Youth Opera performers are disabled or neurodivergent as well as many of our participants, and we are working with an accessibility consultant across our Youth Opera performance programme in partnership with Taking Flight Theatre.

Our Programmes and Engagement strategy is predicated on values of access for all, supporting participants and audiences through the widest range of activities in community spaces, health care environments, centres for disabled people and PMLD units and through schools and colleges. We focus activities to support people who are socially excluded or with protected characteristics. Our schools programme is only offered in low-income areas or to those who rank highly on the deprivation index or to schools with a high proportion of free school meals. 60% of young people in our Youth Opera company can only take part due to our bursary support programme and since this offer the group continues to diversify. We seek to balance our activity across Wales with programmes in South, North, Mid and West Wales and across the Southwest of England, and we proactively work with other arts organisations and national bodies to ensure we do not duplicate cultural provision in these areas.

��

Directors’ Report (continued…)

Public benefit

Our third sector partners have enabled us to increase our reach and support of people who would never otherwise engage with opera but have now become life-long participants and collaborators. Our marketing, communications, digital content and social media channels are accessible and encourage audiences from all backgrounds to take part through targeted activity and ticketing strategies especially developed for young people and families. We endeavour to create communication that is accessible and inclusive in tone and content. This is supported by our pricing policy and commitment to affordability wherever we perform, both through pricing structures that are set below the market average for opera performances and free or ‘taster’ event and activities wherever possible. We also offer free dress rehearsal tickets for schools and community groups, including to schools from further afield by providing free transport and access to our theatres. We also provide school concerts and free workshop opportunities for schools and youth groups.

Our talent programme, through our Associate Artists provision, is committed to searching for and encouraging emerging and diverse talent from across the UK and actively encouraging artists with protected characteristics to audition. To ensure there are no barriers to access we have no entry fee to apply for the scheme, and we hold auditions in five different cities across the UK, lowering costs for applicants. We reimburse expenses for applicants offered a second audition and application requirements are kept to a minimum (albeit accepting applications in a wide variety of formats), and we have been actively working with conservatoires, particularly the Royal Welsh College of Music and Drama, Birmingham Conservatoire, Royal Northern College of Music and the National Opera Studio, Pegasus Talent and Voices of Black Opera to encourage a wider pool of applicants.

Environmental sustainability

In April 2025 WNO adopted the Theatre Green Book as the primary tool for monitoring its energy consumption and environmental impact. The Theatre Green Book is an industry-wide initiative to reduce the carbon footprint of the performing arts sector. This decision followed a period of evaluation undertaken in partnership with an MA Research student from the Royal Welsh College of Music & Drama Arts Management Course. The Company now has tools in place to monitor the environmental impact of its productions, touring and building operations.

We have replaced our touring lighting rig with more efficient LED fixtures. Our latest HGV tractor, purchased in 2024, is achieving a 30% improvement in fuel consumption against the vehicle that it replaced. We have reduced the number of printers and photocopiers across the business and replaced them with energy-efficient models. Our CTS Site and our Eastmoors Scenery and Costume Store are both serviced by 100% renewable electricity supplies.

Over the forthcoming year we will continue to source production elements from our stock and will seek to share stock scenic items with partners and enter co-production agreements where possible. This should reduce set build costs and materials consumption. We have ensured that building materials are being sourced from sustainable sources and traceable timber reserves (FSC wood). Scenery and props are held for reuse in revivals or new productions, wherever possible. All costumes are taken into storage for re-use.

Since 2023 we have also been presenting work that features climate and social justice themes, particularly through Programmes and Engagement work, ensuring that these productions are created sustainably, with minimum waste through recycled set, costumes and props, in line with the Theatre Green Book’s standards. In 2025 our new production of Peter Grimes was created using repurposed and recycled sets and costumes. The sets and costumes will now be stored pending future revivals. We estimate that this has achieved Green Book Intermediate Status.

��

Directors’ Report (continued…)

Welsh language

Welsh National Opera is subject to the Welsh Language Standards (No. 2) Regulations, which set out service delivery, policy making, operational, record keeping, and supplementary standards that we are required to meet. The Welsh Language Standards came into effect for WNO in January 2017. Since then, we have introduced processes and procedures to ensure compliance with the 136 standards detailed in our Compliance Notice.

In summer 2025, WNO updated its Welsh Language Standards Compliance Plan and introduced a new Compliance and Monitoring Policy and an updated Policy Screening Tool. These changes support our ongoing commitment to promoting and strengthening the use of Cymraeg across our programme.

WNO have an All-Wales cultural strategy which outlines our holistic approach to the use and promotion of Cymraeg and Welsh culture. This strategy incorporates not only legal compliance but our common understanding as a Company of how we can use our cultural and competitive advantage to support the interplay of Welsh culture within a multi-cultural and multilingual Wales. It also explains how, through our art form, we can become the cultural heartbeat of our nation and uphold our flagship status as a national and international company representing Wales to the world.

Artistically our Cardiff and Llandudno Schools Concert was delivered in the medium of Cymraeg. Play Opera Live! was delivered with bilingual content in both Wales and England, as well as a bilingual “CWTA” production (again in Wales and England). A highlight of this year was a trilingual (Cymraeg, English, BSL) Youth Opera production – called Panig! Attack!! - at the New Theatre in Cardiff. Our Schools Programme works in Welsh medium schools, and our Wellness Programme is also offered in Cymraeg.

Towards the end of this financial year will begin workshopping our Welsh-language opera Hedd Wyn , working to create a new main stage production for 2027, developing on the original commission in 2015 made in partnership with S4C.

Financial Review

The Consolidated Statement of Financial Activities for the Group and its subsidiaries is shown on page 26. Overall, the Group’s activities resulted in net incoming resources of £2.74m (2024 restated £1.68m).

Income

Total incoming resources decreased by £1.1m to £18m (2024 restated – £19.1m).

Expenditure Overall expenditure this year reduced by £2.3m to £18.3m (2024 restated – £20.6m). Expenditure on charitable activities reduced by £1.8m and accounts for 82% of all expenditure (2024 – 83%).

��

Directors’ Report (continued…)

Subsidiaries

Cardiff Theatrical Services Limited enables WNO to maintain its own excellent set-making facilities and continues to build sets for many other clients. The subsidiary made a profit after taxation of £241k (2024 - £271k) during the year after contributing an appropriate share of premises and overhead costs to WNO. This profit will be gift aided up to the charity.

WNO Productions Limited was formed in 2014 to create and prepare theatrical productions for the Group.

Details of both subsidiaries are included in note 18.

Fixed assets, investments and cash

Fixed assets purchased during the year amounted to £24,000 (2024- £143,000) primarily replacing equipment.

After investing the funds referred to above, at the year-end the Group held cash at bank of £3,990,000 (2024 – £1,879,000).

The Group holds its cash in major UK clearing banks. The Investment Committee regularly reviews the Group’s banking arrangements and investment policy. The Group openly trades in investments and securities, and are classified as fixed asset investments with a market value of £5,979,000 at year end (2024 - £4,225,000) (see note 7b).

Pension

Group employees contributed to a defined contribution pension scheme; the Group’s defined benefit scheme was closed to new entrants and future accrual on 5 April 2009 but continues to be maintained by the trustees for its pensioners (see note 17). The surplus on the defined benefit scheme amounted to £3,326,000 on 31 August 2025 (2024– surplus of £3,984,000) with an actuarial loss of £855,000 shown in the year (2024 - loss of £428,000). These movements reflect the changes in the valuation of the actual assets and estimated liabilities in the scheme, and do not represent crystallized net assets or liabilities.

��

Directors’ Report (continued…)

Risk Management

The Board recognises its legal responsibility to provide an annual Risk Management Statement to show they have given due and proper consideration of the charity’s major risks, and that they have satisfied themselves of the adequacy of the systems that are in place to manage those risks (Charities (Accounts and Reports) Regulations 2008).

Detailed review authority is delegated to the Audit and Risk Committee, which meets on at least a quarterly basis each year. The Committee is made up of two board trustees, two external independent members with specialist knowledge/experience. Committee meetings are also attended by the General Directors, Chief Operating Officer, Finance Director and the Chair of the Board in an Ex-Officio capacity. Findings and recommendations are made to the full Board, along with a summary of the risk register.

The Board considers risk to be the opportunities/uncertainties which may impact its ability to deliver its vision/mission/strategy or which may jeopardise the WNO’s compliance with legal and regulatory requirements.

In applying a particular approach, the Board assesses and agrees its own appetite to the risks identified, which is reviewed annually, and enables the executive team to manage risks accordingly. For example, the Board considers whether it wishes to be:

risk averse, where avoidance of the risk is a key organisational objective;
risk balanced, where the preference of the board is for delivery options having a low degree of inherent risk/may only have limited potential for reward or;
risk seeking where the board is perhaps keen to be innovative and therefore willing to choose options offering potentially higher rewards (albeit with greater inherent risk.

In identifying and assessing risk, WNO looks at both internal and external factors which may impact its strategic objectives, as well as its financial position. In addition, there are key leading and lagging indicators, which may influence its ability to over or under achieve what it has set out to do. Risk areas have been aligned to the organisation’s strategic objectives and have been categorised into the following:

a) Financial (e.g. loss of income, pension liabilities, cash flow, reserves)
b) Operational (e.g. staff skills/welfare/collective agreements, resources, business continuity) c) Reputational (artistic quality, partner agreements)
d) Strategic (e.g. economic climate, government policy)

The organisation is also mindful of other potential significant risks, which underpin and run across all the above:

e) Legal (e.g. H &S breach, legal/regulatory responsibilities, breach of trust)
f) Governance (e.g. organisational controls, trustee skills, conflicts of interest)

The Board recognises that risks ebb and flow, depending on both external and internal factors. Therefore, the management of these risks is a dynamic process, which requires regular review. The organisation’s approach to managing risk is multi-faceted, depending on the type of risk and includes:

stopping the activity to avoid the risk completely
mitigating the risk to best possible controls measures
transferring the financial consequences to insurers or outside companies
accepting the risk as unavoidable.

The Trustees can confirm there have been no reportable Serious Incidents during this period and are kept aware of the renewed guidance given by the Charity Commission on safeguarding, governance, complaints handling, staff engagement and public trust in charities.

��

Directors’ Report (continued…)

Reserves

As of 31 August 2025 the total funds held by the Group stood at £17.4m (2024 - £15.5m restated); of this total £7.1m was classed as restricted or endowed funds (2024 - £5.95m restated) leaving unrestricted funds totalling £10.3m (2024 - £9.6m restated).

The Group has set a minimum level of free reserves of £1.5m. This provides the Group with a short-term safety net in the event of unforeseen shortfalls in income and is based on a risk assessment of all the Group’s sources of income. This level of reserves is considered by the Board to be the appropriate acceptable level of free reserves to provide for the stability of the Group.

The calculation of free reserves is shown below and shows free reserves of £3m (2024 - £2.6m restated); the remaining unrestricted reserves have been designated to support the transition to a new operational structure over the next 3 years.

Free reserves

This refers to the Group’s free reserves which are calculated as directed by SORP as follows:

At 31 August	2025 £’000 Restated 2024 £’000
Total unrestricted funds	10,289 9,549
Exclude designated funds – transformation reserve (Note 13)	(2,538) (1,488)
Less fixed assets	(1,425) (1,496)
Exclude pension reserve	(3,326) (3,984)
Free reserves	3,000 2,581

��

Directors’ Report (continued)

Governance and Management

The Company is a registered charity constituted as Company Limited by Guarantee and does not have share capital (See note 12).

The reference and administrative details of the Company are shown on page 2, and the details of the Directors of the Company, who are also its members and charitable trustees, are shown on page 3.

Governance

As required by the Company’s Articles of Association, directors are appointed by the members of the Company at the annual general meeting of the Company, after nomination by a member. The Board’s membership is drawn from Wales, London and the English regions. Between them directors possess the range of expertise, skills and experience necessary to carry out the full remit of the Board’s responsibilities.

New directors are provided with an induction to the Group and given guidance as to the role and responsibilities of being both a charity trustee and a company director. A copy of the Governance Code is provided for each director as part of the induction process.

The Board is responsible for approving overall policies, plans and organisation.

Directors may expect to serve two consecutive terms of three years in office and are eligible to serve a third term if approved by the Board, following a review by the Nomination and Remuneration Committee. An extension of office beyond three terms is only considered in exceptional circumstances. The Chair of the Group is expected to serve for two terms of office irrespective of how long they have served as a director prior to appointment, if relevant.

The directors who held office during the year and up to the date of signing of the Financial Statements are listed in the Group Details section beginning on page 2.

Directors’ interests

Directors have no interests in the Group or the related bodies shown in note 19 to the Financial Statements. Directors received no remuneration as directors in the year (2024 - £nil).

Senior Leadership

The Executive Team is made up of the co-General Directors and the Music Director who report directly to the Board.

The Senior Management Team comprises departmental directors with responsibility for artistic administration, chorus and orchestra, participation and engagement, development and external relations, technical operations, people & culture, marketing and communications, and finance.

Note 4 contains details of the arrangements in relation to Senior Management remuneration.

Equal opportunities and diversity

The Group is committed to a policy of equal opportunities in its employment practices. The Group does not own or manage any of its performing venues but monitors facilities for disabled patrons and encourages the theatre owners to improve facilities where necessary. Full consideration is given to the employment and training of disabled persons as permitted by the conditions of employment. It is Company policy to ensure that continued employment is offered, wherever possible, to employees who become disabled during their employment.

��

Directors’ Report (continued)

Going concern

The directors have assessed the Company’s ability to continue as a going concern. The directors have considered several factors when forming their conclusions as to whether the use of the going concern basis is appropriate when preparing these financial statements including liquidity, cash resources, liabilities, and the support available from ACE and ACW Transform funding schemes. After assessing the impact of income and cost reduction scenarios, the directors have concluded that the charity has a reasonable expectation that there are adequate resources to continue to operate for at least 12 months from the date of signing of the financial statements and have continued to prepare the financial statements on a going concern basis.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

so far as the director is aware, there is no relevant audit information of which the Company’s auditor is unaware; and
the director has taken all the steps that he/she ought to have taken as a director to make himself/herself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Following a tender process for the audit contract, Bevan Buckland were appointed as the charity’s auditors in place of Azets Audit Services , with the appointment approved at the Annual General Meeting held in April 2025 . A resolution to reappoint Bevan Buckland as auditors of the charity will be proposed at the forthcoming Annual General Meeting.

The Directors’ Report and the Strategic Report were approved by the Board of Directors and signed on its behalf by:

Professor Medwin Hughes, Chair

Date: 10/12/2025

��

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Welsh National Opera Limited for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Professor Medwin Hughes Signed on behalf of the Board of Trustees

��

Independent Auditor’s Report to the Members of Welsh National Opera Limited

Opinion

We have audited the financial statements of Welsh National Opera Limited (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the consolidated Statement of Financial Activities, the consolidated and parent Balance Sheet, the consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies . The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 August 2025, and of the group’s incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 and parent charitable company’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.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other matters

The financial statements of Welsh National Opera Limited for the year ended 31 August 2024 were audited by another auditor who expressed an unmodified opinion on those statements.

��

Independent Auditor’s Report to the Members of Welsh National Opera Limited

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees' report, which includes the strategic report and directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor's report.

��

Independent Auditor’s Report to the Members of Welsh National Opera Limited

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
identifying, evaluating, and complying with laws and regulations and whether they were aware of- any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual suspected or alleged fraud;
internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud;
obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the entity, The key laws and regulations we considered in this context included the UK Companies Act, Charities Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

��

Independent Auditor’s Report to the Members of Welsh National Opera Limited

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Vickers

Senior Statutory Auditor For and on behalf of Bevan Buckland LLP Chartered Accountants and Statutory Auditors Cardigan House Castle Court, Swansea SA7 9LA

Date: 10/12/2025

��

Consolidated Statement of Financial Activities

Incorporating the income and expenditure account for the year ended 31 August 2025

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities. The notes on pages 32 to 64 form part of these financial statements. No separate income and expenditure account is presented for the parent Company in accordance with the provisions of s.408 of the Companies Act 2006. The total income for the parent company is £21.0m (2024 - £19.0m – restated). The result reported in the accounts of the parent Company is a surplus before actuarial adjustments of £5.8m (2024 – surplus £1.2m - restated).

��

Consolidated Balance Sheet

As of 31 August 2025

The notes on pages 32 to 64 form part of these financial statements

The financial statements of Welsh National Opera Limited, company registered number 00454297, were approved by the Board of Directors and authorised for issue on ……………………………

Signed on behalf of the Board of Directors:

Harriet Feilding - Trustee

��

Company Balance Sheet

As of 31 August 2025

The notes on pages 32 to 64form part of these financial statements. No separate income and expenditure account is presented for the parent Company in accordance with the provisions of s.408 of the Companies Act 2006. The results of the charity are noted below the Statement of Financial Position and in more detail within the notes to the financial statements. The financial statements of Welsh National Opera Limited, company registered number 00454297, were approved by the Board of Directors and authorised for issue on …………………………………..

Signed on behalf of the Board of Directors:

Harriet Feilding - Trustee

��

Consolidated Cash Flow Statement

No separate statement of cash flows is presented for the parent Company in accordance with the provisions of s408 of the Companies Act 2006.

The notes on pages 32 to 64 form part of these financial statements.

��

Notes to the Financial Statements

1. Accounting Policies

Welsh National Opera Limited is a registered charity incorporated in England and Wales as a company limited by guarantee without share capital. The trustees are also the members of the Company. Each member has undertaken to contribute a sum not exceeding £10 to the assets in the event of winding up. The registered office is given on page 2 .

Basis of accounting

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Prior year adjustments

During the financial year the Directors identified several items of misstatement relating to the prior year, the Directors have taken the decision to correct these misstatements via a prior year adjustment. Full details of the misstatements identified, and the corrections made are detailed on note 20 of these financial statements.

Basis of consolidation

Group financial statements have been prepared in respect of Welsh National Opera Limited and its wholly-owned subsidiaries, Cardiff Theatrical Services Limited and WNO Productions Limited, on a line by line basis. The results of the subsidiaries are set out in note 18.

No separate statement of financial activities and income and expenditure account has been presented for the Charity alone as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the Statement of Recommended Practice: Charities SORP (FRS 102).

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the board in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

��

Notes to the Financial Statements

1. Accounting Policies (continued)

Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from charitable activities and trading income is recognised in the period to which the service relates with any amounts received in advance being deferred.

No amounts are included in the financial statements for services and time donated by volunteers.

Interest on funds is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividend income is recognised on the date the charity's right to receive payment is established.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds comprise the costs in relation to generating income such as fundraising and events, marketing and publicity and certain costs associated with the charity’s trading subsidiaries.
Expenditure on charitable activities includes all costs relating to the furtherance of the charity’s objectives as stated in the trustees report.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

��

Notes to the Financial Statements

Expenditure recognition (continued)

Expenditure in respect of productions to be presented in a future financial period is charged at the time of the first performance of the production. Such expenditure includes the company’s share of the costs of the set, props, costumes, wigs, rehearsals and marketing of that production.

An analysis has been provided for the charitable activities on a departmental basis.

Costs where possible are attributed directly to the activity to which they relate. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Taxation

As a registered charity Welsh National Opera Limited is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only.

Theatre Tax Relief (TTR) & Orchestra Tax Relief (OTR)

Amounts due to Welsh National Opera Ltd in respect of Theatre Tax Relief and Orchestra Tax Relief, are included in the financial year to which the claim relates within Income from Charitable Activities rather than as a tax credit or a reduction in expenditure as the nature and intention of Theatre Tax Relief and Orchestra Tax Relief is akin to government grant income.

Fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses or in cases where fixed assets have been donated to the charity, at valuation at time of acquisition.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Category of Asset:	Depreciation Policy:
Long leasehold premises	Depreciated over 50 years
Vehicles	10% to 25% per annum on a straight-line basis
Equipment, fixtures and fittings	9% to 33% per annum on a straight-line basis

The Group’s long leasehold premises were valued upon transition to FRS 102, and this value has now been adopted by the Group as the deemed cost as permitted by FRS102. Other fixed assets are included at cost less accumulated depreciation.

Costs of creating opera productions are written off in full at the time of the first performance of the production by the Company.

��

Notes to the Financial Statements

1. Accounting Policies (continued)

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

Stocks

Stocks consist of raw materials and are stated at the lower of cost and net realisable value.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Capital grants, in accordance with Accounting and Reporting by Charities: (SORP 2015), are accounted for within restricted funds. Accordingly, this fund is reduced by the depreciation arising on the tangible fixed assets acquired with the grant.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

��

Notes to the Financial Statements

1. Accounting Policies (continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Gift Aid

Gift aid is recognised when there is a constructive obligation to make payment, it is recognised as a distribution in the trading subsidiary accounts and a donation in the parent charity accounts. Previously the gift aid donation in WNO Productions Ltd was recognised upon payment, however the Directors reviewed the policy during the year and felt the recognition upon constructive obligation better represented the underlying position of the Charity at year end. Therefore, the Charity donation income in FY25 includes 2 entries for TTR and OTR being gift aided up to the parent charity upon transition of this policy change.

Pensions

For defined contribution schemes:

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due and are allocated against unrestricted funds.

��

Notes to the Financial Statements

1. Accounting Policies (continued)

For the defined benefit scheme:

The Group retains a defined benefit pension scheme which was closed to new entrants and future accrual with effect from 5 April 2009. Note 17 sets out full disclosures in accordance with FRS 102 'Retirement Benefits'.

The assets of the scheme are held separately in an independently administered fund.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/ (expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Operating leases

Rental costs under operating leases are charged to the statement of financial activities on a straight-line basis over the period of the lease.

Critical accounting judgements and key sources of estimation uncertainty

In the application of charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Pensions accounting requires an estimation of actuarial assumptions. These represent the charity’s best estimate of the variables that will determine the liability at the year-end. The trustees do not consider there are any other critical judgements or sources of estimation uncertainty requiring disclosure.

��

Notes to the Financial Statements

2. Analysis of Charitable Activity

The majority of the income in the previous year derived from activities in the UK with less than £100,000 arising from the European Union. The majority of the income in the current year was derived from activities in the UK.

Donations and legacies include several large one off donations made by major individual donors, these have not been separately disclosed to protect the identity of the donor.

The donations received in FY25 include a one-off donation of £1.071m from WNO Endowment Charity Fund (charity number: 1146595). This donation was agreed by the Trustees on closure of the charity and was made via transfer of investment portfolio assets.

��

Notes to the Financial Statements

2. Analysis of Charitable Activity (continued)

(b) Expenditure on charitable activities
(c) Support costs

The allocation of support costs to trading activity is factored into the transfer pricing arrangements, so no further allocation is required.

��

Notes to the Financial Statements

3. Net Income and Expenditure (continued)

(d) Net incoming / (outgoing) resources is stated after charging:

		Restated
Year to 31 August:	Total	Total
	2025	2024
	£'000	£'000
Rentals under operating leases – land and buildings	194	184
Rentals under operating leases – equipment	32	14
Depreciation – owned assets	96	126
Auditor remuneration as statutory auditor	35	39
Other non-audit fees paid to the auditor	5	-

The previous auditor (Azets Audit Services) provides audit services to the Welsh National Opera Limited Pension Scheme, which has independent trustees to the charity paying audit fees of £5,450 in 2024. Audit fees for 2025 audit of the Pension Scheme have not been disclosed as Azet Audit Services are no longer the auditor of the Welsh National Opera Ltd charity.

(e) Net income for the parent Company

A separate statement of financial activities has not been included in respect of Welsh National Opera Limited. Included in the consolidated statement of funds are the following amounts in respect of Welsh National Opera Limited:

��

Notes to the Financial Statements

4. Employee Costs and Numbers

Group and Company

Employee costs during the year (including temporary staff) amounted to:

Included in employee costs above are the costs of temporary and casual staff who were employed during the year paying total wages and salaries of £729,031 (2024 – £766,966).

Monthly average numbers of employees (including temporary and casual staff) by activity were:

Average employee numbers are rounded up where the average works out as less than a whole number.

��

Notes to the Financial Statements

4. Employee Costs and Numbers (continued)

The number of Group employees whose emoluments excluding pension contributions but including benefits in kind were in excess of £60,000 was:

		Restated		Restated
Year to 31 August:	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£'000	£'000	£'000	£'000
£60,000 - £69,999	5	1	5	1
£70,000 - £79,999	5	4	5	4
£80,000 - £89,999	1	1	1	1
£90,000 - £99,999	1	1	1	1
£100,000 - £109,999	-	1	-	1
£110,000 - £119,999	-	-	-	-
£120,000 - £129,999	-	-	-	-
£130,000 - £139,999	-	1	-	1

The above banding includes redundancies and settlement payments for senior staff who have left the organisation in the period.

Senior management pay

The senior management personnel of the Company and the Group are listed on page 2. The total remuneration (including pension contributions and freelance fees) in respect of the senior managers of the Company and Group for the year amounted to £734,669 (2024 - £889,974).

The remuneration and terms of employment of the General Directors are set by the Board and reviewed annually. Those of other senior managers are reviewed annually and subject to periodic comparison with similar roles.

Directors’ emoluments

The directors received no remuneration for their roles as directors in the year (2024 - £nil) and accommodation and travel expenses were reimbursed to 2 directors during the year totalling £1,150 (2024 – 4 directors totalling £1,659). Tickets for performances are purchased at box office prices by the directors other than for a small number of complimentary tickets for official hosting and marketing purposes.

��

Notes to the Financial Statements

5. Taxation on Ordinary Activities

Welsh National Opera Limited is a Company limited by guarantee and is a registered charity.

As a registered charity Welsh national Opera Limited is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only. The charity has two wholly owned subsidiaries:

i) Cardiff Theatrical Services Limited is, however, subject to tax. In the current year no corporation tax (2024 - £nil) was incurred by the subsidiary.
ii) WNO Productions Limited is also subject to tax and applied for Theatre Tax Relief and Orchestra Tax Relief on the major productions created in the year to 31 August 2025 amounting to £2,673k (2024 – restated value £3,041k).

6. Operating Lease Commitments

The Company and Group were committed to making the following future minimum lease payments in respect of operating leases:

��

Notes to the Financial Statements

7. Fixed Assets

7a. Tangible fixed assets

The long leasehold premise is shown at adopted cost value, having been previously revalued upon transition to FRS 102.

��

Notes to the Financial Statements

7. Fixed Assets (continued)

7b. Fixed asset investments

Brewin Dolphin Limited is the investment manager of the Company’s long-term funds. The following investments were held and managed by Brewin Dolphin at the year-end:

Group and Company: At 31 August Corporate bonds and cash Equities: - UK - US - Other equities - Property	Restated Total 2025 £'000 Total 2024 £'000 1,316 703 986 1,668 2,130 1,276 1,388 461 159 117
	5,979 4,225

The movements in investments held were as follows:

		Restated
Year ended 31 August:	Total	Total
	2025	2024
	£'000	£'000
Market value at the beginning of the year	4,225	3,038
Additions at cost	2,072	1,371
Disposals at carrying value	(847)	(705)
Net realised and unrealised (losses)/gains	529	521
Market value at the end of the year	5,979	4,225
Historical cost at the end of the year	5,077	3,857
Included within the above is cash held within the port	21	34

Investment additions this year include amounts donated from WNO Endowment Fund Charity upon closure of that charity.

��

Notes to the Financial Statements

Other investments

The Company also held 100% of the share capital in its trading subsidiaries at the beginning and end of the year (see note 18 for details):

Cardiff Theatrical Services Limited (historical cost £90), and
WNO Productions Limited (historical cost £100).

8. Stocks

Stocks comprise materials held in the workshops for use in building sets and scenery for sale to third-party customers.

9. Debtors

Amounts falling due within one year:

Amounts owed by Group undertakings comprise amounts due from Cardiff Theatrical Services Limited for normal monthly transactions.

10. Cash at Bank and In Hand

The Company has no borrowings or overdraft facilities.

��

Notes to the Financial Statements

11. Creditors: Amounts Falling Due Within One Year

Other deferred income arises from co-productions, future productions and the work of Cardiff Theatrical Services Limited.

Analysis of movement in other deferred income

Analysis of movement in deferred grant income

12. Company Status

The Company is a registered charity constituted as a Company Limited by Guarantee and does not have share capital. The liability of each member is limited to £10, the maximum number of members being 20. The actual number of members at 31 August 2025 was 13 (2024 -18).

��

Notes to the Financial Statements

13. Unrestricted Funds

At 31 August 2025:

The Group and Charity designate funds where they either have funds tied up in the pensions fund, fixed assets or future projects.

The ‘Transformation Reserve’ is a designated fund established to support the organisation’s transition to a new operational structure over the next 2 years. It will be used to finance key activities essential for this transformation, including investing in new technologies and processes, staff training and development, infrastructure changes, and professional services directly related to the transformation. The fund has been allocated from unrestricted funds and is monitored regularly to ensure expenditure aligns with the strategic objectives of the transformation plan. The transfer in of funds this year represents the latest budgeted allocation of costs towards transformation by the Directors.

The ‘Designated Fixed Asset’ reserve is set aside to highlight the funds already tied up in fixed assets, which cannot be spent again. This fund now incorporates the former ‘Revaluation’ reserve, by virtue of the Fixed Asset balance including the revalued cost of the property on transition to FRS102 in 2015.

The Pension reserve represents funds held in the Pension asset on the balance sheet, which are not immediately accessible by the Charity.

��

Notes to the Financial Statements

13. Unrestricted Funds (continued)

At 31 August 2024 (restated):

��

Notes to the Financial Statements

14. Restricted Funds

At 31 August 2025:

At 31 August 2024 (restated):

Restricted funds are held for use under the conditions set out by the donors, such as for specific productions or to support types of musical or community activity.

The Charity and Group have taken the option to ‘group’ together the donations from Major Individual Donors and other fund balances as they see fit. They have made this election to allow for key donors to remain anonymous in their giving.

Transfers out of restricted funds are only made where allowed restrictions have been met and transfers are allowed.

��

Notes to the Financial Statements

15. Endowment Funds

At 31 August 2025:

At 31 August 2024 (restated)

A permanent endowment created under the terms of a legacy and managed by a defined group of trustees for the objects set out in the gift: the training and development of tenors of Welsh origin.
An expendable endowment fund held for the benefit of the people of Wales who are disabled, elderly, or in prison.
A permanent endowment held for the granting of an annual award for the career development of a young artist
A fund where income earned each financial year is to be used for the promotion of WNO Youth Opera, subject to the condition that an annual concert with tickets on sale to the general public being performed by the members of WNO Youth Opera to be called ‘The Seligman Concert’.
A fund to provide Bursaries to support the professional development of young singers.
Endowment Funds included as income in 2025 are funds donated to the Charity as part of the closure of the Welsh National Opera Endowment Charity. The Funds have been donated with the same restrictions and expectations of use as when provided to the original charity.

��

Notes to the Financial Statements

16.Split of Net Assets between Funds

At 31 August 2025:

At 31 August 2024 (restated):

Group Tangible fixed assets Fixed asset investments Net current assets Pension reserve Net assets Company Tangible fixed assets Fixed asset investments Net current assets Pension reserve Net assets	Restated Unrestricted funds Restricted funds Endowment funds Total funds 2024 2024 2024 2024 £’000 £’000 £’000 £’000 1,496 - - 1,496 - 1,327 2,898 4,225 4,069 1,726 - 5,795 3,984 - - 3,984
	9,549 3,053 2,898 15,500
	Restated Unrestricted funds Restricted funds Endowment funds Total funds 2024 2024 2024 2024 £’000 £’000 £’000 £’000 1,496 - - 1,496 - 1,327 2,898 4,225 1,054 1,726 - 2,780 3,984 - - 3,984
	6,534 3,053 2,898 12,485

��

Notes to the Financial Statements

17. Pension Schemes

The disclosures below have been prepared for Welsh National Opera Limited (the “Company”) in relation to benefits payable from the Welsh National Opera Limited Pension Scheme (the “Scheme”).

There were no Company contributions to the Scheme for the year ended 31 August 2025, and Company contributions for the year ending 31 August 2026 are expected to be nil.

The valuation used for FRS 102 disclosures has been based on a full assessment of the liabilities of the Scheme as at to 31 August 2025. The present values of the defined benefit obligation were measured using the projected unit credit method.

The principal assumptions used to calculate the liabilities under FRS 102 are set out below:

The Fair Value of the Pension Scheme Assets are categorised as follows:

Equities Over 15y Gilts Index Index-linked gilts Corporate bonds Buy & Maintain Credit Other Total	31-Aug-25 31-Aug-24 31-Aug-23 £’000 £’000 £’000 - - 7,427 455 511 - 3,547 4,397 5,921 - - 1,498 9,917 10,006 - 179 134 85 Fair value of assets
	14,098 15,048 14,931

��

Notes to the Financial Statements

17. Pension Schemes (continued)

Reconciliation of funded status to balance sheet:

	Value at	Value at
	31-Aug-25	31-Aug-24
	£’000	£’001
Opening Pension Asset	3,984	4,186
Pension expense cost/(credit)	197	226
Company contributions	-	-
Loss/(gain) to Other Comprehensive Income (OCI)	(855)	(428)
Closing Pension Asset	3,326	3,984
	Value at	Value at
	31-Aug-25	31-Aug-24
	£’000	£’000
Fair value of Scheme assets	14,098	15,048
Present value of funded defined benefit obligations	(10,772)	(11,064)
(Deficit)/surplus	3,326	3,984

(Liability)/asset recognised on the statement of financial pos	3,326	3,984

Reconciliation of impact on the Statement of Financial Activities:

Administration expenses Net interest cost Expense/(income) recognised in profit and loss	Value at Value at 31-Aug-25 31-Aug-24 £’000 £’000 - - (197) (226)
	(197) (226)

��

Notes to the Financial Statements

17. Pension Schemes (continued)

Changes to present value of the defined benefit obligation:

Changes to present value of the defined benefit obligation Opening defined benefit obligations Administration expenses Interest cost Remeasurement (gains)/losses: - Actuarial (gain)/losses on Scheme liabilities in respect of assumptions - Actuarial (gain)/losses on Scheme liabilities in respect of experience - From change in demographic assumptions Net benefit paid out Past service cost Closing defined benefit obligation	Value at Value at 31-Aug-25 31-Aug-24 £’000 £’000 11,064 10,745 - - 538 564 (1,178) 521 674 (91) 71 (55) (397) (620) - -
	10,772 11,064

Changes to present value of the defined benefit obligation
Opening defined benefit obligations
Administration expenses
Interest cost
Remeasurement (gains)/losses:
- Actuarial (gain)/losses on Scheme liabilities in respect of assumptions
- Actuarial (gain)/losses on Scheme liabilities in respect of experience
- From change in demographic assumptions
Net benefit paid out
Past service cost
Closing defined benefit obligation

Value at
Value at
31-Aug-25
31-Aug-24
£’000
£’000
11,064
10,745
-
-
538
564
(1,178)
521
674
(91)
71
(55)
(397)
(620)
-
-

10,772
11,064

Changes to the fair value of Scheme assets

Changes to the fair value of Scheme assets Opening fair value of Scheme assets Interest income on Scheme assets Actuarial gains/(losses): - Return on Scheme assets less interest income Contributions by the Company Net benefits paid out Closing fair value of Scheme assets	Value at Value at 31-Aug-25 31-Aug-24 £’000 £’000 15,048 14,931 735 790 (1,288) (53) - - (397) (620)
	14,098 15,048

Analysis of amounts recognised in the Statement of financial activities:

Return on Scheme assets less interest income (Losses)/gains on financial assumptions (Losses)/gains on demographic assumptions Experience Gains on Scheme liabilities Total loss/(gain) Analysis of amounts recognised in the Statement of financial activities	Value at Value at 31-Aug-25 31-Aug-24 £’000 £’000 1,288 53 (1,178) 521 71 (55) 674 (91)
	855 428

��

Notes to the Financial Statements

17.Pension Schemes (continued)

Actual return on Scheme assets

Actual return on Scheme assets Interest income on Scheme assets Return on Scheme assets less interest income Total return on Scheme assets	Value at Value at 31-Aug-25 31-Aug-24 £’000 £’000 735 790 (1,288) (53)
	(553) 737

18. Additional Information on Subsidiaries

Welsh National Opera Limited has two subsidiaries:

Cardiff Theatrical Services Limited - company registration 01705868 which is incorporated in the UK.

Registered office - Ellen Street, Cardiff, CF10 4TT

Acquired by Welsh National Opera Limited for £nil on 1 April 1989, the share capital of Cardiff Theatrical Services Limited comprises 90 ordinary shares of £1 which are all wholly owned by Welsh National Opera Limited.

The purpose of Cardiff Theatrical Services Limited is to act as the trading arm of Welsh National Opera Limited, primarily undertaking sales of theatrical sets, costumes and properties and transportation for Welsh National Opera Limited and external parties. Theatrical sets are produced within a production division of Welsh National Opera Limited and charged to Cardiff Theatrical Services Limited at full cost.

The trading results of the subsidiary were as follows:

The aggregate of the assets, liabilities and funds was:

��

Notes to the Financial Statements

18.Additional Information on Subsidiaries (continued)

Included within turnover and cost of sales is inter-company trade

Statement of Changes in Equity

��

Notes to the Financial Statements

18.Additional Information on Subsidiaries (continued)

WNO Productions Limited – company registration 09247950 which is incorporated in the UK.

Registered office – Wales Millennium Centre, Bute Place, Cardiff CF10 5AL

Formed by Welsh National Opera Limited on 3 October 2014, the share capital of WNO Productions Limited comprises 100 ordinary shares of £1 which are all wholly owned by Welsh National Opera Limited.

The purpose of WNO Productions Limited is to create and prepare theatrical productions for the Welsh National Opera Group of companies.

The trading results of the subsidiary were as follows:

The aggregate of the assets, liabilities and funds was:

��

Notes to the Financial Statements

18. Additional Information on Subsidiaries (continued)

Included within turnover and cost of sales is inter-company trade

Statement of Changes in Equity

��

Notes to the Financial Statements

19. Related Parties

Welsh National Opera Limited has connections to the following independently

registered charities:

Welsh National Opera Benevolent Trust (charity 1085756).

Transactions with this charity are trivial.

Welsh National Opera Endowment Fund (charity 1146595).

This charity was closed during our period, the net assets and all funds were donated to the Welsh National Opera Ltd. The total value of these assets totalled £1,071k and is included in donations within this years’ figures.

��

WELSH NATIONAL OPERA LIMITED Year ended 31 August 2021

Notes to the Financial Statements

20.Prior Year Adjustments

During the period it was identified that several items held within the comparatives to the figures were materially misstated, as a result the Directors have opted to correct for these misstatements via a prior year adjustment. The impact of these adjustments are noted in detail below:

The £797k restatement relates to a donation the Charity was aware of prior to 31/08/2024 but was not previously recognised in the FY24 financial statements. A prior year adjustment has been completed to increase the FY24 comparative figures for debtors and donation income in this set of financial statements.

The £751k restatement relates to the incorrect reporting of the closing position on the Arts Council Transition restricted funds. A prior year adjustment has been completed to reallocate the correct expenditure between unrestricted and restricted funds.

The £165k restatement relates to the incorrect calculation of the theatre tax relief claim and orchestra tax relief claim within the WNO Productions Ltd subsidiary financial statements. A prior year adjustment has been completed to increase the FY24 comparative figures for debtors and tax refund value in this set of financial statements.

��

WELSH NATIONAL OPERA LIMITED Year ended 31 August 2021

Consolidated Statement of Financial Activities 2024 (restated)

Incorporating the income and expenditure account for the year ended 31 August 2024 (restated)

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Annual Report and Financial Statements

Year ended 31 August 2025

Welsh National Opera Limited

Contents

Reference and administrative details

Introduction

Strategic Report

Independent Auditor’s Report

Financial Statements

Notes

Reference and administrative details

Company Details

Welsh National Opera Limited

Professional Advisers

Directors and Officers

Board of Directors and Committees

Executive Team

Senior Management Team

Objectives, Visions and Values

Charitable Objectives

Vision

Values

Chair’s Statement

Chair’s Statement (continued…)

Chair’s Statement (continued…)

Directors’ Report

Business Performance

Engaging Communities

Directors’ Report (continued…)

Directors’ Report (continued…)

Directors’ Report (continued…)

External Factors

Audiences

Directors’ Report (continued…)

Audiences

Directors’ Report (continued…)

Development and External Relations

People and Culture

Directors’ Report (continued…)

Finance

Board

Subsidiaries

Directors’ Report (continued…)

Public benefit

Directors’ Report (continued…)

Public benefit

Environmental sustainability

Directors’ Report (continued…)

Financial Review

Directors’ Report (continued…)

Pension

Directors’ Report (continued…)

Risk Management

Directors’ Report (continued…)

Reserves

Free reserves

Directors’ Report (continued)

Governance and Management

Governance

Directors’ interests

Senior Leadership

Directors’ Report (continued)

Going concern

Auditor

Statement of Trustees’ Responsibilities

Independent Auditor’s Report to the Members of Welsh National Opera Limited

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Other matters

Independent Auditor’s Report to the Members of Welsh National Opera Limited

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor responsibilities for the audit of the financial statements

Independent Auditor’s Report to the Members of Welsh National Opera Limited

Extent to which the audit was considered capable of detecting irregularities, including fraud

Identifying and assessing potential risks related to irregularities