2022-07-31-accounts

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Report and financial statements

for the year ended 31 July 2022

A Charitable Company Registered in England: Number 00426792 and Limited by Guarantee

Registered Charity Number: 257210

Legal and administrative information	01
Chairman’s Statement	02
Trustees’ report	03
(including Strategic report)
Independent Auditor’s report
to the members of English National Opera	17
Consolidated statement of fnancial activities	21
(including Income and Expenditure Account)
Consolidated and charity balance sheets	22
Consolidated cash fow statement	23
Notes to the fnancial statements	24

The financial statements are on pages 21 – 40.

English National Opera (Limited by Guarantee) Company Number: 00426792

Legal and administrative information

Board of Trustees

The trustees who served during the year and up to the date of the approval of the Financial Statements.

Chair Dr Henry Brunjes

Nicholas Addyman Sally Burgess Patricia Dimond Adiba Anyaoku Ighodaro Philip Edgar-Jones Louise Jeffreys Prof Ajit Lalvani Hilary Newiss (Appointed 2 February 2023) Sally Osman Jessica Pulay (Resigned 21 January 2023) Lord Christopher Smith Lord Sumption (Resigned 1 June 2023) Huw Van Steenis Patricia White

Secretary to the Board John Cooke

President

Sir Vernon Ellis

Executive Officers

Chief Executive Officer Stuart Murphy (Resigned 24 August 2023)

Interim Chief Executive Officer Jenny Mollica (appointed 24 August 2023)

Artistic Director Annilese Miskimmon

Music Director Martyn Brabbins (Resigned 15 October 2023)

Chief Operating Officer Karen Watson (Resigned 31 March 2022)

Senior Management Team

Associate Artistic Director Bob Holland Director of Development Andrew Given Director of Music Department Richard Meads Technical Director Geoffrey Wheel (Resigned 14 April 2023) Director of Audience Insight Shuba Krishnan Director of Marketing and Communications Olivia Pay Director of Finance H elen Campbell Director of People Vinita Suryanarayanan(Resigned 16 August 2021) Denise Mackenzie (Appointed 4 January 2022) Director of Risk and Business Assurance Stuart Turner Director of Business Operations’ Jenny Mollica (Changed role 24 August 2023) Lauren Monaghan-Pisano (Appointed 29 August 2023)

Registered and Principal Office London Coliseum, St Martin’s Lane, London WC2N 4ES

Solicitors

Bates Wells 10 Queen Street Place, London EC4R 1BE

Bankers

Coutts & Co. 440 Strand, London WC2R OQS

Auditor

HW Fisher LLP , Statutory Auditor , Acre House , 11-15 William Road , London , NW1 3ER

A Company registered in England no.426792, limited by Guarantee and constituted under the Companies Acts and Memorandum and Articles of Association. Registered Charity no. 257210

English National Opera (Limited by Guarantee) Company Number: 00426792

Chairman’s statement for the year ended 31 July 2022

Dear Patron,

Despite a challenging economic environment, with the impact of the global pandemic still looming large, there was much to celebrate across the English National Opera’s and London Coliseum’s 2021 to 2022 activity.

Most importantly, workshops that engaged with the entire staff across all departments, allowed the ENO to carve out our new Vision – Opera Without Limits - and Mission – Creating extraordinary encounters with opera, on stage and beyond – which will act as the bedrock for all of the ENO’s activity in the future. It was a unique opportunity to reset following the difficulties of the pandemic, and allow staff the opportunity to directly influence the organisation’s future. As ever, the talent which exists at the ENO runs deep across the organisation and it was valuable to hear everyone’s thoughts and ideas.

Of course, ensuring the health and safety of our performers, musicians and technical staff remained at the forefront of our activity and perhaps inevitably this meant that we sometimes had to make the difficult decision to cancel some performances in what was already a curtailed season. That said, there was much to celebrate artistically as we saw Annilese Miskimmon’s (the ENO’s Artistic Director) vision come to fruition, with the award-winning ENO Chorus and Orchestra front and centre of a critically-acclaimed season. A new production of the Gilbert and Sullivan classic HMS Pinafore became one of the ENO’s most commercially successful productions to date and we were treated to the first installment of Richard Jones’ Ring Cycle in The Valkyrie , with our Musical Director Martyn Brabbins taking up the conductor’s baton brilliantly. A very young and excited audience were also entranced by Annilese’s ENO directorial debut with The Handmaid’s Tale .

Our learning and participation work, ENO Engage, went from strength to strength to focusing on reach and impact. We continued to develop our awardwinning social-prescribing programme ENO Breathe for those with long-Covid, and were delighted when a peer-review in The Lancet highlighted the success of the scheme. At the time of writing, ENO Breathe has been rolled out over more than 85 NHS Trusts across the country. Additionally, ENO Finish This was launched – a nationwide programme providing primary, secondary and SEND schools with digital resources to support music education.

The ENO’s national impact was strongly felt through broadcast opportunities too – from a live broadcast from the London Coliseum for Comic Opera in partnership with Comic Relief, as watched by more than six million people, to ENO Engage’s co-production with Sky Kids AbracadOpera! Our relationship with broadcast partners such as Sky Arts and the BBC for programmes such as Anyone Can Sing! meant that the ENO’s work was made available and accessible on free-to-air channels on every television in the country. Finally, the ENO launched its TikTok channel with a bang via a partnership with Netflix for Tiger King: The TikTopera which reached more than 15 million people.

Stuart Murphy , the Chief Executive of both the English National Opera and the London Coliseum left the organization in August 2023, after more than five years in post, exceeding the length of his contract. It is important to note his hard work and perseverance during some of the most trying times imaginable – he will be greatly missed. He has been a dynamic and inspirational force for the company.

Following nearly twelve months of uncertainty following Arts Council England’s decision to remove the ENO as a National Portfolio Organisation, we are pleased to have confirmed continued funding from the Arts Council for two further years, in line with the 10% cut received by other leading London-based NPOs. This followed a large-scale public campaign, run against the backdrop of full houses for Akhnaten , Carmen and The Rhinegold . We are now working in good faith with the Arts Council as we look to expand the ENO’s footprint outside of London, whilst continuing to stage world-class work at the London Coliseum.

Throughout this challenging period of change we will continue to remain true to our artistic core, our founding principles that remain true to Lilian Baylis’ hopes for the organisation and the Mission and Vision that everyone at the organisation has bought into.

Harry Brunjes Chair, the ENO and the London Coliseum

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

The trustees present their report for the year ended 31 July 2022. The trustees’ report also meets the requirement for the presentation of a directors’ report under company law. The descriptions under the headings “Achievements and performance”, “Financial review”, “Risk management” and “Compliance with Trustees” Duties under Section 172(1) Companies Act 2006” also meet the company law requirements for the trustees to present a separate strategic report.

Objectives and public benefit

Our vision

Opera without limits

Public benefit

In developing its plans ENO has given regard to the Charity Commission Guidance on public benefit, including the guidance on public benefit and fee charging. ENO focuses on delivering the widest public benefit in many ways, including:

A commitment to developing new audiences for opera;
An adventurous programme of distinctive and dynamic work that would not otherwise be seen in the UK;

Our mission

Creating extraordinary encounters with opera, on stage and beyond

Our Strategic Goals

Creativity without limits

Sharing exceptional operatic experiences, showcasing the very best of British talent

Enterprise without limits

Developing new ways to flourish in a changing world, through technology, innovation and enterprise
Supporting and developing UK opera talent and the wider creative economy through the engagement of talent from across the arts;
Developing and nurturing British singers. In the ENO’s 21/22 season, 98% of the cast were British or British trained. ENO creates opportunities on stage and through training and development programmes as outlined in the Achievements and Performance section below;
Providing access to opera for everyone through affordable ticket pricing, an open and friendly attitude and performances presented in English;

Connecting without limits

Building new and lasting relationships with audiences, participants and partners, locally, nationally and internationally
Developing engagement and participation through learning and participation projects such as ENO Opera Squad (see Achievements and Performance);

Futures without limits

Shaping the future of the art form, workforce and sector through pioneering approaches to learning, training and creating with our communities and partners
Celebrating the value and impact of the UK creative industries abroad through international collaborations and ENO’s work travelling overseas; and
The development of the opera art-form through the commission and presentation of contemporary opera including works by living composers.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Achievement and Performance

Performance

7 operas on the London Coliseum stage
Including 4 new productions and 3 revivals

International Co-Productions Akhnaten with the Met Opera, New York War Requiem with Barcelona Opera Partenope with Madrid Opera

A total of 61 ENO performances at the London Coliseum including 2 relaxed performancs
2 performances of Tosca at the South Facing Festival in Crystal Palace
Featured in Comic Relief’s Comic Opera for Red Nose Day
Co-produced AbracadOpera with Somethin’ Else TV Studio for Sky Kids
HMS Pinafore aired on Sky Arts
Launched Anyone Can Sing with Sky Arts
Launched ENO in the Fields with St Martin in the Fields
97 performances of My Fair Lady featuring the ENO Orchestra at the London Coliseum

New productions HMS Pinafore The Valkyrie The Cunning Little Vixen The Handmaid’s Tale

Audiences

More than 88 000 audience members for ENO performances at the London Coliseum
61% average capacity audiences
19 651 first time ENO audience members
2621 tickets claimed through our Under 35s discounted ticket schemes
1753 free tickets for Under 21s
Nearly 15 000 members of our Under 35s and Under 21s membership schemes
More than a million viewers at home through free-to-air broadcast including HMS Pinafore on Sky Arts, Sky Arts Anyone Can Sing, Comic Opera for Comic Relief, Sky Arts AbaracadOpera and partnership with Netflix for Tiger King: The TikTokOpera

Revivals Satyagraha La boheme Cosi fan tutte

Festival performances Tosca at South Facing Festival

Co-productions at the London Coliseum My Fair Lady

Visiting Companies to the London Coliseum Hairspray Filming of The Crown Rumi Ballet Icons Dave Gahan English National Ballet Fabric Dance for Ukraine My Fair Lady Filming of Loki, Marvel Oti Mabuse I Am Here Peppa Pig: My First Concert

ENO Engage

ENO Engage exists to open up new possibilities for opera in people’s lives. We work with health trusts, schools, community organisations and partners across the country to deliver projects and activities that support wellbeing, learning and skills development. And we do it through opera.

2021-22 has been a significant year of renewal for ENO Engage.

Emerging from COVID, it has seen the launch of ENO Engage’s five-year strategy, setting out an ambitious direction of travel for learning and participation at the ENO over 2022-26. A major theme over this past year has been the continued growth of our work nationally. Underpinned by strategic partnerships that span healthcare trusts, schools, local authorities, music education hubs, digital and broadcast, we are thrilled that 164,219 people across the country experienced ENO Engage programmes in 2021-22, either online or in-person.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Achievement and Performance

Highlights have included winning the Royal Philharmonic Society’s 2021 Impact Award for our breathing and wellbeing programme ENO Breathe, alongside a significant research study undertaken on the programme providing strong evidence of impact for participants.

2021-22 has also seen pioneering new ventures in our digital and broadcast work, including new partnerships with Sky Kids and Sky Arts, designed to introduce new audiences (both in schools and at home nationwide) to the joy and power of operatic experiences for the very first time. Our work in primary and special educational needs settings continues to be an area of strategic priority and growth, including the launch of our new schools programme ‘Finish This!’, aiming to empower teachers and learners with the tools to create bold new approaches to music making in the classroom, and an inspiring new partnership with A New Direction on the ‘I Am Festival 2022’, a unique celebration of creativity with D/deaf, disabled and neurodivergent young people.

1,420 patients participated in ENO Breathe, following NHS referral – a scheme which is entirely funded by the ENO

Talent development

ENO continues to support British talent through employment – more than 98% of singers, including covers/understudies and conductors during this period were British born, trained or resident. Additionally, 22% were from ethnically diverse backgrounds.

1st August 2021 – 31st July 2022 5 x Orchestra fellows 4 x chorus fellowships

Chorus: Victoria Songwei Li Lixin Liu Anabella-Vesela Ellis Philippe Durrant

The 3 Strategic Areas to ENO Engage’s work:

Access & Participation

Creating unexpected encounters with opera; breaking down barriers and shifting perceptions

• Learning & Skills

Nurturing and developing creative skills and talents; transforming how we learn through and with opera

Orchestra: Emre Engin Naori Takahashi Jisu Song Tamaki Sugimoto Gyu Nam Lim

Launched advert for 2 x choristers with disabilities.

• Health & Wellbeing

Supporting the wellbeing of people and communities through ambitious collaborations between opera, health and social care

Our year in numbers:

164,219 people experienced ENO Engage programmes, online or in-person
117,719 people participated in ENO Engage programmes, online or in-person
Highlights include:
1,474 people accessed our ENO dress rehearsals via ENO Engage
985 people attended our relaxed performances
800 schools took part in our programmes, in London and nationally 18,000 primary school viewers watched our new Sky Kids TV show
78 NHS Trusts partnered with us on ENO Breathe, from Plymouth to Newcastle

Sopranos Alexandra Oomens Soraya Mafi Nardus Williams Mezzo Idunnu Münch Claire Barnett-Jones Tenor Elgan Llyr Thomas John Findon William Morgan Baritone Alex Otterburn Benson Wilson Bass-baritone David Ireland Bass William Thomas

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Achievement and Performance

During our 21-22 Season 6 of our 8 main stage operas were conducted by British conductors, two of whom were female and two of whom were from a Global Majority background. Three out of our four external assistant conductors were female.

Our explorations into crowdfunding-style fundraising have continued to be successful, with bi-monthly prize draws under the banner ‘ENO Golden Ticket’, offering special money-can’t-buy experiences at the London Coliseum, with over 3,000 tickets sold to each draw.

Re the Mackerras Fellow, Olivia Clarke’s activity for the season included:

Assistant Conductor, Tosca at Crystal Palace

After a year-long hiatus, our in-person event programme for supporters resumed, with over 3,500 tickets sold across 41 events.

Second Assistant Conductor, The Valkyrie
Conductor, National Opera Studio Concert at Cadogan Hall
Assistant Conductor (Conductor for relaxed performance) The Cunning Little Vixen
Conductor, Abracadopera! for Sky Arts
Second Assistant Conductor, The Handmaid’s Tale
Conductor, ENO in the Fields - American Classics

Although it began as a response to the pandemic, ENO TV continues to broadcast every Wednesday evening via zoom. An average of 100 people attend every week to engage with our internal staff, performers and creative teams on topics exploring the wide range of work that ENO produces and the people that make it possible. A total of 41 events were delivered over the year, celebrating our 100th episode in June.

Fundraising

The Development Department within the ENO consists solely of ENO employees. ENO does not employ external fundraisers. ENO is a member of the Chartered Institute of Fundraising and complies with the Fundraising Regulator Code of Practice. and are not aware of any failure to comply with that code.

ENO have received no complaints about its fundraising activities. Fundraisers do not make any approaches which intrude upon an individual’s privacy, and all members of the department are trained to ensure approaches are handled sensitively.

The ENO‘s focus is on raising funds to support the three main strands of ENO’s work - productions on stage; training for the rising stars of opera; and engagement programmes for young people, schools and communities. The ENO works with a wide range of individuals, companies and grant making organisations to ensure that its work is fully funded.

Development Director’s Report

Our grateful thanks to our members and supporters, whose generosity has returned our fundraising to pre-pandemic levels at £3.296m (achieving 109% of target) from over 16,000 people, businesses and grantmakers. Without their amazing support, we would not have been able to bring a full season of work to the stage of the London Coliseum and beyond.

Our work with the American Friends of ENO continues to flourish, with a newly invigorated strategy that will grow our supporters based in the USA. An event in New York with counter-tenor Anthony Roth-Constanzo enabled us to double our American Friend supporter base,and we will continue to deliver events in New York to keep engaging new American-based supporters. The first ‘ENO Supporters Dinner’ took place at The May Fair Hotel in March; 100 supporters enjoyed intimate performances from our ENO Orchestra and singers along with an evening of fine-dining.

During this year we launched a new strand of supporter events called ‘Uniquely ENO’, where we offer thoughtprovoking events that explore the past, present and future of opera in collaboration with other organisations around London. These events have proven very popular and successful, and we look forward to forthcoming collaborations with Tara Theatre, the Royal Overseas League, Poet in the City as well as commercial partners such as Laurent-Perrier, The Ivy and Hotel Chocolate.

The newly enhanced Development Department devised our ENO 27x27 fundraising strategy; with ambitions to raise £27m between 2022 and 2027. We look forward to sharing our work with many more potential supporters over the next five years.

On behalf of all of us at English National Opera, we would like to thank all 16,000 people that made a charitable contribution in order to make our work possible. We simply would not exist without your invaluable support.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Financial Review

Financial review

The financial year ended 31 July 2022 was the first full year of operation since Covid for the London Coliseum, although cancellations were still happening due to illness and social distancing requirements. The highlights of the first full opera season since Covid were HMS Pinafore , Satyagraha and Così fan tutte . During the year, visiting company productions included Hairspray and My Fair Lady , with the English National Ballet performing the Nutcracker and Raymonda .

Within the unrestricted reserves the Company holds designated funds for: Strategic Investment in new commissions and other projects of £322k (2021: £322k), capital reserve of £1,053k (2021: £889k) and maintenance fund of £1,367k (2021: £2,061k).

The Company retains free reserves as a contingency against operational risks as follows:

Any significant variation from budget in box office and development revenue for the following two seasons;

The Company also continued to access central and local government support and deliver further cost saving measures to minimize the deficit.

The Company ended the year in a strong position in respect of cash and reserves.

The principal funding sources are the income generated through the activities of ENO and the core grant received from Arts Council of England (ACE) (note 3).

In the period under review this income was applied to the charitable activities of the Company in support of the key objectives.

Uncontracted visiting company weeks at the London Coliseum over the following 12 months; and
Exceptional cost risks in the operating budgets in the following two years.

Free reserves are the undesignated unrestricted reserves less fixed assets which are not included in designated, restricted or endowed reserves.

At the balance sheet date, the level of free reserves was £3,130k, the Trustees consider that the balance will provide sufficient cover for the coming year.

The consolidated Statement of Financial Activities for the year ended is set out on page 21. The consolidated position at 31 July 2022 is set out in the Group Balance Sheet on page 22. The prior year comparatives are for the year ended 31 July 2021.

Income from charitable activities rose to £17,310k for the year ended 31 July 2022 as the Coliseum was open for whole year in comparison to just 6 weeks in the year ending 31 July 2021 (£1,145k). Income from donations also increased to £3,549k (2021: £2,048k).

The Group overall deficit was £2,537k for the year end 31 July 2022 (2021: deficit of £1,049k). The Group’s unrestricted operating deficit was £847k (2021: deficit of £1,270k).

At the year end, unrestricted reserves totalled £6,899k (2021: £8,276k) and the Company’s general reserves at the balance sheet date were £4,157k (2021: £5,004k).

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Risk Management

ENO Management and Leadership team review and monitor the key risks faced by the Company in achieving its objectives and report to the Audit and Risk Committee and Board. These reviews are conducted against the backdrop of rapidly moving economic and geopolitical events.

Through monitoring and the Corporate Risk Register, the Board and the Audit and Risk Committee have reviewed the material risks as detailed within the Risk Register and split across different risk portfolios;

Strategic and Reputational Risks

Environmental, Social and Governance (ESG)

ENO recognises that the focus on the societal impact of businesses and performance on wider Environmental, Social and Governance (ESG) risk factors continues to evolve rapidly, with increasing interest from a wide range of stakeholders. Within this risk area ENO is also monitoring impacts of cost of living and energy costs. ENO will continue to maintain and enhance our focus on integrating these issues with our core business strategy, ensuring we manage and deliver societal impact in a way that generates enduring long-term returns for staff, customers and the wider performing arts industry and society.

Environmental, Social and Governance (ESG)
Financial Risk
Operational Risk
Compliance Risk

ENO sets out to identify, manage and evaluate risk through developing its risk management framework, systems and processes to ensure all risks are reviewed and where necessary mitigations are put in place to an acceptable level.

As covid pandemic risks are reduced nationally we have continued our journey ensuring covid risk are integrated within risk management and not siloed. As Government guidance has been scaled back we have again implemented our own Red / Amber / Green rating system to be able to ensure we are unilaterally able to mitigate any risk and robustly respond to the risk of covid and other respiratory infections.

Financial Risk and Resilience

ENO is dependent on income streams sensitive to broader economic issues such as any general downturn, or external events which are highly variable in their nature. The cost base is committed on a timescale significantly ahead of the receipt of revenue. We mitigate financial risk through a clear reserve policy approved by the Board and reviewed annually, together with a robust forward planning cycle to ensure that future cost commitments are appropriate to the anticipated future income streams. During the Covid-19 period, we have worked to reduce our timescales and maintain a flexible approach to our cost base. Since the ACE funding decision in November 2022 , and the related negotiations during 2023, we have aligned our budgeting period to the ACE funding year and will change our accounting date to 31 March from 2024. This will ensure that commitments are not made beyond the funding period.

Strategic and Reputational Risk

ENO consistently delivers world-class opera in London and internationally in collaboration with

our co-production partners. Any actual or perceived reduction in artistic reputation is likely to reduce box office, development and grant income and make international collaboration more difficult. This risk is mitigated by board oversight of current and future planning through the Artistic Committee, monitoring of response through post performance audience surveys and press and peer reviews.

Operational Risk (including Brexit)

Operational risks are mitigated through the development of contingency plans for failures of buildings infrastructure, failures of Information Technology Services as well as for emergency incidents such as Fire or Terrorist related incident. Additional planning for extremes of weather, or interruption of power is also factored in. ENO relies on its people to operate successfully. Inability to recruit or retain the people due to insufficient remuneration or reputational issues would severely damage our ability to deliver a world-class performance. We mitigate this risk by a range of personnel and organisational policies to ensure ENO remains competitive.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Risk Management

Compliance (inc H&S)

The risk that we fail to comply with legal, regulatory and other statutory obligations may result in reputational damage, loss of trust, legal action, fines or other penalties. The risk that we fail to protect our people, visitors, assets and premises could result in physical or mental harm and/or disruption to the services that we provide. These risks are mitigated by regular reviews of policy and procedures and by ensuring significant risks including Health and Safety, Safeguarding, Fire and Security are continually assessed and when necessary corrective measures are put in place. Further mitigated by ensuring a robust and effective communication framework is in place through internal committees and structured meetings.

Going Concern

The Trustees must satisfy themselves as to the ENO’s ability to continue as a going concern for a minimum of 12 months from the approval of the financial statements.

On 4 November 2022, Arts Council England (ACE) announced that ENO, which had been a National Portfolio Organisation, would not be awarded funding in the 2023-26 National Portfolio programme. ACE stated that transitional funding of up to £17 million had been ringfenced for use by ENO in order to develop a new business model over the next 3 years with the provision that ENO transition to a base outside of London from March 2024. ENO had received a grant of £12.38 million per annum for the 2018-22 programme and £12.68 million for the 2022-23 extension year after Covid. £17 million over three years represented a 65% reduction in funding, with the additional consideration that part of the funding would be required to cover transition costs. Following this announcement, the Trustees considered that significant doubt had been cast over the ability of the company to continue as a going concern.

programme of activities for the period up to 31 March 2024. ACE invited ENO to apply for an £11.464 million grant from its National Lottery funding to cover this viability gap and to support the planning and development associated with establishing a new base outside London and a new business model. This funding was announced on 17 January 2023. The Competition and Mergers Authority has subsequently completed its report on the proposed funding, under the requirements of Subsidy Control Act 2022, and the funding is now available to ENO.

The conditions for transitional funding from ACE required that the ENO management team and Board work with representatives from ACE to model different scenarios for opera in the London Coliseum , opera in a new location and the use of the London Coliseum as a commercial venue. This modelling took place between February and April 2023 and on 12 April 2023 ACE announced that it was inviting ENO to submit an application for funding of up to £24 million for the period 1 April 2024 to 31 March 2026. On 27 July 2023 ENO heard that the full award of £24 million would be made, this was subject to a revised business plan for 2024~26 and a work plan for agreeing a new city base to be submitted to ACE by the 25 October 2023. This condition has now been met. In the original conditions for transitional funding , ACE required ENO to have the process of relocation outside of London underway by March 2024, with a new location confirmed by December 2023, and to have established, and be operating from , a new primary base outside of London by March 2026. The July 2023 award amended this requirement and the relocation need not commence before April 2026 and should now be completed by March 2029.

The total funding for the period 1 April 2023 to 31 March 2026 will be £35.46 million , a 5.28% reduction on funding in the previous three years. The Trustees have reviewed the modelling which supported the application for £24 million , and considered the positive impact that the longer timescale for relocation provides . The modelling has guided the executive to take a number of actions to review discretionary spend and look for more opportunities to use the London Coliseum commercially. After making appropriate enquires, which include the review of the forecast scenarios and

consideration of the nature and extent of the risks identified, the Trustees consider that ENO has adequate resources to continue its operational existence for the foreseeable future. For this reason,the financial statements have been prepared on a going concern basis.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Investment policy and returns

Trading subsidiaries

Cash which is surplus to short-term operating requirements is invested in bank accounts or charity investment funds.

The Company invests in a UK and international portfolio of equities, bonds and cash by investment managers Evelyn Partners (previously known as Smith and Williamson). Investments as permitted by the Company’s memorandum and articles of association and in accordance with the mandate agreed by the Investment Committee.

The trustees have not set an exclusionary policy with regard to investments held but individual investments may be excluded if perceived to conflict with the purpose of the endowment.

London Coliseum Enterprises Limited (Company Number 2379051, previously known as English National Opera Trading Limited ) is a wholly owned subsidiary of ENO. The subsidiary recommenced operations and made a loss of £13k. No amount was paid to the parent company.

London Coliseum Limited (Company Number 9184219, previously known as English National Opera Productions Limited) is a wholly owned subsidiary of ENO. The subsidiary was dormant in the period and no amount was paid to the parent company.

Connected charities

During the year, an additional investment of £5,000k was made, this brought the total investment balance to £10,860k as of 31 July 2022.

Income earned from the investment funds held was reinvested during the period. Total income recognized in the period was £96k (2021: £139k). The net loss from revaluation of securities in the period was £1,187k (2021: net gain £631k).

The Company has connections with the following registered charitable organisations:

The English National Opera Benevolent Fund (registered charity number 211249), administered from the London Coliseum, and established for the provision of welfare and financial assistance to past and present employees of ENO and its antecedent companies.

Changes in non-current assets

The movements in fixed assets in the period are set out in notes 11 to 13 of the financial statements.

The American Friends of English National Opera, registered in New York as a charity under US Federal Tax law, for the purposes of promoting association with and gathering support for the aims of ENO in North America.

None of these connected charities have been consolidated as the Board is of the opinion that none of these entities are controlled so as to meet the definition of a subsidiary or quasi-subsidiary of ENO.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Structure and Governance

ENO is a registered charitable company limited by guarantee, Trustees are the sole members of the charity, all members having a liability not exceeding £10 per member. At 31 July 2022 there were fourteen members (2021 : 14 members).

Its business is governed by the provisions of the Charities Act 2011 and by its memorandum and articles of association. The main object of the Company is to encourage the understanding and appreciation of the dramatic art by producing performances of opera and concerts of cultural value to the community.

The financial statements are drawn up in accordance with the provisions of the Companies Act 2006, the Statement of Recommended Practice - Accounting and Reporting by Charities, and applicable accounting standards.

Each Trustee is also a member and Director of the Company and is not remunerated. The full Board meets at least eight times annually, while day-to- day management is carried out by a management team reporting to the Chief Executive Officer. The Trustees are responsible for the approval of strategic and financial plans for the Company, appointment of the executive management and monitoring of performance and approval of management remuneration and governance.

The management team is responsible for the development and implementation of strategic, artistic and financial plans and all operational aspects of the Company.

The Audit and Risk Committee approve the remuneration and terms of engagement of the external auditors, review the annual accounts before submission to the Board , review management’s reports on the effectiveness of systems for internal financial control, financial reporting and risk management and monitor risks before submission to the Board.

The Finance Committee monitor the delivery of the Company’s financial and business plans and review and assess the adequacy of financial planning and budgeting of individual productions to ensure that they fall within budgetary confines, before the company’s artistic plan is submitted to the Board.

The Nominations Committee manages the process of future appointments to ensure that the Board comprises the range of skills considered necessary for ENO. Potential Trustees matching the identified requirements are considered by the Nominations Committee for recommendation to and approval by the Board. On appointment Trustees are provided with background and financial information pertaining to the Company, undertake a tour of the operations and discuss key issues and strategies with management.

The Remuneration Committee benchmarks the pay, benefits and total compensation against other UK theatre and visual art organisations. It agrees with the Board the remuneration of the Chief Executive Officer, Artistic Director and other such members of the executive management as it is designated to consider. No director or manager is involved in any decisions as to his or her own remuneration.

There are five standing committees reporting to the Board : Artistic , Audit and Risk , Finance , Nominations and Remuneration.

The Artistic Committee advises and reviews future artistic planning, ensuring that ENO artistic administration meets its responsibilities in fulfilling ENO’s business and charitable objectives.’

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Trustees’ Responsibilities Statement

The trustees (who are also directors of English National Opera for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable 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 (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees confirm that:

so far as each trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is 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.

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 group will continue in business.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Equal opportunities

Streamlined Energy and Carbon Reporting

The Company is committed to a policy of equal opportunity in all aspects of its employment practices.

All employees and volunteers, whether part time, full time or temporary, are treated fairly and equally. ENO has procedures to ensure that job applicants and employees receive fair and equal treatment irrespective of sex, marital status, ethnic origin, disability, age, class, personal circumstances, sexual orientation, gender identity or any other protected characteristic . There is zero tolerance for all forms of abuse and mistreatment including sexual harassment, racism, homophobia, intimidation and bullying.

At ENO we see diversity as our strength and put a premium on hiring for difference. In addition, the Company has an access policy to accommodate as many disabled patrons as possible within with the current resources. This includes signed performance, surtitles, audio notes, disabled concessions and access to parts of the auditorium.

As an unquoted company, ENO is required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 to disclose energy and carbon information in their accounts and reports, including:

UK (including UK offshore area) energy use (as a minimum gas, electricity and transport
Associated greenhouse gas emissions
At least one intensity ratio
Previous year’s figures for energy use and GHG emissions (except in the first year).
Methodologies used in calculation of disclosures.
Information about energy efficiency action taken in the organisation’s financial year.

Employee involvement

UK Energy & Carbon Total Emission Scope Summary

The Company relies on the commitment and contribution of all staff, performers and artists. Management policies incorporate a consultation process through the line management structure.

The dissemination of information and two-way dialogue between staff and management is maintained through company briefings by the Chief Executive Officer and Artistic Director, team briefings, newsletters and an intranet system. During the pandemic the management team have maintained dialogue with staff through the intranet and company wide zoom calls.

ENO recognises several unions for the purposes of collective bargaining and individual representation and continues to promote and develop good staff relations.

Year ended 31 July	2022
Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Scope 1 (Direct)	2,036,443	370
Scope 2 (Indirect	2,143,553	414
Scope 3 (Indirect)	-	-
Total	4,179,996	784
Year ended 31 July	2021
Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Scope 1 (Direct)	1,827,012	337
Scope 2 (Indirect	1,028,463	218
Scope 3 (Indirect)	-	-
Total	2,855,475	555

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Streamlined Energy and Carbon Reporting (Contd)

Scope 1 Emissions (Direct)

Emissions from activities owned or controlled by ENO that release emissions into the atmosphere. Examples of Scope 1 emissions include emissions from combustion in owned or controlled boilers, furnaces, vehicles; emissions from chemical production in owned or controlled process equipment.

Year ended 31 July 2021	Year ended 31 July 2021
Energy	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Electricity	1,028,463	218
Emissions from	purchased electricity
Total	1,028,463	218

Scope 3 Emissions (In-direct)

Year ended 31 July 2022	Year ended 31 July 2022
Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Gas Emissions	1,986,722	358
from combustion of gas
Transport Emissions	49,721	12
from combustion of fuel
for transport purposes
Total	2,036, 443	370

Year ended 31 July 2021	Year ended 31 July 2021
Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Gas Emissions	1,781,363	326
from combustion of gas
Transport Emissions	45,649	11
from combustion of fuel
for transport purposes
Total	1,827,012	337

Scope 2 Emissions (In-direct)

Emissions released into the atmosphere associated with ENO consumption of purchased electricity, heat, steam and cooling. These are indirect emissions that are a consequence of the organisation’s activities, but which occur at sources the Company do not own or control.

Emissions that are a consequence of ENO actions, which occur at sources which the Company does not own or control and which are not classed as Scope 2 emissions.

Examples of Scope 3 emissions are business travel by means not owned or controlled by the Company (e.g. grey fleet and rental cars). Under SECR it is not mandatory to report rail or air travel. ENO has no emissions to report under this category .

Quantification and Reporting Methodology

The Company has taken guidance from the UK Government Environmental Reporting Guidelines (March 2019), the GHG Reporting Protocol - Corporate Standard, and from the UK Government GHG Conversion Factors for Company Reporting document for calculating carbon emissions. Energy usage information (gas and electricity) has been obtained directly from the Company’s energy suppliers and HH/AMR data, where available, for those supplies with HH/AMR meters. For supplies where there wasn’t complete 12 month energy usage available, flat profile estimation techniques were used to complete the annual consumption. Transport mileage and/or fuel usage data was provided for company owned vehicles. CO2e emissions were calculated using the appropriate emission factors from the UK Government GHG conversion information.

Year ended 31 July 2022

Energy	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Electricity	2,143,553	414
Emissions from	purchased electricity
Total	2,143,553	414

Intensity Ratio

The organisation has chosen to use tonnes of CO2e per employee for its Intensity Ratio. The intensity ratio was 3.07454 (2021 : 2.181162)

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

Energy Efficiency Action

During the financial period, the organisation has Implemented the following energy efficiencies:

Replaced two old heating pumps with new inverter controlled efficient pumps
Continued to upgrade lighting to LED across all sites
Maintain plant to a good standard to ensure efficient running
Purchase of 100% REGO backed renewable energy

Health and safety

The Chief Executive Officer is responsible to the Board for health and safety matters. The Company’s health and safety committee, comprising a Board representative, management and employees (including union representatives) representing all departments, meets regularly to ensure the implementation of the Company’s policy of safe working practices and has presented to the Board during the period.

Taxation status

ENO is a registered charity and accordingly is entitled to exemption from United Kingdom taxation of its charitable activities under Chapter 3 of Part II of the Corporation Taxes Act 2010 to the extent they are used for its charitable purposes.

London Coliseum Limited (previously English National Opera Productions Limited ) and London Coliseum Enterprises Limited (previously English National Opera Trading Limited ) do not have charitable status but donate any distributable profit to the parent Company through gift aid.

Related parties

Compliance with Trustees’ Duties under Section 172(1) Companies Act 2006

The charitable purpose of the Company is to encourage the understanding and appreciation of the dramatic art by producing performances of opera and concerts of cultural value to the community. ENO is founded on the belief that opera should be for everyone. Therefore our key stakeholders are the members of our audience, both those who attend our performances at our theatre the London Coliseum and other venues across London and the UK, but also those who engage with our work through our other channels, including broadcast, digital outreach, our learning and participation schemes and social media. We are committed to growing this audience but also developing and diversifying the opera talent people both on stage and off, so other key stakeholders include our employees and permanent workforce, creative freelancers who make much of our work possible and other suppliers who we collaborate with, and purchase services from.

The Trustees must act in the way they consider will promote this charitable purpose and they delegate day to day management and decision making to the Chief Executive , other executive officers and other members of the Management Team , as listed on page 1 . The Management Team are required to act to further ENO’s vision and to deliver the widest public benefit as outlined on page 3. The Trustees receive updates on the Company’s performance and plans at regular Board meetings and through the Artistic, Audit and Risk and Finance committees. In carrying out their duties, the Trustees have regard (amongst other matters) to:

The likely consequences of any decisions in the long term All of our financial planning is underpinned by prudent assumptions based upon historic experience on audience levels and yields for each type of production , allowing us to sensible balance potential opportunities with underlying risk.

No expenses were reimbursed during the year (2021: £nil). Total payments to the Music Director for conducting services and to the Artistic Director for directing productions under freelance contracts are included in the total remuneration for banding purposes in note 10. All services provided are at the current commercial rate.

English National Opera (Limited by Guarantee) Company Number: 00426792

Trustees’ report for the year ended 31 July 2022

The interests of the charity’s employees

Our financial planning aims to achieve optimum balance between re-engaging our workforce and creative freelancers to deliver a full, ambitious artistic programme in the Coliseum, bringing our Engage strategy into the heart of our business and providing a growth plan for the future in areas including digital and broadcast, sustainability, diversity and inclusion. ENO communicates with our employees through a range of internal communication channels. Annual surveys are completed to measure employee satisfaction.

Our recruitment and HR policies and procedures ensure that all prospective employees are legally entitled to work in the UK and safeguard employees from any abuse or coercion once in our employment.

Environment

Trustees have made a commitment to progress towards net zero greenhouse gas emissions by ENO by 2050.

Maintaining a reputation for high standards of business conduct

Through regular reporting to our Finance and Audit and Risk Committees, and the wider Board, ENO ensures that we exercise prudence in our management of finance and risk; continue to evolve our business systems to improve our efficiency, sustainability and resilience; use insight, evaluation and data to inform our decisions at every stage; optimize our assets to boost income potential and grow a culture of enterprise and innovation, inspiring new forms of cultural production.

The need to foster the charity’s business relationships with suppliers, customers and others

The need to act fairly as between members of the charity.

Suppliers

We work closely with external suppliers to ensure that they adhere to ENO’s Values and Behaviours. ENO has a zero tolerance approach to any form of modern slavery.

This criteria has negligible application to ENO as the trustees are the sole members of the charity, and the charity is not run in the interests of the members but of the objects of the charity.

Audience

The Marketing and Development teams collects audience data through surveys (which are reported to Arts Council England); customer feedback through the Box Office and Front of House teams, and external data sources. Audience data is reported to Management, the Board and Arts Council England regularly.

Auditor

HW Fisher LLP were appointed auditors during the year and a resolution proposing their reappointment will be proposed at the forthcoming Annual General Meeting.

The Trustees’ report (including the Strategic Report) has been approved by order of the Board on 3rd November 2023[and signed on their behalf:]

The impact of the charity’s operations on the community and the environment

Community

The ENO is here to enrich people’s lives by creating world-class operatic experiences by, with and for everyone. We are committed to lifelong learning through the arts and to supporting the health and wellbeing of communities, locally and nationally.

Dr Harry Brunjes

Dr Henry Brunjes (Chair of Trustees)

English National Opera (Limited by Guarantee) Company Number: 00426792

Independent Auditor’s Report to the members of English National Opera

Opinion

We have audited the financial statements of English National Opera (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 July 2022 which comprise the consolidated statement of financial activities (including income and expenditure account), the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including 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:

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 Charity’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.

give a true and fair view of the state of the group’s and parent charity’s affairs as at 31 July 2022 and of the group’s incoming resources and application of resources including its income and expenditure 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 and the Charities Act 2011.

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’s responsibilities for the audit of the accounts section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the accounts 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

English National Opera (Limited by Guarantee) Company Number: 00426792

Independent Auditor’s Report to the members of English National Opera

Opinion 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 directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the accounts are prepared is consistent with the accounts; and

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

In preparing the accounts, the trustees are responsible for assessing the group’s and parent charity’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ 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 charity, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charity’s accounts 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.

Auditor’s responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

English National Opera (Limited by Guarantee) Company Number: 00426792

Independent Auditor’s Report to the members of English National Opera

As part of our planning process:

We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011 and Companies Act 2006.
We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Obtaining third-party confirmation of material bank balances, loans and investments.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the calculation of Theatre Tax Relief.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the charity board minutes, for discussions of irregularities including fraud.
Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Testing key income lines, in particular cut-off, for evidence of management bias.
Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted, restricted and endowment funds.

English National Opera (Limited by Guarantee) Company Number: 00426792

Independent Auditor’s Report to the members of English National Opera

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 auditors’ 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.

Carol Rudge Carol Rudge (Senior Statutory Auditor) for and on behalf of HW Fisher LLP Chartered Accountants Statutory Auditor Acre House 11-15 William Road London United Kingdom NW1 3ER

Date

3rd November 2023

...........................................................................

English National Opera (Limited by Guarantee) Company Number: 426792

For the year ended 31 July 2022 For the year ended 31 July 2021	2022 2021	Unrestricted Designated Restricted Endowment Total Unrestricted Designated Restricted Endowment Total	Funds Funds Funds Funds Funds Funds Funds Funds Funds Funds	Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000	Income and endowments from: Charitable activities 2 17,310 - - - 17,310 1,145 - - - 1,145	Grants 3 12,608 - 108 - 12,716 12,461 - 4,287 - 16,748	Donations and legacies 4 2,792 - 757 - 3,549 1,991 - 57 - 2,048	Investments 5 23 - - 92 115 17 - - 139 156	Total income 32,733 - 865 92 33,690 15,614 - 4,344 139 20,097	Expenditure on: Charitable activities 6 31,121 891 1,161 213 33,386 16,132 223 4,411 215 20,981	Raising funds 7 1,568 9 8 10 1,595 673 8 81 8 770	Investment management fees 30 - - 29 59 - - - 26 26	Total expenditure 32,719 900 1,169 252 35,040 16,805 231 4,492 249 21,777	Net (losses)/gains on investments 13 (491) - - (696) (1,187) (10) - - 641 631	Net (expenses)/income (477) (900) (304) (856) (2,537) (1,201) (231) (148) 531 (1,049)	Transfers between funds 18 (370) 370 - - - (69) 69 - - -	Net movement in funds (847) (530) (304) (856) (2,537) (1,270) (162) (148) 531 (1,049)	Reconciliation of funds	Total fund bought forward 18 5,004 3,272 1,017 12,514 21,807 6,274 3,434 1,165 11,983 22,856	Total fund carried forward 18 4,157 2,742 713 11,658 19,270 5,004 3,272 1,017 12,514 21,807	Net income is derived from continuing operations in the current and previous period. There are no other recognized gains or losses other than those refected in the consolidated statement offnancial activities.	During the period a loss of £12,960 (2021:£nil) was made by London Coliseum Enterprises Limited (previously known as English National Opera Trading Limited), a non-charitable trading subsidiary. Refer to note 22.	During the period no income (2021:£nil) was earned by London Coliseum Limited (previously known as English National Opera Productions Limited), a non charitable trading subsidiary. The Company was	dormant during the period. Refer to note 22.	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 of the parent company is £33,689,730 (2021 : £20,097,000). The result reported in the accounts of the parent company is a defcit of £2,537,231 (2021 defcit of £1,049.000).	The notes on pages 24 to 40 form an integral part of these fnancial statements.

English National Opera (Limited by Guarantee) Company Number: 426792

Consolidated and Charity Balance Sheets as at 31 July 2022

2022 Group £’000 Company £’000 498 498 8,295 8,295 10,860 10,860 362 362 20,015 20,015 26 26 5,128 5,128 9,984 9,984 15,138 15,138 (7,153 ) (7,153 ) 7,985 7,985 28,000 28,000 (8,730 ) (8,730) 19,270 19,270 4,157 4,157 2,742 2,742 6,899 6,899 713 713 11,658 11,658 19,270 19,270	2021	2021
Group £’000	Group £’000	Company £’000
498 8,295 10,860 362	323 8,028 7,009 361	323 8,028 7,009 361
20,015	15,721	15,721
26 5,128 9,984	39 5,532 19,440	39 5,532 19,440
15,138 (7,153 )	25,011 (10,358)	25,011 (10,358)
7,985	14,653	14,653
28,000 (8,730 )	30,374 (8,567)	30,374 (8,567)
19,270	21,807	21,807
4,157 2,742	5,004 3,272	5,004 3,272
6,899 713 11,658	8,276 1,017 12,514	8,276 1,017 12,514
19,270	21,807	21,807

The result reported in the accounts of the parent company is a deficit of of £2,537,231 (2021 deficit of £1,049.000).

These financial statements of English National Opera charity registered number 2257210 were approved by the Board of Trustees on 3rd November 2023 and signed on their behalf:

Dr Harry Brunjes

Dr Henry Brunjes (Chair of Trustees)

The notes on pages 24 to 40 form an integral part of these financial statements.

English National Opera (Limited by Guarantee) Company Number: 00426792

Consolidated Cash Flow Statement

for the year ended 31 July 2022

A B	Note Cash fows from operating activities Net cash provided by operating activities A Cash fows from investing activities Dividends, interest and rents from investments 5 Interest received 5 Purchase of property, plant and equipment 12 Purchase of intangible assets 11 Proceeds from sale of investments Net purchases/disposals of investments Investment manager fees Net cash provided by investing activities Cash fows from fnancing activities Cash infow from new borrowing Change in cash and cash equivalents in the reporting period Cash and cash equivalents at 31 July 2021 Cash and cash Equivalents at 31 July 2022 B Reconciliation of net income to net cashfow from operating activities Net income Adjustment for: Net losses/(gains) on investments Depreciation charges Amortisation charges Net losses/(gains) on disposal of fxed assets Interest received Investment income received Investment fees payable Decrease/(increase) in stock Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operating activities Analysis of Cash and Cash Equivalents Cash at bank and in hand Total cash and cash equivalents	2022 £’000 (3,346) 96 19 (908) (220) - (5,038) (59) (6,110) - (9,456) 19,440 9,984 (2,537) 1,187 637 45 4 (19) (96) 59 13 403 (3,042) (3,346) 9,984 9,984	2021
			£’000
			2,066 139 17 (69) (249) 26 (135) (26)
			(297)
			8,500 10,269 9,171
			19,440
			(1, 049) (631) 664 26 (-) (17) (139) 26 (12) (599) 3,797
			2,066
			19,440
			19,440

The notes on pages 24 to 40 form an integral part of these financial statements.

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

1 Accounting policies

A summary of the principal group accounting policies, all of which have been applied consistently throughout the period and the preceding year, is set out below.

Basis of accounting

These financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements have been prepared in accordance with “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 (FRS102) (effective 1 January 2019).

Going Concern

The Trustees consider that the going concern assumption is an appropriate basis on which to prepare these financial statements. After making appropriate enquiries, which include reviewing forecast scenarios and considering the nature and extent of risks, in particular in relation to the ongoing negotiations of funding with ACE where funding has now been awarded, as detailed in the Trustees’ Report on page 9 the Trustees consider that ENO has adequate resources to continue in operational existence for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis.

Basis of consolidation

The group financial statements consolidate those of ENO and its subsidiaries, London Coliseum Limited (formerly ENO Productions Limited) and London Coliseum Enterprises Limited (formerly ENO Trading Limited). The results of the subsidiaries are consolidated on a line by line basis and include the elimination of intercompany balances. The charity has availed itself of Paragraph 3 (3) of Schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of the charity’s activities. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006.

Income

Income is recognised in the year in which the company becomes entitled, receipt is probable and the amount can be measured with reasonable accuracy. Donation income is deferred when the company has to meet conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

All grants and contractual payments are included on a receivable basis. Legacies are included when the company is entitled to a legacy, receipt is considered probable and the amount can be estimated with reasonable accuracy. Income is not recognised for legacies which remain subject to a life interest.

Donated Goods

Where the charity receives donated goods and services in kind and where there is a measurable value to the charity, which can be ascertained with reliability, they are included as both income and expenditure in the Statement of Financial Activities.

Expenditure

These are treated on an accruals basis.

Charitable activities expenditure enables the ENO to meet its charitable aims and objectives.

Costs of raising funds include the costs incurred in raising donations and legacies. These costs are regarded as necessary to raise funds that are needed to finance charitable activities.

Direct production costs for future productions, including artists’ rehearsal fees and the manufacture and/or building of physical elements, are included in current assets at the lower of cost and fair value and expensed equally to each performance during the initial run.

Governance costs are associated with the governance arrangements of the charity and relate to audit fees and the charity’s trustee liability insurance, and are allocated along with other support costs.

Employee benefits

Short-term employee benefits are those expected to be settled wholly before twelve months after the end of annual reporting period during which employee services are rendered, not including termination benefits. These include wages, salaries and any other benefits paid to current employees. All short-term employee benefits are recognised as expenses in the period in which they are incurred. Post-employment benefits, representing contributions into defined contribution plans for current employees are equally recognised as expenses in the period in which the contribution payable is exchanged for services rendered by employees. The assets of the scheme are held separately from the charity.

A termination benefit liability is recognised at the earlier of the following dates:

when the entity can no longer withdraw the offer of those benefits or;
when the entity recognises costs for restructuring which involves the payment of termination benefits.

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

1 Accounting policies (continued)

Allocation of support costs

Costs of centrally provided services in support of charitable activities are allocated directly to functional areas and include the relevant proportion of premises costs which comprise of rent, rates and utility costs. The basis of allocation involves the use of relative headcounts of staff numbers and the proportion of site usage by expenditure category.

Tangible fixed assets

Tangible fixed assets are stated at historic cost less accumulated depreciation and any impairment. Costs of adding to and improving the building and plant are capitalised and depreciated over the useful economic life of the asset. Depreciation has been provided on the cost of such assets, excluding freehold land, at the following rates:

Freehold buildings: 2% straight-line Improvements to freehold buildings: 2% - 10% straight-line Leasehold property: over remaining life of the lease Machinery and equipment: 7% to 33% straight-line

Intangible fixed assets

Intangible fixed assets, such as licensing agreements and software , acquired from third parties are capitalised and amortised over the period during which the Company derives economic benefit from the assets.

Amortisation is charged on a straight line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use. Amortisation is provided on intangible assets so as to write off the cost, less any residual value, over their expected useful economic life as follows :

Computer software: 20% straight-line

Stocks

These consist of items held for resale and are valued at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Pension costs

The company contributes to a number of personal and auto-enrolment pension schemes for its employees. Contributions are charged to the Statement of Financial Activities as they become payable.

Leases

All leases are operating leases and the annual rentals are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

Investment assets and related income

Investment assets listed on a recognised stock exchange, including investment and unit trusts, are stated at bid-market value. Net investment gains for the year, both realised and unrealised, are disclosed in the Statement of Financial Activities.

Funds

The company’s funds consist of unrestricted and restricted amounts. The company may use unrestricted amounts at its discretion. Restricted funds represent income which is restricted to particular purposes, in accordance with the donor’s wishes.

Expendable endowments in respect of freehold properties are expended in line with the depreciation of those properties. All other expendable endowments are to be expended within a reasonable time of receipt and the funds are treated as restricted or unrestricted depending upon whether the original donation stipulates expenditure for specific purposes, or otherwise. Once expensed these funds are transferred to either restricted or unrestricted funds.

Taxation

As a charity, English National Opera is exempt from tax on income and gains falling within Chapter 3 of Part II of The Corporation Tax Act 2010 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

Theatre Tax Relief

Amounts due to ENO in respect of the Theatre Tax Relief, is included in the financial year to which the claim relates. These amounts are included 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 is akin to government grant income.

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

1 Accounting policies (continued)

Estimates in the application of Accounting Policies

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The sources of any significant estimation uncertainty are considered to relate to:

The value of the Theatre Tax Credit: The Trustees consider that the amount included in the accounts has been calculated on an appropriate basis in line with HMRC guidance.

Financial Instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The charity and group only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

	2022	2022	2021
Unrestricted funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
5,677 5,568 2,556 100 1,521 1,888	- - - - - -	- - - - - -	178 559 201 1 269 (63)
17,310	-	-	1,145
	2022		2021
Unrestricted funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
12,608 -	- 108	- -	12,461 4,287
12,608	108	-	16,748
	2022		2021
Unrestricted funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
2,757 35	539 218	- -	1,991 57
2,792	757	-	2,048
	2022		2021
Unrestricted funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
4 19	- -	92 -	139 17
23	-	92	156

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts

for the year ended 31 July 2022

		2022		2021
Unrestricted funds £’000	Designated funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
25,682 1,118 1,837 2,484	- - - 891	552 332 - 277	- - - 213	16,789 892 187 3,113
31,121	891	1,161	213	20,981

In the prior year the total costs relating to each fund were as follows - Unrestricted Fund : £16,132k , Designated Fund: £223k , Restricted Fund : £4,411k, Endowment Fund : £215k.

		2022		2021
Unrestricted funds £’000	Designated funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
179 1,240 149	- - 9	- - 8	- - 10	(16) 674 112
1,568	9	8	10	770

In the prior year the total costs relating to each fund were as follows - Unrestricted Fund : £673k , Designated Fund: £8k , Restricted Fund : £81k, Endowment Fund : £8k.

8 Net expenditure is stated after charging: Fees payable to the Charity’s Auditor: Audit of fnancial statements Additional fee for audit of prior year fnancial statements Amortisation of intangible fxed assets Depreciation of tangible fxed assets Hire of plant and machinery Operating lease payments: Plant and machinery Rentals	2022 Total £’000 55 - 45 637 49 49 672	2021
		Total £’000
		66 23 26 664 22 52 584

Support costs are pro-rated between the key operational areas: Production and performance, Raising funds and Education, outreach and information.

The basis of apportionment is total headcount applicable in the relevant activities.

9 Allocation of support costs

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

	Total 2022		Total 2021
Management & administration	Premises costs	Governance costs	Total £’000
2,875 183 139 3,197	698 44 34 776	60 4 3 67	2,989 119 112 3,220
2,247	895	78

10 Particulars of staf The aggregate employment costs were: Wages and salaries Social security costs Redundacy/termination Pension costs (see note (iii)) Staf costs (see note (i) and (ii)) Average number of persons employed by category Opera company - performing & production Theatre operation Finance, administration and marketing	2022 £’000 13,376 1,459 123 297 15,255 2022 No. 246 42 44 332	2021
		£’000
		11,575 1,263 852 254
		13,944
		2021
		No.
		242 46 44
		332

(i) Staff costs and staff numbers include all permanent, fixed term and temporary employees of the company. Full-time equivalent staff numbers are based on a minimum 35-hour week.

(ii)In addition, ENO enjoys the support of our ENO Friends Volunteers who play an important role in assisting our fundraising operations, the value of which is not reflected in these accounts.

(iii)Pension costs include contributions of £20,933 (2021:£18,706) paid into defined contribution pension schemes for staff whose emoluments (excluding pensions) exceeded £60,000 during the year.

The number of Group employees whose emoluments, excluding pension contributions andemployers’ national insurance, but including benefts in kind were in excess of £60,000 was: £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 £110,000 - £119,999 £120,000 - £129,999 £140,000 - £149,999 £150,000 - £159,999 £160,000 - £169,999	2022 12 months No. 3 4 3 3 - - - 1 1	2021
		12 months No.
		4 5 3 - 1 1 1 1 -

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

10 Particulars of staff (continued)

In addition to an employee salary payment, the Music Director is paid for conducting services under freelance contracts on similar terms to other conductors engaged. These payments have been included in the employee banding but excluded from key management personnel remuneration.

All ENO employees are employed by the Company. The key management personnel of the Group comprise the Executive Officers and Management Team.

The total remuneration (including pension contributions and employer’s national insurance) of the key managment personnel for the year totalled £1,610,403 to 17 employees (2021: £1,505,679 to 19 employees).

During the year, the Group made payments or made provision for payments upon termination of employment including amounts in lieu of notice totalling £122,828 to 47 employees (2021: £852,179 to 47 employees).

11 Intangible fixed assets

	Licences £’000	Total £’000
	166 -	352 220
	166	572
	25 23	29 45
	48	74

	118	498
	141	323

Freehold Land & Buildings £’000	Leasehold Land & Buildings £’000	Total £’000
15,430 319 -	297 51 -	18,824 908 (4)
15,749	348	19,728
8,204 319 -	274 - -	10,796 637 -
8,523	274	11,433

7,226	74	8,295
7,226	23	8,028

Freehold Land and Buildings includes land at a cost of £2,145,500 (2021: £2,145,500) which is not depreciated.

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

Notes to the accounts for the year ended 31 July 2022
13 Investments A Reconciliation of opening and closing market value Group and Company: Market value of securities as at 1 August 2021 Net Purchases/(disposals) Net unrealised investment (losses)/gains Market value as at 31 July 2022 Total investment value Historic cost of investments at 31 July 2022 B Investment Portfolio Investments listed on recognised stock exchanges Equities Bonds Alternative and Other Cash Total Investment with Investment Managers	2022 Listed Investments Total £’000 7,009 5,038 (1,187) 10,860 10,860 10,731 2022 Market Value Total £’000 5,632 2,498 2,235 495 10,860	2021
		Listed Investments Total £’000
		6,269 109 631
		7,009
		7,009
		5,576
		2021
		Market Value Total £’000
		4,400 1,502 821 286
		7,009

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

13 Investments

C Other investments

(i) The company owns 100% of the ordinary share capital of its subsidiary, London Coliseum Enterprises Limited (formerly known as English National Opera Trading Limited), which is registered in England and Wales, and whose principal activity is commercial promotion in support of ENO.

The subsidiary resumed operations in the year. No distribution was paid to the parent (refer to note 22). All of the directors of London Coliseum Enterprises Limited are executives and senior managers of the ENO.

Ordinary shares £

Investment in subsidiary:

Cost:

At 31 July 2022 and 31 July 2021 2

There is an outstanding debtor of £60,985 at 31 July 2022 (2021: £nil).

(ii) The company owns 100% of the ordinary share capital of its subsidiary, London Coliseum Limited (formerly known as English National Opera Productions Limited), which is registered in England and Wales, and whose principal activity is commercial promotion in support of ENO.

The subsidiary was dormant in the year. No distribution was paid to the parent (refer to note 22). All of the directors of London Coliseum Limited are executives and senior managers of the ENO.

Ordinary shares £

Investment in subsidiary: Cost: At 31 July 2022 and 31 July 2021

There are no loans outstanding at 31 July 2022 (2021: £nil).

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts

for the year ended 31 July 2022

2022 Group £’000 Company £’000 1,029 1,029 674 674 2,018 2,018 1,407 1,407 5,128 5,128 288 288 27 27 315 315	2021	2021
Group £’000	Group £’000	Company £’000
1,029 674 2,018 1,407	744 756 1,578 2,454	744 756 1,578 2,454
5,128	5,532	5,532
288 27	656 37	656 37
315	693	693

2022 Group £’000 Company £’000 387 387 3,935 3,935 376 376 2,455 2,425 - 30 7,153 7,153	2021	2021
Group £’000	Group £’000	Company £’000
387 3,935 376 2,455 -	(115) 6,748 - 3,725 -	(115) 6,748 - 3,695 30
7,153	10,358	10,358

Within accruals and deferred income is included the following amount of deferred income relating to box office receipts and other income received in advance:

Brought forward Released in the year Received in the year Carried forward	159 (159) 151	159 (159) 151 151	2,678 (2,678) 159	2,678 (2,678) 159
	151		159	159

2022 Group £’000 Company £’000 8,730 8,730 8,730 8,730	2021	2021
Group £’000	Group £’000	Company £’000
8,730	8,567	8,567
8,730	8,567	8,567

A £8,500,000 Cultural Recovery Loan was awarded to the Company in December 2020 . The loan is repayable over 20 years with a 4 year payment holiday. Interest accrues at 2% per annum. Amounts due in over five years are £7,105,000 (2021 : £7,592,000).

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

Unrestricted funds £’000	Restricted funds £’000	Total funds £’000
8,053 14,729 (7,153) (8,730)	342 371 - -	20,015 15,138 (7,153) (8,730)
6,899	713	19,270
2,726 24,475 (10,358) (8,567)	519 498 - -	15,721 25,011 (10,358) (8,567)
8,276	1,017	21,807

All endowment funds are wholly represented by expendable endowments (see note 18).

English National Opera (Limited by Guarantee)

	2021	At	31 July	£’000			5,004		2,061	889	322	8,276		10	211	277	10	509	-	1,017			6,395	199	5,882	38		12,514	21,807
For the year ended 31 July 2021	Expenditure Transfer Revaluation	between gains	funds	£’000 £’000 £’000			(16,805) (69) (10)		- - -	(231) 69 -	- - -	(17,036) - (10)		(9) - -	- - -	- - -	- - -	(196) - -	(4,287) - -	(4,492) - -			(219) - -	(4) - -	(26) - 641	- - -	-	(249) - 641	(21,777) - 631
	Income			£’000			15,614		-	-	-	15,614		-	-	57	-	-	4,287	4,344			-	-	139	-		139	20,097
	2020	At	1 August	£’000			6,274		2,061	1,051	322	9,708		19	211	220	10	705	-	1,165			6,614	203	5,128	38	855	11,983	22,856
	2022	At	31 July	£’000			4,157		1,367	1,053	322	6,899		8	211	150	10	334	-	713			6,176	195	5,249	38		11,658	19,270
For the year ended 31 July 2022	Expenditure Transfer Revaluation	between gains	funds	£’000 £’000 £’000			(32,719) (370) (491)		(694) - -	(206) 370 -	- - -	(33,619) - (491)		(2) - -	- - -	(884) - -	- - -	(175) - -	(108) - -	(1,169) - -			(219) - -	(4) - -	(29) - (696)	- - -	-	(252) - (696)	(35,040) - (1,187)
	Income			£’000			32,733		-	-	-	32,733		-	-	757	-	-	108	865			-	-	92	-		92	33,690
	2021	At	1 August	£’000			5,004		2,061	889	322	8,276		10	211	277	10	509	-	1,017			6,395	199	5,882	38	855	12,514	21,807
	Movement on funds – Group and Company				Summary	Unrestricted funds	General funds	Designated funds:	Maintenance funds	Capital reserve funds	Strategic Investment	Total Unrestricted funds	Restricted income funds (see note 18(c))	London Coliseum Redevelopment	London Coliseum Restoration	Production & project support	ACE Managed Fund	ACE Capital fund	Coronavirus Job Retention Scheme grant	Total Restricted funds	Endowment funds (see note 18(d))	Expendable:	London Coliseum freehold	Lilian Baylis House freehold	ENO Create / ACE Catalyst	Audrey Gunn legacy		Total Endowment funds	Total funds
	18				(a)

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts

for the year ended 31 July 2022

18 Movement in funds (continued)

(a) Summary (continued)

The transfer to Capital Reserve fund represent fixed asset additions during the period.

(b) Designated funds

Maintenance Funds

Maintenance funds are designated for specific future projects to maintain and enhance the fabric of the London Coliseum based on a long term maintenance plan for the building.

Capital Reserve Funds

The Capital Reserve represents the net book value of fixed assets funded from ENO´s unrestricted funds.

Strategic Investment

The Strategic Investment fund represents funds allocated to strategic projects to be carried out in future years. These projects may be artistic, operational or capital in nature but are anticipated to enhance the public benefit or efficiency of the Company.

(c) Restricted income funds

London Coliseum Redevelopment

An amount of £8,000 is carried forward on this fund, representing the book value of properties acquired.

London Coliseum Restoration

The balance is to be utilised in respect of the restoration of the London Coliseum.

Production & Project Support

Funding is received from time to time by way of specific donations and grants in respect of a variety of artistic and infrastructural projects in furtherance of the company’s charitable aims including education and outreach work. These funds are treated as restricted income on receipt. Income is derived from various individuals, educational trusts and foundations.

ACE Transition Fund

This reserve represents ACE transition funding to enable the company to restructure if required due to the reduction in ACE funding. This fund was derestricted by ACE on 30 July 2020.

ACE Capital Fund

ENO has received support from ACE in respect of capital investment. The fund represents the proportion of the net book value of assets purchased funded by the grant and is amortised in line with the depreciation policies in respect of these assets.

Coronavirus Job Retention Scheme

This fund presents the grant received from HM Treasury to cover eligible salaries under the Coronavirus Job Retention scheme and the related salaries paid by ENO.

(d) Endowment funds (expendable)

London Coliseum & Lilian Baylis House freehold

An amount of £6,371,000 is carried forward on these funds, representing the book value of freehold properties acquired.

Create/Catalyst

The ENO Create endowment fund is to be utilised over a maximum of twenty-five years to provide investment in ENO activities designed to generate long-term revenue streams for ENO. It is part of the ACE Catalyst endowment scheme.

Audrey Gunn legacy

The parent company has a commitment to the Estate of Audrey Gunn to fund an annual scholarship for a young singer of potential.

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

19 Financial commitments

A Group and Company

The company occupies certain land and buildings under full-repairing short term leases at rents which are subject to periodic review. The company also leases various equipment.

The total future minimum rentals under non-cancellable operating leases are as follows:

2022 Land & Buildings £’000 Other £’000 715 46 1,794 16 308 - 2,817 62	2021	2021
Land & Buildings £’000	Land & Buildings £’000	Other £’000
715 1,794 308	543 1,959 467	51 68 -
2,817	2,969	119

B Contingent liabilities

(a) ACE has a right to the repayment of the ‘Housing the Arts’ grant of £380,000 in respect of Lilian Baylis House in certain circumstances , including those in which the premises cease being used by the Company for rehearsal studios and other accommodation. The Company has now vacated and intends to sell the property, ACE have not indicated that they will seek repayment and the Trustees are of the opinion that this is unlikely to occur.
(b) (i) Under the conditions attached to the grant towards the purchase cost of the London Coliseum, ACE has the option, in certain circumstances, to purchase the freehold of the London Coliseum for nominal consideration. This option is included in a deed that gives ACE a charge which imposes restrictions with regard to the use and disposal of the Coliseum. The trustees are of the opinion that these circumstances are unlikely to occur.

(ii) The National Heritage Memorial Fund has a legal charge over the freehold of the London Coliseum to secure monies and obligations pursuant to the award of restoration funding. The trustees are of the opinion that the obligations are unlikely to be breached in the ordinary course of events.

(c) ACE has a fixed and floating charge over property and assets of the company other than the London Coliseum which imposes certain other restrictions in regard to the use or disposal. The trustees are of the opinion that these restrictions are unlikely to be breached under ordinary circumstances.

20 Pensions

The company has made contributions on behalf of employees to defined contribution schemes. Pension contributions made by the company during the year amounted to £297,236 (2021: £253,960 ). At 31 July 2022 the balance of unpaid contributions totalled £152,447 (31 July 2021: £96,027).

21 Liability of members

The company is limited by guarantee, all members having a liability not exceeding £10 per member. At 31 July 2022 there were fourteen members (2021: fifteen members).

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

22 Subsidiary companies

(a) London Coliseum Enterprises Limited (formerly known as English National Opera Trading Limited)

The wholly-owned trading subsidiary, London Coliseum Enterprises Limited (formerly known as English National Opera Trading Limited) (company number 2379051), which is incorporated and registered in England and Wales, pays all its profits by gift aid to the parent company who owns the entire issued share capital. The Company’s principal activitiy is the sale of flowers. The Company generated £6k turnover and incurred £19k expenditure during the period (2021: £Nil). As a joint venture with Boo•kay New York, the Directors plan to continue to develop and maintain the floristry business. For the period ended 31 July 2022, the Company will file individual accounts with Companies House.

The assets and liabilities of the subsidiary as at 31 July 2022 were: Fixed assets Current assets Current liabilities Total net assets Aggregate share capital and reserves	2022 £ 48,023 2 (60,985) (12,960) £ (12,960)	2021 £
		- 2 -
		2
		£
		2

(b) London Coliseum Limited

The wholly-owned trading subsidiary, London Coliseum Limited (formerly known as English National Opera Productions Limited) (Company Number 09184219) is incorporated and registered in England and Wales. The Company’s principal activity is the creation of theatrical productions. For the period ended 31 July 2022, the Company will file individual dormant accounts with Companies House.

The assets and liabilities of the subsidiary as at 31 July 2022 were: Current assets Current liabilities Total net assets Aggregate share capital and reserves	2022 £ 30,371 (30,370) 1 £ 1	2021 £
		30,371 (30,370)
		1
		£ 1

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts

for the year ended 31 July 2022

23 Related party transactions

Trustees received nil remuneration in the year (2021: nil).

No trustees of the company were reimbursed expenses (2021: none).

Appropriate insurance has been arranged by the Company to indemnify trustees and employees for the legal liability for damages and legal expenses arising from performance of their duties.

During the period, the trustees of the company donated £80,055 (2021: £97,083) to ENO.

Included in this total is an amount of £67,799 (2021:£nil) which was donated by a Trustee to American Friends of English National Opera (see Connected Charities). American Friends of English National Opera subsequently donated this amount to ENO in the year.

Total payments to the Music and Artistic Directors under freelance contracts are included within the bands for higher paid employees disclosed in note 10. All services are provided at the current commercial rate on terms similar to other conductors engaged by ENO during the year.

At 31 July 2022, ENO owed London Coliseum Limited (formerly English National Opera Productions Limited) £30,317 (2021 : £30,371) , and was owed £60,985 (2021 : £nil) by London Coliseum Enterprises Limited (formerly English National Opera Trading Limited) .

24 Analysis of changes in Net Funds Cash and Cash Equivalents Cash Borrowings Debt due after one year Total net assets as at 31 July 2022	At 1 Aug 2021 £’000	Cashfows £’000	Other non-cash changes £’000 - (163) (163)	At 31 July 2022 £’000
	19,440 10,269 (8,567)	(9,456) -		9,984 (8,730)
	10,873	(9,456)		1,254

English National Opera (Limited by Guarantee) Company Number: 00426792

Notes to the accounts for the year ended 31 July 2022

25 Post Balance Sheet Events

The Trustees reviewed possible options for future business models but opera has significant lead times for planning and it was identified that there was a viability gap between expected costs and revenue affecting ENO’s ability to deliver its planned programme of activities for the period up to 31 March 2024. ACE invited ENO to apply for an £11.464 million grant from its National Lottery funding to cover this viability gap and to support the planning and development associated with establishing a new base outside London and a new business model. This funding was announced on 17 January 2023. The Competition and Mergers Authority has subsequently completed its report on the proposed funding, under the requirements of Subsidy Control Act 2022, and the funding is now available to ENO.

The conditions for transitional funding from ACE required that the ENO management team and Board work with representatives from ACE to model different scenarios for opera in the London Coliseum, opera in a new location and the use of the London Coliseum as a commercial venue. This modelling took place between February and April 2023 and on 12 April 2023 ACE announced that it was inviting ENO to submit an application for funding of up to £24 million for the period 1 April 2024 to 31 March 2026. On 27 July 2023 ENO heard that the full award of £24 million would be made, this was subject to a revised business plan for 2024~26 and a work plan for agreeing a new city base to be submitted to ACE by the 25 October 2023. This condition has now been met. In the original conditions for transitional funding, ACE required ENO to have the process of relocation outside of London underway by March 2024, with a new location confirmed by December 2023, and to have established, and be operating from, a new primary base outside of London by March 2026. The July 2023 award amended this requirement and the relocation need not commence before April 2026 and should now be completed by March 2029.

Report and financial statements

Contents

Legal and administrative information

Board of Trustees

President

Executive Officers

Senior Management Team

Solicitors

Bankers

Auditor

Chairman’s statement for the year ended 31 July 2022

Dear Patron,

Trustees’ report for the year ended 31 July 2022

Objectives and public benefit

Our vision

Public benefit

Our mission

Our Strategic Goals

Creativity without limits

Enterprise without limits

Connecting without limits

Futures without limits

Trustees’ report for the year ended 31 July 2022

Achievement and Performance

Performance

Audiences

ENO Engage

Trustees’ report for the year ended 31 July 2022

Achievement and Performance

Talent development

• Learning & Skills

• Health & Wellbeing

Trustees’ report for the year ended 31 July 2022

Achievement and Performance

Fundraising

Development Director’s Report

Trustees’ report for the year ended 31 July 2022

Financial Review

Financial review

Trustees’ report for the year ended 31 July 2022

Risk Management

Environmental, Social and Governance (ESG)

Financial Risk and Resilience

Strategic and Reputational Risk

Operational Risk (including Brexit)

Trustees’ report for the year ended 31 July 2022

Risk Management

Risk Management

Compliance (inc H&S)

Going Concern

Trustees’ report for the year ended 31 July 2022

Investment policy and returns

Trading subsidiaries

Connected charities

Changes in non-current assets

Trustees’ report for the year ended 31 July 2022

Structure and Governance

Trustees’ report for the year ended 31 July 2022

Trustees’ Responsibilities Statement

Trustees’ report for the year ended 31 July 2022

Equal opportunities

Streamlined Energy and Carbon Reporting

Employee involvement

Trustees’ report for the year ended 31 July 2022

Streamlined Energy and Carbon Reporting (Contd)

Scope 1 Emissions (Direct)

Scope 3 Emissions (In-direct)

Scope 2 Emissions (In-direct)

Quantification and Reporting Methodology

Year ended 31 July 2022

Intensity Ratio

Trustees’ report for the year ended 31 July 2022

Energy Efficiency Action

Health and safety

Taxation status

Related parties

Compliance with Trustees’ Duties under Section 172(1) Companies Act 2006

Trustees’ report for the year ended 31 July 2022

The interests of the charity’s employees