2023-07-31-accounts - English National Opera

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Legal and administrative information		01
Chairman's Statement		02
fino
Trtustees' report
(i cludi g Strotegic report)
IndependentAuditor's report
to the members of English hlational	Opera	1gr
Consoliclated statement of	activities	23
(including income and ExpendirureAccounxl
Consolidated and charity baionce sheets		24
Consolidated cash ffow statement		25
Notes to the fina ncia I statements		26

Year ended 31July	2023
Emission	Total	CaIculated
Type	Volume	Emissions
	(kwh)	(Tonnes CO2e)
Scape) (Direct)	1,597,93B	29B
Scope 2 (Indirect	2,47I3,76l3	513
Scope 3 (Indirect)
Tata I	4,076,706	BII
Yearended31 July2022
Emission	Total	CaIculated
Type	Volume	Emissions
	(kwh)	(Tannes CO2e)
Scape) (Direct)	2,036,443	370
Scope 2 (Indirect	2,143,553	414
Scope 3 (Indirect)
Tata I	4,179,ci96

Yearended31July2022
Energy	Tata I	CaIculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Electricity	2,143,553	414
Emissions from purchased electricity
Toto I	2,143,553	414

Year	ended 31July 2023	ended 31July 2023	ended 31July 2023
Emission			Tata I	Calculated
Type			Volume	Emissions
			(kwh)	(Tonnes CO2e)
Gas	Emissions		1,550,770	286
from	combustion	ofgas
TransportEmissions			47168	12
from	combustion	offuel
for transport purposes
Total			'l,597938	298
Year	ended 31July 2022
Emission			Tata I	Calculated
Type			Volume	Emissions
			(kwh)	(Tonnes CO2e)
Gas	Emissions		1,986,722	358
from	combustion	ofgas
TransportEmissions			49,721	12
from	combustion	offuel
for transport purposes
Tata	I		2,036, 443

Year ended 31July	2023
Energy	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Electncity	2,4713,768	513
Emissions from purchased electricity
Tatal	2,478,768	513

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as at 31Ju	ly	20	23
					20%		2022
				Note	Group f'000	Compa y 0000	Group 0000	Compa y f'OOO
Non-Current assets
Intangiblehxed assets				11	498	498	498	498
Ta gible fxed assets				12	8,716	8,716	8,295	8,295
vestme ts				13	10,711	10,711	10,860	10,860
Long term prepayments					375	375	362	362
Tote)Non-Currentassets					20,300	20,300	20,015	20,015
Currentassets
Stocks					36	36	26	26
Trade and other receivables				14	8,121	8,121	5,128	5,128
Cash a d cash equivale	ts				4,342	4,342	9,984	9,984
Total currentassets					12;499	12,499	15,138	15,138
Creditors (amou tsfalling		duewithin	o eyearl	15	(9,905)	(9,905)	(7,153)	(7,153)
Netcurren tassets					2,594	2,594	7,985	7,985
Total assets lesscurrent	liabilities				22,894	22,894	28,000	28,000
Creditors (amou ts falling		due after	~ eyear)	16	(8,895)	(8,895)	(8,730 )	(8,730)
Total assets					1$,999	13,999	19,270	19,270
The fun de of thecharity
unrestncted funds
General funds					500	500	4, 157	4,157
Desig atedfu ds					1,586	1,586	2,742	2,742
Total unrestncted funds				18	2,086	2,086	6,899	6,899
Restnctedi comefu ds deficit				18	542	542	713	713
E dowme t funds				18	11,371	11,371	11,658	11,658
Total funds of the Charity					13,999	13,999	19,270	19,270

							20%	2022
	ffows
						Note	f.'000	f.'000
	Cash fro operatmg activities
	Net cash provided by operatmg	activities					(4,538)	(3,346)
	Cash ffows from investing activities
	Divide ds, i tercet a d re ts from	investments				5	05	96
	Interest received					5	52	19
	Purchase of property, plant and equipment					12	(1,108)	(9081
	Purchase of inta gible assets					11	(49)	(2201
	Proceeds from sale of i vestments ffows						(52)
	Net purchases/disposals of investments							(5,0381
	Investment manager fees						(62)	(59)
	Net cash provided by mvesting	activities					(1,104)	(6,110)
	Cash fro finanan g acuvities
	Cash mffow from new borrowmg
	Change in cash and cash equivalents		m the reportmg	pen od			(5,642)	(9,4561
	Cash and cash equivalents at31July 2021						9,984	19,440
	Cash and cash Equivalents at 31July		2022				4,342	9,984
	mcometonetcashffowfro
A	Reconcrliauon ofnet		operaung		activities
	Netincome						(5,271)	(2,5371
	Adjustmentfor
	Net losses/(gains) on investments						202	1,187
	Depreciation charges						687	637
	Amortisation charges						49	45
	Net losses/(gains) on disposal ofAxed assets							4
	Interest received						(521	(19)
	Investment income received						(115)	(96)
	vestme t fees payable						62	59
	Decrease/(increasel in stock						00)	13
	Decrease/(increasel in debtors						(3,0061	403
	(Decreasel/increase in creditors						2,916	(3,042)
	Netcash (usedin)/providedbyoperaung		artiwties				(f4,538)	0,346)
0	Analysis ofCash and Cash Equivalents
	Cash at bank and in hand						4,342	9,984
	Total cash and cash equivalents						4,342	9,984

	forthe year ended 31July	2	0	2	3
1	Accounting policies (continuedj
	Allocation of support costs
	Costs of ce trally provided services i support of chantable activities		are allocated						directlytofu			ctional		areas and			include			the			relevant
	proportion ofpremises costs which compnse 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 byexpenditure category.
	Tangiblefixed assets
	Tangiblefixed assets are stated at histonc cost less accumulated depreaation						and		any	impairment			Costs		of adding			to and			improwng					the
	buildi ga dpla tarecapitaksed anddepreciatedovertheusefuleco			omickfeoftheasset Depreoati										~	has bee			provided				o thecostof
	such assets, excludi gfreehold land, atthefollowing rates
	Freehold buildi gs 2gg straight-li e
	Improveme tstofreeholdbuildi gs 2SS- IOSS straight line
	Leasehold property over remaining life ofthe	lease
	Machinery and equipment 7% to 33%straight-kne
	Intangiblefixed assets
	Intangible fixed assets, such as licensing agreements and software,		acquired			from			third		parties are		capitalised and					amortised					over		the penod
	dun g which the Compa ydenves eco omicbe efitfromthe assets
	Amortisation ischarged ~ a straight k e basis over the estimated	useful			lives		of	i	ta	gible assets			Inta	gible assets are					amor				treed		from
	the date they are avail ah le for use Amorti sat ion is provided on i ta		gible		assets			soastownte off				the cost, less any						residual		value,				over		their
	expected useful economic life as follows
	Computer software 20% straight line
	Stocks
	These co sist ofitems held for resale a d arevalued at the lowerof	cost		and estimated						selli gpnce			less	costst ~sell, which						is equivalent						t~the
	net realisablevalue
	Pension costs
	The company cont nb utes t~a number of personal and aut ~-enr ~Iment			pension schemes for its employees												Contnbuti one				are			charged			t~the
	Statement of Finanaal Actiwties asthey become payable
	Leases
	Allleasesareoperati g leases and thea nual re tale arechargedtothegtateme								tof	Fina cial Activities					on a straight-li					e	basis overthe						lease
	term
	Investment assets and related income
	Investment assets listed on ~ recognised stock exchange, including	investment					and unit				trusts, are		stated		at	bid market			value				Net		investment
	gains forthe year, both realised and unreaksed, are disclosed in the	Statement					of Financial Act iwt					ice
	Funds
	The company's fu ds consist of u restncted a d restricted amou ts		The		compa				y may		use u restncted				amounts			at its	discretion						Restncted
	funds represe t incomewhich is restnctedt ~particular purposes, i		accorda				cewiththe				do or'swishes
	Expendable endowments in respect offreehold properties are expended			in linewith					thedeprecation				ofthose properties						All		other			expendable
	endowments are tobe expended within a reasonable time of receipt		and		the	funds			are	treated as rest ncted						or unrestncted					depending					upon
	whether the onginal donation stipulates expe diture for specific purposes,				or	otherwise					Once expensed			these funds are					transferred						to	either
	restricted or u restncted funds
	Taxat ion
	As a chanty, English National Opera is exempt from tax on income	and		gains		falling within Chapter							3of	Part		II ofThe Corporation								TaxAct 2010
	~rs256 ofthe Taxation of Chargeable Gains Act 1992tothe extent that			these		are		applied			t~its chantable				obfects		N~tax charges							have		an	sen in
	the Chanty
	Theatre Tax Relief
	Amountsduet ~ENOi respectoftheTheatreTaxRelief, isincludedi		thefi ancialyeartowhichtheclaimrelates															Theseamou					tsarei			eluded
	within incomefrom Chantable Activities rather than as a tax credit	or a		reduction					in expenditure			as	the	natureand				intention				ofTheatre Tax
	Relief is akin to government grant income

											20%	20%				2022
2	Chantable	acesstres								Unrestricted	Restncted	Endowment			Total	Tota I
										funds	funds		funds		funds	funds
										f'000	E'000		f'000		f'000	E'000
	Boxofhce	receipts and transaction							fees	7,631					7,631	5,677
	Theatrere	tal a		dthird		partypresentations				4,604					4,604	5,568
	Bars a d eaten			g services						2,690					2,690	2,556
	Programme		sales and advertising							139					139	100
	Production	expl ~itati			~	a	d sundryi		come	1,112					1,112	1,521
	Theatre TaxRelief									2,295					2,295	1,888
										18,471					18,471	17,310
											2023					2022
	Grants									Unrestncted	Restncted	Endowment			Total	Total
										funds	funds		funds		funds	funds
										f.'000	E'000		f.'000		E'000	E'000
	Arts Cou	cil	Engla d
	Core funding									8,405					8,405	12,608
	National Lottery			Development				Fund		3,820					3,820
	HM Treasury
	Coronavirus		Job	Retention			Scheme									108
										12,225						12,716
											20?3					2022
4	Donationsand			legacies						Unrestncted	Rest ncted	E	dowme	t	Total	Tota I
										fu ds	funds		fu	ds	funds	funds
										f'000	f'000		f'000		f'000	f'000
	Donations,	legacies, memberships							and events	1,626	825				2,451	3,296
	Production	sponsorship				and support					400				400	253
											I,225				2, 851	3,549
											2023					2022
5	Investments									Unrestncted	Restncted	Endowment			Tote I	Tota I
										tuinds	fi.in ds		tuinds		funds	funds
										E'000	f.'000		f'000		E'000	f.'000
	come ear		ed from		I vestments					50				65	115	96
	Bank interest									52					52	19
										102					167	115

	for	t	he	year ended	31July	2023
							2023			2022
6	Costs ofch		antable	activities	Unrestncted	Designated	Restncted	Endowment	Total	Tota I
					funds	funds	funds	funds	funds	funds
					f'000	f'000	f'000	f'000	f'000	f'000
	Production		and performance		29, I87		947		30,134	26,234
	Educatio,		outreach	a d information	1,026		276		1,302	1,450
	Caten	g and other		sales	2,070				2,070	1,837
	Support	and propertycosts			3,145	186	165	185	3,681	3,865
					35,428	186	1,388	185	37,187	33,386

								2023			2022
7	Costs of	rarsmg	fun	ds	Unrestncted	Desig	ated	Restncted	E dowment	Total	Tota I
					funds		funds	funds	funds	funds	funds
					f'000		5'000	f'000	E'000	f.'000	f.'000
	Event costs				125					125	179
	Staff and	overhead		costs	1,231					1,231	1,240
	Support	and propertycosts			151		9	8	10	178	176
					1,507				10	1,534	1,595

				2023	2022
				Total	Tata I
				f.'000	f'000
8	Netexpenditureis statedaftercharging.
	Fees p ayah le	t~the Chant y's Auditor
	Audit ofhnanaal statements			65	55
	Amortisation	of intangiblehxed	assets	49	45
	Depreciatio	oftangiblefixed	assets	687	637
	~ire of plant	and machinery		24	49
	Operating leasepayments
	Plant and machinery			25	49
	Rentals			1,048	672

								Total 2023				Total 2022
9	Allocation ofsupport costs			(continued)	Ma ageme		t Ik	Premises	Gover	a ce	Total	Total
					admi	istration		cost s		costs	f'000	f'000
	Charitable activities
	Production a d performa		ce			2,	671	756		56	3,483	3,633
	Educati~,outreach and	i	formati ~				153	42		3	198	231
	Costs ofraising funds						137	38			178	176
	Forthe year ended 31 July		2023			2,961				62	3,859	4,040
	Forthe year ended 31July		2022			3,197		776		67	4,040
	employment
10	Porticulars ofstaff
											2023	2022
	The aggregate			costs were							4'000	f'000
	Wages and salanes										13,744	13,376
	Socia I secunty costs										1,509	1,459
	Redundancy/termination										365	123
	Pensi ~ costs (see ote (iii)l										311	297
	Staff costs (see ote (i) and			(ii))							15,929	15,255
											2023	2022
	Avu age umber of perso		s	uttpl eyed by category							No	N~
	Opera company performi			gikproductio							232	246
	Theatre operation										47	42
	Finance, administration	andmarketing									46	44
											325

							2023	2022
The numberotGraupemployeeswhose		emoluments,		exdudmgpen	sion
contnbutions and em ployers' nau an el msuranca, kind were in excess off60,000was.			but	mcludm g benefits		m	12m on the No.	12months N~.
f60,000-	f69,999
f70,000	f79,999
f80,000	f89,999
f90,000	f99,999
f150,000	f159,999
f160,000	f169,999
f170,000- f179,999

11	Intangible fixed assets
			Lice ces	Software	Total
			E'000	0000	E'000
	Group a d Company
	Cost
	At 1August2022		166	406	572
	Additions			49	49
	At 31July 2023		166	455	621
	Depreciation
	At 1August 2022		48	26	74
	Charge forthe year		24	25	49
	At 31July2023		72	51	123
	N et book value:
	At 31July 2023		94	404
	At 31July 2022		118	380	498
12	Tangiblefixed assets	Freehold	Leasehold	M achinery8r	Total
		Land Er	Land@	Equipment
		Buildings f'000	Bu ildin gs f'000	E'000	T.'000
	Group and Company
	Cost
	AtlAugust2022	15,749	348	3,631	19,728
	Additi ~ s	406		702	1,108
	Disposa Is
	At 31July 2023	16,155	348	4,333	20,836
	Depreciation
	At1 August 2022	8,523	274	2,636	11,433
	Chargefortheyear	340	6	341	687
	Disposals
	At 31July 2023	8,863	280	2,977	12,120
	Net bookvalue:
	At 31July 2023	7,292		1,336	8,716
	At 31July 2022	7,226		995	8,295

13	Investments	Investments
A	FixedAssetlnvestmentsatcostorvaluation		Equities	Bonds	Alter	atives	Crisis I	Total
						ErOther	portfoli ~
	At 1August 2022		5,632	2,498		2,235	495	10,860
	Additi ~ s		2,350	2,416		1,613	(6,379)
	Valuatio changes		259	(66)		(197)		(4)
	Investment income						115	115
	Investment management	fees					(62)	(62)
	Disposals		(2,777)	(2,145)		(1,476)	6,200	(198)
	At31 July2023		5,464	2,703		2,175	369	10,711
	Carrying value
	At31 July2023		5,464	2,703		2,175	369	10,711
	At31 July2022		5,632	'2,498		2,735	495	10,860

Investment	in subsidiary	in subsidiary
Cost
At 31July2023a		d 31July2022

	forth	e y	ea	r	en	d	ed	31July 2	023
									20%		2022
14	Debtors								Group	Company	Group	Company
									E'000	f.'000	E'000	f.'000
	Amounts falling due within				one year:
	Trade debtors								213	213	1,029	1,029
	Other debtors								1,271	1,271	674	674
	Theatre Tax Relief receivable								4,181	4,181	2, 018	2,018
	Grants receivable								1,241	1,241
	Prepayments	and accrued			income				1,215	1,215	I,407	1,407
									8,121	8,121	5,128	5,128
	Costs offuture	productions			included	within		P repayments:
	Opening within Iyear								96	96	288	288
	Opening after	more than		Iyear					5	5	27	27
									101	101	315
									20%		2022
15	Creditars. amounts		fallmg		duewithm		oneyear		Group	Company	Group	Company
									E'000	f'000	E'000	f'000
	Trade creditors								290	290	387	387
	Other creditors								6,295	6,295	3,935	3,935
	Taxation and soaal secunty								326	326	376	376
	Accrual s and deferred		income						2,994	2,964	2,455	2,425
	Amounts due	to subsidiaryundertaking								30		30
									9,905	'2,905	7,153	7,153

0/ithi accruals a	0/ithi accruals a	d deferred	t of deferred	gto box ofhce receipts a	gto box ofhce receipts a	d other income
received	i adva	ce
Brought	forward		151	151	159	159
Released	in the year		(151)	(I51)	(159)	(159)
Received	in the year		358	358	151	151
Cerned	forward		358	358	151	151

							20%		2022
16	Creditars	duein		more	than	aneyear	Group	Company	Group	Company
							E'000	f.'000	E'000	f.'000
		lvcM	A.				R AOA	R ROA	R 7xn	A 730
							8,895	8,895	8,730	8,730

Analysis ofnetassetsbetween	Analysis ofnetassetsbetween	funds	Unrestncted funds	Restricted funds	E dowme t funds	Total funds
			5'000	f'000	5'000	f'000
Consolidated fund bala	ces'
No curre t assets			8,760	169	11,371	20,300
Current assets			12,126	373		12,499
Current liabihties			(9,905)			(9,905)
N on Current h abilities			(8,895)			(8,895)
Total net assets as at 31	July	2023	2,086	542	11,371	13,999
Non-current assets			8,053	342	11,620	20,015
Current assets			14,729	371	38	15,138
Current liabihties			(7,153)			(7,153)
Non Current habilities			(8,730)			(8,730)
Total net assets as at31	July	2022	6,899	713	11,658	19,270

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forthe year ended	31July		2023
Movem ent in funds (continued)
Summayy (continrfed)
The transfer to Capital Reserve fund represents hued asset addrtions			dunng the penod
Designated funds
Maintenance Funds
Maintenancefunds are designated for specficfuture prolectsto		maintain and		enhancethe				fabnc ofthe			London		Coliseum		based		on	a long	term
maintenance plan forthe building
Capital ReserveFunds
The Capital Reserve represents the net book	value of Fixed assets	funded from		EN0 s unrest			net ed		fun ds
Strategic Investment
The Strategic Investment fun d represents funds allocated to strategic protects				to be earned				out	in future		years	These		protects		may be artistic,
operational or capital in nature but are anti apated to enh ance the			public beneht		or efficiency			of	the Company
Reetnated income funds
London Coliseum Redevelopment
An amount off6,000 is carried fone ard on this fund, representing		the book value			of properties acquired
London Coliseum Restoration
The balance isto be utilised in respect ofthe	restoration ofthe London Coliseum
Production Gprafect Support
Funding is received fmm time to time byway	of specrfic donations	and grants		in	respect	of	a	variety of		artistic and infrastructural							prolects		in
furtherance ofthe cam pony's ch anta hie aim	s including education		and outreach		work	Th ese		fun	de are	treated		as rest		~cted income				on receipt
Income is denved from vanous indwiduals, educational trusts and		foundations
ACE Capital Fu d
ENO has received support from ACE in respect of capital investment			The fund	represents		the		proportion			ofthe	net book value				of	assets purchased
funded by the grant and is am ortised in line	with the depreciation	policies in respect ofthese						assets
Coro avirus Job Retrsstro Scheme
This fund presents the grant received from HM Treasury to cover sal aces paid by EN0		eligible sal ance			under the		Coronawrus			Job Retention				scheme		and	the related
Endowment funds (ercpendable)

						2023		2022
	five
						Land B	Other	Land B	Other
						Buildings		Buildings
						E'000	f'000	E'000	f'000
Operating	leaseswhich			expire:
not later than oneyear						954	25	715	46
later than	o	eyear a	d	not latertha	fiveyears	1,802		1,794	16
later than		year				108		308
						2,864		2,817	62

		2023	2022
The assets and liabilities cfthe subsidiary	as at 31July 2023were:
Fixed assets		8,966	44,822
Current assets		2	2
Current liabilities		(64,392)	(60,985)
Total net assets		(55,4241	(16,162)

			2023	2022
The assets and liabilities	ofthe subsidiary	as at 31July 2023were
Current assets			30,371	30,371
Current liabilities			(30,370)	(30,370)
Total net assets

Analysis ofchanges in Netfunds	Analysis ofchanges in Netfunds	31July 2022 f.'000	Cashffows E'000	Othernon cash changes f.'000	31July 2023 E'000
Cash and Cash Equivalents
Cash		9,984	(5,641)		4,343
Borrowings
Debt due after oneyear		(8,7301		(165)	(8,895)
Totalnet (debts) /assets	asat31July 2022	1,254	(5,641)	(165)	(4,552)