2024-03-31-accounts

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Report and financial statements

for the 8 month period ended 31 March 2024

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

Registered Charity Number: 00257210

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 – 41.

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 (Resigned 1 September 2024) Sally Burgess Richard Buxton (Appointed 1 January 2024) Patricia Dimond Adiba Anyaoku Ighodaro Philip Edgar-Jones Anupam Ganguli(Appointed 1 September 2024) Louise Jeffreys Prof Ajit Lalvani Gillian Moore (Appointed 1 September 2024) Hilary Newiss Sally Osman Lord Christopher Smith Huw Van Steenis (Resigned 20 October 2023) Patricia White

Secretary to the Board John Cooke

Senior Management Team

Executive Producer (Associate Artistic Director to 3 September 2024 / Acting Artistic Director 20 November 2023 to 31 March 2024) Bob Holland

Executive Director Development and Public Affairs Marina Jones (Appointed 3 September 2024)

Executive Director of Audiences (Director of Insight to 1 March 2024/ Interim Director of Marketing, Communication & Insights 1 March 2024 to 3 September 2024) Shuba Krishnan

Chief Finance Officer (Director of Finance to 3 September 2024) Helen Campbell

Chief Operations Officer (Director of Business Operations to 3 September 2024) Stuart Turner

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

President

Sir Vernon Ellis

Executive Officers

Solicitors

Bates Wells 10 Queen Street Place, London EC4R 1BE

Chief Executive Officer

Stuart Murphy (Resigned 24 August 2023) Jenny Mollica (Appointed 21 May 2024, Interim from 24 August 2023 )

Bankers

Coutts & Co. 440 Strand, London WC2R OQS

Artistic Director

Annilese Miskimmon (Parental leave 20 November 2023 to 31 March 2024)

Music Director

Martyn Brabbins (Resigned 15 October 2023) Recruitment for a new Music Director is ongoing

Auditor

HW Fisher Audit, 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 Act with the Memorandum and Articles of Association. Registered Charity no. 00257210

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

Chairman’s statement for the 8 month period ended 31 March 2024

Dear Patron,

The considerable success of English National Opera’s (ENO) 23/24 season, following a difficult year which saw the company reach a new funding agreement with Arts Council England (ACE) following its removal from the National Portfolio, was a great testament to the resilience, tenacity and enduring commitment of the entire company.

In December 2023, ENO was pleased to announce that Greater Manchester would be the location for our new base. We have come a long way since, and the company has immersed itself in forging new partnerships with a wide range of cultural leaders, educators, artistic and community organisations across the city-region. In less than a year, this has reaped great rewards and in November 2024, ENO celebrated the announcement of a thoughtful and eclectic opening wave of work at our Greater Manchester Launch attended by artists, politicians, cultural and community leaders from around the country. This impressive achievement is only the start of what promises to be a long and transformative partnership with Greater Manchester, at the heart of its cultural community.

Alongside this, our 23/24 Season at the London Coliseum, under the artistic leadership of Annilese Miskimmon, delivered a remarkable range of repertoire, from revivals of much loved ENO classics to striking new works. David Alden’s searing production of Peter Grimes , the joyous Gilbert and Sullivan’s Iolanthe and Simon McBurney’s vivid staging of The Magic Flute were particularly well-received. Alongside these revisited classics, we were delighted to present two exceptional new productions that surpassed our creative ambitions. The UK premiere of 7 Deaths of Maria Callas saw a tour de force by renowned performance artist Marina Abramović alongside the members of the chorus and orchestra of ENO, in a production that combined classic arias, bold videography and theatrical story-telling appealing to audiences with the broadest range of cultural tastes. And Duke Bluebeard’s Castle set a new standard for our semi-staged performances with its visually arresting staging and innovative casting. This season was testimony to our exceptional musicians, creatives, technicians and front-of house teams who consistently deliver exceptional experiences to our audiences, loyal and new.

Our ENO Engage work continues to break new ground. Our leading healthcare initiative, ENO Breathe , continued to expand across the country (with a total reach of nearly 3,500 participants by the end of the financial year), and 23/24 saw the additional introduction of a music composition programme for former Breathe participants who wish to continue their involvement with us. Our work in schools via Finish This… has also progressed at pace with more than 14,000 pupils participating nationally this year, more than double the number for last year. And at the London Coliseum, the expansion of our Discover Opera Days to reach SEND pupils, alongside our sell-out relaxed performances aimed at adults and children with disabilities and health conditions, underlined the ongoing importance of ENO’s vital role in widening access to opera. Work has already begun to develop Engage partnerships and programmes in Greater Manchester, and we are hugely excited by the prospect of growing our impact in communities across the city region over the coming years.

This year has also seen some significant changes to our leadership. At the start of the summer, I was delighted to confirm Jenny Mollica as our permanent CEO, after almost a year as interim leader and following a rigorous selection process. Jenny has demonstrated her admirable calm, resilience and dedication to lead the ENO into its new chapter, and to provide the steady guidance needed to thrive in the years ahead. I also announced my own retirement as Chair of ENO and the London Coliseum in September. I am proud, optimistic and invigorated for the company’s future and I look forward to watching it strengthen its position as a leading national and international opera company.

Dr Henry Brünjes Chair, ENO

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

Trustees’ report for the 8 month period ended 31 March 2024

The trustees present their report for the 8 month period ended 31 March 2024. 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:

Growing new audiences for opera by providing accessible entry points through affordable ticket pricing, an open and friendly attitude and performances presented in English;
Delivering 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

Developing the artform through the commission and presentation of multi-disciplinary collaborators ;

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,
Supporting and developing UK opera talent and the wider creative economy through the engagement of talent from across the arts and establishing new relationships with music education partners;
Creating opportunities on stage and through training and development programmes;
innovation and enterprise

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 in London, Greater Manchester and across the country (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

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

Trustees’ report for the 8 month period ended 31 March 2024

Achievements and Performance

Performance

ENO Engage

9 operas including 1 semi-staged production on the London Coliseum stage, 2 new productions and 7 revivals
a total of 66 ENO performances including 3 relaxed performances

We have continued our work across our three strands of Access & Participation, Learning & Skills and Creative Health, while beginning to turn our attention towards developing new programming and partnerships in Greater Manchester.

New productions

7 Deaths of Maria Callas Duke Bluebeard’s Castle

Our activity in the London Coliseum has extended to provision for SEND classes in addition to primary schools, including our Discover Opera days.

Revivals

Peter Grimes Iolanthe La traviata The Handmaid’s Tale The Barber of Seville The Magic Flute Jenufa

Broadcast

ENO Chorus performed with Hannah Waddingham at the Royal Variety Show: Dec-23 HMS Pinafore broadcast on Sky Arts March-24 Yeomen of the Guard on iPlayer

We have grown our community membership programme, delivering workshops aligned to the ENO season, such as a singing session with ENO choristers. We have also begun working with impacted groups looking at improving wellbeing and reducing social isolation.

Our ENO Breathe programme continues supporting individuals with Long Covid, reaching nearly 3,500 by the end of this financial period. For those wishing to continue to engage with ENO post-programme, we launched a follow-up music composition activity involving 80 participants and culminating in a performance at the London Coliseum in May-24.

Visiting Companies to the London Coliseum We Will Rock You The Mongol Khan Money Supermarket advert Disney in Concert: The Sound of Magic The Van Morrison Alumni Band Dancing in a Winter Wonderland Max Richter English National Ballet: Nutcracker & Giselle Benenden Schools performance – Joseph and the Amazing Technicolor Dreamcoat Ballet Icons Gala Air Play Moon Safari

Audiences

Almost 116,000 audience members for ENO performances at the London Coliseum
76% average capacity audiences
19,665 first time ENO audience members

ENO’s nationwide schools programme, Finish This… saw a significant growth this year, with over 14,000 pupils participating, compared to 6,000 the previous year. Working with Music Hubs, we delivered a tailored model of Finish This… where teachers came together at the start of the project for in-person training, and pupils came together at the end of the project for celebration events. We have also piloted working with independent schools, where income from the private education sector funded the participation of 400 pupils from state schools in a singing project with ENO.

Greater Manchester planning is well underway, with strong relationships and partnerships being forged across all strands of our work. Creative Health in particular has seen real synergy with potential partners in the city-region, enabling us to plan for the future growth of our existing programmes.

7,468 tickets claimed through our Under 35s discounted ticket schemes
7,911 free tickets for Under 21s

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

Trustees’ report for the 8 month period ended 31 March 2024

Achievements and Performance

The 3 Strategic Areas to ENO Engage’s work:

Talent development

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

• Health & Wellbeing

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

Our year in numbers:

119,704 people experienced ENO Engage programmes, online or in-person

Highlights include:

ENO Harewood Artists:

Sopranos Isabelle Peters Alexandra Oomens

Mezzos Amy Holyland

Tenors Zwakele Tshabalala Innocent Masuku John Findon

Baritone/ Bass-baritone Ossian Huskinson Patrick Alexander Keefe

4,659 people accessed our ENO dress rehearsals and school and community ticket nights through ENO Engage
5,376 people attended our relaxed performances
14,000 pupils took part In Finish This…
90 NHS Trusts partnered with us on ENO Breathe
3,435 people have completed ENO Breathe to date

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

Trustees’ report for the 8 month period ended 31 March 2024

Achievements and Performance

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.

Our 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, as well as capital expenditure. The ENO works with a wide range of individuals, companies and grant making organisations to ensure that its work is fully funded.

Development Report

As the 23/24 financial period was eight months rather than a year, our fundraising income reflects the prorata nature of this change.

We thank our 17,600 supporters – individuals, business and grant-makers – who donated £1.4m. With their generous support, we were able to bring a full season of work to the stage of the London Coliseum and beyond.

Our collaboration with the American Friends of ENO (AFENO) goes from strength to strength. In October 2023 we hosted members of the AFENO on tour from the US to enjoy performances at the London Coliseum to see first hand the impact of their support. The following November we were hosted by our friends at the British Consulate in New York, honouring our loyal donors after a period of volatility for the company. In April 2024, an AFENO Board member hosted a 2024/25 ENO season launch at the University Club of New York with current and prospective AFENO members in attendance.

Hospitality and partnerships with businesses proved to be a successful income stream, with over 40 private events from 30 different partners.

Nearly 2,000 members continued their loyal support of ENO attending rehearsals and events, buying tickets, enjoying behind the scenes insights and supporting the revivals of many much-loved ENO productions through our ENO Appeal with a campaign fronted by Leslie Garrett who was appearing in ‘ The Barber of Seville ’.

We are extremely grateful to the 8 legacy donors who made a gift to ENO in their will. Their generosity will ensure that we can deliver on our commitment to develop the operatic talent of future generations.

During this period, we secured funding from 40 grantmakers, welcoming 9 first-time funders and 31 returning funders, who all demonstrated their strong charitable support for our ENO Engage programmes, including ENO Breathe and Finish This… .

Our much-valued individual donors continued to support our work with several new, significant supporters joining our loyal and longstanding membership base. In November 2023, the Philanthropy team alongside other ENO colleagues hosted 12 donors for dinner with Marina Abramovic and Annilese Miskimmon on-stage at the London Coliseum, following a performance of 7 Deaths of Maria Callas . This event was a pilot to offer exclusive, high income driving experiences for VIPs.

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

Trustees’ report for the 8 month period ended 31 March 2024

Financial Review

Financial review

The principal funding sources are the income generated through the activities of ENO; opera box office, fundraising, commercial hire of the London Coliseum; and the grants received from ACE (note 3). In the period under review this income was applied to charitable activities of the Company in support of the key objectives.

7 Deaths of Maria Callas , The Handmaids Tale , The Barber of Seville and The Magic Flute . There is a continuing trend however of decreasing ticket yields, with an average yield for the year of £50, which matches the yield of the 2018/19 season. Commercial revenue for the year was strong with both English National Ballet’s Christmas residency and Queen’s We Will Rock You summer musical generating strong ancillary revenue as well as theatre rental.

The Group overall surplus was £7,779k for the period ended 31 March 2024 (Year ended 31 July 2023: deficit of £5,271k). The Group’s unrestricted surplus was £7,143k (Year ended 31 July 2023: deficit of £3,657k). The results for the period included a gain on the sale of a Lillian Baylis House of £5,953k and an additional amount of Theatre Tax Credit recognised in this period of £3,169k relating to the prior period. Before these one off items the Group overall operated result would have been a deficit of £1,323k, and the Group unrestricted surplus would have been a deficit of £1,979k.

During the financial period the Company was in receipt of a grant from ACE’s National Lottery funding. This grant was £11,464k to cover the period 1 April 2023 to 31 March 2024, of which £7,641k was recognised in this period, and was provided to support the planning and development associated with establishing a new base outside of London and transitioning to a new business model. On 5 December 2023 ENO announced, as required by the funding conditions and following significant research, that its new base would be Greater Manchester. The Company also entered into negotiations with its Chorus, Orchestra, Music staff and sections of its Technical staff in respect of reductions in contracts. These changes were necessary to reflect the reduced London opera season under the new business model. Where the reductions constituted a significant change to those contracts, the Company was legally required to offer redundancy to staff. During the period, 94 members of staff were made redundant with a guaranteed offer of re-employment on a new permanent contract of work, with £1.8m paid out in associated redundancy costs.

Despite the ongoing uncertainty amongst staff and audiences concerning ENOs future, the Company saw strong revenue numbers for both opera and commercial hires. 105,000 tickets were sold for opera, representing a 70% paid capacity and sales exceeded budget for

During the funding negotiations in the prior period, the decision had been taken to reactivate a dormant trading subsidiary and to run the operation of London Coliseum through this company. The subsidiary was renamed London Coliseum Limited and it assumed the operation of the building from 1 April 2024. The company was selling tickets for the 2024 summer musical, Spirited Away , from early autumn 2023 and at the balance sheet date was holding £15m of advanced box office for this show.

The sale of Lillian Baylis House provided a contribution to both the cash and reserve positions, and at the balance sheet date ENO was still holding in investments £5 million of the £8.5 million Cultural Recovery Fund loan taken in 2020.

At the period end Group unrestricted reserves totalled £9,182k (31 July 2023: £2,086k) and the Group general reserves at the balance sheet date were £7,643k (31 July 2023: £500k). The Company retains free reserves as a contingency against operational risk as follows:

Any significant variation from budget in box office, and development revenue for the next two seasons; 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, £4,540k (31 July 2023: £500k).

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

Trustees’ report for the 8 month period ended 31 March 2024

Risk Management

The ENO Management and Leadership team actively review and monitor the key risks that the Company faces in achieving its strategic objectives, providing regular reports to the Audit and Risk Committee as well as the Board. These reviews are conducted against a backdrop of rapidly changing economic and geopolitical conditions.

Through ongoing risk monitoring and the Corporate Risk Register, the Board and Audit and Risk Committee have evaluated the material risks detailed within the Risk Register, categorised across several distinct risk portfolios:

Environmental, Social and Governance (ESG) ENO acknowledges the importance of societal impacts on businesses and the increasing focus on Environmental, Social, and Governance (ESG) factors by a wide range of stakeholders. We are also closely monitoring the impact of cost of living and energy prices in this area. ENO remains committed to integrating ESG considerations into its core business strategy, ensuring that these issues are managed in a way that delivers sustainable, long-term benefits for staff, patrons, the performing arts industry, and society as a whole.

Financial Risk and Resilience

Strategic and Reputational Risks
Environmental, Social and Governance (ESG)
Financial Risk
Operational Risk
Compliance Risk
Cyber Security Risk

ENO’s risk management approach focuses on identifying, assessing, and managing risks through a structured risk management framework, ensuring appropriate mitigation measures are in place where necessary to keep risks at an acceptable level.

Strategic and Reputational Risk

ENO continues to deliver world-class opera both in London and internationally through collaborations with key co-production partners. Strategic risks, including those associated with our expansion into Greater Manchester, are also regularly assessed. Any actual or perceived decline in artistic reputation could impact box office performance, fundraising, grant income, and international collaborations. This risk is mitigated by Board oversight of current and future planning through the Artistic Committee, as well as monitoring audience responses through post-performance surveys, press, and peer reviews.

ENO’s financial stability is reliant on income streams that are vulnerable to broader economic fluctuations and external events, which are often unpredictable. The Company’s cost base is committed well in advance of revenue receipt, which introduces additional risks. These are mitigated through a clear reserves policy, approved and reviewed annually by the Board, and a forward-looking planning cycle to ensure that future commitments align with anticipated revenue streams. Following the ACE funding decision in November 2022 and subsequent negotiations in 2023, ENO has aligned its budgeting period with the ACE funding year. The accounting period reported in these Financial Statements is a shortened 8 month period to align to an accounting date of 31 March. This change will ensure that financial commitments do not extend beyond the secured funding period.

Operational Risk

Operational risks are addressed through contingency planning for infrastructure failures, IT service disruptions(see Cyber Risk below), and emergency scenarios such as fire or terrorist incidents. ENO also prepares for extreme weather events and power disruptions. Our success is driven by our people, and operational risks related to the Greater Manchester expansion, particularly those involving recruitment and retention challenges, are actively managed. Failure to attract or retain talent due to inadequate remuneration or reputational challenges could severely impair ENO’s ability to deliver worldclass performances. We mitigate this through a comprehensive range of personnel and organisational policies designed to ensure ENO remains a competitive employer.

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

Trustees’ report for the 8 month period ended 31 March 2024

Risk Management

Compliance (inc Health & Safety)

Compliance risks stem from potential failures to meet legal, regulatory, or statutory obligations, which could result in reputational damage, loss of trust, legal action, fines, or other penalties. The protection of staff people, visitors, assets, and premises is ENO’s top priority, failure to do so could result in physical or mental harm and disrupt the services we provide. ENO mitigates these risks through regular reviews of policies and procedures, ensuring that significant risks—including Health and Safety, Safeguarding, Fire, and Security—are continuously assessed. Corrective measures are implemented as necessary, supported by a robust communication framework comprising internal committees and meetings.

Cyber Risk (Cyber security)

Given the growing prevalence of cyber threats, Cyber Risk has been elevated to a separate risk category. ENO has made substantial progress in managing and mitigating cyber risks, successfully completing the Government's Cyber Essentials programme and achieving Cyber Essentials accreditation. This accreditation will be subject to annual audits to maintain compliance and uphold our cyber security standards.

Going Concern

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

deliver a substantial opera season delivered each year in London while developing a significant performance and engagement programme in the new city. The new city was announced to be Manchester in December 2023 and the programme of work in that city was announced in November 2024.

The Trustees and Executive review the management accounts and cashflow against the modelling monthly, and maintain a risk register that considers the nature and impact potential of all risks identified. At the date of signing of the financial statements the Trustees are confident that the Company and Group will end the financial year ended 31 March 2025 ahead of budget due to tight controls over operational spend and above budget results for the trading subsidiary London Coliseum Limited, and have budgeted the year ended March 2026 at a surplus before depreciation. The Trustees have also considered that there are commercial hires for the theatre , through London Coliseum Limited, for at least 12 months from the signing date .

During the financial period the Company sold Lilian Baylis House for £6.25 million, which contributed £5.9 million to general reserves. Whilst the disposal was a strategic initiative to consolidate the London property portfolio, the subsequent contribution to reserves has provided further assurance to the Trustees of the Company ability to cover operational expenditure.

After consideration of the financial results to date , the latest view against budget for the period to March 2026 and the current reserve position, the Trustees consider that the ENO Company and Group 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.

On 27 July 2023 , Arts Council England (ACE) announced the award of a grant of £24 million for the English National Opera for the period April 2024 to March 2026, and an extension of a previous timeframe of establishment of a new main base outside of London. The Company was awarded this grant based upon financial modelling presented to ACE. This model demonstrated that, during the grant period, ENO could transition to a new business model which would see the Company

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

Trustees’ report for the 8 month period ended 31 March 2024

Investment policy and returns

Connected charities

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. Investments are 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.

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.

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.

Income earned from the investment funds held was reinvested during the period. Total income recognised in the period was £404k (Year ended 31 July 2023: £167k). The net gains from revaluation of securities in the period was £802k (Year ended 31 July 2023: net losses (£202k)).

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.

Changes in non-current assets

The movements in fixed assets in the period are set out in notes 12 to 13 of the financial statements.

Trading subsidiaries

London Coliseum Enterprises Limited (Company Number 2379051) is a wholly owned subsidiary of ENO. The subsidiary made a loss of £21k (Year ended 31 July 2023: £39k). No amount was paid to the parent company. London Coliseum Limited (Company Number 9184219) is a wholly owned subsidiary of ENO. The subsidiary made a profit before tax of £677k which was gift aided to the parent company . The subsidiary was dormant in the prior period.

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

Trustees’ report for the 8 month period ended 31 March 2024

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 March 2024 there were thirteen members (31 July 2023: 13 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, 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 the Republic of Ireland , 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 financial statements 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 monitors the delivery of the Company’s financial and business plans and reviews and assesses 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 8 month period ended 31 March 2024

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 period. 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 8 month period ended 31 March 2024

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 performances, 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 financial statements 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

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.

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

UK Energy & Carbon Total Emission Scope Summary

Period ended 31 March 2024

Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Scope 1 (Direct)	990,797	188
Scope 2 (Indirect	1,152,201	239
Scope 3 (Indirect)	-	-
Total	2,142,998	427
Year ended 31 July	2023
Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Scope 1 (Direct)	1,597,938	298
Scope 2 (Indirect	2,478,768	513
Scope 3 (Indirect)	-	-
Total	4,076,706	811

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

Trustees’ report for the 8 month period ended 31 March 2024

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 2023

Energy	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Electricity	2,478,768	513
Emissions from
purchased electricity
Total	2,478,768	513

Scope 3 Emissions (In-direct)

Period ended 31 March 2024

Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Gas Emissions	873,138	160
from combustion of gas
Transport Emissions	117,659	28
from combustion of fuel
for transport purposes
Total	990,797	188
Year ended 31 July 2023
Emission	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Gas Emissions	1,550,770	286
from combustion of gas
Transport Emissions	47,168	12
from combustion of fuel
for transport purposes
Total	1,597,938	298

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.

Period ended 31 March 2024

Energy	Total	Calculated
Type	Volume	Emissions
	(kWh)	(Tonnes CO2e)
Electricity	1,152,201	239
Emissions from
purchased electricity
Total	1,152,201	239

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 8 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.

Intensity Ratio

The organisation has chosen to use tonnes of CO2e per employee for its Intensity Ratio. The intensity ratio was 1.36 (2023:2.01)

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

Trustees’ report for the 8 month period ended 31 March 2024

Energy Efficiency Action

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

90% of meters are now smart
We now have a maintenance company dedicated to maintaining our building assets
All front of house and stage gantry lights are LED, as is the lighting at our Marden facility
The LED uplift project will complete in October 2024
New boiler installed in October 2023 and a new chiller installed at the end of this period.
50% of lights at the London Coliseum are PIR operated
We advertise lights off to implement behavioural change

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.

Related parties

No expenses were reimbursed during the period (2023: £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 11. All services provided are at the current commercial rate.

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 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.

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.

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.

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

Trustees’ report for the 8 month period ended 31 March 2024

In carrying out their duties, the Trustees have regard (amongst other matters) to:

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

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 sensibly balance potential opportunities with underlying risk.

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.

Environment

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.

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 act fairly as between members of the charity.

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

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.

Audience

The Marketing and Development teams collect 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.

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.

The Trustees’ report (including the Strategic Report) has been approved by order of the Board and signed on their behalf:

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 period ended 31 March 2024 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 March 2024 and of the group’s incoming resources and application of resources including its income and expenditure for the period 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 of 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 financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the trustees' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’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.

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 financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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 group and 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 group and 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 group and charity. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011 and Companies Act 2006.
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.
Performing a physical verification of key assets.
Documenting and verifying all significant related party balances and transactions.
We considered the incentives and opportunities that exist in the group and 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 group and charity, together with the discussions held with the group and 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.

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

Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
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.

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.

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 (Senior Statutory Auditor) for and on behalf of HW Fisher Audit

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London United Kingdom NW1 3ER

Date

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

Consolidated Statement of Financial Activities (including Income and Expenditure account) for the 8 month period ended 31 March 2024

For the 8 month period ended	For the 8 month period ended	For the 8 month period ended	31 March 2024		For the year ended 31 July 2023	For the year ended 31 July 2023	For the year ended 31 July 2023
Unrestricted Funds £’000	Designated Funds £’000	Restricted Funds £’000	Endowment Funds £’000	Unrestricted Funds £’000	Designated Funds £’000	Restricted Funds £’000	Endowment Funds £’000	2023 Total Funds £’000
	- - - - -	- 10 693 - -	- - - 47 -		- - - - -	- - 1,225 - -	- - - 65 -	18,471 12,225 2,851 167 -
19,270				18,471
7,641				12,225
949				1,626
357				102
5,953				-

34,170	-	703	47	32,424	-	1,225	65	33,714
	98 4	53 2	142 20		186 9	1,388 8	185 37	37,187 1,596

26,784				35,428
840				1,542


27,624	102	55	162	36,970	195	1,396	222	38,783
453	-	-	349	(110)	-	-	(92)	(202)

6,999	(102)	648	234	(4,656)	(195)	(171)	(249)	(5,271)
144	55	(10)	(189)	999	(961)	-	(38)	-

7,143	(47)	638	45	(3,657)	(1,156)	(171)	(287)	(5,271)
500	1,586	542	11,371	4,157	2,742	713	11,658	19,270
7,643	1,539	1,180	11,416	500	1,586	542	11,371	13,999

Net income is derived from continuing operations in the current and previous period. There are no other recognised gains or losses other than those reflected in the consolidated statement of financial activities. During the period a loss of £21,217 (Year ended 31 July 2023: £39,262) was made by London Coliseum Enterprises Limited a non-charitable trading subsidiary. Refer to note 23. During the period a profit of £677,711 (Year ended 31 July 2023:£nil) was earned by London Coliseum Limited , a non charitable trading subsidiary, which was donated to the parent charity under Gift Aid. Refer to note 23. 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 £35,637,132 (Year ended 31 July 2023 : £33,714,400). The surplus reported in the accounts of the parent company is £7,797,563 (Year ended 31 July 2023 deficit of £5,271,767).

The notes on pages 24 to 41 form an integral part of these financial statements.

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

Consolidated and Charity Balance Sheets for the 8 month period ended 31 March 2024

31 March 2024 Group £’000 Company £’000 302 302 8,808 8,808 11,500 11,500 386 386 20,996 20,996 22 4 11,975 11,765 9,000 9,000 10,695 10,695 31,692 31,464 (21,902) (21,656) 9,790 9,808 30,786 30,804 (9,008) (9,008) 21,778 21,796 7,643 7,661 1,539 1,539 9,182 9,200 1,180 1,180 11,416 11,416 21,778 21,796	31 July 2023	31 July 2023
Group £’000	Group £’000	Company £’000
302 8,808 11,500 386	498 8,716 10,711 375	498 8,716 10,711 375
20,996	20,300	20,300
22 11,975 9,000 10,695	36 8,121 - 4,342	36 8,121 - 4,342
31,692 (21,902)	12,499 (9,905)	12,499 (9,905)
9,790	2,594	2,594
30,786 (9,008)	22,894 (8,895)	22,894 (8,895)
21,778	13,999	13,999
7,643 1,539	500 1,586	500 1,586
9,182 1,180 11,416	2,086 542 11,371	2,086 542 11,371
21,778	13,999	13,999

The surplus reported in the financial statements of the parent company is £7,797,000 ( Year ended 31 July2023 deficit of £5,271,767).

These financial statements were approved by the Board of Trustees on and signed on their behalf:

Dr Henry Brunjes (Chair of Trustees)

The notes on pages 24 to 41 form an integral part of these financial statements.

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

Consolidated Cash Flow Statement for the 8 month period ended 31 March 2024

A B	Note Cash fows from operating activities Net cash provided by operating activities A Cash fows from investing activities Interest received 5 Purchase of property, plant and equipment 13 Purchase of intangible assets 12 Purchase of current asset investment Proceeds from sale of fxed assets Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at 31 July 2023 Cash and cash Equivalents at 31 March 2024 B Reconciliation of net income to net cashfow from operating activities Net income Adjustment for: Net (gains)/losses on investments Depreciation charges Amortisation charges Net (gains)/losses on disposal of fxed assets Interest received Investment income received Investment fees payable (Increase)/decrease in stock (Increase)/decrease in debtors Increase/(decrease) 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	31 March 2024 £’000 9,696 321 (821) (27) (9,000) 6,184 (3,343) 6,353 4,342 10,695 7,779 (765) 498 223 (5,953) (321) (54) 30 14 (3,865) 12,110 9,696 10,695 10,695	31 July 2023
			£’000
			(4,538) 52 (1,108) (48) - -
			(1,104)
			(5,642) 9,984
			4,342
			(5,271) 202 687 49 - (52) (115) 62 (10) (3,006) 2,916
			(4,538)
			4,342
			4,342

The notes on pages 24 to 41 form an integral part of these financial statements.

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

Notes to the financial statements for the 8 month period ended 31 March 2024

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 consolidated and company financial statements. After making appropriate enquiries, which include reviewing forecast scenarios and considering the nature and extent of risks, the Trustees consider that ENO has adequate resources to continue in operational existence for the foreseeable future. The Trustees have noted that the Company has Arts Council Funding awarded to 31 March 2026 and its trading subsidiary, London Coliseum Limited, has signed contracts for the theatre rentals through to January 2026, 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 and London Coliseum Enterprises Limited, all group companies are incorporated in the United Kingdom with a registered address and principal address of London Coliseum, St Martins Lane, London, WC2N 4ES. 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 period 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.

The £11,464,000 grant received from the Arts Council National Lottery Development Fund for the period 1 April 2023 to 31 March 2024 is recognised evenly over that period in line with the funding proposal. The grant was awarded for activity delivered over the entire period and is not performance related.

Payment from a trading subsidiary under Gift Aid

London Coliseum Limited has adopted a policy of paying all its taxable profits to its parent charity , English National Opera, under Gift Aid. These gift aid payments are recognised in London Coliseum Limited as distributions through equity in the financial period in which the profits arise, under the terms of the Deed of Covenant between English National Opera and London Coliseum Limited. English National Opera recognises the income in the period in which the profits of the subsidiary arise .

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.

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

Notes to the financial statements for the 8 month period ended 31 March 2024

1 Accounting policies (continued)

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.

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 period, 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.

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

Notes to the financial statements for the 8 month period ended 31 March 2024

1 Accounting policies (continued)

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, are included in the financial period 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.

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 financial statements has been calculated on an appropriate basis in line with HMRC guidance, The Company has revised its estimates for Theatre Tax Credit for the prior period and recognised an additional amount of £3,169k in the current period. This revision was made on finalisation of the claim which has now been paid since the year end.

Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments’. 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. These 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 financial statements

for the 8 month period ended 31 March 2024

2 Charitable activities Box ofce receipts and transaction fees Theatre rental and third party presentations Bars and catering services Programme sales and advertising Production exploitation and sundry income Theatre Tax Relief	Unrestricted funds £’000 6,761 3,103 1,986 115 575 6,730 19,270	Period ended 31 March 2024	Period ended 31 March 2024	Total funds £’000 6,761 3,103 1,986 115 575 6,730 19,270	Year ended 31 July2023 Total funds £’000 7,631 4,604 2,690 139 1,112 2,295 18,471
		Restricted funds £’000	Endowment funds £’000
		- - - - - -	- - - - - -
		-	-

Theatre Tax Relief includes an amount of £3,169,046 which relates to an an increase in estimate for the prior year. All charitable activities in the prior period related to unrestricted funds.

	Period ended 31 March 2024	Period ended 31 March 2024	Year ended 31 July2023
Unrestricted funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
- 7,641 -	- 10	- -	8,405 3,820 -
7,641	10	-	12,225

All grant activities in the prior period related to unrestricted funds.

	Period ended 31 March 2024	Period ended 31 March 2024
Unrestricted funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
949 -	464 229	- -	1,413 229
949	693	-	1,642
	Year ended	31 July 2023
Unrestricted funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
1,626 -	825 400	- -	2,451 400
1,626	1,225	-	2,851

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

Notes to the financial statements for the 8 month period ended 31 March 2024

	Unrestricted funds £’000 50 52 102 Unrestricted funds £’000 36 321 357 Period ended 31			Period ended 31 March 2024	Period ended 31 March 2024	Period ended 31 March 2024
		Unrestricted funds £’000		Restricted funds £’000		Endowment funds £’000	Total funds £’000
		36 321		- -		47 -	83 321
		357		-		47	404
				Year ended		31 July 2023
		Unrestricted funds £’000		Restricted funds £’000		Endowment funds £’000	Total funds £’000
		50 52			- -	65 -	115 52
		102			-	65	167
				March 2024		Total funds £’000 5,953 5,953	Year ended 31 July2023
Unrestricted funds £’000	Restricted funds £’000		Endowment funds £’000				Total funds £’000
5,953	-		-				-
5,953	-		-				-

On 9 February 2024 the Company sold Lillian Baylis House for consideration of £6,250,000.

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

Notes to the financial statements for the 8 month period ended 31 March 2024

	Period	ended 31 March 2024	ended 31 March 2024
Unrestricted funds £’000	Designated funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
21,845 632 1,588 2,719	- - - 98	1 - - 52	- - - 142	21,846 632 1,588 3,011
26,784	98	53	142	27,077

Year ended 31 July 2023

Costs of charitable activities Production and performance Education, outreach and information Catering and other sales Support and property costs	Unrestricted funds £’000	Designated funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
	29,187 1,026 2,070 3,145	- - - 186	947 276 - 165	- - - 185	30,134 1,302 2,070 3,681
	35,428	186	1,388	185	37,187

	Period	ended 31 March 2024	ended 31 March 2024
Unrestricted funds £’000	Designated funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
(1) 714 110 17	- - 4 -	- - 2 -	- - 6 14	(1) 714 122 31
840	4	2	20	866

Unrestricted funds £’000	Designated funds £’000	Restricted funds £’000	Endowment funds £’000	Total funds £’000
125 1,231 151 35	- - 9	- - 8	- - 10 27	125 1,231 178 62
1,542	9	8	37	1,596

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

Notes to the financial statements for the 8 month period ended 31 March 2024

9 Net expenditure is stated after charging: Fees payable to the Charity’s Auditor: Audit of the Charitable Company fnancial statements Audit of the subsidiary fnancial statements Total Group fees Amortisation of intangible fxed assets Depreciation of tangible fxed assets Hire of plant and machinery Operating lease payments: Plant and machinery Rentals	Period ended 31 March 2024 Total £’000 67 15 82 223 498 25 25 635	Year ended 31 July 2023
		Total £’000
		65 2 67
		49 687 24 25 1,048

10 Allocation of support costs

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.

Allocation of support costs Charitable activities Production and performance Education, outreach and information Costs of raising funds For the period ended 31 March 2024	Period	ended 31 March 2024	ended 31 March 2024
	Management & administration	Premises costs	Governance costs	Total £’000 2,918 93 122 3,133
	2,337 75 98 2,510	508 16 21 545	73 2 3 78

Allocation of support costs Charitable activities Production and performance Education, outreach and information Costs of raising funds For the year ended 31 July 2023	Year ended 31 July 2023	Year ended 31 July 2023	Year ended 31 July 2023
	Management & administration	Premises costs	Governance costs	Total £’000 3,483 198 178 3,859
	2,671 153 137 2,961	756 42 38 836	56 3 3 62

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

Notes to the financial statements for the 8 month period ended 31 March 2024

11 Particulars of staff

Particulars of staf
The aggregate employment costs were: Wages and salaries Social security costs Redundancy/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	Period ended 31 March 2024 £’000 9,682 1,150 1,860 244 12,936 2024 No. 278 69 41 388	Year ended 31 July2023
		£’000
		13,744 1,509 365 311
		15,929
		2023
		No.
		248 47 46
		342

(i) Staff costs and staff numbers include all permanent, fixed term and temporary employees of the company.

(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 financial statements.

(iii) Pension costs include contributions of £13,972 (Year ended 31 July 2023:£18,975) paid into defined contribution pension schemes for staff whose emoluments (excluding pensions) exceeded a pro rata equivalent of £60,000 during the year.

The number of Group employees whose emoluments, including redundancy, employers’ national insurance and benefts in kind but excluding pension contribution, were in excess of £60,000 was: £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 £100,000 - £109,999 £150,000 - £159,999 £170,000 - £179,999	Period ended 31 March 2024 8 months No. 13 3 - 1 - - -	Year ended 31 July2023
		12 months No.
		1 3 3 4 4 2 1

The figures in the table above are not comparable as the current period was 8 months and the prior period was 12 months and the figures were impacted by redundancy payments..

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

Notes to the financial statements for the 8 month period ended 31 March 2024

11 Particulars of staff (continued)

In addition to an employee salary payment, the Music Director and the Artistic Director are paid for conducting and directing services respectively under freelance contracts on similar terms to other conductors and directors engaged.

All ENO employees are employed by the parent 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 period totalled £795,127 to 14 employees (Year ended 31 July 2023: £1,547,350 to 16 employees).

During the period, the Group made payments or made provision for payments upon termination of employment including amounts in lieu of notice totalling £1,860,281 to 94 employees (Year ended 31 July 2023: £364,905 to 22 employees).

12 Intangible fixed assets

	Licences £’000	Total £’000
	166 -	621 27
	166	648
	72 41	123 223
	113	346

	53	302
	94	498

Freehold Land & Buildings £’000	Leasehold Land & Buildings £’000	Total £’000
16,155 55 (805)	348 - -	20,836 821 (805)
15,405	348	20,852
8,863 215 (565)	280 5 -	12,120 498 (574)
8,513	285	12,044

6,892	63	8,808
7,292	68	8,716

Freehold Land and Buildings includes land at a cost of £2,000,000 (2023: £2,145,500) which is not depreciated.

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

Notes to the financial statements for the 8 month period ended 31 March 2024


Equities	Bonds	Alternatives & Other	Total
5,464 1,767 579 - - (1,928) 5,882	2,703 2,485 110 - - (1,460) 3,838	2,175 53 65 - - (762) 1,531	10,711 - 754 65 (30) - 11,500
5,882	3,838	1,531	11,500
5,464	2,703	2,175	10,711

The historical cost of group and charity fixed asset investments at 31 March 2024 was £11,499,915 (31 July 2023:£10,712,517)

B Other investments
(i) The company owns 100% of the ordinary share capital of its subsidiary, London Coliseum Enterprises Limited, which is registered in England and Wales, and whose principal activity is commercial promotion in support of ENO.

The subsidiary was trading during the year. No distribution was paid to the parent (refer to note 23). All of the directors of London ColiseumEnterprises Limited are executives and senior managers of the ENO.

Ordinary shares £ Investment in subsidiary: Cost: At 31 March 2024 and 31 July 2023 2

Amount due to parent undertaking £74,641 at 31 March 2024 (31 July 2023: £64,392).

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

The subsidiary commenced trading in the period. A Gift Aid distribution of £677,000 was paid to the parent (refer to note 23). All of the directors of London Coliseum Limited are executives and senior managers of the ENO.

Ordinary shares £

Investment in subsidiary: Cost: At 31 March 2024 and 31 July 2023

Amount due from parent undertaking £14,915,000 at 31 March 2024 (31 July 2023 £nil).

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

Notes to the financial statements for the 8 month period ended 31 March 2024

31 March 2024 Group £’000 Company £’000 359 359 219 164 9,061 9,061 1,146 1,146 1,190 1,035 11,975 11,765 65 65 - - 65 65 31 March 2024 Group £’000 Company £’000 9,000 9,000	31 July 2023	31 July 2023
	Group £’000	Company £’000
	213 1,271 4,181 1,241 1,215	213 1,271 4,181 1,241 1,215
	8,121	8,121
	96 5	96 5
	101	101
Group £’000	Group £’000	Company £’000
9,000	-	-

£9,000k was invested in a Money Market Fixed Term Deposit account with Coutts & Co on 20 November 2023. This account paid an interest rate of 4.71% per annum and matured on 2 April 2024.

31 March 2024 Group £’000 Company £’000 384 384 2,522 1,967 433 433 18,563 4,033 - 14,839 21,902 21,656	31 July 2023	31 July 2023
Group £’000	Group £’000	Company £’000
384 2,522 433 18,563 -	290 6,295 326 2,994 -	290 6,295 326 2,994 -
21,902	9,905	9,905

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 17 Creditors due in more than one year Loan from DCMS	358 (358) 247
	247
	Group £’000
	9,008
	9,008

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 £6,975,244 (31 July 2023 : £7,314,825).

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

Notes to the financial statements for the 8 month period ended 31 March 2024

Unrestricted funds £’000	Restricted funds £’000	Total funds £’000
9,413 9,413 30,679 (21,902) (9,008)	167 1,013 - -	20,996 31,692 (21,902) (9,008)
9,182	1,180	21,778
8,760 12,126 (9,905) (8,895)	169 373 - -	20,300 12,499 (9,905) (8,895)
2,086	542	13,999

All endowment funds are wholly represented by expendable endowments (see note 19).

Unrestricted funds £’000	Restricted funds £’000	Total funds £’000
9,413 30,451 (21,656) (9,008)	167 1,013 - -	20,996 31,464 (21,656) (9,008)
9,200	1,180	21,796
8,760 12,126 (9,905) (8,895)	169 373 - -	20,300 12,499 (9,905) (8,895)
2,086	542	13,999

All endowment funds are wholly represented by expendable endowments (see note 19).

Notes to the financial statements for the 8 month period ended 31 March 2024

	For the period ended 31 March 2024	For the period ended 31 March 2024	For the period ended 31 March 2024	For the period ended 31 March 2024			For the year ended 31 July 2023	For the year ended 31 July 2023	For the year ended 31 July 2023
2023 At 1 August £’000	Income £’000	Expenditure £’000	Transfer between funds £’000	Revaluation gains £’000	2022 At 1 August £’000	Income £’000	Expenditure £’000	Transfer between funds £’000	Revaluation gains £’000	2023 At 31 July £’000
500 - 1,264 322	34,170 - - -	(27,624) - (102) -	144 - 55 -	453 - - -	4,157 1,367 1,053 322	32,424 - - -	(36,970) - (195) -	999 (1,367) 406 -	(110) - - -	500 - 1,264 322
2,086	34,170	(27,726)	199	453	6,899	32,424	(37,165)	38	(110)	2,086
6 211 152 10 163 -	- - 693 - - 10	(2) - (53) - - -	- - - - - (10)	- - - - - -	8 211 150 10 334 -	- - 1,225 - - -	(2) - (1,223) - (171) -	- - - - - -	- - - - - -	6 211 152 10 163 -
542	703	(55)	(10)	-	713	1,225	(1,396)	-	-	542
5,984 192 5,195 - 855	- - 47 -	(140) (3) (19) -	- (189) - - -	- - 349 -	6,176 195 5,249 38 855	- - 65 -	(192) (3) (27) -	- - - (38) -	- - (92) -	5,984 192 5,195 -
11,371	47	(162)	(189)	349	11,658	65	(222)	(38)	(92)	11,371

13,999	34,920	(27,943)	-	802	19,270	33,714	(38,783)	-	(202)	13,999

Notes to the financial statements for the 8 month period ended 31 March 2024

	For the period ended 31 March 2024	For the period ended 31 March 2024	For the period ended 31 March 2024	For the period ended 31 March 2024			For the year ended 31 July 2023	For the year ended 31 July 2023	For the year ended 31 July 2023
2023 At 1 August £’000	Income £’000	Expenditure £’000	Transfer between funds £’000	Revaluation gains £’000	2022 At 1 August £’000	Income £’000	Expenditure £’000	Transfer between funds £’000	Revaluation gains £’000	2023 At 31 July £’000
500 - 1,264 322	33,887 - - -	(27,323) - (102) -	144 - 55 -	453 - - -	4,157 1,367 1,053 322	32,424 - - -	(36,970) - (195) -	999 (1,367) 406 -	(110) - - -	500 - 1,264 322
2,086	33,887	(27,425)	199	453	6,899	32,424	(37,165)	38	(110)	2,086
6 211 152 10 163 -	- - 693 - - 10	(2) - (53) - - -	- - - - - (10)	- - - - - -	8 211 150 10 334 -	- - 1,225 - - -	(2) - (1,223) - (171) -	- - - - - -	- - - - - -	6 211 152 10 163 -
542	703	(55)	(10)	-	713	1,225	(1,396)	-	-	542
5,984 192 5,195 - 855	- - 47 -	(140) (3) (19) -	- (189) - - -	- - 349 -	6,176 195 5,249 38 855	- - 65 -	(192) (3) (27) -	- - - (38) -	- - (92) -	5,984 192 5,195 -
11,371	47	(162)	(189)	349	11,658	65	(222)	(38)	(92)	11,371

13,999	34,637	(27,642)	-	802	19,270	33,714	(38,783)	-	(202)	13,999

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

Notes to the financial statements

for the 8 month period ended 31 March 2024

19 Movement in funds (continued)

(a) Summary (continued)

The transfer to Capital Reserve represents freehold land and building 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 £4,000 (31 March 2023 : £6,000) 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 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.

G&S Walking Tour

This fund presents the grant received from Westminster Council for a Gilbert and Sullivan Walking Tour.

(d) Endowment funds (expendable)

London Coliseum & Lilian Baylis House freehold

An amount of £5,844,000 is carried forward during the period,the balance of the Lilian Baylis House fund was released on the sale of the building.

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 had a committment to the Estate of Audrey Gunn to fund an annual scholarship for a young singer of potential, during the prior year this commitment and the funds held were transfered to the ENO Trust.

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

Notes to the financial statements for the 8 month period ended 31 March 2024

20 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:

31 March 2024 Land & Buildings £’000 Other £’000 863 31 2,022 26 50 - 2,935 57	31 July 2023	31 July 2023
Land & Buildings £’000	Land & Buildings £’000	Other £’000
863 2,022 50	954 1,802 108	25 - -
2,935	2,864	25

B Contingent liabilities

(a) (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.

(b) 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 their use or disposal. The trustees are of the opinion that these restrictions are unlikely to be breached under ordinary circumstances.

21 Pensions

The company has made contributions on behalf of employees to defined contribution schemes. Pension contributions made by the company during the period amounted to £244,008 (Year ended 31 July 2023: £310,896). At 31 March 2024 the balance of unpaid contributions totaled £47,714 (31 July 2023:£47,714).

22 Liability of members

The company is limited by guarantee, all members having a liability not exceeding £10 per member. At 31 March 2024 there were twelve members (31 July 2023: fourteen members).

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

Notes to the financial statements for the 8 month period ended 31 March 2024

23 Subsidiary companies

(a) London Coliseum Enterprises Limited

The wholly-owned trading subsidiary, London Coliseum Enterprises 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 was the sale of flowers. The Company generated £9k turnover and incurred £30k expenditure during the period (Year ended 31 July 2023: £39k, £79k). The Directors took the decision to close the business effective 31 October 2023. For the period ended 31 March 2024, the Company will file individual financial statements with Companies House.

The assets and liabilities of the subsidiary as at the balance sheet date were: Fixed assets Current assets Current liabilities Total net assets Aggregate share capital and reserves	31 March 2024 £ - 2 (76,641) (76,639) £ (76,639)	31 July 2023 £
		8,966 2 (64,392)
		(55,424)
		£
		(55,424)

(b) London Coliseum Limited

The wholly-owned trading subsidiary, London Coliseum Limited (Company Number 09184219) is incorporated and registered in England and Wales. The Company’s principal activity from 1 April 2024 is the operation of the London Coliseum, in the period ended 31 March 2024 the company was pre-selling tickets for a theatical performance of Spirited Away.

The assets and liabiliites of the subsidiary at the balance sheet date were : Current assets Current liabilities Total net assets Income from operation of London Coliseum : Turnover Cost of sales Gross proft Admin expenses Operating proft Interest received Proft before tax	31 March 2024 £'000 15,087 (15,087) - 31 March 2024 £'000 796 (259) 537 (15) 522 155 677	31 July 2023 £'000
		30 (30)
		-
		31 July 2023 £'000
		- - - - - -
		-

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

Notes to the financial statements for the 8 month period ended 31 March 2024

24 Related party transactions

Trustees received nil remuneration in the period (Year ended 31 July 2023: nil). No trustees of the company were reimbursed expenses (2023: none).

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

During the period, the trustees of the company donated £58,685 (Year ended 31 July 2023: £70,094) to ENO.

Included in this total is an amount of £42,949 (Year ended 31 July 2023:£54,022) 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 Artistic Directors under freelance contracts are included within the bands for higher paid employees disclosed in note 11. All services are provided at the current commercial rate on terms similar to other conductors engaged by ENO during the year.

At 31 March 2024, ENO owed London Coliseum Limited £14,915,238 (31 July 2023: £30,371), and was owed £76,641 (31 July 2023: £64,392) by London Coliseum Enterprises Limited.

At 1 August 2023 £’000	Cashfows £’000	At 31 March 2024 £’000
4,343 (8,895)	6,352 -	10,695 (9,008)
(4,552)	6,352	1,687
At 1 August 2022 £’000	Cashfows £’000	At 31 July 2023 £’000
9,984 (8,730)	(5,641) -	4,343 (8,895)
1,254	(5,641)	(4,552)

Report and financial statements

Contents

Legal and administrative information

Board of Trustees

Chair

Senior Management Team

President

Executive Officers

Solicitors

Chief Executive Officer

Bankers

Artistic Director

Music Director

Auditor

Chairman’s statement for the 8 month period ended 31 March 2024

Dear Patron,

Trustees’ report for the 8 month period ended 31 March 2024

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 8 month period ended 31 March 2024

Achievements and Performance

Performance

ENO Engage

New productions

Revivals

Broadcast

Audiences

Trustees’ report for the 8 month period ended 31 March 2024

Achievements and Performance

Talent development

• Learning & Skills

• Health & Wellbeing

Highlights include:

Trustees’ report for the 8 month period ended 31 March 2024

Achievements and Performance

Fundraising

Development Report

Trustees’ report for the 8 month period ended 31 March 2024

Financial Review

Financial review

Trustees’ report for the 8 month period ended 31 March 2024

Risk Management

Financial Risk and Resilience

Strategic and Reputational Risk

Operational Risk

Trustees’ report for the 8 month period ended 31 March 2024

Risk Management

Risk Management

Compliance (inc Health & Safety)

Cyber Risk (Cyber security)

Going Concern

Trustees’ report for the 8 month period ended 31 March 2024

Investment policy and returns

Connected charities

Changes in non-current assets

Trading subsidiaries

Trustees’ report for the 8 month period ended 31 March 2024

Structure and Governance

Trustees’ report for the 8 month period ended 31 March 2024

Trustees’ Responsibilities Statement

Trustees’ report for the 8 month period ended 31 March 2024

Equal opportunities

Streamlined Energy and Carbon Reporting

Employee involvement

Period ended 31 March 2024

Trustees’ report for the 8 month period ended 31 March 2024

Streamlined Energy and Carbon Reporting (Contd)

Scope 1 Emissions (Direct)

Year ended 31 July 2023

Scope 3 Emissions (In-direct)

Period ended 31 March 2024

Scope 2 Emissions (In-direct)