Report and f inancial statements EN for the year ended 31 March 2025 Acharitoble Compony Registered in Erngland.. Number 00426792 ond Limited by Guorontee Registered Chority Number.. 00257210 Contents Legol and administrative informotion 01 Choir's Statement 02 Trustees, report lincluding Strote9ic report) 03 Independent Auditor's report to the members of English National Opera 19 Consolidated statement of financial activities 23 liDcluding Income aTrd ExpenditureAccoLntl Consolidoted and chority balance sheets 24 Consolidated cash flow statement 25 Notes to the financial statements 26 The financial statements are on pages 26-44. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 oi Legal and administrative information Boord of Trustees The trustees who served during the year and up to the date of the approval of the Financial St(rtements. Executive Oflicers cont. Executive Producer Bob Hollond Choir Dr Horry Brunjes (Resigned 28 Februory20251 LouiseJeff reys (Appointed 28 Februory20251 Executive Director, Development ondPublicAffoirs Morino Jones Simon Bailey IAppointed12June 20251 Sally Burgess Richard Bu¥ton Potricio Dimond (Resigned 28 February20251 Philip Edgar-Jones (Resigned 31 August 20251 Anupam Ganguli (Appointed I September 20241 Adiba Ighodaro (Resigned 19 February 20251 CorolineJulion (Appointed O November 20251 Prof Alit Lolvoni Gillion Moore (Appointed I September 20241 Hilary Newiss Sallyosman Lord Christopher Smith Patricia White Executive Director, Audiences Shubo Krishnan IResigned 6June 20251 Harriet Darcel (Appointed 23 June 20251 Chief Financial Officer Helen Campbell Chief Operoting Officer Stuart Turner Reg15tered and Principal Oflice London Coliseum, St Mortin's Lone, London WC2N 4ES Secretary to the Boord John Cooke Solicitors President Botes Wells 10 Queen Street Place, London EC4R1 BE Sir Vernon Ellis IResigned16 September 20251 Dr Horry Brunjes (Appointed 17 September 20251 Bankers Life President Coutts&Co. 440 Strond, London WC2ROQS Sir Vernon Ellis IAppointed17 September 20251 Executive Officers Auditor Chief Executive Officer Jenny Mollica HW Fisher Audit, Stotutory Auditor , Acre House, 11-15williom Rood, London, NW1 SER Artistic Director Annile5e Miskimmon Acompany registered in England no.00426792, limited by Guarantee arhd constituted under the Companies Act with the Memorandum ond Articles of Associotion. Registered Chority no. 00257210 Music Director Designotè Andre de Ridder (Appointed September 20251 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 02 Chair's statement for the year ended 31 March 2025 Welcome to the English Notionol Opero 24125 Annuol Report. Our Engoge teom goes f rom strength to strength. Over16,500 pupils participated in Finish This... There were 900 new participants for ENO Breathe, which exponded with a new progromme forAirways Disease, working across North West London NHS Trust and NHS Greoter Monchester. Also in Manchester, we launched PERFECTPITCH with locol orgonisotion Walk the Plank, engaging 250 local football fans and choir5. 24/25 has been a tronsformotionol year for ENO with the announcement of the first wave of plons for o major new portnership between the Compony ond the city-region of Greoter Monchester, o criticolly ond financially successful opera season at the London Coliseum, the ongoing expansion of our pioneering ENO Breothe progromme and a visiting company season which broke all box office records. This hos been a very successful yeor for fundroising with the Development teom exceeding its chollenging torget. I wont to thonk oll our supporters, donors, businesses and grant-makers who have given so generously. The range, scale and ambition of ENO'5 work is simply not possible without your support. On 24th November2024, ENO lounched key projects for the fi15t three years of its major new partnership with the city-region of Greater Monchester. The programme involves a multitude of local partnerships, covers every ospect of opera production ond celebrotes the possibilities of the ortform. It includes mojor contemporory works, new work development in opera, ENO cla551CS, interdisciplinary experimentation5, opera by, with and for communities and career pothwoys for the opera- makers of the f uture. I would olso like to tokethis opportunityto thonk Arts Council Englond, whose generous Notional Lottery grant funding ha5 enabled us to deliver wide ranging public benefit through opera throughout 24125- in London, Greater Manchester and notionally. I wont to thonk our CEO, Jenny Mollico ond her teom for oll their dedicotion and hord work in delivering a transformational and financially posltive 24/25. Sadly,Jenny will be leaving u5 in the Summer of 2026 in order to take up the role of CEO ot the Roundhouse. Her contribution to ENO has been significant and she will be missed. Recruitment for o new CEO hos begun. Our Artistic Director, Annilese Miskimmon, delivered another successful season at the London Coliseum, providing audience5 Wlth a rich and varied repertoire. Jonothon Miller's much-loved productions of La bohème and Rigoletto still resonate powerf ully with oudiences. Our successful series of 'semi-stoged' operos continued with Annilese's powerfully relevont production of SuorAn9elico and a timely revival of Mory, Queen of Scots graced by the attendance of its composer, Theo Musgrove. We reconnected to the work of Benjomin Britten with a suitably unsettling new production of The Turn of the Screw,. ond were reminded thot opero con moke us lough os well os crywith an inventive new production of The Elixir of Love and revivals of The Pirotes of Penzonce and The Morriage of Figcro. Following the retirement of Harry Brunjes, I was elected by the Board as Interim Chair at the end of February, and then Choir in mid-November 2025. Harry has been a superb Chairman, serving for longer than ony previous incumbent in this post. He has been bold, brove ond generous,. steering us through turbulent times with determination. I thank him on behalf of the Board and the company for leading u5 to the success of this post yeor, and the prospect of an exciting future. Our visiting compony progromme brings in new oudiences to the Coliseum. A regulor highlight is the English National Ballet season which, this year, brought enchanting productions of The Nutcracker and Gi5elle. Over the summer, SpiritedAway, odopted from the famous animated film, sold out ond delighted oudiences. Louise Jeffreys Chair, ENO English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 03 Trustees, report for the year ended 31 March 2025 The Trustees present their reportforthe yeor ended 31 March 2025. TheTrustees' report 0150 meets the requirement for the presentirtion of a Director5, report under compony law. The descriptions under the headings"Achievements ond performance" 'Finonciol review,, 'Risk monogement" ond "Complioncewith Trustees" Duties under Section17211 I Componies Act 2006" also meet the company law requirementsfor the Trustees to present a 5eparcrte strategic report. Public benefit In developing rts plan5 ENO has given regard to the Chority Commission Guidonce on public benefit, including the guidance on public benefit and fee chorging. ENO focuses on delivering the widest public benefit in mony woys, including.. Growing new audiences for opera by providing accessible entry points through offordoble ticket pricing, on open ond f riendly attitude ond performonces presented in English,. Objectives and public benefit Our vision Opera without limits Delivering an adventurous programme of distinctive and dynamic work that would not otherwise be seen in the UK,. Our mission Creoting extroordinory encounters with opera, on stoge ond beyond Developing the ortform through the commission ond presentation of multi-disciplinory collaborators, Our Strategie Gools Supporting ond developing UK opero talent and the wider creotive economy through the engogement of tolent f rom ocross the orts ond estoblishing new relotionships with music education partners,. Creativity without limits Shoring exceptionol operotic experiences, showcosing the very best of British talent Enterprise without limits Developing new woys to flourish in o changing world, through technology, innovotion ond enterprise Creating opportunities on stoge and through training and development programmes,. Widening occess ond engogement through learning and participation project5 in London, Greater Manchester and acros5 the country Isee Achievements and Performoncel. Connectin9 Wlthout limits Building r)ew and lasting relationship5 Wlth audiences, porticiponts and partners, locolly, nationally and internotionally Futures without limits Shaping the future Of the art form, workforce and sector through pioneering approache5 to leorning, troining ond creating with our communities and partners English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 Trustees, report for the year ended 31 March 2025 Achievements and Performance Performonce ENO Engage 8 opera5 lof which 2 were 5emi-staged productions on the London Coliseum stage) 4 new productions and 4 revivals, plus 2 'Bobyopera' productions in FOH spoce. o totol of 73 ENO performances, including 2 ielaxed performances We have continued our work acr055 our three strand5 of Access& Porticipation, Leorning & Skills ond Creative Health &Wellbeing, os well os commencing our new progromming ond portnerships in Greoter Monchester. Our direct onnual reoch in 24/25 wos over 31,000 individuals. New productions SuorAngelico The Turn of the Screw The Elixirof Love Mory, Queen ofScots BcJbyOpero-Amor's Ease B17byOpero- Orpheu5' Comfort We hove grown our community membership programme, delivering workshops oligned to the ENO seoson, including o singing session with ENO choristers on stoge ot the London coliseum.we hove continued to strengthen our partnerships, working with community groups who support individua15 experiencing sociol isolation, domestic violence ond abuse, poor mental health and those seeking asylum. In oddition, we piloted o new strond of activity within core settings ocross the borough of Westminster. This initiative brought operatic performances, interactive woikshop5 and creative engagement to residents in sheltered housing, core homes and supported living settings. Revivols La bohème Ri9oletto The Pirotes of Penzonce The foorriage of Figoro Broodcost BBC Mews, The TrovelShow-'The New Sopranos, The Yeomen of the Guordrepeot broodc(Jst on BBC4.. Morch 2024 Our ENO Bre(rthe pro9romme continues to provide invaluable support to individuals with Long Covid. ENO Breathe will have reached nearly 4,540 people bythe end of this linonciol period, with 900 completing the programme in this finonciol year. We have also begun exploring using ENO Breothe for people with kthmo ond COPD, in partnership with Greoter Monchester NHS and GMCA, a5 well a5 securing funding to develop the digital accessibilityof the programme. Visitingcomponiestothe Londoncoliseum SpiritedAwoy Georgian Stote Bollet.. Swor) Loke MorcAlmor)d Kirill Richterand the Richter Irio.. The Sands of fime L(Jzgi, Dance of soul ond Love English Notional Ballet.. Nutcrocker& Giselle Potti LuPone.' A Life In Notes Bcyllet Icons Golo The Little Prince ENO'S nationwide schools programme, Finish This... sow over16,500 pupils porticipote this yeor.Working with Music Hubs, we delivered o toilored model of Finish This... welcoming teachers to meet at the start of the project for in-person training, and inviting pupi15 to come together at the end for celebration events in Luton and West London. Audiences Over 97,000 oudience members for ENQ peiformances at the London Coli5eum 7290 overage capacity audiences 14,884 first time ENO oudience members 5,193 tickets claimed through our Under 35s discounted ticket schemes 7,901 f ree tickets for Under 21s Over 460,000 audience members forvisiting Company performances at the London Coli5eum In Greoter Monchester we launched PERFECT PITCH, co-created by ENO and Walkthe Plank, as a celebration of opera and communityfootball. PERFECT PITCH welcomed over 250 footboll fans and choir members from the boroughs of Bury, Manchester and Wigon to perform footboll chonts ond operotic repertoire in o performonce ot Bury Footboll Club. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 05 Trustees, report for the year ended 31 March 2025 Achievements and Performance The 3 Strotegic Areas to ENO Engoge's work.. Access & Participation Creating unexpected encounters with opera,. breoking down borriers and shifting perceptions Tglent development ENO Harewood Artists.. Sopronos Leorning & Skills Isobelle Peters Nurturin9 ond developing creotive skills ond tolents,. Avo Dodd transforming how we learn through and with opera Mezzos Heolth & Wellbeing Supporting the wellbeing of people and communities through ombitious colloborotions between opero, heolth ond sociol core Amy Holyland Anna Cooper Tenors ZwakeleTshabalala Innocent Masuku Ouryear in numbers". Over 31,000 individuols directly reoched 2,173 people occessed our ENO dress reheorsals ond school ond community ticket nights through ENO Engage 1,890 people attended our relaxed perfoimance5 16,500 pupilstookpart in FinishThis. 89 NHS Trusts partnered with us on ENO Breothe 4,340 people hove completed ENO Breothe to date Boritones Potrick Alexonder Keefe Don D'souzo The 24125 5e050n Saw current Harewood artists storrirng in seven roles, with13 roles by former Harewood artists. In November 2024, we onnounced o number of New Work and Skills Development Programmes in Greater Manchester to champion innovation in opera-making and expond the creotion of new operoticwork. In portnership with Foctory Internationol, the Royal Northern College of Music, the University of Manchester, and others,the programme will support art15ts and communities to develop original Stories, explore newways of working, ond push the boundaries of performonce. Key strands include Opera Foctory GM Icross-disciplinory R&D commissions), o Creotive Incubotorwith RNCM to support eorly-stoge operatic projects, and a new Librettists piogramme. These initiotives oim to address the lock of commissioning opportunities in the UK, diversify the ronge of artists creoting opero, ond estoblish o sustoinoble, notionolly impoctful pipeline of newwork rooted in Greater Manchester. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 06 Trustees, report for the year ended 31 March 2025 Future Plans The 2025126 season sees ENO strengthen its national presence through a distinctive programme of performance, broadcast and participation work, in both London ond Greoter Monchester. In September 2025, o new production of Rossini's Cinclerella (L¢J Cenerentolo) is directed by International Opera Award-nominated Director, Jul ia Burbach, and conducting is Yi-chen Lin moking her ENO debut. The Seoson includes five new productions, mojor broadcast collaborations and the return of much- loved ieviva15, featuring the opera world'5 finest British ond irnternotionol talent. It will olso mark Andre de Ridder's first conducting engagement as Music Director Designote in Februory 2026. Returning to the London Coliseum in October 2025 is a revival of Calixto BieitO'5 fiery Cormen, directed by Jamie Manton with Haruka Kuroda. Conducting is Clelio Cafiero ond former ENO Mockerr05 Conducting Fellow, Olivia Clarke. The Children's Chorus will be cost through on ENO Engoge school portnership with London West Music Hub. At The Bridgewater Hall, the concert Opera Favourites, performed in collaboration with the Chorus of ENO ond the Hollé Orchestro, will showcase some of opera's greatest hits ot the aword-winning festivol, Monchester Clossicol in June 2025. This performonce morks the Chorus of ENO'S debut in Greater Manchester and will feature ENO Harewood Artist5, Madeline Borehom and Zwokele Tshabolalo. The Finole concert concludes the festivol with the Chorus of ENO joining Manchester's leoding ensembles. Both concerts ore conducted byAlpesh Chouhon. Opening at the London Coli5eum and transferring to Lowry, Solford Quays in October 2025, is o new staging of Benjamin Britten's comic ensemble opero, Albert Herring, marking the first time ENO hos performed this opera. The full cast ond creotive team will transfer with the production f rom the London Coliseum to Lowry. A new production of Jake Heggie's compelling first opero Deod Mon Wolking will open in November 2025, 25 yeors ofter its originol premiere. In on international and national co-production, it will be presented by ENO during the 2025126 Season at the London Coliseum, by Opera North in Leeds ond on tour in the north in Spring 2027, including at Lowry (Solford Quoysl, ond then by Finnish Notionol Opero in Helsinki in a loterseoson. ENO will be partnering with BBC Philharmonic Orchestro ond the BBC Sirngers for Dmitri Shostokovich's Lody Macbeth of Mtsensk at the BBC Proms in September 2025. Presented os o semi-stoged concert ot the Royol Albert Holl, it will be conducted byjohn Storgards, Chief Conductor of the 88C Philharmonic Orchestra. The performonce includes the f ull Chorus of ENO performing alongside the BBC Singers, ond the Bross section of the Orchestro of ENO. This concert will be broodcost live on BBC Rodio 3 ond on BBC Sounds and will be performed in English. Chri5tophei Alden'5 critically acclaimed production of Hondel's Porterrope returns for its second revival in November 2025. It is presented with the originol portnership of Christopher Alden ond Christion Curnyn resuming their roles os Director ond Conductor respectively. A newly creoted concert of fvlozart 5 Women.. A Musicol Journey, directed byAnnilese Miskimmon, will be presented ot the London Coliseum in September 2025. Creoted in portnership with ENO, the television concert will be produced by Factory Films for SkyArt5 to be broadcast later this year. Hosted byTV and radio presenter Louren Loverne and occompanied by the Orchestro of ENO, the concert will tell the story of one of the world's greotest composers and his relotionships with the women who influenced his life and inspired his music. Cal Mccrystol, acclaimed comedy Director, returnsforthe revivolof Gilbertand Sullivan's comic mosterpiece H.M.S Pinofore in December 2025 ond Jonuory 2026. Conducting is Motthew Kofi Waldren, former ENO Mackerias Conducting Fellow. This production sees the return of ENO'S hugely successful Relaxed Performance offering,. o performonce curoted for those who benefit f rom a more informol environment ot the theotre. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 07 Trustees, report for the year ended 31 March 2025 Future Plans A revivol of Mozort's romontic comedy Cosi fon tutte returns in February 2026, directed by the multi-award-winning Director and Art15tic Director of Improboble, Phelim McDermott with Dinis Sousa conducting. The cast f rom the London Coliseum production reprise their roles in o new semi-stQged concert of Cosi fon tutte, alongside the Chorus and Orchestra of ENO, at The Bridgewater Hall, Manchester in February 2026. Directing is Ruth Knight and on the podium is internationolly renovvned conductor, Alexonder Joel. In celebrotion of opero ond community footboll in Greater Manchester, PERFECTPITCH, co-created by ENO and Walk the Plank, presents a large-scale participation programme exploring the impact of mass singing on team performance and spectator experiences. SinceJonuory 2025, PERFECTPITCH hos welcomed over 250 football fons ond choir members from the borough5 of Bury, Manchester and Wigan to perform football chants and operatic repertoire. A series of lorge-scole moss engogement opportunities will take place over Summer 2025, with a spectocular tinole performance in Spring 2026. Jamie Manton directs a new production of Kurt Weill's rarely peiformed political satire, Rise and Fall of the City of Mahogonny, in Februory 2026. Conducting the electric score inspired by the jazz music from the19205, is André de Ridder in his first engagement os Music Director Desi9note. ENO Breathe, developed by ENO in collaboration with Imperial College Healthcare NHS Trust, 15 an aword-winning notionol programme to support people experiencing breathlessness ond anxiety ossocioted with long COVID. Since its conception in September 2020, it hos now exponded to 89 NHS Paitners and has helped more than 4,400 people nationally. A new iteration of the programme, ENO Breathe for Airways Disease, will lounch in the period aheod to support people living with COPD ond asthma across London ond Greoter N4anchester. A multi-awaid-winning creative team joins for the new UK premiere of Du Yun's Angel'5 Bone, the Pulitzer Prize-winning contemporary opero produced by ENO in collaborotion with Foctory Internotionol ond the BBC Philhormonic Oichestra, and presented at Aviva Studios, Manchester in May 2026. Alongside progrommes in London and Greoter Monchester, ENO Engage will continue to expand its notionol leorning ond participation work, ensuiing even more people Of all age5 and background5 are able to experience the joy of opero-in schools, community spoces ond through heolthcare programmes across the country. ENO'S f ree notionol music educotion progromme Finish This... continues to support music making in cla5sroom5, aligning with the national music curriculum. For the 2025126 academic year, a new composition will be lounched colled 'Plont this Seed, Icomposer.. Elif Korlidog, Librettist.. Hozel Gould) for Primory and SEND schools, alongside the original composition 'Blue, Red, Yellow, (Composei.. Omar Shahryar, Libretti5t'. Ruth Mariner) for SEND, Primary ornd Secondary schools. During the 2025/26 ocademic year, over 14,000 children f rom schools ocross Englond ore expected to porticipote in the forthcoming Finish This... programme. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 08 Trustees, report for the year ended 31 March 2025 Achievements and Performance Fundraising We ore extremelygroteful to the13 legocy donors who made a gift to ENO in their will.Their generositywill ensure that we can deliver on our commitment to develop the operatic talent of future generations. We continue to promote legocygiving with o campoign oround Jonathan Miller's Rigoletto led by British boss baritone, f riend ond legacy pledger Sir John Tomlinson. We thank our supporters-individua15, businesses and gront-makers-who donoted £3.6m. With their generous support, we were able to bring o rich seoson of work to stoges, clossrooms, homes ond venues notionwide, including the London Coliseum. 2024/25 wa5 an exceptional year for the Giants Team who secured over £1.4m from 56 funders, welcoming 11 lirst-time supporters, and 34 renewing funders. All demonstroted strong choritoble support for our ENO Engoge progrommes including ENO Breothe ond Ftrnish This..., our talent development work, productions, and capital upgrades at the London Coli5eum, including a £500,000 gront from Garfield Weston Foundation. The Development Department within ENO consists solelyof ENO employees. ENO does not employ external fundroisers. ENO is a member of the Chartered Institute of Fundroising ond complies with the Fundraising Regulotor Code of Proctice and is not aware of anyfailure to complywith that code. Our focus 15 on raising fund5 to 5UPPOrt production5 on stoge,-troining initiatives for the rising stars of opero,- and engagement programmes for young people, schools and communities, os well os capitol expenditure. ENO works with a wide ronge of individuals, componies ond grant makin9 organisirtior15 to ensure that its work is fully funded. Our much-volued individual donors continued to support our work with severol new, significont supporte15 joining our loyal and longstanding membership base, with sponsoring a role becoming an increasingly populor woyto engoge with productions. In the summer, theteom led o supporters, tourto Santo Fe Opera. Public AfFoirs Building on the success of the on5ta9e Maiina Abramovic dinner last year, we h05ted post-show receptions onstoge for supporters around La bohème and Ri9oletto. A post-show reception was olso held for corporote supporters Americon Express. In oddition, hospitolity ond partnerships with businesses proved to be a successful income stream, with over 55 private event5 from more than 45 different partners. In 2024125 we foimalised our Public Affairs function with newly configured Development and PublicAffairs division responsible for the manogement of relationships between ENO ond key stokeholders including government, policy mokers ond the public. Showcosing ourwork in the Houses of Porlioment thisyeor.. Nadine Benjamin spoke about the power Of music Lesley Garrett spoke about the power of singing to support wellbeing and health The children's Chorus f rom Lo bohème performed Young composers f rom our Finish This... work in Luton performed Thea Musgiave and Mory Queen of Scots were celebroted with industry stokeholder reception in the River Room Our collaboration with the American Friends of ENO IAFENOI goes from strength to strength. In December 2024, we hosted members of theAFENO on tour from the Usto enjoy performances atthe London Coliseum to See first-hand the impact of their support. Nearly 2,000 members Continu￿ their loyol support of ENO, ottending reheorsols ond events, buying tickets, ond enjoying behind the scenes insights.The members Annual Appeal supported the revival Of The Morrioge of Figoro, after its one night only peiformance atthe start of the pondemic. We olso responded to colls for evidencef rom the government on UK Soft Power and the HodgeACE Review, and Submitted evidence on Protecting Built Heritage. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 09 Trustees, report for the year ended 31 March 2025 Financial Review The principol funding sources of the porent Compony are the income generated through the activitie5 of ENO.. opera box office,. fundrai5ing,' ond the grant5 received from ACE Inote 31. In the yeor under review, this income was applied to charitable activities of the Compony in support of the key objectives. At theyeor end, Group unrestricted reserves including designated fund5 totalled £12,991k131 March 2024.. £9,182kl and the Group general reserves atthe balance sheet dotewere £10,080k131 March 2024.. £7,643kl. The Company retains free reserves as a contingency ogainst operotionul risk os follows.. The Group overall surplusw05 £3,836k for theyear ended 31 March 2025 IPeiiod ended 31 March 2024.. £7,779kl. The Group's unrestricted surplus was £3,540k (Period ended 31 Morch 2024.. £7,143kl. The results for the prior period included o goin on the sole of o Lillion Boylis House of £5,953k and on odditionol omount of Theatre Tax Credtt recognised in the peiiod to Sl March 2024 of £5,169k relating tothe prior period. The surplu5 in the current yeor was due to strong commercial hire revenue and tight control over costs. Any significant variation from budget in box office, and development revenue for the next two seasorns,. uncontrocted visiting compony weeks ot the London Coliseum over the following 12 months,. ond exceptionol cost risks in the operotlng budgets in the following two yeors. Free reserve5 are the undesignated unrestricted reserves, less fixed asset5, which are not included in designoted, restricted or endowed reserves. At the balonce sheet dote, the level of free reserves wos £4,469k131 Morch 2024.. £4,765kl During thefinonciol yeor, the Componywos in receipt of a grant fromACE's National Lotteryfunding.This grant was £24,OOOkto cover the period l April 2024to 31 Morch 2026, of which £12,OOOk wos recognised in this year, and is provided to continue to support the plonning ond development ossocioted with estoblishing o new bose outside of London ond transitioning to o new business model. The Company sovv good revenue numbersfor opero ond English National Ballet's Christmas residency. Although opero box office revenue declined in comporison to the 23124 season, the 24125 seoson significontly exceeded budget. 88,OOOtickets were sold for opera, representing a 65% paid capacity and sales exceeded budget for The Pir(Jte5 of Penzonce, The fvl(Jrri(Jge of Figaro, MaryQueen of Scots and Rigoletto. Despite the trend of a reduction in ticket yields over recent years, averoge ticket yield increosed in the yeorto £53 (Period ended 51 Morch 2024. £501. The Company's vvhollyowned subsidiory, London Coliseum Limited, runsthe operotion of the London Coliseum building. During theyeor, the subsidiary hod strong ticket sales ond theatre rentol from the 2024 summer musical, SpiriteclAway.Additionally, Georgian State Ballet's Swon Lake and The Little Prince supported strong revenue in the yeor. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 10 Trustees, report for the year ended 31 March 2025 Risk Management The ENO Executive teom together with the Boord of Trustees through Board and Executive Committees actively ieviews and monitors the key ri5k5 that the Company foces in achieving its strotegic objectives, providing regular reports to the Finonce, Audit ond Risk Committee os well os the Boord. These reviews ore conducted ogoinst a backdrop of ropidly changing economic and geopolitical conditions. Environmental, Social and Governonce IESGI ENO acknowledgesthe importance of societal impact5 on bu5ine5ses and the increasing focus orn Environmental, sociol, and Governance IESGI foctors by a wide range of stokeholders. We ore also closely monitoring the impoct of cost of living ond energy prices in this oreo. ENO remoins committed to integrating ESG considerations into its core busines5 strategy, ensuring that these i55ues are managed in a way that delivers su5toinable, long-term bernefits for stoff, potrons, the performing arts industry, and society as a whole. Through ongoing risk monitoring ond the Corporate Risk Register, the Board ond Finance, Audit and Risk Committee hove evoluoted the materiol risks detoiled within the Risk Register, cotegorised ocross severol distinct risk portfolios.. Finan=ial Risk cnd Resilience ENO'S financiol stability is reliant on income streoms thot are vulnerobleto broader economic fluctuotions and externol events, which ore often unpredictoble. The Compony's cost bose is committed well in odvonce of revenue receipt, which introduces odditionol risks. These are mitigated through a clear re5erve5 policy, approved and reviewed annually bythe Board, and a forward-looking planning cycle to ensure thot future commitments align with anticipated revenue streams. Strotegic and Reputational Risks Environmental, Social ond Governonce IESGI Finonciol Risk Operotional Risk Compliance Risk Cyber Security Risk ENO'S risk management opproach focuses on identifying, ossessing, and monoging risks through o structured risk monogement fromework, ensuring appropriate mitigation measures are in placewhere necessaryto keep iisks at an acceptable level. Operational Risk Operational risks are addressed through contingency planning foi infrastructure failures, IT Service disruptions (see Cyber Risk below), ond emergency scenarios such as fire or terrorist incidents. To mitigote risks ENO has over the post twelve months carried out copitol repairs, including portiol roof replacement and terracotta restoration. ENO a150 prepares for extreme weather events and power disruptions. Our success is driven by our people, and operationol risks related to the Greater Monchester exponsion, porticulorly those involving recruitment ond retention chollenges, ore actively monoged. Failure to attract or retain talent due to poor working culture, inadequate remuneration or reputational chollenges could severely impoir ENO'5 ability to deliver world- class performonces. We mitigate this through a comprehensive ronge of personnel ond orgonisotionol policies designed to ensure ENO remains a competitive employer. Strctegic oid Reputotionol Risk ENO continues to deliverworld-class opero both in London ond internotionollythrough colloborotions with key co-production partners. Strategic risks, including those a5SOCiated with our expansion into Greatei Manchester, are olso regularly ossessed. Any actual or perceived decline in artistic reputation could impact box office performonce, fundroising, gront income, ond internotionol colloborotions. This risk is mitigoted by Board oversight of current and future planning through the Artistic Committee, as well as monitoiing audience responses through post-performance surveys, press, and peer reviews. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 Trustees, report for the year ended 51 March 2025 Risk Management Compliance linc Health & Safety) Compliance risks stem f iom potential failures to meet legal, iegulatory, or 5tatutoiy obligation5, which could result in reputational domage, loss of trust, legal action, tines, or other penolties. Protecting stoff, visitors, ossets, ond premises is ENO'S top priority,. foilure to do so could result in physical 01 mental harm and disrupt the service5 we provide. The Board of Tru5tee5 and The Executive regulorly review the complionce risk via the corporote risk register. A dedicated Trustee ond Executive Lead ore ossigned to leod on Heolth ond Safety, Sofeguording, ond Environmentol Su5tainabilityto oversee compliance. ENO mitlgates these risk5 through regular review5 of policies and procedures, ensuring thot significont risks- including Heolth and Sofety, Sofeouording, Fire, and Security ore continuously ossessed. Corrective meosures ore implemented os necessory, supported by o robust communication f ramework comprising internal Committee5 and meetings. Going Concern The Trustee5 must 5ati5f y themselves a5 to the English National Opera's ability to continue as o going concern for a minimum of12 months from the date of a pprovol of the tinonciol stotements. The Group continues to be in receipt of the Arts Council England IACEI grant of £24 million for the period April 2024 to March 2026 thot wos awarded in 2023. The Company was oworded this grant based upon finoncial modelling presented to ACE. This model demonstrated thot, during the gront period, ENO could tronsition to a new business model which would see the Company deliver a 5ub5tantial Opera season each year in London while developing o significant peiformonce and erbgogement progromme in the new city. The new locotion wos announced to be Greater Monchester in December 2023 ond the progromme of work in that city-region was announced in November 2024. The Arts Council ha5 confirmed that the Company'5 application for funding for the year to 31 March 2027 has been successful. Whilst the amount has not been confirmed by the Arts Council, the Trustees ore expecting the grontto be in linewiththeyeorto31 Morch2026. Cyber Risk jcybe. securityl Given the growing prevolence of cyber threots, Cyber Risk hos a separote risk cotegory. ENO has made substantial progress in managing and mitigating cyber risks, successfully completing the Government's Cyber Essentiols programme and ochieving Cyber Essentials occreditation. This occreditotion will be subject to onnuol oudits to mointoin complionce ond uphold our cyber security standards. The Trustee5 and Executive team review the monogement occounts ornd coshflow ogainst the modelling monthly, and mointain a risk register thot considers the noture ond impoct potentiol of oll risks identified. At the dote of signing of the financial statement5 the Trustee5 are confident that the Company and Group will end the financial year ernded 31 March 2026 in line with budget, and hove budgeted the year ended Morch 2027 ot a surplus before depreciotion ond interest. The Trustees hove olso considered that there ore commerciol hires for the theatre, through London Coliseum Limited, for at least 12 months from the Signing date. After consideration of the tinoncial results to date, the lotest view Ogoinst budget for the period to Morch 2026 ond the current reserve position, the Trustees consider that the ENO Company and Group has adequate resources to continue its operational existence for the foreseeoble future. For this reoson, the financiol stotements have been prepared on o going concern bosis. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 12 Trustees, report for the year ended 31 March 2025 Investment policy and returns Connected charities Cosh which is surplus to short-term operoting requirements is invested in bonk occounts or chority investment f unds. The Compony hos connections with the following registered choritoble orgonisotions. The English National Opera Benevolent Fund (registered charity number 2112491, odministered from the London Coliseum, and estoblished for the provision of welfore ond tinancial ossistonce to post ond present employees of ENO ond its ontecedent companies. The Company invests in a UK ond internationol portfolio of equities, bonds ond cash by investment manogers Evelyn Portners. Investments ore permitted bythe Compony's memorondum ond orticles of association and in accordance with the mandate agreed bythe Investment Committee. The Americon Friends of English Notionol Opero, registered in New York as a chority under US Federol Tox low, for the purposes of promoting ossociotion with ond gathering support forthe aims of ENO in North America. The Trustees hove not set an exclusionary policy with regord to investments held but individuol investments moy be excluded if perceived to conflict with the purpose of the endowment. Income earned from the investment f unds held wos reinvested during the yeor. Total income recognised in the yeor wos £250k (Period ended 31 Morch 2024.. £404kl. The net goins from revoluotion of securities in the year was £277k (Period ended 31 March 2024.. £802kl. During the yeai, there were withdrawa15 of £2,OOOk IPeriod ended 31 March 2024.. £nill. The carrying volue of investments at 31 Morch 2025 vvos £9,773k12024.. £11,500kl. None of these connected charities have been consolidated as the Board is of the opinion that none of these entities ore controlled so os to meet the definition of o subsidiory or quo51-5ubsidiory of ENO. Changes in non-current assets The movements in fixed assets in the period are set out in notes12 to13 of the finonciol stotements. Trading subsidiaries London Coliseum Limited (Company Number 091842191 is o wholly owned subsidiory of ENO. The subsidiary made a profit before tax of £1,585k (Period ended 31 March 2024.. £705kl which wa5 gift aided to the porent compony. London Coliseum Enterprises Limited Icompony Number 23790511 is o wholly owned subsidiory of ENO. The subsidiary was dormant in the year. In the piior period, the subsidiaiy made a loss of £21 k. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 Trustees, report for the year ended 31 March 2025 Structure and Governance ENO is a ieglstered charitable company limited by guarantee, Trustees are the sole member5 of the charity, oll members having o liability not exceeding £10 per member. At 31 Morch 2025 there were11 members131 Norch 2024..13 members). The Finance,Audit and Risk Committee.. approves the iemuneration and term5 of engagement of the external ouditors., reviews the financial statements before submission to the Board., and reviews monogement's reports on the effectiveness of systems for Internol finonciol control, finonciol reporting and risk management.The Committee also.. monitors risks before 5ubmi55ion to the Board., monitors the delivery of the Compony's finornciol and business plons,. and reviews and ossesses the odequocy of linonciol plonning ond budgeting of individuol productions to ensure thot theyfoll within budgetary confines, before the company's artistic plan is submitted to the Board. Its business is governed by the provisions of the Charities Act 2011 and by it5 memorandum and articles of ossociation. The moin object of the Company is to encouroge the understanding and oppreciotion of the dromatic art by producing performonces of opero ond concerts of culturol volue to the community. The finonciol statements ore drawn up in occordonce with the provisions of the Companies Act 2006, Accounting and reporting by Chorities.. Stotement of Recommended Proctice opplicoble to chorities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and applicable accounting standards. The Nominations Committee manages the process of future oppointments to ensure thot the Boord comprises the ronge of skills considered necessory for ENO. Potential Trustees matching the identified requirement5 ale considered bythe Nominations Committee for recommendotiorn to and approval by the Boord. On oppointment, Trustees ore provided with bockground ond finonciol informotion pertoining tothe Compony, ond discuss key issues and strategies with management. Eoch Trustee is olso o member ond Director of the Company and is not remunerated. The f ull Board meet5 SlXtime5 annually, while day-to-day management is carried out by a monogement team reporting to the Chief Executive Officer. The Trustees ore responsible for the opprovol of strotegic ond finonciol plons for the Compony, oppointment of the executive management and monitoring of performance, and approval of management remunerotion and governonce. The Remunerotion Committee bernchmorks the pay, benefits ond total compensation agoinst other UK theotre ond visuol ort orgonisotions. It agrees with the Boord the remunerotion 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 ony decisions as to their own remuneration. The manogement teom is responsible for the development ond implementotion of strotegic, artistic and financial plans and all operational aspects of the Company. There are four standing Committees reporting to the Boord.. Artistic,. Finonce, Audit & Risk,. Nominations,. ond Remunerotion. TheArtistic Committee advises and review5 future artistic plonning, ensuring that ENO ortistic odministrotion meets its responsibilities in fulfilling ENO'S business ond choritoble objectives. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 14 Trustees, report for the year ended 31 March 2025 Trustees, Responsibilities Statement TheTrustees (who ore also Directors of En91i5h National Opera for the purposes of company lawl are responsible for preporing the Trustees, Report ond the finoncial statements in accordance with applicable low ond regulations. TheTrustees are responsible for keeping adequate accounting records that ale suflicient to show and exploin the charitoble company's tronsoctions ond disclose with reasonable accuracy ot anytime the finoncial position of the compony, ond enoble them to ensure thot the finonciol stotements complywith the Companies Act 2006. They are also ie5ponsible for safeguarding the assets of the charttable company and hernce for toking reosonable steps for the prevention and detection of froud and other Company law requires the Trustee5 to prepare financial 5tatement5 for each financial period. Undei that low the Trustees have elected to prepore the finoncial statements in accordance with United Kingdom GenerollyAccepted Accounting Practice (United Kingdom Accounting Stondords ond applicable lawl, including FRS102 The Financial Repoiting Standard applicable in the UK and Republic of Ireland. Under company low the Trustees must not opprove the financiol statements unless they ore sotisfied thot they give o true ond foir view of the stote of offoirs of the choritoble compony ond the group and of the incoming resources and application of resources, including the income and expenditure of the choritoble group for thot period. In preparing these finoncial statements, the Trustees ore required to.. TheTru5tees confirm that.. so for as eoch Trustee is awore, there is no relevant audit informotion of which the charitable compony's auditor is unowore,. ond the Trustees have taken all the stepsthat they ought to have taken a5 Trustees in order to moke themselves awore of any relevont audit informotion ond to estoblish thot the charitable compony's auditor is oware of that informotion. select suitable accounting policies and then apply them consistently,. observe the methods ond principles in the Charities The Trustees are responsible for the maintenance and integrity of the corporate and financial information included orn the charitoble comparny's website. Legislation in the United Kingdom governing the preparotion ond disseminotion of tinoncial stotements moy differ f rom legislotion in other jurisdictions. SORP IFRS1021,' moke judgments and accounting estimotes thot ore reosonoble ond prudent,. state whether applicable UK Accounting Standards have been followed, Subject to any material deportures disclosed ond exploirned in the linanciol statements., and prepore the finoncial stotements on the going concern bosis unless It is inoppropriote to presume that the charitable group will continue in business. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 15 Trustees, report for the year ended 31 March 2025 Equol opportunities Streamlined Energy ond Carbon Reporting The Compony is committed to o policyof equal opportunityin oll ospects of its employment practices. on unquoted compony, ENO is required underThe Companies IDirectors' Report) ond Limited Liobility Partnerships (Energyand Carbon Report) Regulcrtions 2018 to disclose energyand carbon information in their finorncial stotements ond reports, including". All employee5, workers and volunteer5, whether part time, full time ortemporory, ore treated fairlyand equally. ENO has policies and proc&Juresto ensure thot job oppliconts, employees ond workers receivefoir ond equal treotment irrespective of sex, moritol status, ethnicity, disability, age, cl055, personal circumstances, sexual orientation, gender identttyoi anyother protected characteristic.There is zero tolerance for all forms of abuse orbd mistreatment including sexual horossment, rocism, homophobio, intimidotion and bullying. UK (including UK offshore oreo) energy use los o minimum gos, electricity ond tronsportl Associated greenhouse gas emissions At least one inten51ty ratio Previous year's figures for energy use ond GHG emissions (except in the first yeorl Methodologies used in colculotion of disclosures. Informotion obout energy efliciency oction token in the organisation's financial year. At ENOwe see diver51tyas our strength and as an enabler in helping us achieve Dur mission. In addition,the Componyoffers inclusive services to support audience membergwith different access needs.This includes reloxed and signed performonces, surtitles and on Access Scheme offering priority booking ond dedicoted support from staff. The dota relotes to the12 month period from l April 2024 to 31 March 2025, with the comparotive period reloting to the 8 month period from l August 2023 to 31 Morch 2024. UK Energy&Carbon Total Emission Scope Summary Employee involvement The Company relies onthe commitment ond contribution of all employees, performers and artists. Management policie5 incorporate a consultation process through the line manogement structure. Year ended 31 Morch 2025 Emi55ion Total Volume Calculated Emissions (Tonnes C02el 297 Type {kWhl Scopel (Directl 1,594,459 Scope 2 Ilndirectl 1,639,553 Scope 3 Ilndirectl Total The disseminotion of informotion and two-woy diologue between employees and monogement Is mointoined through company briefings bythe Chief Executive Officer andArti5tic Directoi, team biiefings, and an intranet system. 3,234,012 657 8-month period ended 31 March 2024 Emission Total Calculated Type Volume Emissions {kWhl (Tonnes C02el Scopel (Directl 990,797 188 Scope2 Ilndirectl 1,152,201 239 Scope 3 Ilndirertl Tottsl ENO recognisesseverol unions forthe purposes of collective borgoining ond individuol representotion and continuesto promote and develop positive employee relations. 2,142,998 427 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 16 Trustees, report for the year ended 31 March 2025 Streamlined Energy and Carbon Reporting Icontdl 8 month period ended 31 Morch 2024 Energy Total Calculated Type Volume Emissions {kWhl ITonnes C02el 1,152,201 239 Scope 1 Emissions (Directl Emi5sionsfrom activities owned or controlled by ENO that release emission5 intothe atmosphere. Example5 of Scope1 emissions include emissions from combustion in owned or controlled boilers, furnaces, vehicles, and emissionsfrom chemicol production in owned or controlled process equipment. Eledricity Emi55ionsf rom purchosed electricity Totol 1,152,201 239 Scope 3 Emissions Iln-direetl Year ended 31 March 2025 Emission Total Type Volume Colculated Emissions Ikwhl (Tonnes C02el Gas Emissions 1,484,350 271 from combustion of gas Transport Emissions 110,109 from combustion offuel fortransport purposes Totol Emissions that are a consequence of ENO actions, which occur ot sources which the Company does not own or control ond which are not clossed as Scope 2 emissions. 20 Examples of Scope 3 emissions are busine55 travel by meons not owned or controlled bythe Compony le.g. grey fleet and rental corsl. Under SECR it is not mandotoryto report roil or oir trovel. ENO has no emissions to report under this cotegory. 1,594,459 297 8 month period ended 31 March 2024 Emission Total Calculated Type Volume Emissions (Tonnes C02el 160 Quantification and Reporting Methodology Ikwhl Gas Emissions 873,138 from combustion of gos Transport Emissions 117,659 from combustion of fuel for transport purposes Totol The Compony hos token guidance from the UK Government Environmentol Reporting Guidelines (March 20191, the GHG Reporting Protocol - Corporate Standaid, and from the UK Government GHG Conversion Foctors for Company Reporting document for calculoting carborb emissions. Energy usoge informotion (gas ond electricity) hos been obtained directlyf rom the Company's energy supplier5 and HHIAMR data, where available, for those supplies with HH/AMR meter5. For supplie5 where there wasn't complete12-month energy usoge availoble, flat profile estimotion techniques were used to complete the annuol consumption. Tronsport mileoge ond/or fuel usage doto was provided for company owned vehicle5. C02e emissions were calculated using the appropriate emission factors f rom the UK Government GHG conversion informotion. 28 990,797 188 Scope 2 Emissions Iln-direetl Emissions released intothe atmosphere associated with ENO consumption of purchased electricity, heat, steam ond cooling.These ore indirect emissionsthot ore o consequence of theorgonisotion's octivities, butwhich occur at source5the Companydo not own orcontrol. Year ended 31 March 2025 Energy Total Calculated Type Volume Emissions Ikwhl (Tonnes C02el 1,639,553 540 Electricity Emi55ionsfrom purchased electricicy Total Inten51ty Ratio The organisation hos chosen to use tonnes of C02e per employee for its Intensity Ratio. The intensity rotio wos 2.2812024..1.361. 1,639,553 340 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 17 Trustees, report for the year ended 31 March 2025 Energy Efficiency Action Related parties During the finonciol yeor, the orgonisotion hos implemented the following energy efliciencies: No expenses were reimbursed during the yeor (Period ended 31 March 2024.. £nill.Totol payments to the Music Director for conductirig services and to the Artistic Director for directing productions under f reelonce controcts ore included in the total remuneration for bonding purposes in note11. All services provided are ot the current commercial rote. Replaced the chiller which provides cold water for the ouditorium air conditioning Reploced all lomps in the frorbt of house public oreas with LED We odvertlse lights off to implement behoviourol changes Use of HVO in tIOn5port Increased usage of BMS to tighten the operating schedule of the HVAC equipment We hove o mointenonce compony dedicoted to maintoining our building ossets Using software for energy and carbon monitoring and reporting using hourly and non-hourly metering data Complionce with Trustees, Duties under Section 172111 Companies Act 2006 The choritable purpose of the Compony is to encouroge the understanding ond oppreciotion of the arts by producing performances of opera and concerts of cultural value to the community, a5 well as advoncing educotion and health ond wellbeing for benefit of the public. Heolth and sofety ENO is founded on the belief thot opero should be for everyone.Theiefore, our key stakeholders are the member5 of our audience, both those who attend our performances at our theatre the London Coliseum and other venues across London, Greater Manchester and the UK, but olso those who engoge with our work through our other chonnels, including broodcost, digital outreach, our learning and participation schemes and social media. We are committed to growing this oudience but also developing ond diversifying the opera tolent both on stage ond off,. other key stokeholders include our employees ond permonent workforce, creotive freeloncers who moke much of our work possible and other suppliers who we collaborate with, and purchase services f rom. The Chief Executive Officer 15 re5pon5ible to the Boord for heolth and safety matters. The Compony's Health and Sofety Committee, comprising o Board representative, monogement ond employees (including union representotivesl 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 year. Taxation stotU5 ENO is a registered chority ond accordingly is entitled to exemption f rom United Kingdom toxotion of its charitoble octivities under Chopter 3 of Port11 of the Corporotion Toxes Act 2010 to the extent they ore used for its charitable purposes. London CDli5eum Limited and London Coliseum Enterprise5 Limited do not hove choritoble status but donate any distributable profit to the parent Company through giftoid. The Trustees must act in the woy they consider will promote this choritoble purpose ond they delegote doyto doy manogement ond decision mc]king to the Chief Executive and Executive Directors as listed on page l. 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 updotes on the Compony's performonce ond plons ot regulor Boord meetings ond through the Artistic ond Finance, Audit and Risk Committees. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 18 Trustees, report for the year ended 31 March 2025 In corrying out their duties, the Trustees hove regord lomongst other mottersl to.. The impact of the charity's operations on the community and the environment The likely consequences of cjny decisions in the long term All of our financial planning 15 underpinned by prudent ossumptions based upon historic experience on oudience levels and yields for each type of production, ollowing US to sensibly bolonce potentiol opportunities with underlying risk. CommuDity The ENO is here to enrich people's lives by creating woild-class operatic expeiience5 by, wrth and for everyone.we ore committed to lifelong learning through the orts ond to supporting the health and wellbeing of communities, locally and notionolly. Environment Trustees have made a commitmentto progre55toward5 net zero greenhouse gas emissions by ENO by 2050. The interest5 of the charity'5 employee5 Our finonciol plonning aims to ochieve optimum bolonce between engaging our workforce ond creotive f reeloncers to deliver o full, ombitious ortistic progromme, bringing our Engage strotegy intothe heart Of our business and providing a growth plan for the future in area5 including digital and bioadca5t, sustoinobility, and equity, diversity ornd inclusion. ENO communicates with our employees through a rornge of internol communicotion chonnels. Annuol surveys ore completed to measure employee sotisfoction. Mointoining o reputotion for high stondords OT business conduct Through regular reporting to our Finance, Audit and Risk Committee, and the wider Board, ENO en5ure5 thot we.. exercise prudence in our monagement of finance ond risk,. continue to evolve our business systems to improve our efficiency, sustoinobility ond resilience,. use insight, evoluotion ond doto to inform our decisions at every stage,. optimi5e our assets to b005t income potential,. and grow a culture of enterprise ond inrnovotion, inspiring new forms of cultural production. Our recruitment and HR policies and proceduies ensure thot oll prospective employees are legolly entitled to work in the UK ond sofeguord employees from ony abuse or coercion once in our employment. The need to act fairly as between member5 of the ehority. The need to foster the chorfcy's business rel(rtionships with suppliers, customers and others This criteria hos negligible opplicotion to ENO as the Trustees orethe sole members of the chority, ond the chority is not run in the interests of the members but of the objects of the charity. Suppliers We work closelywith externol suppliers to ensure thot they adhere to ENO'S Values and Behaviours. ENO has a zero-tolerance approach to any form of modern slovery. The Trustees, report (including the Strategic Report) has been opproved by order of the Boord ond signed on their beholf.. Audience The Morketing ond Development teoms collect audience data through.. surveys Iwhich are reported to Art5 Council Englandl,. customer feedbackthrough the Boxofficeornd Front of Houseteams," and external dato sources.Audience data is reported to Monogement, the Boord ond Arts Council Englond regulorly. Louise Jgllreys (Cliaii of Trustees) 17 Dec 2025 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 19 IndependentAuditor's Report to the members of English National Opera Opinion Conclusions relating to going concern We hove oudited the finonciol stotements of English Notionol Opero (the porent chority'l and Its subsidiaries Ithe'group'l for the year ended 31 March 2025 which comprise the con501idated statement of financial activities (including income ornd expenditure account), the consolidated ond charity bolance sheets, the consolidoted cosh flow stotement ond notes to the finonciol stotements, including Slgnificant accounting policies. The financial reporting framewoik that ha5 been applied in their preparation is opplicable lavv ond United Kingdom Accounting Stondards, including Finoncial Reporting Standard 102,.The Finonciol Reporting Stondord opplicoble in the UK ond Republic of Irelond Iunited Kingdom GenerallyAccepted Accounting Practice). In ouditing the finonciol statements, we hove concluded thot theTrustees' use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Bosed on theworkwe have performed, we hove not identified any moteriol uncertointies reloting to events or conditions thot, individuolly or collectively, moycost significant doubt on the Group and Charity's ability to continue as a going concern foi a period Of at least twelve months from when the finonciol statements are outhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the ielevant sections of this report. In our opinion the linonciol stotements.. give o true ond foir view of the stote of the group's ond porent chority's offoirs os ot 31 Morch 2025 ond of the group'5 incoming resources and application of re50urce5 including its income and expenditure for the year then ended,. Other information The other information comprises the information included in the annual repoit othei than the financial statements ond our ouditor's report thereon. The Trustees are responsible for the other information contoined within the onnuol report. Our opinion on the finonciol stotements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre5S any form of assurance conclusion thereon. Our responsibility is to read the other informotion and, in doing so, consider whether the other informotion is moteriolly inconsistent with the finonciol stotements or our knowledge obtained in the course of the audit, or otherwise appear5to be materially misstated. If we identify such moteriol inconsistencies or apporent material misstotements, we ore required to determine whether this gives rise to o moteriol misstotement in the finonciol stotements themselves. If, bosed on the work we have performed, we conclude that there is c] material mi55tatement of thi5 Other information, we are required to report that foct. hove been properly prepored in occordance with United Kingdom GenerollyAccepted Accounting Practice., and hove been prepared in occordance with the r4uirements of the CompaniesAct 2006 and the Chorities Act 2011. Basis of opinion We conducted our audit in accordance with Internotionol Stondords on Auditing IUKI IISAS IUKI l ond applicoble low. Our responsibilities underthose Standards are further described in theAuditor'5 responsibilitie5 forthe audit of the financial stotements section of our report. We ore independent of the group in accordonce with the ethicol requirements thot ore relevont to our oudit of the finonciol stotements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accoidance with these requirements. We believe thot the oudit evidence we have obtained is sufficient and oppropriate to provide o bosis for our opinion. We have nothing to report in this regord. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 20 IndependentAuditor's Report to the members of English National Opera Opinions on other matters prescribed by the Companies Act 2006 Responsibilities of trustees exploined more fully in the stotement of Trustees, responsibilities, theTrustees, who ore olso the Directors of the charityfor the purpose of company law, are responsible forthe preparation of the finonciol stotements ond for being satisfied thot they give o true and foir view, ond for such internal control as the Trustees determine is necessory to enable the preporotion of finonciol stotements thot ore free from material misstatement, whether dueto f raud or error. In our opinion, bosed on the work undertoken in the course of Dur audit.. the information given in the Trustees, report, which includes the Directors, report ond the strategic report prepored for the purposes of compony low, for the linonciol yeor for which the finonciol statements are prepared is consistent with the financiol 5totement5,' and In preparing the finonciol 5totements, theTruste* ore responsible for ossessing the group's ond p)rent charity's abilityto continueos o going concern, disclosing, os opplicoble, mutters reloted to going concern ond using the going concern basis of accounting unless theTrustees etther intend to liquidate the charitable componyorto ceose operations, or have no realistic alternotive but to do so. the strategic report and the Directors, report included within theTrustees' report hove been prepored in occordonce with opplicoble legol requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the oudit, we have not identified materiol misstotements in the strategic report or the Directors, report included within the Trustees. report. Auditor's responsibilities for the audit of the financiol statements Our objectives ore to obtoin reosonoble ossuronce obout whether the finonciol stotements Qs o whole are free from material mi5Statement, whether due to f raud or error, and to issue an auditor's report that includes our opinion. Reosonoble ossuronce is a high level of assuronce but is not o guarontee thot on audit conducted in occordonce with ISAS IUKI will olwoys detect o moteriol misstotement when it exists. Mi5Statements can arise f rom f raud or error and are considered material if, individually or in the aggregate, they could reosonobly be expected to influence the economic decisions of users taken on the bosis of these finonciol stotements. We have nothing to report in respect of the following matters in relation to which the CompaniesAct 2006 requires us to report to you if, in our opinion.. odequote accounting records hove not been kept by the parent charity, or returns adequate for our audit have not been received f rom branches not visited by us," or the porent charity's finoncial statements are not in ogreement with the occounting records ond returns,. or certain disclosures of Trustees, remuneration specified by law are not made,. or we have not received all the information ond explonotions we require *or our audit. Irregularities, including fraud, are instances of non- compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregulorities, including froud. The extent to which our procedures ore copoble of deterting irregulorities, including fraud, is detailed below. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 21 IndependentAuditor's Report to the members of English National Opera A5 part of our planning prDces5'. Assessing the extent of compliance, or lack of, with the relevont lows and regulations. We enquired of management the systems arbd controls the group ond chority hos in ploce, the oreos of the finonciol stotements thot ore most susceptible to the risk Of irregularitie5 and fraud, and whether there was ar)y known, Suspected or alleged fraud. The group ornd chority did not inform us of ony known, suspected or alleged froud. Obtoining third-porty confirmotion of moteriol bonk bolonces, loons ond investments. Reviewing and challenging the assumptions and judgements used by monogemernt in their significont accounting estimates, in particular in relotion to the colculotion of TheotreTax Relief. We obtoined on understonding of the legol and regulatory frameworks applicable to the group and charity. We determined that thefollowing were most relevont'.the Chority SORP, FRS102, Charities Act 2011 and Componies Act 2006. Performing a physical verification Of key a55ets. Documenting and verifying oll significont related party balances ond tronsactions. We considered the incentives ond opportunities that exist in the group and charity, including the extent of management bias, which present potential for irregulorities and fraud to be perpetuated, and tailored our risk ossessment accordingly. Reviewing documentotion such os the charity Board minutes, for discussions of irregularities including fraud. Testing oll material consolidation adjustments. Owing to the inherent limitotions of on oudit, there is an unavoidable risk that we may not have detected some material mi55tatement5 In the finonciol stotements even though we hove properly planned ond performed our audit in accordance with ouditing stondords. The primory responsibility for the prevention ond detection of Irregulorities ond froud rests with theTrustees of the charity. Using our knowledge of the group and charity, together with the discussions held with the group and charity at the plonnirng stoge, we formed a conclusion on the risk of misstotement due to irregulorities including f roud ond tailored our procedures occording to this risk ossessment. The key procedures we undertook to detect irregulorities including f raud during the course of the audit included.. Afurther description of our responsibilities is ovailoble on the Finoncial Reporting Council's website at.. http'.//www.frc.org.uk/ouditorsresponsibilities. This description forms port of our auditor's report. Identifying ond testing journol entries ond the overall accounting records, in particular those that were significant and unusual. Reviewing the financiol stotement disclosures ond determining whether accounting policies hove been oppropriotely opplied. Testing key income lines, in porticular cut-off, for evidence of monogement bias. Assessing the volidity of the clossificotion of income, expenditure, ossets ond liobilities between unie5tricted, restricted and endowment funds. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 22 IndependentAuditor's Report to the members of English National Opera Use of our report This report is mode solely tothe charitoble compony's members, os o body, in accordonce with Chopter 3 of Part16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the choritable compony's members those motters we are required to state to them in an ouditors, report and for no other purpose.To the fullest extent permitted by low, we do not occept or ossume responsibilityto 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 hove formed. Corol Rudge (Senior StotutoryAuditorl for and on behalf of HW Fi5herAudit Chartered Accountants StotutoryAuditor Acre House 11-15William Rood London United Kingdom NWI SER Dote 17 Dec 2025 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 23 * ￿$ oooy English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 24 Consolidated and Charity Balance Sheets for the year ended 31 March 2025 31 Morch 2025 31 Morch 2024 Group £'ooo Cornpony £'ooo Group £'ooo Compony £'ooo Note Non-current assets Intongiblefixed ossets Tongiblefixed ¢Jssets Investment5 Long-term prepoyment5 502 8,808 11,500 302 8,808 11.500 386 13 14 15 11,507 9,773 424 11,507 9,773 424 Total Non-current assets 21,827 21,827 20,996 20,996 Currentassets Stocks Trgde ondother receivobles Ojrrent asset investment Cash and cash equivaleTrts 31 22 16 16 12.663 11.765 9,000 10,695 9,000 10.695 4.614 Total current assets 22,763 17,281 31,692 31,464 Creditor5 lamountstalling duewithin oneyearl 110,0481 14,5481 121.9021 Netcurrenta55et5 12,715 12.733 9,790 9,808 34,542 18.3751 34,560 18,3751 30,786 19.0081 30,804 19,0081 Creditor5 lamountstalling due gfteroneyear Provision5 18 19 Total assets 25,614 25,632 21,778 21,796 Thefunds of thechority.. Unrestri¢ted fund$ General funds Designated tunds Tottsl unrèstricted funds 10,080 10,098 7,643 1.539 9.182 7,661 1.539 9.200 20 12.991 13.009 Restricted income funds 20 1.307 1.307 1.180 1.180 Endowmentfunds 20 Total fiJnd50f the Charity 25,014 25,632 21,778 21,796 The surplus reported in the finornciol statements ofthe parent compony is £3,836,000 IPeriod ended 31 Morch 2024.. £7,797,000). These finonciol stotements were opproved bythe Boord of Trustees on and signed on their beholf.. Louise Jeffreys (Choir of Trustees) 17 Dec 2025 The note5 On poge526 to 44form on integrol part of the5efinonciol 5totements. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 25 Consolidated Cash Flowstatement for the year ended 31 March 2025 51 March2025 51 March2024 Note £'ooo £'ooo Cash fltrwsfrom tspereting activities Netcash provided byopercrting activities 17,3691 9,696 Cash flowsfrom investing octivities Interest received Purcho5eof property, plont ond equipment Proceedsfrom sole of fixed assets 190 521 13 Purcha5eof intongible o55ets Purcha5eof current asset investment Saleof current asset investments Proceedsfrom sole of investment5 16 16 14 19,0001 9,000 2.000 6.184 Netca5h provided by investing activities 7,836 15,3431 Change in cash and cash equivalents inthe reporting period 467 6,353 Cashand cash equivalentsat31 Morch 2024 10,695 C¢Jsh ond c¢Jsh Equivalents ¢Jt 31 M¢Jrch2025 11,162 10.695 Reconeiliation of net incometo neteashflowfrom operating aetivities Net income Adjustment for.. Net Igoin51 on Investments Depieciotion ¢horge5 AmortiSQtion ch(]rgeg Net Igainsl/losse5 on d15posal offixed osset5 Interest received Inve5tmenl Income received Investrnent lees p¢Jyoble Iincregsel/decregse in stock Ilncregselidecreg5e indebtors Increaselldecreasel in crditors 3,836 7,779 12771 596 130 108 498 225 15,9531 1601 30 14 13,8651 367 112.4871 553 Net cosh lused inllprovided byoperoting activities 17.3691 9,096 Anolysisof Cosh ond Cosh Equivoltrnts Co5h ot bonk ond in hond 10,695 Total cash and cosh equiyalents 11,162 10,695 The notes on pages 26 to 44form an integral part of thesefin(Jnciol stotements. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 26 Notes to the f inancial statements for the year ended 31 March 2025 l Accounting policies A5ummaryoftheprincipal groupoccounting policies, allof which hove been appliedconsistentlythroughouttheyeorandthe preceding period, i%£Èt tsut below. Theselinonciol 5totements hgve been prepared underthe historicol costconvention,withtheeMception of investmentswhich gre included ot morketvalue Thefinanciol statements have been prepo'ed in accordonce with"Accounting and Reportin9 bychorities Stotement of Recommended Procticeapplicableto choritie5 prewringtheiroccounts in gccordancewith the Finonciol Reporting Standgrd opplicgble in theUK ond Republicof Ireland IFRS1021 lefFectivel January20191 Chjanye ri atcountifig dJt Inthe prior period.theOroup cknnged it5accounting datetoS1 Marchfrom 31 Julytoglignthe accounting datewiththeACE fundingyear.The current period represents the yeartts31 Morch2025andthe con)PC]ratiwes representthe 8-n)onth periodto31 Murch2024. Gviiiq ionie'n TheTru5tee5con5iderthgt thegoing concern o55uniption is on gppropriote b0515 on whichto prepgrethese consolidotedond company financiolstorement5.Aftermaking apprDpriateenquiries.which include reviewing forec¢Jst scenariosand considering the natureand extent of ri5ks.theTrustee5 considerthot ENO ho$odequ￿te re5ourcestocontinue In oTrrrgtionol existencefortheforeseeoble future.TheTrustee5 hove notedthatthe Company hasArtsCouncil Fundin9 of £12m owordedfortheyearto 31 Morch 2026.TheArts Council hos confirmedthot the Compony'sopplicotionforfunding for theyeor to 31 Morch2027 h05 been succe5sful.Whilstthe omount ho5 not been confirrned bytheArt5 Council,theTrusteesore expecting thegrontto be in linewith theyeorto 31 Morch 2026. In addition, itstroding subsidiary, London Coliseum Lirnited. hossigned ¢ontroctsforthetheotre ¢ntolsthrovgh toJuly2026. Forthis reoson. thelinoncio15tOtement5 hove been prepored on o 90ing concern bosis. The groupfinonciolstotements consolidotethose of ENOond its subsidiories. Londoncoliseum Limited ond Londoncoliseum Enterprises Limited, all 9roup cornpaniesore incorporuted inthe uni-.ed Kingdom witho registered oddres£ and principal address of London Coliseum, St Mgrtlps Lone. London, WC2N 4ES. The re5uIt5 of thesub51dioriesore consolido-.ed on o line byline bo5isond includetheelim notionof lntercompcnybalan￿5.TheCha[itY hasovailed itselfof Porograph SIS) of Schedule 4of theCornponiesAct and adopted theCompaDiesAct formotsto rthect the spe¢iol noture of the chority s octivities. No seporatestotement of Finon¢iolA¢tivit.-es hos been presentedforthechority oloneas permitted bySection408 ottheCompaniesAct2006. Noseporatecash FlowStcrtemeTrt has been preparedforthe charttyalone as permitted by FR5102 kction1.12 Ibl. 1nr.om Income is recognised inthe period inwhich thecompanybecomes entitled, receipt 15 proboble and theamount con ￿ meosuredwfth re05oftgble accyracv. Donation income i5deferied whenthe ¢omponyho5 to meet ¢onditions beforebecoming entitled to it or wherethe donor ho5 specified thatthe income i5to beexpended in a turure period. All grgnts arbd contractual payrnentsare included on g receivable basis. Legacie5 are included when thecompany isentitledto a I￿a£y. receipt jsconsideied probgb1e ond theomourf con bee51imoied with re05on¢ble o¢¢uro¢y. Income 15 not re¢ts9ni*d for le90¢ieswhich remoin The ￿4,0￿,000 gront received fromtheArtsCouncil Notional LotteryDevelopment Fundforthe periodl April 2024to31 March2026 is retogniled evenlyNierthtst period in linewiththefundin9 prowsol Thegrantwus awarded foroctivitydelivered c)verthÈentire periodand is not performonce related. Revenuefromvenue hireand concerts 15 recognised onthe dayofthe event. &iokingfeesare non-refundableand are recognised ￿the doyotthe sale. Othercornmerciol revenue 15 recryni5edwhen Services are provided orforthe soleof goods.when thesigntlicont risksgnd rewordsof the ownerghipof the 9oods have tro?sferred to the buyer, theamount of revenue con be measured reliobly, it Is probablethotthe economic benelit5 0S50CiOted with thetransoctionwill be reolised ondthe c05t5 incurred orto be incurred in respect otthetron50Ction con be meosured PayM￿nI￿rQ}M o-.radin9 Sub:-,diorv undur C fi ￿ld Londoncoliseum Limited hD5 odopted g policyDf poying oll it5 toxobleprofttsto its porent charity. English Notiongl Opero. underGrftAid. Thesegift aid paymentsore reco9niSed In London Coliseum Limited os distributionsthroughequityin thefinoncial period in whichthe profits ori5e. underthete-ms ofthe Deed of Covenont between English Notionolopero ond London Coli5euni Limited. English Notionol Opera recognisesthe incorne inthe period inwhich the prolit5 ofthe sub5idioryorise. Donoto4,iood5 Whe'ethechority receives donoted goodsand services in kindond wherethere isa measurablevoluetothe charr(y,which con beascertoined with reliobility.theyore Included 05 bo-h Incomeondexpenditvie inthe Stotementof FinonciolActivttie5. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 27 Notes to the f inancial statements for the year ended 31 March 2025 l Accounting policies Icontinuedl Exponditurc Thesearetreated on an accruals basis. Charitable octivitie5 expenditureenable5the ENOto meet tt5 charitableairDsgnd objectives. Cost5 of rgislng fund5 includethecosts incurred in raisingdonotion5ond legocies.The5ecosts ore r￿orded 05 necessoryto roi5efund5thgtore neededtotinance charitablegctivities. Direct productioncostsforluture productions. including artists, reheorsolfees ordthe mgnufortureandlorbuilding of physical elernents. ore included in current assetsatthe lower of cost ondfairvalueandexpensed equallyto each pertormanceduring the initial run. Oovernoncecostsare os50ciatedwiththe governoncearrangements otthe charityand relatetooudttfeesand the charitysTrustee liability insurance, and areollocated olong wilh other support costs. Em)lo.yoc bc-cfitb Short-term employee benefits ore thoseexpecte4 to be settled whollybefore twelve months ofier the end of onnvol reportin9 period during which employee 5ervicesare rendered, noi including ierniination benelits.These inc1udewages. salaries and onyother benelit5 paic tocurrent employees All short-term employee benefitsare recog-iged as expenseg In the period inw-ich theyore incyr'ed. Posi-employment benefits. representing contributions into defined contribution plonsforcurrent employeesgreequglly recognised 05 expenses in the period in whichthe contribution poyable i%exchan9ed forserviteg rendered byen)ployee% The o%sÈt%of theschemeorè held gepcrotèlyfrom the charity. Atermination benefit Iiabilityis recognised ¢Jt theearlierof thefollowing dates.. whenthe entitycon no longerwithdrgwtheofferof those benefits or. whenthe entityreco9nises costsfor restructurin9which involvesthe paymentof termination ￿rnefits Allocationof 5upportcosts Cost5 of centrally prov ded services in support of charttrable octivitie5 oreallocoted directlytofunctional area5 ond includethe relevant proportion of premisesc05tswhich comprise of rent, rate5 ond utilitycosts.The basis of allocation involvestheuseof relcrtive headcotsnt50f st(rff numbersondthe proportion of 5itevsage byexpeTrditure category. Tongiblefixed ossets are stoted at higtoric cost 1essaccum￿I(Ited depreciation ¢Jnd any Impoirment Costsof ¢Jddin9to¢Jnd improving the building and pluntarÈ capitolised tsnd deprecitsted Overthe useful èconomic lifèof thea£set. Deprèciotion htsi bèèn provided on thet￿t of such os*ts, eK¢luding frehold lond, otthefollowing rotes." FreeFold buildings.. lrnprovementstofreehold buildings.. Leosehtyld pro)eriy-. Machineryand equiprrEnt'. 2% straight-line 2%-10%straight-line tsver remaining lifeof the ltytyse 7%to33% stroight-line Intonqiblelixed assets Intan9iblefixed assets, suchos licensing agreements ond softwore, acquired fromthird partiesorecapitolised ond omortised overthe period ddring whichthecompanyderiwes economic benefitfromthe assets. Arnortisation 1£ chorgedon a £tr¢Jifjht line basi£ overtheestirnated useful livesof intan9ible assets Intangible¢Jssets ureomortised from thed¢Jtetheyareovoiloblefor ￿se Amortis¢Jtion is provided on intongibleossets go os tOwriteofFthecost, lesganyresiduolvolue, overtheir expected useful econtsmic lifeas follows-. Licences.. Comwter softwore.. 20% stroight-ljne 20% straight-line Sttycks The5econ515t of Item5 held for resoleond arevolued otthe lower of ¢o5t ond estimoted Selling piice lesscoststosell. whi¢h 15 egvivolenttothe net re011￿bIevO1Ue. Ponglon Costs The company contributesto a numberof personal ond outo-enrolment pension scheme5 for itsemployees.crrtributionsarecharged tothe StotemeTrt otFinanciglActivitiesastheybecome payoble. All leoses areoperating leases ond theonnual rentolsare chorgedtothestotement of Finoncial Actiwitiesono stroi9ht-line bo£is overthe lease term. Ini'e5tment Q54et5 ond ielnted Income Inve5tmentQ5sets listed on g recogni5ed stockexchonge, including investment and unittrusts. grestcted ot bid-morketwJlue. Net investment goinsfortheperiod. both reoli5edond unreolised. gredisc195ed inthe Stoternentof FinonciolArtivitie5. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 28 Notes to the f inancial statements for the year ended 31 March 2025 l Accounting policies Icontinuedl Investments in subsidiariesarecorriedot cost less anyprovisionfor losses orising on impairment. Fund5 Thecornpany 5fundsconsistof unrestricted and restricted amounts.The companymay use unrestricted amountsat itsdiscretion. Restricted funds represent incTrrnewhich is ￿strICtedtO porticulgr purposes, inaccordancewtththedonor swishe5. ExpendobleeTrdowrnents in respect offreehold propertie5 oreexpended in linewiththedeprecicTtion ofth05e properties.All otherexpendoble endowmentsoreto be expendedwithin g reasonobletimeotreceiptandthefund5 0retre(rted as restrirted orunrestrricteddepending upon whethertheoriginal donation stipul(Jtre5 expendftrureforspectlic purp05e5, orotherwi5e.Onceexpensed the5efund5 gretransferred to e￿her restricted or unrestrictedfunds. Ta¥atinn Aso chority. English Notionol Opero i5exempt fromtoxon jncomeond goinsfolling within Chopter 3 of Pgrt11 of TheCorporotionTcxAct 2010 ors256 oftheTo¥ation ofChgrgeobleGainsAct1992totheextentthotthe5eareappliedto itschoritgble objects. Notoxchorges hoveori5en in thechgrity. TheatreTaxRelief Amounts dueto ENO in respect of theTheotreToxRelief, are included inthefinanciol period towhich theclaim relates.These amountsare included within IncomefromChoritableActiVities ratherihon ¢Jsot¢Jxcreditoro reduction in expendr(ureosthe nature o?d intention of TheatreTaxRelief is okinto government gront income. The￿tiMateS and underlying assumptions ore reviewed on anongoing basis. Revisionsto accountin9 estimatesare reco9nised inthe period in whichthe estimate is rew15ed rfthe revisionoffects onlythat period, or In the period of the revisionondfuture periods rfthe revisionoffects both current ond fLture periodg. The sourcesof ony si9nificantestimation uncertointyareconsideredto relateto. Thevolueof theTheatreTaxCredit.'TheTrusteesconsiderth¢Jttheamount included Inthefinonciol stotements has been colculated onan ¢Jppropriate bogis in linewith HMRCguidonce The charity hos electwl toapplvthe provisions of Section11'Ba%iC Financial Instruments, C]nd Sectitsn12'Trher Finonci(]I Instrun)ents Issues. of FRS102 toall of its finoncial instruments.. Financial osgetsond financial liobilities ore recognisedwhentheGroup becomes o partyto the co%t%l,exceptforthosefinanciol agsets clcsgified os atfoirvoluethrough profit orloss, which are initially meosured utfoirvolue Iwhith is ntsrmollythetronsoctitsn pri¢eexcludin9trons¢¢tion Costs). unlesstheorrongement constituteso finoncin9 tronsoction. If un ¢Jrron9ement constitutes ¢Jfinonce trongoction.thefinonci¢Jl ussetorfinonciol Iiobilityis meosured ot the presentvolueof the future poymenlsdi5¢ounted ot o morkei rote of inteie5t for 0 5imiloi debi instrument. The chorityond grovponlyhovelinonciol ossets un4 linoncial Iiobililiesof o kind thot qvolifyos ￿$1¢ finun¢iol instrun)ents.Theselinonciol instrument5 ore initiolly recogn15ed ot tronsQCtionvglue¢nd 5yb5equentlyrneD5yredottheii 5ettlementvolye. Trodeond tstherdebtors ore recognised otthe settlement omount dueofteronytrodediscouni offered Prepoymentsorevolued oi the ornount prewid net of onytrodedi5count5due. Cg5h ot bonk ondcgsh In 4ond IncludesCQ5hond shortterm highly liquid inve5tment5With o short mtsturityof three months or lessfromthedate¥f a¢qui*ition Or tspening #f thedewsit tyr similar occ¥unt.Credittsfs ttnd prtyisitsns ore recogn15edwherethe chortty ho50 presentobligotion re5ultingfrom o post event thot will probobly result In thetronsfer offundstogthird portyond theomount dvetosettlethe obligQtion be meosured or estimoted reliobly.Creditor5ond provision5gre normolly rec￿nIsed ot Iheir settlernent omountofter¢llowing for onytr¢4edis¢ounts due. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 29 Notes to the f inancial statements for the year ended 31 March 2025 Yearended 31 March 2025 Period ended 31 March 2024 Choritoble¢¢tivities Unrestricted fund5 £'ooo Restricted Endowment fund5 funds £'ODO £'ooo Totol funds £'ooo Totol funds £'ooo Boxoffice receipts and transoctionfees Theatre rental gndthird partypre5entations Bors ond coteiing 5ervice5 Progran)me solesand odvertising Production exploitation and sundryincome TheotreToM Relief 31,305 5.880 3.975 95 828 3.537 31,305 5,880 3,975 95 828 3,557 6,761 3.103 1.986 575 6.750 45.020 45.620 19.270 ID the prior period.TheotreTgx Relief Included an omount of £5.169.046which relotedtoon increose ine5timgtefor earlier periods. All charttableactivities inthe prior period relcrted tounre5tricted hJ?ds. Ye¢Jr ended 31 March2025 Grant5 Unrestricted funds f'OOO Restricted Endowment funds funds £'ooo £'ooo Total fund5 £'ooo A-t$Cr)Un￿il Lnglond Notionol Lottery Development Fund 12,000 12,000 ogrhcld,.￿'￿StQrn-QUndOtIrn- The LinburyTnJSt The Foyle Found¢Jtion Other restricted 9ronts 500 70 50 261 500 70 50 261 12,DDO 881 12,881 Period ended 51 March2024 Grants Unrestri¢ied funds £'ooo Restricted Endowment fund5 fund5 £'ooo £'ooo Totol funds £'ooo Notionol Lottery Development Fund 7.641 7.041 Restricted 9ront 10 10 7,641 10 7,051 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 30 Notes to the f inancial statements for the year ended 31 March 2025 Year ended 31 March2025 Oonations and legacies Unrestricted funds £'ooo Restricted Endowment fund5 fund5 £'ooo £'ODO Total funds £'ooo Donations, le9tsCies, memberlhips and events Production 5ponsor5hip gnd 5uppTrrt 1,740 699 349 2,439 349 1,740 2.788 Period ended 31 March2024 Donation5 and legacie5 Unrestricted funds f'ooo Restricted Endowment funds fund5 £'ooo £'ooo Totol fund5 £'ooo DoDotion5. leggcies, member5hip5 ond events Production sponsorship ond support 949 464 229 1,413 229 949 693 1,642 During theyear, TheAmerican Friendsof English Notional Opera.o connected charity, collected £243kon behalf of theCharity.Thisomount wos pledgedond received bythechoritysubsequent tothe yeijr end ond Ig not included intheomounts above In thecomporative period of 8 monthsended 31 Mcrch 2024, £75k wo5 recognised withinthe period frorgmountscollected during the period. Yearended 31 Murch2025 Investment5 Unrestricted funds I'ooo Restricted Endowment funds funds £'ooo £'ooo Totol funds £'ooo Incomeeorned from Investments Bank interest 26 60 190 190 24 20 250 Period endtrd 31 Mor¢h2024 Investment5 Unrestricted fund5 Resrricted Endobvment fund5 funds Total fvnds £'ooo £'ooo £'ooo £'ooo Income earned from Investments Bonk interest 47 83 321 321 557 47 404 Yearended 31 March2025 Period ended 31 Mor¢h 2024 Other incorne Unrestricted funds Restricted Endowment funds funds Total funds É'ooo Total funds É'ooo £'ooo £'ooo £'ooo Gain on disposol offixed (Jsset 5,953 5.953 In the prior period, on 9 FÈbrutsry2024, thecompony sold Lillian Boylis Houseforconlidèiation of f6,250,QQOwhich relatedto unrestricted funds. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 Notes to the f inancial statements for the year ended 31 March 2025 Yearended 31 March 2025 Costs of ¢horitoble o¢tivities Unrestricted De51gnoted funds funds £'ooo £'ooo Restricted Endowment funds funds £'ooo £'ooo Tetol fund5 £'ooo Prijduction und performonce Educotion.outreoch and intorm(rtion Cotering ond other soles Support ond propertycosts 48,123 901 2.680 2,900 1,479 361 49.602 1,262 2,080 77 54,604 77 1.803 50.695 Period ended 31 Marth2024 C05ts of charitoble octivities Unrestricted Designgted funds funds £'ooo £'ooo Restricted Endownient funds funds £'ooo £'ooo Total funds £'OOD Produ¢tion ord perftsrmon¢e Educotion,outreoch ond inforn)¢rtion Cotering ond othersoles Support ond propertycort5 21,845 632 1,588 2.719 21,846 032 1.568 3,011 98 52 142 26.784 98 53 142 27.077 Year ended 31 Morch2025 Costs of roisin9 funds Unrestricted Designated fund5 fund5 £'ooo £'ooo Restricted Endown)ent fund5 fund5 £'ooo £'ooo Total funds £'ooo Event costs Stoff and overhead costs Support ond property ¢Q5tS Investn)ent mc]nugmentfees 91 963 157 36 91 903 167 28 1,247 36 1,285 Period ended 31 Morch 2024 Costs of roiSin9fvnds Unrestri¢ted Designoted fund5 fund5 £'ooo £'ooo Restri¢ted Endtswment fund5 fund5 £'ooo £'ooo Totel fund5 £'ooo Event costs Stoff ond overhead costs Support ond property CQSt5 Investment manogmentfees 714 714 122 31 17 14 840 20 866 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 32 Notes to the f inancial statements for the year ended 31 March 2025 Yearended 31 March 2025 Period ended 51 March2024 Total £'ooo Total £'ooo Net expenditure 15 stated ¢JFter charging.. Fees payabletothechority sAuditor' Auditof the Choritoblecompanyfinonciol straternents Au(lit of the subsidioryfinonciol stotements 75 35 67 TDttsl Graup tees 82 Amortisotionof intongiblefixed ossets Depreciation of tongiblefixed os5ets Hireof plont ond mgc.-.inery 130 596 10 223 498 25 OTrcrcting Ic05Q po}rrcr)t5. Plont ond mo¢hinery Rentals 10 1,065 25 635 10 Alloeotion of supportcosts Support costs are pro-rated between the key operational areas.. Production and perfO[rnan￿, Raising funds and Education, outreach ond informotitsn The b¢J£is of opportionment istotol headcountopplicoble in the relevont activities. Yearended 31 Merch 2025 Allocation of 5upportC05ts Management& dn)inistrotion Premises cost£ Governgnce costs Total £'ooo Choritobltr¢¢ti￿tltsS Production ond perforrnonce Educcrtion, outreach and inform(rtion 2,182 636 24 2,989 162 Costs of rai5inglund5 135 25 167 Fortheyearended 31 Morch 2025 685 185 3,318 Periodended 31 Morch2024 Allocation of supportC05ts Monagerrent& adn)inistrtstion Premises Costs Governgnce Total f'OOO Chorittsblea¢tiWties Production ond performance Educ(rtion, outregch and information 2,537 75 508 73 2,918 93 Costs of rai5inglund5 98 122 Forthe period ended 31 March2024 2,510 545 78 3,133 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 33 Notes to the f inancial statements for the year ended 31 March 2025 Porti¢ulors of staff Year ended 31 North2025 Period endod 31 Mor¢h2024 Group C¢mp¢ny fjroup Compony The gggregote ernployrnent C05tswere. £'ooo 'ooo £'ooo É'ooo Wogesond solories Social securitycosts Redundancy/termiDotion 12.710 11,256 9.682 9,682 29 29 187 12,580 1,860 244 12,936 1.860 244 12,936 14,173 Yearended 31 March 2025 Period ended 51 fqoreh2024 Group Comp¢ny Gr¢up Compony Aver¢Jge numberof persons employed by cate9ory Opera compaTr¥- pertorming& production The￿treOperotIon Firnonce, (]dmini%trotion and n)tsrketin9 180 102 39 180 50 39 278 69 41 278 69 41 521 209 388 388 lil Stoff costs ond 5tgff numbers include all perrngnent. lixed term and ternpor(Jryernployee5 of the group. lill In odcition, ENO enjoy£ the support of our ENO FriendsVolunieer£ who playon important role in QSSiSting ourfundr¢Jising oper¢Jtions, the volue of which is not reHe¢ted In the5efinonciol 5tgtement5. liiil Pension costs include contributiDnS of £28.893 (Period ended 31 March 2024.. £13,972) paid into delined contribution pension schemes for stoff whose emolvments (excluding pensions) exceeded a pro rota equivolent of £60,000 during theyeor. Yearended 31 Mor¢h 2D25 Period ended 51 Mor¢h2024 The numberof Groupemployee5whoseemolument5. including redundoncy and benefits in kind but excluding employers. national insurance and pension ¢ontribution, were in excess of £OO.000 wos.. l? months No. 8 months N¢. £60,000- 169,999 £70,000- £79,999 £80,000- £89,999 £90,000- £99,999 £140,000- £149.999 £150,000- £159,999 Thefigure5 in the table above are not comparable osthe current period wa512 months and the prior period was 8 months. In addition. Ihe prior period figures were impocted by redundancy poyments. In addition to an employee salary payment, the Music Director arbd theArtistic Director ore paid for conducting and directing service5 re5pe¢tively undei freelonce ¢onlio¢t5 on 51milor term5 to other ¢ondy¢tor5 ond dire¢tor5 engQ9ed. The key management personne1 of the Group cDmpri5ethe Executive Clfficers. During theyear, the Executive Ofrlicers and Senior Montsgement Teom wos restructured resulting in Executive Officers onlyos key monogement personnel. Key montsgement pers()nnel remuneration includesthe remunerotion of Executive Officer5 o-d the tormer Senior Monagement Team up until the date of the restructure. From the date of the restructure, remunerotion includes onlythe Executiveofficers. The number of key monagement personnel repre5ent5 gn overoge overtheyeor. Thetotal rernunerotion lincludin9 pension contributions and ernployer's national insur¢Jncel of the key management personnel forthe year totolled £1.090.089 to ? employee5 (Period ended 31 March 2024-. £795,127to 14 employee51. During the ye¢Jr, theGrtsup mc]de poyn)ents or mode provision for paymentg upon termincrtion Of employment Including umount% in lieu of notice totalling £nil to nil employee5 IPeriod ended 31 March 2024.. £1,860.281 to 94employee51. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 34 Notes to the f inancial statements for the year ended 31 March 2025 12 Intongiblefixed a5set5 Licences Softwore Total £'ooo £'ooo £'ooo roup gndcompony Cost At1 April 2024 Addition£ Di5P05o15 166 482 38 12991 58 12991 At 31 Mc]rch 2025 166 221 387 Depreciotion-. At1 April 2024 Chorge for the period 253 97 346 130 33 At 31 Mc]rch 2025 146 204 Net bookvolue.. At 51 Mar¢h2025 At 31 March 2024 20 53 103 249 123 302 13 Tangiblefixed os5ets Freehold Lond& Buildin95 £'ooo Leosehold Land& ildin95 Mochinery& Equiprnent Total £'ooo £'ooo £'ooo Groupand Company Atl April 2024 Additions Disposgls 15,405 1,452 348 555 5,099 1,305 20,852 3,310 Ai31 Morch2025 16,857 901 6,289 24,047 Dcp-cciotinn. At l Apiil 2024 Chargeforthe period Disposgls 8,513 298 285 3.246 291 12,044 596 At 31 Morch 2025 8.811 292 3.437 12,540 Net book value. At 31 March 2025 At 31 Morch 2024 8.046 6,892 609 65 2.852 1,853 11,507 8,808 Freehold Land and Buildings includes lond at a cost of £2,000,000 12024.. £2,000,oooI which is not depreciated. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 35 Notes to the f inancial statements for the year ended 31 March 2025 14 Investments fjroyp andcompony FixedAsset Investments at cost orvaluation Bonds Alternotives &Other Cosh in Total Atl April 2024 Addition5 VcluC]tion Changes Investment incorne Investment nignogernentfees Withdrawal 5,882 3.104 3,838 249 14,8091 11,500 90 102 277 60 1041 12,0001 60 1641 12,0001 6,716 13,9751 At31 March 2025 5,082 4,186 353 152 9,773 Corrying ¥¢lue At31 March 2025 At31 McTrch 2024 5.082 5.882 4,186 3.838 353 1.531 152 249 9,775 11,500 The historicalcost of group and chorityfixed asset Investments at31 Morch 2025was£9,003,663 12024.. £11,499,915) Other investments lil The compony ownslOO% ofthe ordinary share capital of its subsidiary, London Coliseum Enterprises Limited.which is registered in England ond Wole5. ond whose prin¢ipoI o¢tivityW05 ¢ommerciol promotion in support of ENO The subsidiarywos dormant inthe yeor. No distribution was paid tothe parent company Ireferto note 251. All of thedirectors of London Coli5eum Enterprises Limited ore executives ond senior monoger5 of the ENO. Ordinoryshar Investment in sub51diory. At 51 Mc]rch 2025 and 31 March 2024 Arnount5dueto porent undertgkingwere £75.ty)Oat 31 Morch 2025 (2024.. £75.0001. lill The comp(]ny own%100% of the ordinory share capitol of its Subsidiary, London Coliseum Limited, which is registered In Englc]nd ond Woles. and whose principal octivityis theoper(Jtrional monogement of the London Coliseuni. The %ub£iditsr¥wa% trttdin9 during the year AGift Aid diltribution of £1,585,000 (Period ended 31 March 2024.- £705,000) wos Paid to the parent Irefer to note 251.All of the directors of London Coliseum Limited are executives and senior manager5 of the ENO. Ordinory5hores Investment in sub5idiary'. Cost.. At 31 Nlgrch 2025 ond 31 Morch 2024 Arnountsdueto porent undertgkingwere £2,543.000 at 31 March202512024..AmouDts duefrom parent undertaking were£14.915.0001. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 36 Notes to the f inancial statements for the year ended 31 March 2025 31 March 2025 31 March 2024 15 Long term prepoyment5 Group I'ooo Company £'ooo Group £'ooo Company £'ooo Longterm prepayment5 424 424 386 386 424 424 586 386 Longterm prepayments relllteto recoveroble deposits. 31 M¢r¢h 2025 51 Mor¢h 2024 16 CurrentA5SPts roup Cornpgny roup Compony £'ooo £'ooo £'ooo £'ooo ltsl Debtors A*icunts fullin9 duewithin oneyear. Trgde debtor5 Other debtor5 Amountsdueftom subsidiary undert¢JkingS TheatreTax Reliet receivable rgnt5 receivoble Preptsyments and actrued incon)e 392 2.072 359 219 35 164 897 2,613 9.061 1.146 1,190 9,061 1.146 1,035 400 1,593 400 1,454 11,570 12,663 11,975 11,765 Costsof future production5 included within Prepayments.. Openin9Within1 yeor Openin9 ofter n)ore thon l yeor 75 51 75 65 65 126 126 05 65 31 March 2025 51 March2024 Ibl CurrentAs5et Investment Group £'ooo Company £'ooo Group £'ooo Company £'ooo Current gsset investment 9.000 9.000 9,000 9,000 £9,OOOkwas invested in o Money Morket Fimed Term Deposit gccountwith Coutts&Co on 20 November 2023.This occount poid gn interest rote of 4.71% peronTrum ond matured OD 2April 2024. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 37 Notes to the f inancial statements for the year ended 31 March 2025 31 March 2025 31 March 2024 17 Creditor5'. amountsfolling due within oneyeor roup Cornpgny £'ooo Group £'ooo Company f'OOO £'ooo Trgde creditors Other Creditors Taxation and social security Accruo15 ond deferred income Amountldue to lubsidiary undertokin9 L￿rn frorn DCMS 1.434 409 324 7.402 1.418 122 522 2.207 384 2,522 435 18.563 384 1,967 433 4,033 14,83? 479 479 10.048 21,902 21.656 Within accruols ond deferred income is included the followin9 omount of deferred Income relotin9 to boxoffice receipts ond oiher income received in odvance. Broughtforword Released in theyear Received intheyeor 15,319 247 12471 298 358 13581 358 13581 247 4.887 Carriedlorword 4,887 298 15,319 247 31 March 2025 31 Marth 2024 18 Creditors due in m¢rethun oneyeor Sroup £'ooo Compony f'OOO roup Comwny £'ooo £'ooo l￿rn fron) DCMS 8,375 8,375 9,008 9,008 8,375 8,375 9,008 9.008 A£8,500,OOOCulturol Recovery Loanwosowarded tothecompony in December2020.The loan is repoyable over 20yearswith a 4year payment holidoy Interesi oc¢rves ot2% per onnum. Amounts due In overfiveyeors ore £6.367.02912024. £6,975.2441. Group and Compuny 19 Provisions Total £'OOD £'ooo At1 April 2024 Addition5 553 553 At 51 Morch 2025 555 553 Provisionslordilopidotitsns represent theTrustees' estimote of fvturehnonciol obli9Otions for thefjroupio return eoch leosed premisesto the stondgrd Stipulated inthe respective leaseagreement5. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 38 Notes to the f inancial statements for the year ended 31 March 2025 20 Anolysisof net assets between funds-.Group Unre5tiicted funds £'ooo Restricted fund5 £'ooo Endowment funds £'ooo Totol funds £'ooo nsolidoted fijnd bolances.. Non-current ¢Jssets Current osset5 10,346 21.021 110,0481 18,9281 165 21,827 22.763 110,0481 18.9281 Noncurrent liobilities Tot¢1 net¢sstrt$ 0$ ot 31 Mor¢h2025 12,991 1,307 25,014 Non-current QSset5 Current o%%ets 9.413 30.679 107 20,990 31,692 121.9021 19.0081 19.0081 Total netasset5 05 ot 31 March 2024 9,182 1.180 11.416 21,778 All endowment fundsore wholly represented byexpendableendowments (see note211. Anolysisof net assets betweenlunds.. Company Unre5tiicted funds £'ooo Restricted fund5 £'ooo Endowment funds £'ooo Totol funds £'ooo nsolidoted fijnd bolances.. Non-current ¢Jssets Current osset5 10,346 16.139 14,5481 18,9281 165 21,827 17.261 14,5481 18.9281 NonOJrrent liobilities Tot¢1 net¢sstrt$ 0$ ot 31 Mor¢h2025 13,009 1,307 25,632 Non-current QSset5 Current o%%ets 9.413 30,451 107 20,990 31,464 121.6561 19.0081 Noncurrent ligbilities 19.0081 Total netasset5 05 ot 31 March 2024 9,200 1.180 11.416 21,790 All endowment fundsore wholly represented byexpendableendowments (see note211. English National Opera (Limited byGuaronteel 39 Eno English National Opera (Limited byGuaronteel Eno English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 41 Notes to the f inancial statements for the year ended 31 March 2025 21 Movtrmtrnt in Ivnds l¢ontinvedl lal Surnmory Icontinuedl The transferto Capital Reserve represents Ireehold land and building additions during the period Ibl De51gnated lunds Capitol Reserve Fund5 The Capital Reserve represent5the net bookvalue of fixed as5et5funded from ENO'5 unrestricted fund5. Strategic Investrnep,t The Strotegic Investment fund represent5 funds ollocoted to strgiegi¢ proiectsto be corried out in futureyeors.The5e proje¢t5 moy beort15tic. operational orcopital ID noture but oreonticipoted to enhoncethe public benefit orefficiency of theCompaDy. 1¢) Restricted in¢orne fvnds An omount of £2,000151 Morch 2024.. [4,0001 is carried forword on this fund, representing the book Yolue of properties ocquiied. London LoliseuTr Restorotion The bolance IS to bè utilised in rèspect of thÈ restorotiots of the London Ctrliseum. PiodLJCtion&Proieft Sijppo't Funding is received from timeto time bywf)yoI specific donotions ond gronts in respect of o vofietyof ortistic ond inlrostructurol proiectg in furtheranceof the company'scharitobleaim5 including education and outreach work.Thesefunds aretreated as restricted Incomeon receipt- ACE Capital FLr.d ENO hos received supportfrom ACE in respeci of copiiol Investment. The fund represeDtsthe proporiion of ihe net book volve of assets purchased funded bythegrant and is omortised in line withthedepreciation policies in respect of these assets G&SWolki-g Tour Thisfund presents the grant received fromwestminstercouncilforo fjilbert and Sullivan Walking Tour Idl Endowmentfunds lexpendablel London Coli5eum & Lilian &iylis Housefreehold An amount of £5.633.000 is carried forward during the period.The balance otthe Lilian &]ylis Hou5e+undwa5 released on the Sale of the building cr￿￿te1c￿-.￿ly￿t Thp FNOCreate endowment fund 15 to be uiilised overo maximum oftwenty-five yeor5to provide investment In ENOoctivitie5 designed to generate Iong-tErm revenue 5treom5 for ENO. It 15 part of theACECataly5t endowment 5chEme. English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 42 Notes to the f inancial statements for the year ended 31 March 2025 22 Financial comrnitments Groupcnd Company The componyoccupie£ cert¢Jin larbd and buildings underfull-repoiring short term leoses at rentswhich ore subject to periodic review. The componyals0 leg5es voriou5 equipnient. Thetotol future minimum rentols under non-concellable oper¢Jting leoses areogfollowg. 31 M¢r¢h 2025 31 M¢rch 2024 Lond & hei Lond Other £'ooo £'ooo £'ooo £'ooo Ope-ating'ecie5 wkich eKP re. not l(rterthan oTreyeor loterthon oneyeor ond not loterthonfiveyeors loterthan tiveyears 1,032 1.253 10 19 863 2.022 50 26 2,295 26 2,955 57 Contin9ent liabilities lol lil Under theconditlQn5 Ottoched tothe grant lowgrd5 the pvr¢h05eco51 of the LondonColiseum.ACE hosthe oplion, in ¢ertoin circumstances, to purcha5ethefreehold of the London Coliseum tor nominol considerotion. Thi50Ption 15 included in o deed th(rt gives ACE o chor9e which impose£ restrictionswith regard tothe useond dispos¢Jl of the Coligeum The trustees are of the opinion thot these ¢ircymstonces gre unlikelyto occur. lill The Naiional Herita9e Memorial Fund hos a legal charge overthefreehold of London Coliseum to secure moniesand obligations pvrsUQnttothe gword of re5torotionfunding. Thetru5tee5greof theopinionthotthe obliggtlQn5gre unlikelyto be breoched intheordinory courseof events. Ibl ACE has a fixed andflo(Jting Cl￿rge0verpropertyond assetsof thecompanyotherrhanthe Londoncoliseum which imposes certain other restiictions in regordtotheir useor disposol The trusiees oretsfthe opinion ihotthe* restrictitsns orevnlikelytts bebreoched under ordinarv circum5rances. Capital commitments Atthe￿or end.theGroup hgd committed to £895k of copitol 5pendto repgirand renew rwfsof the LoDdonColiseum. 23 Pensions The cornpanyhas made contributionson beha￿of employeesto defined contribution scheme5. Pen510ncontribution5 made bythecompany durin9 thÈyear tsmounted to£212.481 IPeiiod ended 31 Morch 2024-.£244,0081.At 31 Morch 2025. the b)lon¢e of unpaid ¢ontribytionstotalled £141,016131 March2024.. £47.7141. 24 Liobility of members The compcny is limtted bygugrantee.all members hoving o liobilitynotexceeding £10 per member.At 51 March2025. therewereeleven members131 Morch 2024.'twelve mernbersl English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 43 Notes to the f inancial statements for the year ended 31 March 2025 25 Subsidiarycornpanies lol Londen Coliseum Enterprises Limited The wholly-owned tr¢Jdin9 subsidiary, London Coliseum Enterprises Limited Icompony number 023790511.which is incorporated ond registered in Englond ond Woles. poy5 011 its prolits bygift old to the porent componywho tswn5 the entire issued shore copitol.The Company's principal octivitywosthe sole of flowers.The Companywos dormant during the yeor,following the deci5i0nto close the businegsduring the prior period (Period ended 31 March 2024.Turnowerof £9k, Expenditure of £30kl. For the yeor ended 31 Morch 2025, the Componywill lile individual doimont gccountswith Componies House. 51 March2025 31 March 2024 T4e OSs￿tr and liabilitiegof the subsidioryus atthe balance gheet d¢Jtewere.' Current Q55et5 176,6411 176.6391 176,6411 176.6391 Total neta55et5 Aggregote share capital ond reserves 176,6591 176,6391 Ibl LondDn Colisèum Limited Thewholly-owned trctding subsidiory, London Coligeun) Limited Icon)pony number 091842191, which 1£ incorpor¢Jted und registered in Englond #nd Woles, poys oll its p'olits bygift old to the porent compony who owns the entire issued shore copitol.The Compony's principal activity is the operation of the London Coliseum. Fortheyear ended 31 March 2025, the Companywill file individual accounts With Componies Houle. 51 March2025 31 March2024 £'ooo £'ooo The c]%sets und Iiabiliites of the subsidi¢Jryatthe balance sheetdatewere Current QS5et5 8.045 18,0451 15.087 115,0871 Totol netosstrts Yearended 31 Morch 2025 £'ooo Period ended 31 Morch 2024 £'ooo Incomefrom operotionotLondon Coliseum.. Turnover Cost of sole5 Gross profit Admin expenses Operoting protit Interest re¢eived 38,508 951 7,274 720 1,546 39 705 Profit beforetu 1,585 705 English National Opera (Limited byGuaronteel CornponyNumber.' 00426792 Notes to the f inancial statements for the year ended 31 March 2025 26 Related portytransactions Trustees received nil remunerotion in the year IPeriod ended 31 March 2024.. nill. NtsTrvstees of the compony weie reimbursed expense$12024". rttsnel Appropriote insuronce h¢Js been ¢Jrronged bythe Componyto indernnifyTrustees and ernployeesfor ony le9ol liobilityfor d¢Jrnoges and legol expenses ori5ing fiom performonce of their dutie5. Durin9 theyec]r, theTrustees of the compc]ny donated £84,924 (Period ended 51 Morch 2024.. £58,685) to ENO. Included in thistotal is an omount of £23,528 (period ended 31 Morch 2024.. f42,9491 which was donated by a Trusteeto American Friends of En91i£h Ntstionu Opero (see Connected Chtsritiesl.Amerittsn Friènds of English Nationol Operts subieguently dtsnoted this omount to ENO in the yeor. Totol p¢ymentSto theArli5tic Directors under freelgn¢e oontro¢15 ore included within the bond5 for higher poid employees d15closed In note11. All services ore provided at the current commerciol rate on term5 similgr to other conductors engoged by ENO during the yecr. At 31 Morch 2025, ENO wg5 owed £2,542.902 by Its svb51diory, London Coli5eum Limited131 Morch 2024. owed £14.915.238 to its 5ubsidiory. London Coliseum Limited), and was owed £76.641 131 March 2024.. £76.6411 by its subsidiory. London Coli5eum Enterprises Limited Tran%octiOn% between the purent con)pony ond lubsidiories represent rethc]r9Ès relatin9 to income of £1,185,272 IPeriod ended 51 March 2024-. £nill ond expenditure of £2,725.654 (Period ended 31 Morch 2024-. £nill. 27 Anolysi5 01 change5 in Net Funds At l April 2024 £'ooo CD5WTrw5 Other non-cosh chan9es £'ooo At 31 Morch 2025 f'OOO £'ooo Cash and Co5h E4uivolents Cash 10,695 467 B¢ri¢Wings Loanfrom DCMS 19.0081 325 18.8541 Totol net Q5set511debtsl 1,087 792 11711 2,308 Analysisof changes in Net Funds Atl Au9USt 2023 £'ooo Ca5hfiows £'ooo Other non-cash change5 At 51 Morch 2024 £'ooo £'ooo h ond Cash EquDmlents Cash 4,343 6,352 10.095 BcrfcNvings Ltyjn from DCMS 18,8951 19,0081 Total net Idebtsllasset5 14,5521 6,552 1,687