**ENGLISH TOURING OPERA LIMITED (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023** 

**Charity Number: 279354 Company Number: 1458501** 



## **ENGLISH TOURING OPERA LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023** 

||**Page**|
|---|---|
|**Reference and administration details**|**1**|
|**Trustees’ annual report, including Chair’s Statement**|**2**|
|**Independent auditor’s report to the members**|**18**|
|**Statement of fnancial activities (including income and expenditure account)**|**21**|
|**Statement of Financial Position**|**22**|
|**Statement of cashfows**|**23**|
|**Notes to the Financial Statements**|**24**|





**ENGLISH TOURING OPERA LIMITED REFERENCE & ADMINISTRATIVE DETAILS FOR YEAR ENDED 30 JUNE 2023** 

## **DIRECTORS AND TRUSTEES** 

English Touring Opera Limited (ETO) is a company limited by guarantee, which is registered as a charity.  For the purposes of the Companies Act 2006, the members of the Board of Trustees are the directors of the company. 

The Trustees that served during the year are as follows: 

Leonora Thomson Chair Mark Beddy Chair, resigned on 30 Sep 2022 at the end of the Board service term David Burke[+] Resigned 30 Sep 2022 at the end of the Board service term Bill Bush OBE[ +] Appointed Deputy Chair on 1 October 2022 Anita Datta* Jane Davies OBE* David Ereira OBE Darren Joyce* Abigail Kelly* Laura Liede[+] Chair of Finance Committee Clarissa Meek Trevor Moross Peter Puskas Mark Rhodes[+] Richard Salter KC[+] 

+ Indicates a member of the Finance Committee 

* Indicates a member of the Inclusivity & Relevance Committee 

## **COMPANY LEADERSHIP** 

## **DIRECTOR** 

Robin Norton-Hale 

## **COMPANY SECRETARY** 

Jane Bedwell 

## **WEBSITE** 

www.englishtouringopera.org.uk 

## **PRINCIPAL OFFICE** 

Mountview, 120 Peckham Hill Street, London, SE15 5JT 

## **REGISTERED OFFICE** 

Mountview, Unit 1, Peckham Hill Street, London, SE15 5JT 

## **AUDITORS** 

Haysmacintyre LLP 10 Queen Street Place, London, EC4R 1AG 

## **BANKERS** 

Barclays Bank PLC, 50 Pall Mall, London, SW1A 1QD 

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**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

## **INTRODUCTION** 

It has been a great honour take over as chair of the board of trustees of English Touring Opera during the year to which this report pertains. In September we said a fond goodbye to the previous Chair, Mark Beddy, to whom we owe a great debt of gratitude for ably and calmly steering the organisation for ten years, and also thanked David Burke for his loyal service as a trustee. 

Starting as Chair with a new General Director as well – Robin Norton-Hale having started full-time in the latter post in September 2022 – means that this has been a significant time of transition for the company. 

The Autumn 2022 season ‘Handelfest’ and the Spring 2023 season with more Handel (a revival of _Giulio Cesare_ ), and Donizetti’s _Lucrezia Borgia_ and Rossini’s little performed _Il viaggio a Reims_ were a fitting tribute to James Conway’s time with ETO. Alongside these performance, _Tutankhamun’s Shoes_ and _The Wish Gatherer_ played to thousands of young people in schools and other venues across England, continuing ETO’s unique programme of specially commissioned operas for 7-11 year olds. Many other projects and programmes ran throughout the year and you can read about them in the rest of the report. 

In order to keep up this level of activity we need to increase our earned and fundraised income over the next two years – a challenge in the times which are living through, but not, in my opinion, an unsurmountable one. 

Opera in the UK is going through an unsettled and difficult time. Whilst ETO were awarded an uplift by our major funder, Arts Council England – for which we are extremely grateful – times are still very tough. Opera companies have to contribute to many agendas – social, economic and environmental   – as well as putting on their usual fine work in theatres and other settings. We also are now proud to be championing diversity throughout our organisation and aiming to ensure that opera becomes a more inclusive art-form that is available to all - whether as audience member or as part of the varied workforce. 

All of the above is increasingly demanding when costs are going up significantly, many of our audience have less money in their pockets and some of our older audience in particular have not returned to theatre post-Covid. As I write this introduction we are now half way through the next financial year and whilst there are positive signs on audience return, the challenges remain. But this does not stop us innovating and being ambitious. We tour to more theatres than any other major opera company in the UK, possibly in Europe, and hugely value our relationships with the venues we visit; our learning and participation work closely  linked to our theatre-based work whilst our audience development work is increasingly seeking out those who are new to opera.  As a medium-sized opera company we can be fleet of foot in a way that bigger companies cannot, and we must use this strength to our advantage. 

Alongside some other companies, as part of our new arrangement with Arts Council England we have agreed in principle to move our base out of London (dependent on an ongoing feasibility study) which could potentially have a major impact on our operations. As we work through this we are aware that it creates uncertainty both for staff and our substantial raft of freelance colleagues and I am really grateful to them for their loyalty and dedication. 

I want to thank all of the staff at ETO and all of the freelance workforce who have made the work described in this report possible and brought joy to thousands of people, young and old during the year. I also want to thank my colleagues on the Board of Trustees – being a trustee is an increasingly demanding task these days, and they all give a lot of their time and expertise for no more reward than the pleasure of being involved in a thriving opera company. We are lucky to have them and I look forward to working with them, and Robin Norton-Hale and her excellent new team to take English Touring Opera into its exciting new stage. 

## Leonora Thomson 

## **Leonora Thomson Chair of Trustees Date:** 6[th] February 2024 

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**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

## **The Trustees present their report and financial statements for the year ended 30 June 2023** 

## **OBJECTIVES AND ACTIVITIES** 

English Touring Opera’s objects are to create, present and promote vibrant, innovative and high-quality opera, music and theatre to existing and new audiences and venues and to encourage the development of the arts including the arts of drama, ballet, music, singing, literature, sculpture and painting.  The company seeks to stimulate new access, understanding and appreciation of the genre of opera, while promoting the development of the highest performance standards and enlivening career development opportunities for its artists. 

The objectives can be split into three sections: 

## **Artistic Objectives:** 

- to tour complete operas at ‘classical scale’ with orchestra 

- to select and produce lively, particular programming at which ETO can excel, from the traditional to the contemporary 

- to ensure the programme appeals to and reaches widespread and diverse audiences 

- to achieve excellence on stage and in the pit 

- to enhance the critical reputation of ETO and support new artists through the engagement of a mixture of established and emerging singers 

- to run a flexible and lean organisation enabling artistic risk 

- to develop talent and ideas through partnerships 

- to integrate Learning and Participation work closely with stage work, mixing personnel and creativity. 

## **Learning and Participation Objectives:** 

- to excite and inspire young people and adults 

- to deliver work that is completely inclusive, and to work in particular with young people with special needs 

- to reach areas of significant social and economic deprivation 

- to co-create new work with participants 

- to bring high standards of performance into schools. 

## **Promotional and Development Objectives:** 

- to increase the number of members of the public who attend ETO performances 

- to maintain accessible ticket prices 

- to develop a network of supporters to help promote the company’s objectives at a local level 

- to source and sustain regional syndicates of donors and opera enthusiasts to help secure the future of regional touring opera performance. 

The strategies employed to achieve these objectives in the year covered by these accounts included the production and presentation of operas, concerts, spoken word and other arts events, and related outreach and Learning and Participation activities. Particular attention during the period has been placed on developing sustained relationships, notably with funders, key venues, other arts organisations and with ETO’s audience through local networks. 

In reviewing and developing ETO’s activities and future plans, careful consideration is given to the public benefit arising from ETO’s work. The Trustees take particular account of the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charity. The Trustees consider that the work of the charity provides considerable benefit to the public as illustrated by the activities described in this report. 

## **ACHIEVEMENTS AND PERFORMANCE** 

We were delighted and relieved to be able to deliver our first year of full touring capacity, across both autumn and spring tours, following the coronavirus pandemic. In a year which has seen many changes in the English Touring Opera team, including (in addition to a new Chair and new General Director) a 

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**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

new Producer and Head of Production, we were so pleased to be able to deliver a full series of excellent performances to our audiences across England, and thank the staff team and freelance artists whose hard work and talent made this possible. 

## **AUTUMN 2022 ‘HANDELFEST’:** _**Ottone**_ **and** _**Agrippina**_ **,** _**Tamerlano**_ 

Our autumn season of three productions (two revivals, _Ottone_ and _Agrippina_ , and one new production, _Tamerlano_ ) of operas by Handel was greeted with enthusiasm by audiences and critics. That the tour’s musical standards were exceptionally high was widely recognised, with exciting emerging artists Nazan Fikret, Hilary Cronin and Edward Jowle coming in for particular praise, as well as the playing of the period instrument orchestra across all three shows. 

_Tamerlano_ was conducted by Jonathan Peter Kenny, directed by James Conway and designed by Rebecca van Beeck; _Ottone_ was conducted by Gerry Corneliua and revived by Christopher Moon-Little and _Agrippina_ was conducted by Leo Duarte and revived by Bradley Travis (James Conway was the original director for _Ottone_ and _Agrippina_ ). The lighting designer for all three operas, new to ETO, was Tim van’t Hof. 

Ticket sales moved in a positive direction, with a total attendance of just under 6,500 audience members across the tour. There were many reasons for optimism – it was the second-best return for both box office and attendance at Hackney and Exeter over the past five autumn tours, our best performance at Malvern since 2013. Sales for the spring tour recovered further (see below). 

Alongside the theatre performances, we programmed a range of ‘festival’ events. We delivered four recitals in Malvern, Saffron, Buxton and Exeter, presented by Alex Robinson, our Assistant Conductor for the season, with some of our musicians from the orchestra and featured popular pieces from _Giulio Cesare_ , _Alcina_ and _Semele_ , as well as some less well-known gems from the Autumn season. Each recital was performed by Hilary Cronin and Jerome Knox, both London Handel Festival competition winners. In addition to the recitals, masterclasses were held in both Malvern and Buxton as part of our Artist Development Programme. These events reached 450 people across the tour. 

In the Autumn 2022 season we gave 16 performances across 7 venues (Hackney, Poole, Buxton, Malvern, Saffron Walden, Exeter, Truro). 

_**Tamerlano**_ : 7 performances _**Agrippina:**_ 5 performances _**Ottone**_ : 5 performances 

Below: April Koyejo-Audiger, Ellie Laugharne, Rodrigo Sosa Dal Pozzo, Jorge Navarro Colorado and James Hall in _Tamerlano_ (2023). Image: Richard Hubert Smith 





Above: Paula Sides in _Lucrezia Borgia_ (2023). Image: Richard Hubert Smith 

## **SPRING 2023:** _**Lucrezia Borgia, Il viaggio a Reims, Giulio Cesare**_ 

The spring season focussed on _bel canto_ – beautiful singing. The orchestra played period-appropriate instruments, so the audience encountered a different sound world for the Donizetti and Rossini operas than the baroque instruments for Handel, and exciting innovation for ETO. 

_Lucrezia Borgia_ , by Donizetti, was conducted by Gerry Cornelius and directed by Eloise Lally, with Paula Sides, Aiden Edwards, Thomas Elwin and Katie Coventry in the leading roles. _Il viaggio a Reims_ , by Rossini, was conducted by Jonathan Peter Kenny and directed by Valentina Ceschi. Among the many principal singers were Luci Briginshaw and Edward Hawkins (who have come up through the ranks with ETO), Susanna Hurrell, Esme Bronwen Smith (recent Kathleen Ferrier Award winner), Julian Henao Gonzalez, Richard Dowling, Jean-Kristof Bouton, and Timothy Dawkins. 

_Giulio Cesare_ by Handel was a revival of ETO’s production cancelled after two performances in the 2020 Covid outbreak, directed by James Conway and conducted by Sergey Rybin. The cast included Frances Gush as Cesare, with Susanna Hurrell as Cleopatra, Alexander Chance as Tolomeo, Carolyn Dobbin as Cornelia and Margot Arsane as Sesto. 

Adam Wiltshire was the season set and costume designer and Ric Mountjoy the season lighting designer. 

In the Spring 2023 season we gave 34 performances across the 14 venues (Hackney Empire, Poole, Sheffield, Norwich, York, Durham, Chester, Cambridge, Snape, Canterbury, Cheltenham, Buxton, Leamington Spa, Exeter). 

_**Lucrezia Borgia**_ : 13 performances _**Il viaggio a Reims**_ : 11 performances _**Giulio Cesare**_ : 10 performances 

We built on our solid Hackney performance in the Autumn to return the largest opening to a tour at Hackney since 2017, and the highest for any 3-date tour ever, achieving 126% of our audience target and 146% of our budget fulfilment target. It was a fantastic way to start the tour and demonstrated that we have built a strong and engaged audience in London who enjoy coming to varied repertoire. 

The spring tour was potentially difficult to sell given the unfamiliar titles, but we ended up with a very respectable return across the season. Over an identical number of performances (34), box office takings increased by 5% against Spring 2022, while the tour was seen by an extra 1,132 people. On a per-performance basis, this year’s tour was the highest not anchored by a big-name production – going back to 2014 this year’s average attendance of 481 people per performance was only bettered by tours 



**ENGLISH TOURING OPERA LIMITED TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

including _Tosca_ (2017), _La bohème_ (2015) and _The Magic Flute_ (2014). It was also very encouraging to see a relatively even box office split between the three operas. 

Reviews for the season were positive, especially for the auspiciously-timed _Il viaggio a Reims_ , set during the celebrations around the coronation of an earlier King Charles, with _The Times_ choosing it as Critics’ Choice as “a show that’s easy on the eye ... the ear and the brain,” and _The Stage_ saying _Lucrezia Borgia_ was a “fine account of Donizetti’s melodrama with impressive singing and intelligent staging… the cast delivers on every level.” 

We continue to try to reduce the carbon footprint, and increase the environmental responsibility, of our touring model. The spring 2023 season saw particular progress in these aims: 

- 97.1% of our lighting rig was LED. 

- All props for all productions have been added to ETO’s inventory (i.e. kept to be re-used). 

- All purchased and made costumes have been added to ETO’s inventory. 

- At the end of the tour, we recycled all reusable materials from the Spring 2023 set that were of value/ future use, this included tri-castors (and other useable castors), timber, sub-floor structure, hardware, rigging, and flying irons. 

- We have kept the set of moving treads from _Lucrezia Borgia_ to be reused in Autumn 23 

- The majority of the sets which we did not want to keep were kept by Exeter Northcott to reuse for their future productions. 

## **FUTURE ARTISTIC PROGRAMME** 

The Autumn 2023 season will be Monteverdi’s _The Coronation of Poppea_ , conducted by Yshani Perinpanayagem and directed by Robin Norton-Hale, and _Cinderella_ , conducted by Naomi Woo and directed by Jenny Ogilvie. The set and costume designer for both productions is Basia Bińkowska and lighting designer is Charile Morgan Jones. Spring 2024 will see productions of _Manon Lescaut_ , conducted by Gerry Cornelius and directed (and in a new English translation) by Jude Christian, and _The Rake’s Progress_ , conducted by Jack Sheen and directed by Polly Graham. 

## **LEARNING AND PARTICIPATION PROJECTS** 

## **NEWLY COMMISSIONED OPERAS FOR YOUNG PEOPLE:** _**Tutankhamun’s Shoes**_ **and** _**The Wish Gatherer**_ 

In autumn, we toured our new commission for Key Stage 2 (7–11-year-olds) about the discovery of Tutankhamun’s tomb, _Tutankhamun’s Shoes_ , to primary schools, libraries, and museums including the Great Northern Museum and the Ashmolean. It was written by half-Egyptian composer Rosabella Gregory and Robin Norton-Hale with a cast including Claire Wild, Keith Pun, Judy Louie Brown, and Adam Maxey, directed by Lysanne van Overbeek (returning to ETO having been Assistant and Staff Director on previous seasons), and designed by Bettina John. 

_Tutankhamun’s Shoes_ had 41 performances across 18 venues, reaching approximately 5000 audience members. The team travelled over 1570 miles, from Devon to Doncaster, and received glowing reviews in both the _Family Stage_ and _London Theatre 1_ . The latter described it as “an ideal introduction to opera which is almost impossible to get otherwise”, rating it five stars. One class at a touring school described the performance as “really exciting”, “funny” and enjoyable as “the audience got to get involved”. Big hits were the interactive ‘Grip, swipe, bundle, drop’ song and the “fascinating” mummification scene, not to mention by Erika Gundesen’s conducting while playing the piano, which “must have been hard because she was doing two things at the same time and had to remember a lot”. 

_“I think the performance has helped to increase the interest in the arts. A lot of the families in our community do not place a level of importance in the arts. This is such a great opportunity to expose children to experiences they wouldn’t normally get the opportunity to see/participate in.”_ 

## _**Teacher, Newham**_ 

Opposite: Keith Pun in _Tutankhamun’s Shoes_ . Image: Julian Guidera 



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**ENGLISH TOURING OPERA LIMITED** 

## **TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

In the spring, we premiered another new opera for Key Stage 2, _The Wish Gatherer_ , the first in our trilogy of operas relating to climate change. The team (composer Noah Mosley, writer JL Williams, director Abigail Kelly and designer Amanda Mascarenhas) brought it to life in a vibrant fashion, and it had 36 performances on tour, reaching an audience of 5,008 young people – all of whom also received a bookmark which could be planted to grow into a bee-friendly plant. 

Audience feedback included: 

_“It made me like I wanted to do more music!”_ 

_“I liked the singing the most since it was very graceful and elegant.”_ 

_“It made me feel really happy”_ 

_“I liked that the show really made you feel the parts of life which get thrown at you sometimes. Like bullies (Muddier), bye byes (Bumbella).”_ 

_“Can I just say a huge thank you to all the performers and musicians that came to our school. They were enthusiastic and engaging. I think many of the pupils were taken aback by the power of their voices and all of our pupils left enthusiastic and amazed. A real first for most of our pupils.”_ _**Teacher, Athelstan Primary School, Sheffield**_ 

We also toured our new opera for young people with Special Educational Needs and Disabilities (SEND), _Zoo!_ (composer Lucie Treacher, writer Kate Wakeling, director Susan Moore, designer Amanda Mascarenhas). _Zoo!_ had 25 performances on tour, with 1624 participants. As with all our work for SEND audiences, we filled it with new and engaging methods of participation including young people conversing with a flea on a warthog’s back, with the sound of a trumpet mouthpiece playing the flea. 

_“It was wonderful to see our students’ engagement and enjoyment during the performance. It was so vibrant and inclusive for all of our students with a wide range of additional needs. All staff members were extremely positive about the performance.    Students demonstrated extremely high levels of engagement during the performance, and they vocalised during the performance or spoke about it afterwards.   I cannot thank you all enough! The performance was truly wonderful and inspirational.”_ 

## _**Teacher on Zoo!**_ 




**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

We were also delighted that two of the opera commissions for young people we performed in 2022 were nominated for awards at the international YAM Awards: _How to find your name_ for Best Opera and _The Firebird_ for Best Digital Production. 

Since the beginning of 2020 we have premiered 12 new opera commissions (live and online) for young people. 

## **WORKSHOPS AND OTHER PARTICIPATION** 

Alongside Handelfest we provided six workshops (134 participants) called _The Handel Project_ , working with 14–16-year-olds in London, Poole, and Saffron Walden to make their own mini-Handel pastiches, following which the young people were given tickets to see one of our operas on tour.  The workshops were led by director Jonathan Ainscough and composer Helen Woods, supported by singers and players from the season. 

We also worked with head injury charity, Headway East to provide three introductory opera workshops (33 participants) focussing on Handel’s music.  These were led by director Rebecca Meltzer, composer James Garner, bassoonist Catriona McDermid, and soprano Hilary Cronin. 

Continuing engagement with local choirs of recent ETO tours (when we have performed Bach’s _St John Passion_ ), we worked with local community choirs for all our performances of _Giulio Cesare_ . We took the opportunity to launch a new strand of workshops, ETO Sing, in which we work with choral societies or other similar groups to embed ourselves more fully in the communities to which we tour. ETO Sing sessions took place with the Cesare choirs in Leamington Spa, Cheltenham, and Exeter and were led by singers (who also appeared in other operas in the season) Peter Edge and Rachel Speirs. 

Below: Participants in _The Handel Project_ in Saffron Walden. 


_“Peter Edge was fantastic. He was complimentary, supportive, but most importantly he tasked us with the needs of the drama, words and cohesion of the choruses we sang. His work with the small chorus for ETO helped us with additional singing techniques for breathing and projection. After this, the whole choir benefitted from his teaching and dramatic take on the Elgar which we are currently rehearsing.  Thank you for a thrilling experience. We look forward to further collaborations with ETO in the future.”_ 

_**Exeter Festival Chorus feedback**_ 

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**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

## **IN DEVELOPMENT: ETO Lyrics** 

This multi-year project will work with Alternative Provision and Pupil Referral Units to engage with young people who have been excluded from ‘mainstream’ schools to write lyrics and songs with them, and in turn positively impact their mental health. Each project will last for 10 sessions, either intensively over two weeks, or one visit per week for 10 weeks. To make the project even more accessible for the participants, a contemporary music (rap/ hip-hop etc.) practitioner will work alongside an opera practitioner, and freelance support worker to lead the sessions. 

The inspiration from this project came from a piece of research by Robyn Dowlen for the Centre For Cultural Value which found that “music composition and lyric writing in particular offered young people a creative outlet, as well as a way to cope with challenging circumstances and to reflect on trauma.” We aim to put evaluation at the heart of the projects so we can track the impact of the work. We are going to work with the charity The Difference, who train teachers for leadership roles in Alternative Provision to assist with connections to schools, consult on the content of the sessions, and train our freelance practitioners. Following three pilot projects in Tower Hamlets, Lewisham, and Norfolk in 23/24 we intend to run at least three projects per year from academic year 24/25. 

## **ARTIST DEVELOPMENT PROGRAMME** 

We have developed and formalised our previous professional development offer for the singers in our season, and are offering (free to the performers) a range of activities including: 

- One to one coachings with ETO music staff (London and on tour) – one session to support their cover roles in the Spring 2023 season, and one further session to work on repertoire of the artist’s choice. 

- Vocal Health First Aid Seminar with Thomas Elwin - a nice example of a principal passing on their knowledge/mentoring to earlier career artists. 

- Acting Workshop led by Martin Constantine of Streetwise Opera/ENO Operaworks (Snape). 

- _Commedia dell’arte_ Status Workshop with Rachel Wise (Durham) – Rachel was Movement Director on _Tutankhamun’s Shoes_ and is also an intimacy director. 

- Movement Workshop with Jenny Ogilvie (York) – Jenny will be directing _Cinderella_ for us next season but she is also an esteemed movement director. 

- Makaton Taster Session (London) – Bradley Travis (London). 

- Yin Yoga Online Sessions x6, weekly . 

- Headshots (Canterbury) – a professional headshot photographer will be available for anyone who wants to update their headshots. 

We have also identified 5 emerging artist singers in the ensemble to receive £600 bursaries to spend on singing lessons, language coaching, etc. 

## **STAFF** 

This year has seen many changes to the ETO staff team. Following 20 years as General Director and an interim year as Artistic Director, James Conway left the company at the end of 2022. We are so grateful for his knowledge, commitment and passion. 

Robin Norton-Hale began working as General Director, working 2 days a week in July and then full time by mid-September. 

Our Producer Matthew Turbett took on a new role at ATG Theatres in August. Matthew has been a tireless and supportive colleague, and talented producer, through the challenging pandemic-affected years, and we are very grateful to him. Lucy Walters joined us from Glyndebourne as Producer in November 2022. 

Head of Production Phil Bentley left for the same role at Bill Kenwright in the autumn – he too has brought expertise and commitment to ETO over the past five years. Ryan Watson joined us – from Bill Kenwright – in October. 

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**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

Two Heads of Finance, Philip Heath and Megan Childlow, joined us from July-December 2022 and January-May 2023 respectively, replacing Ben Dart who has taken up a full time Head of Finance position at National Youth Theatre. Jane Bedwell has now joined us in a permanent capacity as Head of Finance and Operations, starting in July 2023. She has already introduced a new accounting system and is streamlining processes in an efficient and impressive manner. Finance Manager Olivia Downs left after over a decade in October; we thank her very much for her commitment to ETO. Bilal Khan joined us in February 2023, initially as Bookkeeper and now as Finance Officer. 

Our Digital Marketing Officer, Niamh Kelly, returned to Paris in the autumn. She has been replaced by Alexa Sorensen, who relocated from Minnesota to join us in December 2022. 

The Development team has undergone many changes in this period. We said goodbye to Holly Holt and Heather Conyers from the Development team, and a new Head of Development & Operations, Jo Faulkner-Harvey, joined us from Homelessness Oxfordshire in autumn 2022, and ETO Philanthropy Officer Catherine Bench returned from ENO in February 2023, in the role of Philanthropy Manager. Olivia Collins joined the team as Development Manager in February 2023. Following Jo and Catherine’s departure to fundraising roles outside the arts, the Development team is now led by Alisdair Ashman, who joined us in January 2024 from the Orchestra of the Age of Enlightenment. Elora Ledger joined us in the same month as Philanthropy Manager. 

In the new role of Assistant Producer (Learning & Participation), Maddy Barnes, joined us in September 2022 and is helping the L&P department go from strength to strength under the leadership of Bradley Travis. 

Finally, we extend heartfelt thanks to Phil Turbett, who has been our Orchestra Manager (and principal bassoon) since 2010, who left us at the end of the Spring 2023 tour. He has brought so much to ETO over the years, and we wish him the very best in his retirement. 

Gerry Cornelius’ contract as Music Director will become an employee contract rather than a freelance one on 1 July, at the start of the next financial year. This formalises much of the general musical work Gerry is doing for ETO which does not relate to the specific productions he is conducting, and recognises him as an important part of the ETO creative leadership. He will still conduct for ETO as appropriate (with _Manon Lescaut_ in Spring 2024 being his next conducting contract). 

We continue to work closely with the Musicians’ Union and agreed a new two-year agreement with the MU for our freelance players in September 2023. Matthew Harrison, trombone, has taken on the role of MU steward and we are enjoying a close working relationship with him. 

We continued our relationship with Tonic, who deliver training on issues and awareness raising around equality, diversity and inclusion. Tonic delivered sessions for the full staff team on Disability and Inclusion, Introduction to EDI and Creating inclusive environments across two days. Board members are encouraged and welcome to join in with the rest of the staff team. 

## **FUNDING** 

## **Arts Council England** 

We submitted our application for the next round of National Portfolio Organisation (NPO) funding towards the end of the last financial year, opting in to the ‘Transfer Programme’, which involves looking into various options for basing ETO’s office outside of London (reflecting the fact that 85% of our work is already outside the capital), with a move to be complete before the end of 2024. 

We were delighted to receive the news in November that we were successful in our application for the next period of ACE’s National Portfolio of Organisations, receiving a significant (22%) uplift, to £2,130,478 per year for two years. 

Opera as a sector suffered a 30% cut in ACE funding, including significant cuts to WNO and Glyndebourne’s touring arms, as well as the 100% cut to ENO. This makes the performances we deliver around the country even more vital, and decisions we make about ETO’s future will inevitably be impacted by these wider sector changes. 

## **Trust and Foundations** 

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## **TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

Grants from Trusts and Foundations totalled £208,500 in the year to 30 June 2023, of which £194,000 was restricted funding. This was a decrease from a total of £242,500 raised from Trusts and Foundations the previous year. We are very grateful for all the support from Trusts and Foundations, especially for grants of: 

- £30,000 from the Foyle Foundation towards the Autumn 2022 season 

- £25,000 from the L.G. Harris Trust for L&P work 

- £15,000 from the Three Monkies Trust towards our climate change operas for Key Stage 2 

- £19,000 from the Polonsky Foundation, £10,000 of which was for _How to Find Your Name_ , with the remainder as an unrestricted donation. 

## **Individual Giving (Philanthropy)** 

Income from individuals during FY22/23 totalled £108,305, with £58,397 of this coming from members, representing 83% of the individuals target of £70,000. Individual Giving income showed a decline from the previous year, in which £141,968 was achieved. 

We extend thanks to everyone who supported our Gala dinner in November, which raised over £50,000 for ETO’s Artist Development Programme and Learning & Participation work. 

We also ran two online match-funding campaigns, the Big Give Christmas Challenge to raise money for _The Wish Gatherer_ and the Champions for Children campaign in June to support ETO Lyrics. We raised £17,264 in the Christmas Challenge and £24,931 in Champions for Children, both figures including Gift Aid. 

We are very grateful to all our supporters, without whom our work would not be possible. 

## **FINANCIAL REVIEW** 

Our activities in 2022/23 resulted in an overall deficit of £289,080, (FY22: a deficit of £517,723). Fundraising income showed a 7.4% increase vs FY22 and total income was 21% higher than the prior year. 

## **INCOME** 

Income for FY23 grew to £3,587,258 (FY21: £2,967,172).  Arts Council income was slightly reduced overall as the level of funding from the Cultural Recovery Fund was £nil (2022: £75,000). However, income from Touring and Productions increased by £191,875, due to presenting full Autumn and Spring Tours. 

## **Touring and Production Income** 

ETO’s income generated from touring and production increased markedly in FY23 to £540,199 (2022 £348,324). 

## **Arts Council England Income** 

ETO’s FY23 financial year saw the first year of the National Portfolio Organisation (NPO) funding period from 1 April 2023 to 31 March 2025. During the year ETO received NPO funding of £1,864,170 (FY22 £1,783,417). 

## **Development Income** 

Development income (from Trust and Foundation grants, syndicates, and other private donations, and ETO’s Membership scheme) totalled £430,579 (FY22: £398,013 and FY21: £389,570). 

Of the total FY23 income, £91,500 (FY22: £164,200) was received from Trusts and Foundations to support ETO’s Learning and Participation activity. 

The remaining £117,000 of Trust Income supported ETO’s core and mainstage activity (FY22: £79,000). 

Individual donations accounted for 52% (FY22 39%) of Development income and 6% (FY22 5%) of income overall.  Membership income increased slightly to £58,397 (FY22: £51,925). 

## **Support In-Kind** 

12 



**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

Poulton Hall Estate continues to kindly accommodate the company’s larger set elements on a site in Oxfordshire. 

## **Creative Tax Reliefs** 

ETO claims Theatre Tax Relief on its mid-scale theatre touring and Learning and Participation productions and Orchestra Tax Relief on its concert activity. Income from the combined reliefs in FY23 was £703,856; of this £83,856 was an additional claim for prior years and £620,000 relates to FY23 (FY22 accounts included £306,561) representing 20% (FY22: 10%) of ETO’s total income for the year. This Income stream has increased materially due to the temporary increase in TTR rates. 

## **EXPENDITURE** 

ETO’s expenditure for FY23 was £3,876,338 (FY22 Restated: £3,484,895). 

A prior year adjustment, increasing opening reserves by £42,954, has been posted and details of this adjustment are included in Note 7 to the accounts. 

## **Touring & Production Costs** 

Touring & Production costs grew to £3,132,161 in FY23, a significant increase on the prior year (FY22: £2,818,081) with full Autumn and Spring tours resuming and planning underway for the FY24 and FY25 programmes. 

## **Learning and Participation** 

Expenditure on Learning and Participation was £484,247 in FY22 (FY21: £412,634), a significant increase on the prior year. 

## **NET MOVEMENT IN FUNDS** 

Overall, there was a reduction in funds of £289,080 (FY22: restated reduction in funds of £517,723). 

Total reserves at the close of FY23 comprise: 

- £75,781 (FY22: £15,012) in Restricted Funds 

- £1,348,193 (FY22: £1,798,042) in Designated Funds 

- £600,000 (FY22: £500,000) in General Risk Funds 

For further details of each Fund, please see the Reserves Policy below. 

## **Financial Outlook** 

ETO is financially underpinned by an annual Arts Council grant, the agreement for which commenced on 1 April 2023. 

On 4 November 2022 ACE announced its next Investment Programme for 2023-26. ETO was delighted to have been granted the funding we applied for over the next two years (2023-25), which included a 20% uplift to the current annual funding. ETO continue to be part of the ACE’s National Portfolio of regularly funded organisations and we have, along with several other London-based organisations, joined the ‘Transfer Programme’. In January 2024 ACE announced that organisations within the Transfer Programme would be eligible to apply for a further two years of funding (to run from April 2025 – March 2027), if they had completed a transfer outside London by the end of October 2024. 

ETO is undertaking an in depth and wide-reaching feasibility study into moving ETO’s office out of London. The organisation is canvassing opinion from artists and audiences about the effects that potential relocation options might have on them, and we will be carefully costing the options. ETO is setting out to make an informed decision which will enable us to have the greatest positive impact on the widest possible audience. 85% of our work already takes place outside of London, so exploring the options of the Transfer Programme feels like a natural extension of our mission. 

ETO will continue to make full use of Creative Tax Relief Schemes, together with any other schemes of 

13 



**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

support for the arts sector.  We will continue with our ambitious fundraising strategy which seeks to support both the core costs as well as individual productions and learning and participation projects. 

A budget has been set for the financial year FY25 which draws down on designated funds built up over the past few years. Designated funds are discussed further below. Given the uncertainties in the funding and operational environment, ETO plans to continue to hold a healthy level of reserves which is crucial to the protection of the charity in the medium term. 

## **RESERVES POLICY** 

ETO requires reserves to plan its future work, as set out in its Business Plan, with confidence and to provide for unforeseen contingencies as they may arise, as highlighted in its risk register. The nature of the company’s operation requires reliance on significant levels of income from ACE, grants, donations, and ticket sales that can vary significantly due to changes in the economic climate, government policy, or exceptional unforeseen events.  As is customary in the sector, ETO develops its artistic plans several years in advance, at which point many of the income streams can only be based on forecasts. 

In FY23 the company has increased its general unrestricted (free) reserves to £600k (FY22: £500k) which the Trustees anticipate will be sufficient to enable the company to continue to operate successfully and fulfil its Business Plan, provide liquidity in case of unexpected variations in revenue and other risks, and act as a contingency against winding up the company should the need arise. The Trustees and the company continuously monitor the level of the reserves and adapt the reserves policy as required to achieve appropriate level of liquidity to continue operations and settle the liabilities as they arise. In addition, the company retains in its unrestricted fund a contingency reserve for wind up costs should the need arise. 

## **Restricted Funds** 

Restricted Funds of £75,781 comprise: 

- £10,283 to cover the depreciation of lighting equipment purchased with a capital grant generously donated by the Linbury Trust 

- £27,759 towards Artist development 

- £109 to cover a ticket scheme for two ETO Friends 

- £20,499 to contribute to the ETO Lyrics Programme produced by Learning & Participation, and 

- £17,131 to contribute to ETO Perform, produced by Learning & Participation. 

## **Designated Funds** 

At 30 June 2023, ETO has Designated Funds of £1,364,481 (2022: £1,798,042) allocated from unrestricted funds.  These reserves have been built up from surpluses accumulated through successful touring over several years as well as significantly reduced costs in 2020 and 2021 as a result of national lockdown and inability to tour. 

As intended, a substantial part of the reserves accumulated to June 2022 were spent to support the strategic priorities set out for 2022/23 financial year for opera on tour. 

Designated Funds of £1,348,193 (FY22 £1,798,042) comprise: 

- £1,078,193 – Core Touring; 

- £135,000 – Dynamism and Environmental Responsibility; 

- £135,000 – Digital and Audience Development. 

The company has considered a number of designated funds to support the charity’s strategic priorities and continues to refine the investment plan taking into consideration the Transfer Programme and the potential outcome of the relocation feasibility study, to be carried out at some point during the current NPO funding cycle. 

The allocation of designated funds was made during the Covid pandemic, when live performances were not taking place and a greater investment was needed in digital output. Since we have now returned to a full touring, we have reallocated some designated funds to cover the costs of more extensive touring, and also added spending for Environmental Responsibility to the designated funds, as investing in an 

14 



**ENGLISH TOURING OPERA LIMITED TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

environmentally responsible touring model is increasingly pressing. 

## **General Risk Fund** 

At 30 June 2023, ETO holds £600,000 in general, free reserves (FY22: £500,000) to protect the charity from unforeseen risks in the medium to long term. 

## **RISK MANAGEMENT AND GOING CONCERN** 

## **Financial risks** 

The Trustees have considered the primary financial risks detailed below, and the mitigating actions that ETO has taken to reduce the impact of these risks: 

- Box Office income not performing to budget given the current economic climate. To mitigate against this ETO sets box office targets at prudent levels to reduce the impact of any underperformance of box office against budgeted targets and has included a contingency within its annual budget to allow for some income shortfall. 

- Fundraising income not meeting targets.  Income raised through fundraising accounts for circa 13% of total income per year not including statutory funding from ACE. To mitigate against the risk of not meeting income targets, ETO pursues a policy of targeting multi-year funding agreements to give more certainty to income receipt and constantly reviews the development pipeline both at leadership team and Trustee level. 

- Production costs. At the current time there is a shortage of production freelancers available to fill required roles and post the initial impact of Covid-19 rates of remuneration have increased. To allow ETO to employ the required staff to deliver productions to the required artistic standard ETO has set aside designated funds to cover these potential cost increases while not compromising its artistic vision and standards. 

- Cost base inflation and risk of overspend. In the overall high inflation environment of 2022 when UK CPI Index stood at 10.7% (Nov 2022 data) many of the company’s fixed and variable costs were subject to a significant increase. Mitigation of higher costs has not been possible at all times, however ETO continues to review and select suppliers based on their cost efficiency and ability to deliver value for money. Regular budget reviews by each budget holder are performed and where appropriate, costs are adjusted in the company rolling forecasts. 

## **Operational risks** 

Theatre venues visited being under threat in terms of reduced income from Arts Council England, local authorities, other funders, and audiences potentially resulting in closure. The status of venues is kept under close review and deals are struck/implemented to minimise as much as possible the impact of risk on the company. 

Illness suffered by ETO employees or freelancers, audience members or participants during ETO activity. Health and safety risk assessments are carried out and measures implemented for all ETO staff and freelancers, especially in relation to Covid-19.  We work in conjunction with the venues to ensure that all regulations and health and safety policies applicable at the time of ETO’s rehearsals and performances are fully implemented and adhered to. 

## **Going Concern** 

The Trustees have assessed the charity’s ability to continue to adopt the going concern basis of accounting which contemplates the realisation of assets and the satisfaction of liabilities and commitments in the normal course of activity for foreseeable future.  The ACE NPO grant allocation to 2025 along with the company cash flow projections, based on management estimates and judgements, indicate sufficient cash reserves to continue trading for the duration up to and beyond the current NPO grant period. 

The Trustees have considered the charity’s financial position, reserve levels, projections, estimates and related uncertainties and have concluded that there is a reasonable expectation that the charity will have sufficient resources to continue operations as a going concern in the medium term. 

15 



**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

## **INVESTMENT POLICY** 

Under the Memorandum and Articles of Association, the company has the power to invest in any way the Trustees think fit.  The Trustees, having regard to the liquidity requirements of operating the company and to the reserves policy, have operated a policy of keeping available funds in an interest-paying deposit account and limited length treasury deposits, with an aim to achieve a rate of deposit interest which matches or exceeds inflation as measured by the retail price index. In the present interest rate environment, there is a gap between the aim of the investment policy and rates available in the market which meet the Trustees’ objective of retaining adequate liquidity. 

## **APPROACHES TO FUNDRAISING** 

ETO’s main source of Development income (voluntary income, excluding the public funds it receives from Arts Council England) is Trusts and Foundations, accounting for 48% of its development income and 6% of its income overall in 2022/23.  Grant applications are made to these bodies based on careful research into grant funds available and assessment of their eligibility criteria against ETO’s core objectives and the nature of each of its projects. 

Income from individual donors, accounting for 51% of Development income and 6% of income overall, is solicited carefully.  Direct approaches inviting contributions to specific campaigns are made only to sympathetic patrons who have expressed an interest in receiving such communication. 

General opportunities to donate – such as making a one-off donation, contributing regularly via the ETO Friends scheme, or leaving a legacy – are publicised in ETO print literature (e.g. programmes), online on the ETO website and in its social media channels and on ETO’s display screens at venues.  ETO does not carry out – or commission from others – any telephone campaigns. 

ETO continues to review its data management procedures and privacy policy to ensure compliance with the GDPR regulations. ETO has an ethical fundraising policy and uses due diligence to ascertain that the Trusts and Foundations and individuals with whom it has – or seeks to establish – a relationship a) derive their income from verifiable and legitimate sources and b) that their investments and business practices are not at odds with ETO’s commitment to respecting the environment and upholding human rights. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing Document** 

ETO is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1 November 1979. A revised Memorandum and Articles of Association was adopted by the Board in June 2018. The current members of the company are the Trustees. 

The liability of the members of the company is limited by guarantee.  In the event of the company being wound up during the period of membership or within the year following, members are required to contribute an amount not exceeding £1. There were 15 members as at 30 June 2022 (30 June 2021:11). 

## **Appointment of Trustees** 

Any Trustee is entitled to nominate people for board membership and names go forward to be approved by the Board of Trustees. The Trustees represent a wide range of specialist skills, including but not limited to arts administration, arts performance, finance, human resources, and fundraising. An essential requirement is a passion for opera and a desire to increase access to opera and the diversity of its audience. 

## **Trustee induction and training** 

Potential new board members are given the opportunity to meet the Chair and Director before being invited to meet the full Board of Trustees and observe a board meeting. The Trustees are drawn from a wide range of professional backgrounds and are expected to maintain their skills to contribute to the Board. 

**Organisation** 

16 



**ENGLISH TOURING OPERA LIMITED** 

**TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2023** 

The Board of Trustees oversees and is responsible for the administration of the company. There were six board meetings during the period. There were also four meetings of the Finance Committee and three meetings of the Inclusivity and Relevance Committee. The Director is appointed by the Trustees with delegated authority to manage the operations of the company. 

## **Remuneration of key management** 

The Trustees set the salary for ETO’s company leadership - the Director. The responsibility for salary setting for the remaining members of staff is delegated to the Director. Salary levels are established and reviewed with reference to comparable roles in peer organisations of a similar scale and to contracted rates negotiated for artistic personnel. 

## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 

The Trustees (who are also Directors of English Touring Opera Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

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

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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

## **Disclosure of Information to Auditors** 

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant information that has not been made available to the auditors for the purpose of carrying out statutory audit.  Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors. 

In preparing this report the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. 

Approved by the Trustees on 6[th] February 2024 and signed on their behalf by: Leonora Thomson 

**Leonora Thomson (Chair)** 

Laura Liede 

**Laura Liede (Finance Committee Chair)** 

17 



**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ENGLISH TOURING OPERA LIMITED FOR YEAR ENDED 30 JUNE 2023** 

## **Opinion** 

We have audited the financial statements of English Touring Opera Limited for the year ended 30 June 2023 which comprise the Statement of Financial Activities, Balance Sheet, Cashflow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 30 June 2023 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the [group/charitable company]’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

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

## **Other information** 

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

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

- the information given in the Trustees’ Annual Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are 

18 



**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ENGLISH TOURING OPERA LIMITED FOR YEAR ENDED 30 JUNE 2023** 

prepared is consistent with the financial statements; and 

- the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report). 

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

- adequate accounting records have not been kept by the charitable company, or 

- the charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees for the financial statements** 

As explained more fully in the trustees’ responsibilities statement set out on page 13, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

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

## **Auditor’s responsibilities for the audit of the financial statements** 

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

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

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act 2006 & Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, Charities Act 2011, Health and Safety regulations and Tax and Employment legislation. 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included: 

19 



**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ENGLISH TOURING OPERA LIMITED FOR YEAR ENDED 30 JUNE 2023** 

- Inspecting correspondence with regulators and tax authorities; 

- Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud; 

- Evaluating management’s controls designed to prevent and detect irregularities; 

- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and 

- Challenging assumptions and judgements made by management in their accounting estimates including the theatre tax relief debtor. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

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

## **Use of our report** 

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


**Jane Askew  (Senior Statutory Auditor) 10 Queen Street Place** For and on behalf of Haysmacintyre LLP, Statutory Auditor London EC4R 1AG **Date:** 15 February 2024 

20 



## **ENGLISH TOURING OPERA LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES (incoporating an income and expenditure account) FOR YEAR ENDED 30 JUNE 2023** 

|**OR YEAR ENDED 30 JUNE 2023**|||
|---|---|---|
|**Notes**<br>**INCOME FROM:**<br>**_Donations & Grants_**<br>2<br>**_Investments_**<br>**_Charitable Activities_**<br>Touring & production<br>Learning & participation<br>projects<br>Other<br>Other income: Creative<br>tax relief<br>**_Total income_**<br>**EXPENDITURE ON:**<br>**_Raising funds_**<br>3<br>**_Charitable Activities_**<br>Touring & production<br>3<br>Learning & participation<br>projects<br>3<br>**_Total expenditure_**<br>**3**<br>**NET INCOME &**<br>**EXPENDITURE BEFORE**<br>**TRANSFERS**<br>Transfers Between Funds<br>**NET MOVEMENT IN**<br>**FUNDS**<br>12<br>Fund balances brought<br>forward<br>**FUND BALANCES**<br>**CARRIED FORWARD**<br>**12**|**Unrestricted**<br>**funds**<br>**Restricted**<br>**Total 30 Jun**<br>**General**<br>**Designated**<br>**funds**<br>**2023**|**Total 30 Jun**<br>**2022**<br>**Restated**|
||**£**<br>**£**<br>**£**<br>**£**|**£**|
||1,972,096<br>-<br>322,652<br>2,294,748<br>2,281,305<br>3,889<br>-<br>-<br>3,889<br>255<br>540,199<br>-<br>-<br>540,199<br>348,324<br>40,343<br>-<br>-<br>40,343<br>22,483<br>4,202<br>-<br>-<br>4,202<br>8,244<br>703,877<br>-<br>-<br>703,877<br>306,561||
||**3,264,606**<br>**-**<br>**322,652**<br>**3,587,258**|**2,967,172**|
||259,930<br>-<br>-<br>259,930<br>254,180<br>3,027,817<br>5,644<br>98,700<br>3,132,161<br>2,818,081<br>321,064<br>-<br>163,183<br>484,247<br>412,634||
||**3,608,811**<br>**5,644**<br>**261,883**<br>**3,876,338**|**3,484,895**|
||(344,205)<br>(5,644)<br>60,769<br>(289,080)<br>(517,723)<br>444,205<br>(444,205)<br>-<br>-<br>-<br>100,000<br>(449,849)<br>60,769<br>(289,080)<br>(517,723)<br>500,000<br>1,798,042<br>15,012<br>2,313,054<br>2,830,777||
||**600,000**<br>**1,348,193**<br>**75,781**<br>**2,023,974**|**2,313,054**|



All recognised gains and losses in the period are dealt with above. They are all derived from continuing activities. 

The annexed notes form part of these financial statements. 

Full comparatives for the year to 30 June 2022 are shown in note 15. A prior year adjustment , reducing the loss for the year in the year ended 30 June 2022 by an amount of £42,954 is reflected in the prior year figures. This is explained fully in Note 7 to the accounts. 

21 



**ENGLISH TOURING OPERA LIMITED BALANCE SHEET FOR YEAR ENDED 30 JUNE 2023** 

|||||||||**At 30 Jun**|**At 30 Jun**||
|---|---|---|---|---|---|---|---|---|---|---|
||||**At 30 Jun**|||||**2022**|||
||**Notes**||**2023**|||||**Restated**|||
||||**£**|**£**||||**£**|**£**||
|**FIXED ASSETS**|8/9||||||||||
|Tangible||||100,569|||||108,101||
|Intangible|||||||||11,049||
|||||100,569|||||119,150||
|**CURRENT ASSETS**|||||||||||
|Debtors|10||1,407,787|||||817,429|||
|Cash at bank and in|||774,529|||||1,727,403|||
|hand|||||||||||
||||2,182,316|||||2,544,832|||
|**CURRENT LIABILITIES**|||||||||||
|**CREDITORS: amounts**|11||(258,911)|||||(350,928)|||
|**falling due within**|||||||||||
|**one year**|||||||||||
|**NET CURRENT ASSETS**||||1,923,405|||||2,193,904||
|**NET ASSETS**||||2,023,974|||||2,313,054||
|**REPRESENTED BY**|||||||||||
|Restricted funds|12|||75,781|||||15,012||
|Unrestricted funds|||||||||||
|- Designated funds|12|||1,348,193|||||1,798,042||
|- General risk funds|12|||600,000|||||500,000||
|||||**2,023,974**|||||**2,313,054**||



The annexed notes form part of these financial statements. A prior year adjustment , increasing the  net assets for the year in the year ended 30 June 2022 by an amount of £42,954 is reflected in the prior year figures.  This is explained fully in  Note 7 to the accounts. 

The financial statements were approved and authorised for issue by the Board of Trustees on 6[th] February 2024 and were signed below on its behalf by: 

## Leonora Thomson 

## **Leonora Thomson (Chair)** 

Laura Liede 

## **Laura Liede (Finance Committee Chair)** 

22 



**ENGLISH TOURING OPERA LIMITED CASH FLOW STATEMENT FOR YEAR ENDED 30 JUNE 2023** 

||||**2022**|
|---|---|---|---|
||**Note**|**2023**|**Restated**|
|||**£**|**£**|
|**Net cash provided by/(used in) operating**||||
|**activities**|A|(946,556)|(902,093)|
|**Cash fows from investing activities**||||
|Interest income||3,889|255|
|Purchase of tangible fxed assets||(10,207)|(29,749)|
|**Cash (used in) investing activities**||(6,318)|(29,494)|
|**Increase/(decrease) in cash and cash**||||
|**equivalents in the period**||(952,874)|(931,587)|
|**Cash and cash equivalents at the beginning**||||
|**of the period**||1,727,403|2,658,990|
|**Total cash and cash equivalents at the end**<br>**of the period**||774,529|1,727,403|
|**A. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**||||
|||**2023**|**2022**|
||||**Restated**|
|||**£**|**£**|
|**Expenditure for the reporting period**||(289,080)|(517,723)|
|**Adjustments for:**||||
|Investment income||(3,889)|(255)|
|Depreciation charge||28,788|28,552|
|(Increase) in debtors||(590,358)|(593,091)|
|(Decrease)/Increase in creditors||(92,017)|180,424|
|**Net cash provided by (used in) operating**<br>**activities**||(946,556)|(902,093)|



23 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **1. ACCOUNTING POLICIES** 

The principal accounting policies adopted are as follows: 

## a) _Basis of preparation_ 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. English Touring Opera is a Public Benefit Entity registered as a charity and a company in England and Wales. It was incorporated on 1 November 1979 (company number 1458501 and charity number 279354). 

## _b) Going concern_ 

The Trustees have assessed the charity’s ability to continue to adopt the going concern basis of accounting which contemplates the realisation of assets and the satisfaction of liabilities and commitments in the normal course of activity for foreseeable future.  The ACE NPO grant allocation to 2025 along with the company cashflow projections, based on management estimates and judgements, indicate sufficient cash reserves to continue trading for the duration up to and beyond the current NPO grant period. 

The Trustees have considered the charity’s financial position, reserve levels, projections, estimates and related uncertainties and have concluded that there is a reasonable expectation that the charity will have sufficient resources to continue operations as a going concern in the medium term. 

## _c) Income_ 

All income is recognised once the charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably. 

Donations, gifts and grants and are included in full in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount of income receivable can be measured reliably. 

Box office receipts are recognised as income at the date of performance.  Learning and Participation income is recognised at the date of the workshop or educational performance. 

Government Coronavirus Job Retention grants are credited to the period for which they relate.  There are no unfulfilled conditions to the grant, and there is no form of government assistance from which the entity has benefitted. 

## _d) Expenditure_ 

Touring and Production, Learning and Participation and Governance costs are all recognised at the date incurred, except where they relate to a future period when they are deferred. Marketing costs are included in touring and production expenses under direct charitable expenditure. 

Where expenditure cannot be directly attributed to a single activity it is allocated between activities on a basis consistent with the use of resources. Support costs are apportioned on a per capita basis.  Salaries are directly allocated to the activities to which they relate. 

Expenditure relating to costumes and stage settings for each production is written off on the date of the first performance. 

Governance costs consist of audit, legal and professional fees. 

## _e) Restricted funds_ 

Restricted funds represent funds received for specific purposes as laid down by the donor. Expenditure which meets the relevant criteria is charged to the fund together with a fair allocation of staff and support costs. 

## _f) Unrestricted funds_ 

Unrestricted designated funds are amounts which have been put aside out of unrestricted funds for specific expenditure purposes at the discretion of the Trustees. Unrestricted general funds are available for use at the discretion of the Trustees in furtherance of the general objects of the company. 

24 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## _g) Operating leases_ 

Rentals paid under operating leases are charged to expenditure on a straight-line basis over the lease term 

## _h) Tangible fixed assets_ 

Assets costing in excess of £500 are capitalised.  Tangible fixed assets are stated at cost less accumulated depreciation over their estimated useful lives on a straight-line basis as detailed below: 

- Leasehold Property - 25 years 

- Lighting equipment - 5 years 

- Furniture, fittings and equipment - 3 years 

- Intangible assets, website - 3 years 

## _i) Financial Instruments_ 

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.  Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.  All financial instruments in both periods are held at amortised cost. 

## _j) Debtors_ 

Trade and other debtors are recognised at the settlement amount due.  Prepayments are valued at the amount prepaid net of any trade discounts due. 

## _k) Cash at bank and in hand_ 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## _l) Creditors and provisions_ 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## _m) Employee benefits_ 

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. 

The charity runs an Auto-Enrolment pension scheme introduced on 1 July 2017.  All staff are enrolled on commencement of their employment, though they may exercise their right to opt out.  The charity also contributes to personal pension schemes for some employees.  The pensions costs charged in the financial statements represent the contributions payable during the year. 

## _n) Critical accounting judgements and key sources of estimation uncertainty_ 

In the application of the accounting policies, the Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

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

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 

25 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **2. DONATIONS & GRANTS** 

|Arts Council England – General Grant<br>Arts Council England – Strategic Touring<br>Arts Council England – CRF2<br>Trusts and Foundations<br>Donations and Friends<br>Gift aid<br>Legacies|**Unrestricted funds**<br>**Restricted funds**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,864,170<br>1,783,417<br>-<br>1,864,170 1,783,417<br>-<br>24,875<br>-<br>-<br>24,875<br>-<br>75,000<br>-<br>75,000<br>14,500<br>157,500<br>194,000<br>85,000<br>208,500<br>242,500<br>63,018<br>53,688<br>128,652<br>74,755<br>191,670<br>128,443<br>27,378<br>21,070<br>-<br>27,378<br>21,070<br>3,030<br>6,000<br>-<br>3,030<br>6,000|**Unrestricted funds**<br>**Restricted funds**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,864,170<br>1,783,417<br>-<br>1,864,170 1,783,417<br>-<br>24,875<br>-<br>-<br>24,875<br>-<br>75,000<br>-<br>75,000<br>14,500<br>157,500<br>194,000<br>85,000<br>208,500<br>242,500<br>63,018<br>53,688<br>128,652<br>74,755<br>191,670<br>128,443<br>27,378<br>21,070<br>-<br>27,378<br>21,070<br>3,030<br>6,000<br>-<br>3,030<br>6,000|**Unrestricted funds**<br>**Restricted funds**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,864,170<br>1,783,417<br>-<br>1,864,170 1,783,417<br>-<br>24,875<br>-<br>-<br>24,875<br>-<br>75,000<br>-<br>75,000<br>14,500<br>157,500<br>194,000<br>85,000<br>208,500<br>242,500<br>63,018<br>53,688<br>128,652<br>74,755<br>191,670<br>128,443<br>27,378<br>21,070<br>-<br>27,378<br>21,070<br>3,030<br>6,000<br>-<br>3,030<br>6,000|**Unrestricted funds**<br>**Restricted funds**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,864,170<br>1,783,417<br>-<br>1,864,170 1,783,417<br>-<br>24,875<br>-<br>-<br>24,875<br>-<br>75,000<br>-<br>75,000<br>14,500<br>157,500<br>194,000<br>85,000<br>208,500<br>242,500<br>63,018<br>53,688<br>128,652<br>74,755<br>191,670<br>128,443<br>27,378<br>21,070<br>-<br>27,378<br>21,070<br>3,030<br>6,000<br>-<br>3,030<br>6,000|**Unrestricted funds**<br>**Restricted funds**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,864,170<br>1,783,417<br>-<br>1,864,170 1,783,417<br>-<br>24,875<br>-<br>-<br>24,875<br>-<br>75,000<br>-<br>75,000<br>14,500<br>157,500<br>194,000<br>85,000<br>208,500<br>242,500<br>63,018<br>53,688<br>128,652<br>74,755<br>191,670<br>128,443<br>27,378<br>21,070<br>-<br>27,378<br>21,070<br>3,030<br>6,000<br>-<br>3,030<br>6,000|**Unrestricted funds**<br>**Restricted funds**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,864,170<br>1,783,417<br>-<br>1,864,170 1,783,417<br>-<br>24,875<br>-<br>-<br>24,875<br>-<br>75,000<br>-<br>75,000<br>14,500<br>157,500<br>194,000<br>85,000<br>208,500<br>242,500<br>63,018<br>53,688<br>128,652<br>74,755<br>191,670<br>128,443<br>27,378<br>21,070<br>-<br>27,378<br>21,070<br>3,030<br>6,000<br>-<br>3,030<br>6,000|
|---|---|---|---|---|---|---|
||1,972,096|2,121,550|322,652|159,755|2,294,748|2,281,305|



## **3. EXPENDITURE** 

|**. EXPENDITURE**|||||
|---|---|---|---|---|
|Raising funds:<br>Charitable activities:<br>Touring and production:<br>Education and community projects:<br>Raising funds:<br>Charitable activities:<br>Touring and production:<br>Education and community projects:|**Direct**<br>**Staf**<br>**Costs**<br>**Other**<br>**Direct**<br>**Costs**<br>**Support &**<br>**Governance**<br>**Costs**<br>**Total**<br>**2023**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>98,539<br>37,925<br>123,466<br>259,930<br>281,687<br>2,541,809<br>308,665<br>3,132,161<br>84,437<br>307,211<br>92,599<br>484,247||||
||464,663|2,886,945|524,730|3,876,338|
||**Direct**<br>**Staf**<br>**Costs**<br>**Other**<br>**Direct**<br>**Costs**<br>**Support &**<br>**Governance**<br>**Costs**<br>**Total**<br>**2022**<br>**2022**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>66,132<br>5,626<br>182,422<br>254,180<br>238,558<br>2,123,467<br>456,056<br>2,818,081<br>71,098<br>185,174<br>156,362<br>412,634||||
||375,788|2,314,267|794,840|3,484,895|



**4. ANALYSIS OF SUPPORT & GOVERNANCE COSTS** 

|Staf<br>Ofce & store rent<br>Other support costs<br>Governance costs|**2023**<br>**2022**<br>**£**<br>**£**<br>172,881<br>197,829<br>50,085<br>105,206<br>288,138<br>472,058<br>13,626<br>19,747|**2023**<br>**2022**<br>**£**<br>**£**<br>172,881<br>197,829<br>50,085<br>105,206<br>288,138<br>472,058<br>13,626<br>19,747|
|---|---|---|
||524,730|794,840|



Governance costs comprise audit fees. Support costs as shown in the prior year have decreased by an amount of £42,954 as discussed in note 7. 

26 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **5. NET EXPENDITURE / INCOME FOR THE YEAR** 

|The net movement in funds is stated after charging:<br>Auditor’s remuneration:<br>-audit fee<br>- fees prior year<br>- tax advisory<br>Operating lease payments<br>Depreciation - owned assets<br>**6. STAFF COSTS**<br>The total staf costs for the period were as follows:<br>Staf Salaries<br>Social security costs<br>Pension costs|**2023**<br>**2022**<br>**£**<br>**£**<br>12,350<br>12,000<br>5,250<br>-<br>26,300<br>6,600<br>62,987<br>62,987<br>28,788<br>28,552<br>**2023**<br>**2022**<br>**£**<br>**£**<br>556,062  488,498<br>53,540<br>46,625<br>27,942<br>36,417|**2023**<br>**2022**<br>**£**<br>**£**<br>12,350<br>12,000<br>5,250<br>-<br>26,300<br>6,600<br>62,987<br>62,987<br>28,788<br>28,552<br>**2023**<br>**2022**<br>**£**<br>**£**<br>556,062  488,498<br>53,540<br>46,625<br>27,942<br>36,417|
|---|---|---|
||637,544|571,540|



One employee received annual remuneration above £60,000 per annum (FY22: one employee). 

The previous Director, James Conway received directing fees totalling £24,000 (FY22: £6,000) for the Autumn season 2022 in addition to his permanent staff salary. 

Bradley Travis is employed as Head of Learning & Participation. In addition to his salary, he received fees for directing and performing in ETO operas totalling £4,000 (FY22: £14,433). 

The average number of staff employed during the year was 15.3 (FY22: 13.7). 

Total Key Management Personnel compensation in the year, including employer national insurance contributions and pension contributions, was £209,496 (FY22: £204,538). 

## **7. PRIOR YEAR ADJUSTMENTS** 

Adjustments have been made to prior year figures in relation to additional VAT recoverable that was incorrectly written off in the year ended 30 June 2022. 

|<br>ncorrectly written of in the year ended 30 June 2022.||
|---|---|
|Opening reserves at 1 July 2022 as previously stated:<br>Adjustment<br>Opening reserves at 1 July 2022 restated|**£**<br>2,270,100<br>42,954|
||2,313,054|



27 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **8. TANGIBLE FIXED ASSETS** 

|COST<br>As at 01/07/2022<br>Additions<br>As at 30/06/2023<br>DEPRECIATION<br>As at 01/07/2022<br>Charge for the year<br>As at 30/06/2023<br>**NET BOOK VALUE**<br>**As at 30 June 2023**<br>As at 1st July 2022<br>**9. INTANGIBLE FIXED ASSETS**<br>COST<br>As at 01/07/2022<br>As at 30/06/2023<br>DEPRECIATION<br>As at 01/07/2022<br>Charge for the year<br>As at 30/06/2023<br>NET BOOK VALUE<br>As at 30 June 2023<br>As at 1st July 2022|**Lighting**<br>**Furniture,**<br>**Fittings &**<br>**equipment**<br>**Leasehold**<br>**improvements**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>35,316<br>122,055<br>93,592<br>250,963<br>-<br>10,207<br>10,207|**Lighting**<br>**Furniture,**<br>**Fittings &**<br>**equipment**<br>**Leasehold**<br>**improvements**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>35,316<br>122,055<br>93,592<br>250,963<br>-<br>10,207<br>10,207|
|---|---|---|
||35,316<br>132,262<br>34,545,<br>100,829<br>385<br>13,610|93,592<br>261,170<br>7,488<br>142,862<br>3,744<br>17,739|
||34,930<br>114,439|11,232<br>160,601|
||**386**<br>**17,823**|**82,360**<br>**100,569**|
||||
||771<br>21,226|86,104<br>108,101|
|||**Website**<br>**Total**<br>**£**<br>**£**<br>33,145<br>33,145|
|||33,145<br>33,145<br>22,095<br>22,095<br>11,050<br>11,050|
|||33,145<br>33,145|
|||-<br>-|
||||
|||11,050<br>11,050|



28 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **10. DEBTORS** 

|**0. DEBTORS**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Trade debtors|71,936|59,691|
|Accrued income : Theatre Tax Relief|1,002,570|298,714|
|Prepayments and other accrued income|295,201|370,135|
|Other debtors|38,080|88,889|
|DEPRECIATION|**1,407,787**|**817,429**|
|||£|
|Year ended 30 June 2021||7,530|
|Year ended 30 June 2022||375,040|
|Year ended 30 June 2023||620,000|
|||**1,002,570**|



Other debtors have been restated to include £42,953 of VAT incorrectly written off in the year to 30 June 2022 

The accrued income for Theatre Tax Relief is split as analysed below. The amounts accrued for 2021 and 2022 were received in October 2023. 

## **11. CREDITORS** 

|Trade creditors<br>Accruals<br>Deferred income<br>Taxation and social security<br>Other creditors<br>**ANALYSIS OF DEFERRED INCOME**<br>At 1 July<br>Released to income in the period<br>Deferred in the period<br>**Closing balance**|**2023**<br>**2022**<br>**£**<br>**£**<br>149,312<br>250,238<br>88,197<br>40,706<br>-<br>28,670<br>14,826<br>29,031<br>6,576<br>2,283<br>**258,911**<br>**350,928**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>28,670<br>67,185<br>(28,670)<br>(67,185)<br>-<br>28,670|**2023**<br>**2022**<br>**£**<br>**£**<br>149,312<br>250,238<br>88,197<br>40,706<br>-<br>28,670<br>14,826<br>29,031<br>6,576<br>2,283<br>**258,911**<br>**350,928**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>28,670<br>67,185<br>(28,670)<br>(67,185)<br>-<br>28,670|
|---|---|---|
||-|**28,670**|



Deferred income relates to grants and donations received in advance for activity taking place in the following year. 

29 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **12. MOVEMENTS IN FUNDS** 

|**Unrestricted funds**<br>General risk fund<br>Designated funds<br>**Restricted funds**<br>Autumn and Spring<br>Autumn Season<br>Spring Season<br>Learning & Participation<br>**Artists’ Development**<br>**Ticket Fund**<br>Lighting Rig Fund|**As at**<br>**As at**<br>**01/07/2022**<br>**Restated**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**30/06/2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>3,264,606<br>(3,608,811)<br>444,205<br>600,000<br>1,798,042<br>-<br>(5,644)<br>(444,205)<br>1,348,193|**As at**<br>**As at**<br>**01/07/2022**<br>**Restated**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**30/06/2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>3,264,606<br>(3,608,811)<br>444,205<br>600,000<br>1,798,042<br>-<br>(5,644)<br>(444,205)<br>1,348,193|**As at**<br>**As at**<br>**01/07/2022**<br>**Restated**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**30/06/2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>3,264,606<br>(3,608,811)<br>444,205<br>600,000<br>1,798,042<br>-<br>(5,644)<br>(444,205)<br>1,348,193|**As at**<br>**As at**<br>**01/07/2022**<br>**Restated**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**30/06/2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>3,264,606<br>(3,608,811)<br>444,205<br>600,000<br>1,798,042<br>-<br>(5,644)<br>(444,205)<br>1,348,193|**As at**<br>**As at**<br>**01/07/2022**<br>**Restated**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**30/06/2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>3,264,606<br>(3,608,811)<br>444,205<br>600,000<br>1,798,042<br>-<br>(5,644)<br>(444,205)<br>1,348,193|
|---|---|---|---|---|---|
||2,298,042<br>3,264,606<br>(3,614,455)<br>-<br>1,948,193<br>-<br>7,500<br>(7,500)<br>-<br>-<br>-<br>60,500<br>(60,500)<br>-<br>30,700<br>(30,700)<br>-<br>-<br>-<br>191,282<br>(153,652)<br>-<br>37,630<br>4,620<br>32,670<br>(9,531)<br>-<br>27,759<br>109<br>-<br>-<br>-<br>109<br>10,283<br>-<br>-<br>-<br>10,283|||||
||15,012<br>322,652<br>(261,883)<br>-<br>75,781|||||
||2,313,054|3,587,258|(3,876,338)|-|2,023,974|



## **Restricted funds** 

The Autumn and Spring Funds were given specifically for expenditure incurred on those seasons. 

The Lighting Rig Fund is supported by a grant from the Linbury Trust.  This will enable the upgrade and re-stocking of ETO’s touring lighting rig. 

The Artists’ Development Fund supports costs associated with early-career artists’ engagements, including bursaries towards specialist coaching as well as a range of training activities and masterclasses on tour. 

The Ticket Fund supports tickets purchased by individuals for others as a gift. 

The Learning & Participation Funds are amounts given specifically to support the ETO Lyrics Programme (£20,499) and ETO Perform (£17,132), L&P performances and other L&P costs incurred. 

## **Unrestricted funds** 

Unrestricted funds include a General Risk Fund of £500,000 (FY22: £500,000) and Designated Funds of £1,364,481 (FY22: £1,798,042) in total. 

Comparatives for the year to 30 June 2022 are shown in note 17. 

30 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>Fixed assets<br>90,286<br>10,283<br>100,569<br>Current assets<br>2,116,818<br>65,498<br>2,182,316<br>Current liabilities<br>(258,911)<br>-<br>(258,911)<br>Net assets<br>**1,948,193**<br>**75,781**<br>**2,023,974**<br>**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022 restated**<br>**2022 restated**<br>**2022 restated**<br>**£**<br>**£**<br>**£**<br>Fixed assets<br>108,867<br>10,283<br>119,150<br>Current assets<br>2,540,103<br>4,729<br>2,544,832<br>Current liabilities<br>(350,928)<br>-<br>(350,928)<br>Net assets<br>**2,298,042**<br>**15,012**<br>**2,313,054**<br>**4. OPERATING LEASE COMMITMENTS**<br>**Ofce equipment**<br>**Land and buildings**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**In less than one year**<br>3,747 3,747<br>59,240<br>59,240<br>62,987<br>62,987<br>In two to fve years<br>5,642<br>9,390<br>132,650<br>166,480<br>138,292<br>175,870<br>In more than fve years<br>-<br>-<br>-<br>24,000<br>-<br>24,000<br>9,389<br>13,137<br>191,890<br>249,720<br>201,279<br>262,857|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>Fixed assets<br>90,286<br>10,283<br>100,569<br>Current assets<br>2,116,818<br>65,498<br>2,182,316<br>Current liabilities<br>(258,911)<br>-<br>(258,911)<br>Net assets<br>**1,948,193**<br>**75,781**<br>**2,023,974**<br>**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022 restated**<br>**2022 restated**<br>**2022 restated**<br>**£**<br>**£**<br>**£**<br>Fixed assets<br>108,867<br>10,283<br>119,150<br>Current assets<br>2,540,103<br>4,729<br>2,544,832<br>Current liabilities<br>(350,928)<br>-<br>(350,928)<br>Net assets<br>**2,298,042**<br>**15,012**<br>**2,313,054**<br>**4. OPERATING LEASE COMMITMENTS**<br>**Ofce equipment**<br>**Land and buildings**<br>**Total**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**In less than one year**<br>3,747 3,747<br>59,240<br>59,240<br>62,987<br>62,987<br>In two to fve years<br>5,642<br>9,390<br>132,650<br>166,480<br>138,292<br>175,870<br>In more than fve years<br>-<br>-<br>-<br>24,000<br>-<br>24,000<br>9,389<br>13,137<br>191,890<br>249,720<br>201,279<br>262,857|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>90,286<br>10,283<br>100,569<br>2,116,818<br>65,498<br>2,182,316<br>(258,911)<br>-<br>(258,911)|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>90,286<br>10,283<br>100,569<br>2,116,818<br>65,498<br>2,182,316<br>(258,911)<br>-<br>(258,911)|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>90,286<br>10,283<br>100,569<br>2,116,818<br>65,498<br>2,182,316<br>(258,911)<br>-<br>(258,911)|
|---|---|---|---|---|
|||**1,948,193**|**75,781**|**2,023,974**|
|||**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022 restated**<br>**2022 restated**<br>**2022 restated**<br>**£**<br>**£**<br>**£**<br>108,867<br>10,283<br>119,150<br>2,540,103<br>4,729<br>2,544,832<br>(350,928)<br>-<br>(350,928)|||
|||**2,298,042**|**15,012**|**2,313,054**|
||9,389<br>13,137<br>191,890<br>249,720<br>201,279<br>262,857||||



## **14. OPERATING LEASE COMMITMENTS** 

ETO rents office premises at Mountview Academy of Theatre Arts, Peckham, with a lease extending to 2045 with a break clause every five years, the first break clause arising in 2025. ETO rents storage facilities in Northfleet, Kent until August 2028 with a break clause in 2026. 

ETO is grateful for additional storage space donated by Poulton Hall Estate and English National Opera. As the charity would not rent this space were it not offered free of charge, no value is included in the accounts for this gift in kind. 

## **15. RELATED PARTY TRANSACTIONS** 

Previous Director, James Conway received directing fees totalling £24,000 (FY22: £6,000) for the Autumn 2022 season in addition to his permanent staff salary. 

Jonathan Peter Kenny, the civil partner of James Conway, was hired by the charity as conductor in FY23. He was remunerated £23,351 (FY22 £29,215) for these services (inclusive of tour expenses) in line with fees and expenses of other conductors engaged by ETO. 

Abigail Kelly, ETO trustee, was hired by the charity to be a director for the production The Wish Gatherer and was remunerated £4,025 for these services (2022: as director of How To Find Your Name and was remunerated £2,500). 

Bradley Travis is employed as Head of Learning & Participation. In addition, he received fees for directing and performing in ETO operas totalling £4,000 (FY22: £14,433). 

31 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

One Trustee received reimbursement for expenses related to carrying out their duties totalling £1,276 (FY22 £273). 

The aggregate of donations received from the Trustees and their related parties in the period was £13,600 (FY21: £6,344). 

## **16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 30 JUNE 2022** 

||**Unrestricted funds**|**Unrestricted funds**|**Restricted**|**Total**|
|---|---|---|---|---|
||**General**|**Designated**|**funds**|**30/06/2022**|
||**restated**|||**restated**|
||**£**|**£**|**£**|**£**|
|**INCOME FROM:**|||||
|**_Donations & Legacies_**|2,121,550|-|159,755|2,281,305|
|**_Investments_**|255|-|-|255|
|**_Charitable activities_**|||||
|Touring and production|348,324|-|-|348,324|
|Education and community projects|22,483|-|-|22,483|
|Other|8,244|-|-|8,244|
|**_Other income: Theatre Tax Relief_**|306,561|-|-|306,561|
|**_Total income_**|2,807,417|-|159,755|2,967,172|
|**EXPENDITURE ON:**|||||
|**_Raising funds_**|254,180|-|-|254,180|
|**_Charitable activities_**|||||
|Touring and production|2,757,331|-|60,750|2,818,081|
|Educational and community projects|314,629|-|98,005|412,634|
|**Total expenditure**|3,326,140|-|158,755|3,484,895|
|**NET INCOME/ (EXPENDITURE) BEFORE TRANSFERS**|(518,723)|-|1,000|(517,723)|
|Transfers between funds|518,723|(518,723)|-|-|
|**NET MOVEMENT IN FUNDS**|-|(518,723)|1,000|(517,723)|
|Fund balances brought forward|500,000|2,316,765|14,012|2,830,777|
|**FUND BALANCES CARRIED FORWARD**|500,000|1,798,042|15,012|2,313,054|



32 



**ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2023** 

## **17. COMPARATIVE MOVEMENTS IN FUNDS FOR THE YEAR ENDED 30 JUNE 2022** 

|**Unrestricted funds**<br>General risk fund<br>Designated funds<br>**Restricted funds**<br>Autumn Season<br>Spring Season<br>Learning & Participation<br>**Young Artists**<br>**Ticket Fund**<br>Lighting Rig Fund|**As at**<br>**As at**<br>**01/07/2021**<br>**Income**<br>**Expenditure**<br>**Restated**<br>**Transfers**<br>**30/06/2022**<br>**restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>2,807,417<br>(3,326,140)<br>518,723<br>500,000<br>2,316,765<br>-<br>-<br>(518,723)<br>1,798,042|**As at**<br>**As at**<br>**01/07/2021**<br>**Income**<br>**Expenditure**<br>**Restated**<br>**Transfers**<br>**30/06/2022**<br>**restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>2,807,417<br>(3,326,140)<br>518,723<br>500,000<br>2,316,765<br>-<br>-<br>(518,723)<br>1,798,042|**As at**<br>**As at**<br>**01/07/2021**<br>**Income**<br>**Expenditure**<br>**Restated**<br>**Transfers**<br>**30/06/2022**<br>**restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>2,807,417<br>(3,326,140)<br>518,723<br>500,000<br>2,316,765<br>-<br>-<br>(518,723)<br>1,798,042|**As at**<br>**As at**<br>**01/07/2021**<br>**Income**<br>**Expenditure**<br>**Restated**<br>**Transfers**<br>**30/06/2022**<br>**restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>2,807,417<br>(3,326,140)<br>518,723<br>500,000<br>2,316,765<br>-<br>-<br>(518,723)<br>1,798,042|**As at**<br>**As at**<br>**01/07/2021**<br>**Income**<br>**Expenditure**<br>**Restated**<br>**Transfers**<br>**30/06/2022**<br>**restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>500,000<br>2,807,417<br>(3,326,140)<br>518,723<br>500,000<br>2,316,765<br>-<br>-<br>(518,723)<br>1,798,042|
|---|---|---|---|---|---|
||2,816,765<br>2,807,417<br>(3,326,140)<br>-<br>2,298,042<br>-<br>31,250<br>(31,250)<br>-<br>-<br>-<br>29,500<br>(29,500)<br>-<br>-<br>-<br>98,005<br>(98,005)<br>-<br>-<br>3,620<br>1,000<br>-<br>-<br>4,620<br>109<br>-<br>-<br>-<br>109<br>10,283<br>-<br>-<br>-<br>10,283|||||
||14,012<br>159,755<br>(158,755)<br>-<br>15,012|||||
||**2,830,777**|**2,967,172**|**(3,484,895)**|**-**|**2,313,054**|



33 



**English Touring Opera Mountview, 120 Peckham Hill Street, London SE15 5JT Charity Number: 279354 Company Number: 1458501**