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ENGLISH TOURING OPERA LIMITED (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Charity Number: 279354 Company Number: 1458501

ENGLISH TOURING OPERA LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

	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 2025

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 Bill Bush OBE[ +] Deputy Chair Jane Davies OBE[#] Chair of Transfer Committee David Ereira OBE[+#] Darren Joyce Chair of Inclusivity & Relevance Committee Abigail Kelly* Laura Liede[+] Chair of Finance Committee Clarissa Meek Resigned 20 May 2025 Trevor Moross Co-Chair of the Development Committee Peter Puskas Richard Salter KC[+ ] Resigned 18 December 2024 Madeleine Tattersall Appointed 1 March 2025; Co-Chair of the Development Committee Charlotte Forrest Appointed 18 June 2025 Patricia Quinn Appointed 18 June 2025; Resigned 17 September 2025

Indicates a member of the Finance Committee
Indicates a member of the Inclusivity & Relevance Committee

Indicates a member of the Transfer Committee

COMPANY LEADERSHIP

ARTISTIC DIRECTOR & CEO

Robin Norton-Hale

EXECUTIVE DIRECTOR & COMPANY SECRETARY

Jane Bedwell

WEBSITE

www.englishtouringopera.org.uk

PRINCIPAL & REGISTERED OFFICE

The Workstation, 15 Paternoster Row, Sheffield, S1 2BX

AUDITORS

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

BANKERS

Barclays Bank PLC, 1 Churchill Place, London, E14 5HP

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

INTRODUCTION

It has been a privilege to chair the Board of Trustees during what has proven to be a transformative and artistically rewarding year for English Touring Opera. Under the continued leadership of Artistic Director & CEO Robin Norton-Hale, ETO has successfully navigated significant change while maintaining our commitment to bringing exceptional opera to audiences across the country.

The year saw us continue our strategic relocation to Sheffield, a move that represents not just a change of address but a new chapter in ETO’s story. Following extensive consultation and planning through our Transfer Committee, ably chaired by Jane Davies, we opened our new headquarters in Sheffield in October 2024. The warmth of our reception from the city’s vibrant cultural community has been extraordinary, and we’re already seeing the benefits of being embedded in such a dynamic artistic landscape.

Artistically, we have delivered an ambitious programme that showcases the breadth of our artistic vision. Our autumn season explored the rich tradition of folklore through Judith Weir’s Blond Eckbert and Rimsky-Korsakov’s The Snowmaiden, while our spring season celebrated Shakespeare’s The Capulets and the Montagues and our innovative new production enduring influence with Bellini’s What Dreams May Come. These productions, alongside our ETO Unboxed programme, demonstrated our commitment to presenting both treasured repertoire and bold new work.

Our reach extends far beyond traditional opera venues – this year we performed at 20 different theatres as well as libraries, art galleries and schools, truly living up to our role as the country’s most extensive touring opera company. Through our Learning and Participation work, including The Wellies and The Vanishing Forest , we’ve engaged with over 10,000 young people and families, continuing to seek to embed accessibility and inclusion at the heart of the organisation.

The financial stewardship of ETO remains robust, with this year showing a welcome surplus after several challenging years. We commend Jane Bedwell, our Head of Finance and Operations (recently promoted to Executive Director) and the Chair of the Finance Committee, Laura Liede, for helping us to achieve this. This stability, combined with our confirmed Arts Council England funding through to 2027, provides the foundation for our ambitious plans ahead. Our fundraising efforts, led by Alisdair Ashman and his dedicated team, have shown remarkable growth, with income from trusts and foundations increasing by 75%.

While we celebrate these achievements, we remain acutely aware of the pressures facing the wider opera sector. Rising costs, venue challenges, and the ongoing need to reach new audiences require constant vigilance and innovation. However, I am confident that our move to Sheffield, our strengthened financial position, and our unwavering artistic vision position us well for the future.

My sincere thanks go to all our trustees for their wisdom and dedication throughout this period of change. We welcomed Madeleine Tattersall and Charlotte Forrest to the board, bringing fresh perspectives and expertise, while bidding farewell to Clarissa Meek and Richard Salter KC with our deepest gratitude for their service.

Above all, I want to express my admiration for our remarkable staff team and the many talented freelance artists who bring our vision to life. Their passion, creativity, and professionalism continue to inspire audiences wherever we perform, ensuring that great opera remains accessible to all.

Leonora Thomson Chair of Trustees

Date: 28 October 2025

ENGLISH TOURING OPERA LIMITED TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

The Trustees present their report and financial statements for the year ended 30 June 2025

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 to present an ambitious and artistically challenging programme, drawing on nearly 400 years of music ranging from Purcell in the 17[th] century to Judith Weir in the present day in our larger-scale theatre tours. Our work in schools, libraries and other public spaces included six new commissions, two for children and young people, and four short chamber operas based on folk tales. We extend our heartfelt thanks to the staff and freelance artists whose hard work and artistry made it possible to take this work to audiences all over the country.

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

AUTUMN 2024:

In the Autumn 2024 season we gave 15 performances of our theatre-based mainstage shows across seven theatres (Hackney Empire, Snape Maltings Concert Hall, Saffron Hall, Buxton Opera House, The Hawth in Crawley, Exeter Northcott Theatre and the Lighthouse in Poole). We also gave three performances of Frau, That’s What I Call Music! and three promenade performances of A story! A story! Let it come, let it go! at the Royal Albert Memorial Museum, Exeter, Sutton House, Hackney, and Poole Library/ the art gallery at the Lighthouse. The Wellies had 35 performances across 28 venues, in 22 schools, four theatres and two libraries.

Blond Eckbert: Double Bill: 6 performances

The Snowmaiden: 9 performances

Frau, That’s What I Call Music!: 3 performances

A story! A story! Let it come, let it go!: 3 performances

The Wellies: 35 performances

Blond Eckbert: Double Bill and The Snowmaiden

The autumn season explored the interplay of nature and emotional discovery in folklore, with a revival of our critically acclaimed production of Judith Weir’s Blond Eckbert that opened 2024’s Aldeburgh Festival, performed in a double bill alongside Do not take my story for a fairytale , a new staging of song cycles and cantatas, and a new production of Rimsky-Korsakov’s The Snowmaiden .

The Blond Eckbert double bill reunited the creative team of Robin Norton-Hale and ETO Music Director Gerry Cornelius, who also provided arrangements for Do not take my story for a fairytale alongside composer Robin Wallington. The Snowmaiden was directed by Sky Arts Award-winning Olivia Fuchs and conducted by Hannah Quinn. The Linbury Prize-winning designer Eleanor Bull designed set and costumes for both productions, while Jamie Platt was the lighting designer for the season.

Sales were mixed for the tour. The Snowmaiden broadly performed in line with the average for an opera of its stature and outperformed our typical returns for Rimsky-Korsakov, but Blond Eckbert was a difficult proposition for our audience. Notably, it was popular with younger audience members and those who were coming to opera from other artforms, and we need to do more to reach these audiences.

The critical reception for the tour was very positive. The stagings of both productions were warmly received, and the cast and orchestra came in for high praise, particularly The Snowmaiden ’s Ffion Edwards in the title role and Kitty Whately (Lel), and Aoife Miskelly’s Bird in Blond Eckbert . There was also appreciation for the choice of lesser-known repertoire.

Below: Flora McIntosh (Berthe) and Aoife Miskelly (Bird) in Blond Eckbert (2024). Image: Richard Hubert Smith

Above: Ffion Edwards (Snow Maiden) in The Snowmaiden (2024). Image: Richard Hubert Smith

ETO Unboxed

Alongside these productions of operas from the existing repertoire, we extended our ETO Unboxed programme, with a cabaret celebrating female librettists and composers, Frau, That’s What I Call Music! , and a new promenade opera experience, A story! A story! Let it come, let it go! consisting of four short operas commissioned around the theme of dark folklore:

The Sparrow and the Eagle – Librettist: Hannah Khalil, Composer: Omar Shahryar

Once in a Garden – Librettist: Glyn Maxwell, Composer: Lucie Treacher

The Knot – Librettist: Amanda Wilkin, Composer: Kemal Yusuf

A Herstory of Daughters Who Won’t Lissen – Librettist: Chinonyerem Odimba, Composer: Charlotte Marlowe

The promenade performance featured four singers, eight instrumentalists, and was directed by Monica Nicolaides, with Erika Gundesen as musical lead.

New commission for young people: The Wellies

Our latest new opera for Learning Disabled audiences, The Wellies , toured across the country from York to Torbay. Based on Hans Christian Andersen’s The Galoshes of Fortune , the immersive story follows Milly, who finds a pair of talking wellies and discovers their secret power to splash her to the time and place she wishes.

Written by Tatty Hennessy and directed by Abigail Kelly, The Wellies was composed by Joanna Marie Skillett and designed by Sorcha Corcoran. The opera was performed by a soprano, tenor and baritone, joined by Ruth Ross on trumpet and piano, Sasha Rattle and Matthew Wilsher on clarinet and an actor-stage manager. Following the initial tour, The Wellies had performances at the Royal Ballet & Opera as part of their Family Sunday and toured to the Philharmonie in Luxembourg as part of our annual residency with Fondation EME.

Over the course of The Wellies tour, we performed to 3,194 audience members. This was made up of 2,456 audience members in schools, and 738 in public performances. We had particularly strong sales across our public performances, selling out at Acomb Explore Library and Exeter Library. We were happy to increase our Spring 2024 audience size at artsdepot (London) by 50% and Sherling Studio (Lighthouse, Poole) by 173%. As ever, these performances strongly appeal to the 3-7 year-old audience range, many of whom wore their own wellies to the performance.

This year, we worked with Helen Brew, a Makaton specialist, to support the singers to embed Makaton symbols and signing throughout The Wellies . One teacher noted, “by signing and having the Makaton signs available (it) created a fully inclusive activity”. We continued our commitment to captioning every public performance, which enables access for audiences on the deaf spectrum as well as doubling as a ‘sing-along’ tool for those

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

who wish to join in. We also continued our partnership with Widgit to provide Social Stories® to the schools and venues in advance of the performance. This was noted as particularly useful by teachers, one of whom reported, “the accessibility pack was brilliant. It was so helpful to be able to prepare my students ahead of time for what to expect from the performance.”

The performance was well-received by schools and family audiences alike. One teacher mentioned that “student B has extreme anxiety around new situations. The ETO approach enabled him to engage in a new event outside of the classroom for the first time this year. He was so proud of himself.” Another teacher at Winchelsea School said,

“I wanted to express a huge and heartfelt thanks following the visit of the ETO to our school. The Wellies is a masterful example of an interactive opera and the engagement of our pupils was a delight to see. All of our staff that saw the show had the same thing to say that it was a truly inclusive, unique and exhilarating experience.”

SPRING 2025

In the Spring 2025 season we gave 25 performances of our theatre-based mainstage across the 13 venues (New Diorama Theatre, Hackney Empire, Norwich Theatre Royal, the Lyceum Theatre in Sheffield, Marlowe Theatre in Canterbury, Snape Maltings Concert Hall, Durham’s Gala Theatre, Buxton Opera House, the Hawth in Crawley, York Theatre Royal, Lighthouse Poole, Hall for Cornwall and Exeter Northcott Theatre) and 47 performances of The Vanishing Forest.

The Capulets and the Montagues: 13 performances

What Dreams May Come: 12 performances

The Vanishing Forest: 47 performances

The Capulets and the Montagues and What Dreams May Come

The Shakespeare-themed spring season included a new production of Bellini’s The Capulets and the Montagues and premiered What Dreams May Come , an ambitious new studio piece that wove together five centuries of music inspired by Shakespeare with puppetry and movement.

The Capulets and the Montagues was conducted by Alphonse Cemin and directed by Eloise Lally, with movement directed by Carmine De Amicis and fight directed by Kaitlin Howard, starring Jessica Cale as Giulietta and Samantha Price as Romeo. What Dreams May Come was directed and conceived by Valentina Ceschi, with puppetry direction from Matt Hutchinson and music direction from Erika Gundesen. Lily Arnold designed both productions, and Peter Harrison was the Lighting Designer for the tour.

The Capulets and the Montagues sold well for an opera of its reputation, with a particular highlight being a soldout performance at Snape Maltings, our second in less than a year following Blond Eckbert at the Aldeburgh Festival. The tour also saw excellent returns at Hackney Empire and the Marlowe in Canterbury, while our first performance at the Lyceum in Sheffield since relocating to the city was well-attended and an excellent start in our new home. What Dreams May Come was more mixed, with strong audiences in London, Canterbury, York Blond Eckbert , those audiences who attended were and Durham offset by weaker sales elsewhere. Similarly to extremely enthusiastic about the production, but we need to do more to speak to potential audience members outside of our ‘core’ attenders, who may be interested in more experimental productions and repertoire but are not currently aware of our work.

New commission for young people: The Vanishing Forest

Our new opera for Key Stage 2 (7-11 year old) audiences, The Vanishing Forest , was the third and final opera in our environmental trilogy. Written as a continuation of A Midsummer Night’s Dream , The Vanishing Forest used spells, puppetry and mystical flowers to educate and inspire children on the issue of deforestation. Written by Jonathan Ainscough, composed by Michael Betteridge and directed by Victoria Briggs, The Vanishing Forest was performed at 29 venues from Gateshead to Truro. Across the tour, we performed to 5,705 audience members in 23 schools, four theatres and two libraries finishing with a run at Polka Theatre in Wimbledon. This year’s performance at Exeter Library sold out, an increase on last year of 14% and our largest audience yet for a single performance.

Opposite: Samantha Price (Romeo) in The Capulets and The Montagues . Image: Richard Hubert Smith

OUR DOLCE

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

As well as continuing to caption all performances and provide Social Stories®, we also recorded learning videos of soprano Alys Roberts (who played Puck) teaching the participatory songs so the students would be familiar with them in advance of the performance. Alongside this, we provided pre-performance workshops to our five partner schools, in which we taught the participatory songs in person. The team noted that the students in these schools were particularly engaged in the participatory elements of the opera.

The production was nominated for four Fringe Theatre Awards and ‘Best Opera’ at The Young Audiences Music Awards (YAM awards), as well as receiving a 5* review from Everything Theatre who wrote that the production was “Exceptional music wrapped in a thoughtfully crafted, magical adventure that’s both bewitching and thought-provoking ... This is very much a show that puts the child’s experience at the centre of the performance.”

Orchestra

The 2024/25 season utilised very diverse instrumental forces which ranged from the full-scale Bellini orchestra of 26 players, through the ensemble of 10 solo players for Judith Weir’s Blond Eckbert , to four players for What Dreams May Come . The Bellini was “rationalised” for our theatre pits and based on Casa Ricordi’s New Critical Edition and we commissioned a wholescale re-arrangement of Rimsky-Korsakov’s Snow Maiden score for a chamber orchestra of 18 players. Both Bellini and Rimsky-Korsakov were executed by Patrick Bailey and five movements of What Dreams May Come were orchestrated by Robin Wallington.

Following the company’s orchestral auditions in Sheffield and London in January 2025, we were able to utilise new-found and excellent players as deputies in all chairs in the orchestra which had previously been a limitation to the fixing for tours. The role of leader for Spring 2025 was assigned to Fra Rustumji who has been in the orchestra in various violin seats for a number of years. She fulfilled the role with the musical distinction and diplomacy that the role requires. We have secured some career development sessions for her with Lyn Fletcher (former Leader of the Hallé) and also re-engaged her as co-leader for the Autumn 2025 and Spring 2026 seasons.

The arrangements and achievements of the orchestra (and even individual solo playing) were noted and favourably reported by the press across the season. The orchestra’s long-standing trumpeter, Ruth Ross, rose to the role of Assistant Orchestra Manager with a special brief for on-tour duty, which she managed excellently, and restored a much-needed feature of the tour management for the players and company.

Below: Alys Mererid Roberts (Puck) in The Vanishing Forest . Image: Julian Guidera

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

ENVIRONMENTAL RESPONSIBILITY

We remain committed to reducing our carbon footprint and promoting environmental responsibility across both our touring operations and producing productions.

Our recent Learning & Participation shows have exceeded expectations, successfully integrating the Theatre Green Book principles and surpassing key sustainability targets. Our larger scale productions are actively working towards establishing a strong Green Book baseline standard. This includes a collaborative effort between full-time employees and freelance staff to ensure environmental targets are met and challenges are addressed collectively.

We have made meaningful progress by bringing our set builders into this work, moving away from traditional suppliers and towards sourcing sustainable materials. This shift ensures that the materials we use are more environmentally responsible from the outset.

We are also investing in our storage infrastructure to enable better care, maintenance, and reuse of existing sets, props and costumes. This allows us to extend the life of materials for future productions or revivals, reducing the need for new builds.

These initiatives form part of our wider review process across all productions. Lead by Trustee Darren Joyce and Head of Production Ryan Watson, this review is helping us learn, adapt, and deepen our sustainable practices year-on-year and ensure environmental responsibility is an embedded practice for all staff and departments.

WORKSHOPS AND OTHER PARTICIPATION

ETO Perform is our secondary school workshop that aims to make opera relevant for young people, providing them with a sense of ownership over great works of art and giving them a taste of the huge variety of careers available in our artform, both on- and off-stage. Each season, we focus on one of the operas we are performing on tour and draw out contemporary themes, and the students all have the opportunity to see the opera after the workshop. This year we looked at the true crime podcast phenomenon with Blond Eckbert, and family pressures and toxic relationships with The Capulets and the Montagues . We ran six ETO Perform workshops working with 11–16-year-olds across schools in Ipswich, Essex, Buxton, Sheffield, North Shields and Leiston.

This was our second year delivering ETO Lyrics, a music making and songwriting project for young people in Alternative Provision and Pupil Referral Units. The programme brings together a classical music practitioner, a contemporary music practitioner and a documentary maker, who work with students who are not able to receive suitable education within mainstream schools. Over 10 weeks ETO practitioners work with the students to write their own songs, recording them at the end of the process. We partner with education charity The Difference to shape the project and provide training for our freelancers. This year we delivered ETO Lyrics in New Woodlands (Lewisham), Tracks (Sheffield) and Burgess Hill APC (Sussex).

Teachers consistently report the profound impact the project has had on young people’s confidence and engagement. This year, we were lucky to meet and work with Emmy through ETO Lyrics in Sheffield. She is on the Autistic spectrum and at the time of meeting Emmy in January 2025, Tracks was the only educational interaction she had each week, following permanent exclusion from mainstream education. During ETO Lyrics, Emmy worked with our facilitator Camille Maalawy on vocal exercises and using her breath to support her sound throughout the full range of the voice. Emmy also learnt the first half of the ‘Doll Song’, a virtuosic show piece from Jacques Offenbach’s opera, The Tales of Hoffman , and performed this at the final session of the project. Emmy’s mother told us that having validation from professional musicians allowed Emmy to believe in herself and her abilities. Additionally, attending ETO’s performance of The Capulets and the Montagues in April has given Emmy and her mother the confidence to go and see other live events together. Lucy Revis, Head of Tracks, Sheffield Music School said,

“I feel the connections built with Emmy are vital for building her confidence, showing her new ways of working and helping her learn to work with others. She adores the different genres she was introduced to, and I feel that this will inspire a lifelong love of opera and listening to different vocal music”.

We are thrilled to be in receipt of £200,000 worth of funding from Laidlaw Opera Trust to further support our upcoming KS2 opera Ada and the Code Crusaders , Partner Schools, ETO Perform and ETO Lyrics in our 2025/26 programme. Through this funding, we are able to develop and test a new strand of continuing professional development for teachers, and deliver performances and projects within Laidlaw Schools Trust schools in the North East.

ENGLISH TOURING OPERA LIMITED TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

ARTIST DEVELOPMENT PROGRAMME

We continue to develop and vary our offerings for professional development during the season as well as occasional discretional ad-hoc opportunities as need or opportunity arises. Provided by ETO to the artists free of charge, these have mainly supported the skill sets of singers but we are increasingly extending the offer to our orchestra and production teams. Held as a blend of in-person events on tour and online seminars, the latter are extended to artist cohorts from other seasons and recorded where possible to maximise their reach.

This year we provided:

1-2-1 coaching sessions with ETO music staff and guests – up to two sessions available to each artist in each tour period; one to support their cover roles, and one further session to work on repertoire of the artist’s choice
Additional music and language coaching for ETO artists who have been identified to require additional
support in their learning process or who have undertaken an extra cover role at short notice
Performers’ Finance Seminar with Louise Hetherington informing on good practices of book keeping, self-assessment and VAT registration for self-employed sole traders
Social Media Marketing Workshop with ETO’s Digital Marketing Officer Alexa Sorensen focussing on
personal branding and creating an audience. Delivered twice due to popularity
Commedia dell’arte movement workshop with Rachel Wise exploring hierarchy of popular characters and how physical characteristics could be transferred to creating characters in other genres
Performance Psychology workshop with Hannah Sandison, offered online to extend reach beyond artists in current season. An singer herself, the session included advice on audition and performance preparation, performance anxiety and wellbeing
Individual Performance Psychology sessions with Hannah Sandison for artists who have requested
additional support or financial need
Professional ‘Next Steps’ seminar with Arts Consultant and former agent Steve Phillips. Tips for attracting and working with an agent or manager as well as approaching companies
Individual Level 1 or 2 Makaton training and certification for L&P artists and creatives involved in Little Terror to ensure all artists have the chance to secure fundamental techniques for this language programme used in our work with Learning Disabled audiences
Professional Development Mentoring sessions for the Leader of the Orchestra with Lyn Fletcher, former Leader of the Hallé
External practice room hire during rehearsals for artists unable to undertake personal practice outside of rehearsal time in their accommodation
Computer Aided Design (CAD) course for Emma Horne recently promoted from Carpenter to Head of Stage

FUTURE ARTISTIC PROGRAMME

The Autumn 2025 season will be Donizetti’s The Elixir of Love , conducted by Alice Farnham, directed by Martin Constantine (Artistic Director of Streetwise Opera) and designed by April Dalton, and Britten’s The Rape of Lucretia , conducted by Gerry Cornelius, directed by Robin Norton-Hale and designed by Eleanor Bull. The lighting designer for both productions is Jamie Platt. Our show for learning disabled audiences is Little Terror , written by Maisie Newman and students at Phoenix School, Tower Hamlets, composed by Noah Mosely, directed by Molly Harris Farley and designed by Lu Herbert.

Spring 2026 sees new productions of Gilbert and Sullivan’s The Gondoliers , conducted by Jack Ridley and directed by Liam Steel, and Pagliacci by Leoncavallo, conducted by Gerry Cornelius and directed by Eleanor Burke, with a newly commissioned opera for Key Stage 2 about Ada and the Code Crusaders , written and composed by Anna Poole.

The Knot , one of the short operas commissioned in autumn 2024, is being made into a film shot on location in Sheffield in collaboration with film students from Sheffield Hallam University.

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

STAFF

This financial year ETO has had stability and continuity across most departments. Robin Norton-Hale’s responsibilities have not changed, but her title has been changed to Artistic Director & CEO from General Director as it was felt this more clearly represented her role to external stakeholders. Jane Bedwell, who joined as Head of Finance in July 2023, and extended her portfolio to include Operations later in 2024, has now taken on the role of Executive Director at ETO. Jane continues to lead the financial and operational processes, supported by Finance Officer Bilal Khan, and has now taken on a more strategic role including HR.

Although the Development team has experienced some turnover with the more junior staff, it has been fullystaffed throughout the year, which (combined with the efforts of the team) has contributed to a welcome increase in fundraised income. The department is led by Head of Development, Alisdair Ashman, together with Olivia Collins, who, from 1 July 2025 has taken on more responsibility as Senior Development Manager. Edie McQueen joined ETO during the year as Development Officer and Elizabeth Tiskina, as Philanthropy Officer (both starting in May 2025). The work of the Development team has shown significantly improved results, which will enable us to continue and extend our work.

Head of Learning & Participation Bradley Travis left his role after 7 years, initially as L&P Associate Artist, and latterly Head of Learning & Participation. We thank him for all his wonderful work and wish him every success in his new role as Artistic Director at the Half Moon Theatre. The standard of candidates for Head of Learning & Participation was very high and we are delighted to have appointed Bex Hand, who joins us from the Barbican.

Ciarán Campbell and longtime ETO trumpet player Ruth Ross have continued in the roles of Orchestra Manager (covering orchestral administration, fixing and contracting) and Assistant Orchestra Manager (covering pit set up and liaison with players on tour) respectively. Orchestral auditions were held in early 2025 which successfully extended our pool of orchestral players, adding 21 new players to our fixing lists.

We continue our relationship with Tonic, who delivered training on Unconscious Bias, Creating Inclusive Environments, Fundamentals of Allyship and Recruitment Practices. We have extended our relationship with Bright HR and are now utilising the training available online, specifically in relation to Health & Safety, the Prevention of Sexual Harassment, and Cyber Security.

Sessions are offered to the full staff team and board members are encouraged and welcome to join.

FUNDING

Arts Council England

Having completed our transfer to Sheffield as part of ACE’s Transfer Programme, we were automatically awarded a further 1 year grant for 2025/26, and have been notified of our inclusion in the 2026/27 extension period. The amount of funding from ACE in the 2026/27 extension period is to be determined following budgets provided to them by DCMS, and we expect an update on this, and further funding to 2027/28, imminently.

Trust and Foundations

Grants from Trusts and Foundations totalled £356,750 in the year to 30 June 2025, of which £316,500 was restricted funding. This was a 75% increase in funds raised from Trusts and Foundations in the previous year. We are very grateful for all the support from Trusts and Foundations, especially for grants of:

£200,000 from the Laidlaw Opera Trust to support our Learning and Participation work;
£30,000 towards our core costs from the Garfield Weston Foundation;
£25,000 from the LG Harris Trust in support of our ETO Perform programme;
£10,000 from the Behrens Foundation;
£10,000 from the Polonsky Foundation in support of our operas for children with Special Educational Needs and Disabilities

Individual Giving (Philanthropy)

Income from individuals during FY25 totalled £102,494 with £64,774 of this coming from our membership scheme. The balance is made up of £1,375 in one off donations, £22,146 from syndicate income, and £14,200 as a result of our singular Big Give Campaign, which is restricted to our opera for learning disabled young people, The Wellies . Gift Aid is not included in the other individual income lines and totalled £19,931 for FY25.

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TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

We were also pleased to receive legacy income of £42,713 and very much appreciate our supporters who remember us in this way. We received corporate support of £2,036 and In Kind legal support valued at £4,404.

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

FINANCIAL REVIEW

Our activities in FY25 resulted in an overall surplus of £29,503 (FY24: a deficit of £459,161). This surplus includes an accounting cost of £46,770 to write down the value of the refurbishments of the Mountview leased property due to ETO’s move out of London, and further costs of £24,400 directly relating to ETO’s move to Sheffield.

Total income was 3% lower than the prior year although fundraising income showed a 30% increase vs FY24.

INCOME

Income for FY25 was £3,656,403 (FY24: £3,794,885). Arts Council income decreased by a net amount of £36,425 due to the receipt of the feasibility grant in the prior year, the total decrease offset by an additional grant of £8,575 for the period to 30 June 2025. Income from Touring and Productions for main stage and Learning & Participation decreased by £172,093. This decrease was due to various factors - both tours in the 2024/25 year were shorter than in 2023/24, and therefore there were fewer performances. In total compared with the 2023/24 season there were 15 fewer performances. In addition in Spring 2025 only one show was suitable for the larger stage with the second being a studio show. This resulted in smaller audiences overall.

Touring and Production Income

ETO’s income generated from main stage touring and production decreased in FY25 to £237,129 (FY24 £449,826), from Learning & Participation Touring and Production income increased by £40,604.

Arts Council England Income

During the year ETO received NPO funding of £2,139,053 (FY24 £2,130,478).

Development Income

Development income (from Trust and Foundation grants, syndicates and other private donations, and ETO’s Membership scheme) totalled £522,189 (FY24: £397,922). Of this £42,713 (FY24: £171,086) related to a single legacy.

Of the total FY25 income, £294,500 (FY24: £60,000) was received from Trusts and Foundations to support ETO’s Learning and Participation activity.

The remaining £62,250 of Trust Income supported ETO’s core and mainstage activity (FY24: £28,000).

Individual donations accounted for 20% (FY24: 28%) of Development income and 3% (FY24 3%) of income overall. Membership income has increased to £64,774 (FY24: £56,378).

Support In-Kind

Lewis Silkin LLP generously donated £4,404 in legal services in the year. Vine Hotels donated £2,036 in accommodation at Kenwood Hall in Sheffield.

Creative Tax Reliefs

ETO claims Theatre Tax Relief on its theatre touring and Learning and Participation productions. Income from the relief in FY25 was £677,042 (FY23 £728,373); of this £9,861 relates to the prior year and £667,181 relates to FY25 representing 18.5% (FY24: 18.2%) of ETO’s total income for the year.

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

EXPENDITURE

ETO’s expenditure for FY25 was £3,626,900 (FY23: £4,254,126).

Touring & Production Costs

Touring & Production costs were £2,884,488 in FY25, a decrease on the prior year (FY24: £3,588,631). As discussed above the lower costs were due to a shortened tour, fewer performances overall and in Spring 2025 a smaller show.

Learning and Participation

Expenditure on Learning and Participation was £408,216 in FY25 (FY24: £406,342), a small increase on the prior year.

NET MOVEMENT IN FUNDS

Overall, there was a increase in funds of £29,503 (FY24: reduction in funds of £459,241).

Total reserves at the close of FY25 comprise:

£253,141 (FY24: £44,224) in Restricted Funds
£741,095 (FY24: £920,509) in Designated Funds
£600,000 (FY24: £600,000) 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. In 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 were automatically awarded a further one year grant for 2025/26 and in April 2025 ACE announced an increase in funding for 2025/26 of 1.61% of the current annual grant. The programme has been extended to cover 2026/27 following an application made in November 2024, although the amount is to be determined in 2026 following budgets provided to ACE by DCMS.

ETO continue to be part of ACE’s National Portfolio of regularly funded organisations. Having joined the ‘Transfer Programme’ in 2024, along with several other London-based organisations, and following a feasibility study funded by ACE, ETO opened a new office in Sheffield and moved their main operations in October 2024.

ETO will continue to make full use of Creative Tax Relief Schemes, together with any other schemes of 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 FY26 which draws down 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 FY25 the company has retained its general unrestricted (free) reserves at £600k (FY24: £600k) which the Trustees anticipate will be sufficient to enable the company to continue to operate successfully and

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

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 levels of liquidity to continue operations and settle 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 £253,141 comprise:

£12,924 towards Artist development
£109 to cover a ticket scheme for two ETO Friends
£14,185 towards the Autumn 2025 main stage season
£20,294 to contribute to the ETO Lyrics Programme produced by Learning & Participation,
£62,362 to contribute to ETO Perform, produced by Learning & Participation
£4,238 to contribute towards ETO’s partner schools programme
£7,420 to contribute towards Little Terror, to be produced in Autumn 2025
£131,609 to contribute to Ada and the Caped Crusaders , to be produced in Spring 2026

Designated Funds

At 30 June 2025, ETO has Designated Funds of £741,095 (2024: £920,509) 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 2024 were spent to support the strategic priorities set out for 2024/25 financial year.

Designated Funds of £741,095 (FY24 £920,509) comprise:

£723,483 – Core Touring;
£17,612 – Dynamism and Environmental Responsibility;
£nil – Digital and Audience Development.

It is anticipated that the remainder of the Dynamism and Environmental Responsibility designated funds will be spent in the 2025/26 year.

General Risk Fund

At 30 June 2025, ETO holds £600,000 in general, free reserves (FY24: £600,000) to protect the charity from unforeseen risks in the medium to long term.

RISK MANAGEMENT AND GOING CONCERN

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 10% 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 after the initial impact of Covid-19 rates of remuneration have increased. To allow ETO

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

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 higher inflation environment many of the company’s fixed and variable costs have been 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.
The company plans and contracts its artistic and operational output and associated costs well in advance while the income, especially the fundraising and box office revenue, remains uncertain until confirmed. The Theatre tax credit, while accrued in the current financial year, can be applied for and received only after the annual accounts have been prepared and approved. The company manages this operational liquidity risk by monitoring the cash forecast regularly and closely and by adapting the future output to the anticipated revenue.

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. 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 the foreseeable future. The ACE NPO grant allocation to 2026 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.

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 we receive from Arts Council England) is Trusts and Foundations, accounting for 68% (FY24: 22%) of our development income and 10% (FY24: 2%) of our overall income in FY25. Grant applications are made to funding bodies based on careful research into grant funds available, assessment of their eligibility criteria against ETO’s core objectives and the nature of each of our projects.

Income from individual donors, including legacies and campaigns accounted for 27% (FY24: 78%) of development income and 4% (FY24: 8%) of overall income, 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.

ENGLISH TOURING OPERA LIMITED

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

General opportunities to donate – such as making a one-off donation, contributing regularly via the ETO Membership 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’s approach to fundraising is carefully detailed within its Fundraising Policy and Ethical Fundraising Policy, both of which are available on request.

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 a) the Trusts and Foundations and individuals with whom it has – or seeks to establish – a relationship 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. In the year there have been no complaints in respect of our fundraising practices.

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 12 members as at 30 June 2025 (30 June 2024:13).

Appointment of Trustees

ETO aims for its board to represent both its audiences and contemporary England, and is committed to open and fair recruitment, including those who identify as disabled or neurodivergent, people from lower socioeconomic backgrounds, and those under 35.

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 CEO before being invited to meet the full Board of Trustees and observe a board meeting. The Trustees are provided with appropriate training and guidance to ensure they are aware of their legal duties and responsibilities and are equipped to contribute effectively to the charity’s governance. Trustees are drawn from a wide range of professional backgrounds and are expected to maintain their skills to contribute to the Board.

Organisation

The Board of Trustees oversees and is responsible for the administration of the company. In the year to 30 June 2025 two trustees resigned and three new trustees were appointed. There were six formal board meetings during the period. There were also five meetings of the Finance Committee, five meetings of the Inclusivity and Relevance Committee and four meetings of the Transfer Committee. The CEO 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 CEO and Executive Director. The responsibility for salary setting for the remaining members of staff is delegated to the CEO. 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.

ENGLISH TOURING OPERA LIMITED TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

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 28 October 2025 and signed on their behalf by:

Leonora Thomson (Chair)

Laura Liede (Finance Committee Chair)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ENGLISH TOURING OPERA LIMITED

FOR YEAR ENDED 30 JUNE 2025

Opinion

We have audited the financial statements of English Touring Opera Limited for the year ended 30 June 2025 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 2025 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 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 prepared is consistent with the financial statements; and

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ENGLISH TOURING OPERA LIMITED FOR YEAR ENDED 30 JUNE 2025

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 16, 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:

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ENGLISH TOURING OPERA LIMITED FOR YEAR ENDED 30 JUNE 2025

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, unusual amounts 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) For and on behalf of HaysMac LLP, Statutory Auditor

Date:

7 November 2025

10 Queen Street Place London EC4R 1AG

ENGLISH TOURING OPERA LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (incoporating an income and expenditure account) FOR YEAR ENDED 30 JUNE 2025

Notes INCOME FROM: *Donations & Grants* 2 *Investments* *Charitable Activities* Touring & production Learning & participation projects Other Other income: Creative tax relief *Total income* EXPENDITURE ON: *Raising funds* 3 *Charitable Activities* Touring & production 3 Learning & participation projects 3 *Total expenditure* 3 NET INCOME & EXPENDITURE BEFORE TRANSFERS Transfers Between Funds NET MOVEMENT IN FUNDS 11 Fund balances brought forward FUND BALANCES CARRIED FORWARD 11	Unrestricted funds Restricted funds Total 30 Jun General Designated 2025	Total 30 Jun 2024
	£ £ £ £	£
	2,310,374 - 357,308 2,667,682 2,582,282 8,541 - - 8,541 9,676 237,129 - - 237,129 449,826 64,088 - - 64,088 23,484 1,921 - - 1,921 1,244 677,042 - - 677,042 728,373
	3,299,095 - 357,308 3,656,403 3,794,885
	334,196 - - 334,196 259,153 2,721,784 132,296 30,408 2,884,488 3,588,631 290,233 - 117,983 408,216 406,342
	3,346,213 132,296 148,391 3,626,900	4,254,126
	(47,118) (132,296) 208,917 29,503 (459,241) 47,118 (47,118) - - - - (179,414) 208,917 29,503 (459,241) 600,000 920,509 44,224 1,564,733 2,023,974
	600,000 741,095 253,141 1,594,236	1,564,733

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.

ENGLISH TOURING OPERA LIMITED BALANCE SHEET FOR YEAR ENDED 30 JUNE 2025

		At 30 Jun	At 30 Jun	At 30 Jun	At 30 Jun
	Notes	2025		2024
		£	£	£	£
FIXED ASSETS	7/8
Tangible			57,658		67,477
Intangible			-		-
			57,658		67,477
CURRENT ASSETS
Debtors	9	835,314		887,144
Cash at bank and in		900,648		756,035
hand
		1,735,962		1,643,179
CURRENT LIABILITIES
CREDITORS: amounts	10	(199,384)		(145,923)
falling due within
one year
NET CURRENT ASSETS			1,536,578		1,497,256
NET ASSETS			1,594,236		1,564,733
REPRESENTED BY
Restricted funds	11		253,141		44,224
Unrestricted funds
- Designated funds	11		741,095		920,509
- General risk funds	11		600,000		600,000
			1,594,236		1,564,733

The annexed notes form part of these financial statements.

The financial statements were approved and authorised for issue by the Board of Trustees on 28 October 2025 and were signed below on its behalf by:

Leonora Thomson (Chair)

Laura Liede (Finance Committee Chair)

ENGLISH TOURING OPERA LIMITED CASH FLOW STATEMENT FOR YEAR ENDED 30 JUNE 2025

	Note	2025	2024
		£	£
Net cash provided by/(used in) operating
activities	A	188,958	(9,191)
Cash fows from investing activities
Interest income		8,541	9,676
Purchase of tangible fxed assets		(52,886)	(18,979)
Cash (used in) investing activities		(44,345)	(9,303)
Increase/(decrease) in cash and cash
equivalents in the period		144,613	(18,494)
Cash and cash equivalents at the beginning
of the period		756,035	774,529
Total cash and cash equivalents at the end of the period		900,648	756,035
A. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
		2025	2024
		£	£
Net Surplus for the reporting period		29,503	(459,241)
Adjustments for:
Investment income		(8,541)	(9,676)
Depreciation charge		62,705	52,071
Decrease in debtors		51,830	520,643
Increase/(Decrease) in creditors		53,461	(112,988)
Net cash provided by (used in) operating activities		188,958	(9,191)

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

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 the foreseeable future. The ACE NPO grant allocation to 2026 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.

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 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.

Donated services are recognised in the accounts when received if the value can be reliably measured.

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 not green lit when they are deferred or to match to services received. 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 costs of the board, 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.

g) Operating leases

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

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

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 - 1 years
Lighting and other equipment - 5 years
Furniture, fittings and equipment - 3 years
Intangible assets, website - 3 years

The refurbishment costs on the leasehold property were initially to be written off over 25 years. ETO left Mountview in January 2025 and the costs have been written off over the remaining life of the lease.

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 pension 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 judgements, 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.

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

2. DONATIONS & GRANTS

Arts Council England – General Grant Arts Council England – Feasibility Study Trusts and Foundations Donations and Friends Gift aid Donations in kind Legacies	Unrestricted funds Restricted funds Total 2025 2024 2025 2024 2025 2024 £ £ £ £ £ £ 2,139,053 2,130,478 - 2,139,053 2,130,478 - 45,000 - 45,000 40,250 10,500 316,500 77,500 356,750 88,000 66,462 55,153 36,332 55,184 102,794 110,337 15,456 22,279 4,476 6,220 19,932 28,499 6,440 8,882 - - 6,440 8,882 42,713 171,086 - 42,713 171,086	Unrestricted funds Restricted funds Total 2025 2024 2025 2024 2025 2024 £ £ £ £ £ £ 2,139,053 2,130,478 - 2,139,053 2,130,478 - 45,000 - 45,000 40,250 10,500 316,500 77,500 356,750 88,000 66,462 55,153 36,332 55,184 102,794 110,337 15,456 22,279 4,476 6,220 19,932 28,499 6,440 8,882 - - 6,440 8,882 42,713 171,086 - 42,713 171,086	Unrestricted funds Restricted funds Total 2025 2024 2025 2024 2025 2024 £ £ £ £ £ £ 2,139,053 2,130,478 - 2,139,053 2,130,478 - 45,000 - 45,000 40,250 10,500 316,500 77,500 356,750 88,000 66,462 55,153 36,332 55,184 102,794 110,337 15,456 22,279 4,476 6,220 19,932 28,499 6,440 8,882 - - 6,440 8,882 42,713 171,086 - 42,713 171,086	Unrestricted funds Restricted funds Total 2025 2024 2025 2024 2025 2024 £ £ £ £ £ £ 2,139,053 2,130,478 - 2,139,053 2,130,478 - 45,000 - 45,000 40,250 10,500 316,500 77,500 356,750 88,000 66,462 55,153 36,332 55,184 102,794 110,337 15,456 22,279 4,476 6,220 19,932 28,499 6,440 8,882 - - 6,440 8,882 42,713 171,086 - 42,713 171,086	Unrestricted funds Restricted funds Total 2025 2024 2025 2024 2025 2024 £ £ £ £ £ £ 2,139,053 2,130,478 - 2,139,053 2,130,478 - 45,000 - 45,000 40,250 10,500 316,500 77,500 356,750 88,000 66,462 55,153 36,332 55,184 102,794 110,337 15,456 22,279 4,476 6,220 19,932 28,499 6,440 8,882 - - 6,440 8,882 42,713 171,086 - 42,713 171,086	Unrestricted funds Restricted funds Total 2025 2024 2025 2024 2025 2024 £ £ £ £ £ £ 2,139,053 2,130,478 - 2,139,053 2,130,478 - 45,000 - 45,000 40,250 10,500 316,500 77,500 356,750 88,000 66,462 55,153 36,332 55,184 102,794 110,337 15,456 22,279 4,476 6,220 19,932 28,499 6,440 8,882 - - 6,440 8,882 42,713 171,086 - 42,713 171,086
	2,310,374	2,398,378	357,308	183,904	2,667,682	2,582,282

Lewis Silkin LLP donated £4,404 legal expertise in the year, Vine Hotels donated £2,036 in accommodation at Kenwood Hall in Sheffield. This has been included in the accounts at cost.

3. EXPENDITURE

. EXPENDITURE
Raising funds: Charitable activities: Touring and production: Education and community projects: Raising funds: Charitable activities: Touring and production: Education and community projects:	Direct Staf Costs Other Direct Costs Support & Governance Costs Total 2025 2025 2025 2025 £ £ £ £ 137,276 20,821 176,099 334,196 325,469 2,204,549 354,470 2,884,488 71,025 254,254 82,937 408,216
	533,770	2,479,624	613,506	3,626,900
	Direct Staf Costs Other Direct Costs Support & Governance Costs Restated Total Restated 2024 2024 2024 2024 £ £ £ £ 113,377 23,802 121,974 259,153 354,417 2,903,293 330,921 3,588,631 67,723 258,010 80,609 406,342
	535,517	3,185,105	533,504	4,254,126

4. ANALYSIS OF SUPPORT & GOVERNANCE COSTS

Staf Ofce & store rent Other support costs Governance costs	2025 2024 £ £ 246,870 199,631 66,230 53,841 258,606 238,313 41,800 41,719	2025 2024 £ £ 246,870 199,631 66,230 53,841 258,606 238,313 41,800 41,719
	613,506	533,504

Governance costs comprise audit fees.

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

5. NET EXPENDITURE / INCOME FOR THE YEAR

. NET EXPENDITURE / INCOME FOR THE YEAR
	2025	2024
	£	£
The net movement in funds is stated after charging:
Auditor’s remuneration:
-audit fee	18,500	18,500
- fees prior year	-	1,950
- work outside audit fee	330	-
- tax advisory	19,500	19,500
Operating lease payments	65,666	65,117
Depreciation - owned assets	15,936	16,480
Depreciation - write down of Mountview lease	46,769	35,591

Due to the transfer of ETO to Sheffield in October 2024 the break clause in the lease at Mountview was exercised to end the Mountview lease at the end of January 2025. The remaining net book value of the leasehold improvements at the Mountview premises were written off in the year.

6. STAFF COSTS

The total staf costs for the period were as follows: Staf Salaries Social security costs Pension costs	2025 2024 £ £ 685,272 637,332 64,193 59,400 29,330 21,754	2025 2024 £ £ 685,272 637,332 64,193 59,400 29,330 21,754
	778,795	718,486

One employee received annual remuneration above £60,000 per annum (FY24: one employee) in the band £80,000 - £90,000 (FY24: £70,000 - £80,000).

The current director Robin Norton-Hale received directing fees totalling £6,750 (FY24: £9,950) for the Autumn Season 2024 and 2025 in addition to her permanent staff salary.

Bradley Travis was employed as Head of Learning & Participation until January 2025. At other times he received fees for directing and performing in ETO operas totalling £750 (FY24: £3,761). Madeleine Barnes was employed as L&P Assistant Producer. In July 2024 she received £1,250 (2024: £nil) for stage management of ETO Operas in Luxembourg.

The average number of staff employed during the year was 17 (FY24: 16).

Total Key Management Personnel compensation in the year, including employer National Insurance Contributions and pension contributions, was £276,398 (FY24: £222,707).

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

7. TANGIBLE FIXED ASSETS

. TANGIBLE FIXED ASSETS
COST As at 01/07/2024 Additions Disposals As at 30/06/2025 DEPRECIATION As at 01/07/2024 Charge for the year Disposals As at 30/06/2025 NET BOOK VALUE As at 30 June 2025 As at 1st July 2024	Lighting & Production equipment Furniture, Fittings & equipment Leasehold improvements Total £ £ £ £ 46,767 139,790 93,592 280,149 36,891 15,995 52,886 - - (93,592) (93,592)
	83,658 155,785 - 239,443 37,224 128,625 46,823 212,672 6,978 8,958 46,769 62,705 - - (93,592) (93,592)
	44,202 137,583 - 181,785
	39,456 18,202 - 57,658

	9,543 11,165 46,769 67,477

Due to the transfer of ETO to Sheffield in October 2024 the break clause in lease at Mountview was exercised to end the Mountview lease at the end of January 2025. The remaining net book value of the leasehold improvements at the Mountview premises was written off in the year.

8. INTANGIBLE FIXED ASSETS

. INTANGIBLE FIXED ASSETS
COST As at 01/07/2024 As at 30/06/2025 DEPRECIATION As at 01/07/2024 Charge for the year As at 30/06/2025 NET BOOK VALUE As at 30 June 2025 As at 1st July 2024	Website Total £ £ 33,145 33,145
	33,145 33,145 33,145 33,145 - -
	33,145 33,145
	- -

	- -

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

9. DEBTORS

. DEBTORS
	2025	2024
	£	£
Trade debtors	10,700	65,016
Accrued income: Theatre Tax Relief	667,181	700,000
Prepayments and other accrued income	126,885	95,080
Value added tax	23,058	3,897
Other debtors	7,490	23,151
	835,314	887,144

Theatre Tax relief accrued in 2024 was received in the year. An amount of £667,181 (FY24: 700,000) has been accrued for the year ended June 2025.

10. CREDITORS

Trade creditors Accruals Taxation and social security Deferred income Other creditors ANALYSIS OF DEFERRED INCOME At 1 July Released to income in the period Deferred in the period Closing balance	2025 2024 £ £ 115,917 77,296 48,770 52,270 23,677 16,037 10,700 - 320 320 199,384 145,923 2025 2024 £ £ - - - - 10,700 -	2025 2024 £ £ 115,917 77,296 48,770 52,270 23,677 16,037 10,700 - 320 320 199,384 145,923 2025 2024 £ £ - - - - 10,700 -
	10,700	-

Deferred income relates to Learning & Participation income invoiced in advance for activity taking place in the following year where this should not be brought into the current year.

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

11. MOVEMENTS IN FUNDS

As at As at 01/07/2024 Income Expenditure Transfers 30/06/2025 £ £ £ £ £ 600,000 3,299,095 (3,346,213) 47,118 600,000 920,509 - (132,296) (47,118) 741,095	As at As at 01/07/2024 Income Expenditure Transfers 30/06/2025 £ £ £ £ £ 600,000 3,299,095 (3,346,213) 47,118 600,000 920,509 - (132,296) (47,118) 741,095	As at As at 01/07/2024 Income Expenditure Transfers 30/06/2025 £ £ £ £ £ 600,000 3,299,095 (3,346,213) 47,118 600,000 920,509 - (132,296) (47,118) 741,095	As at As at 01/07/2024 Income Expenditure Transfers 30/06/2025 £ £ £ £ £ 600,000 3,299,095 (3,346,213) 47,118 600,000 920,509 - (132,296) (47,118) 741,095	As at As at 01/07/2024 Income Expenditure Transfers 30/06/2025 £ £ £ £ £ 600,000 3,299,095 (3,346,213) 47,118 600,000 920,509 - (132,296) (47,118) 741,095
1,520,509 3,299,095 (3,478,509) - 1,341,095 - 13,233 (13,233) - - - 14,185 - - 14,185 - 3,960 (3,960) - - - 7,500 (7,500) - - 25,476 318,430 (117,983) - 225,923 18,639 - (5,715) - 12,924 109 - - - 109
44,224 357,308 (148,391) - 253,141
1,564,733	3,656,403	(3,626,900)	-	1,594,236

Restricted funds

The Autumn 24, Autumn 25 and Spring 25 Funds were given specifically for expenditure incurred on those seasons. The Theatre based production funds were given specifically to spent on direct theatrical costs.

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 relate to amounts given specifically to support ETO Perform (£25,000), ETO Lyrics (£8,000), L&P performances of Little Terror (£13,500), Ada and the Code Crusaders (£3,000), The Wellies (£21,281), The Vanishing Forest (£27,000) and other L&P costs incurred (£20,649). The Laidlaw Opera Trust Ada and the Code crusaders , ETO Perform and ETO Lyrics. have donated funds of £200,000 specifically for

Unrestricted funds

Unrestricted funds include a General Risk Fund of £600,000 (FY24: £600,000) and Designated Funds of £713,054 (FY24: £920,509) in total. The designated funds are discussed in detail in the Trustees’ Report.

Comparatives for the year to 30 June 2024 are shown in note 15.

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds Restricted Funds Total 2025 2025 2025 £ £ £ Fixed assets 57,658 - 57,658 Current assets 1,482,821 253,141 1,735,962 Current liabilities (199,384) - (199,384) Net assets 1,341,095 253,141 1,594,236 Unrestricted Funds Restricted Funds Total 2024 2024 2024 £ £ £ Fixed assets 67,477 - 67,477 Current assets 1,598,955 44,224 1,643,179 Current liabilities (145,923) - (145,923) Net assets 1,520,509 44,224 1,564,733 3. OPERATING LEASE COMMITMENTS Ofce equipment Land and buildings Total 2025 2024 2025 2024 2025 2024 £ £ £ £ £ £ In less than one year 1,800 3,400 43,926 42,651 45,726 46,051 In two to fve years 6,075 - 51,500 76,220 57,575 76,220 In more than fve years - - - - - - 7,875 3,400 95,426 118,871 103,301 122,271	Unrestricted Funds Restricted Funds Total 2025 2025 2025 £ £ £ 57,658 - 57,658 1,482,821 253,141 1,735,962 (199,384) - (199,384)	Unrestricted Funds Restricted Funds Total 2025 2025 2025 £ £ £ 57,658 - 57,658 1,482,821 253,141 1,735,962 (199,384) - (199,384)	Unrestricted Funds Restricted Funds Total 2025 2025 2025 £ £ £ 57,658 - 57,658 1,482,821 253,141 1,735,962 (199,384) - (199,384)
	1,341,095	253,141	1,594,236
	Unrestricted Funds Restricted Funds Total 2024 2024 2024 £ £ £ 67,477 - 67,477 1,598,955 44,224 1,643,179 (145,923) - (145,923)
	1,520,509	44,224	1,564,733
7,875 3,400 95,426 118,871 103,301 122,271

13. OPERATING LEASE COMMITMENTS

ETO rents its primary office premises at The Workstation in Sheffield and a secondary premises in Whitechapel, London. During the year ETO exercised the break clause with respect to the previous office premises in Mountview, Peckham and left Mountview at the end of January 2025. ETO rents storage facilities in Northfleet, Kent until August 2028 with a break clause in 2026.

14. RELATED PARTY TRANSACTIONS

The current director Robin Norton-Hale received directing fees totalling £6,750 (2024: £9,950) for the Autumn Seasons in 2024 and 2025 in addition to her permanent staff salary.

Abigail Kelly (Board of Trustees) received £7,361 for her services on the L&P Production The Wellies and for the Autumn 24 season (2024: £8,200 for the L&P Production Under the Little Red Moon in Autumn 23 and as director of The Wellies for the Autumn 24 season).

Bradley Travis was employed as Head of Learning & Participation until January 2025. At other times he received fees for directing and performing in ETO operas totalling £750 (2024: £3,761). Madeleine Barnes was employed as L&P Assistant Producer. In July 2024 she received £1,250 (2024: £nil) for stage management of ETO Operas in Luxembourg.

Reimbursed Trustee expenses related to carrying out their duties were £1,808 (2024: £1,196).

The aggregate of donations received from the Trustees and their related parties in the period was £5,190 (FY24: £4,130).

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 30 JUNE 2024

INCOME FROM: *Donations & Legacies* *Investments* *Charitable activities* Touring and production Education and community projects Other *Other income: Theatre Tax Relief* *Total income* EXPENDITURE ON: *Raising funds* *Charitable activities* Touring and production Educational and community projects Total expenditure NET INCOME/ (EXPENDITURE) BEFORE TRANSFERS Transfers between funds NET MOVEMENT IN FUNDS Fund balances brought forward FUND BALANCES CARRIED FORWARD	Unrestricted funds Restricted funds Total 30/06/2024 General Designated £ £ £ £ 2,398,378 - 183,904 2,582,282 9,676 - - 9,676 449,826 - - 449,826 23,484 - - 23,484 1,244 - - 1,244 728,373 - - 728,373
	3,610,981 - 183,904 3,794,885
	259,153 - - 259,153 3,356,583 119,732 112,316 3,588,631 303,197 - 103,145 406,342
	3,918,933 119,732 215,461 4,254,126
	(307,952) (119,732) (31,557) (459,241) 307,952 (307,952) - - - (427,684) (31,557) (459,241) 600,000 1,348,193 75,781 2,023,974
	600,000 920,509 44,224 1,564,733

ENGLISH TOURING OPERA LIMITED NOTES TO THE ACCOUNTS FOR YEAR ENDED 30 JUNE 2025

16. COMPARATIVE MOVEMENTS IN FUNDS FOR THE YEAR ENDED 30 JUNE 2024

As at As at 01/07/2023 Income Expenditure Transfers 30/06/2024 £ £ £ £ £ 600,000 3,610,981 (3,918,933) 307,952 600,000 1,348,193 - (119,732) (307,952) 920,509	As at As at 01/07/2023 Income Expenditure Transfers 30/06/2024 £ £ £ £ £ 600,000 3,610,981 (3,918,933) 307,952 600,000 1,348,193 - (119,732) (307,952) 920,509	As at As at 01/07/2023 Income Expenditure Transfers 30/06/2024 £ £ £ £ £ 600,000 3,610,981 (3,918,933) 307,952 600,000 1,348,193 - (119,732) (307,952) 920,509	As at As at 01/07/2023 Income Expenditure Transfers 30/06/2024 £ £ £ £ £ 600,000 3,610,981 (3,918,933) 307,952 600,000 1,348,193 - (119,732) (307,952) 920,509	As at As at 01/07/2023 Income Expenditure Transfers 30/06/2024 £ £ £ £ £ 600,000 3,610,981 (3,918,933) 307,952 600,000 1,348,193 - (119,732) (307,952) 920,509
1,948,193 3,610,981 (4,038,665) - 1,520,509 - 45,000 (45,000) - - - 35,413 (35,413) - - - 5,000 (5,000) - - - 7,500 (7,500) - - 37,630 90,991 (103,145) - 25,476 27,759 - (9,120) - 18,639 109 - - - 109 10,283 - (10,283) - -
75,781 183,904 (215,461) - 44,224
2,023,974	3,794,885	(4,254,126)	-	1,564,733

English Touring Opera The Workstation, 15 Paternoster Row, Sheffield, S1 2BX Charity Number: 279354 Company Number: 1458501

2025-06-30-accounts

ENGLISH TOURING OPERA LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

DIRECTORS AND TRUSTEES

Indicates a member of the Transfer Committee

COMPANY LEADERSHIP

ARTISTIC DIRECTOR & CEO

EXECUTIVE DIRECTOR & COMPANY SECRETARY

WEBSITE

PRINCIPAL & REGISTERED OFFICE

The Workstation, 15 Paternoster Row, Sheffield, S1 2BX

AUDITORS

BANKERS

INTRODUCTION

Leonora Thomson Chair of Trustees

OBJECTIVES AND ACTIVITIES

Artistic Objectives:

Learning and Participation Objectives:

Promotional and Development Objectives:

ACHIEVEMENTS AND PERFORMANCE

AUTUMN 2024:

Blond Eckbert: Double Bill: 6 performances

The Snowmaiden: 9 performances

Blond Eckbert: Double Bill and The Snowmaiden

ETO Unboxed

New commission for young people: The Wellies

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

SPRING 2025

The Capulets and the Montagues and What Dreams May Come

New commission for young people: The Vanishing Forest

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

Orchestra

ENVIRONMENTAL RESPONSIBILITY

WORKSHOPS AND OTHER PARTICIPATION

ARTIST DEVELOPMENT PROGRAMME

FUTURE ARTISTIC PROGRAMME

STAFF

FUNDING

Arts Council England

Trust and Foundations

Individual Giving (Philanthropy)

FINANCIAL REVIEW

INCOME

Touring and Production Income

Arts Council England Income

Development Income

Support In-Kind

Creative Tax Reliefs

EXPENDITURE

Touring & Production Costs

Learning and Participation

NET MOVEMENT IN FUNDS

FINANCIAL OUTLOOK

RESERVES POLICY

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

Restricted Funds

Designated Funds

General Risk Fund

RISK MANAGEMENT AND GOING CONCERN

TRUSTEES’ REPORT FOR YEAR ENDED 30 JUNE 2025

Operational risks

Going Concern

INVESTMENT POLICY

APPROACHES TO FUNDRAISING

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Appointment of Trustees

Trustee induction and training

Organisation

Remuneration of key management

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Disclosure of Information to Auditors

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees for the financial statements

Auditor’s responsibilities for the audit of the financial statements

Use of our report