2020-10-31-accounts - Garsington Opera Limited

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				Page
Reference and administrative		details ofthe Company,	Trustees and advisers	1-2
Trustees' report				3-17
Independent	auditors' report	on the financial statements		18-20
Consolidated	statement offinancial activities			21
Consolidated	balance sheet			22
Company balance sheet				23
Consolidated	statement ofcash flows			24
Notes tothe	financial statements			25-49

Trustees			M Curtis CMG, Deputy	M Curtis CMG, Deputy	Chairman&	Chairman&	Chairman&
			J Drysdalet
			Professor J	Freeman-Attwoods
			N P Higginst
			C Ingramss
			N King QChs
			I F Mackinnonhz
			Lady Marks,	Treasurer&
			D Suratgart
			BJTaylor CBE DL, Chairman'
			" Members	ofthe Garsington		Opera Finance and General Purposes						Committee
			s Members	ofthe Garsington		Opera Audit and			Governance		Committee
			Members	of the Garsington			Opera	Artistic	Advisory	Committee		with	Douglas
			Boyd, Laura	Canning,	John Cox, Nicola			Creed,	Brian Dickie, Sarah			Playfair
Company	registered
number			02567390
Charity registered
number			1003042
Registered		office	The Old Garage
			The Green
			Great Milton
			Oxon
			OX44 7NP
Company	secretary		Whittingham	Riddell Resources			Ltd
			Belmont House
			Shrewsbury	Business	Park
			Shrews bury
			Shropshire
			SY26LG
Independent		auditors	WR Partners
			Chartered Accountants
			Belmont House
			Shrewsbury	Business	Park
			Shrews bury
			Shropshire
			6Y26LG

REFERENCE AND	REFERENCE AND	ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS
				(CONTINUED)
		FOR THE YEAR ENDED 31OCTOBER 2020
Bankers		National Westminster		Bank PLC
		121 High Street
		Oxford
		OX14DD
		CCLA
		Senator House
		85 Queen Victoria	Street
		London
		EC4V4ET
Investment	Managers	Sarasin & Partners	LLP
		Juxton House
		100St. Paul's Churchyard
		London
		EC4M SBU
Advisory Council		The Hon. Mrs Susan		Baring OBEJP
		Dr Margaret Bent CBEFBA
		Dame Hilary Boulding		DBE
		Dominic Burke
		Annette Campbell	White
		Sir Stuart Hampson
		Diana Hiddleston
		Peter Maniura
		Sir Curtis Price (retired June 2020)
		Bernard Taylor CBE		DL, Chairman
President		Rosalind Ingrams
Executive	Director	Nicola Creed
Artistic Director		Douglas Boyd

			Restricted	Unrestricted	Total	Total
			funds	funds	funds	funds
			2020	2020	2020	2019
		Note	6	6
Income from:
Donations and legacies			1,082,424	1,499,188	2,581,612	3,285,899
Charitable activities				141,418	141,418	2,657,258
Other trading activities				306,385	306,385	478,855
Investments				70,127	70,127	71,576
Other income				158,062	158,062	383,648
Total income			1,082,424	2,175,180	3,257,604	6,888,246
Expenditure on:
Raising funds		9		525,206	525,206	655,666
Charitable activities		10	756,453	1,741,531	2,497,984	5,680,853
Total expenditure			756,453	2,266,737	3,023,190	6,336,519
Net gains on investments				29,168	29,168	134,265
Net movement in	funds		325,971	(62,389)	263,582	585,992
Reconciliation of	funds:
Total funds brought	forward		1,418,409	5,066,505	6,484,914	5,798,922
Net movement in funds			325,971	(62,389)	263,582	685,992
Total funds carried forward			1,744,380	5,004,116	6,748,496	6,484, 914

		CONSOLIDATED	CONSOLIDATED	BALANCE SHEET
			AS AT 31OCTOBER 2020
				2020		2019
			Note	5
Fixed assets
Tangible assets			16	2,414,095		2,471,831
investments			17	1,979,533		1,888,275
				4,393,628		4,360,105
Current assets
Stocks			18	33,470	11,444
Debtors			19	1,458,537	1,158,755
Cash at bank and	in hand			3,040,983	1,926,710
				4,532,980	3,095,909
Creditors: amounts	falling due within one	year	20	(2,178,122)	(972101)
Net current assets				2,354,868		2 124,808
Total assets less current liabilities				6,748,496		6,484,914
Total net assets				6,748,496		6,484,914
Charity funds
Restricted funds			21	1,744,380		1,418,409
Unrestricted funds			21	5,004,116		5,066,505
Total funds				6,748,496		6,484,914

				2020	2019
			Note
Cash flows from operating activities
Net cash used in operating activities			23	1,624,389	1,545,00f
Cash flows from investing activities
Purchase oftangible fixed assets				(348,026)	(144,487)
Proceeds from sale of investments					501,255
Purchase ofinvestments				(62090)	(56f472)
Net cash used in investing activities				(410,116)	(204,704)
Change in cash and cash equivalents	in the year			1,114,273	1,340,297
Cash and cash equivalents at the beginning	ofthe year			1,926,710	585,413
Cash and cash equivalents at the end ofthe year			24	3,040,983	1,925,Tf0
The notes on pages 25to49form part ofthese financial		statements

l value, o	ver their expecte	d useful lives on th
Wormsley	Assets	- 10Years
Garden		- 15Years
Production	buildings	- 15-50Years
Marquee		- 10Years
Opera Equipment		- 10Years
Walled Garden Barn		- 15Years
Ofgce Equipment		- 5Years
Auditorium		- 10-15Years
Fixtures &	Fittings	15Years

					Restricted	Unrestricted	Total	Total
					funds	funds	funds	funds
					2020	2020	2020	2019
					6	6
Donations
General Donations	including		Coronavirus	Support		482,196	482,196	1,039,935
Friends Donations						755,240	755,240	907,163
Arts Hub Donations					584,000		584,000
Subtotal					584,000	1,237,436	1,821,436	1,947,098
Trusts and Foundations		Donations			162,254		162,254	251,800
Productions Syndicate					336,170		336,170	624,802
Tax Recovery						261,687	261,687	394,485
Legacy Donations						65	65	58,714
Subtotal					498,424	261,752	760,176	1,339,801
Total 2020					1,082,424	1,499,188	2,581,812	3,286,899
Total 2019					876,602	2410,297	3,286,899

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
Ticket income		95,030	95,030	2,218,269
Programme	& libretti sales			75,384
Concessions		5,083	5,083	210,996
Sundry sales		41,305	41,305	160,207
Tour group sponsorship				2412
Total 2020		141,418	141,418	2667,268
Total2019		2667,268	2,667,268

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
Income from subsidiary	785	785	129,470
Sponsomhip	305,600	305,600	323,600
Advertising & other income			25,785
Total 2020	306,385	306,385	478,855
Total2019	478,855	478,855

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
	6	F
Dividend income	62,093	62,093	58,984
Bank interest	8,034	8,034	7,810
Gain/(loss) on foreign exchange			4,782
Total 2020	70,127	70,127	71,575
Total 2019	71,576	71,576

	Unrestricted	Total	Total
	funds	funds	funds
	2020f	2020 6	2019 E
Theatre tax relief claim	158,062	158,062	383,648
Total 2020	158,062	158,062	383,648
Total 2019	383,648	383,648

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
	6
Fundraising &press officer	6,161	6,161	10,839
Rent, rates and utilities	7,284	7,284	8,729
General administration	12,460	12,460	18,918
Computer supplies	24,999	24,999	22,949
Bank charges	9,770	9,770	13,359
Staff costs	220,178	220,178	211,531
National insurance costs	24,048	24,048	24,484
Pension costs	3,275	3,275	2,895
Depreciation	781	781	589
Total 2020	308,956	308,956	314,293
Total 2019	314,293	314,293

		Unrestricted	Total	Total
		funds	funds	funds
		2020 6	2020f	2019
Expenditure	from subsidiary	8,889	8,889	104,68S
Fundraising	&press officer	32,569	32,569	58,965
Rent, rates and utilities		7,284	7,284	8,72S
General administration		21,442	21,442	30,094
Hire of auditodum		4,222	4,222	6,703
Wages and	salaries	125,490	125,490	116,527
National insurance costs		13,706	13,706	13,488
Pension costs		1,867	1,867	1,595
Depreciation		781	781	589
Total 2020		216,250	216,250	341,373
Total 2019		341,373	341,373

		Activities
		undertaken	Support	Total	Total
		directly	costs	funds	funds
		2020	2020	2020	2019
		6	E	K
Opera		1,752,991	478,757	2,231,748	5,328,814
Learning	& Participation	163,364	102,872	266,236	352039
Total 2020		1,916,355	581,629	2,497,984	5680853
Total2	019	5,080,519	600,334	5,680,853

							Total	Total
					Opera	Education	funds	funds
					2020	2020	2020	2019
					6	6		5
Depreciation					403,156		403,156	387,084
Opera perfonnance		fees			262,411		262,411	877,397
Production teams					120,475		120,475	359,258
Orchestra fees					82,243		82,243	634,692
Costumes, sets,	props				47,479		47,479	509,857
Stage &technical	staff				224,650		224,650	574,962
Seasonal fees					19,165	124	19,309	88,720
Production administration					77,013		77,013	97,208
Music hire & royalties					2,967		2,967	32,132
Other production	costs				44,468		44,488	158,676
Site costs					123,085	220	123,305	243,835
Performance refreshments					197		197	8,881
Irrecoverable VAT					124,314		124,314	295,847
Transport					23,081		23,081	95,588
Photography					1,040		1,040	3,250
Seasonal printing	-	programme			13,400		13,400	33,504
Seasonal costs					18,260		18,260	34,109
Facility rent					70,916		70,916	281,593
Administration expenses					165		165	3,285
Scenery barn rental					63,059		63,059	36,174
Health &safety -	opera &		site		691		691	1,302
Other costs					2,124		2,124	15,067
Understudy performance			costs					3,086
Recording costs					26,612		28,612	90,423
Schools, education		and community		projects		163,020	163,020	214,828
Total 2020					1,752,991	163,364	1,916,355	5,080,519
Total 2019					4,829,050	251,489	5,080,519

						Total	Total
				Opera	Education	funds	funds
				2020 6	2020f	2020 6	2019
Staff costs				296,778	93,853	390,631	382,093
Depreciation				651	130	781	589
Fundraising	&press officer			22,879		22,879	38,574
Rent, rates &utilities				6,070	1,214	7,284	8,726
Boxoffice system and computer			supplies	24,103	890	24,993	22,953
Bank charges				16,244	3,296	19,540	26,719
Insurance				7,657	589	8,246	12,072
Printing, postage 8 stationery				1,597	319	1,916	4,435
Telephone 8	fax			1,916	383	2,299	2501
General administration				8,969	2,129	11,098	15,177
Bookkeeping	&accountancy			343	69	412	1,090
Provision for	doubtful	debts		(349)		(349)
Governance	costs (note 11)			91,899		91,899	84,405
Total 2020				478,757	102,872	581,629	600,334
Total 2019				499,764	'l00,570	600,334

										2020	20'l9
	Auditors' remuneration									14,065	13,780
	Other costs									6,196	10,785
	I egal &professional		fees							12,469	5,100
	Accountancy	fees								137	363
	Wages &salaries									56,772	53,200
	Depreciation									260	198
										91,699	84,405
12.	Net incomel(expenditure)
	Net income/(expenditure)				for	the year includes:
										2020	2019
										5
	Operating lease rentals									63,416	281,593
	Depreciation	oftangible		fixed	assets					405,762	389,052
	Fees paid to	auditors	for:
	-audit									11,770	11,530
	-other services									2,295	2,250
										503,243	684,425
13.	Auditors' remuneration
										2020	2019
										5	5
	Fees payable accounts	to the Company's				auditor		for the audit ofthe Group's	annual	11,770	11,530
	Fees payable	to the Company's				auditor		in respect of:
	All non-audit	services	not included				above			2,295	2250

Staffcosts
	Group	Group	Company	Company
	2020	2019	2020	2019f
Wages and salaries	743,681	713,464	743,681	713,464
Social security costs	81,224	82,583	81,224	82,583
Pension costs	11,062	9,766	11,062	9,766
	836,967	805,813	836,967	805,813

	Group	Group
	2020	2019
	No.	No.
Employees	13	13

			Protlucgott		Wonnaley		Walled	Opera	Office	Other Fixed
		Auditorium	Bugdlngs	Marquess	Assets	Garden	Garden Bam	Equipment	Equipment	Assets	Total
		6	2		6	2	2	2	2	E
Cost or valuation
At I November	2D19	4r43IL047	1$9,0D2	267,388	20,057	49,400	10,867	216,764	58,700	41,264	0,231,966
Additions		87,00D	267,164					17,S95	6,177		348,026
At 31 October	2D20	4,605,947	396,750	2S7,388	20,067	49,406	10,867	233v449	64,877	41,264	5,579,991
Depmclctloh
At I November	2019	2,294,639	76,232	157,588	ttdt22	29,666	6,614	109,187	5$,632	EIAMS	2,760,134
Charge for the	year	329,764	10,629	26,730	2,000	3,307	724	27,176	2,008	3,913	406,762
AI31 October2020		2,624,403	86,701	183,327	13,428	32,S72	7,238	136,362	66,137	26,$68	3,165,S96
Net book value
At 31 Odober2020		1,081,044	309,995	74,061	6,629	16,634	3,619	97,087	8,740	16,886	2,414,095
At 3f Ocfober20f9		2,f44,306	63,370	99,800	S,635	19,84f	4,343	106,567	5,168	10,790	2,471,831

	Listed
	investments
Group	K
Cost or valuation
At 1 November 2019	1,888,275
Additions	62,090
Revaluations	29,168
At 31October 2020	1,979,533

							Investments
							In
							subsidiary	Listed
							companies	investments	Total
Company							E	E	E
Cost or valuation
At 1 November		2019					20	1,888,275	1,888,295
Additions							15,000	62,090	77,090
Revaluations								29,168	29,168
At 31October 2020							15,020	1,979,533	1,994,553
Principal subsidiaries
The following		were subsidiary		undertakings		ofthe Company:
Names								Company	Holding
								number
Garsington	Opera Enterpdses		Ltd					06511222	100%
Garsington	Opera Productions			Ltd				09341623	100%
The financial		results ofthe subsidiaries			for	the year were:
						Income	Expenditure	Profit/(Loss)	Net Assetsl
						F	E	ISurplus/	(Liabilities)
								(Deficit) for
								the year
								E
Garsington	Opera Enterprises			Ltd		785	(12,640)	(11,855)	(11,845)
Garsington	Opera Productions			Ltd		839,704	(999,871)	(2,105)	1,370

						Group	Group
						2020	2019
						6	5
Finished	goods	and	goods	for	resale	33,470	11,444

		Group	Group	Company	Company
		2020	2019	2020	2019
		6
Due after more than one year
Prepayments	and accrued income	584,080	333,942	584,080	333,942
		584,080	333,942	584,080	333,942
Due within	one year
Trade debtors		55,144	199,270	66,773	208,889
Amounts owed by group undertakings				200,029	391,645
Other debtors		261,386	384,916	103,259	1,268
Prepayrnents	and accrued income	557,927	240,627	557,927	240,627
		1,458,537	1,158,755	1,512,068	1,176371

				Group	Group	Company	Company
				2020 6	2019f	2020f	2019f
Trade creditors				291,322	ff4,444	290,169	110,003
Amounts	owed to group undertakings						f0
Other taxation and		social security		7,240	143,076	7,239	144,402
Other creditors				631,483	7,680	631,483	7,680
Accruals				94,224	275,975	88,529	270,471
Deferred	income			1,153,853	430,926	1,153,853	430,926
				2,178,122	972,10f	2,171,273	953,492
				Group	Group	Company	Company
				2020	2019f	2020	2019f
Deferred	income at t November		2019	430,926	299,345	430,926	299,345
Resources deferred		during the year		1,153,853	430,926	1,153,853	430,926
Amounts	released	from previous	periods	f430,926)	(299,345)	(430,926)	(299,345)
				1,153,853	430,926	1,153,853	430,92S

Statement offunds
Statement offunds	-	current	year
			Balance at 1					Balance at
			November				Gains/	31October
			2019 6	Income 5	Expenditure	f	(Losses) 6	2020 6
Unrestricted funds
Designated funds
Auditorium and infrastructure			2,400,000					2,400,000
Creative and Strategic Development			1,606,750					1,606,750
			4,006,750					4,006,750
General funds
General funds			1,059,755	2,175,180	(2,266,737)		29,168	997,366
Total Unrestricted	funds		5,066,505	2,175,180	(2,266,737)		29,168	5,004,116
Restricted funds
Auditorium Appeal fund			1,418,409		(258,029)			1,160,380
Learning and Participation		fund		162,254	(162,254)
Opera Production				336,170	(336,170)
Arts Hub Appeal fund				584,000				584,000
			1,418,409	1,082,424	(756,453)			1,744,380
Total offunds			6,484,914	3,257,604	(3,023,190)		29,168	6,748,496

Statement offun	ds - prior year
	Balance at					Balance at
	1November			Transfers	Gains/	31October
	2018	income	Expenditure	inrout	(Losses)	2019
		E	5	L'
Designated
funds
Auditorium and
Infrastructure	2,400,000					2400,000
Creative and
Strategic Development	872485			734,265		1,606,750
	3,272,485			734,265		4,006,750
General funds
General Funds-
all funds	850,000	6,011,644	(5,201,889)	(734,265)	134,265	1,059,755
Total
Unrestricted
funds	4,122,485	6,011,644	(5,201,889)		134265	506S505
Restricted
funds
Auditorium Appeal fund	1,676,437		(258,028)			1,418,409
Learning and Participation fund		251,800	(251,800)
Opera Production		624,802	(624,802)
	1,676,437	876,602	(1,134,630)			1,418,409
Total offunds	5,798,922	6,888,246	(6,33S,519)		134,265	6,484,914

Analysis of net assets between funds - prior p	eriod
	Restricted	Unrestricted	Total
	funds	funds	funds
	2019 f	2019	2019 5
Tangible fixed assets	1,418,409	1,053,422	2,471,831
Fixed asset investments		1,888,275	1,888,275
Debtors due after more than one year		333,942	333,942
Current assets		2,762,967	2,752,957
Creditors due within one year		(972,101)	(972,101)
	1,418,409	5,066,505	5,484,914

Reconciliation of	net movement	in funds	to net cash flow from opera	ting activities
				Group	Group
				2020	2019
				6	6
Net income for the	period (as per	Statement	of Financial Activities)	263,582	685,992
Adjustments for:
Depreciation charges				405,762	389,052
Gains on investments				(29,168)	(134,255)
Increase in stocks				(22,026)	(6,113)
(Increase) / decrease	in debtors			(299,782)	472345
Increase in creditors				1,206,021	137,990
Net cash provided	by operating	activities		1,524,389	1,545,001

At 1		At 31
November		October
2019	Cash flows	2020
6	6	6
1,926,710	1,114,273	3,040,983
1,926,710	1,114,273	3,040,983

Operating lease commitments	Operating lease commitments
At 31 October 2020 the Group		and the	Company had commitments to		make future minimum lease
payments	under non-cancellable	operating	leases as follows:
			Group	Group	Company	Company
			2020f	2019f	2020f	2019f
Nct later than 1 year			207,418	190,534	207,418	190,534
Later than	1 year snd not later than	5years	791,213	705,452	791,213	705,452
Later than	5years		1,929,980	352 726	1,929,980	352,726
			2,928,611	1,248,712	2,928,611	1,248,712