2021-10-31-accounts

h•rfty number 1003042 GARSINGTON OPERA LIMrrED FOR THE YEAR ENDE) 31 OCTOB&i 2021 A84ER¢QI 2010512022 COK4PANIES HOUSE

96

WR Partners Protecting your fulure.

IAtoNyry Ib￿ by gwr•nt Tnmteu. report Indepehd•ht *udltorn' r•port on the fift•n¢knl ConBolldAtsd ststsm•nt of lkn•n¢l4 actlvlu 3-16 17-20 21 Con8othl•tsd b•l•n¢e sh••t 24 25-49

IA compw Ilrnlt•d ty gu•rnhts•) FOR THEYEAR ENDED 31 ocfoBER 2021 N P Hi99insi N I￿￿Q¢13 B J TwtrACBE LK ch￿￿7 2 Ambern ofthe Gwg(rw and GD¥em•rto Cornmittee Pknyts ufflb•r umbef 1003042 OX44 7NP Shrewbury Shropthlre SY2 6LG Bdmmt House shrE?￿ry Slwshire SY2 6LG

IAc•ny Ilmled tyguarnnt••) (cOMnNU￿) FOR THE YEAR ENDED 31 OCTOOER 2•21 8ank•rn 121 Str•ot OX14DD cc Inv••tm•nl *nag•rn S•raw & LLP Juxfon Hw8¢ 100 St Path Ixrthywd Lond EC4M 8BU Ad¥tsory CowYJl Th? Hon. Suson Barfw (XE JP l)r Uorgwel Bent CBE F8A DmiDic 8wk¢ P•tgr Mpmira P8p2

IAGofflp•ry Ilmlt•d by •llaAh TrUSTEEV RWRT FOR THE YEAR ENDED 31 OCTOBER 2021 The we¥eTht Ihw"rAnnud RepryltO9ellrth the althd fingn¢iBI stateffle￿ oftt• Gro￿ lortheyw 1 No¥ernber 2020to 31 OLlot¢r2021. Thehnnuol Reporter￿ the wrp)ye9 ofb¢th • TN$1￿. feport and a Dhdors, rnport undervJmp•ny law. Ibe TnJsle•s confirn that Ih• AMu•l Rrflon And finaneill statèments ofthe chRiitthJe COMpty￿th ¢Jrr8rt ststulory iequiiements, fv rtqUT￿effls rfthe ¢harflabte wnp3nfs go¥enMng docum•nt and th• prD¥￿0￿5 of the second edilim St4tsmenl of R•rA>rnm8Nled Pracbtt {SORPI 8PF4ic4ble to charrhEs preparing Iheir acuunts in att¥)rdan￿ F￿￿1•1 Rep¢¥brJ StaThJarf in tr UK R¢pubkoflrel8nd IFRS1021 (issued fft Ixober 2019}. Sin¢tho group and the Crynyquallfyx srMI1 wd¢f 8oction 383 ofth8 N&12C4X, the Group strate9icreport qulrgj o1rno(lum ond l¥ge Cornpanigs ur#lerU Compukn a2¢th IStreql¢ RePOrt￿d Dire4m' Report) Regul•fjonJ 2013 be￿ (ffldled. ObJDth•• •Ad •cO¥• •. PollGl•s and Obje￿1¥ h¥hest rhxuYAI standor LyficW, thrTJugh perfornian￿s, sbjdy evenls. 8rKI IVA>rwJ pwfj(ap•tory pty¢ts in the Ix)mrnunMy. I￿￿￿11n9 u8¢ olth"gal rnedKg. Er4¥re that ty)rthues hi be mg•tts as Il•y lththjè. Er•Jre that the owlives be ffet Qn a kng4erm ba61s. E{sU￿ theT 1$ ffift¥￿￿ 5tabilty 3 to 4 year¥ awd. Got¥inglon Opera gr%$ pErforni•rtss olwol •rUsit In A setbr4 Ofextror(Ith￿ natufal beauty. Pethmi8nRstak• c In th• 5FeCt￿￿31 Oper• pe￿It0n sitstthin the ro￿n9 lands¢w olfv I￿llern ot Womsley. ltrss than an hwr frtm Lonrlon. In 2f21 Garnirwon its 32nd annitsary seasan, 11$ 10th onniver¥ary atwormslgy. ItW8s foul￿ed in 1989 by Lffffi¥tl and hi8 ￿11 Rosa￿ThI al GaJE1￿10n n?pr Oxford. Foll￿ng LeonardB vntimdy death. G8rsrr¥kn Opera moved to Ihe Gelty farndrf8 estate atwoyrnthy, in 2011. then thÈ f•sO¥al has 8one from glrgngth to strBW 4Th1 ewrthd 21 to 34. At Wm$, fv ¢8p•clty 1$ 610 t&leas p￿¢￿ rtwa• 500. Page 3

7RUSTES' REPORT {CONThUEDI obieGlI￿ and •Gll¥ttits (¢ontlnwd) The ofth• f•tiv41 oltsr • bMd arJ varfed rqpBrt01￿ olwopor• IrK4udlr4 a Mozart gnd al¢0 thampiMin9 legs¢rkr•fft•rt•TAIth Irthwedo wmbgr olnof4bkn Bnlsh pr¢mkns. Haydn to P•risto perfrmi • I￿￿11•￿ed ytyJUdv￿ ofDon Gio¥•Mith kne Oth•tr• th chthbre de P•rfs in the Theatrede• Chofflp# &y￿. In 2WI OaYJ ThfdlrffJ producbth ofRIEtwd Dlo 11okn•. (r•i¥od ffifgt pwfomd At Go￿￿t0￿ htsnor. althe In Nv•A Y¢>bt In adOrLKm. Opern hi8 itiatsd o ofqrb8ticpoTther3hiJg, Royal Shake¥￿e C￿mPanY in Z015 ￿ 8 pr￿J￿￿on alA •KI h B¥1 Parnberton • vududj￿ of Tho in 2016. A pathersNp llh tr 0w￿hed Plilwmrtia 2017. Thtn pd fDrone produclion eath year Engfth Cofi￿rt on pprlod irthxnwls rI￿rrOr￿￿￿. as to digctywing. nwluty ¢Bry#oning >xwn9 pr¢tsg•lrml Ioknt wiwin ** UKo we pJst ￿ginnI18 to rne trYrm•s on Ih• tAwrfoWA• sts90. Yw we offernd an vaied PWDyrnmmE to Ihdr GAraln9t¢n Oper• Mntir4Jes to Intr4dwJ a newg•rwrnlKTrts) opw• ttwrwO1 Its >wramund Innovth Le•m5rv4 & 4utherK% hsl>eEn nstye3p8nded ttwwgh uso ofdryilai as ea( Jr#t knlonpGatskngkn w•durI￿n h•s withlnfrrt mintstss olmeffwthtybo¢knTrJ operNn9 onlrrt St•rd kn Xl13. tr •Mi en￿￿￿40• young pewe to be mtsDdur￿ 10 8 olorr•. Oned tts erthurnqe lh• rfa Mbll ofopua young th8 Chaity the ¥TraaMe ben¢tt rumry • (PB2y. Pago 4

(A¢(ry•ny Iln•d ty gu•vw FOR THE YEAR EMDED 31 OCTOBER 2•21 b. Annuel •lrnt•glo8 l•ra¢hknlffj ot4•th•s 8. To nuththe Ftsnds ofGaW OP￿ •ThJkn bue. eBpv¢l tr•x• l¥lng kn London and 11. To uMitiNally devefop Iwiigtagthr all aSP8Lts otrawTtskwb"r¥J ￿ to.. prowde a ltyme ts eT￿ble ￿ to •wand our•ngag•m•rtth the Pap5

TRUSTE&Y REP¢JRT (CONTINUED) FOR THE YEAR Ell￿ED 31 OCTOBER 2021 ObJ•ctlvts and •cllvllla (contlhuedl Defi￿￿ the ongory caler4Jes hr Garrirykn C¥ora Lwd bytr p¥nkn4 Garningth Opeia Pr￿Uc•￿ • Ow hrJheslprioiityw8S to Safegua￿ ￿ he8Mh EnLI of•ur ¢4stoftdixryw¥yiih on the we •nd ba&stsg• Ihroughoullhg reheawl period aThJ in PerforTnan￿, produixry arli51iralty•xdllny and rewordw￿ Prod￿110￿￿. Clp4r mwawuvJ ￿qUir?￿ kn orderkn h)ok aer tr •ndpknwig olow Aud￿￿. Tbanws lo the thdicalffjn oftr•wJtTh• te•n • f¢slival • gr¢•t •r#l the generosMY￿0ur tsellng jU51t4w thith ofow nornwl titht¢8pa. Duthg tr lockd￿Tr ptyknJ ￿ndIa￿￿•j wqe£t kn ib ryBt ph•se 8othaL thorsto th• onofftw•gene¥r61ty da frlN1Mdu. J taryet of£7rn pledged was athlg¥¢d by t strrt offv 2021125iY•l- thls tr laurth 01them￿l¢ ¢amw¥n. Bylheend olthe swrthe pkdged iti¢¢￿ 8lood •1 u.lM. li w8r• the ol• 125 yèar I￿ ftythB Atts th8 GBtty knly th The d8C45ion was len by the Bowd of Trttstt49 to 90 alad th• 4 optrn bJ#s orJIr￿￿Y planned lor 2021 t•fom th pandemr, 4$the e45t was alrtady ethrnLad. Thii WAS dthnglw In 7th ¢flhe 5rate ofD8rRosenk•vhr. décisions e￿1ving la￿15cap•¥Tr4t0 tiwellsre. Regukr oline meelirys vAlh lh• c(rfE team. Addttton81 Board meeting$ to roblowth• $•JJat4)n. Youny Mi•l• Progrm: eonwrvatoirns. In 2021 the prtydmimè re¢%￿d 212 app&r*MJ and awaldgd SO These singw5. SJ Page 8

(A¢¢xyy•ffty Ilrnlted ty o¥•r•thl TRUSTEES. REPORT (CONTIMUED FOR THE YEAR ENDED 31 OCTOBER 2021 Objecllvu •nd •ctl¥ll1￿ IcoThtknued) Leafflfno & Participation progr¥nm• has aM•ys rnpre&enled tl v•JuesolGarnirW in 2021 ￿ ￿Te perhaps rn0￿ keenty¥￿Or• than ewofthe knportwK ofth•r4rwvJ the ats ￿TIO¢4 (¥Jmmunlb•B. The oulbwk ofCovJd-19 in e 2020 n￿n1th&t￿t ryqiiddy had to tsaTtsrfion lo ¢lgkntpr•'. dgt, thtmfore, that 2021 enatsfed us to r•tum to a ftdl pragMmrrp¥ of partMthip& and prnie¢ts WAlhin owloc•l vmnrnunity. delr¥Ered in 8 l￿w Wtyfv"TrJ wthin Cov¥J 9uldanoTM• ¢4refvly slnxnd Youlh c¢¥n￿nY smal groups and hfttrid Trhe•rsals ther p8rfr'aparnts agod 18 farz to la￿ by Zoom. We 811 Ihriled to be abytr toigin twthw to porfomi on se at In Jdy. T￿Ad￿lco￿anY sknhad • pyDthJth M ge atWonn8 charnpwjnthg •1• leAdwth IIMry thp ofour wty￿9ted rt91 woie¢5 durirwj 2fj20.￿ (•ntknue yeartAth GO CrEats. a val￿b]e onlin8 resou￿ wrod •tdemy5fyin9 opv trs dU￿n •9ed 11.16 both in ¢wloe4 4xmrnunrty knnd. ndants and u#hèts. kn adthtion lo thoknam of8fAMts to Wis1 pkntth trar•)rtry theirptmirs. The oll1 ushws was ￿h￿ed b ernwp the s•fety oftr alien¢¢ by efi￿r￿g regulatsn& d. M•ln a¢tfvttl85 und•rf••n tt• furth•r th• Companf pwposesforth• benofft In sell.ng obpcbs and planrwo •clthbes. the TNsttes g•¥e due mn#ilernbM t<gew•l 9￿d￿te PUbl￿hed by the Chlrts ￿rn￿￿$SICfi r•l4thg to b•rfftand in paitulaTVJ it5 8uppftmentsry pUbr￿ benefft gJidanrA. Whilsi iett8bly rtstrkons ta￿d by the pdemic Tr￿lled in f￿￿rpe￿P18 ts8￿9 to wilWorrny free oftharge. thè crtased digila i¥>ntent. avalabk f•rfrnt. &lo¥d a vJ8r audlerth kn e>perierK ourTrt $rn ofvhKm werE seeihp 1.6QO peop •bl•to lend the lour drESS rntarsth fr olc•rye. 2. S¢hoL4$ •nd firltlme opwa gows •ble to 8tteThJ ourOwaFw#t￿rf¢MWthOrE￿ern (W. 2. y￿rth tthnPoft￿ and our ¢¢rnw￿itY VnpanY￿re lo on * at Womthy with manyoflhe and relle8￿1￿￿jng pf¥g onWn• w wile. 4. Tr8ino¢ stsoe managerswe g1￿ the otvortuntytr ghad¢>wbacsl¥ge as port ofthe Youth ¢oryJany proJecL S The r•trJm lo I"¥e Perform￿( provled mu¢ti needed ernp1oyrnnl￿fveekn￿ •lisls, lethntsans arKf $Das¢n•l workws maThyofkn hod fiOttA￿ In the arts tyo¥er a )•r. 6. GwGing¢gn ￿ntr￿e￿ lo be a w300 people eryged 11 local young people sold pmor•mrne4 20 carpart 8ltendath 14 njmhers. 6 domstiG swf as1 a8 33 YO￿nIeeT slewards and ushvrn. Local busir55es vthKh benefitted frtyn tht PTomty of Opera Company I￿￿ded p xhops. fvel 5tskn5. hgfs tsxi in tr WEO. Tr knLxI sca￿ grnup aded 88 porter¥, raiBry rn￿Y fn vdunlarytips forthe S¢out group exp•dbbon, •KI 27 ne¥￿t ferted oul room$ to opera persomel at qn over8ge of£25 per n&lrt o¥era 10 lAeekp•r￿d. kn add0￿. Owa Ccffipany ctynpiised aFf1￿Mate￿4lIo¢hTrW1 ew. 84 10 d•rKrs. 95 orteslrn W8yers. end 40 wtslicper>onrtl $u¢h as desiqn5. duEctsrs, ¢¥rK[ud0￿ th0￿￿￿er$. manapr5. and 51aff. 10 stsff and 12 gJnsultant5 Th￿￿ enqgGed on opera b￿8¥5 IhwDughout ts ￿r. Pa98 7

(A Imknd by FOR THE YEAR ENDED 31 (KTOBER 2021 •. Kry p•rfonAance lTrdlc•l IrK¥rne trw080d by 22% thkh Vds a olw Ihkn andw 5% 2Qlg. 94% of 0llMd •dty. ReStrt￿ efi Mria7drnkn4r¥J •rn Ifod fvx￿ 1•61ffft d•p ¢lthe fBSti¥ql, but the GovernrnnlAnrwrKem8ntcame fn￿t￿tlnOty131e fw many kwplèto bo b￿l￿1•ka th?1ost muMrt• ticels. th8 hawJ¥ 1WQp¢op on owtMa*ng befo￿ tho Starte￿ H￿￿￿thI￿eTheb￿d offèrdisc4u￿ Ilth•ts to *

upporters for the falF*71 ond f237.r130 kn Tr￿tr arKI Found•1￿5 and iftdNpiu#l• in supportof0urLe￿l￿9 8nd

PaTbcpatiJn prvgrarnm?. In 8 donation of£618,124w4s trarAfend fryn the Le(mrd InBr8mB F￿n4¥￿ upon I ThrJ donatlon iq held in a rejtrtded ￿nd kr LW IDr Garnirwn Ow8.8 outreach th in scknols and the loral mmunty, 2ndtwk supwtyrtrj fa yourwj arttsts. an annuolAwaol narred • Legn•rd kn9rwng A￿rd to one or Il ombrfK>wJ rEpethrE be￿ ttele¢knd to (detrfat• lh• 10Th anr¥tyryS•y aVknm¥y Bnd tho o¢igv•meThlwAs all 1he more reMa￿th due > the <alew presertsd by ** Parth1￿ new produ&n$ vre Pknthoel Bayrfs of Ew ¢Ji IMM 2016 ilh 34 p•rftsnn8n￿ oltr vRek ¢h•ry onlne lth C¥w• krsixmth urtl end W 2022. Th￿¥￿0￿? year01w￿ll pJtsWsh￿Js wlh both ts Phlhrnk) prayed Icrthr•• produdlon•, SO >tyng 6iry•rnlo￿ed th• 2ry21 APMrezYoung Aruols Prngr¥rffig in d•ty¢te groups.. D¥ Ro8onavlor(24 GlryoRI.. Cwlo Qy124 Am)dol c￿rI1 ¢auntsrtonorl. In addhlDn J singiw in lh• thorus, ofthe TAW• offe￿1 • r¢le or PWTamm• IndLthd on¢Atorf)nc i¥Jathly. CO￿ A￿ArSals Ans. C¥>er#Rr81 lor ¥thook. prDID551Lv￿I rla ￿￿rd￿ng ex1rncJJnio41af senwnarn. furfher perfomwM ￿P￿￿n￿lES both F•m Bam R•r418hl orK dbJi1o1ty IIW Awahl• Sknon Sl￿bach ghpn #> 086l•n Huakirts￿, DmenEr olthv one￿￿chOIuS pwforThd role ol Zaretskyand rpl•d¢knln In Ornoo. lh• l•tt•rolYthl¢h he perlonned at OpernHrnL Pay8

TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2021 8tagiThJ pmtotx>kq lorLè Cwt• C¥y. Durry Cobid 19e lnefiW froffl nalwe ofourowa P8vIl#￿A￿￿h perforrnances to lakè place tn a audthmim Go¥¢rMier•l altyd sot4aVydls18n¢xd re110rrnan￿ Improvemonll￿rt￿fj Fundrnlslng aCtMIkn and IncoDx Fthd• fflornbenhlpand •upport we￿1 heartened bytht strenpth ol￿r￿11p nwjbers 8Te grbteful to ow mJnyloyal wport8 doTh8ted gengrougty Mt onty twrd$ the annual prod￿9￿5 but dso to 8UPPOrt OL¥ Leamitsg 8 P•itiWion Progr8mme and our Ats Hub ¢xpl1￿ pr4e¢L The TrtAunlary I￿)me dDnd by Fiiend$, tra$s￿2t¢d GrftAid, ldition81 onotions. suppwt from TN8ts ar1 Fa￿ddI￿ 8$ as wwéle indwidualB amtyjntrd ts £7,513,95912020.. £2.$81,6121. Th18 £t7U oldonats"w8 ly ujo f¢•kn H￿4 ¢•pdal wwect and ¥ £0.811 donabfm r8¢•4d into Leon•rd higrnvfrf Rg81idod Fw4. aso Supp•rtfr•ffl •Thd F4)UAdAtlons Generaus supportv4s¥w4kn frtyr and FOU￿1￿)$ foruur Le4ming & Partb¥lon Prngrammg. amouthg to £237,030 fvrthe 2021 praJeGts Ind￿￿N￿. The All￿￿ Burtm Chwtsbltr TnJsl. The 8•hmns Found#iioii. L• Fondalon Ten￿￿1. Rothsthld F¢urKlatio￿ The VomDn EifL8 Th Beh•dern The Ber9w61 Ctharftabkn TnTrBL Doris F¢eld CharThbl& TNSL The Tora Gety FtyJndatrw. Thp JunivorTnrt The L•urnc Muéino Chai#¥t40 Tws( PF chali1￿19 Tru￿ and 0￿ POSI￿,$ Pradicwb T￿&t d. Inv•stm•nl poky •nd The th¥rlty h•#the p￿1 to make ththe seefrtand Sett￿1￿ the Invesknent adopted by iho Board. Th¢ Imstmeftt pc4iey designed lo rrtettr• short, medkm and rerf6 ofthe ¢h8rty. Th• ¢thavitys fijnts hthegerernlly been required to be 3pEnt fft th• $hrttemi. Ihts being ¥th'n cyde of 8 St￿￿. The in¥pstrnènt potfcy. ttretsv. yorth￿ has bÈen to baknL I￿￿lty and availa1￿Illy offunds wilh ènauriw an Appropriate kn¥el Df ￿turn on thp in%5tr1enL TINS h•S rnsutted in rnso%rtts being held in ¢wffent actounts to mèet immedi818 netd9 er¢n ￿11 or short temi deP￿rt In operatiorwl tenns. a8 cash baLtnwF allw. fvnds ha￿ been transferred lo a high•r inlrnt rate M￿StMent B(wJnt {Chwi￿8 offi￿al In¥e5trnent Fund ICOIFII end called upon aB th• nee¢ orose. In addition lo the obieLt¥e of m"ng se0$￿11 needs ofthe chonty, Ihere ￿11 be knnller temi t￿eNd￿Ure ith v•n need to tre ftmded iftdudiThg. but ftotfimit8(I to. tr¢ wlerrwt ond retL¥b¢hmvnl ofelgments tslthe

nd wlder infraslA*urv. To addwsthts ¢bie¢b¥e £1.979.533wa5 hell in a low rigk tnvestfftnt fvnd, rnanaged by

Sarasin, wlh a ￿¢￿t• grovAng the chantys T¢￿￿r￿S to stth.lty fotthe fvturn and to irnPTove 116 fadfftffjs aG and By the ye¥eThl the omourt bewo mwged by S*a5kn had irK¥•axd to £2.337.7fO. Page 9

FOR ThE YEAR ENDB> 31 0¢T￿ER 2021 M¥l•w •. Fln•th¢W posllofv . Garnlngton Opern L8 tsrelwe fotsm ts> bg In• r•knl fn8n&l wdbon and lod rosw¥¢6 suffi¢ignt to Iwlhsland Th2021. Golry concern Th• to1￿ Sjr 2W21 tts £10.516.122. Thij vdknknry InrAmè and GFft Ald. (note 4). 1VA IrLet8ates 3% ofvrranlabkn adr471s lnots 51. 1% ¢worole SpOrwTrh￿. 3% otherlrnthg aLvitEs 91, and 4% The•tsETax d8lm lrn)te 81. Totsl incune ha6 inrrnasBd 31oh¥rrn 20201202tr. £3257.6011 as a r•sultol Ihe o)fttinuat¥)n Opern St￿fi ln 2021 the lestri￿lj0￿1kn￿ hr ilArts tr￿b W2.7M> ond the L•onard Mtrf(led fiw¥J {£0.6U Resour(8 8%4wded In 2021 tolahd £Q566.734 (202tr. £3.023.190due to tht ￿nI￿ed Ir￿n f86W. DewBLYil¢on on tl• 8uditorium tolanEd £327.957 Inots 161. fthh 5% 01 totsl ￿$OUr￿8 ey4￿ded. Op•rn ProductiM eyndttuT¢ totslb2d ￿,505.469 (202tr. £2.fJ1.7481 and S)r 84% oflots1Tr80w¢es exwded. Cogts of v￿ntary Incorne w8$ 5%. LearNrJ & P•rtl¢ipatiM 5%. ar•J GoWrnafi￿ 2%. ResouKes IrKreaGed fold omlhefjr2020 level Tho net ass￿ positttin at310(Idl>er2W21 shovAd a bolarK ts1£11.047.390oflth £3g52.IX6 Tdè12d lo nDmwl operations. £2.082.185 to I￿k Inve￿ll￿ 8TrJ£4.113.200 4￿rt0[￿Tr. progress ￿ th• Arts Hub and Enable costs olplannln9 totrffe ahead lo be U￿th81th0 charity be abk to I￿￿10$ •s IP•y Efournthat Ih rtr4t•blv bè rnton • long knrm b for pthyjlarpujpow. The pofy ofljw IS lo Sts free itto operal? for nnum ofa yearln the v4ert $1gnllcwl f41 in inc4me leve￿ ThD dwry hollg £2.4 mifm kn the fund IOT meet anyth)rthg•r¢cs for•¥Lti t￿ fm• msers afv sttash1e AfvIiMf£1.6 has been deBign8ted IDr ueati%t and BtratJ￿ deve￿ ts undth •xl syppNI OUT athity 0lqua1tywod￿n8•ft owsthg? and to a￿8 hrMArd pl8nn¥vJ 019w8tra¥c wbsbc¥nWlon on orKI off stsge. •cc4urrtthe léetthot f061r4al ropLAKsubBAly os thofy ffjlilntoft fvr#1rn15h&i and lh• Andtr notssty to pkn sever•1 m•kntwn wtstic standwds. ffflancat C4Ymrn￿fits 2 •nd 3 year5 in •lvsnr•to c•)ntrnd a￿sts. mLqled Incm kn one year In 2021 th9 8wplL before restrtded capttd snd tho Leonard lThdram6 Foundatm dM•¥on ￿L￿ted to £963.770. Thi5 Incti&les Ihe gernrous donations of£869k made by our •w•rt•f5 ih 2U20to SW the •ri•ti¢qualrty ofop¢TaJ on our 8t8ge thi¢h¥M2 thfenBd Io BUFg0rt tr op•rn• ofour2021 sta8￿. CorrfAOeity fv rE51ri(on8 Impo on th• Pog8 10

(A ¢onwry Ihnlted by gu•rnTrt••> TrUSTEES' REPORT (CONllNU FOR THE YEAR EMI￿ 31 OCTOBER 2K• In 2021 Iho tolol lundsolthB £11.047J9012020.' £6,748,496l Thern w06 a p4JryhJs rwr¥ès of nwtyded lunds of£4,945.948Q02tr £3.750.401}KW"ry deswaled werw#lArtexdud¥ l&ngle fixèd 0s8èt8. d. ￿InCIp￿ th and unc•rtatsrtl•s A rg¢knrn¥wolll ththe ChAiy rmy la￿. The establohmeot ofsy¥tems •Trl wo(edur•5 lornityats thoge whk¥ Idenfjwed kn thB pla The irr4wnbbrm ofw¢c¢dups dèswedto mwonNs• WpD¢￿ts"I1 ry•¢t Ch•rfiy shoutd those rf8kn t￿riftg 2021 the maiw lo ts Charity, ILke •U perlMThlrq arts ¢Yganls•tbrffj. oroJoinq Cw•rwin p•ndoml r key ¢on(ff ￿￿. To the ffinarK3o1 ii5k8to the Loritythrough GBrpfulffinvncilll rn•wgemEnl. To rev￿the wtstie pl¥0 ir￿u the fDr2022 to 2024 in orderto mount tr 3 w woduclbnl had been 8dwlukd tr 2020 8$ )n •$ possole kn balanred. In•￿91￿ propramme• 0¥gr the Oth¢rkoy iiiks •r4 ￿￿rta￿ •re: The Cknty 15 thn>W 4 rn4ry wnpJn ID rniwe £14m ID oNtgfbwOthrwJ tha Arts Hub. The fin•ncA•I rokls mibg8d ty stagywj buAdin9 uxknLll0 knline to rnise frAnd& In ¥•w olthe nsthrnt)le fi￿￿011&￿ in thÈ ca)sls ofbulw maienats 19 ￿ BrÈit the dectsM•s ffl￿o 10 9• atread wth Ihe a8teThaered in ¢rderb) IrK¥wsed co ofmaternL8thtch reGuI ifthe slart￿6 ¢layed. Anangem￿￿f0ra b8nk b)An been made ￿17m or b• 15 atlm Iwp60 b8fvAen ¢Jonations ￿llg pledged and mxived. Th• sbtuation folthbing pJititsJknFly elFed on em>Thntofkn•Jn •tlth mN•blltyofBNknh aitists lirture fNftwl $ywrt trom kn4￿￿l￿al c4>rpor• spwor& e8peL781ty 8s7A coAknuE our malormk￿ryOVJ￿ tr ourkn +ts pruiEGL HnanGll rilk M1fta￿ •lllvM wlc5es 8WPtu4 bum up frne The iknup olms to spread r%k auoB6 main S￿rrS 01thr￿me i.L box olke. M￿￿1¥P support, donations trom Indlmthjal sptywws sponsors cecikpmJ¢*on$ in ye Page11

(A conwry lftN•d ty guaran TrUSTEEV REPORT iCOMTWUED> FOA THE YEAR ENDED 31 OCTOBER 2021 f. Prfn¢W fwdlng 7he lo)w"ng are ￿ pnrKipal thndir¥ •ftr thorlty.. Irryn lt8ales, d(otions kn Fiiend$ aTrl SUPPOrtots OfGa￿￿￿ Qxr• ar•1 firwKral tswort from th¥ ¢typN•te soLr ats as Imm T￿￿ énd 2tr21 th¢ fjnan¢xg ren￿l￿d su51airAble to carvftl fmnr#al gfth Trthiy number 1003042. pknpa#tr4•rtoftt L%ffiPMby thè gmp16 an deemed to h•ve h nKewry •nd ey•erttse tt •ssisttAlth the gffKthv• runftlroj oltho OFern Coryany. Opern C¢Knpany am bytheTntste8s. Th? Bowd olTnlE• th¢ ofc•rtakn P￿1* kn c¢nn¢th¢n pay oflhe senwmanagemwrt team. au¢￿$th plamry •nd Boanl appointr1￿ Pag0 12

qA¢off••ry ty g￿rnn￿￿ TRUSTEES. REPORT {CONTIIIUED> FOR THE YEAR ENDED 31 OCTOBER 2021 gov•rnan¢e •fid m•M4emertitortlntsed) d. Pollclo• forth• kndu¢llon •nd lrnlnlng olTntstO Pe•ph zr• inviw tojointhe Board ofTN5tees 9￿TalY ab•dy hBNEr3)nsldèrabki knohlEdg• ofthe opern &impany 4nd ethos, having ￿[ted perfwnarrAB owrmany ye¥. In 8dd11on to bri8fin# medlngi ChaimwTh. role Ind￿ing.. otrrsThiknrart8 ￿ganISa11) f. R•lthd paity rnl•tlonshl GatslNJton Opewa knmhed ts a d￿rit￿ble oxnwyThtrb T￿1 6hare capital OfGwSlr#Jt￿ OpÈTa Enterpiises Limited aThJ Gar8irWon ￿e￿a ProduLt￿8 Lynite¢l. Gar51ry￿ Opera Ente￿riSeS Lffitsj op•rate88 to fvtlherthtr chorileble a&p￿e5 ofthewern. G•sirytM Cwa Prothxa¥JM Lvnled •fy bohawof G•rsYoton Cyr¥ ￿rted. g. Flnan¢lnl m￿001 P8g& 13

(Aconyry lththd ty BMaAnivl TrUSTEES' AEpoKf (CONTINUED) FOR The YEAR ENDED 31 OCT08ER 2V21 Plans for futurn ￿￿0￿ The three newopèra woducth"on5 IOT 2022 Mozarfs Cthlfan tulte. hnlerth s Orfao. RuJ•lka and A l of Th8 ofth• Scmwkn our X119 season. WÈ WAI be perf￿Trry Dots. a by compo Roxana Panufnlk and Ibrettig1 Dudwi for• 200 stmNJ &•tOfproI88￿ and e4xrfflur4ty•i. Inthdkng perfomwrrtes ty a Syngn dw"r • P•lesfy"nwn owt Ih? ¥lsy. The oppwlunty presented by the Intyeased dernond f¢r ¢¢ntent in 2020 VAI bg and1￿41 ¢4nbnue our8tr4te9yto Ir￿r￿e owprofiknboth rwtionalty Irrtem•tw•tP• dtylpathwsTrJpg Inc1￿11nG The opera prvducthong￿￿ich been tr¢rtw21)20 setson I￿1 bBenplarThLI iThltsfi￿rt fe8tWg verthe nextthrng )w. ThB trn¢ rw In 2023 opva 8g•w be RI>B8f4'8 The Bwfr6r0fs•￿. SIrnu5S' offer spon￿hIP and years ahwl. Ilws both rith A￿1 fB56W• on the SnaleXe￿￿kn It 81s0 ÉYve5U5•pporfunrfw8 to enorye potentiBI ￿￿1PartnerS IDr ￿ woduLons aDd (%4laborabons both in UK and road. In 2018 Ihèledskn ￿ taken toemb On a ww PW tr• muth rw•d￿ l•tlrfs lorthe ¢hoOty And alknw us #nd d•¥okp ourdynwn* pwrnnmo Iprtr¥ lcd a>mmthity. On the s ol a WBdund•t grBiTr 3>re Wom15fey E91ate. Ihe Njts wov¥Je tthvrnoin ￿hearSal st￿1￿}9, * Leaming & Pathpalhyn Planning Fe[rnI￿l0n the AONB In V4r¢h 2020. Th• w•buMlrp. has been dosiyned lo be a8 suslalmble a• powble. m•kn ueofmat•rotslh•t•r•typl￿ ollhe ChileM•￿1￿•¢tr1ar-b￿ and flint w4b, staiwl athwboarding and pla¥1 day r(wJf11•5. The totsl prDkd wsll ¢&st arour¥J £14m •r￿ a m•itir fvrdr•lsino c4rnpaon 8t8rted during the Fwdemic in 2020. The wortf in J 2tr21 Dnd ph88e ￿ IG dw Ip tmplDte inth• Swlr¥ of2021 To ImprD¥e the ollhelEsb¥al Wud￿￿on8 To Èxlend fijrther opporKmN¥ to yowwj protss>i¢>ndAriists progr•rnm? byengaging peoplethmW rnL iryespeth of•ge arb*rwO. Page 14

IA ￿MP•nY kniknd tyou•rnnteel TRUST￿ REPORT (CONTINUED) FOR THE YEAR ￿DED JI OCTOBER 2021 Pl•ns farfutyr• p•thlg (cothued) Equ41 •pporfuThllle In aC0)rfar￿¥th b •qu&%y. dAVEfty arrfl in¢Mw py. the thitythslo bè an inLth orgartmlon Èquafrty of)pporlunty to al. in al areas ofts opernlkns. To tqual opportunty of8e4ws lo perfonnan￿ Ihwg 18 lifl •¢¢e&6 fordB•tyled to tr oth¥itodum •Trl Hsxne Fami gw¥en. A•trotyrfp4th9 en•bk e•y lMkhak ocil IrrteNle Indud¥." vo￿nte•￿' po HeBIth & py ch￿ saWu•rthtVJ o￿l￿al￿rk ppky In tr• •ndthe Charit15 •gUa￿ty. poky. th• 8TrJ Clwty lo Full dg18i15 of1fv￿c polkB fjn1￿ ChwW•TAth. Th8 Tntses (tho are olw 01thg Cunlwby kn tr pwposes of wnpany Iw}4w• r••p¢¥n¥thle forwepath4 TnJe$ rnu8t not ffinarool st•tefflenls ¥Jrths th¢y are salisw that tsy a trL fair¥iw0fiP¢ gts of4ff¥irs ofth¢ Group wdlhe Coryny ond dfvir resowtss arKI opplic•tknn ofTr6our￿. Ind￿n9 tre obserye th? Ththod$ 8Th1 Prir￿￿& ofthg Ch8nis SORP IFRS 102k st•t• UKA(wJnlv¥ Slanda￿s IFRS 102) h¥w LY•n l)knTd. )y matsrial prepar• tr fffjancaal sla1wn￿ on the gcir4J c•ncern b•skJ Ilkn Iw•ropO kn wegume th•t tr Groupill COh1jn￿ in The Ire r•Éporealtrle forkeeprq adequ rwinl8 IfrAt ore Su1￿￿ent Io Pmfand e¥pla￿ th8 fy•up •nd tho Corry8Al$transacl4￿$ and ilh r¢•son•ble •cwrxy al tsne thg finanrxal posllon ofthe GmLP •nd Company aThJ •nab Ihem ￿ ensur•thai the thr￿1)01 $t•terwts wnply tr C¢mwThesAet 2006. They arE tho pon5ibkn for safBguaThlnp the 858ei8 of thè <¥oup •vJ th• Cwyny•r¥J h•nL tDTtskno rwuon•Lth st•ps(prth• P￿ention eNI d¢teL*"on offrwd and ollwi￿￿Ulwllkn8. PAye 1S

C￿￿>•￿ Ilmlied ty gu•rnntee> FOR ThEYEAR ENDED 31 CKTOBER 2021 Dls¢lowM of Infommkn to udtt• that Trnth hag t•kn •ll• •kp•th•toWto hm 4#4 Trntylee kn ¢thrto ￿ a¥Ar•olany r•bMnt pwm•d by ty4•rafth• bod 0fTw1e￿ •rwl liBr￿ bBhdfty. Chairman. G￿￿tOn LL￿0 Daw 13 MAYZOZZ Page 16

(A Ilmlted ty 14rnntst) INDEPENDENT AUDrroKY RFIORT TO ThE OF GARSIMGTON OPERA LIMITED Oplnlo We hobE BudSted the stst•xeNs offknwW Opw Lknknl Its ￿alErt cknari ond its lthe'gmup'l lorthe yearended 31 OLeT202t ¢ompw the Coroolidatsd stol•menl offvnt¥f adi¥￿e8. the C¢nsolatsd bolaAc4 sho¢( the ¢omp8ny b$l•n￿ sMel IPe Corffjotsd8ted slatement 01 ethgh kn •nd trE ￿lthd rYJs. ndLtling a summary otSigAffieanla¢¢ounb"ng poS¢aes. Tho fjr•n¢tsl repoth.ry framewortthat has been appld in Ihdr prepatsUoTh Is aptyicablt law ar￿ Unitod KJn9dom Ar￿nI￿g StsNdarf$. Indudiry Finan(ial RepNtlrvd Stsndarrj 102 The Final￿ Report¥4 Sl8ndoKl4yk•bl¢ h thè UK•Thl R•pL&cofhEl•nd' Illnded IfAnbTrJtyft {kne¢￿ty Awt•JAttouftitftg the finarK4alstatm 91 * ond latr¥woflhe ofthe GFW'8 WKI olthe pgr•nt dwlable ¢omp•nls •ll•irn •8 at 31 Odob•r th8 yearthon •ndwl.. been prepa￿d in •LV)thnovMth tt rnguvements Cuwies Act 2LTh and ChwthesAci2011. BailB for opknlon Wo conduLled wr audtt lrt•ma¥onal StsrwJBTd5 on Audtiing (UK) OSA5 lu￿> 4ppfrcakn Iww. Our swrtsbilib8s und0rtr￿ 5tandath arE ￿￿rde8C4￿ in Iheknthl¢xs' rnspon￿1fl￿s forthe udil ofthe fvw>c•J Slaternents 8edion ofour repogt We arE ph4ependent otth• in ilh the etPical rnwirements Ihal 8fE levant to ow audit oftho finon•a in th¢ Vntted lfjngdorn. FI￿n0￿1 Rworting ￿naYS Ethkal Stèndord. andvrt ha¥• lulfilknd our atherethical respon8lbMw in ith rEwtr¢mÈnts. Vle bglew otsdit evkn¢ we h8bttstned tS$ulfi￿rtTh￿ aBYoprt• tr P￿&e • lJsM for+)uroP￿￿￿ Concluslom rntsdng lo golw ¢ovK•m In •u¢Yitkng tr finon¢ial slterneThts. ** ¢on¢d Tnts' Use dthe t¢rKm b•wsolact•wllr•J IR thÈ p￿pOr¥I50n oltr fmara is apprryyiale. thaL Indr¥idu•lty orwllethvety. may ¢a515ignhficant dwbton the Group's artr patent ¢hantsble o)rnpotrfs abifity lo Con￿n￿¢ a8 a 9dng c¢nwn lor• penod of•llg8sttvth rnoThths fromtlwi thg anarK•d slai8menl8 •R wblcmed for Othw Inf¢fft•llon AudiioTr' ￿pOrt there￿. Tr TA￿tee w r•sponWÈforthe otrrknloThatknTh [¥￿thI￿ed1Ihln th• fvmnual ￿PoIL Our Op1￿0￿ on Iht fjnanclal Etsternents ts)bwthe othwinfDmMtsfi orn1. exrpl to the extsnt otherthise èWirtytatsd In osJrrewt. not exprEJ# any fm Ofas8wan￿ therwn. Our ￿ponS￿l￿ h to read Ihe othef inlomiation ￿rf. indoiw x+. a1￿k￿r￿•￿￿th8 ollwthfomioknn o meriofy thi¢onGtGtefttV￿th the financtal $tatemenls orourkrth41ed9e ob1wr￿ in the oflhe T•JJrt ¢r4)ther¥Ase appearn to be rnaknri￿ M￿tated. Ifwt tdentty t¢h matsrial inc4n5i51un¢les or •ppamrrt m•lefjal misststqTh•nts, * ore rE4wrEd to derMI￿ wthethprthi8 9￿85 rise to 8 matsrid ￿￿$StaternEnt ni Ihe ￿na￿¥&I staterrn￿ thfjn￿￿. If. b05ed on th2 hale perfrfflned. th01 lfr*e i) a wthnalm￿1alernert ofllx5 otsrinfomth. VR are wtylth¥tlaLt We nowng ts i¢1￿1 In rÈgaid. Page 17

(A fAnll•d ty gu•rnfitre) INDEPENDEMT AuixfoRS REPORTTO ThE IAEMBERS OF (l￿NGTON OPERA UMrrED ICONnNUED) ourr44rth¥n. based on the Lx>urne oft• IA the 19ht uThler•lwh"ry ofthtr (w•bkn cthmpany ond obt•kn￿ inth• r￿l•e o1th0 to K, in our optnknTh'. thè par•rt dmiilabfe mparhy fo￿ndE1 ar& Nlt aTMI or R•&poMslblMiles alTnMl•eA Jmpany fvrthe Pu￿05# of•ny lavl respon￿blE fvrth8 prnparat?n olthe fmanriil 5tstwnents aThJ ft+r being fJJllP8nl8 abllty ts fAJnlinuo as a cAKrnm. dth￿g. a5 apph"rablE. maliErs rel&ted lo goirs 0)n¢￿ and urylrvj thB gtiing tKgss olaoxunlhig unl￿¥ tr• TrpJ51pu ethr irrter•J l¢ Iquhlale Gro￿ fthe ￿Tent dbBrtsble u>mp P4ge18

(A ¢oTr•awy lknlt•d by UED) mlsslatpmont, %th8lhw duo k> hu(1 gr•￿. and lo Issue an A￿. reF￿ trat Snduoes our opirforn Rg8sonable a$6ur¥n¢e is a tr4gh 01•$8yrnrKe. bul isnot a gI￿antee th•t 8Th •Wht￿nd￿¢jth1 Sn •¢•)rd•nsx7Alb) Iskn (UK) alYAys d¢te¢¢ • rn010ri81 miwtolementT•rtn Mexsts. I￿$6￿1C￿￿￿ts on atse or•nDr al￿ #m o)nstdernd opinton. BeGpw¢ ofth2 therent of4n aud¢ l¥ a rf tholTAVTAiI notdete¢lal uregularftie•. thduthr•J th￿ fe•ding 8 malertal Misslale￿ in Y finan(1￿ $lme￿ or fv)rMmptsnr• rr9ul•tityL TNY Ask triueosej Ihe mpre tho1 Com￿OnCe llh a18w or regulation 18 remtyrtd trom IhB ents trans9￿1￿ ￿￿e(thd kn the finan¢aal 6t81￿￿￿nI$, •sw• 11 te hTrefy lo be¢m •Aw• oliMtarK•s Th• iisk ik 0 grEthr r•ganliry ryulanti•b AthJtthertYe￿.￿.¢n tsf ￿tr¢SPor￿.1altS fLYII •ll￿OI the WKlalstateM￿ 15 hxtsd on tho Fin￿(191 Rwithr Poye19

(A by gu•Mnts•l MUEDI Thh IB rnwle g(I8tyloth•dAfvble rA￿nP￿sT￿w100l, u 8 body. In aE4xxd#nt•Tkn CIMpbr3 ol P•rt 16 olt )mp8nw Ad 20C6. and t¢ fv anlabl¢ ¢orryanf8Tn¥e8. as a bDdy, P•rt4 oltha char￿e¥ IA0￿￿18 Reports Rtyul8b"on$ 2008. h•s bwn undertaken $0 rnwjmslato lo Ihe Cha￿&bI• cmpanY$ Twstees Ihos• rnatter5 ar requi￿￿ to 91ole to an Audths. report and lor no Oiherpuw. Tolhe tullestextsnt ￿mI￿￿ by Andm* IAalpaM BA FCA (s￿10 forand on behdFol WR P•rtners Chartored ALuurrfants stat￿tOry Audlt¢ Beknont Hou8e r￿ts￿ry Bwjirw P• shr¢￿tsury

f2 6LG P49• 20

FOR THE YEAR ENDED 31 OCTOBER 2021 T•lal Tolal funds nds 2021 fvnds 2121 Incom& from: Donabons and1¢9•des ChI￿bI5 ac¢r￿lS 4457W1 3.OE6W 7,513￿$• 2.1j￿h73 lI￿O.4T3 421131 421J31 76.64D 453219 Z581.612 141,418 306,385 m127 t58,062 Irwestrnents 461219 Totsl Incom• 6,074524 10.646.122 125T,60rf Expendlture on: 4179 I.JIB.$03 701.337 4A71.715 701￿?6 524206 2,497.984 Ch•nlabfe a¢411•s Totsl wendliu 1J93,612 5.17&052 6M4734 3.024190 Not In¢om• befoye nrt oalns on I077,M• 65,523 234,414 29.168 galns on h￿tner￿ 281983 31•,606 N•t fflov•m•rt In funds 41344Y4 1.1M4SS 4.2•V94 261582 Rtton¢lllttlon alfunth: Totsl knndB bro¥>btfonwd N•t moNYn•rt th luNts 1.744.3 4IYJ4116 748A96 429•.••4 6.484,914 263,582 Total funds ¢•nithl lonva 4878.1119 11,047,3•0 6,748,496 P8ge21

FOR The YEAR 31 OCTOBER 2021 20 Flxed as•6ts aq• 16 17 4113,200 .186 Z414,095 1.9r9,S33 Instrnents 4,393,628 18 19 160OD 1Jfj8.106 31470 1.44537 3.040.983 C••h •t b•nk ar￿ In 415V91 11.2019e6) 4.5319 (Z174f22) Cr•dltors'. ￿1n •)M )W Nat current a8o•ts 2,354,868 11.047Jg0 6.744496 TO￿ n•t •s••ts 11.047,390 6.744496 Chwlty fwmls Reèlrfded rn81• 1.744.380 4001.116 Totsl fundB 11.047.390 ¢T48.496 r￿Pans reglmo. BJT• rceEDL D.. 13 Y2oU Page 22

FOR THEYEAR EPQIED 31 ocfoBeR X21 Flx•d •sB•ts Twglblè #Agets 16 17 4113.xo 2414,095 1.994.553 7.110,406 4.404648 Debtord Ca6h at hand 19 1mQ331 1,511061 1024.548 4.536,616 (a171.273) Z36&343 Total wats Il•bWII¢¥ 11mJ.7fA 47n991 Totsl h•t as6•ts 11.090.754 711991 Charltyfvnds Restrf¢ted l*thds 1,744,380 4029.611 17.9 11.090,754 6.774991 BJT BEC Chalrrnan. Ga￿1n￿on Opern L•ThilE41 Dots.. 13 Mfv Y 20Z2 Page 23

IA¢wb•ny1kn11od by gu•rant¥l COMSOUDATED STATalEMT OF CASH FLOWa FOR TMEYEAR EIIDED 31 OCTOBER 2021 Net w¢d t owr¥lkwJ#¢iw¢• 3.529,0￿ 1,524.389 1Q4611I 1344026) 179 (•M325) (62.090) Prctt•d$ ftom sale Iin•,757) (410,1101 Chffje kn ¢tsh nd cxh •wlv*l•nts ITh the ye Cash orA cwh 8lthe beoth￿ ofthe jw n•J02 1.114m 41)40J83 1.926.71Q 24 3.710315 3.010.983 Pgye 24

(A eompany Ilmknd by 9￿m￿le0) NOTES TOThE FIIIANCIAL STATEMEITfS FOR THE YEAR ENDED 31 OCTOBER 2021 The char￿1 is a ￿npary frnited ty gu•r¥lee rworaw in Eo4and 8nd Wal•s The members of th• crnP￿ bolng WOW￿ up. th• lialxlty in Ac¢ouTrUng Tt finw¢ial Statem￿ hth been in accor￿¢6 the s￿0￿￿ edilion ChaiitK%s SORP (FRS 102). AcrAJunllrvJ and Rwitiry ty Chwilies: Staernwrt of Recanmended PrKti¢e icable to d18villes wep Iheir counts In ac£ardance ith the Fffwnclal Reporting Standard applicthe tn tho UK 8rKI of freIand IFRS 102) 11$8wl in OdobEr 2019). thp Fina￿481 Rwtir Stanthrd aPK4Kable in thè UK ar#1 RePubr￿ d h•EarKI (FRS 1021 and ts Comwmes Act 20(AS. consdbJ•te the finwiol ststwnents of the Grow aThl Its wbsfry undertaking. Tho rasults of tr GI￿￿P t48 taken ath￿ntage crf th? exernpb￿ 8lluKd L￿d￿r Section 408 01 the CompanieG Act £4,316.76312020- £295.550). 12 Golnq ¢oTh¢•rn After making rytre4 the Board of Trustees have a rwnable expedalKin that the com￿nY and The Board of Tnots6s ha¥e dso assessed po￿ti•l imp•ct frjbfft yrati(w of thii Company regard to Co¥i&19. The Cthnpany is Considered lo b• •ll postboned given ti Pjge 2S

(Aconyry Mmtt¢d by gu•rnDtee) FOR THE YEAR ￿DED 31 OCTOBER 2021 A¢¢ouTrllng pol¢hs (c￿￿￿•￿) Al Ir¢orne is rocogrmsed cThnp￿ has ¢￿ert to the it is PTob th•t I re¢elpl and the lo es15mate ¥th1th 8ulfidwl acc￿￿cY the w(wnl rettivable. Evldpnw of Uemert to a ex TA4￿ the Cofflpwry sufficrt ￿dent• thal 8 glft has bean left 19 them (thrw kn¢yAledgo of the ¢￿StenCe of a ¥ aTMJ Ih death of th• tsenef•c￿ and the •xKulry is $alisfied th•t tyi q￿¥Jon wll rffjl be rnquired to satsfy da.ms in the estate. Recoipt ol ? legary must t• recLyis•d is probable that l btt recel¥•d and the falr vglue of the ￿oun¢ re￿1¥?b1e. ￿ WAI gw w8ced cash amourt to be distrthed to th• wh￿ Ihe dontsl go￿ is • tlxed W ft is measurnd ot f8lr unlJs$ tt is Imwocll￿l to m•asyr• this rel•bty, 4) case tr c¢st d the It¢m to th• dmy $I￿ld be used. Tr gah is re¢ognis•d 0$ Income fr(th donatxK a c(fftSp￿thg 8mount 18 In¢luded in the appropria1• tr lo the Ctynpqry Js the amOW￿ It beEn wllirw to pay to ctsln ¢ fw"lthes of eq4fftd•lerl boneffl on tho open mathet,. a cmporvJirwJ amount Is Ihen kncune lax rer•vw3blo In to IrN06knenl iruYAe 18 rncogNse4 at Ihe tirm the In¥estmert in()me Is rK¢hat4e. Exp•nthbJv to a third party, it ts Probab￿ that a tran of econcffiic benefts be requtred In sellemert arKI the amourrt ofthe obligaion ￿ be rne•8ured reliab￿. ExpenthTe 18 dg59thd by acJvy. The costs of tsa¢h acb¥lty are made Lp of Ihe tdal of direct costs and Bhared olsts. Ir￿dity support ¢0st8 undertakirwJ each ac1￿ty. DireL costs aurIb￿blO to a ￿r￿j1? xtivty are allo¢ated threcttry to that cbbryty. Shar•d ￿¥ts lo more than onp acts¥ity and 8UPPOrt costs thkh artr not 8ttrfbutalAe tL¥ a athrytyare apwtiThJ b¢tthEen trtye a¢awithes on a baslB consistent u8e of resources. Central staff costs we afkmxted ￿ the I￿{S of time spent, and deprectat Costs ol gerteratmig ILnJs are costs attracbThJ Volwlary and th¢)se irKurrEd in Page 26

(A ¢ompary Nmft•d by gu•Rnt••) NOTES TO FINAMCIAL STATEMENTS FOR THE YEAR EMDU) J1 OCTOBER 2021 to tharftabie aclmleg. rw bytr Compwy. this ts ol tr Intwest pard w ptyablv ty thB 8a[ 2.7 T•ngthl• ffftd •s••ts•• tneffts ore probth ar#1 th& cost orvthi offv assel c•n b8 mwured rerw. Ihat the ￿nYing valuo of frAed asset t• rewverth. ShortFall$ be￿￿en the ¢•rw9 tYewedatKJn is pro¥Kl6d at ratss (kxAated to ￿lte off ts cog1 of f￿¢d assety less tsr estimatsd Womith A¥a•ls irK1￿￿1•j Gwd•n- 1fy15 Y &w￿l¢d GAthn B•n Produ¢knon bu41tys . I￿0yea - 10Y•w5 - 10 Y•wB NIL -SY - 1¢>15 Ye 15 Y•a Operb Equ￿￿¢￿ Offic Equyrtht Audftorfwfi Page 27

(At4>nwry IknN•d ty gu•r4nl¢¢> polkl•s {Gonllhuedl FLY¢d asset Inv¢sknerts we a frym af finaThxal rffjtnxnenl •nd w¢ recognlsod at thgir cannot be mèasured reloW wi wlicti case l 15 measured •t (tht tes5 inpairn18nt Inve5trn¢nl g•ns 8nd bjsses. realsed ty unreafed, are ¢ombSrd we6wthd as 'GaIn￿LosE•s> on Slocks are vakRd at Il of cost and net real5￿ vAhffj after Mak￿¥j due aThowance for ob501ete VKI 4cthtsmGMrvJ stocks Cosi al 4YrKt ￿$ts and w appToprble prop￿On offlxed 110 D•btor• Tralo and olher del)kns ¥• recw¥sed at the strUmerl amount aller any 1r•dè th8e4unl offered. Cash at bank aThl in h￿d kthJ89 ￿$h MI ￿N￿￿erm hwy hq￿d 5nvestm8n16 wNh A shDrt malur of three months or less from the tste of aoqui8ibon ry opering of Ihe depositor simllar ac£ount IIZ Llablllllw •Thl event. itlg probANe ltrot a transfer ofecirKffik benefft r•wv8d In s•tt18ment. and the om¢rt Li•bilities ore r•¢wis¢d at tr •nount tr•t ts Compary 6nldpales k val w to settle Ihe debt or amount R thes recthved a5 a¢$¥•￿1 pam f¢r the 6eTr4cu It must pr￿￿¢. ¢ffecl of ts time value of money is mateTi•I, Ihe pn>¥￿10￿ Ls based the Present Value of thtsse ¥m￿nts. dI5Ccth￿ •t the pr&tsx di5CWrt rnte Ihai reneLts the iisk5 speufic to trg I1•￿rty. The unvArAllng of the Is recogrMse4J in tr Consthlated stment of fin&nci818clivitre5 as 8 Zlj Fin￿￿1 th•lnJrn¢AI• The Grw onty finaryjal ass•ts finarmial of • that qualty as bask finan¢lal IMtrthrerts. Ba%e firwKid ￿StrUMert8 are initiaty rn¢ogn¢d •t trar4aclkn value * 8ubsequenUy measured at tr￿lT seWement Wal￿ ith ts ex¢eptth of bard( l(arn vkni(* are subsequendy P•g• 28

FOR ThE YEAR ENDED 31 OCTOBER 2021 2.14 Op•rn¥ny lèa 110 PenlDM amwrts m8bJe by tr to the fw#l olthe fftr. 110 Fund ¢tountho furtheranr of ts general oLiethe8 of Il Grw> not bwn designated lor ollw L)wgnal4d fvnds fvnds Ihot l¥v¢ been set •6ide bythe Tnthes for pwU￿aT dor#)rn or h•ve been r8lsed by fv Gr￿P for p¥ti¢￿ wrFWS. Tho costs rf raisiThJ and •JmlrMstering suth fimds are dw5ed •Jeinsl tt spedffc aim use of uch iestrlthd facto￿, exFeLth Lrf I1￿1 ￿ b8118ve¢l to be re•sonablt under the •8fjmales ond aSsumpti￿S Thll. by defirithm. sddoTh equal the relaled f¢SLffts. The ￿Mat•S and assumptions that have a 8igi¥ffic4rt rtBk Lrf adjuthwrt to am)unts of Paye 29

(Acwnp•ry lknlt•d ty gw4r•nts•) FOR THEYEAR E￿E0 31 OCTOBER X21 kndl nds 2021 2020 1.565.324 1.fw 953.986 953,905 482,196 7￿240 2.716.993 2.718.993 1519.309 42X)Q2 1.821.436 855.154 ,154 162.254 IB5A44 33417Q 637,1169 261,687 $37.059 1.740.598 $37,059 1277.667 760.1T6 T•tsl 2021 4.457.591 3,056.388 7.614•5• 1581.612 T1kn121Y20 I.OPZ424 1.499. 188 Z581.612 Pag9 30

(A ¢oTh*•Ay Mmknd ty gumntsel FOR TrE YEAR ENDED 31 I>CTOBER 2021 fwd$ fvjbd 1.771,823 1,77T.123 53,618 $3,618 189.946 18•.946 58.169 58.169 917 95.030 dry 8th5 Tour gro￿ spM8ornhp a11.305 7¢)ts12021 1080.4n 108oh73 141.418 141.418 141.418 fvnds 2021 lund5 91841 155.7fy) 172KI 156.0 92J41 165,700 8￿8￿? 17,290 156.lJll• & other T•tsl 2021 421.831 421M31 T(rf812020 306.385 306,385 P4ge 31

IIOTES TO THE F114ANCIAL STAT￿E1¥r5 FOR THE YEMi EfrThD 31 OCTOBER 2021 Trt81 ds 2021 2020 DbAdond inL¥ 14.IJ04 T•tsl 2021 14.007 62,633 Th640 79,127 Total 2020 7Q127 m127 Totsl fvn 2021 453,219 154062 453219 451219 158,062 Tof•i%rio 15¢052 154062 Pogg 32

IA ¢Myny Umked ty 9￿1•nts•> FOR THE YEAR Elm 31 OCTOBER 2021 Exp•ndllur• •)n ral•lng fvnd f¥nd lund• 2tr21 f¥ndJ X421 fvnds 11.1H 4161 Genornl •dmthi8Vth 16.525 14626 29.996 a996 13.Y28 11928 ln 24156 24674 1417 12460 24,999 •ter$U￿ Bank chary 5.179 246,155 25.874 2.417 220,178 Nalvjnal insurtrth c•*ts 3,275 781 T•tsl 2Wkl 6,179 )55.￿ 30OM1 31n956 Totd2020 308,956 XY.956 Pa9è 33

IA¢ony•ry ljthd ty gu•rnntre NOTES TO ThE FIPIANCIAL 8TATEIIiENTS Expmthrn on Tllslng I￿nun￿dI fwd$ 2021 fvnth 2020 Eyndltyre fmm ••kli Fundr4kn1ffj & ¢ 101817 47.837 1W17 47N7 868 2•h41 31569 7.284 21,442 4.222 124490 13. T06 1.867 781 29.441 781 138218 14,564 I￿.210 14.664 1786 36 345,945 J45.•46 21425Q Tol812020 214250 214250 1th Analysls of •xp•ndllw• ty •cl•tt Total funds d1￿Cty coBts nds 4.955.984 237.505 549.505 fj6QU69 Z231.748 117.244 749 266.236 Totsl 20tI 5,193.489 866.749 6,161218 2.497,98 T(￿2020 1.916.355 581,629 2,497,984 Page 34

NOTES TO TME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 1th of •xpthdltw• ty a¢dvMl•• (¢othu•dl An•ty81i of dlv•ct ¢o•ts Total fyntts 2020 20 404.717 gn.517 328,296 533,581 404.717 403.1 262,411 120.475 82,243 47,4T9 224.6x1 19.309 77.013 2,96r 7.042 1,490 11221 8.987 3.510 32>.716 678M1 670,111 W18 86.185 16 191J4S 6,671 86.161 16.091 191.945 24 Mu%c 415 I I'ii Sib ctssts 224905 t23.￿5 197 124,314 23.081 1440 331.419 85.135 7.915 lffec¢¥*rable VAT TTrngport 331M19 ¥044 731 2x445 1￿21 114 14260 70,916 Sea8onalcoJi• Fsdlty ronl 254.445 1.921 Heth & s•fèty-Mwa & 24.3e8 17.320 50.891 23,12Q 50091 198.157 1124 24612 I￿020 R¢¢ordlnA ¢06ts 198.157 T•t•l 2021 4.955.984 237.505 1,916.355 T(W 2020 1.752.991 161364 1,916,355 Page 35

(A conyany knll•d ty gMr•nl••) FOR THE YEAR E￿IED 31 OCTOBER 2tr21 10. An•tysl• of exp•Ddltw• ty aclfvttl•8 {eoAUnuedl An•l¥ •f•upportM¥ts Tdal X121 2021 2020 328.692 697 25.191 7.223 104.f16 390,831 836 4191 Fwttlralslno & R8n( r$ & utifities 21879 7.284 24,993 19.540 8.246 1.916 2.299 11.Q98 412 13491 91.899 1.445 1.152 4.T18 1.156 2198 23.077 15.023 1.140 42 11052 1rt8ur4n 16.179 Tdephono & fa¥ 16•0 1&209 3.15T 562 Gobrn8nr* {r¥Ap 111 549.505 117244 666.749 581.629 T(4012020 474757 i￿872 581.629 2021 2020 147fj0 10.126 14.065 4196 12.469 137 S&772 91.899 Page 36

(A con¥Mry Ilrntted by guaThntw) 140TES TOThE FIIIA)ICIALSTATEIAE•ITS 11 N•t in¢om• Opernfjng lèa8• r•nt DewerAb¢n oft•r4lb fixed #Jsets 207A1 407.506 83,416 405,762 12.1) 11.770 829M4 503,247 1& ¥dttorn' r•nwn•r•l 2D21 F￿ p•y•bk l) 111160 11,770 Pag6 37

(A ¢on4wry by •u•r•nl••) FOR THE YEAR EMDED 31 (KTOBER 2021 Company 2020 125.160 741681 81.224 li.N2 5,160 743,681 81.224 11.062 11,857 1021 No. 16 t3 Tr punbwofhwr patd 2 (2Q2tr. 21 in tre bond £60.001. £TQ.IIJQ 2 (2Q20.' 21 In the £80.001-£80.000 and 2 (2W2tr. 2> knthe bwd £1￿,(#￿-£20u.(x1. mona38mentpérnN￿ lfi Ihe bBrnl £1(1).IX11 .£200.oc Seo$Md staff wnpknyed w a part¢ff b4901tr Iw kn 3 ofthe ￿ •r¢ inrlJd•d In n?ts 10 Dirv C•stshthin 5eason¥ f¢¢s •nd stw &le¢nic41 •l•ff. 45 wasonal sl•ff •rt ￿Ph)1d(2D2￿. 9 peoplej. belry • blA lfv eryl¥#*nlo151202tr. les6 11 ata ¢ostof tBI743 P02tr. E3274). P•ge 38

41354 WlJ11 310slwXQ1 1)V12 M,lJ7 2lX• 11•41 xn4 ITr7 44¥J •J7 131 CdrtZ021 31 C***wX¢I l.mJlZ 3X1•7 14m 4119, 74Q61 a782 91.087 Q740 f&a86 2414C95

IIOTES TO HNAIIC14L STATEMEKr8 FOR The YEAR 31 OCTOBER 2021 U•ted At 1 Nomber2020 Add￿"¢n• 1.979,533 {6.179) 31•,606 At 31 OdL•r2021 2￿82,186 V•lu•ll•Tr 9940

FOR THE YEAR ENDED 31 OCTOBER 2021 17. FIX￿ a•••t lftv•8bMnts l¢onlknwd) $ubsldl•ry Ltsd ¢ory••nle5 inv•stm•nts Totsl C¢)mp At 1 No¥•mbw 2020 Add￿"th9 14020 1.9n,633 1,194553 688,326 681¥5 (&1791 (4179) 319.506 al9￿06 At 31 Od•ber2Q21 Is￿10 1911186 1997305 Prkn¢WI whldl•rf Holdl 08511222 09341623 100% l(Kl% Gar8ingkn Opera L InGonb• Exp•n0114w• (Lo￿V 11>•14clt) for (Llibllft th• yèar 110W6) 2M07.726 (1861060) 114764) 105) 127m) 36) Page 41

NOTES TOTIE FINAMCIALSTATEMEIITS FOR THE YEAR EMDW 31 OCTO￿ 2021 1& Sto¢k• Grnup Gmup 16.800 33,470 19. D•blor4 Company C¢nwény 584.080 Tradg debtor• 144 66.773 604694 200,(Yd9 180,130 103,259 631•04 557.927 699 261.386 557.927 1JS¢101 1.454537 1.510331 1,511068 Page 42

(AGomp*ry W•d ty gu•rnnts•) FOR THE YEAR ENDED 31 OCTOBER 2021 Gro￿ C•mpany Gompany 2020 2020 Trdde 291.322 551,826 15,010 22,628 127.528 493.m 290,169 7.240 631,483 1.244OTI 7.239 631,483 1.242,382 127.628 501.105 1,2•1H6 2,174122 1.2￿,￿? 2,171.273 Group 2020 1.153.863 430.926 1,153,1 439.926 2W&J4 1.14853 256.334 1. 153,853 {1,1UI53) 1430,926) (1,148S31 (430.92Q 256.334 1.1518&1 266A34 1,1518S3

(A¢ompany gUarnDtwl NOTES TO THE FIIIANCIAL STATalENTS FOR YEAR EIIDED J1 OCTOBER 2021 Slwn•nt offvndj B•l•nc• •t 1 Mov•mbw G•ln81 BA11￿ at31 loeorn ILosse8) Octobor 2021 1,600,760 4004760 4006.760 Geft•ral fvnd• 9f,X6 6m4524 (5,171052) 282, I181￿21 OW11• W4524 141710$21 161913 6,161,671 1,1qO 237.•3• 1237030) &443 W) 631134 q13,1n) SHOOO 1714991 LthonBrd In4wns fi*bJ Arts 8ppe4 675,478 3,300,0 1.7443W 4471.H• (1Jg11 6,023 4871.119 Totsl 741h•S 10,64122 II566.7J41 319,606 11J147.3911 P8ge 44

IAcompAny Imlt•d ty guaThntee) FOR THE YEAR 31 ocfoBER 2021 21. olfund# Icontknu•d) 8818IIC* 81 G8lnw 31 Octobor 2020 Z4LUth? 1409.000 Cfvatiw ab>S Str¥kng 1,&)6,T50 G￿er￿1 bknd• Gener￿lur I,IW.755 Z17&1W R266,737) 29,168 997,366 406Q505 Z174 IJQ R26¢73n 29.168 4004.116 Audttoth ApFe•l fwd 1.4144a• 54029J 1162,254) 1336.170) 1.160.38Q 16Z254 336.170 ATts Afveal Fwll I,dfti409 1.081424 (756.453) 1.744,380 Totsl olf¥nd• 6.4841.914 1257.&11 QOalgOJ 29.168 4 T44496 Page 46

(A¢rywry lknlted ty gu¥anl••) FOR ThE YEAR ENfo 31 OCTOBER X21 The Authxlim Ap￿1 r¥at•s tr1 the ot Wrffiisley In 2011 •nd to •ddrforAI Tho Arfs Hub fund r¢ls to rerd&l fvnds ftylh• of ￿lthng OLY wi retr*arsal laGIIIII•s ¢%ffimuity, aNJ suH>yth¥ ow wirsts irKluthr¥ on Aw¥d nam•dth• L•tyhard Ingram$ Award to or mor8yyJng wll8ts shu￿r￿j excepti￿￿ 1o18nL T•l•l funds 2•21 fund• 2021 2011 2.Bg0,576 1222.624 4113,2th7 644,475 1337.710 1982.185 1.344.968 1810.023 4154,9 {1,2001 (1.201,786) 11.2•2,•861 CunBnt as8¢18 Creditorn dut T•tsl 4.878.819 6.188.571 11.047A Page 48

GARSINGTOM OPERA UhllTED ¢omp•ry thnlt•d ty gu•rnnt••) IIOTES TO THE PIMAMCIAL 8TATaENTS FOR THE YEAR ENDa131 OCTOBER 2021 fvnds 2020 2020 TBrylJl• fix•d assets 1.160.3 1.253.715 Z414,095 1.979,533 1,979.533 584,Q80 584.OaQ 584,0(XI 13H910 1948,910 R 178,122) (2.178. 122) 1.744.380 41)N.116 4 744496 Group 2021 Gmup 4294194 263,582 AdJu8knents for. De[vecIati￿ th8ry•b Gnson Drnasellinu8tl in ¥ta¢*3 IlnuEwI IdeaEas8 In deirtor 407AO8 404762 {319,6Q$) 129,168) 16,870 (22.026) 11KIA31 (299,782) 19741361 1.206.ff21 I￿29,￿69 1.524.389 X Analy818 of ea8h ¢a¥h equlvalertj Gmup X421 2020 Cuh in h•nd 4780,2•6 1040.983 Totsl t￿b and ¢#h equlval•nlk 4780,285 4040.983 Page 47

FOR THE YEAR ENDED 31 ¢XTOBEft 2021 At31 ljthber 2021 OMJ n•.302 3.700• 404Q983 DI￿•2 3,no,285 2020 Ilm￿cIal#me￿ts W12•4 Gvoup 20 lal•rfvn 1 J• LalErthon 1 yuraNI nollatèrth•n S JWB Lrlhah 5)Trw¥ 207.418 •M,s T91.213 Is14$￿ t.929.9 261418 961.611 1514980 207,418 791.213 1.929,th) &T18,919 2924611 3,￿￿19 2924611 In 4&x￿ance Imlh FRS 101 tran6adlrmTAIth Garsw Oper• EnwDes Lknw Gwsfnglon OMr• Pnxludions Linited been thdo¥ed h¥e bolh •r￿fjO5 sthidkWiV5 of Qw8ln8ton (era Llmitol. rfr#J Ihe year • donation of£618.12412CQO.. ENILI was rnade frornthe Le(Ma￿ In9raffls Found￿0￿. The Leonard thgrnms furKI i¥ restrbcw for w rting * rAeath work aDd trt lorAI t4mmunMy. and TIM Page 4

IKITES TO THE FINAMCIAL STATEMEMT8 FOR ThE YEAR ENDED 31 OCTOBER 2ty21 2L Contr•llini p•ty Poge 49