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 A*mbern 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 RepryltO9ell*r*th the althd fingn¢iBI stateffle￿ oftt• Gro￿ lortheyw 1
No¥ernber 2020to 31 OLlot¢r2021. Thehnnuol Report*er￿ the wrp)ye9 ofb¢th • TN$1￿. feport and a Dhdors,
rnport undervJmp•ny law. Ibe TnJsle•s confirn that Ih• AMu•l Rrflon And finaneill statèments ofthe chRiitthJe
COMpty￿th ¢Jrr8rt ststulory iequiiements, fv rtqUT￿effls rfthe ¢harflabte wnp3nfs go¥enMng docum•nt and th•
prD¥￿0￿5 of the second edilim St4tsmenl of R•rA>rnm8Nled Pracbtt {SORPI 8PF4ic4ble to charrhEs preparing Iheir
acuunts in att¥)rdan￿ F￿￿1•1 Rep¢¥br*J StaThJarf in tr* UK R¢pubkoflrel8nd IFRS1021
(issued fft Ixober 2019}.
Sin¢*tho group and the Crynyquallfyx srMI1 wd¢f 8oction 383 ofth8 N&12C4X, the Group strate9icreport
qulrgj o1rno(lum ond l¥ge Cornpanigs ur#lerU* Compukn *a2¢th IStr*eql¢ RePOrt￿d Dire4m' Report)
Regul•fjonJ 2013 be￿ (ffldled.
ObJDth•• •Ad •cO¥*•
•. PollGl•s and Obje￿1¥
h¥hest rhxuYAI standor
Lyfic*W, thrTJugh perfornian￿s, sbjdy evenls. 8rKI IVA>rwJ pwfj(ap•tory pty¢ts in the
Ix)mrnunMy. I￿￿￿11n9 u8¢ olth"g*al rnedKg.
Er4¥re that ty)rthues hi be mg•tts as Il•y lththjè.
Er•Jre that the owlives be ffet Qn a kng4erm ba61s.
E{sU￿ theT* 1$ 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 sitst*thin the ro￿n9 lands¢w olfv I￿llern ot Womsley. ltrss than an
hwr frtm Lonrlon. In 2f21 Garnirwon its 32nd anni*tsary 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*&l*eas p￿¢￿* rtwa• 500.
Page 3

7RUSTES' REPORT {CONThUEDI
obieGlI￿ and •Gll¥ttits (¢ontlnwd)
The ofth• f*•tiv41 oltsr • b*M*d ar*J varfed rqpBrt01￿ ol*wopor• 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¥•Mi*th kne Oth•tr• th chthbre de P•rfs in the Theatrede•
Chofflp# &y￿. In 2WI OaY*J ThfdlrffJ* producbth ofRIEtwd Dlo 11okn•. (*r*•i¥od ffifgt
pwfom*d 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* 0*w￿hed Plilwmrtia 2017. Tht*n p*d fDrone produclion eath year
Engfth Cofi￿rt on pprlod irthxnwls rI￿rrOr￿￿￿.
as to digctywing. nwluty ¢*Bry#oning >xwn9 pr¢tsg•lrml Ioknt wiwin ** UK**o we pJst ￿ginnI18 to rn*e
tr*Yr*m•s on Ih• tAwrfoWA• sts90. Yw we offernd an vaied PWDyrnmmE to Ihdr
GAraln9t¢n Oper• Mntir4Jes to Intr4dwJ a newg•rwrnlK*Trts) opw• ttwrwO1 Its >wramund Innovth Le•m5rv4 &
4utherK% hsl>eEn nstye3p8nded ttwwgh uso ofdryilai as ea(* J*r#t knlonpGatskngkn w•durI￿n h•s
withlnfrrt mintstss olmeff*wthtybo¢knTrJ operNn9 onlrrt St•r*d kn Xl13. tr* •Mi en￿￿￿40• young
pewe to be mtsDdur￿ 10 8 olor*r•. O*ned tts erthurnqe lh• rfa Mbll ofopua young
th8 Chaity the ¥Tr*aaMe 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 <wr#wtdng L••rywNJ & Pwtrc4abon and to wmlBBKin •J#abk w)rt8to wand
13. To¢knv* ourdiitsl
14. To buthl anArts *1￿ atWoJnx* tt> Iwiigtagthr all aSP8Lts otrawT*tsk*wb*"r¥J ￿ to..
prowde a ltyme ts eT￿ble ￿ to •wand our•ngag•m•rt*th the
Pap5

TRUSTE&Y REP¢JRT (CONTINUED)
FOR THE YEAR Ell￿ED 31 OCTOBER 2021
ObJ•ctlvts and •cllvllla (contlhuedl
Defi￿￿ the ongory c*aler4Jes hr Garrirykn C¥ora L*wd bytr* p¥nkn4 Garningth Opeia Pr￿Uc•￿ •
Ow hrJheslprioiityw8S to Safegua￿ ￿ he8Mh EnLI of•ur ¢4stoftdixryw¥yi*ih on the we •nd ba&*stsg•
Ihroughoullhg reheawl period aThJ in PerforTnan￿, produixry arli51iralty•xdllny and rewordw￿ Prod￿110￿￿. Clp4r
m**wawuvJ ￿qUir?￿ kn orderkn h)ok a*er tr* •nd*pknwig 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 ry*Bt ph•se 8othaL thor*sto th•
onofftw•gene¥r61ty da fr*lN1Mdu*. 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 l*en by the Bowd of Trttstt49 to 90 al*ad th• 4 optrn bJ#s or*JIr￿￿Y planned lor 2021 t•fom th
pandemr, 4$the e45t was alrtady ethrnL*ad. Thii WAS dthnglw In 7th ¢flhe 5rate ofD8rRosenk•v*hr.
décisions e￿1ving la￿15cap•¥Tr4t0 tiw*ellsre.
Regukr o*line meelirys vAlh lh• c(rfE team.
Addttton81 Board meeting$ to roblowth• $•JJat4)n.
Youny Mi•l• Progr*m*:
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•r4*rwvJ 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 slnx*nd Youlh c¢¥n￿nY smal groups and hfttrid Trhe•rsals
t*her* p8rfr'aparnts agod 18 farz to la￿ by Zoom. We 811 Ihriled to be abytr toigin twthw
to porfomi on s*e at In Jdy. T￿Ad￿lco￿anY sknhad • pyDthJth M *ge atWonn8
charnpwjnthg •1• leAdwth
IIMry thp ofour w*ty￿9ted *rt91 woie¢*5 durirwj 2fj20.￿ (•ntknue yeartAth GO CrEats.
a val￿b]e onlin8 resou￿ wrod •tdemy5*fyin9 opv* trs dU￿n •9ed 11.16 both in ¢wloe4 4xmrnunrty knnd.
ndants and u#hèts. kn adthtion lo thoknam of8fAMts to Wis1 pknt*th trar•)rtry theirptmirs. The
oll1* ushws was ￿h*￿ed b ernwp the s•fety oftr* a*lien¢¢ by efi￿r￿g regulatsn&
d. M•ln a¢tfvttl85 und•rf•*•n tt• furth•r th• Companf* pwposesforth• benofft
In sell.ng obpc*b*s 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•r*fftand in paitulaTVJ it5 8uppftmentsry pUbr￿ benefft gJidanrA. Whilsi
iett8bly rtstrk*ons ta￿d by the p*demic Tr￿lled in f￿￿rpe￿P18 ts8￿9 to wilWorrn*y free oftharge. thè
crtased digila i¥>ntent. avalabk f•rfrnt. &lo¥*d a *vJ8r audlerth kn e>perierK* ourTrt $rn ofvhK*m werE seeihp
1.6QO peop* •bl•to *lend the lour drESS rnt*arsth fr** olc*•rye.
2. S¢hoL4$ •nd firltlme opwa gows •ble to 8tteThJ ourOwaFw#t￿rf¢MWthOrE￿ern (W.
2. y￿rth tthnPoft￿ and our ¢¢rnw￿itY V*npanY￿re lo on * at Womthy with
manyoflhe and relle8￿1￿￿jng pf¥g onWn• w wi*le.
4. Tr8ino¢ stsoe managers*we g1￿ the otvortuntytr ghad¢>wbac*sl¥ge as port ofthe Youth ¢oryJany proJecL
S The r•trJm lo I"¥e Perform￿(* prov*led mu¢ti needed ernp1oyrnnl￿fveekn￿ •lisls, lethntsans arKf $Das¢n•l
workws maThyof*kn hod fiOttA￿ In the arts tyo¥er a )*•r.
6. GwGing¢gn ￿ntr￿e￿ lo be a w300 people eryged 11 local
young people sold pmor•mrne4 20 carpart 8ltendath 14 njmhers. 6 domstiG swf as*1 a8 33 YO￿nIeeT
slewards and ushvrn. Local busir*55es v*thKh benefitted frtyn tht PTomty of Opera Company I￿￿ded p
xhops. fvel 5tskn5. hg*fs tsxi in tr* WEO. Tr knLxI sca￿ grnup aded 88 porter¥, raiBry rn￿Y fn
vdunlarytips forthe S¢out group exp•dbbon, •KI 27 ne¥￿t ferted oul room$ 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•rK*rs. 95 ort*eslrn W8yers. end 40 wtslicper>onrtl $u¢h as desiqn*5. duEctsrs,
¢¥rK[ud0￿ th0￿￿￿er$. 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 and*w 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• tic*els. 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 trarAfen*d 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$ v*re
Pknthoel Bayrfs of Ew ¢J*i 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¥
Ro8on*av*lor(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¥Jathl*y. 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￿, Dmen*Er olthv one￿￿chOIuS pwforThd
role ol Zaretskyand rpl•d¢knln In Ornoo. lh• l•tt•rolY*thl¢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 19*e l*nefiW froffl nalwe ofourowa P8vIl#￿A￿￿h perforrnances to lakè
place tn a audthmim Go¥¢rMier•l alty**d sot4aVydls18n¢xd re110rrnan￿ Improvemonll￿rt￿fj
Fundrnlslng aCtMIkn and IncoDx
Fthd• fflornbenhlpand •upport
we￿1* heartened bytht strenpth ol￿r￿1*1p 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 dDn*d by Fiiend$, tr*a$s￿2t¢d GrftAid, *ldition81
onotions. suppwt from TN8ts ar*1 Fa￿ddI￿ 8$ as wwéle indwidualB amtyjntrd ts £7,513,95912020.. £2.$81,6121.
Th18 £t7U oldonats"w8 ly ujo f¢**•kn H￿4 ¢•pdal wwect and ¥ £0.811 donabfm r8¢•4*d into
Leon•rd higrnvfrf Rg81idod Fw4.
aso
Supp•rtfr•ffl •Thd F4)UAdAtlons
Generaus supportv4s¥w4kn frtyr* and FOU￿1￿)$ 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•ur*nc* Muéi*no 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 th*the seefrtand Sett￿1￿ the Invesknent
adopted by iho Board. Th¢ Im*stmeftt pc4iey designed lo rrtettr• short, medkm and r*erf6 ofthe ¢h8rty.
Th• ¢thavitys fijnts hthegerernlly been required to be 3pEnt fft th• $hrttemi. Ihts being ¥*th'n cyde of 8 St￿￿.
The in¥pstrnènt potfcy. tt*retsv. yorth￿ has bÈen to baknL* I￿￿lty and availa1￿Illy offunds wilh ènauriw an
Appropriate kn¥el Df ￿turn on thp in%*5tr1enL TINS h•S rnsutted in rnso%rtts being held in ¢wffent actounts to mèet
immedi818 netd9 er¢n ￿11 or short temi deP￿rt In operatiorwl tenns. a8 cash baLtnwF allw. fvnds ha￿ been
transferred lo a high•r inlrnt rate M￿StMent B(wJnt {Chwi￿8 offi￿al In¥e5trnent Fund ICOIFII end called upon aB th•
nee¢ orose. In addition lo the obieLt¥e of m*"ng se0$￿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¢ wler*rwt 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 mw*ged 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 IrL*et8ates 3% ofvrr*anlabkn adr471*s lnots 51. 1% ¢worole SpOrwTrh￿. 3% otherlrnthg aL*vitEs 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 il*Arts 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. f**thh 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%. LearNr*J & P•rtl¢ipatiM 5%. ar•J GoWrnafi￿ 2%. ResouKes IrKreaGed fold *omlhefjr2020 level
Tho net ass￿ positttin at310(Idl>er2W21 shovAd a bolarK* ts1£11.047.390of*lth £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 rt*r4t•blv bè rnton • long knrm b
for pthyjlarpujpow. The pofy ofljw IS lo Sts free itto operal? for
n*num ofa yearln the v4ert $1gnllcwl f41 in inc4me leve￿ ThD dwr*y hollg £2.4 mifm kn the fund IOT
meet anyth)rthg•r¢c*s for*•¥Lti t￿ fm• mser*s afv sttash1e AfvIiMf£1.6 has been deBign8ted IDr
ueati%t and Btrat*J￿ 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 ropL*AKsubBAly os *thofy ffjlilntoft fvr#1rn15h&i and lh• Andtr
not*ssty to pkn sever•1 m•kntwn wtstic standwds. ffflancat C4Ymrn￿fi*ts 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 p4Jry*hJs rwr¥ès of
nwtyded lunds of£4,945.948Q02tr £3.750.401}*KW"ry deswaled werw#lArtexdud*¥ l&ng*le fixèd 0s8èt8.
d. ￿InCIp￿ th and unc•rtatsrtl•s
A r*g¢knrn¥wolll* ththe ChAi*y 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 L*oritythrough 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 wnp*Jn ID rniwe £14m ID oNtgfbwOthrwJ tha Arts Hub.
The fin•ncA•I rokls mibg8*d 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* ofmaternL8*thtch reGuI ifthe slart￿6
¢layed. Anangem￿￿f0ra b8nk b)An been made ￿1*7m 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 $ywrt trom kn4￿￿l￿al c4>rpor• spwor&
e8peL781ty 8s7A* coAknuE our malorm**k￿ryOVJ￿ tr ourkn +*ts pruiEGL
HnanGl*l rilk M1fta￿ •l*llvM wlc5es
8WPtu4 bum up frne
The iknup olms to spread r%k auoB6 main S￿rr*S 01thr￿me i.L box olke. M￿￿1¥P support, donations trom
Indlmthjal sptywws sponsors c<fflnxrd•t l¢.g. on (atering ond shop sales).
In order ts mjutr trnnd￿ rfsk fr￿n lrmji￿JU•I ••th )t*. Il* rxwnpwty rAMbr￿ to pkn #vèrnl yearn #head.
•nabling fvndr8iser¥ to¢M•uMge donLY¥lo of*r•ts5s>ecikpm*J¢*on$ 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 l**t8ales, d(*otions kn Fiiend$ aTrl
SUPPOrtots OfGa￿￿￿ Qxr• ar•1 firwKral tswort from th¥ ¢typN•te soL*r 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 olTn*lE*• 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..
otr*rsThiknrart8 ￿ganISa11)
f. R•lthd paity rnl•tlonshl
GatslNJton Opewa knmhed ts a d￿rit￿ble oxnwyT*htr*b 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. h*nle*rth 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¢ r*w In 2023 opva 8g•w be RI>B8f4'8 The Bwfr6r0fs•￿. SIrnu5S'
offer spon￿hIP and years ahwl. Ilws both rith A￿1 f*B56W• on the SnaleXe￿￿kn It
81s0 ÉYve5U5•pporfunrfw8 to enorye potentiBI ￿￿1PartnerS IDr ￿ woduL*ons aDd (%4laborabons both in UK and
road.
In 2018 Ihèledskn ￿ taken toemb** On a w*w PW tr• muth rw•d￿ l•tlrf*s 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 u*eofmat•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 p*y. the thitythslo bè an inL*th 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 oc<w• to
thetsr1fft8. And there 15 MtsuronL s￿ shtr*￿ #I￿1 opera and thern 1$ 8
Employees been comth on oft￿l￿ ¢0 them bymwB ofregui¥ t£￿￿Ulta￿¥F ￿d￿lI￿al and grnup
m6¢tln98 And haw been keplinfonrod oft sptific dwe¢ty by Imr￿erne￿ The L*aitycanies out e>il IrrteNle
Indud*¥."
vo￿nte•￿' po
HeBIth & p*y
ch￿ saWu•rthtVJ
o￿l￿al￿rk ppky
In tr• •ndthe Charit15 •gUa￿ty. poky. th• 8TrJ Clwty lo
Full dg18i15 of1fv￿c polk*B fjn1￿ ChwW•TAth*.
Th8 Tn*tses (*tho are olw 01thg Cunlwby kn tr* pwposes of wnpany Iw}4w• r••p¢¥n¥thle forwepath4
TnJ*e$ 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? Th*thod$ 8Th1 Prir￿￿& ofthg Ch8ni*s 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* Group*ill
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 GmL*P •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• bo*d 0fTw1e￿ •rwl liBr￿ bBhdfty.
Chairman. G*￿￿tOn LL￿0
Daw 13 MAYZOZZ
Page 16

(A Ilmlted ty 14*rnntst)
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 OL**eT202t ¢ompw the Coroolidatsd stol•menl offvnt¥f adi¥￿e8. the
C¢nso*latsd bolaAc4 sho¢( the ¢omp8ny b$l•n￿ sMel IPe Corffjotsd8ted slatement 01 ethgh kn •nd trE ￿lthd rYJ*s.
ndLtling a summary otSigAffieanla¢¢ounb"ng poS¢aes. Tho fjr•n¢tsl repoth.ry framewortthat has been appl*d in Ihdr
prepatsUoTh Is aptyicablt law ar￿ Unitod KJn9dom Ar*￿nI￿g StsNdarf$. 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 h8b*t*tstned tS$ulfi￿rt*Th￿ aBYopr*t• tr* P￿&*e • lJ*sM for+)uroP￿￿￿
Concluslom rntsdng lo golw ¢ovK•m
In •u¢Yitkng tr* finon¢ial sl*terneThts. ** ¢on¢*d Tnts*' Use dthe t¢*rK*m 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 fromt*lwi thg anarK•d slai8menl8 •R wblcmed for
Othw Inf¢fft•llon
AudiioTr' ￿pOrt there￿. Tr TA￿tee* w r•sponWÈforthe otr*rknloThatknTh [¥￿thI￿ed*1Ihln th• fvmnual ￿PoIL Our
Op1￿0￿ on Iht fjnanclal Etsternents ts)bwthe othwinfDmMtsfi orn1. exr*pl to the extsnt otherthise èWir*ty*tatsd
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 m*eriofy thi¢onGtGtefttV￿th the financtal $tatemenls
orourkrth41ed9e ob1wr￿ in the oflhe T•JJrt ¢r4)ther¥Ase appearn to be rnaknri￿ M￿tated. Ifwt tdentty *t¢h
matsrial inc4n5i51un¢les or •ppamrrt m•lefjal misststqTh•nts, * ore rE4wrEd to de*rMI￿ wthethprthi8 9￿85 rise to 8
matsrid ￿￿$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 <x>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￿ f*the ￿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•rt*n 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￿ $l*me￿ or fv)r*Mmptsnr• rr9ul•tityL TNY Ask triueosej Ihe mpre tho1
Com￿OnCe *llh a18w or regulation 18 remtyrtd trom IhB e*nts trans9￿1￿ ￿￿e(thd kn the finan¢aal 6t81￿￿￿nI$, •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* •l*l￿OI the *WKlalstateM￿ 15 hx*tsd 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 $0 rnwjmslato lo Ihe Cha￿&bI• c*mpanY$ 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￿l*S
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
In*strnents
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￿Pan*s 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•
c<Ynpony fjrn the TnJ#oes r•ned poge l. In the e¥*nt of t￿ rA>rnP￿ 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 wbs*f*ry 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 suffic*rt ￿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 $alisfied th•t tyi q￿¥Jon wll rffjl be rnquired to satsfy da.ms in the estate.
Recoipt ol ? legary must t• recLyis•d is probable that l btt recel¥•d and the falr vglue
of the ￿oun¢ re￿1¥?b1e. ￿ WAI gw* w8c*ed cash amourt to be distr*thed to th•
wh￿ Ihe dontsl go￿* is • tlxed W ft is measurnd ot f8lr unlJs$ 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 c*tsln ¢
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 ac*Jv*y. 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•*•
t*neffts 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 unreaf*ed, are ¢ombSr*d 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 ￿$ts and w appToprble prop￿On offlxed
110 D•btor•
Tralo and olher del)kns ¥• recw¥sed at the strU*merl amount aller any 1r•dè th8e4unl offered.
Cash at bank aThl in h￿d kthJ89 ￿$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 st*ment 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
IMtrthr*erts. 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 Pen*lDM
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￿, exFeL*th 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
219*8
23.077
15.023
1.140
42
11052
1rt8ur4n
16.179
Tdephono & fa¥
16•0
1&209
3.15T
562
Gob*rn8nr* {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*
Dewer*Ab¢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)1*d(2D2￿. 9 peoplej. belry •
blA lfv eryl¥#*nlo151202tr. les6 11 ata ¢ostof tBI743 P02tr. E3274).
P•ge 38

41354 WlJ11
310sl*wXQ1
1)V12 M,lJ7 2lX• 11•41
xn4 ITr7 44¥J
•J7
131 Cdrt*Z021
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 No*mber2020
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 L*tsd
¢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
Sl*wn•nt offvndj
B•l•nc• •t 1
Mov•mbw
G•ln81 BA1*1￿ 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¢l*s to re*rd&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
G*nson
Drnasellinu*8tl 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
L*rlhah 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• EnwD*es 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 r*ting * rA*eath 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