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|||||Page|
|---|---|---|---|---|
|Reference and adminlstradve||details ofthe Company,|Trustees and advisem|1-2|
|Trustees' report||||3-14|
|Independent|audltom'
report|on the financial statements||15-17|
|Consolidated|statement offinancial activities|||18|
|Consolidated|balance sheet|||19|
|Company
balance sheet||||20|
|Consolidated|statement ofcash flows||||
|Notes to the|financial statements|||22-46|
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|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|fvnds|
|||2022|2022|2022|2021|
|||6|6|||
|Income from:||||||
|Donations and legacies|4|4,538,932|2W2,836|6,94'I,768|7,513,959|
|Charitable
activities|5|32,119|2,849,727|2,081,846|2,080,473|
|Other trading activities|6||282,348|262,340|421,831|
|Investments|7|16,013|72,684|88,697|75,540|
|Other income|8||974,148|074,148|453,219|
|Total income||4,587,064|6,561,743|11,148,807|10,546,122|
|Expenditure
on:||||||
|Raising funds||5,806|718,225|724,111|705,515|
|Charitable
activities||1,2'78,500|4,695,421|5,073,$21|5,850,218|
|Total expenditure||1&204,386|5,413,646|6,690,032|5,566,734|
|Net income before net (losses)/gains||||||
|on investments||3,302,678|1,148,007|4,450,775|3,979,388|
|Net gosses)/gains
on investments||(50,860)|(282,671)|(342,540)|319,506|
|Net movement
in funds||3,242,809|865,426|4,108,235|4,298,894|
|Reconciliation offunds:||||||
|Total funds brought forward||4,878,810|6,168,571|11,047,390|5,748,496|
|Net movement
in funds||3,242,000|865,426|4,108,235|4,298,894|
|Total funds carried forward||8,121,628|7,033,097|15,155,625|11,047,390|
##
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||COMPANY|COMPANY|BALANCE SHEET|||
|---|---|---|---|---|---|
|||ASAT31|OCTOBER 2022|||
|||Note|2022
K||2021f|
|Fixed assets||||||
|Tangible assets||16|8,545,704||4,113,200|
|Investments||17|2,715,066||2,997.,205|
||||11,260,770|||
|Current assets||||||
|Debtors||19|2~5,588|1,510,231||
|Cash at bank and in hand|||2,'728,207|3,680,087||
||||5,173,7$5|5,190,318||
|Creditors: amounts
falling due within one|year|20|(1,261,122)|(1,209,959)||
|Net current assets|||S,9'l2,673||3,990,349|
|Total assets less current liabilities|||15,173~||11,090,754|
|Total net assets|||15,173r443||11,090,754|
|Charity funds||||||
|Restricted funds||21|8,121,628||4,878,819|
|Unrestricted
funds||21|7,051,815||6,211,935|
|Total funds|||15,173,443||11,090,754|
##
##
##
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
||||||Note|5||
|Cash flows from operating||activities||||||
|Net cash|used in operating
activities||||23|3,934,171|3,529,059|
|Cash flows from investing||activities||||||
|Proceeds|from the sale oftangible fixed assels|||||300||
|Purchase|oftangible fixed assets|||||(4,842,510)|(2,108,611)|
|Proceeds|from sale ofinvestments||||||5,179|
|Purchase|ofinvestments|||||(66,288)|(888,325)|
|Net cash used in Investing||activities||||(4,908,498)|(2,789,757)|
|Change|in cash and cash|equivalents|in the year|||(974,327)|739,302|
|Cash and|cash equivalents
at|the beginning|ofthe year|||3,780,285|3,040,983|
|Cash and cash equivalents||atthe end|ofthe year||24|2,805,958|3,760,285|
|The notes|on pages 22to46 form part ofthese finandal|||statements||||
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|l
value, over their expec|ted useful|lives on th|
|---|---|---|
|Wormsley Assets induding|Garden-|10-15Years|
|&Walled Garden Bam|||
|Production
buildings||15-50Years|
|Marquee||10Years|
|Opera Equipment||10Years|
|Assets under construction||NIL|
|Office Equipment||5Years|
|Auditorium||10-15Years|
|Fixtures 8 fittings||10Years|
##
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##
##
##
|||||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|funds|
|||||||2022
f|2022
f|2022f|2021|
|Donations||||||||||
|General Donations||induding||Coronavirus|Support||886,053|886,053|1,555,324|
|Friends Donations|||||||1,012,954|1,012,854|953,985|
|Arts Hub Donations||||||3,403,762||3,403,762|2,716,993|
|Subtotal||||||3,403,762|1,899,007|5,302,769|5,235,302|
|Trusts and Foundations|||Donations|||456,856||456,856|855,154|
|Productions|Syndicate|||||523,496||523/96|885,444|
|Tax Rsccwary||||||154,818|503,829|658,647|537,059|
|Subtotal||||||1,135,170|503,829|1,638,988|2,277,857|
|Total2022||||||4,538,932|2,402,836|6,941,768|7,513,959|
|Total 2021||||||4,457,591|3,055,368|7,513,959||
##
##
##
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2022|2022f|2022f|2021|
|Ticket income||31,110|2,281,719|2,312,829|1,777,823|
|Programme|& libretti sales|1,009|70,794|71,803|53,818|
|Concessions|||215,789|215,789|189,946|
|Sundry sales|||277,956|277,956|58,169|
|Tour group sponsorship|||3,489|3,469|917|
|Total 2022||32,1'19|2,849,727|2,881,846|2,080,473|
|Total 2021|||2,080,473|2,080,473||
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||6|6||
|income from subsidiary||89,611|89&611|92,841|
|Sponsorship||147,100|147&100|155,700|
|Advertising|tt other income|22,637|22&637|17,290|
|Rental ofopera rights and equipment||3,000|3,000|156,000|
|Total 2022||262,348|262,348|42f,831|
|Total 2021||421,831|421,831||
##
##
##
||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2022|2022|2022|2021|
||E|2|8||
|Dividend
income|15,983|61,735|77,718|76,276|
|Bank interest|30|10,949|10,878|364|
|Total2022|16,013|72,684|88,697|76,640|
|Total 2021|14,007|62,633|76,540||
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|lbnds|
||2022
8|2022f|2021|
|Theatre tax relief claim|974,148|974,148|453,219|
|Total 2022|974,148|874,148|453,219|
|Total 2021|453,219|453,219||
##
##
##
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2022
8|2022|2022
8|2021f|
|Fundraising|&press officer||17,054|17,054|11,194|
|Rent, rates|and utiliTies||7,730|7,730|8,687|
|General administration|||20,319|20,319|16,525|
|Computer
supplies|||26,336|26,336|29,996|
|Bank charges|||1,102|1,102|13,928|
|Investment|costs|5,886||5,888|5,179|
|Stalf costs|||244,560|244,580|246,155|
|National
insurance costs|||23,661|23,661|25,674|
|Pension costs|||3,728|3,728|2,417|
|Depreciation|||1,616|1,616|836|
|Total 2022||5,886|346,106|351,992|360,571|
|Total 2021||5,179|355,392|360,571||
##
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
||||8|8|8|
|Expenditure|from subsidiary||88,600|88,600|102,817|
|Fundraising|&press oflicer||116,910|116,910|47,837|
|Rent, rates|and utilities||7,729|7,728|8,688|
|General edministra6on|||18,007|18,007|29,441|
|Hire ofauditorium/Wallace||Hill Farmhouse|1,389|1,389|781|
|Wages and|salaries||121,044|121,044|138,216|
|National
insurance costs|||14,936|14,836|14,564|
|Pension costs|||1,889|1,889|2,785|
|Depreciation|||1,615|1,615|836|
|Total2022|||372,119|372,119|345,945|
|Total 2021|||345,945|345,945||
##
||Activities||||
|---|---|---|---|---|
||undertaken|Support|Total|Total|
||directly|costs|funds|funds|
||2022
8|2022
8|2022f|2021|
|Opera|4,814,000|573,806|5,387,806|5,505,469|
|Learning 6 Par6d pelion|485,979|100,136|586,115|354,749|
|Total2022|5,299,979|673,942|5,873,921|5,880,218|
|Total2021|5,193,469|656,749|5,860,218||
##
##
##
##
|||||||Total|Total|
|---|---|---|---|---|---|---|---|
|||||Opera|Education|funds|funds|
|||||2022f|2022f|2022
6|2021
6|
|Depredation||||404,321||404,321|404,717|
|Opera performance|fees|||826,853|44,629|871~2|979,559|
|Production teams||||340,660|41,418|382,078|329,786|
|Orchestra fees||||464,780|39,065|503,845|544,802|
|Costumes, sets, props||||525,482|32,433|557,915|578,631|
|Stage 8 technical staff||||708,766|38,178|746,944|570,181|
|Seasonalfees||||113,121|1,195|114,316|86,418|
|Production
administration||||58,070|1,539|59,609|86,185|
|Music hire 5 royalties||||21,451|3,354|24,805|16,509|
|Other production costs||||155,282|9,159|184W1|191,945|
|Site costs||||197,434||197~|226,905|
|Performance
refreshments||||10,410||10,410|2,440|
|irrecoverable
VAT||||319,497||319,4$7|331,419|
|Transport||||106,070|4,358|110,428|85,435|
|Photography||||3,965||3,965|7,915|
|Seasonal punting -|programme|||33,431||33,431|30,044|
|Seasonal costs||||33,037||33,037|20,738|
|Facility rent||||316,797||316,7$7|254,445|
|Administration
expenses||||3,656||3,656|1,921|
|Scenery barn rental||||39,148||39,148|46,940|
|Health &safety - opera 8||site||26,296|323|26,81$|24,366|
|Other costs||||16,886|1,800|18,686|23,120|
|Understudy
performance||costs||1,584||1,584||
|Recording costs||||S5,914|6,613|$2,527|50,891|
|Schools, education|and community||projects|1,089|261,915|263,004|198,157|
|Total 2022||||4,814,000|485,979|5,2$9,$79|5,193,469|
|Total 2021||||4,955,964|237,505|5,193,469||
##
##
##
|||||Total|Total|
|---|---|---|---|---|---|
|||Opera|Education|funds|funds|
|||2022|2022|2022|2021|
|||6|6|6||
|Staffcosts||354,316|91,374|445,690|431,268|
|Depreciafion||1,346|269|1,615|836|
|Fundraising
&press officer||36,571||36,571|25,191|
|Rent, rates &utilities||6,440|1,288|7,728|8,668|
|Boxoffice system and computer|supplies|25,660|673|26,333|29,998|
|Bank charges||24,826|5,055|29,881|28,414|
|insurance||15,812|1,216|17,028|16,179|
|Printing, postage 8 stationery||1,475|295|1,770|1,368|
|Telephone
& fax||1,954|391|2,345|2,590|
|General administration||20,018|4,909|24,$27|16,209|
|Bookkeeping
&accountancy||1,008|202|1,210|990|
|Exchange rate variance||(22,143)|(5,536)|(27,679)|1,441|
|Provision for doubtful debts||6,720||61720|9,552|
|Governance
costs (note 11)||99,803||99,803|95,945|
|Total 2022||573,806|100,136|673,$42|866,749|
|Total2021||549,505|117,244|686,749||
##
##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||||8||
||Auditors'
remuneration|||||||15,885|14,750|
||Other costs|||||||10,592|10,125|
||Legal tt professional||fees|||||8,588|6,070|
||Accountancy|fees||||||403|330|
||Wages 8salaries|||||||63,797|82,391|
||Depreciation|||||||538|270|
|||||||||99,803|95,945|
|12.|Net inceme|||||||||
||Net income for the year|||includes:||||||
|||||||||2022|2021|
|||||||||8|5|
||Operating
lease rentals|||||||252,418|252,416|
||Depreciation|oftangible||fixed assets||||409,269|407.506|
||Fees paid to|auditors|for:|||||||
||-audit|||||||12,980|12,060|
||-other services|||||||2,905|2,690|
|||||||||677,572|574,674|
|13.|Auditors'
remuneration|||||||||
|||||||||2022|2021|
|||||||||8|5|
||Fees payable|to the Company's|||auditor||for the audit ofthe Group's annual|||
||accounts|||||||12,980|12,060|
||Fees payable|to the Company's|||auditor||in respect of:|||
||All non-audit|services|not included|||above||2,905|2,590|
##
##
##
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||||Lbrted|
|---|---|---|---|
||||investments|
|Group|||6|
|Coat orvaluation||||
|At 1 November|2021||2,982,186|
|Additions|||66,288|
|Revaluations|||(348/27)|
|At 31October|2022||2,700,046|
|Valuation||||
|The listed investments||have been revalued to reflect their market value at the year end.||
##
##
|||||||Investments|||
|---|---|---|---|---|---|---|---|---|
|||||||In|||
|||||||subsidiary|Listed||
|Company||||||companies
f.|investments
f.|Totalf|
|Cost orvaluation|||||||||
|At 1 November||2021||||15,020|2,$82,185|2,$$7,205|
|Additions|||||||66,288|66,288|
|Revaluations|||||||(348,427)|(348,427)|
|At 31 October||2022||||15,020|2,700,046|2,715,066|
|Principal subsidiaries|||||||||
|The following||were subsidiary|undertakings||ofthe Company:||||
|Names|||||||Company|Holding|
||||||||number||
|Garsington|Opera Enterprises||Ltd||||05511222|100'/o|
|Garsington|Opera Productions||Ltd||||09341523|100%|
|The financial||results ofthe subsidiadies||for|the year were:||||
||||||Income
f|Expenditure
f|Profitl
(Loss) for|Net Assetsl
(Liabilities)|
||||||||the yearf||
|Garsington
Garsington|Opera Enterprises
Opera Productions||Ltd
Ltd||124,347
2,502,$13|($6/21)
(3/7$W1)|27,$26
(2,380)|317
(3,115)|
##
##
##
##
|Group|Group|
|---|---|
|2022f|2021f|
|22,639|16,600|
##
|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2022
6|2021f|2022f|2021|
|Due within one year||||||
|Trade debtors||232,671|87,503|232,671|87,503|
|Amounts
owed by group undertakings||||1,201,228|605,694|
|Other debtors||1,266,320|833,899|292,104|180,130|
|Prepayments|and accrued income|719,585|636,904|718,585|636,904|
|||2,218,576|1,358,108|2rl45,588|1,610,231|
##
##
##
##
##
||||Group|Gmup|Company|Company|
|---|---|---|---|---|---|---|
||||2022
8|2021
5|2022f|2021
5|
|Trade creditors|||aao,aa3|551,825|572,282|551,825|
|Amounts|owed to group undertakings||||13a,fao|15,010|
|Other taxation and social security|||25,644|22,528|25,644|22,528|
|Other creditors|||213,028|127,526|213,028|127,528|
|Accruals|and deferred
income||317,533|501,105|$10,888|493,078|
||||1,137,188|1,202,986|1,261,122|1,209,969|
||||Group|Gmup|Company|Company|
||||2022|2021|2022|2021|
||||8||8||
|Deferred|income at 1 November|2021|256,334|1,153,853|256,$$4|1,153,853|
|Resources deferred during the year|||105,778|255,334|105,778|256,334|
|Amounts|released from previous|periods|(258,334)|(1,153,853)|(256,334)|(1,153,853)|
||||105,778|256,334|105,778|256,334|
##
##
##
##
||||Balance at 1||||Balance at|
|---|---|---|---|---|---|---|---|
||||November|||Gainsl|31October|
||||2021|Income|Expenditure|(Losses)|2022|
||||||||8|
|Unrestricted
funds||||||||
|Designated
funds||||||||
|Auditorium
and infrastructure|||2r400,000||||2,400,000|
|Creative and Strategic
Development|||1,606,750||||1,606,750|
||||4,006,750||||4,006,750|
|General funds||||||||
|General Funds - all|funds||2,161,821|6,561,743|(5,413,$46)|(282,871)|3,027,247|
|Total Unmstricted|funds||6,168,571|6,5$1,743|(5~13,646)|(282,671)|7,033,997|
|Restricted funds||||||||
|Auditorium
Appeal fund|||$02,350||(258,029)||644,321|
|Learning
and Participation||fund||488,975|(488&975)|||
|Opera Production||||523~6|(523896)|||
|Leonard lngrams
fund|||676,478|16,013|(13,886)|(es,ses)|617,73$|
|Arts Hub appeal fund|||3,300,991|3,558,580|||6,859,571|
||||4,878,819|4,587,084|(1,284,388)|(5$,869)|8,121,628|
|Total offunds|||11,047,3$0|11,148,807|(e,ese,032)|(342,640)|16,165,625|
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|||||Balance at||||Balance at|
|---|---|---|---|---|---|---|---|---|
|||||1November|||Gaina'|31October|
|||||2020|Income|Expenditure|(Losses)|2021|
|Designatedfunds|||||||||
|Auditorium
and Infrastructure||||2,400,000||||2,400,000|
|Creative snd Strategic|||||||||
|Development||||1,606,750||||1,606,750|
|||||4,006,750||||4,006,750|
|General funds|||||||||
|General funds||||997,366|6,074,524|(5,173,052)|262,983|2,161,821|
|Total Unrestricted||funds||5,004,116|6,074,524|(5,173,052)|262,983|6,168,571|
|Restricted funds|||||||||
|Auditorium
Appeal||fund||1,160,380||(258,030)||902,350|
|Learning
and Participation|||fund||237,030|(237,030)|||
|Opera Production|||||885,443|(885,443)|||
|Leonard
Ingrams|fund||||632,134|(13,179)|56,523|675,478|
|Arts Hub appeal fund||||584,000|2,716,991|||3,300,991|
|||||1,744,380|4,471,598|(1,393,682)|56,523|4,878,819|
|Total offunds||||6,748,49S|10,546,122|(6,566,734)|319,506|11,047,390|
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||Analysis ofnet a|ssets betwee|n|funds - prior year||||
|---|---|---|---|---|---|---|---|
||||||Restricted|Unrestricted|Total|
||||||funds|funds|funds|
||||||2021
f|2021|2021|
||Tangible fixed assets||||2,890,576|1,222,624|4,113,200|
||Fixed asset investments||||644,475|2,337,710|2,982,185|
||Current assets||||1,344,968|3,810,023|5,154,991|
||Creditors due within|one year|||(1,200)|(1,201,786)|(1,202,986)|
||Total||||4,878,819|6,168,571|11,047,390|
|23.|Reconclgatlon
ofnet movement|||in funds to net cash flow|frem operating|activities||
|||||||Group|Group|
|||||||2022f|2021|
||Net income for the year (as per Statement of Financial Activities)|||||4,108,235|4,298,894|
||Adjusbnents
for:|||||||
||Depreciation
charges|||||408,269|407,506|
||Gains/(losses)
on investments|||||348,427|(319,506)|
||Loss on the sale offixed assets|||||437||
||Decrease/(increase)|in stocks||||(5,838)|16,870|
||Decrease/(increase)|in debtors||||(860,438)|100,431|
||Decrease
in creditors|||||(65,820)|(975,136)|
||Net cash provided|by operating|activities|||3,934,171|3,529,059|
|24.|Analysis ofcash|and cash equivalents||||||
|||||||Group|Group|
|||||||2022|2021|
|||||||8||
||Cash in hand|||||2,805,958|3,780,285|
||Total cash and cash equivalents|||||2,805,858|3,780,285|
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