GARSINGTON OPERA LIMITED (A company limited by guarantee) TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025 Reglstered Number: 02567390 Charity Number: 1003042 GARSINGTON OPERA LIMITED CONTENTS OUR MISSION..................... OUR PURPOSE AND ACTIVITIES.......... OUR ETHOS................... . ACHIEVEMENTSAND PERFORMANCE..................... . FUNDRAISING. .13 FINANCIAL REVIEW......... .- .13 INVESTMENT POLICY AND PERFORMANCE..,,................................. .14 RESERVES POLICY............ ..14 PLANS FOR FUTURE PERIODS.......................... .15 PRINCIPAL RISKS AND UNCERTAINTIES...................... .18 STRUCTURE, GOVERNANCE AND MANAGEMENT............... ..19 STATEMENTOFTRUSTEES, RESPONSIBILITIES...... ..21 GARSINGTON OPERA LIMITED REFERENCE AND ADMINISTRATIVE DEfAILS Trustees Miranda Curtfs CMG (Chairl Nicola Creed Iresi8ned 2 December 20251 Professor jonathan Freeman-Atwood CBE Nina Frost lappolnted 10 July 20251 Ni8el Higgins Catherine Ingrams Nell Klng KC lain Mackinnon Lady Medina Marks Gary Powell Lady Jennlfer Stringer Ben Weston LVO (appointed 2 December 20251 Presldent Rosalind Ingrams Company Secretsry Plppa Adam50n Re8iStered office Garsington Studios Wallace Hill Farm Stokenchurch HP14 3YF Executfve Dlrector Ben Weston Artlstic Dlrector Douglas 8oyd Senlor Mana8ement Team Pippa Adamson Angus Boyd-Heron Lindsey Cook Alison Dunnett Steve Hawkins Carol Jesudason Michelle Williams Page a of 48 GARSINGTON OPERA LIMITED REFERENCE AND ADMINISTRATIVE DETAILS Audltors WR Partners Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG Bankers National Westmlnster Bank PLC 121 High Street Oxford OXI 4DD CCLA l An8el Lane London EC4R 3AB Investment managers Sarasln & Partner5 LLP Juxon House 100 St Pauls Churchyard London EC4M 8BU Rathbones Group PIC 8 Fin5bury Circus London EC2M 7A2 Page 4 0148 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT The Trustees are pleased to present their Annual Report together with the consolidated financial statements of the Charity and its subsidiaries for the year ending 31 October 2025. These have been prepared to meet the requirements for a Directors, Report and accounts for Companies Act purposes. The financial statements comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the second edition Statement of Recommended Practice ISORPI applitable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 li55ued in October 20191. Since the Group and the Company qualify as Small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 Istrategic Report and Directors, Report) Regulations 2013 has been omitted. OUR MISSION To stage high-quality productions in a setting of exceptional beauty and to reach as broad an audience as p055ible through the promotion and understanding of the arts, Includlng opera, music and drama. OUR PURPOSE AND ACTIVITIES Garsington Opera IGOI exist5 to.. Promote, maintain, improve, and advance education, parhcularly by encouraging the arts, including opera, music, singing, drdm3, ballet, literature, sculpture, and painting. To SLlPPOrt charitable institutionlsl as the council of management shall, at its discretion, determine. The strategies employed to achieve the Charity's aims and objectives are to.. Enrich the lives of its audiencps and participants by producing operas which are theatrically compelling and of the highest musical standard. Encourage and expand knowledge and appreciation of opera as an artForm, and of Garsington Opera specifically, through performance5, Study events, and exciting parhcipatory project5 for all ages in the community. Develop a new holistic Pathways programme as a strategic framework to engage the future workforce and develop talent with a long-term artistic vision embedded at its heart. Use the resource of Garsington Studi05 to support the Pathways programme both in the growth of existing pmjects and the development of new initiatives. Develop partnerships both inside and outside the sector to enable the greatest impact of sharing our buildinB, skills and knowledge. Raise the profile of Garsington Opera to be a leading UK opera festival underpinned bv excellent training, community and education work. Page 5 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT In setting objective5 and planning activities, the Trustees have given due consideration to general guidance published by the Charity Commission on public benefit, including the guidance 'Public benefit: running a charity IPB21'. Festival Garsington Opera wa5 founded in 1989 at Gar5ington Manor, near Oxford, by the late Leonard Ingrams and his wife Rosalind. Following Leonard's death, in 2011, Garsington Opera moved to Wormsley, home of the Getty family. The Charity remains committed to the fundamental ideals upon which Garsington Opera was built. It is steadfastly committed to excellence in art. supporting arli5ts, and providing opportunities for all to engage with opero in a welcominB environment. The annual festival aims to offer a balanced and varied repertoire of four opera productions, often including a Mozart opera and also championing lesser-known works, which have included several notable British premieres. In addition, opportunitie5 are gNen to our youth and adult community companies to engage with annual performances both as performers and as backstage technicians. Over the years, Garsington has taken productions to internationally renowned festivals and in 2024, the company made its debut at the BBC Proms. Partnerships Garsington Opera has built several artistic partnerships including co-production partnerships with Santa Fe Opera, New Mexico and Irish National Opera. In 2017, the Philharmonia Orchestra joined as the resident orchestra. In 2021, Garsington Opera also entered into a partnership with The English Concert who perform earlier repertoire using period instruments. Nurturing talent Garsington Opera is committed to promoting excellence and engaging first-class performers as well as discovering, nurturing and championing young professional talent from the UK and overseas who are just beginning to make their names on the worldwide opera stage. Through the Leonard Ingrams Pathways Programme. emerging artists are offered an exceptional and varied programme to assist their professional development while belng given the opportunity to work alongside experienced opera singers, directors and conductors of distinction. Backstage. there are training opportuntties to support individuals into careers vital to the creative arts industries. Learning and participation Garsington Opera continue5 to introduce a new generation to opera through its year-round innovative GO Participate Programme with its Youth and Adult Companies. GO Participate also works in local schools and other organisations, purposefully tar8eting those who would not otherwise have an opportunity to be introduced to opera. Page 6 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT Access Digital media has vastly expanded access to a wider audience. Each year, at least one Garsington Opera production 15 Streamed online, free of charge, for six months via the European platform Operavision and the Charity's YouTube channel. A membership scheme for the under 40s enables and encourages young people to be introduced to love of opera. Opus 40 is designed to encourage the creation of a habit of opera attendance and to grow our future audience and membership. Members are given priority booking with heavily discounted ticket prices, alongside other benefits. Opu5 40 replaces the previous scheme of GO<35. studios Garsington Studios provide much-needed, reliably available rehearsal facilitie5 for the festival providing three large rehearsal studios, coaching rooms, administration office5, catering and wardrobe. The Studios allow the Charity to extend and develop its dynamic GO pa￿cIpate and Pathways Programmes for the local community and expand opportunities for young professional artists and technicians. OUR EfHOS Garsington Opera is founded on clear beliefs and values which inform all that we do. Bold and creative By providing a safe and supportive place for creativity at all leve15, we drive excellence both on and off our stage. Through ambition and a bold approach to our artistic programme, we afe passionate about making extraordinary innovative moments that stay in hearts and minds, inspiring future generations to create, engage and protect the future of this art form. People-focused Garsington Opera is built on the belief that a personal, warm and friendly experience not only leads to the best creative environment but also creates the gateway for more people to experience the beauty of opera. By valuing openness and Caring for our staff, artists, members, audience5, participants, volunteers and partners, we create a nurturing environment where all can expect to be treated with kindness and rèspect. Future-facing We weave a responsible approach to sustainability through our decisions and actions, acting within budgetary constraint5, mindful that the beauty of the natural world is core to the Garsington Opera experience. Financially prudent, our consistently nimble and flexible approach to the scale and operation of our business ensures efficiency and responsiveness which can safeguard our future. Page 7 of 48 GARSINGTON OPERA LIMITED TRUSTEES. ANNUAL REPORT ACHIEVEMENTS AND PERFORMANCE Productions We were thrilled with the reception of the 2025 Festival, with all four productions garnering critical acclaim as well as record breaking ticket sales. The productions were Donizetti'5 L'eli5ir d'omore, Tchaikovsky's Queen of Spodes, Handel's Rodelindo and Beethoven's Fidelio. Our partnerships with our two resident orchestras continued with The English Concert playing in the Fidelio and Rodelina and the Philharmonia Orchestra playing in L'elisir damore and Queen of Spades. We were pleased to achieve overall ticket sales of 98.8% of capacity with 20,493 tickets sold. 1.296 discounted ticket5 were sold as part of our policy to encourage a wider audience, including people under 35, the local community and first-time opera-goers. The 2025 Season was a stellar year with audiences, members and supporters delighted by the mix of much-loved and lesser-known repertoire. We partnered with BBC Radio 3 to broadcast two operas from 2025 Season.. The Queen of Spode5 and RodelindG¢. Building on our performance at The Proms in 2024, we were delighted to enable a broader audience to engage with our productions. L'ELISIR D'AMORE 'Luscombe ond hi5 uniformly excellent Ct75t understond that while comedyprovides the surface appeal of Donizetti's enduring piece, notfor beneath lies on essential pijthos" TheStoqe***** THE QUEEN OF SPADES "Jock Furne55 S staging is something of o collertor s items among productions of The Queen of Spodes. TheTlme5**** RODELINA 'Afe05t of glorious singing, brilliortt prodilition Qi7d the most accomplished orchestral performonce you could ever hope to heor" MusicOMH * * * * * FIDEUO .on evening of umbitiou5 St(Jging, superb singing ondf05cinoting ploying" Mu5icOMH * * * * * Garsington Studios Opening in 2024, Garsington Studios brings Garsington Opera's entire operation under one roof. In 2025. for the first time, all four of our productions rehearsed in the bespoke facilities, with its two main studios, each the size of our main stage. A third rehearsal studio was used for chorus rehearsal, children's chorus rehearsal, dance and movement. Page 8 of 48 GARSINGTON OPERA LIMITED TRUSTEES. ANNUAL REPORT In January 2025, Garsington Studios was nominated for The Stage Award's Theatre Buildin8 of the Year 2025. GO PATHWAYS Launched in early 202S, the GO Pathways Programme open5 the doors to the world of opera, creating meaningful routes for people of all ages and bockgrounds to discover and engage with the art form. Rooted in Garsington Opera's belief that opera should be inspiring, welcoming and relevant, the programme connects communities, young people and emerging artists with the creativity at the heart of the festival. We do this through three connecting strands of work: GO Participate our learning and participation programme, GO Backstage our production and technical programme, The Alvarez Emerging Artists. Programme,. our artistic development programme. Through workshops, performances, training, mentoring, coaching and long-term partnerships, GO Pathways offers hands on experiences that explore opera and encourage participants to make, question and shape the works themselves as creative thinkers. Supporting individuals at every stage of their journey, the programme champions access in its widest Sense- geographic, social and creative- nurturing curiosity, talent and aspiration. During the year, the GO Pathways Programme has enabled-. 1,857 participants,. of which 83% were children and young people 27 schools and SEND groups 364 hours of workshops and rehearsals 40 Alvarez Emerging Artists 8 Industry placements and traineeships GO Participate GO Participate sits at the heart of the Pathways Programme, inviting people of all ages to explore and experience opera, many for the first time. Through free learning and participation activitie5 and strong partnerships with community organisations, the GO Participate team help remove barriers that can make opera feel inaccessible. During the year, our OperaFirst initiative enabled young people from over 20 local schools to take part in workshops and enjoy a specially curated performance on the main stage of the Opera Pavillion. OperaFirst which is open to both Primary and Secondary helps demystify the world of opera. Emer8ing Artists performed in two OperaFirst productions, namely a full production of Lelisir d'tsmore for an audience of secondary school children ond a shortened, narrated version of Rodelint7 for primary schools. 11 secondary schools, 14 primary schools, a Home Education cohort and I SEND group parhcipated in the programme, giving 696 students and 109 teachers and opportunity to acce55 an opera performance. Page 9 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT Create-an-opera is a collaborative projert bringing together young people from Cressex Community School, Highcrest Academy, and the Alsama Project in Beirut. Founded in 2020 by teenage refugees, Alsama has since grown to four centres, now supporting 880 young people. Over five days, students from Cre5sex and Highcrest met student5 from the Als3ma project orbline to explore the question "What is happiness?" Together, they transformed their ideas into an original opera, with every note of music and every line of text created by the parhcipants themselves. Garsington Opera'5 Youth Company provides young people aged 9-18 with the opportunity to develop their creative skills and confi.dence through a programme of activities including singing lessons, mentoring and drama workshops culminating in a fully staged performance in the Opera Pavillion as part of the festival. In July 2025, 78 youth company members were joined by a professionol singer and took to the main stage to perform Uprooted to 599 audience members SUPPOrted by seven Youth Company Backstage members. Uprooted shone a 5POtlight on one of the most troubling UK social issues of our 8eneration, the housing crisis and its effect on children. Commissioned by Garsington Opera, composer Hannah Conway ar)d librettist Hazel Gould have worked in close collaboration with Bee Squad - a communitv organisation in Manchester whose mission is to improve the quality of life of children affected by homele55ness. The opera was directly influenced by the true stories of some of the children Bee Squad have worked with. as well as examples of homelessness in Buckinghamshire. The Adult Company offers opportunities for people aged 19 to 90, from all walks of life to create and perform together in projects and performances both on the main Stage and fvrther afield. No audition 15 required for most of the projects, just an appetite to try something new, sing as a group and be creative. In March 2025, 52 members of the Adult Company performed The Elixir of Love based on one of the 2025 main stage operas. Discovery Workshops were a new initiative givinB adults and young people the opportunity to explore different parts of opera and theatre in a serie5 of one-day workshops. 113 people attended a workshop in Production Arts, Theatre Design or Stage-a-chorus. "The experience hos been transformt7ttve.' boosting confi'dence, improving memory, reducing stress, and connecting me with the most supportive, talented people. PerformNng olongside profe55ionols ond pt75sionate arnuteurs is (J privilege and o joy that I will trea5ureforever" Adult Company Member "Gorsington has provided me with consistently greot performurjce opportunities ond olwoys allowed me to reconnect with why I chose to pursue singing os a career." Youth Company member "My time at Gor5ington hos been omt7zing. I have mijde plenty offriend5 ond hove had lots offun while leorning importont skillsfor singing ond acting. Before I came to Gar5ington I hod never sung before. Youth Compuny member Page 10 of 48 GARSINGTON OPERA LIMITED TRUSTEES. ANNUAL REPORT GO Backstage GO Backstage has been developed to help reach talented individua15 and inspire them to pursue fulfilling and exciting backstage careers which are so vitol to theatre and opera. Each year Garsington engages some 70 freelance professionals whose expertise ensures the quality of our productions,. they create our costumes, paint the scenery, light the sets, stage manage performance5 and are responsible for our performers, wigs, hair and make-up. Through the annual Open Day, Discovery Workshops and hands-on training opportunities, Garsington Opera has created a pathway from'l didn't know you could do this as a job. to a rewarding backstage career. It is hugely important to us at Gar5ington Opera not only that we introduce backstage roles as a career option to people, but also that we nurture the development and promotion of our dedicated and skilled 5ea50nal Staff. Garsington Opera's second Open Day enabled u5 to share the Studios and our activities with the local community. A wide range of ages gathered in the opera workshops to either participate or watch. The Studios buzzed with activities from set models of past productions, costumes to try on, wigs and make-up demonstrations and a video showing a costume quick-change. This year, we expanded our offer to cover career pmgressions in the arts, backstage opportunities and volunteer positions within the festival. Discovery workshops included free of charge sessions for both families lage 5-101 and young people (ages 11-181 exploring stage and lighting design with industry professionals. "My training t7t Garsington wos the ideol sprAngboardfor my career. Thefast-paced environment and sheer scole of opportunities to learn meant myskill set expanded in o very short time. The confidence I gained ond contocts I mode during my time ot Garsington have olreody helped me pursuefurther opportunities including mojorshow5 and operos in London." 2025 Trnlnee, Wlgs Hair and Makeup/2026 Wlgs, Halr ond Mokeup A55i5tant. The Emerging Artists Programme 654 artists applied to join the Alvarez Emerging Artistic Programme for the 2025. The programme offers singers, directors, conductors and repetiteurs bespoke coaching, mentoring, rehearsal and performance opportunities during the Festival. Developing the next generation of operatic talent is key to the success of Garsington Opera. In 2025. we had 39 singers on the programme who appeared in our Chorus, understudy roles, and also performed lead role5 in our OperaFirst performances. A programme of professional development opportunities included a showcase performance to industry professionals in London and sessions with internationally renowned coaches from UK and European opera houses. Our trainee directors, conductors and repetiteurs gained hands-on experience working in rehearsals. For many this is their first time working in a professional environment outside music college or university. Our ambition is that by the time they finish with us they will be ready to work in the industry in their respective roles. Page 11 of 48 GARSINGTON OPERA UMITED TRUSTEES, ANNUAL REPORT "Garsington Operu and its Emerging Athsts, Progromme reully g(Jve me on involuuble opportunity to show thot I wos reody to perform lead roles. Being given the chunce to play the Countess irt the OperoFirst Figaro performonce, und then the title role in the OperaFirst performunce of Rodelindo thefollowing yeor, helped me get vitul stage experience under my belt. This has stood me in gotjd stead when auditioningfor other opera componies, ond has enobled me to tronsitionfrom an emerging singer to ofully-fledged artist" Alvorez Emerging Ath"5t 2024/Understudy title n>le 2025 The Gar5ington ossistant director troineeship hos given me on involuoblefoundotion on which to build my career. As o troinee I wus both guided and given responsibility, allowing me to develop the skills to work confi'dently os on assistont director. Garsington 15 U supportive. creotively excellent and, of course, beautiful pl(Jce to work. l in proud and very grateful to huve storted my coreer here (Jnd to be returning..... 2025 Tmlnee Assistant Dlrector/2026A551Stont Dlrertor Emerging Artists Awards Every year, Garsington Opera make5 awards to the next generation of artists anil creatives involved in our season. These reward exceptional work both on stage and in the rehearsal room and provide financial assistance to help with further career development. In 2025. three thorus awards were made to Alvarez Emerging Artists in recognition of professional and personal contributions and musical skill durirbg the season.. The Leonard Ingram5 Awards are given to young professional artists who make an outstanding contribution to the Garsington season. The 2025 award winners were Hugh Cutling and Vuyisa Xipu. HuBh played the role of Unulfo in Rodelin(J and Covered the role of Bertarido, performing the role for the OperaFirst performance. Vuyisa was a member of the chorus for rhe Queen of Spades and Lelisir damore. He also covered the role or Nemorino in L'elisir domore, performing the role for the OperaFir5t performance. The Helen Clarke Award was given to James Micklethwaite. James played the role of Tchaplitsky in The Queen of Spode5 and was a member of the chorus for The Queen of Spades. He also covered the role of Grimoaldo in Rodelindo, performing the role for the OperaFirst performance. The Simon Sandbach Award was given to Alexandria Moon. Alexandria played the role of Masha in The Queen of Spodes and wa5 a member of the chorus for The Queen of Spades. She also covereu the role of Eduige in Rodelindo, performing the role for the OperaFir5t performance. The inaugural, Nicky Creed Award wa5 given to Laura Hounsell. The award recognises someone who has made a Significant contribution to the sea50n, either on or off the stage. Laura was the Trainee Assistant Director for Rodelinda and Fidelio, directing the Rodelinda covers for the London Showcase and asslstant directing the OperaFirst performance. Local community Garsington Opera continued to be a significant employer in the region, with over 300 people engaged, including programme sellers, drivers, chaperones, station greeters, car park attendants, runners, and caterers. Local businesses benetited from the proximity of the Opera Company, including pubs, shops, hotels, and taxi companies. During the 10-week period, local households rented out rooms to those working on stage and back of house. Page 12 of 48 GARSINGTON OPERA UMITED TRUSTEES, ANNUAL REPORT 2,400 people were able to attend the four public dress rehearsals free of charge. Volunteers Around 40 volunteers from the local community were engaged on our Front of House team a5 ushers arbd stewards. The local Scout group acted as porters, raising several thousand pounds from voluntary tips for the Scout group expedition. FUNDRAISING Garsington Opera is very grateful to the many individuals, Trusts and Foundations, and Corporate Supporters who contribute to Garsington Opera. Support is vital for allowin8 Garsington Opera to deliver everything from its anntjal Festival to all the GO Parhcipation activitie5 and wider Pathway5 Programme. Total donations from individuals and Trusts and Foundations, including the associated Gift Aid, amounted to £5,119,67012024.' £5,212,553). Of this, in-year support for the Capital Campaign wa5 £636,63912024'. £1,152,228), including Gift Aid. We afe grateful to all our members and supporters who not only donate their membership but also contribute to other aspects of our work. In 2025, membership numbers were 3,165. The opera company remains grateful to its corporate benefactors, who contributed £108,80012024: £93,800) to 5UPPOrt the season. FINANCIAL REVIEW Garsington Opera has benefited from the successful 2025 Festival, continued support from donors nd members and excellent cost control. Income Totsl income was £9,876,61312024.. £10,442,0501, with the variance against 2024 largely due to ticket income as there was no Gala performance during the 2025 season. Membership and donor support, excluding amount5 given towards the Studios Capital Campaign was £4,483,03112024.' £4,060,325) an increase of £422,706. A further £636,63912024: £1,152,228) was raised for Garsington Studi05 as the campaign draws to a close. The Charity benefited from £251,00512024.. £312,131) of investment income with declining interest rates offset by strong investment returns. A further £240,67312024'. £387,476) of unrealised investment gains are included in the year-end results, as well as £1,175,807 of Theatre Tax Relief. Expendlture Expenditure for the year wa5 well controlled and on budget. There were inflationary pressures on the costs of set5, props and costumes, hire and rental costs but these were offset in part by reduced rti5tic costs which varies annually due to programming. This year was the first year of Garsin8ton Opera being based in the Studios all year round. Naturally, larger premise5 attract additronal costs and there has been a small investment in headcount. The Studios have brought about the opportunity to expand the GO Participate work generously funded Page 13 0148 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT by our donors and supporters. Naturally, the cost of this additfjonal work, alongside Investment in the Pathways Programme has increased overall expenditure. There was £153,934 of irrecoverable VAT charged in the year. Further analysis of costs can be found in Notes 8 and 9. Balance sheet Net assets on 31 October 2025 were £24,714,76812024'. £23,682,046), of which £14,308,645 were restricted funds. £13,3412,819 of the restricted fund balance is for buildings and infrastructure.. £13,248,091 for Garsington Studios, and £94,728 for infrastructure improvements to the Opera Site. For the most part, the fund values represent amount5 already spent on capital assets against which future depreciation will be charged. Going concern Garsington Opera remains in good financial health at the year-end; a testament to the success of the 2025 Festival, fundraising efforts and cost control. The Charity is in a good position to face longer- term future financial challenges such as inflation, the enhanced minimum wage and required investment in Festival infrastructure. Garsington Opera routinely budget5 income and expenditure four years in advance, ensurlng thal planned activities are achievable and affordable. INVESTMENT POLICY AND PERFORMANCE The Charity has the power to make any investments that the Trustee5 See fit and does 50 Wlthin the investment policy adopted by the Board. The investment policy is designed to meet the short, medium and long-term needs of the Charitv. balancing liquidity and availability of funds with ensuring an appropriate level of return on the investment. Cash is held in current accounts to meet the Charity's immediate needs. As balances ollow, funds are transferred to a higher interest rate investment account with CCLA arkd called uporb as the need arises. Where funds can be managed over the longer term, resources are held in managed funds with a view to growing the Charity's resources. By thts year J3fjd, the amount being managed by third-partv fund managers had increased to £3,539,57412024= £3,233,776). RESERVES POLICY Each year, Garsington Opera aims to raise enough income to cover costs and maintain sufficient reserves for the future. Reserves ensure we can.. plan a variety of high-quality opera programmes three to four years ahead. Maintain and repair the Studios and wider estate, the auditorium, and other facilitres. Meet our financial obligations on time. Ensure long-term tinancial stability while supporting the Charity's mission. In setting the Reserves Policy, Trustees are mindful that= PaEe 14 of 48 GARSINGTON OPERA LIMITED TRUSTEE5' ANNUAL REPORT Garsington Opera does not receive public funding. To maintain high arhstic standards, Garsington Opera must commit to funding creative teams and artists up to four year5 in advance, but corresponding income is rarely secured more than a year ahead. Garsington Studios will host year-round events and provide additional income by renting out spaces when not in use. The Trustees recognise that it will take approximately two to five years to build revenues to a Sustainable level. Occasionally* the Trustees may wish to fund one-off projects. After reviewing changes to Gar5ington Opera's operations, ongoing building work5, and the wider economic and political environment, Trustees have agreed that.. Each year, Garsington Opera should aim to generate a small surplus before charging depreciation. Over a five-year rolling period, the average annual surplus should be no le55 than £lOO,000. Garsington Opera will hold an annual contingenLry of no less than £200,(KJO to shield against unanticipated reductions in income or unexpected expenditure. Free reserves should be maintained at a level to cover operating costs for 12 months in the event of a worst-case scenario, noting that most income received relates to ticket purchases for the 8-week festival. Assessment calculation At 31 October 2025, the total funds of the Charity were £24,714,76812024: £23,682,046). There were free reserves of £2.963,10812024.. £3,091,397) The free reserves tarBet is £3,214,811 which is the amount required to cover 12 months of operating costs. Free reserves at the year-end were £251,70318%1 short of the target amount. Based on the five-year planning cycles and future budgets, Trustees believe the current reserves position to be adequate. PLANS FOR FUTURE PERIODS Festival Garsington Opera will continue to produce four opera productions annually providing our audience with a varied and balanced repertoire attracting high-profile performers. A warm welcome, attention to detail and 8reat artistic quality set within the natural beauty of the Chiltern Hills remain at the heart of the Garsington Opera experience. In 2026, the Festival will run from 27 May to 25 July with 34 performances of four operas.. Verdi's Lo troviato Strauss's Der R05enkovalier Monteverdi's 11 ritorno d'Uli5se Gerald Barry's The Importonce of Being Eornest. Once again, the Philharmonia Orchestra and The English Concert will join the festival. Page 15 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT Audience development is a focus for Gar5ington Opera. The Charity aims to expand its support base, especially those living in London and within easy reach of Wormsley, by developing future audiences through the newly launched Opus 40 club. Replacing our previous GO£35 membership, the Opus 40 Club offers greater choice across more performance dates, access to further discounted tickets to come with friend5 to a special Opus 40 Club evening each Season, as well as priority access to a host of events outside the Festival Season. In general, where last-minute tickets are available, these will be offered at a discounted rate to as many yOLtng people a5 P055ible to provide acce55 to performances. Garsington Studios Garsington Studios has enabled the Charity to offer o year-round programme with the aim of transforming lives through Music and drama, bringing together professional artists with the local community. In 2025/26, Gar5ington Opera will host a Winter Concert Series in association with Wigmore Hall. For younger audiences aged 3-7, English Touring Opera will Stage their interactive and adventure-themed family opera, Little Terrors. In March 2026, the Garsington Opera Adult Company will present Triol by Jury. During periods when the Charity is not using the rehearsal spaces, Garsington Stijdios will be available for hire to third partie5, including performing arts organisations. artists, corporation5 and the local commur>ity. The Charity will continue to promote the Studios as a potential hire venue, building sustainable income to cover operating expenditure. GO Pathways Through the GO Pathways Programme, Garsington Opera will provide opportunities to individuals of all ages, irrespective of background, presenting a potential pathway to professional life within all asperts of opera and the wider performing arts both on and off the stage. The programme will expand its delivery of the one-day Discovery Workshops Programme to include.. Theatre design (ages 11-181 Theatre de5ign- a family workshop Dance in opera- la8es 11-181 Dance in opera- a family workshop Sin8, Act, Perform Stage-a-chorus Buildings Following the successful completion of the Garsington Studios Phase Two building works, work will commence on.. the installation of photovoltaic panels on the roof of the Studios some backstage improvements, the reconstruction of Beekeepers Cottage. In the longer term, Trustees are aware of the need to upgrade or refurbish parts of the auditorium alongside making general improvements to the surrounding areas and facilities for ariists and backstage staff. Page 16 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT Financial sustainability Trustees are focused on the long-term ?Inancial sustainability of Garsington Opera, given that it receives no public funding and is reliant on box office and donor5 for the majority of it5 revenue. Each year, the Charity must stage the optimum number of performances to provide a secure financial base, balancin8 the number of available Seats with membership and audience requirements. Commitment5 to creative teams, artists and orchestras are made years in advance. Ensuring the Charity holds adequate cash and reserves to facilitate long-term planning is critical to Garsington Opera's sustainability. Environmental sustainability Environmental sljstainability is a key part of Garsington Opera's future planning. The Charity has adopted the Theatre Green Book, an initiative by the whole theatre industry to work more sustainably. It offers a planning framework, best practice guidance, a measurement System and standards on the path to net zero. Opera set designefs are encouraged to re-use and recycle. Garsington Studios has achieved a Very Good BREEAM rating (Building Research Establishment Environmental Assessment Methodology) and an Excellent for water efficienry. Features of Garsington Studios include air heat source pumps, green roofs and EV charging points. There is a detailed ecological mitigation and enhancement strategy that takes into account the natural world, biodiverslty, and the nature that Surrounds the site. In 2026, photovoltaic pane15 will be installed on the roof of the Studios providing self-generated solar energy to the building. During the Festival, we recycle all our waste across the slte and ask our audiences to dispose of their own picnic waste. Drinking water fountains are installed to encourage our companyi Cast and audiences to use les5 single plastic. More efficient LED li8htin8 is installed acro55 the site. Page 17 of 48 GARSINGTON OPERA LIMITED TRUSTEES. ANNUAL REPORT PRINCIPAL RISKS AND UNCERTAINTIES The Trustees have a risk management strategy which comprises.. Regular review by the Finance, Audit and Risk Committee of the risks the Charity may face. The establishment of 5Y51ems and procedures to mitigate those risks identified in the plan. The implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise. Key risks and uncertainties are.. the ability to generate sufficient annual income through ticket sales, membership and donations to meet the costs of the festival and operating costs. Developing sufficient revenues from the hire of Garsington Studios by third parties. The long-term continuation of Theatre Tax Relief at the current rates and the speed that which HMRC process and pay the claims. A cyber-attack or data theft. The1055 of key personnel. Uncertainty of fuel supplies and inflatlonary pressures due to conflict in the Middle East. Principal funding The following are the principal funding sources of the Charity: donations from supporters and members of Garsington Opera,. support from Trusts and Foundations,. income from ticket sale5,' financial support from the corporate sector,. investment income; and the UK Government'5 Theatre Tax Relief In 2025 the finance5 remained sustainable due to careful financial planning and thanks to the generosity of the many members and supporters. We are extremely gratefsjl for this critical support. Pa8e 18 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT STRucfuRE, GOVERNANCE AND MANAGEMENT Garsington Opera Limited is registered as a charitable company limited by guarantee and does not have share capital. The company and the group is constituted Lsnder a Memorandum of Association dated 1990 and is a registered charity nLtmber 1003042. The Charity is a company limited by guarantee incorporaled in England and Wales. The members of the company are the Trustees named on page 3. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the companv. Garsington Opera Limited ha5 two wholly owned trading subsidiaries, Garsington Opera Enterprises Limited and Garsington Opera Productions Limited. Garsington Opera Enterprises Limited operates a gift shop, green room, studios cafe and hires out Studio space to further the charitable activitie5 of the opera. Garsington Opera Productions Limited produce5 the opera productions on behalf of Garsington Opera Limited. Appointment of trustees The Trustees have the power to appoint, with a simple majority, any person to be a Trustee of Garsington Opera who is deemed to have the necessary attributes and expertise to assist with the effective running of the Opera Company. Trustees must retire by rotation every three years and being eligible, may offer themselves for re-election. Trustee induction and training Trustees are inducted into the governance and operations of the Charity through briefings with the Chair, the Executive Director and members of the Senior Management Team. They are invited to attend performantes to understand the opera company and its ethos. The trdining needs of Trustees are reviewed from time to time, and support is provi(led where necessary. Additional regular presentations and reports are made to Trustees on critical issues of current and ongoing importance. The Trustees adhere to the Charity Governonce Code published in 2017 and updated in 2025, which sets out eight universal principles of good Eovernance within the sector. Organisational structure The Charity is administered by the Board of Trustees. The Board meets a minimurn of three times year, and there are regular subcommittee5 covering Arhstic Advisory, Audit and Governance, Finance, Nominations and Remuneration. The day-to-day running of the organisation is delegated to the Executive Director and the Artistic Director, who have authority. within term5 laid out by the Tru5tee5, for operational matters, including artistic decisions, performance, employment and finonce. The Senior Management Team support the Executive Director and Arhstic Director in delivery. Page 19 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT Related parties Garsington Opera Limited is a ch3ritable company which owns the full share capital of Garsington Opera Enterprise5 Limited and Garsington Opera Productions Limited. In December 2025, Nicola Creed resigned from the Board of Trustees of Garsington Opera at the same time as retiring from her role as Executive Director of Garsington Opera. In November 2025, Ben Weston was appointed as the new Executive Director and in December 2025, appointed to the Boaril of Trustees. Equality, diversity and inclusion Garsington Opera aims to be an inclusive organisation in all areas of operation. In accordance with the Group and the Charity's equality, diverslty and inclusion policy, the Charity is committed to valuing diversity and seeks to provide all arhst5 and staff with the opportunity for employment, career, and personal development based on ability, suitability, and potential. The Charity believes that the working environment should always support dignity and respect for individuals. Garsington Opera is continually working to improve access and visibility of its work with the local community. regardless of background. The Charity also works hard to remove any practical barriers to access for audience5, ensuring all visitors feel welcome and have a positive eyperience of performances. Public benefit Garsington Opera is committed to the aim of providing public benef71 ir) accordance with its foundin8 principles. The Trustees have given due consideratiori to the Charity Commission's published guidance on the Public Benefit Requirement under the Charities Act 2011. Garsington Opera makes a significant contribution to the UK'S art5 and culture industry, deliverin8 opera of exceptional arhstic quality while nurturing emerging talent. Opportunities for training are provided in many aspects of the productions from technicians to stage management and through the GO Pathways Programme. The Open Day and Discovery Workshops offer further opportunitie5 for the community to access information on career pathways or work experience. GO Parhcipate is at the heart of Garsington Opera, working across a variety of organi5ations including local schools, providing opportunities to school children of all ages. There are o youth company and n adult company that are free to participants. Through the Youth Company there are opportunities for young people to access the training needed to consider a career in opera. Page 20 of 48 GARSINGTON OPERA LIMITED TRUSTEES, ANNUAL REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees Iwho are also the directors of the Company for the purposes of company lawl are responsible for preparing the Tru5tee5' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustee5 to prepare financial statements for each financial period. Under company low, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustee5 are required to: select suitable accounting policies and therb apply them consistently- observe the methods and principles of the Charities SORP IFRS 1021,. make judgements and accounting estimates that are reasonable and prudent; state whethef applicable UK Accoijnting Standards IFRS 1021 have been followed, subject to any material departures disc105ed and explained in the financial statements; prepare the financial statements on the going concern basis unle55 it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that each Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that each Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by.. M Curtis CMG Chalr of Garslngton Opera Llmlted Date: /¥Jui y 2026 Page 21 of 48 GARSINGTON OPERA LIMITED INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF GARSINGTON OPERA UMITED Opinion We have audited the linancial statements of Garsington Opera Limited (the 'parent charitable company'l and its subsidiaries (the '8rovp'l for the year ended 31 October 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Con501idated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reportrng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102 'The Financial Reporbng Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Group'5 and of the parent charitable company's affairs as at 31 October 2025 and of the Group's incoming re50urtes and application of resources, including its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirement5 of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, respon5ibilitie5 for the audit of the financial statements section of our report. We are independent of the Group in accoidance with the ethical requirements that ore relevant to our audit of the financial statements in the United Kingdom, including the Finantial Reporhng Council's Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 22 of 48 GARSINGTON OPERA LIMITED INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF GARSINGTON OPERA UMITED Other information The other information comprises the information included in the Annual report other than the financial statement5 an(J our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the tinancial statements or our knowledge obtoined in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we Conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustee5' report for the financial year for which the financial statements are prepared is consistent with the financial statement5. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns- or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees A5 explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the pvrposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of linancial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no fealistic alternative but to do 50. Page 23 of 48 GARSINGTON OPERA LIMITED INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF GARSINGTON OPERA LIMITED Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from fflaterial misstatement, whether due to fraud or error. and to issue an Auditors, report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are tonsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We reviewed the susceptibility of the Charity's financial statements to material misstatement and identified the principal risks, implementing a series of testing procedure5 to provide us with sufficient comfort to issue our opinion. We reviewed the Charity's regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the Charity and its environment and identify any instances of non-compliance. We also assessed the Charity'5 internal control procedures to ensure we could appropriately scrutini5e these controls and establish whether our understanding of the Control environment wa5 sufficient to supplement our additional testing procedures. The enEaEement team conslsted of a team that the engagement partner believes is equipped with the relevant level of technical and Charity awareness to carry out our work to the required standard. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in the financial ststements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Concealment, forgery collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the linancial statements is located on the Financial Reporting Council's website at.. www.frc.orq.uklauditorsresponsibilities. This description forms part of our Auditor5, report. Pa8e 24 of 48 GARSINGTON OPERA UMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GARSINGTON OPERA LIMITED Use of our report This report Is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we mlght state to the charitable company's member5 those matters we are required to stste to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we (io not accept or ossume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this ￿pOrt, or for the opinions we have formed. Andrew Malpass BA FCA (Senlor statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shrop5hire SY2 6LG Date Page 25 of48 GARSINGTON OPERA LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2025 Restricted Funds Un￿striCted Funds 2025 Total Fund5 Total Fund5 Note 2025 2025 2024 Income ftom DonatlOll5 and legacies Charitable attivities Other trading actlvlties Inve5trnents Other income 2,308,291 2.811,379 3.000,798 329,333 233,624 1.175.807 5,119,670 3,tsJO,798 329,333 251,{￿75 1,175007 5,212,553 3.358.433 227,282 312.131 1.331.651 17.381 Total Incorne 2,325,672 7,550.941 9W6,613 10,442,050 Exptndlture on: R3i5ing funds Chzritable 3CtivitiÈs 6,119 1.894,177 1,325,860 5,858,408 1,331,979 7,752,585 I,LSI.930 7,210.773 Totsl Expendtture 1,900,296 7,184,268 9.084￿64 8,362.703 Net incornellexpendlturel belore net gainslllosse5 on Investments) Net gainsll1055e51 on investment5 425,376 59,234 366,673 181,439 79Z.049 240,673 2,079,347 387,476 Net rntsvement In fund5 484,610 548,112 1.03Z,722 2,466,823 Re¢onclllatlon of Funds Total funds brought forward 13.824,035 9,858,011 23,662.046 21,215.223 Totsl Fund5 Corried Forward 14.308,645 10,406,123 24,714.768 23,682,046 The Consolidated statement of financial attlvSties indudes all gains and losses recognlsed in the year. The notes on pages 30 to 48 form part of these financièl statements. Page 26 of 48 GARSINGTON OPERA UMITED CONSOLIDATED BALANCE SHEEf AS AT 31 IXTOBER 2025 2025 2024 Note Flxed Aggets Tangible a55ets Investments IS,884,356 3,539.574 15,045.724 3.233.776 Is 19,4Z3,9YO 18,279.5CQ Current A￿ets Stocks Debtors Cash at bank and in hand 16 16A89 3,596,068 1843,717 24,109 2,689,602 4.102,184 17 6,4S6.274 6,815,895 Creditors fallin8 due wlthln one year 18 1,165A36 1,413,349 Net Current Assets 5,290,838 5,402.546 Totol Net A%s•ts 24,714,768 23,682.046 Chprlty ￿ndS Restricted Funds Unrestrlcted Funds 19 308,645 IOA06,123 13,824.035 9.858.011 19 Total Fund5 24,714,768 23,682.046 The notes on pages 30 to 48 forrn part of these tinancial statements. The Trustees acknowledge thelr responsibilities for complyin8 with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on thelr behalf by.. M Curtls CMG Chair, Garsin8ton Opera Limited J JUIY 202 P38e 27 of 48 GARSINGTON OPERA LIMITED COMPANY BALANCE SHEET AS AT 31 ocfoBER 2025 2025 2024 Fbxed Asstts Tangible a55et5 Investments 14 15A84.356 3.SY.594 15,045,724 3,248,796 15 19,438,950 18.294.520 Current A%sets Debtors Cash at bank and In hand 17 3.643.982 2.795,S84 2,738.677 4,058.909 6A39,566 6.797,586 Credltors falllrsg due within one year J8 IL174,7171 11.42L6391 Netcurrent Assets 5364,849 5.375.947 Total Net Assets 24.703,799 23.670.467 Charlty Funds Restrirted Funds Unrestrfcted FLtnds J9 14JiW,645 IOA95,154 13,824,035 9,846,432 Total Funds 24,703.799 23.670,467 The notes on pa8es 30 to 48 form part of these financial statements. The Trustees acknowledge their responslbilitles for complylng with the requirements of the Act with re5pert to accounfjng records and preparation of finandal statements. The financlal statements were approved and authorlsed for issue by the Trustees and s18ned on their behalf by: M Curtls CMG Chalr, Garslngton Opera Limited Date.. /fJoi y 20 Page 28 of 48 GARSINGTON OPERA LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 ocfoBER 2025 2025 2024 Cash flows trorn oper•tlw •rtl¥ttl•s Net cash used In operatln8 acrivities 22 176.9721 1,424,703 Cash flowlrom Srw•stlng artlvltl•s Dlvldends, inte￿$t5 and rents from investments Purchase ol tan8ible fixed a55et5 Proceeds from the sale of investrnents Purchase of investments 251,IK15 11.367,3751 6.599 71.724 312,131 12,755,633] 5,972 188,6981 Net ¢ash us•d In investlng artlvlt5e5 1.181A95 2,526,288 Cha￿# In ¢a$h and cash equlvalents In the Y￿r Cash and cash equivalents èt the beginnlng of the year 11.258A671 4.102.184 11.101.5251 5.203,709 Cash and rash equlvalents atthe •nd of lh• y••r 23 2.843.717 4.102.184 The notes on pa8e5 30 to 48 form part of these financlal statements. Pè8e 29 of 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 O￿OBER 2025 l. Accounting pollcies 1.1. Ba515 of preparatlon of financial statement5 The linancial statements have been prepared in accordance with the 5etond edition Charitie5 SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Iissued in October 20191. the Financial Reporhng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companie5 Act 2006. Garsin8ton Opera Limited meets the delinition of a public benelit entity under FRS 102. Assets and liabilities are initr.ally recognised at hisiori¢al cost or transaction value unless otherwise stated in the relevant accountin8 poliry. The Consolidated Statement of Financial Activities150FAI and Con501idated Balance Sheet consolidate the hnancial 5tatÈments of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line-by4ine basis. The Group ha5 taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented it5 own Statement of Financial Activitres in these linancial statements. 835is of Consolidation The financial statements consolidate the accounts of Garsington Opera Limited and all its subsidiary undertakings I'subsidiaries l. The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own income and expenditure account. The surplus on the income and expenditure account for the year dealt with in the accounts of ihe Charity was £1,032.72212024 - E2,466,8231. 1.2. Going concern After making enquiries, the Board of Trustees have a reasonable expectation that the Charity and Group have adequate resources to continue in operatfjonal eKlStence for the foreseeable future. The Company, therefore, ntinues to adopt the goin8 concern basis in preparing its financi315tatements. 1.3. Income All income is recogni5ed once the Group has entitlement to the income. it is probable that the income will be received, and the amount of income receivable can be measured reliably. The rpcognition of incnme frorn le8a¢ies is dependent on establishing entitlement: the prnbability of receipt nd thè ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a leEacy exists when the Group has sufficient evidence that a 8ift has been left to them Ithrough knowledge of the existence of a valid wlll and the death of the benefactor) and the executor 15 sati5lied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when It IS probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the Group, can be reliably measured. Where the donated good is a fixed asset, it is measured at fair value. unless it is impractical io measure this reliably. in which case the cost of the item to the donor should be used. The gain is recogni5ed a5 intome from donations and a corresponding arnount 15 included in the appropriate fixed asset class and depreciated over the useful econornic life in accordance with the Group's accounting policies. Income tax ie¢over3ble in relation to donations received under Gift Aid or deeds of covenant is recognised at the time the donation is recognised. Income tax recoverable in reladon to investment income is recoBnised at the time the investment income is receivable. Page 30 0148 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 Turnover comprises revenue recognition by the Group in respect of goods and Services Supplied during the Year. exclusive of Value Added Tax and trade discounts. 1.4. Expenditure Expenditure 15 reco8ni5ed once there Is a legal or constructive obligation to transfer eeonomic benelit to a third party. it is probable that a transfer of economic benefits will be requifed in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each acbvity are comprised of the total of direct costs and shared costs, including support costs involved in undertakin8 each activlty. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs, which contribute to more than one acfjvity, and support Costs, which are not attrlbutable to a Single activity, are appordoned between those activitie5 on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's Use. Costs of generating lunds are t05ts incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the Charity'5 educational operations. including support ¢05ts and costs relating to the governance of the Charity apporrioned to charitable activitie5. All expenditure is included net of VAT wilh irrecoverable VAT shown separately. 1.5. Interest reteivable Interest on funds held on dep051t is included when recelvable and the amount can be measured rellably by the Group; this is normally upon net7fication of the interest paid or payable by the Bank. 1.6. Fo￿l8n currendes Monetary assets and liabilities denominated in foreiÈn currencies are translated into sterllnÈ ai the exchan8e rate5 prevailing at the reporting date. Transactions in foreign currencies are converted Into sterling at the exchange rate prevalllng on the date of the transactr'on. Exchange gains and1055e5 are recognised in the Consolidated Statement of Financial Ac￿vItieS. 1.7. Tangible flxed assets and depreciation Tan@Ible liKed assets costing £1,500 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliablv. A revlew for impairment of a fixed asset is carried out if events or changes in CTrcum5tances indicate that the carrying value of any fr.._d asset may not be recoverable. Shortfalls between ttrie C¥1 ryin8 value of IAed assets and their recoverable amounts are recogni5ed as impairments. Impairment losses are reco8nised in the Statement of Financial Activities. Assets in the course of construction aTe included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use and only for each full month of use In the first year. Paze 31 of 48 GARSINGTON OPERA IIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Taneible fixed as5et5 are carried at C05t, net of depreciation and any provislon for irnpairment. Depreciation 15 provided at rate5 Calculated to write off ihe Cost of fixed asset5, less their estr'mated residual value. over their expected useful lives on the followin8 Straight-line bases: Buildings Production buildin85 Wormsley Assets, including Garden and Walled Garden Barn Auditorium Marquee5 Opera Equipment Fixture5 & fittings Offi'ce Equipment Asset5 under construction Remaining life of lease 15-50 Years 10-15 Years 10-15 Years 10 Years 10 Years 10 Years S Years NIL 1.8. Investments Fixed asset investments are a form of thnancial instrument and are initially reco8nised at their transaction cost and subsequently measured at fair value at the balance Sheet date, unless the value cannot be measured reliably, in which case it is measured at cost less impairment. Investment gains and105se5, whether realised or realised. are combined and presented as'GainsllLosses1 on investments. in the Consolidated Statement of Financial Activitie5. Investment5 in subsidiaries are valued at C05t less provision for impairment. 1.9. Stocks Stocks are valued at the lower of cost and net reali5able value after making an approprlate allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriaie proporknon of lixed and variable overheads. 1.10. Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net ol any Irade discounts due. 1.11. Cash at bank and in hand Cash at bank and in hand includes cash and 5hort-ierm highly liquid investments with a short rnaturity of three months or le55 from the date of acquisition or opening of the deposit or similar account. 1.12. Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date a5 a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimaled reliably. Liabilities are recognised at the amount that the Group anttcipates it will pay to settle the debt or the amount It has received as advanced payments for the goods or services it MY￿ provlde. Provi5ion5 are measured at the best es￿rnate of the amounts required to settle the obligation. Where the effect of the time value ol money is material, the provision 15 based on the present value of those amounts. discounted at the pre-tax discount rate that reflect5 the risk5 speclfic to the liability. The unwinding of the discount 15 recognlsed in the Consolidated statement of financial activities a5 a finance cost. 1,13. Financial Instruments The Group only has fi'nancial assets and financial lièbllifjes of a kind that qualify as basic financial instrument5. Basic financial instrurnents are initially recognised at transaaion value and subsequently measured at their settlement value wlth the exception of bank loans which are subsequently measured at amortised cost uslng the effective interest method. Page 32 of 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 1.14. Operating leases Rentals paid under operaknng leases are charged to the Consolidated Statement of Financial Activities on a straight-line basi5 over the lèase term. 1.15. Pensions The Group operates a defined contribution pension scheme. and the pension charge represents the amount5 payable by the Group to the fund in respect of the year. 1.16. Fund accounting Genefal funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purpose5. Designated funds comprise unrestricted fund5 that have been sei aside by the Trustees for specific purposes. The èlm and use of each designated fund is set out in the note5 to the linancial statements. Restricted funds are fund5 which are to be used in accordance with spetilic restrictions imposed by donors or which have been raised by the Group for 5pecilic purposes. The costs of r3i5ing and administering such funds TÈ charged against the specific fund. The aim and use of each restricted fund 15 Set out in the notes to the fi.nancial statements. Invèstment income, Bains and losses are allocated to the appropriate fund. 1.17. Critical accounting esttrnates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, inclvdin8 expectation5 of future events that are believed to be reasonable under the circumstancè5. Critlcal accountln¥ estimates and assumptions: The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and 55urnptions will, by definition, seldom equal the related actual results. PaEe 33 of 48 GARSINGTON OPERA UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2, Income frorn donatlons and legacies Restrlcted Funds 2025 un￿$tr1ded Funds 2025 Tot•1 Funds Total Funds Z025 2024 Income from 1,909,137 2,046,059 285,630 3,955,196 285,630 334.642 5M,Z02 3,646.178 I8.L￿) 842.771 705.604 Le8acies Trusts and Foundatlon5 Gft Aid 334,642 64,512 479,690 Total 2025 2,308,291 2.811,379 5.119,670 5.212.553 Total 2024 2,520,082 2,692,471 5,212,553 3. Income from charltable artlvitles Restrlcted Funds 202S Unrestrlcted Funds 2025 T￿*1 Funds T￿al Funds 2025 2024 Ticket Income Pro8ramme5 and libretti sales Concesslons Sundry sale5 Tourgroup sponsorshlp 2.621,162 76.725 217,688 79,785 5,438 1.162 76,725 217,688 79,785 SA38 2.865,862 73,915 232,181 178,808 7,667 Totsl 2025 3.000,798 3,0ty),798 3,358,433 Total 2024 3L,D49 3,327,384 3,358,433 Pale 34 of 48 GARSINGTON OPERA LIMITÉD NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 4. Income fram other tradlng actlvltles Unrestricted Funds 2025 Total Funds Total Funds 2024 Income from subsldlaries Sponsorshlp Advertlsing and other Income 201.753 108,800 18,780 201,753 108,800 18,780 IIS.977 93.800 17.505 Total 2025 329.333 329,333 227,282 Total 2024 227,282 227.282 5. Investrnent Income Restricted Funds 2025 Unrestricted Fund5 2025 Total Funds Total Funds 2025 2024 Dlvidend Income Bank Intsre5t 16.765 616 71,816 161,808 88,S81 162N24 88,419 223,712 Total 2025 17.381 233,624 251,1)05 312,131 Total 2024 18,897 293.234 312.131 6. Other Incomlng resources Unrèstrlrttd Funds 2025 Totsl Funds Total Funds 202S 2024 Theatre Tax Rellef 1.175,807 1,175,807 1.331.651 Totsl 2025 1,175.807 1.175.807 1.331.651 Total 2024 1,331,651 1.331,651 Page 35 0148 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 7. Expendlture on ralslng funds Restricted Fund5 2025 Unre5trlcted Funds 2025 Totsl Funds Totsl Funds Costs of r4151ng volurtsry income 2025 2024 Fundraisln8 & pre55 offi'cer Rent, rates and utilities General admln15tration Computer supplle5 Bank char8es Exchange rate dffteren¢es Investment costs stsff costs Depreciètson 9,350 66,018 34.935 45.181 21,227 4,275 9,350 66,0 34,935 45,181 21,227 4,275 6,119 469.532 1ffi14 11.802 44.837 25,878 46.166 19,464 14,382 5,972 433,181 1,588 6,119 469,532 1,614 Total 2025 6,119 652.132 658.251 603,270 Totsl 2024 5.972 597.298 603.270 Unrestrlcted Funds 2025 Total Fund5 Totsl Funds Tr*dI￿ expenses Z025 2024 ExpendItU￿ from subsldiary Fundraisln8 & pre55 Prèmlses costs General admlnlstratlon Hlre ol aUd￿OrI￿rn & farmhouse Staff costs Depreciation 200.432 43.813 66.018 69.302 8.48S 284,064 1.614 200A32 43.813 66.0 69,102 114.602 57.925 44.837 70.902 7.647 251,159 1,588 284,064 1,614 Total 2025 673,728 673,728 548,660 Total 2024 548,660 548,660 Page 36 of48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 8. Analysi5 of expenditure by activities undertaken Support costs Total Funds 2025 Tot81 Fund5 2024 2025 2025 Opera GO Participate 6,109.990 341,831 1,073,686 227.078 7,183,676 568,909 6.574,400 636,373 Total 2025 6.451,821 1,300,764 7.752,585 7,210,773 Total 2024 6,018,230 1,192.543 7,210,773 9. Analysis of expenditure by artivitie5 Analysis of direct costs Opera 2025 GO Participate 2025 Total Funds 2025 Total Fund5 2024 Administration expense5 Opera performance fee5 Production tearns Orchestrt fee5 Costumes, 5et5 & prop5 Stage & technlcal staff Seasonal fees Production administration Music hire & royakies Other productlon ¢05t5 Site costs (Hire of equipment & 51te costsl Performance refreshments Irrecoverable VAT Transport Photographv Seasonal printing- prD¥i'amme Seasonal costs Facility rent Scenery barn rental Health and 531ety- opera & Site Other cost5 Understudy performance costs Recording costs GO Participate projects Depreciation 4,231 1,073,848 402,024 659,362 694,945 827,168 132,611 51,780 23,713 344.604 415.697 9.724 153,934 120,246 6.487 30.541 33.753 368,706 120,182 87 42,325 5,917 52,517 12,227 523.361 4.Z31 1.080.746 405A62 671.528 717.163 849.661 133.7BI 51.780 Z4,053 345,124 415,697 9,724 153,934 121,237 6A87 30,541 33,753 368,706 120,182 87 42,340 5,917 52,517 283,809 523,361 3,513 1,200,042 429,629 660,663 661,496 837,617 185,260 68,520 52,409 251,852 325,018 3,078 1107,1231 137,347 7,801 33,139 43,925 339,070 92,256 1,022 24,209 5,842 80,835 236,074 444,736 6.898 3.438 12,166 22,218 22,493 1,170 340 520 991 15 271,582 Total 202S 6,109,990 341,831 6,451,821 6,018,230 Total 2024 5,596.645 421,585 6,018,230 Page 37 of 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 9, Analysls of expenditure by artlvltles {contlnuedl GO Parrlclpate 2025 Analvsls ol wpprrt W5ts Oper 2025 Tot 2025 Total 2024 Wage5 and sa¢8ries Fundraising & press officer Rent, rates & uylifjes gox office system and computer 5upplles Bank charges Exchange rate ￿rianCe Insur3nce Prlnting. postage & statfonery Telephone General admin Bookkeeplng & accountancy Bad debt Dep￿cla￿on Governance 633.650 40.333 55.015 41,513 35.279 6,839 33,311 3,738 3,553 29,769 1,603 4,754 1,345 182,984 191,588 825.238 40,333 66,0 45,181 42A56 8,$49 35,873 4,486 4,264 37090 lJ24 4,754 1fi14 2,984 772,639 48.290 44.837 46.167 38.929 28.764 29.428 3,151 4,120 23,144 1,738 11,003 3,668 7,177 1,710 2,562 748 711 7.321 321 269 1,589 149,747 Total 2025 1.073,686 227.078 1,300,764 1,192,543 Tot812024 977,755 214.788 1,192,543 10. Governance costs included wr(hin support costs are governance costs comprlslng tht followln8.' 2025 2024 Auditors, ￿mUneratIO15 Othercosts Lègal & professlonalfees Aceovntancyfees Wages and salarfes Depreciation 16,605 40,063 17,714 641 107A24 $38 15060 28,924 8,253 579 95.602 S29 Trt•l 2025 182,98S 149.747 Total 2024 149.747 Pa8e 38 of48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 11. Net income 2025 2024 Net Income for the year includes.. Operatlng leases DepreciatSon on tangible fixed assets Fees paid to auditors for.. audlt other services 312,337 528,743 244.543 450.032 J3,955 2,650 13.210 2.650 857,685 710,435 12. stsff costs Group 2025 Group 2024 Companv 2025 Company 2024 Wages and Salaries Sotial security costs Pension IA6a,394 163,546 46,6Z7 1,366,474 1SL,898 25,341 1,463,394 163,546 46,627 1,366,474 151.898 25.341 1,673,567 1,543,713 1,673,567 1,543,713 The average number of people ernployed by the Company durlng the year was a5 follow5.. fjroup Z025 Group 2024 Companv 2025 Company 2024 Employees 27 24 27 24 The number ol employees whose employer benefit5 lexcluding employer penslon costs) exceeded £60,000 wa5.. Group 2025 Group 2024 In the band £70,001480,000 In the band £80,001_£90,OC() In the band £90,001_£IOO,CNJO In the band EIOO,ODI_ £IIO,000 In the band £IIO,001_ £120,(KIO In the band £150,WI- £160,￿0 In the band £170,IJ)1- £180,0(K) In the band £180,(X)1- £190,000 During the year, from the staff costs above, total compensation of £369.33812024.. £306,656) was paid to two key management personnel. Seasonal staff ernployed on a part time basis for less than three months are Included in Direct Costs (Note 91 within Season Fees and Stage & Technical Staff. 61 seasonal staff were employed12024.' 591 being a full- time equivalent of 1312024.'10I at a cost of £234,60112024.' £180.1821. Page 39 of 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 11. Trustees, remuneration and expenses Durin8 the year, no Trustees receNed any remuneration or beneffts12024: £nill for their work as Trustees. Durin8 the year ended 31 October 2025, Trustee expenses of £6,575 have been it)curred12024: £4,975). Page 40 of 48 r4 Its ory GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 20Z5 15. Flxed asset Investments Llst•d Inve5tm4rts Group C05t or valuatlon At l Novembei 2024 Addltlons Oisposa15 Revaluatlons 3,233.776 71.724 16.5991 240.673 As 4131 Ortober 2025 3,539.574 V•lu¥tlon 7he listed invesrments have been revalued to reflectthelr rnarket value atthe year*nd. All fixed asset investment5 are held in the UK. Investments In subsldlary Cornpanies Listed Investmènts T(tsl Comp•nv Cort or valuatlon At l Novernber 2024 Addltlons Olsposa15 Revaluath?ns 3.233.776 71,724 16.5991 240,673 15,020 3,248,796 71,724 16,5991 240.673 As at 31 Octob•r Z025 3,539.574 15,020 3,554,594 The followlng were asso¢lates of the Cornpany.. Name Company Number Holdlng Garsln8ton Opern Enterprises Limited Garsin8ton Opera Pioductions Limited 08511222 09341623 The financlal re5vlts of the subsldlaries for the year we￿. Incorne for th• year Expendhur• for the y ProlkllLoss1 for tht ye•r N•t Ll•blll¢ies Garslngton 0￿ra Enterprlse5 Ltd Garsin8ron Opera Productlons Ltd 234.670 3,575,853 1208.9961 14,748.6601 25,674 3,000 25.991 As•t 310c¢ober20Z5 3,810,523 14,9S7,656 28.674 25,991 Page 42 of48 GAR51NGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 16. Stocks Group 2025 Group 2024 Finished goods and goods for resale 16A89 24,1(Y3 The difference between the purchase prlce or produthon cost of stocks and their replacement tost is not material. 17. Debtors Group 2025 Group 2024 C¢)mpgnv 202S Company 2024 Du• wfthln one y•ar Trade debtors Amounts owed by group undertakin85 HMRC debtor Prepayments and accrued Income 25.308 138.127 152.947 1.365.906 734,752 485.072 2,571AII 612.671 450.631 3,120.129 450,631 2,066.403 485.072 3,596.068 2.689,602 3,643.982 2.738.677 18. Credltors: Amounts falllng due wtthln one year Group 2025 Group 2024 Company 20Z5 Cornpany 2024 Du• whhln one ye•r Trade credltors Amounts owed to 8roup undertakings Othertsxatlon and soclal security Othercredltors Accrua15 and deferred Sncome 117.103 182.805 117.103 20A85 4L006 36333 9S9.790 182,805 15,OLO 45,299 380.033 798.492 41.006 40.S34 966.793 45,299 380.033 805.212 1.165A36 1.413.349 1,174.717 1.421.639 Page 43 of 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 19. Statement of funds- Current year Bèlante at I Novembèr 2024 G3ln51 (Losses) & trnnsfers B•l•nce at 31 October 2025 Current Year Income Expendkure un￿strkted fund5 DÈ51gnat•d fvnds Audltorlum and infrèstructtjre Creative and strategic developrnent Studlos tapitèl fvnd 2,40),￿0 2.400,LIXI 1,606.750 800,000 1.606,750 800,000 4,806,750 4.806,7SO Gèneral fvnds General funds 5.051,261 7,550,942 17,184.2691 181.439 5.599,373 Total unreStrftt￿ funds 9.858XIII 7,550.94Z 17.184269 181,439 IOA06.123 R•strlcted fund5 Audf(orlum Appeal fvnds GO Partlcipate Opera Production Leonard Insrarns Fund Studb5 Capkal Carn￿1$￿ Leonard Ingrams Pathways Fund Refurbishmentol opera 51te 181,925 1181.9251 1338.7101 11.033.604) 121.1191 1292.4821 338,710 1,025,604 17,381 636.639 8.OCM) 675.176 12,903,934 59,234 730.672 13.248.091 55.(MXI 204.338 124,1841 235.154 103,000 18,2721 94,7Z8 Total Re5trlct4d fvnds 11,824.035 2.325&n 1.900,296 59234 14.308,645 Total funds 13,fj82,046 9￿76￿14 19M4,5651 240,673 24.714.768 Page 44 of 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 20. Statement of fvnds- prior year Balance at I November Galnsl ILossesl & transfer5 Balance at 31 October 2024 Prior Year 2023 Income Expendlture UnrestrScted funds Designated fund5 Auditorium and infrastructure Creative and strateglc development 2.4W,000 2,400.0 1,606.750 1,606,750 Studi05 capFtsI fund 800.000 800,orhJ 4,006,750 800,0 4,806,750 General funds General funds 4.334,358 7,872,022 16.669,4461 1485,6731 5.051.261 Totsi Unrestricted funds 8,341,108 7.872,022 16,669.4461 314,327 9,858,011 Rèstricted funds Auditorium Appeal fund5 GO Participate Opera Produttion Leonard Ingrams Fund Studios Capital Campalgn Leonard Ingrams Pathways Fund Total Restrlcted funds 386,292 1204,3671 1541,8201 1794,0831 120,9721 1132,0151 181,925 541.820 802,083 18.897 1,152,228 8,000 675,176 12.903.934 604,102 11,883.721 73.149 55,000 55,000 12,874,115 2,570,028 11,693,257) 73.149 13.824,035 Totsi funds 21,215.223 10,442,050 18,362.7031 387,476 23,682.046 Designated lunds The Auditorium and Infrastructure fund consists of amount5 Set aside for the replacement and refurbishment of the auditorium. With an original predicted lifespan of 15 years, it is expected that some large elements will require replacement in the Short to medium term. The Creative and Strategic Development fund has been established to underpin and support Gar5ington Opera's core activity of deliverin8 high-qualily productions and to enable forward planning of our artis￿¢ pro8ramme. Typically, contractual and therefore linancial commltment5 are made three or four years in advance of performance. This fund underpins the Charity'5 ability to make Ih05e commitments before receiving corresponding box office income. The Studios capital fund underwrites the Charity's investrnent in the Garsington Studios development. The fund will cover the additional irnprovernent5 to Wallace Hill Farmhouse. the Prop Barn an(4 Moles Cottage (completion Summer 20251 and the Beekeepers cotta8e. Page 45 of 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Restrlcted funds The Auditorium Appeal fund relates to the building of the auditorium al Wormsley in 2011 and subsequent improvernent5. All expenditure ihrough thls fund Is for depreciation onlv. The GO Participate fund relates to developin8 and enhancing the Learning and Participation Pro8rarnme for the benelit of the public, particularly the local community. providlng a wider appreciation of oper3 and accessibility to quality performances. The Opera Production fund contains donated income and associated expenditure for the production of the operas. The Leonard Ingram5 fund is for outreach work in schools ènd the local comrnunity, and work to support our youn8 artists, including an annual award named the LeonaTd Ingram5 Award for one or more young artists showing excepDonal talent. The Studios Capital Campaign fund Is to enable the buildin8 of reheaT531 facilities and accommodation. The Leonard Ingrams Pathway Fund was set up in tribute to Gar5ington Opera's founder and his vision for creative excellence. The fund supports Garsington Opera's Pathways Programme which brings together and extends three key areas of the Charity's work; GO Participate. the Ernerging Artists, Piogramme and Production Arts traininE. offering opportunities to people of all ages and backgrounds to develop their creativity, whilst also presenting a potential pathway to professional life in all aspects of the perforrning aTt5. The fund for the refurbishment of the opera site supports essential upgrade and refurbishment of facilines at the Festival site. 21. Analysis of net assets between funds Restritted fvnds Unrestricted fund5 Total funds 202S Current perfod Tangible fixed asset5 Flxed asset inve5trnents Current a55ets Creditors due wfchin one year 13.248,091 679,211 381,343 2,636,265 2.860.363 6.074,931 11.165.436) 15A84.3S6 3,539.574 6A56.274 11.165A361 As at 31 October 2025 14.308,645 10,406,123 24,714,768 Restrkted fund5 Unrestricted funds Total funds 2024 Prlor perfod Tangible fixed asset5 Flxed asset investments Current assets Creditors due wlthln one year 13,085,860 626,575 111,600 1,959,864 2.607,201 6.704,295 11.413,3491 15M45.724 3,233,776 6,815,895 11,413,349) As at 31 odober 2024 13,824.035 9,858,011 23,682￿46 Page 46 Df 48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 22. Reconclllation of net movement In funds to net cash flow from operatlng actlvltles Group 2025 Group 2024 Net Income for the perlod las per the statement of Financial Actfvltiesl 1,032,712 2,466,823 Adjustmentsfry: Depreciatson charges Gainslllossesl on Investments DNidends. interest and rent from Investmènts Decre35elllncrezsel In stocks Ilficreaselldecrease In debrors Incrta5e in credltors 528,743 1240,6731 1251,IX151 7,620 1906,4661 1247,9131 450,032 1387,4761 1312,1311 3.283 1885,3671 89,539 Net Cash provld•d by operatlnl actlvltles 6.972 1.424.703 23. Analysls of ¢a5h and equlvalents Group 2025 Group 2024 Cash in hand 2y3.717 4.102,184 24. Analysls of chan8es In debt Atl November 2024 At31 Ortober ZOZ5 Cash flow5 Cash In hand 4,102,184 1.258,467 1843.717 Page 47 of48 GARSINGTON OPERA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 25. Capltal commitments Group 2025 Group 2024 Comparry Z025 Company 2024 Amounts contrarted for but nat provided for in these statements 761,113 1,419.861 761,113 1,419,861 761,113 1,419.861 761.113 1,419.861 26. Operatln8 leases At 31 Octobef 2025, the Group and the Company had ¢ommitment5 to make future minimum lease payments under non-cancellable operating leases a5 follows: Gmp 2025 Group 2024 Componv 2025 Company 2024 Les5 than I year Between l and 5 years Morèthan 5 years 312337 1,275,357 1.931454 244,543 992.443 1,È00,199 311337 l.Z75.357 1.932,454 244.543 992,443 1.800.199 3,520,148 3.037,185 3,5ZO,148 3.037,185 27. Related party transartions In accordance wlth FRS 102, transactions wlth Gar55ngton Opera Enterprlses Limited and GarsSngton Opera Productions Limlted have not been disclosed here slnce both entities are wholly owned subsldiaries of Garsin8ton Opera Limited. 28. Controlllnz party Gar5in8ton Opera. havlng no share Capital, Is under the control of the Board of Trustees, who are also the Dirertors of the Opera. Pa8e 480148