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2025-08-31-accounts

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Company registration number: 3490791 Charity number: 1068046

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 AUGUST 2025

GRANGE PARK OPERA (A Company Limited by Guarantee)

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 8
Trustees' Responsibilities Statement 9
Independent Auditors' Report on the Financial Statements 10 - 13
Consolidated Statement of Financial Activities 14 - 15
Consolidated Balance Sheet 16
Company Balance Sheet 17
Consolidated Statement of Cash Flows 18
Notes to the Financial Statements 19 - 37

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GRANGE PARK OPERA (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Trustees Simon Freakley, Chairman
Joanna Barlow (resigned 23 October 2024)
Anthony Bugg
Prof Iain Burnside
Sue Butcher
Sir Adam Constable (appointed 11 February 2025)
Hilary Cowan (deceased 14 October 2025)
Sir David Davies
Dame Vivien Duffield
Wynne Evans
David Kershaw
George Meagher
Marie Veeder (appointed 23 October 2024)
Keith Weed
Company registered
number
3490791
Charity registered number
1068046
Registered office
1st Floor Long Barn
Sutton Manor Farm
Alresford
Hampshire
SO24 0AA
Company secretary
Eleanor Cranmer
Founder
Wasfi Kani CBE
Independent auditors
Menzies LLP
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP
Bankers
Barclays Bank plc
Kingsland
PO Box 3628
London
E8 2JK

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GRANGE PARK OPERA (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Grange Park Opera was founded in 1998. Each year it has conceived and delivered new internationally recognised productions and created significant seasonal employment.

Structure, governance and management

The Trustees present their report and the audited financial statements of Grange Park Opera, a charitable company limited by guarantee and its wholly owned subsidiary company GPO Productions Limited (together “The Group”) for the year ended 31 August 2025.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charity's Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as amended for accounting periods commencing from 1 January 2019. The Trustees are also directors of the charitable company.

Legal and administrative information set out on page 1 forms part of this report.

Details of GPO Productions Limited are set out in note 12 to the accounts.

The directors who served on the board and as Trustees during the period are as follows:

Simon Freakley (Chairman) Joanna Barlow (resigned 23 October 2024) Anthony Bugg Prof Iain Burnside Sue Butcher Sir Adam Constable (appointed 11 February 2025) Hilary Cowan (deceased 14 October 2025) Sir David Davies Dame Vivien Duffield Wynne Evans David Kershaw George Meagher Marie Veeder (appointed 23 October 2024) Keith Weed

The Trustees note with great sadness the passing of Hilary Cowan and express sincere gratitude for many years of generous support.

New Trustees are appointed by the existing Trustees on the basis that they will provide the Board with skills and experience appropriate to the needs of the Charity. They are usually already familiar with Grange Park Opera, but are also given additional background information by the board and management of the Charity by way of induction. Trustees are provided with further training as required.

The Board meets at least three times a year and is responsible for the strategic direction and policy of the Charity. Day to day responsibility is delegated to the Founder who reports to the Chairman on a regular basis and presents to the Board at each meeting. Decisions on significant matters are presented to the Board for approval and a sub committee of the Board, the Finance and General Purposes Committee, reviews on behalf of the Board the financial position of the Group and has oversight of the Group's operational policies and procedures. In addition to formal meetings, individual Trustees advise various other members of staff on their areas of speciality, such as artistic matters and marketing.

The remuneration of key management is set by the Founder in conjunction with the Chair.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Objectives

The objects of the Charity & mission statement

The objects of the Charity are to advance education through the promotion, support and encouragement of the performing arts and in particular the promotion, encouragement and appreciation of opera.

Grange Park Opera exists to create high quality productions that inspire, challenge, and entertain, to reach out to a wide audience including those who have never experienced opera before, to encourage learning and appreciation of opera, and to make a meaningful contribution to the wider artistic community.

At the heart of the Company is a commitment to presenting both international and rising talent and to dispense with the myth of elitism that surrounds opera.

In setting the Group's objectives the Trustees have given due consideration to the Charity Commission's guidance on public benefit and are satisfied that our objectives, strategy and future plans meet the definition as required by the Charities Act 2011.

Strategies for achieving objectives of the Group

  1. Present productions of the highest possible standard, mixing traditional repertoire with the unexpected, within the resources available.

  2. Appoint prestigious and internationally renowned stage directors, conductors, designers, and singers, striving for ever higher artistic standards. Engage highest quality orchestras and chorus members.

  3. Provide opportunities and support for young singers by appointing them to smaller principal roles when appropriate, and appointing chorus members to other small roles.

  4. Create many job opportunities for other artists, creative and technical professionals.

  5. Nurture younger artists with scholarships and performance development.

  6. Widen the audience demographic and pioneer new initiatives for the younger audience.

  7. Increase awareness of the festival; reaching out to new relationships and maximizing the existing ones.

  8. Collaborate with and support its sister, charity Pimlico Opera's work in prisons and primary schools. 9. Broaden income streams.

  9. Balance the Charity's supply of opera and other events against demand.

  10. Carry out appropriate risk assessments for all areas and activities so that the risks may be minimised and the activities carried out as safely as possible.

  11. Operate, wherever possible, in a sustainable way with a view to reducing the Group's environmental impact.

Achievements and performance

Review of opera season

On stage, this eighth season in Surrey boasted three masterworks, a world premiere and a night of ballet, all of them delivered musically and dramatically on a very high level.

The quality of singing was consistently high, with standout performances from each of the title role artists: Sir Simon Keenlyside as Verdi's Simon Boccanegra, David Stout as Mazeppa and Hye-Youn Lee as Butterfly . She received a standing ovation at each performance.

The chorus play a large role in these operas and were of an exceptional standard.

The production of Simon Boccanegra was imported from Welsh National Opera (WNO). A spectacular set by Ralph Koltai had creeping walls that interplayed light and shade. Keenlyside’s performance was fresh of voice, commanding the stage and bringing a lifetime’s experience to every detail. Elin Pritchard’s touching portrayal of Amelia has earned her immediate re-engagement. Opposite her, the Georgian tenor Otar Jorjikia delivered high-wire daring, and heat of passion.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The orchestra of English National Opera (ENO) played for Tchaikovsky's Mazeppa . Sir David Pountney directed a prestigious cast. For this demented Slav world David Stout delivered every twist and turn of the crazed, long-haired Cossack and his performance was gripping, from whispered pianissimo to full-throated blood lusting fortissimo. Other singers shone: Rachel Nicholls and John Findon both offering lyrical moments as well as unleashing vocal firepower. The audience response for this rarely-performed work was both enthusiastic and emotional.

In the forthcoming Ring Cycle, Rachel Nicholls plays Freia / Brunnhilde and David Stout takes the role of Alberich , who steals the gold.

Puccini's Madama Butterfly was an elegant, stylised production from John Doyle. Korean soprano Hye-Youn Lee is a highly regarded artist who works relentlessly on her craft. She has sung this role all over the world but rather than get bored or blasé with the piece, she has dug deeper each time, to the extent that every phrase is now right inside her body.

The audience appreciates that we stage new works. A world premiere from famed sitarist Nishat Khan, Taj Mahal included three seven metre tall, moving videos screens. The composer played his sitar on the stage with a tabla player. In addition, for the first time, there was an evening of ballet which sold out.

Both Taj Mahal and the ballet brought new audiences. It is hoped the Indian audience for Taj will return for Krishna in 2026 and the ballet audience will return for more ballet and possibly some opera.

Other activities

Building relationships and developing a sense of family is key to donor retention and development. This is done through events and dinners during the year including:

GPO continued as the official opera partner of the Daily Telegraph. Readers were able to book tickets before the public (but after Grange Park Opera members). The partnership will continue through to 2028.

Support for Capital and Revenue streams

Grange Park Opera remains predominantly a place for individuals rather than corporate guests. These individuals (annual members and singer sponsors) support the revenue stream year on year through ticket buying and donations. In addition, there is income from advertisers, commercial supporters, and catering.

The American Friends of Grange Park Opera granted gifts. The legators group (The Immortals & Beloveds) has around 50 members.

The Bamber Legacy project

The largest element of Bamber Legacy project, the Simon Freakley Treetop Studio and dressing rooms, was completed in May 2025. The 20 metre Studio has a Harlequin vinyl dance floor, dance mirrors, and a new grand piano. It is painted a rich aubergine colour with wall lights, chandelier and large paintings by Alexander Creswell.

The benefit of the 3rd floor dressing rooms was very much appreciated in the 2025 season and the extra space created a greater sense of calm.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Planning permission was granted for an exterior lift to the 3rd and 4th floors which will be installed in early 2026 and investigations to heat the Opera House will continue once the current building work is complete.

Volunteers and employment

The 2025 season gave work to nearly 400 people of whom around 100 were from the local area. There were 40 chorus /dancers, as a result of auditioning over 200 singers, some of whom are recent graduates from music colleges. There were around 40 specialist theatrical technicians (lighting, scenery, wigs, costumes, etc). More than 40 local volunteers carried out a broad range of duties including gardening and ushering.

The season contributes to the wider local economy through the use of hotels, B&Bs, taxis and other suppliers including catering companies and tradespeople.

Access and marketing

The proximity to London and a nearby station make the Opera House attractive and accessible to young people. It is possible to walk from the station to the Opera House through the West Horsley estate.

On many days of the season, there are £36 tickets for Under-36s and free tickets (Musical Chairs) for students and schoolchildren. Families of young waiters and waitresses were offered free tickets.

In order to share Grange Park Opera's work more widely, there were online initiatives in addition to the Digital Ad Campaign. YouTube subscribers increased by 8% to 2,230.

100 Primary Robins gave a concert in the Opera House in June 2025.

Visually rich content was created for the 2025 digital campaign which continued to build awareness, acquiring new audiences. There was a strong emphasis on paid media, high-end print, and outdoor advertising. The front of the website was redesigned and click-through improved. There was growth on social channels.

Communication via Wordfly is strong. 7,000 people open the weekly Amuse-bouches email. This equates to a 50% open rate which is above average for our sector.

2026 will build on this momentum optimising digital campaigns and expanding retargeting efforts.

Young artists and performance development

The UK has many programmes to train singers at graduate and post-graduate levels. There are, however, relatively few UK employment opportunities to follow and this is where Grange Park Opera aims to step in. The casting of covers and small roles is undertaken and supervised by the Head of Music, Philip White. The 2025 season had several chorus members taking small roles in operas.

Spearheaded by conductor Gianluca Marciano, a new Young Artists programme for nine singers and two conductors is taking shape. We are looking for funding.

Pimlico Opera in primary schools and prisons

Pimlico Opera is a sister charity to Grange Park Opera that aims to build confidence through teamwork and education. There are two strands of activity: in prison and in primary schools.

Their work in primary schools (Primary Robins) has celebrated its 12th anniversary and they are now giving over 6,800 children a weekly singing lesson (2024: 6,050 Robins).

Pimlico Opera continues to work with HMP Bronzefield, one of only 13 UK women's prisons and the only purpose-built private prison for women in the UK. Contact with the prison is maintained throughout the year with the weekly classes every Friday afternoon for 2-3 hours with roughly 20 prisoners attending.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

In March 2025, a large scale musical Made in Dagenham was staged, our 28th prison collaboration. Musical Theatre review gave the show 5 stars.

Whilst it is a separate charitable trust with a different board of trustees, the charities work closely together sharing the same office building and staff. George Meagher sits on both Board of Trustees.

On 3 April 2025 Pimlico Opera’s key staff (Helen Sennett and Annabel Larard) were invited to Windsor Castle to celebrate community music across the United Kingdom. They had the great privilege of meeting the King.

Charitable support

Grange Park Opera supported many charities by donating tickets for auction.

Connected Charity

In 2017, Grange Park Opera was granted a 99 year lease and licence from the West Horsley Place Trust (formerly the Mary Roxburghe Trust).

Financial review

The Charity is on a sound financial footing with positive cash reserves. These have been invested using a cash deposit platform with maturity dates varying up to 12 months. This yielded above 4% during the year.

2025 generated a surplus with a 19% increase in ticket sales on 2024. However, ticket buying patterns continue to show a lower average spend per booker and have not returned to 2019 levels.

The Group is supported by several individual and corporate sponsors and donors. The net loss before tax for the year amounted to £223,681 (2024: net income £404,497). The Charity continued to benefit from Theatre Tax Relief credit resulting in net income after tax for the year of £476,433 (2024: £1,180,727). The long term rate of Theatre Tax Relief reduced from 45% to 40% from 1 April 2025.

The balance on the consolidated unrestricted fund at the end of the year rose to £3,821,436 (2024: £3,487,372). The Trustees estimate the core running costs of the Company to continue as a going concern would be circa £400,000. However given the risks associated with putting on an opera season, the Trustees consider that an additional buffer of at least £1,000,000 is required to protect against general economic volatility and the potential impact on ticket sales and costs. As a precaution, the Trustees therefore aim to hold a balance on the general fund of circa £1,500,000.

The consolidated restricted fund also increased during the year to £11,868,137 (2024: £11,725,768) due to additional fund raising for the Bamber Appeal. A lift to the Simon Freakley Treetop Studio is being installed in early 2026 with heating for the Opera House to follow.

Fundraising policies

In order to achieve the Charity’s objective, it solicits funding support from individuals and corporate contacts. The majority of these supporters already have an established relationship with Grange Park Opera and procedures for solicitation of funds are appropriate and reviewed regularly. We want our supporters to be proud to sponsor Grange Park Opera, not to feel pressured into donating and endeavour not to contact anyone who doesn’t want us to, and we never sell our data. The Charity's fundraising activities are not subject to regulation and no complaints relating to fundraising were received in 2025 (2024: None). All our fundraising and customer service staff are trained in best-practice guidelines for dealing with vulnerable people.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Key risks

The principal risks to the Company are:

Each year the Trustees review the level of risk associated with each area of income, particularly the projected box office revenues and the degree to which the support from sponsors and donors is committed by the time the season has to be confirmed. They are satisfied that adequate steps have been taken to mitigate these risks but will continue to review the control environment in line with the standards required by the Charity Commission.

Pay Policy for Senior Staff

The senior management team are considered to be Wasfi Kani (Founder), Helen Sennett (Operations Director), Bernard Davies (Executive Director) and Declan Costello (Technical Director). The Trustees, along with the senior management team, comprise the key management personnel of the Charity in charge of directing, controlling and operating Grange Park Opera. The Trustees give their time freely and receive no remuneration for their directors' duties. Details of related party transactions are disclosed in note 25 to the accounts. The pay of the Founder is set by the Trustees.

One of the Trustees, Iain Burnside is an internationally recognised pianist with specialist expertise in artistic programming and repertoire development. In order to support the Charity’s artistic objectives, the Board has engaged Iain Burnside to provide consultancy services in relation to the artistic direction and repertoire planning of the Charity’s programming. The arrangement is permitted by the Charity’s governing document.

Plans for the future

ENO orchestra will play for two operas in each year for 2026-2030 including all of The Ring Cycle.

The American Friends of Grange Park Opera held their first event in New York in December 2025, to spread awareness and support fundraising.

A new Under 40’s group (Protos) will be launched offering tickets on a range of nights.

Looking to 2026, the Summer Season offers the launch of The Ring Cycle, a Rossini comedy Il Barbiere di Siviglia, (starring Ginger Costa-Jackson – Covent Garden’s Cherubino), a revival of Verdi's epic Don Carlo, and the world premiere of John Tavener's Krishna – a joint production with Houston Grand Opera. There will also be a second ballet gala evening.

The eminence grise of all things Wagnerian, Anthony Negus, assumes overall musical responsibility for the Ring Cycle . Charles Edwards designs/directs, following the imaginative tour de force of his Tristan & Isolde production in 2023.

The 2027 season presents part two of the Ring Cycle (Die Walküre), a revival of Eugene Onegin , Donizetti L’elisir d’amore and Sondheim’s Sweeney Todd starring Bryn Terfel.

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GRANGE PARK OPERA

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Disclosure of information to auditor

Each persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report has been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom FRS 102, the Charities Act 2011 and Accounting and Reporting by Charities, the Statement of Recommended Practice for charities applying FRS 102. This is a Public Benefit Entity as defined by FRS 102.

Small companies note

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Simon Freakley Chair Date: 18-Apr-2026

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GRANGE PARK OPERA

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' 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 Trustees to prepare financial statements for each financial year. Under company law, 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 Trustees are required to:

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.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

................................................ Simon Freakley Chair Date: 18-Apr-2026

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GRANGE PARK OPERA (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANGE PARK OPERA

Opinion

We have audited the financial statements of Grange Park Opera (the 'parent charitable company') and its subsidiaries (the 'Group') for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 going 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 months 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.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANGE PARK OPERA (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and 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 financial statements or our knowledge obtained 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 financial 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 realistic alternative but to do so.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANGE PARK OPERA (CONTINUED)

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 material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 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 procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including the Companies Act 2006, Charities Act 2011, Employment and Health and Safety legislation and GDPR. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the charitable company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: fictitious employees, fictious suppliers, the posting of unusual journals and complex transactions and the use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.

Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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GRANGE PARK OPERA (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANGE PARK OPERA (CONTINUED)

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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Janice Matthews FCA (Senior Statutory Auditor)

for and on behalf of

Menzies LLP

Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP

Date: 27-Apr-2026

Page 13

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income from:
Donations and legacies:
General Donations
Annual Donations
Appeal Donations
Gift Aid on Donations
Other donations and legacies
Charitable activities:
Opera Performances
Performance related grants
Catering
Other activities:
Sponsorship, advertising etc
Other income
Investment income
Total income
Expenditure on:
Raising funds
4
Charitable activities:
5
Opera Performances
Venue Costs
Depreciation
Amortisation
Marketing
. Support Costs
Total expenditure
Net (expenditure)/income before taxation
Theatre Tax Relief Tax Credits
9
Net income after taxation
Transfers between funds
17
Net movement in funds		 Unrestricted
funds
2025
£
678,195
211,913
-
276,690
935,631
898,136
3,000
509,925
67,397
4,651
121,218
3,706,756
52,550
2,341,516
861,725
137,905
5,147
236,944
579,835
4,215,622
(508,866)
700,114
191,248
142,816
334,064		 Restricted
funds
2025
£
-
-
292,170
3,471
-
-
-
-
-
-
-
295,641
-
-
-
-
-
-
10,456
10,456
285,185
-
285,185
(142,816)
142,369		 Total
funds
2025
£
678,195
211,913
292,170
280,161
935,631
898,136
3,000
509,925
67,397
4,651
121,218
4,002,397
52,550
2,341,516
861,725
137,905
5,147
236,944
590,291
4,226,078
(223,681)
700,114
476,433
-
476,433		 As restated
Total
funds
2024
£
588,955
228,145
529,893
355,530
1,376,758
718,882
3,000
426,930
64,919
3,516
104,991
4,401,519
48,800
2,292,852
780,754
107,333
5,148
204,837
557,298
3,997,022
404,497
776,230
1,180,727
-
1,180,727

Page 14

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
3,487,372
334,064
3,821,436		 Restricted
funds
2025
£
11,725,768
142,369
11,868,137		 Total
funds
2025
£
15,213,140
476,433
15,689,573		 As restated
Total
funds
2024
£
14,032,413
1,180,727
15,213,140

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 37 form part of these financial statements.

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee) REGISTERED NUMBER: 3490791

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Intangible assets
10
Tangible assets
11
Current assets
Stocks
13
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 11,219
2,585,780
-
2,696,584
5,293,583
(1,190,520)		 2025
£
467,947
11,118,563
11,586,510
4,103,063
15,689,573
15,689,573
11,868,137
3,821,436
15,689,573		 12,115
2,445,593
264,000
2,310,581
5,032,289
(900,261)		 2024
£
473,094
10,608,018
11,081,112
4,132,028
15,213,140
15,213,140
11,725,768
3,487,372
15,213,140

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................
Simon Freakley
Chair
Date:
18-Apr-2026

The notes on pages 19 to 37 form part of these financial statements.

Page 16

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee) REGISTERED NUMBER: 3490791

COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025

Note
Fixed assets
Intangible assets
10
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 11,219
2,916,616
-
2,694,662
5,622,497
(1,172,209)		 2025
£
467,947
11,118,563
100
11,586,610
4,450,288
16,036,898
16,036,898
11,869,619
4,167,279
16,036,898		 12,115
2,552,059
264,000
2,307,730
5,135,904
(839,673)		 2024
£
473,094
10,608,018
100
11,081,212
4,296,231
15,377,443
15,377,443
11,725,768
3,651,675
15,377,443

The Company's net movement in funds for the year was £ 659,455 (2024: £580,922) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................
Simon Freakley
Chair
Date:
18-Apr-2026

The notes on pages 19 to 37 form part of these financial statements.

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows provided by operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Purchase of tangible fixed assets
Investment income and interest
Transfer from/(to) fixed-term savings account
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20		 2025
£
695,344
(653,754)
80,413
264,000
(309,341)
386,003
2,310,581
2,696,584		 2024
£
757,729
(1,236,741)
104,991
(264,000)
(1,395,750)
(638,021)
2,948,602
2,310,581

The notes on pages 19 to 37 form part of these financial statements

Page 18

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

Grange Park Opera is a private company limited by guarantee incorporated in England and Wales, with registered number 3490791. The registered office is 1st Floor Long Barn, Sutton Manor Farm, Bishop's Sutton, Alresford, Hampshire, SO24 0AA. Grange Park Opera is also a registered Charity with registration number 1068486.

The accounting policies have been applied consistently throughout the year and in the preceding year and are set out below.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Grange Park Opera meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

At the time of approving the financial statements, the Trustees have undertaken an assessment of the adequacy of the resources available to the Charity as well as the expected support to the business available from the Theatre Tax Relief Credit measures in place. The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Fund accounting

There is an unrestricted general fund for the designated purposes of the Charity, which are the promotion, encouragement and appreciation of opera. This is credited with donations and other incoming resources receivable or generated for the objects of the Charity without further specified purpose.

The restricted fund consists of two appeals. The initial Opera House Appeal fund existed to receive donations to be used for the specific purpose of building the Opera House at West Horsley Place. The second Bamber Appeal fund was set up to receive donations to improve and extend the Opera House.

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that the income will be received.

Voluntary income is received by way of donations and Gift Aid. Donations are recognised when received and Gift Aid is accrued on applicable donations in the same year.

Income from sponsorship, advertising, the sale of programmes and catering is recognised net of VAT when it has been earned, provided it can be quantified.

Investment income is recognised in the year in which it is receivable.

Income from opera performances is recognised net of VAT for the festival taking place in the year.

Grants are recognised when the Charity becomes unconditionally entitled to the grant.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to it (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy is 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 Company, can be reliably measured.

2.5 Resources expended

Expenditure is recognised on an accruals basis as liabilities are incurred. Costs relating to a particular activity are allocated directly whereas support costs are apportioned in relation to usage.

Costs of generating voluntary income comprise costs associated with soliciting and receiving donations.

Costs of generating funds comprise costs associated with organising fundraising events and the sale of merchandise.

Charitable expenditure comprises the costs of opera productions and events relevant to the Charity's purposes.

Governance costs include the cost of meeting the Charity's statutory requirements and strategic management.

2.6 Reclassification of expenses

During the year, the Charity reviewed the presentation of certain items within fundraising expenses and charitable activities to ensure a more accurate reflection of the nature of costs incurred. As a result, certain comparative amounts have been reclassified to conform with the current year’s presentation.

These reclassifications have no impact on the reported profit or net assets for either the current or prior year.

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.7 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Licence - 99 years

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Fixed assets are initially measured at cost and subsequently at cost or valuation.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives are as follows:

The Opera House - 99 years
Website - 3 years
Musical Instruments - 20 years
Antiques - 50 years
Fixtures and Fittings - 10 years
Office Equipment - 3 years
Assets under construction - Capitalised and depreciated from the point
the assets are available for use

2.9 Stocks

Stocks are stated at the lower of cost and estimated selling price, after making allowance for slow moving items.

2.10 Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other liquid investments with original maturities of three months or less.

2.11 Taxation

Tax Income represents credits claimed under the Theatre Tax Relief Credit provisions of Finance Act 2014.

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.12 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.13 Pensions

The Charity operates a defined contribution pension scheme. Details of employer contributions are shown in note 7 and are charged to the income and expenditure account as incurred.

2.14 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.15 Current asset investments

Current asset investments comprise amounts held in fixed-term deposit accounts with financial institutions that are intended to be realised within twelve months of the reporting date. Fixed deposit investments are recognised when the Charity places funds on deposit and becomes party to the contractual terms of the arrangement.

3. Investment income

Income from investments is derived from interest receivable on bank and building society deposits including those managed through a CAF savings platform.

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. Expenditure on raising funds

Fundraising expenses

Consultancy
Wages and salaries
Total 2024 as restated		 Unrestricted
funds
2025
£
42,500
10,050
52,550
48,800		 Total
funds
2025
£
42,500
10,050
52,550
48,800		 As restated
Total
funds
2024
£
42,500
6,300
48,800

5. Analysis of expenditure by activities

Performance and other charitable costs
Total 2024 as restated		 Activities
undertaken
directly
2025
£
3,583,237
3,390,924		 Support
costs
2025
£
590,291
557,298		 Total
funds
2025
£
4,173,528
3,948,222		 As restated
Total
funds
2024
£
3,948,222

Page 23

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5. Analysis of expenditure by activities (continued)

Analysis of direct costs

Performers
Technical costs
Production costs
Orchestras
Sets and costumes
Lighting and sound
Music and rehearsal space
Travel and accommodation
Seasonal staff
Site costs including rent
Transport
Catering costs
Catering staff costs
Marketing, programme and shop expenses
Depreciation
Amortisation
Total 2024 as restated		 Performance
and other
charitable
costs
2025
£
832,172
348,032
341,378
414,015
405,919
56,798
104,217
79,581
23,203
248,481
15,683
238,011
95,751
236,944
137,905
5,147
3,583,237
3,390,924		 Total
costs
2025
£
832,172
348,032
341,378
414,015
405,919
56,798
104,217
79,581
23,203
248,481
15,683
238,011
95,751
236,944
137,905
5,147
3,583,237
3,390,924		 As restated
Total
costs
2024
£
896,945
324,209
218,250
345,091
508,357
57,108
106,116
83,133
22,828
222,727
21,238
202,077
65,527
204,837
107,333
5,148
3,390,924

Page 24

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Salaries
Consultancy
Office costs
Depreciation of office equipment
Professional fees
Medical insurance
Bamber Appeal costs
Total 2024 as restated		 Charitable
activities
2025
£
311,759
59,280
163,924
5,303
31,825
7,744
10,456
590,291
557,298		 Total
funds
2025
£
311,759
59,280
163,924
5,303
31,825
7,744
10,456
590,291
557,298		 As restated
Total
funds
2024
£
310,321
50,100
166,364
2,686
14,900
7,620
5,307
557,298

6. Auditors' remuneration

2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 16,500 15,000
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 4,125 3,750

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
scheme
Staff recharge to Pimlico Opera		 Group
2025
£
420,728
22,270
6,712
(32,150)
417,560		 Group
2024
£
383,550
24,129
6,408
(31,939)
382,148		 Company
2025
£
283,144
14,107
3,691
(32,150)
268,792		 Company
2024
£
244,324
12,778
3,204
(31,939)
228,367

The costs of all staff some of whom are part-time are shared with Pimlico Opera, which is charged with an amount based on apportioned time costs. In 2025, this charge was £32,150 (2024: £31,939) .

Included in staff costs above are 88 (2024: 87) temporary seasonal staff employed during the summer opera season.

The average number of persons employed by the Company during the year was as follows:

Group
2025
No.
Management and administration
12
The average headcount expressed as full-time equivalents was:
Group
2025
No.
Management and administration
7		 Group
2024
No.
12
Group
2024
No.
7		 Company
2025
No.
12
Company
2025
No.
7		 Company
2024
No.
12
Company
2024
No.
7

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel received total remuneration of £192,621 (2024: £183,587) .

8. Trustees' remuneration and expenses

During the year, one Trustee received remuneration of £16,000 (2024: £16,000) please see note 25 for further details. No Trustees received benefits or incurred any expenses (2024 : £NIL) .

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9.
Taxation
Theatre tax credits receivable for the current year
Adjustments to tax credits for prior years
10.
Intangible assets
Group and Company
Cost
At 1 September 2024
At 31 August 2025
Amortisation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 2025
£
664,134
35,980
700,114		 2024
£
744,797
31,433
776,230
Licence
£
494,972
494,972
21,878
5,147
27,025
467,947
473,094

The intangible asset represents investment in an extension of the licence for the right to use West Horsley Place during the summer opera season from 25 years to 99 years.

Page 27

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. Tangible fixed assets

Group and Company

Cost or valuation
At 1 September 2024
Additions
Disposals
Transfers between classes
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
On disposals
At 31 August 2025		 Opera House
£
10,595,640
216,833
-
1,562,429
12,374,902
1,382,054
121,128
-
1,503,182		 Website
£
34,350
-
(34,350)
-
-
34,350
-
(34,350)
-		 Musical
Instruments
£
-
26,675
-
-
26,675
-
1,334
-
1,334		 Fixtures and
fittings
£
120,013
-
-
50,178
170,191
26,603
16,778
-
43,381		 Office
equipment
£
34,740
4,290
(121)
748
39,657
29,990
3,886
(121)
33,755		 Assets under
construction
£
1,267,968
405,280
-
(1,613,355)
59,893
-
-
-
-		 Antiques
£
28,496
676
-
-
29,172
192
83
-
275		 Total
£
12,081,207
653,754
(34,471)
-
12,700,490
1,473,189
143,209
(34,471)
1,581,927

Page 28

Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. Tangible fixed assets (continued)

Group and Company (continued)

Net book value
At 31 August 2025
At 31 August 2024		 Opera House
£
10,871,720
9,213,586		 Website
£
-
-		 Musical
Instruments
£
25,341
-		 Fixtures and
fittings
£
126,810
93,410		 Office
equipment
£
5,902
4,750		 Assets under
construction
£
59,893
1,267,968		 Antiques
£
28,897
28,304		 Total
£
11,118,563
10,608,018

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Fixed asset investments

Company
Cost or valuation
At 1 September 2024
At 31 August 2025		 Investments
in subsidiary
companies
£
100
100

Principal subsidiaries

The following is a subsidiary undertaking of the Company:

Name Company Registered office or Class of Holding Included in
number principal place of shares consolidation
business
GPO Productions Limited 10028759 Long Barn, Sutton Manor Ordinary 100% Yes
Farm, Bishops Sutton,
Alresford, Hampshire,
United Kingdom, SO24
0AA.

The financial results of the subsidiary for the year were:

13.

Name Income Expenditure Expenditure Loss for the Net liabilities
£ £ year £
£
GPO Productions Limited 1,945,909 (2,128,931) (183,022) (347,225)
Stocks
Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Shop stock 11,219 12,115 11,219 12,115

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Debtors

Due within one year
Trade debtors
GPO Productions Ltd - subsidiary
VAT
Other debtors
Prepayments and accrued income
Theatre Tax Relief
Pimlico Opera Group		 Group
2025
£
19,571
-
123,850
-
307,186
2,101,785
33,388
2,585,780		 Group
2024
£
420
-
210,593
13,349
792,771
1,401,671
26,789
2,445,593		 Company
2025
£
18,276
2,474,436
123,776
-
266,740
-
33,388
2,916,616		 Company
2024
£
420
1,698,087
210,593
13,349
602,821
-
26,789
2,552,059
15.
Current asset investments
Bank & building society deposits
16.
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Accruals and deferred income		 Group
2025
£
-
Group
2025
£
106,869
13,784
1,069,867
1,190,520		 Group
2024
£
264,000
Group
2024
£
94,852
7,255
798,154
900,261		 Company
2025
£
-
Company
2025
£
98,208
8,984
1,065,017
1,172,209		 Company
2024
£
264,000
Company
2024
£
92,480
6,750
740,443
839,673

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Creditors: Amounts falling due within one year (continued)

Deferred income at 1 September 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2025
£
220,037
298,760
(214,037)
304,760		 Group
2024
£
379,634
20,733
(180,330)
220,037

Deferred income relates to general donations received for the following year's festival, which are taken to income in the following year.

17. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Restricted funds
Opera House
Appeal
Bamber Appeal
Total of funds		 Balance at 1
September
2024
£
3,487,372
9,861,324
1,864,444
11,725,768
15,213,140		 Income
£
3,706,756
-
295,641
295,641
4,002,397		 Expenditure
£
(4,215,622)
-
(10,456)
(10,456)
(4,226,078)		 Taxation
£
700,114
-
-
-
700,114		 Transfers
in/out
£
142,816
(109,570)
(33,246)
(142,816)
-		 Balance at 31
August 2025
£
3,821,436
9,751,754
2,116,383
11,868,137
15,689,573

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
Restricted funds
Opera House
Appeal
Bamber Appeal
Total of funds		 Balance at
1 September
2023
£
2,732,758
9,970,894
1,328,761
11,299,655
14,032,413		 Income
£
3,860,529
-
540,990
540,990
4,401,519		 Expenditure
£
(3,991,715)
-
(5,307)
(5,307)
(3,997,022)		 Taxation
£
776,230
-
-
-
776,230		 Transfers
in/out
£
109,570
(109,570)
-
(109,570)
-		 Balance at
31 August
2024
£
3,487,372
9,861,324
1,864,444
11,725,768
15,213,140

Restricted funds

The Opera House Appeal fund is being amortised in line with the depreciation of the Opera House. The theatre is being depreciated over 99 years and the annual depreciation amount is transferred from restricted to unrestricted funds.

The Bamber Appeal fund was launched in May 2022 to raise funds for improvements to the Opera House and remains open for donations. The extension to the theatre dressing rooms and Treetop Studio was completed during the year and capitalised. The cost of the extension is being amortised from the Bamber Appeal fund in line with the associated depreciation charges. This amount is transferred annually from restricted to unrestricted funds.

Unrestricted funds

The balance on the consolidated general fund at the end of the year was £3,821,436 (2024: £3,487,372) . The Trustees estimate the core running costs of the Company to continue as a going concern would be circa £400,000. However given the risks associated with putting on an opera season, the Trustees consider that an additional buffer of at least £1,000,000 is required to protect against general economic volatility and the potential impact on ticket sales and costs. As a precaution, the Trustees therefore aim to hold a balance on the general fund of circa £1,500,000.

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
54,781
467,947
4,307,813
(1,009,105)
3,821,436		 Restricted
funds
2025
£
11,063,782
-
985,770
(181,415)
11,868,137		 Total
funds
2025
£
11,118,563
467,947
5,293,583
(1,190,520)
15,689,573

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
69,429
473,094
3,845,110
(900,261)
3,487,372		 Restricted
funds
2024
£
10,538,589
-
1,187,179
-
11,725,768		 Total
funds
2024
£
10,608,018
473,094
5,032,289
(900,261)
15,213,140

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Investment income & interest
Decrease/(increase) in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
20.
Analysis of cash and cash equivalents
Bank and cash balances
Total cash and cash equivalents
21.
Analysis of changes in net debt
Cash at bank and in hand
Current asset investments		 At 1
September
2024
£
2,310,581
264,000
2,574,581		 Group
2025
£
476,433
143,208
5,147
(121,218)
896
(99,382)
290,260
695,344
Group
2025
£
2,696,584
2,696,584
Cash flows
£
386,003
(264,000)
122,003		 Group
2024
£
1,180,727
110,019
5,148
(104,991)
(1,377)
(372,794)
(59,003)
757,729
Group
2024
£
2,310,581
2,310,581
At 31 August
2025
£
2,696,584
-
2,696,584

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Docusign Envelope ID: F052E128-0DDF-406E-BA53-D67297395B5EDocusign Envelope ID: 3C78AF8A-DFC9-4047-9992-22BBD19C1EF9

GRANGE PARK OPERA (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. Capital commitments

Group Group
2025 2024
£ £
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets 116,000 365,000

23. Operating lease commitments

At 31 August 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2025
£
128,320
482,458
10,301,899
10,912,677		 Group
2024
£
112,749
444,712
10,421,899
10,979,360		 Company
2025
£
128,320
482,458
10,301,899
10,912,677		 Company
2024
£
112,749
444,712
10,421,899
10,979,360

The Company is party to a lease with The West Horsley Place Trust (formally The Mary Roxburghe Trust), under which the Opera House site has been leased for 99 years, with associated rental obligations. There are also defined rights to use other areas of the estate at defined times, under the terms of a license relating to use of the house and grounds.

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

Group Group
2025 2024
£ £
Operating lease rentals 133,904 133,710

24. Company limited by guarantee

In the event of a winding up of the Company, the liability of each member is limited to £1.

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GRANGE PARK OPERA

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. Related party transactions

At 31 August 2025, Pimlico Opera owed Grange Park Opera £33,388 (2024: £26,789) . Shared salary costs of £32,150 (2024: £31,939) were recharged to Pimlico Opera in respect of the year. A contribution to office costs of £18,000 was also charged (2024: £19,250) .

Three of the Trustees received complementary/discounted tickets and picnic places for the season at a value of £5,620 (2024: 1 Trustee at a value of £1,760) .

Donations received from related parties in the year totalled £66,000 (2024: £48,180) .

Pimlico Opera, a related Charity, used the Opera House for two concerts in 2025 (2024: two concerts) .

Iain Burnside, a Trustee of the Charity, provided consultancy services during the year in relation to artistic programming and repertoire development. Consultancy fees totalling £16,000 (2024: £16,000) were paid during the year. No amount remained outstanding at the end of the year (2024: £Nil) . The Trustees consider the remuneration paid to be reasonable and the Charity receives appropriate value for the services provided.

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