2025-12-31-accounts - Glyndebourne Productions Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

CHARITY NUMBER 243877 COMPANY NUMBER 00358266

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE) AND SUBSIDIARY

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CONTENTS OF THE	FINANCIAL STATEMENTS
Page No.
1-23 Report of the Trustees (incorporating the Strategic Report)
25-26	Legal and Administrative Information
27-30	Independent Auditor’s Report
31 Consolidated Statement of Financial Activities
32 Balance Sheets
33 Consolidated Statement of Cash Flows
34 - 54	Notes to the Financial Statements

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

The Trustees present their Annual Report, including the Report of the Trustees together with the Strategic Report under the Companies Act 2006. The accompanying financial statements include the consolidated results and balance sheet of Glyndebourne Productions Limited (“GPL” and “the Charity”) and its trading subsidiary, Glyndebourne Enterprises Limited (“GEL”) for the year ended 31 December 2025.

OBJECTIVES AND ACTIVITIES

GPL was incorporated in 1939 with the objective under the Memorandum & Articles of Association of “the promotion of aesthetic education and the cultivation and improvement of public taste in music, opera or the other arts and the doing of all such other things as are incidental to the attainment of the above objects”.

Our mission to realise this objective is:

to create world-class transformative operatic experiences;
to remain financially independent;
to engage broad audiences; and
to create a stimulating and inspirational environment for all.

The principal activities undertaken to achieve this comprise:

an annual Festival of live opera at Glyndebourne;
an Autumn Season of live opera and concerts to a broad-ranging audience at more accessible prices; and
a year–round Learning and Engagement programme comprising youth and community programmes including regular youth opera groups for local children and performances for schools, funded in such a way as to ensure that participants, regardless of their background, are able to participate.

The commercial activities of merchandising, art, production sale and hire, props-making for other theatres, and the sale of surplus electricity generated by the Charity’s wind turbine are undertaken through GEL to generate additional income streams to support the Charity’s core objectives.

Public Benefit

The Trustees have given due consideration to the Charity Commission’s general guidance on public benefit and are satisfied that our objectives, strategy, future plans and activities, as noted above and further referenced under the four core objectives in the Strategic Report, fall within the charitable purpose of “the advancement of the arts, culture, heritage of science” as required by Charities Act 2011.

In setting out above the principal activities undertaken by the Charity to achieve its objective and mission the Trustees consider there to be clearly identifiable benefits of the Charity which are closely related to its aims.

Glyndebourne’s aims are intended to benefit the public generally, rather than a specific section of it. The opportunities created by specific areas of activity are outlined in more detail under ACHIEVEMENTS AND PERFORMANCE below.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

STRATEGIC REPORT

We had a successful year on stage in 2025, with much to celebrate.

We opened the year with Uprising , a new award-winning community opera, followed by more outstanding productions with many sold-out performances across the Festival and Autumn Season.

We staged six operas in the 2025 Festival, running from mid-May to the end of August: new productions of Parsifal (Wagner) and Le Nozze di Figaro (Mozart) alongside revivals of Il barbiere di Siviglia (Rossini) , Káťa Kabanová (Janáček) and Falstaff (Verdi) . The Festival presented both artistic ambition and a diverse repertoire that met audience demand, with 99% of tickets sold and audience numbers exceeding 94,000 again.

Glyndebourne’s Autumn Season champions discovery, platforms early-career talent and broadens access for new and diverse audiences. Unique in the UK, it has, since launching in 2023, quickly become one of the country’s major opera events. The Autumn Season continued to grow in 2025, with attendance at over 36,500 for mainstage opera and concerts at Glyndebourne, a 12% year-on-year increase. In total, over 50,000 people were engaged through public performances and community projects.

On the mainstage from October to December 2025 we staged three operas: Puccini's La bohème and Britten’s A Midsummer Night’s Dream , and the world premiere of The Railway Children by Mark-Anthony Turnage. Concert performances also formed part of the Autumn Season: Handel’s Messiah (with a one-night transfer to the Royal Albert Hall), a semi-staged concert of The Railway Children at the Southbank Centre, and Christmas Concerts at Glyndebourne.

2025 also saw the continuation of a rolling programme of capital expenditure to replace and overhaul ageing parts of the opera house building and infrastructure. This included a rebuild of the stage floor, upgrading lighting units and control systems approaching end of life, building additional storage facilities for our expanding stock of production sets, installing solar panels on the roof of our costume and props-making production hub, and completion of a programme to install double-glazed windows throughout the opera house.

Glyndebourne’s finances continue to be in good health with income levels enabling us to invest in four new productions in 2025 and a suite of ongoing capital improvements to our theatre and wider estate.

Our artistic programming, and associated finances, are planned up to four years in advance. With financial forecasts to 2029 in place and under regular review, we remain confident that Glyndebourne is in a strong financial position to be able to invest in its future. The Board of Trustees and Executive Directors are confident that Glyndebourne will continue as a going concern.

Our story of 2025 is shared in our Annual Review 2025 publication giving a summary of our achievements on stage, development of future artists, in the community, financial review and environmental activity.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

ACHIEVEMENTS AND PERFORMANCE

The key strands to our business model - the Festival, Autumn Season, and Learning and Engagement - all contribute to our four core objectives. None of these objectives can be achieved in isolation. We can only continue to deliver the highest quality operatic experience to as many people as possible if we have the appropriate financial resources in place to do so.

Our achievements and performance in 2025, and future plans relevant to each of our core strategic objectives are set out on the following pages.

(1) Create world-class transformative operatic experiences

Glyndebourne’s global reputation stems from a passion for artistic excellence. Founder John Christie insisted on “doing not the best that we can do but the best that can be done anywhere”. For over ninety years that has remained Glyndebourne’s touchstone.

We strive to provide the best possible environment for artists with a long rehearsal period, world-class coaching and a strong culture of nurture. Emerging artists are offered development opportunities through the Autumn Season productions and our extensive understudy programme. Our Chorus is world-renowned, with all members being appraised annually in order to maintain artistic standards, and a well-established Chorus development scheme offers selected choristers the opportunity for additional coaching and solo concert performances. Glyndebourne and its audiences are noted for their sense of adventure with programmes balancing well-known repertoire with less familiar works, both old and new, including UK premieres and new commissions.

We opened 2025 with Uprising on the stage , a new community opera co-commissioned with Saffron Hall and composed by Jonathan Dove with a libretto by April De Angelis. This production won the Best Community and Participation Composition award at The Ivors Classical Awards 2025. The Ivors recognise excellence in craft and creativity, and winning this award is testament to the success of our biggest ever mainstage community opera – featuring over 100 local people on stage and in the orchestra pit alongside a cast of professionals. Uprising was further announced as winner of the Royal Philharmonic Society’s Opera and Music Theatre Award in March 2026.

Key highlights of the 2025 Festival included Glyndebourne’s first ever staging of Wagner’s Parsifal - a large-scale and dramatically demanding production that received significant critical acclaim for its musical execution under conductor and Music Director Robin Ticciati. Alongside this, we staged our tenth new production of Mozart’s Le Nozze di Figaro and revivals of Rossini’s Il barbiere di Siviglia, Handel’s Saul, Janáček’s Káťa Kabanová and Verdi’s Falstaff which provided stylistic variety, reinforcing Glyndebourne’s commitment to breadth and excellence.

Glyndebourne’s Autumn Season featured revivals of Puccini's La bohème and Britten’s A Midsummer Night’s Dream in Peter Hall’s classic and iconic staging. We also presented the world premiere of the Railway Children by Mark-Anthony Turnage and directed by Glyndebourne’s Artistic Director, Stephen Langridge. The Autumn Season is an exceptional platform for emerging artists, with a cast of principal singers in The Railway Children who all began their careers in the Glyndebourne chorus.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Our Learning and Engagement (“L&E”) programme continued to work year-round with communities and partners across Sussex, culminating in a host of activities taking place alongside our mainstage Autumn Season productions. Our work with children and young people included a programme of activities for schools and participation outside of school through Glyndebourne Youth Opera. Our ambition is to provide operatic experiences for, with and by young people, especially those who wouldn’t otherwise have the opportunity.

Further details are shared in our review of Diversity and Inclusion on pages 18-20.

(2) Remain financially independent

Glyndebourne’s ambition to do “the best that can be done anywhere” has earned the charity a loyal following, enabling our financial independence to be preserved. However, we are not complacent about the challenges we face in the cost of living crisis compounded by ongoing global events, and the need to invest to maintain our competitive edge from an artistic, audience and staff perspective.

Festival ticket prices are set at a level intended to fund annual operating costs, with the privately-funded Festival bearing all fixed costs associated with operating the Charity. This is essential in ensuring the financial viability of the Autumn Season and Learning & Engagement activity which are key contributors to GPL’s strategy to make our work available to broader audiences. High inflation rates in recent times has put increasing pressure on box office income and fundraising which together fund 80-90% of annual operating costs.

Details on our financial performance for 2025 and financial outlook are set out in the FINANCIAL REVIEW on pages 10-13.

Fundraising and memberships

Income from our supporters includes membership subscriptions, donations, associated gift aid, and legacies. We are mindful of our potential over-reliance on our loyal members and donors who, in addition to giving much needed sponsorships for opera productions, also donate to the Annual Fund and the New Generation Programme, supporting a wide range of additional activity including our schools programme, Under 30s programme, and other audience and artist development activity.

We received £1.8m of legacy income in 2025 (2024: £1.2m). We continue to recognise and thank those generous and forward-thinking individuals who have decided to leave a gift to GPL in their will through the living legacy programme, the John Christie Society.

The 2025 Autumn Season and Learning & Engagement programme continued to rely on vital support from Arts Council England in the form of a grant of £813k. The grant covered around 14% (2024: 21%) of direct costs of the Autumn Season and Learning and Engagement programme with the balance raised through ticket sales, the support of members, donors and sponsors, and subsidy from the Festival. With the Arts Council funding support having been reduced by 52% for 2023-26, we have had to adapt our approach outside of the Festival season. The reduction in ACE funding across the arts sector brings challenges, but Glyndebourne remains committed to being a year-round organisation and to delivering our core purpose of enriching the lives of as many people as possible through opera. The 2025 Autumn Season was generously supported by Dunard Fund and Laidlaw Opera Trust.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

We do not take this support for granted and are constantly working to expand our pool of donors and to ensure that the Charity’s resources are used responsibly to best effect.

Fundraising governance

In order to achieve the objective of remaining financially independent, GPL solicits funding support from individuals, trusts and corporate contacts. The majority of these supporters are already GPL members and have an established relationship with the Charity. Policies and procedures for the solicitation of funds are appropriate, well-understood, monitored and reviewed on a regular basis. Each solicitation is based on a planned and authorised cultivation strategy. This strategy includes the method of approach, the sequencing of funding requests and the plan for thanking, following up and cultivating for further gifts. In developing the strategy, data protection policies and other relevant legislation and best practice are followed and the solicitation process is fully tracked on our CRM system.

GPL management and Trustees treat the relationship with donors and approach to fundraising very seriously. No complaints related to fundraising were received in 2025 (2024: none). We continue to review all of our fundraising practice and policies to ensure that relevant legislation and best-practice guidelines are complied with. Specifically, we comply with the Fundraising Code of Practice, the Information Commissioner’s Office Direct Marketing guidelines, the UK General Data Protection Regulations, and are registered with the Fundraising Regulator. We want our donors to be proud to support Glyndebourne, not to feel pressured into donating, and we endeavour not to contact anyone who doesn’t want us to. We take our supporters’ requests and the protection of their personal data seriously. We never swap or sell their data. Like many charities, we use data to support our fundraising work, including established profiling and screening tools. This allows us to identify and communicate more effectively with people who may be most interested in supporting Glyndebourne. Our supporters choose what communications they receive from us and how we contact them; they can amend their choices or opt out of our communications at any time. All of our fundraising and customer service staff are trained in best-practice guidelines for dealing with vulnerable people.

Other income

Theatre Tax Relief (TTR) continues to be a welcome income source, £3.7m in 2025 (2024: £3.5m).

Commercial activity is undertaken by the wholly-owned subsidiary, Glyndebourne Enterprises Ltd (“GEL”): merchandising, art, hires of productions to other theatres, props-making for commercial purposes, and the generation and sale of electricity produced by the wind turbine. This provides a valuable source of income to the Charity in meeting its objective to remain financially independent. GEL generated a profit of £3.9m in 2025 (2024: £3.7m), including TTR. Profits of £3.7m (2024: £3.0m) were gifted to the Charity in 2025.

Whilst we continue to make every effort to achieve box office and fundraising targets each year, and bring in additional income through other revenue generating activities, we equally recognise the importance of cost control in remaining financially independent. As part of our budgeting and re-forecasting process we routinely scrutinise our cost base and challenge ourselves to find more efficient ways of working to ensure that our core financial objectives continue to be met.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

(3) Engage broad audiences

Glyndebourne engages with audiences in a variety of ways, be it live at Glyndebourne, participation through one of our Learning and Engagement activities, or engagement through distribution of audiovisual content. The Charity aims to be truly inclusive by maximising the reach, engagement and diversity of people who experience Glyndebourne.

In 2025 we reached a live audience of over 130,000 through a total of 107 mainstage opera and concert performances, filling 99% of seats.

Across the 77 performances of opera in Festival 2025, we filled over 94,000 seats, generating £18.9m of box office income. Nearly 2,000 seats were sold to those aged 30 and under for £30-£45 each as part of the Under 30s audience development programme, the discounted ticket price primarily being funded by generous donations to the New Generation Programme.

The 2025 Autumn Season was enjoyed by audiences totalling 32,194 across 26 performances. The Autumn Season is designed to help audiences discover opera, offering glimpses of the inner workings of how opera is made at Glyndebourne and with an informal and relaxed atmosphere. We welcomed 2,267 new ticket bookers (22%) in 2025, half of whom were first-timers to Glyndebourne and 23% new to live opera. Strategic pricing, including £10 children’s tickets and student offers, supported affordability and audience development. Over 15,000 tickets sold for mainstage opera and concerts in the 2025 Autumn Season were priced £7-£49. We also welcomed 4,395 pupils from 105 school groups at our Performances for Schools in the Autumn Season.

Our membership numbers across Glyndebourne Festival Society (GFS) lifelong membership and Associate Memberships (ASM) grew to over 14,500 for 2025 (2024: over 14,300).

Media development facilitates the distribution of Glyndebourne’s work through digital streams, cinema broadcasts, and television, enabling the Charity to reach and engage with as broad an audience as possible, helping to break down barriers to access and experience our work including those associated with cost and location. All full-length captures of our productions are available to stream on a subscription basis on the Glyndebourne Encore platform. In August 2025, we presented a concert staging of our new production of The Marriage of Figaro at the BBC Proms, broadcast live on BBC Radio 3 and available on BBC Sounds.

We aim to continue to grow our audience numbers and demand for as many performances of live opera as can be accommodated in the Festival and Autumn periods.

(4) Create a stimulating and inspirational environment for all

The Charity strives to make Glyndebourne a stimulating, inspirational and inclusive environment for staff, artists, audience and everyone else we engage with. Our continued engagement with inspirational directors, world-class orchestras and performers, and the ongoing drive to commission new work, go hand in hand with newer innovations such as online streaming.

From a staff perspective, the Charity aims to inspire and enable all company members to fulfil their potential in line with GPL’s four strategic objectives. Our mission to do ‘not the best that we can do, but the best that can be done anywhere’ requires a culture where everyone is enabled to perform their best, produce their best, and participate in Glyndebourne’s continued journey. Shaping our culture is key for our strategic objective of ‘Creates a stimulating and

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

inspirational environment for all’ and aims to make Glyndebourne a better place to work, or indeed the best place to work. To facilitate this, regular staff engagement surveys are conducted and acted upon. Ongoing structured reflection on management and leadership culture further enhances and shapes company culture.

Our greatest priority remains the health and well being of everyone we engage with, our Company members, audiences and contractors. Furthering our commitment to create a safe working environment for all, we have 18 members of staff trained as Mental Health First Aiders who are there to listen, support and be able to signpost professional help. We are part of the Guardians Network, a programme set up by the Old Vic, which offers a confidential outlet for colleagues to share concerns about behaviour at work and as part of this we have two internally appointed and trained 'Guardians.'

From an audience and artist perspective, the charity aims to provide a memorable experience over and above the opera itself, mindful of the need to maintain our competitive edge and the quality of experience for all who engage with GPL. Post-show questionnaires are sent to all ticket bookers and have a very high response rate, helping to inform future direction.

Environmental report

The Sussex landscape is integral to Glyndebourne’s identity. It helps shape how our opera is made and how it is experienced. We consider the environmental implications of everything we do: looking for opportunities to contribute positively to the habitat around us and choosing ways of working that minimise our impact on the natural world.

Specifically, we choose to:

Deepen our connection with the environment by improving nature and biodiversity within our grounds.
Increase the sustainability of our operamaking, without compromising on artistic quality.
Reduce the environmental impact of our overall operations.

Energy creation and usage 2025:

Gas usage was down <1% and total electricity usage up only 3% vs. 2024, despite there being eight more mainstage public performances in 2025 (116 in 2025 vs 108 in 2024).
Our wind turbine produced 80% of our total 2025 electricity usage.
New solar panels commissioned in February 2025 generated a further 6.36% of our total 2025 electricity usage.

Energy-saving initiatives 2025:

Smart lighting: basement corridor lighting is now 75% converted to sensors, eliminating energy waste in empty spaces.
Double glazing: full installation complete on all levels of the opera house, improving heat retention and cooling efficiency.
Air handling units: new units installed which run at lower, energy-efficient speeds while maintaining air quality.
Technical chiller: replaced with a high-efficiency model using ecologically-friendly refrigerant gas.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Waste disposal and recycling: None of our waste goes to landfill but non-recyclable waste is incinerated to produce energy. Our waste management company reported a 6% decrease in the amount of waste used to create energy (to 91,000 kg), while the amount of waste recycled remained the same as in 2024 (66,000 kg). The ratio of waste recycled: non-recycled improved slightly in 2025 to 42:58 (2024 – 40:60).

Recycling and reuse representative examples 2025:

100% of garden wood waste is now chipped and reused as mulch across the site, rather than being burned.
We eliminated the purchase of 40 tonnes of compost annually by producing all required compost on-site.
95% of costumes for Uprising came from a pre-used or sustainable source; 90% of the costumes for The Railway Children were either from stock or second hand; and almost 75% of the costumes for Le nozze di Figaro were from stock.
Six rails of modern clothing and 10 bags of modern footwear were donated to Emmaus, a homelessness charity in Brighton.
18 moving lights that had been decommissioned were rehomed to the Hampstead Theatre in London, saving them from landfill.
We rehomed the show floor from Uprising (itself having formerly been used on a revival of A Midsummer Night’s Dream ) to Northbrook College in Worthing, saving it from landfill.

The below chart tracks our direct carbon emissions since 2019, measured using the Creative Climate Tools methodology developed by Julie’s Bicycle, a leading non-profit organisation partnering with over 2,000 arts and cultural organisations in the UK and internationally to mobilise the sector to act on the climate crisis. CO2 emissions were down 9% against 2024, with a significant reduction in food waste (composting) being the greatest driver.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Biodiversity and nature:

2025 was the tenth year of our zero-pesticide policy.
We created a wildlife corridor in the form of a meadow strip running along the fence line between the fields and gardens (to the right of the lake).
Log piles in the new Uprising Grove will create a habitat for a number of different species, from small invertebrates to snakes and lizards. This will in turn attract larger predators such as kestrels and kites. The mycelium produced in the log piles will give the new trees a kick start. In February, 60 trees were planted in Uprising Grove as a long-lasting legacy to the community opera Uprising .
We began installing nest boxes for small birds, owls and bats.

In 2026 we plan to:

Continue to reduce our carbon footprint in our energy strategy, operations and supply chain.
Develop a ten-year energy-generation and supply-resilience plan.
Begin to regularly monitor on-site biodiversity.
Develop new ways to engage audiences and our local community with the biodiversity-enhancing, nature-positive innovations in our gardens.

We also report under the UK mandatory Streamlined Energy and Carbon Reporting (SECR) requirements, covering UK energy use and associated greenhouse gas emissions as a minimum relating to gas, electricity and transport fuel, as well as an intensity ratio, and information relating to energy efficiency action.

The table below details our energy consumption and emissions.

GHG emissions and energy use data	Scope	Unit	2025	2024
Energy consumption		kWh	2,064,989	2,091,488
Emissions from combustion of gas	1	tCO2e	234	236
Emissions from combustion of fuel for transport purposes	1	tCO2e	41	47
Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing fuel	3	tCO2e	4	5
Emissions from purchased electricity	2	tCO2e	153	180
Total emissions		tCO2e	432	468
Intensity ratio: tCO2e per m2 of floor area			0.12	0.14

Glyndebourne’s energy consumption in 2025 totalled 2,064 MWh (2024: 2,091 MWh). This includes purchased electricity and gas. Our transport emissions include the use of our

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

minibuses which are available to all members of staff and performing companies to transport them to and from Lewes and Glyndebourne to encourage fewer individual car journeys.

Intensity ratio is based on tCO2e/m2 of occupied floor space across both the Glyndebourne site and our storage facility off site.

Methodology - The methodology used is based on the Greenhouse Gas Protocol Corporation Standard (GHG Protocol). Electricity and gas data is collected from monthly meter readings. Transport data is compiled from employee expense claims and invoices.

FINANCIAL REVIEW

Our finances remained healthy through 2025 with income levels enabling us to invest in four new opera productions and a suite of ongoing capital improvements to our theatre.

Our total income in 2025 was £43.4m (2024: £41.9m), almost half of which (48%) was from Box Office sales of tickets to our performances. A further £10.3m of income (24%) came from fundraising and memberships. These key income streams together represent over 70% of our income for 2025, and also cover 70% of our cost base.

We continued to benefit from important sources of funding from government sources: Theatre Tax Relief of £3.7m and a grant of £0.8m from Arts Council England in support of our Autumn Season and Learning & Engagement programme with a focus on talent development and children and young people.

Our catering operations earned £4.5m (10%) of income.

Expenditure totalled £43.2m (£38.9m in 2024). The increased spend compared with 2024 included increased investment in our artistic and learning programmes. In 2025 we presented four new opera productions: Parsifal and Le nozze di Figaro in the Festival and two new commissions, The Railway Children in our Autumn Season and a community opera, Uprising , in the spring. The creation, rehearsal, staging and running of our artistic programme, including our learning and engagement activities, continue to represent at least half (53%, £22.7m in 2025; 50%, £19.6m in 2024) of our annual cost base.

The management, maintenance and running of the infrastructure and facilities for our audiences, performing companies and staff throughout the theatre and estate represents around a further quarter (26%, £11.4m in 2025) of our annual cost base.

Of the remaining spend, £3.5m (8%) of fundraising, sales and marketing activity generated £31m of income from donations, memberships and box office mentioned above (£3.1m such spend in 2024 returned £29m of income). Our catering operations made up 9% (£4.1m) of our cost base in 2025 (11%, £4.3m in 2024).

Overall, 2025 delivered a net financial surplus of £0.2m (2024: £3.0m). In addition, our investment portfolio gained £2.2m in value (2024: gains of £5.2m), resulting in financial reserves increasing by £2.4m (2024: £8.2m).

Capital expenditure in 2025 totalled £3.3m (2024: £4.7m). We completed a number of capital projects to invest in replacements, upgrades and improvements of assets and systems across the theatre infrastructure and building facilities. These ranged from a rebuild of the stage floor, redevelopment of the under-stage level to install performer lifts, upgrading lighting units and control systems approaching end of life, creating additional storage facilities for our expanding stock of production sets, installation of solar panels on the roof of the Production Hub which

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

houses our costume and props workshops, and the final phase of double-glazed window installations throughout the opera house.

Cash and investments at the year-end were £55.8m (2024: £55.4m). Cash levels reduced through 2025 in line with operating plans and continuing investment in the theatre building and infrastructure and the wider site. This was balanced with strong performance of our investment portfolio.

The Glyndebourne section of the Christie Pension and Life Assurance Scheme continues to be in a net surplus position, £8.4m at 31 December 2025 (2024: £8.3m). The surplus has not been recognised in the financial statements in accordance with the principles of FRS 102 regarding recoverability of the pension scheme asset.

Financial outlook

We continue to manage our financial reserves in line with strategic long term plans. Our investment portfolio grew in value by £2.2m (£5.2m in 2024), largely from financial market conditions, to £50m. Of this, over £20m has been ringfenced for major capital building works in the period to Glyndebourne’s centenary. £12m of reserves carry restrictions from donors and benefactors; we continue to use these funds in line with those conditions and wishes.

A long term protected reserve of £16m represents financial commitments that would need to be fulfilled and other costs to enable Glyndebourne to continue in business in a worst case scenario uninsurable event, recognising that the Festival is primarily reliant on fundraising and box office and that artistic commitments are entered up to four years in advance with the related income rarely confirmed more than a year ahead.

The remaining financial reserves are available to support our financial objective to earn sufficient income over any three-year cycle to cover expenditure, whilst generating surplus cash to build up reserves to invest in excellence for our audiences, artists and staff. With a stubbornly high operating cost base following high inflation rates in recent years and a rolling programme of works required for an ageing building, continued financial discipline alongside support from our audiences, donors and members will enable Glyndebourne to achieve this objective in the challenging national and global financial and economic landscape.

Investment Policy

Under the Articles of Association, the Trustees have delegated authority to the charity’s investment managers to manage investments for the Charity in accordance with the mandate laid down by the Trustees. The investment managers meet with and report on a regular basis to the Investment Committee. Managed funds were transitioned from Capital Group to Navera Investment Management and Rothschild & Co. Wealth Management during 2025 and were valued at £50.5m at 31 December 2025 (2024: £47.7m).

As at 31 December 2025, £20.3m was invested with Navera Investment Management and £30.2m with Rothschild & Co. Wealth Management with the funds spread across the following portfolios:

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Capital Group Long term reserves NGP Gillian Fane Aspiring Artists Wood Peters Navera Long term reserves NGP Gillian Fane Aspiring Artists Wood Peters Rothschild Long term reserves Capital expenditure reserve NGP Wood Peters Total Investments**	2025 Market Value £m Performance % - 5.99 - 2.68 - 1.22 - 0.86 8.9 -1.1 6.9 -1.3 3.6 0.5 0.9 0.4 7.6 0.19 22.2 0.86 0.3 20.27 0.1 20.27 50.5*	2024
		Market Value £m Performance YTD % 34.7 12.45 6.8 12.45 3.6 12.45 0.9 7.32 1.3 18.10 0.3 18.09 0.1 18.09 47.7

* Performance: Capital Group: YTD on redemption, Navera since inception, Rothschild YTD ** New Generation Programme

The purpose of each of the above investment reserves is:

Long term: Maintain a minimum of one year’s operating cost (“free cash” target); act as a long-term strategic reserve
Capital expenditure: Fund major strategic and rolling capital expenditure
New Generation Programme (NGP): Sustain activities that support emerging talent and engagement initiatives
Gillian Fane Aspiring Artists: Support costs related to new and emerging artists
Wood Peters: Support cover artists.

The overall objective of the investment portfolio is to deliver long-term real returns, targeting investment growth in line with or exceeding UK CPI + 3% per annum across a balanced asset portfolio of equities, fixed income and other instruments. The asset allocation within the Capital Expenditure Reserve differs; here the risk exposure is determined on an ongoing basis according to capital expenditure plans and includes a balanced asset strategy, gilt ladder and term cash deposits.

Reserves Policy

The financial objective remains to earn sufficient income on a 3 year rolling basis to cover expenditure, whilst generating surplus cash sufficient to build up free reserves to ensure:

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

funds are available to invest in maintaining our competitive edge from an audience, artistic and staff perspective including capital requirements over the life of the lease of the Opera House;
the Charity continues to be able to meet its liabilities as they fall due, including those in respect of the Charity pension scheme; and
the charitable objectives can be met on a long-term basis regardless of short-term disruptions due to economic or other unforeseen circumstances beyond the control of management.

Free reserves are deemed to be those that are readily realisable, excluding funds whose uses are restricted or designated for particular purposes. Such reserves exclude property and other fixed assets that will continue to be used in the day-to-day running of the Charity. Reserves preservation remains crucial to ensure the ability to continue to invest in the Charity, its physical assets and to protect against the unpredictable financial impact of circumstances beyond management control such as changing legislation and external economic factors.

As a matter of policy, each year the Trustees review the value of reserves required to be held in investments and cash not restricted to any particular purpose. The Board considers the Charity’s exposure to the risks of any significant loss of income and of unforeseen expenditure which cannot be mitigated by executive action. The degree of risk ascribed to each such event is assessed.

The Charity sets a target level of free reserves each year, which is calculated on the basis of having to fulfil financial commitments and continue in business in a worst case scenario uninsurable event. This takes account of the fact that the Festival receives no public subsidy and is wholly reliant on fundraising and box office (a 5% reduction in Festival box office income would reduce reserves by approximately £1m) and the fact that there is a significant lead-time to maintain artistic standards (financial commitments are entered up to 4 years in advance with the contracting of artists whilst the related income is rarely committed more than a year ahead). The target for 2025 was £15.1m. Free reserves as at 31 December 2025 were £22.5m (2024: £23.4m). This will move towards the target level as we progress with a rolling programme of essential capital expenditure and develop major capital buildings works in period to Glyndebourne's centenary.

Reserves as at 31 December:

Reserves as at 31 December:
		2025 2024
	£m £m
Endowment Funds	1.0 1.0
Restricted Funds	10.5 10.9
Tangible Fixed Assets	41.6	40.6
Designated funds 20.2		17.4
General reserves 22.5		23.4
Unrestricted Funds		84.3 81.4
Total Group Reserves	95.8 93.3

Financial projections for the period 2026-29 support the Trustees’ reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Principal risks and uncertainties

The Board of Trustees recognises its responsibility for an overall strategy of risk management. This strategy comprises:

a formal annual review by management of the risks facing the Charity;
the establishment of systems and procedures to mitigate risks identified;
the implementation of procedures to minimise the potential impact on the Charity should those risks occur;
a programme of review and testing of such procedures; and
formal reporting to the Board on an annual basis of all new risks identified, systems and key staff changes and the controls implemented.

Such procedures are designed to provide reasonable, but not absolute, assurance against material mismanagement or loss. Independent internal audit and assurance reviews of financial controls and follow up on recommendations arising in previous internal audits were carried out in 2025. The Trustees believe that there is a satisfactory system of well-managed internal controls.

The key specific risks for the foreseeable future, identified through this process, together with mitigation plans are shown in the following table:

Risk	Mitigations
Cyber security incident	Implementation of recommendations from latest penetration testing (early 2026). Integrating rolling network switch replacements into the security operations centre's scope to enhance security control. Cyber controls audit by a qualified independent auditor in 2026 to include focus on Business Information Systems and Theatre Technical Systems.
Electricity - growing reliance on the electricity supply and interruptions to the power supply.	Ten year energy infrastructure and resilience strategy is a named priority for 2026. Implementation of energy contingency plans for Festival 2026.
Ability to achieve financial sustainability due to rising cost base (e.g. capital needs, inflation and changes in taxation) and/or income growth not keeping pace with cost increases).	Optimising performance seasons. Focused prioritisation of capital spend needs to pace the level of investment within available funds.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Glyndebourne Productions Limited is a company limited by guarantee (company registration no: 00358266) and is registered as a charity (charity registration no: 243877). It is governed by a Memorandum and Articles of Association, last amended on 27 June 2019.

Legal and administrative information set out on pages 25-26 form part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, the Companies Act 2006 and the Charities SORP (FRS 102). The Board monitors its governance practice against the eight principles of the Charity Governance Code and recommended practice. The Board adopts the best practice principles of the Code, proportionately to the Charity’s circumstances, and routinely challenges themselves on areas for improvement/ implementation. The Code suggests that trustee tenure should be limited to nine years as best practice and that exceptions should be discussed, minuted and documented in the Charity’s annual report. Some members of the GPL Board are approaching or have exceeded the recommended limit. This has been properly debated and is considered to remain appropriate in order to safeguard continuity of knowledge and experience of the Charity, complemented by newer appointments to the Board.

Board of Trustees

The Board of Trustees is responsible for the overall governance of the Charity. Trustees are elected by the Board, based on a fair recruitment process representative of GPL as an equal opportunities employer, including meetings between prospective candidates and existing members of the Board. In accordance with the Articles of Association, the total number may not be less than four nor more than ten. The induction process for new Board members includes the provision of background information, details of the constitution of the Charity and its connected parties, budgets, recent financial statements, minutes of recent Board meetings and papers dealing with key current issues, plus the opportunity for meetings with key executives. Effective partnership between the Trustees and the executive management continues to contribute significantly to the success of the business. Board meetings were held on five occasions, in addition to an Annual General Meeting, throughout 2025. At such meetings Trustees review strategy, operational performance and authorise operating plans and budgets. Further strategic reviews are undertaken as and when required for any other purpose.

The Board delegates the exercise of certain powers in connection with the management and administration of the Charity as set out below. This is controlled by regular reporting to the Board, with the delegated authorities being approved by the Board annually.

Audit, Finance and Compliance Committee (AFCC)

This Committee meets formally three times a year, or more often if necessary. Minutes of these meetings are presented to the Board of GPL for formal ratification. The Committee is charged with reviewing the process and effectiveness of financial reporting, internal control and risk management, external and independent internal audits, and management of the Charity’s investment portfolios via the Investment Committee. The Committee meets with the external auditors at least annually without any members of the Glyndebourne management in attendance. Furthermore, the Committee ensures that proper procedures are in place to manage cash resources prudently whilst maintaining sufficient funds to meet daily cash requirements. The Committee advises the Board of Trustees on the appropriate level of free reserves and any significant change in investment strategy.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Investment Committee

This Committee is charged with the Charity’s investment policies and strategy alongside review of the performance of the Charity’s investment managers. This Committee meets at least twice a year and reports to the AFCC, with minutes of meetings presented to the AFCC and Board of GPL.

Nominations Committee

The Nominations Committee is charged with succession planning and Board appointments.

Remuneration Committee

The Remuneration Committee meets formally at least twice a year and is charged with the review of performance of the executive management team, remuneration and compensation policy. Remuneration is set in line with national economics, organisational financial performance and market expectations from benchmarking.

Development Committee

This Committee’s primary purposes cover broadening the range of funding available to GPL and overseeing the systems and processes in place to ensure ethical fundraising, following best practice and meeting all regulatory requirements. This Committee meets four times a year.

Buildings, Resources and infrastructure Committee (BRIC)

This Committee provides oversight and independent judgement on matters relating to long term capital programming. Along with strategic oversight, BRIC monitors progress, provides input and ensures alignment with the AFCC, Board and capital fundraising efforts. This Committee meets at least four times a year.

Directors Group

Gus Christie, Executive Chairman, leads the executive team responsible for the day-to-day management of the Charity. During the year the team comprised Richard Davidson-Houston (Chief Executive Officer), Stephen Langridge (Artistic Director), Sam Garner-Gibbons (Technical and Production Director, from March 2025), Donna Marsh (Director of Operations), Helen McCarthy (Director of Development), Steven Naylor (Director of Artistic Administration), Laura Jukes (Director of Audiences) and Lisa Wong (Finance Director). The Directors Group reports to the Board of Trustees on a regular basis.

The pay of the executive management team is reviewed annually by the Remuneration Committee of the Board, with occasional benchmarking against other Arts organisations. Annual pay awards are normally based on CPI and average earnings data, but the Remuneration Committee has the authority to award different pay reviews should market forces dictate or responsibilities change.

Our focus on Glyndebourne as a commercially-run organisation delivering the highest of international artistic standards is reflected in the compensation of the Executive Team. The most senior executives’ compensation includes an at-risk and capped performance-related pay component that reflects the deliverables expected of the individual. These stretch deliverables are focused on artistic, financial, audience-centred and operational KPIs that

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

deliver greater artistic impact and value for money for our audiences, members, donors and stakeholders. This is a 5-year long-term incentive plan, payable in 2030.

Our Governance structure continues to be supported by an annual programme of both external and internal independent audit.

Group Structure

GPL has a wholly owned trading subsidiary, Glyndebourne Enterprises Limited (“GEL”). The business of the subsidiary comprises merchandise and retail, art and gallery, production sale and hire, the operation of GPL’s wind turbine, commercial props-making, as well as being contracted by GPL to produce all of the Festival, Autumn Season, community and youth opera productions each year. The objective of the trading subsidiary is to raise funds to support the charitable activities of its holding company.

Connected Charity

Glyndebourne America Inc. (“GA”) was established in 2019 for the purpose of attracting support from people and organisations in America who are sympathetically disposed to the promotion of opera. Michael Lynch (member of GPL Audit, Finance and Compliance Committee) and John Botts (Honorary member of GPL Board) remained as Trustees of GA throughout the year.

Total cash and investments held by GA at the year-end amounted to $438k (2024: $259k held by GA). Grants totalling $354k were made to GPL during the year by GA (2024: $506k).

Connected Persons

The relationship between GPL and the Christie family is critical to the long term financial and operational strategy of the Charity. GPL was founded by John Christie, grandfather of Gus Christie, Executive Chairman, in 1934. Since that date the Christie family - John, followed by his son, Sir George Christie and currently Gus Christie - have lived on site in the Mansion House (the “House”), which is not an asset of GPL, and have taken an active role in the management and supervision of the Charity. This relationship with the family is important to members, donors, staff and artists. The Christie’s home, the Mansion House, is used by GPL to accommodate company members for 7 months of the year from the start of Festival rehearsals to the end of the Autumn Season performances which therefore means the family have little privacy. Gus entertains the Company and donors on a regular basis in the House and the Organ Room is open to audiences on every performance day. The gardens are open to opera audiences on performance days and to Company members every day of the year. There is a formal agreement in place between GPL and Gus for the sharing of running costs of the House. No rent is charged to GPL, providing significant benefit to GPL in saving the costs of essential accommodation for artists and entertaining space. The Opera House, owned by a Trust of which the family and GPL are beneficiaries, is let to GPL at a peppercorn rent to 2075.

Gus Christie continued to be engaged by the Charity during the year, and attended Board meetings in the capacity of a non-voting advisory trustee. Details of transactions with the Christie family are set out in Note 19 to the financial statements.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Health, Safety and Safeguarding

The Charity has a comprehensive health and safety policy which is regularly reviewed, and employs suitably qualified individuals in the areas of health and safety. Procedures are managed and monitored by a group of safety representatives from all key departments, which reports to the Health and Safety Governance Committee, chaired by the CEO and of which several key senior executives are members. This committee meets regularly and management reports formally to the Board on health and safety matters.

Safeguarding is monitored by a Safeguarding Committee of representatives from areas of the company working with children and vulnerable adults. This Committee is chaired by the Artistic Director. There are comprehensive safeguarding policies for children and at-risk adults. All Trustees and executive directors undertake safeguarding training developed by NSPCC.

Two Trustees are designated to take the lead on health, safety and safeguarding matters.

Employee Involvement

The Charity continues to be focussed on being an organisation that employees enjoy working for, where they feel supported and developed. It operates an open communications policy, informing and seeking the views of its employees through an integrated internal communications plan comprising a range of meeting forums available to all staff. Regular company-wide staff meetings take place throughout the year. Regular meetings are held with the key recognised unions, BECTU and Equity.

Diversity and Inclusion (D&I)

We have a clear governance structure in place to support the creation of an inclusive and welcoming workplace for all artists and staff, regardless of background or identity. This includes a Diversity and Inclusion (D&I) Group made up of staff volunteers from across the organisation, alongside an Equity, Diversity and Inclusion (EDI) working group focused on three key areas: Artistic; Audience and Communities; and Workforce, Leadership and Governance. The working group comprises key decision-makers, reports quarterly to the Board and Directors, and oversees the aims, objectives and actions set out in an annual action plan. This plan, together with our D&I company policy, is reviewed, updated and approved by the Board. The Board plays an active role in setting objectives and maintaining regular communication with the working group and Executive Directors.

Artistic

In 2025, we delivered a range of talent development programmes supporting artists from underrepresented backgrounds and those who may face additional barriers to progression:

Glyndebourne Academy - a national programme for 18-26 year-olds who show vocal promise but face personal, geographical or financial barriers to progression. In 2025, nine young people were selected to take part in the Academy. Led by vocal talent consultant Mary King, participants benefited from sustained expert mentorship, including a residential week and a final residential weekend at Glyndebourne. The long-term impact of the Academy was further demonstrated in the autumn when alumnus Darwin Prakash (2015 cohort) returned to Glyndebourne to perform as a principal singer in La bohème.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Pegasus Opera mentoring programme - our partnership with Pegasus Opera offered aspiring and emerging artists of global majority heritage a bespoke programme of coaching and mentoring opportunities. Each of the four mentees in 2025 attended either the pre- or final-dress rehearsal of each Festival production, as well as cover (understudy) showings alongside coaching sessions during the summer and autumn. Representatives from Glyndebourne also attend Pegasus Opera auditions and showcases to help spot emerging talent who can be encouraged to audition for the Glyndebourne Chorus, a proven launchpad for a professional career in opera.

We were also delighted to welcome Pegasus Opera to Glyndebourne in November for the company's Windrush The Opera Research & Development (R&D) Preview and Q&A, which was a culmination of a week's residency at Glyndebourne.

Glyndebourne Youth Opera (GYO) - through Glyndebourne Youth Opera (GYO) we provide outstanding, high-quality performance opportunities for children and young people aged 9-19. In 2025, young people from GYO performed in mainstage Autumn Season productions gaining invaluable professional experience alongside world-class artists. Notably, the children’s chorus for La bohème was recruited entirely from GYO, marking the first all-GYO children’s chorus in Glyndebourne’s history and a significant milestone for the programme. Recruiting directly from GYO, rather than from external stage schools, is significant because GYO is free to attend, open to all, and actively works to reach young people who might not otherwise have the opportunity to engage with opera at this level.

Glyndebourne’s commitment to access and inclusion was further demonstrated when, for the first time, GYO singers formed part of the children’s chorus in the revival of A Midsummer Night’s Dream. In addition, GYO singers performed in Glyndebourne’s Christmas concerts.

We co-commissioned, with Saffron Hall Trust, a new community opera by Jonathan Dove entitled Uprising , which premiered on Glyndebourne’s mainstage in February and featured the largest community chorus in the company’s history. GYO participants and adults from the local community performed onstage with professional soloists, while youth instrumentalists played alongside the Glyndebourne Sinfonia.

Composers - Lucy Armstrong and Alex Ho were part of Glyndebourne’s Balancing the Score programme, which supports composers from backgrounds currently underrepresented in the world of operatic composition. After three years immersed at Glyndebourne they are now both engaged in new commissions with the company.

In 2025, work began on Lucy Armstrong’s new youth opera, Spark. This youth opera continues Glyndebourne’s long commitment to creating work with, and for, young people and will include members of Glyndebourne Youth Opera. It will be the first opera composed by Lucy to be performed at Glyndebourne, and will form part of the 2026 Autumn Season.

Jerwood Pit Perfect - 11 young instrumentalists joined Pit Perfect, a unique scheme in which recently graduated professional musicians join the Glyndebourne Sinfonia to gain their first professional operatic experience. This was the largest cohort ever, which will mark its 9th year in 2026. The successful applicants joined the Glyndebourne Sinfonia for the Autumn Season and were mentored by a member of the orchestra.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

They also received one-to-one lessons, the chance to sit in on additional rehearsals and performances, and took part in seminars on life in the music profession.

Pit Perfect, a unique scheme for young instrumentalists, has now introduced over 60 outstanding newly graduated players to the world of working in an opera orchestra at the very highest level. We had little idea at the start how Pit Perfect would influence the Glyndebourne Sinfonia going forward but welcoming these young musicians to the orchestra on the scheme has led to many, including our Assistant Leader, becoming regular players in the orchestra. With as many as nine former Pit Perfect players joining us each autumn it is proof to the new generation each year that there is a progression from the scheme to regular professional work.

Audiences and Communities

Glyndebourne’s Schools programme is now one of the UK’s most impactful cultural education initiatives - oversubscribed, highly valued, and increasingly essential to the schools we serve. Demand continues to rise, and 2025 saw the highest number of children ever attending our performances for schools at Glyndebourne.

Our vision is to make opera accessible to all, especially schools with limited arts provision, and to inspire creativity, confidence and a lifelong love of music. Continued support from funders enables us to remove barriers, reach more children, and provide exceptional artistic and educational experiences that stay with young people for life.

In 2025, over 98% of the students we reached attended state, academy or special schools. We welcomed the highest number of children ever to our Performances for Schools with over 5,000 tickets sold, including four fully sold-out performances in the Autumn Season - up from two performances in 2024.

Alongside school matinees, the programme’s participation projects have also expanded and are flourishing. The One Voice Festival of Singing project, in partnership with Create Music, engaged more than 80 schools and 6,000 children, with over 2,000 performing across concerts at Glyndebourne, Brighton Dome and De La Warr Pavilion. Our Singing Schools Network project placed co-creation at its heart, with composer Howard Moody working with 300 students to create a response to Handel’s Messiah. The project involved six schools (state primary and secondary plus one special educational needs school) and included workshops throughout the autumn term, culminating in final performances where children performed alongside the Glyndebourne Chorus and Glyndebourne Sinfonia.

Our Travel Grant scheme, which supports state schools, particularly those most in need, has become indispensable in ensuring access for disadvantaged pupils to performances and participatory projects. Over £15,000 in travel grant funding was awarded to state schools. This increasing demand highlights the importance of sustained and expanded funding to ensure equitable access for disadvantaged pupils.

Glyndebourne’s Autumn Season broadens access for new and diverse audiences. Unique in the UK, it has, since launching in 2023, quickly become one of the country’s major opera events. The Autumn Season continued to grow in 2025. In total, over 50,000 people were engaged through public performances and community projects. We welcomed over 2,000 new bookers, half of whom were first-timers to Glyndebourne, and strategic pricing supported affordability and audience development with over 15,000 tickets sold for mainstage opera and concerts priced at £7-£49.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

Workforce, Leadership and Governance

We continued to develop and embed plans to ensure Glyndebourne remains an inclusive and welcoming workplace for all. Our aim is for everyone working at Glyndebourne to recognise and celebrate the organisation as diverse and inclusive. To support this, we seek regular feedback from staff to better understand their experiences and perceptions of inclusion across the company. We also reinforce our commitment to equity, diversity and inclusion through inductions for new staff throughout the year and by sharing information and updates at company meetings. Alongside this, we delivered a programme of training and development opportunities for staff.

Glyndebourne’s commitment to nurturing emerging artists is long-standing and proven: from young singers, composers and musicians to apprentices in areas such as Gardens, Building Services and Human Resources, we have consistently invested in the next generation. We were pleased to start the recruitment process for new Technical and Production Apprenticeships at the end of 2025, which represents an ambitious expansion of this commitment to developing talent. These new roles will broaden Glyndebourne’s pathways into the creative industries, offering structured, inclusive entry routes into backstage careers and strengthening the UK’s wider talent pipeline at a time of acute skills shortages across the sector.

Glyndebourne’s backstage teams - Lighting, Sound, Stage, Automation, Wigs, Hair & Makeup, Video, and more - represent some of the finest theatre craft expertise in the world. Apprentices will learn directly from these professionals, gaining unparalleled practical skills, industry contacts and the confidence to begin an exciting career in the live arts. Alongside these new apprenticeships, plus other apprenticeships in roles across the wider company, we will also continue to support up to 12 work experience placements in Technical and Production - to include placements in Stage, Sound and Lighting as well as other backstage areas.

Disabled persons

The Charity is a Disability Confident accredited employer and actively encourages applications from disabled candidates as part of its recruitment policies. Where disabled candidates meet the minimum criteria for a role, they are guaranteed an interview.

The physical features of the Charity’s premises are regularly monitored to assess whether they place disabled employees, job applicants or project participants at a substantial disadvantage compared to others. Where reasonable, steps are taken to improve access and remove barriers for disabled company members.

All employees regardless of disability, are given appropriate access to training, development and progression opportunities within the Company.

Training and Development

The Charity is committed to the training and development of all employees and provides learning opportunities to support both current role requirements and future development.

During 2025, the Charity continued to deliver a range of equality, wellbeing and inclusion focused training. This included trans awareness workshops delivered by Mind Out, a local LGBTQ+ mental health charity, menopause awareness workshops and a series of neurodiversity training sessions delivered collaboratively by the Charity’s legal advisers and a

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

local specialist charity. Foundation-level training was supplemented by advanced-level sessions to support deeper learning and practical application.

The Charity also progressed the rollout of a mandatory core training programme, renewed on an ongoing basis. This programme covers sexual harassment, safeguarding, health & safety, cyber security, GDPR, anti-money laundering and Action Counters Terrorism (ACT). Training is delivered through a combination of e-learning modules and face-to-face workshops.

Further progress was made in developing a Management Competency Framework to promote consistent and effective people management across the organisation. This work was initially supported by an external consultant and is now being taken forward by an internal steering group. The development process included engagement with approximately twenty per cent of the workforce to ensure the framework reflects organisational values and operational realities. The next step of the project is to integrate it into processes such as appraisals and induction.

Statement of compliance with s172(1) Companies Act 2006

The Board of Trustees consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the charitable company for the benefit of the company as a whole and in doing so have had regard to the following matters set out in s172(1)(a-f) in Companies Act 2006:

The likely consequences of any decision in the long term - Our artistic programme is planned, alongside financial budgets, up to four years in advance. Our core financial objectives, alongside robust investment and reserves policies, keep our goal of maintaining financial independence in sight at all times and in support of the objective and ability to create world-class opera, now and in the future. A programme of risk management is in place to identify and respond to potential and actual risks to these goals. Further details of our financial and risk management policies are set out in the Financial Review on pages 10-13.
The interests of the company’s employees - Our staff are fundamental to the delivery of our plan. We are committed to ensuring every member of staff feels engaged and empowered in their role. The health, safety and well-being of our employees are primary considerations in the way we deliver our objectives. See pages 6-7 for further information on how we deliver one of our key objectives, to create a stimulating and inspirational
The need to foster the company’s business relationships with suppliers, customers and others - Our fundraising policies and practices are robust and best practice, lending themselves to respectful and transparent engagement with our members and donors (see page 5). We aim to be an inclusive organisation that offers equality of opportunity to all; this policy extends to our relationships with our existing, future and potential employees, artists and audiences, suppliers, supporters and partners (pages 18-21 for further details of our work on D&I).
The impact of the company’s operations on the community and the environment – Our year-round Learning & Engagement programme is a major area of activity, creating opportunities for groups which may otherwise experience barriers to accessing opera (see pages 18-20). We are a major employer in East Sussex, creating employment and business opportunities for many individuals, artists and local businesses. The Charity’s wind turbine enables us to be a net contributor of electricity supply to the National Grid in

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

The desirability of the company maintaining a reputation for high standards of business conduct – This is paramount for the success of the four cornerstones of our strategy. Our culture and values are lived through our organisational and business policies and in how these are applied in day-to-day practice.
The need to act fairly as between members of the company – Registers of interests in other companies, charities and businesses are maintained for members of the Board and executive management, and are formally reviewed and updated on an annual basis. Where conflicts of interest arise, they are declared at the start of each Board meeting.

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Glyndebourne Productions Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

so far as each Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

Glyndebourne Productions Limited (Limited by guarantee)

Report and Financial Statements for the year ended 31 December 2025

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditors and a resolution to re-appoint them will be proposed at the annual general meeting.

The Report of the Trustees, which includes the Strategic Report, was approved by the Board on 29 June 2026 and signed on their behalf by:

Lord Davies of Abersoch Chairman

Glyndebourne Productions Limited (Limited by guarantee)

Legal and Administrative Information

Trustees

The Trustees of the Charitable Company are also its Directors for the purpose of Company law. Throughout this report they are collectively referred to as Trustees.

Lord Davies of Abersoch CBE (Chair) Jolyon Barker Karthi Gnanasegaram Sarah Hopwood Alina Kessel Dr Anna Mallett Gautam Rangarajan Victoria Robey CBE Christopher Walter (to 05 March 2026) Helen Ward

John Botts CBE (Honorary Board member to 31 December 2025)

Gus Christie, Executive Chairman, attends Board meetings in the capacity of a non-voting advisory trustee.

Audit, Finance and Compliance Committee Jolyon Barker (Chair) John Botts CBE (to 31 December 2025) Sarah Hopwood Michael Lynch Christopher Walter (to 05 March 2026) Helen Ward (from June 2026)

Buildings, Resources and Infrastructure Committee Gautam Rangarajan (Chair) Jolyon Barker Victoria Robey CBE

Development Committee

Helen Ward (Chair) Lord Davies of Abersoch CBE John Botts CBE (to 31 December 2025)

Investment Committee Jolyon Barker (Chair) John Botts CBE (to 31 December 2025) Edward Clive Michael Lynch Maxim Parr Nominations Committee

Lord Davies of Abersoch CBE (Chair) Jolyon Barker Helen Ward

Remuneration Committee

Alina Kessel (Chair) Jolyon Barker John Botts CBE (to 31 December 2025) Christopher Walter (to 05 March 2026)

Directors Group

Gus Christie – Executive Chairman Stephen Langridge – Artistic Director Richard Davidson-Houston – Chief Executive Officer Sam Garner-Gibbons - Technical and Production Director Laura Jukes - Director of Audiences Helen McCarthy – Director of Development Donna Marsh – Operations Director Steven Naylor – Director of Artistic Administration (to April 2026) Lisa Wong – Finance Director

Glyndebourne Productions Limited (Limited by guarantee)

Legal and Administrative Information

Registered Office and Principal Office

Glyndebourne Lewes East Sussex BN8 5UU

Company Secretary

Lisa Wong

Professional Advisers

Statutory Crowe U.K. LLP Auditors Chartered Accountants 55 Ludgate Hill London EC4M 7JW Bankers Lloyds TSB plc 25 Gresham Street London EC2V 7HN Investment Rothschild & Co. Wealth Management UK Ltd Managers New Court St Swithin’s Lane London EC4N 8AL Navera Investment Management Riverside House 2a Southwark Bridge Road London SE1 9HA Solicitors Covington & Burling LLP 22 Bishopsgate London EC2N 4BQ

Glyndebourne Productions Limited (Limited by guarantee)

Independent Auditor’s Report to the Members of Glyndebourne Productions Limited

Opinion

We have audited the financial statements of Glyndebourne Productions Limited (the “charitable company”) and its subsidiary (the “group”) for the year ended 31 December 2025 which comprise of the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows, and notes to the financial statements, including 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:

give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2025 and of the group’s incoming resources 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 requirements of the Companies Act 2006.

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 Auditor’s 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 UK, including the FRC’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 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.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Glyndebourne Productions Limited (Limited by guarantee)

Independent Auditor’s Report to the Members of Glyndebourne Productions Limited

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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

the parent charitable company has not kept adequate accounting records; 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

As explained more fully in the trustees’ responsibilities statement set out on page 23, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Glyndebourne Productions Limited (Limited by guarantee)

Independent Auditor’s Report to the Members of Glyndebourne Productions Limited

Auditor’s 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 auditor’s 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members including internal specialists. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charitable company’s and the group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We also considered the opportunities and incentives that may exist within the charitable company and group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of legacy income, theatre tax relief income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit and the Audit, Finance & Compliance Committee about their own identification and assessment of the risks of irregularities, sample testing, on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, reviewing of internal audit reports and reading minutes of meetings of those charged with governance.

Glyndebourne Productions Limited (Limited by guarantee)

Independent Auditor’s Report to the Members of Glyndebourne Productions Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Naziar Hashemi

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

Date: 7 July 2026

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE STATEMENT) FOR THE YEAR ENDED 31ST DECEMBER 2025

----- Start of picture text -----
Unrestricted Restricted Endowment Total Total
Note Funds Funds Funds 2025 2024
£'000 £'000 £'000 £'000 £'000
Income from:
Donations, legacies and grants 7,561 3,557 0 11,118 9,842
Charitable Activities:-
- Operation of Festival, Autumn Season
Learning & Engagement, and Media Development 26,410 0 0 26,410 25,800
Other trading activities
- Commercial trading operations 1,571 0 0 1,571 1,421
Investment income 552 27 34 613 705
Other income 0 0 0 0 639
Total income before Theatre Tax Relief 4 36,094 3,584 34 39,712 38,407
Theatre Tax Relief 7 3,720 0 0 3,720 3,535
Total income 39,814 3,584 34 43,432 41,942
Expenditure on:
Costs of raising funds:-
- Fundraising costs 1,072 0 0 1,072 918
- Investment management fees 149 39 3 191 233
- Commercial trading operations 860 0 0 860 897
Charitable activities:-
- Operation of Festival, Autumn Season
Learning & Engagement, and Media Development 36,901 4,194 0 41,095 36,883
Total expenditure 5 38,982 4,233 3 43,218 38,931
832 -649 31 214 3,011
Net gains on investments 10 1,985 225 -8 2,202 5,196
Net income 2,817 -424 23 2,416 8,207
Transfers between funds 17 67 -33 -34 0 0
Net income after transfers 2,884 -457 -11 2,416 8,207
Other recognised gains and losses
Actuarial gain on the defined
benefit pension scheme 18 0 0 0 0 0
Net movement in funds 2,884 -457 -11 2,416 8,207
Reconciliation of funds
Fund balances at 1st January 81,405 10,930 1,022 93,357 85,150
Fund Balances at 31st December 84,289 10,473 1,011 95,773 93,357
----- End of picture text -----

The detailed 2024 comparative statement of financial activities is reported in note 3.

The notes form part of these financial statements

Page: 31

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

BALANCE SHEETS AS AT 31ST DECEMBER 2025

COMPANY NUMBER 00358266

----- Start of picture text -----
2025 2024 2025 2024
Note Group Group Charity Charity
£'000 £'000 £'000 £'000
Fixed Assets:
Tangible assets 9 41,600 40,610 41,560 40,564
Investments 10 50,531 47,694 50,531 47,694
Total Fixed Assets 92,131 88,304 92,091 88,258
Current Assets:
Stocks 11 106 95 0 0
Debtors 12 5,662 5,480 2,474 2,485
Cash at bank and in hand 5,293 7,706 4,237 6,605
Total current assets 11,061 13,281 6,711 9,090
Liabilities:
Creditors: Amounts falling
due within one year 13 -7,307 -8,062 -7,185 -7,859
Net current assets/(liabilities) 3,754 5,219 -474 1,231
Total assets less current liabilities 95,885 93,523 91,617 89,489
Creditors: Amounts falling
due after more than one year 15 -112 -166 -112 -166
Net assets excluding pension
scheme liability 95,773 93,357 91,505 89,323
Defined benefit pension
scheme liability 18 0 0 0 0
Total net assets 95,773 93,357 91,505 89,323
Funds:
Endowment funds 17 1,011 1,022 1,011 1,022
Restricted funds 17 10,473 10,930 10,473 10,930
Unrestricted funds 17 84,289 81,405 80,021 77,371
Total funds 95,773 93,357 91,505 89,323
----- End of picture text -----

The net income for the financial year for the parent charity was £2,182K (2024: £7,565K)

The financial statements were approved on behalf of the Board of Directors on 29 June 2026.

Lord Davies of Abersoch – Director

The notes form part of these financial statements

Page: 32

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2025

----- Start of picture text -----
2025 2024
£'000 £'000 £'000
Net cash provided by operating activities -2,479 1,827
Taxation received 3,554 3,048
1,075 4,875
Cash flows from investing activities
Purchase of tangible fixed assets -3,285 -4,702
Proceeds from disposal of tangible assets 2 26
Purchase of fixed asset investments -48,570 -34
Proceeds from disposal of fixed asset investments 48,255 0
Interest received 507 566
Dividends 106 139
Net cash from investing activities -2,985 -4,005
Cash flows from financing activities
Bank borrowing acquired 0 0
Repayments of loan capital 0 0
Net cash from financing activities 0 0
Net (decrease)/increase in cash and cash equivalents -1,910 870
Cash and cash equivalents at the beginning of the year 7,708 6,838
Cash and cash equivalents at the end of the year 5,798 1 7,708
Reconciliation of net movement in funds to net cash flow from operation activities
2025 2024
£'000 £'000
Net movement in funds for the reporting period (as per the Statement of
2,416 8,207
Financial Activities)
Adjusted for:
Theatre Tax Credits -3,720 -3,535
Losses/(gains) on investments -2,202 -5,196
Interest received -507 -566
Dividends received -106 -139
Depreciation charges 2,090 1,697
Investment fees charged to fund 183 233
(Profit)/Loss on disposal of fixed assets 203 136
Pension adjustment 0 0
Decrease/(Increase) in stock -11 -22
Decrease/(Increase) in debtors -16 -382
Increase/(Decrease) in creditors -809 1,394
Net cash provided by operating activities -2,479 1,827
Cash and cash equivalents consists of:
Cash at bank and in hand 5,293 7,706
Cash held by stockbrokers 505 2
5,798 7,708
----- End of picture text -----

The notes form part of these financial statements

Page: 33

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

1 CHARITY INFORMATION

Glyndebourne Productions Limited is a company limited by Guarantee (registered number 00358266), which is a public benefit entity and registered as a Charity in England and Wales (charity number 243877) and domiciled in the UK. The address of the registered office is Glyndebourne, Lewes, East Sussex, BN8 5UU.

2 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are summarised below.

a. Basis of accounting

The financial statements have been prepared in accordance with the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Glyndebourne Productions Limited 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 note. The principal accounting policies, as set out below, have all been applied consistently throughout the year and the preceding year.

b. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees the most significant accounting judgements and key sources of estimation uncertainty that affect items in the financial statements are those pertaining to Creative Tax Relief - see (k).

c. Group financial statements

The financial statements consolidate the results of the Charity and its wholly owned subsidiary, Glyndebourne Enterprises Limited, on a line by line basis. A separate Statement of Financial Activities for the Charity itself is not presented as permitted by the exemption under section 408 of the Companies Act 2006. The Charity has also taken advantage of the exemptions under FRS 102 from the requirements to present a Charity only cash flow statement and certain disclosures about the Charity’s financial instruments.

d. Preparation of the accounts on a going concern basis

The Board of Trustees has reviewed the financial position of the Group and the Charitable Company and believes there are sufficient resources to manage any operational or financial risks. Having considered financial forecasts for 2025-28, the Trustees have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Therefore the Board continues to adopt the going concern basis in preparing the annual financial statements.

Page: 34

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

e. Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income is deferred to future accounting periods where the conditions for recognising the income have not been met. Deferred income includes box office receipts and membership subscriptions in respect of the following year’s Festival.

Box office income consists of ticket sales and is recognised on the night of the performance.

Income from fundraising, donations and grants, including capital and government grants, is included in income when the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. Where the donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in income until the pre-conditions for use have been met. Similarly, where donors specify that the funds must be used in future accounting periods, the income is deferred until those periods.

For legacies, entitlement is the earlier of the estate accounts being approved or cash received.

Media development income is recognised when receivable and co-production income is recognised in the year the production is staged.

f. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

g. Fund accounting

The charity maintains various funds in accordance with the Charities SORP (FRS 102). These funds, which require separate disclosure, are as follows:-

Unrestricted Funds - These are the general funds of the charity and are expendable at the discretion of the Trustees in the furtherance of the charitable objectives. The main sources of general funds are from ticket sales, unrestricted fundraising, sundry sales and income from the investment of general funds. The main applications of general funds are the production of opera for the Festival and Autumn programme and the overhead costs associated with these.

Designated Funds - These are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

Restricted Funds - These are funds which are subject to specific objects declared by the donor or which are raised by appeal for a specific purpose. These funds are expendable by the Trustees in furtherance of the specific object for which they were given unless the donor later agrees that they can be applied for a general purpose. Due to the nature of these funds they are accounted for separately from the general funds of the charity.

Endowment Funds – These are funds to be held permanently, or for a pre-agreed period of time, although their constituent assets may change from time to time, and they are also subject to specific restrictions imposed by the donor on their use.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page: 35

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

h. Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. The main categories of expenditure comprise:

Charitable activities: direct costs of the Festival, Tour, Learning & Engagement and Media Development.
Costs of raising funds: salaries and other direct costs relating to the fundraising and membership department, investment management fees and the costs of the trading subsidiary, Glyndebourne Enterprises Limited.

Support costs are allocated to the above categories based on the proportion of staff involved in each activity and the space used and irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Production costs are written off in the year in which they are incurred except where they relate to productions to be performed in future years. These are deferred to the extent that the Trustees consider they are recoverable in subsequent accounting years.

i. Employee benefits

Employee bonus plans: An expense is recognised in the Consolidated SOFA when the group has a legal or constructive obligation to make payments under bonus plans as a result of past events and a reliable estimate of the obligation can be made.

Termination benefits are employee benefits provided in exchange for the termination of an employee's employment. The liability and expense for termination benefits is recognised at the point when the offer of those benefits can no longer be withdrawn.

j. Foreign currencies

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. The resulting exchange gains and losses are taken to the Statement of Financial Activities.

k. Theatre Tax Relief

Glyndebourne Productions Limited and Glyndebourne Enterprises Limited have entered legal agreements in respect of each production to be performed from 2015 whereby Glyndebourne Productions Limited commissions Glyndebourne Enterprises Limited to produce the operas and Glyndebourne Enterprises Limited in turn has contracted Glyndebourne Productions Limited to provide appropriate resources and skills to enter into the relevant third party contracts.

The income and expenditure resulting from these contracts will be recognised on the first night of each production. All costs relating to operas to be performed in future accounting periods have been included within prepayments.

Theatre Tax Relief is recognised at the amount expected to be recovered based on qualifying expenditure incurred and the rates of relief that have been enacted at the balance sheet date.

Page: 36

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

l. Tangible Fixed Assets

Individual fixed assets costing £1,000 or more are capitalised. Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than paintings, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful economic life, as follows:

Freehold property 2% per annum Opera House complex, comprising:

Leasehold buildings over the period of the original lease to 2050
Wind Turbine 10% per annum
Plant, machinery, fixtures and fittings between 5% and 20% per annum

Plant and Equipment 20% per annum

Paintings are not depreciated but held at historic cost and assessed for impairment annually.

Assets under the course of construction are not depreciated until they become available for productive use.

m. Stock

Stock is included at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis.

n. Financial Instruments

Glyndebourne Productions Limited has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash and bank in hand, trade debtors and other debtors. Financial liabilities held at amortised cost comprise trade creditors, other creditors, loans payable and accruals. Loan interest payments covered by UK Government are recognised as finance costs with equal and corresponding amounts recorded as government grants.

Investments are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiaries are held at cost less impairment.

o. Contribution to pension fund

The Company participates in a Mastertrust scheme with the People’s Pension in accordance with meeting auto enrolment responsibilities.

No contributions have been made to the Christie Pension & Life Assurance Scheme since the closure of the scheme to future accrual as at 31 December 2022. Contributions to the People’s Pension are charged to the Statement of Financial Activities as they become payable. The assets of the Christie Pension & Life Assurance Scheme are held separately from those of the charitable company and its subsidiary.

The actuarial loss on the defined benefit section for the year is disclosed under other recognised gains and losses in the Statement of Financial Activities. The current service costs and financial charge are included within the costs of operations. These movements are analysed in detail in note 18.

The pension surplus/liability forms part of the unrestricted funds.

p. Operating leases

Rentals under operating leases are charged on a straight-line basis over the term of the lease.

Page: 37

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

3 DETAILED COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Income from: Donations, legacies and grants Charitable Activities:- - Operation of Festival, Autumn Season, Learning & Engagement, and Media Development Other trading activities - Commercial trading operations Investment income Other income Total income before Theatre Tax Relief 4 Theatre Tax Relief 7 Total income Expenditure on: Costs of raising funds:- - Fundraising costs - Investment management fees - Commercial trading operations Charitable activities:- - Operation of Festival, Autumn Season, Learning & Engagement and Media Development Total expenditure 5 Net gains on investments 10 Net income Transfers between funds 16 Net income/(expenditure) after transfers Other recognised gains and losses Actuarial gain on the defined benefit pension scheme 17 Net movement in funds Reconciliation of funds Fund balances at 1st January Fund Balances at 31st December	Unrestricted Funds £'000 7,098 25,800 1,421 566 639 35,524 3,535 39,059 918 177 897 33,834 35,826 3,233 4,051 7,284 -52 7,232 - 7,232 74,173 81,405	Restricted Funds £'000 2,744 0 0 79 0 2,823 0 2,823 0 52 0 3,049 3,101 -278 1,127 849 122 971 - 971 9,959 10,930	Endowment Funds £'000 0 0 0 60 0 60 0 60 0 4 0 0 4 56 18 74 -70 4 - 4 1,018 1,022	Total 2024 £'000 9,842 25,800 1,421 705 639 38,407 3,535 41,942 918 233 897 36,883 38,931 3,011 5,196 8,207 0 8,207 0 8,207 85,150 93,357

Page: 38

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

4 INCOME

Unrestricted Funds £'000 Income from donations, legacies and grants Legacies 1,404 Donations 3,478 Memberships 2,679 Arts Council England grant 0 7,561 Income from charitable activities Box Office 20,741 Programme book 144 Catering 4,515 Media Development 66 Other Sundry Income 944 26,410 Income from trading activities Archive 1 Wind Turbine 288 Production sale and hire 415 Retail and Art 825 Commercial props-making 42 1,571 507 45 552 Other income 0 Total income 36,094 Income from investments* Interest income Dividend income	Restricted Funds £'000 360 2,384 0 813 3,557 0 0 0 0 0 0 0 0 0 0 0 0 0 27 27 0 3,584	Endowment Funds £'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 34 0 34	2025 Total £'000 1,764 5,862 2,679 813 11,118 20,741 144 4,515 66 944 26,410 1 288 415 825 42 1,571 507 106 613 0 39,712	2024 Total £'000 1,162 5,025 2,855 800 9,842 20,111 183 4,634 97 775 25,800 2 356 185 783 95 1,421 566 139 705 639 38,407

In addition to the legacy income recognised in the financial statements, the Charity has received notification of a number of wills in which the Charity has been named as a beneficiary but where the conditions for recognition of the income have not yet been fulfilled. Where there is sufficient information to quantify the value of such legacies, this pipeline is estimated at £1,297k as at 31 December 2025 (2024: £1,365k).

** £141k (2024: £116k) of programme books were sold in the Glyndebourne Shop and therefore are included in Retail and Art income.

Page: 39

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

----- Start of picture text -----
5 EXPENDITURE
2025 2024
Charitable activities Total Total
Operation of Festival, Autumn Season, Learning £'000 £'000
& Engagement and Media Development:-
Artistic costs 11,841 10,163
Technical and production 10,098 8,866
Programme books 100 94
Learning & Engagement 793 526
Depreciation and amortisation 2,090 1,697
(Profit)/Loss on disposal of fixed assets 203 136
VAT annual adjustments 256 294
Marketing, press and content 1,575 1,319
Front of House 808 760
Transport and car park 268 243
Box office 747 779
Media Development 72 218
Catering 4,085 4,321
Events and packages 59 35
Support costs 8,100 7,432
41,095 36,883
Cost of raising funds
Fundraising costs:-
Fundraising 632 446
Membership 261 308
Support costs 179 164
1,072 918
Investment management fees 191 233
Commercial trading operations:-
Wind Turbine 48 49
Production sale and hire 20 27
Retail and Art 782 768
Commercial props-making 10 53
General administration 0 0
860 897
Total expenditure 43,218 38,931
----- End of picture text -----

Page: 40

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

5 EXPENDITURE (Continued)

Allocation of Support Costs

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Charitable|Cost of|2025|2024| |activities|raising funds|Total|Total| |£'000|£'000|£'000|£'000| |Administration and management|2,933|0|64|0|2,997|2,763| |Glyndebourne House and Gardens|614|0|13|0|627|587| |Insurance|539|0|12|0|551|524| |Building and services|2,577|0|57|0|2,634|2,213| |Professional fees|382|0|9|0|391|452| |Governance costs|73|0|2|0|75|57| |Information technology|821|0|18|0|839|826| |Other overheads|161|0|4|0|165|174| |8,100|179|8,279|7,596|

----- End of picture text -----

The support costs are apportioned according to the proportion of staff generating funds and the percentage of square footage used for fundraising.

6 NET INCOME

Net income is stated after charging:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Administration expenses including:|£'000|£'000| |Depreciation|2,090|1,697| |Operating leases - land and buildings|18|18| |Auditor's remuneration| |- audit fees|46|45| |- tax compliance fees|12|11| |- tax advice|5|4|

----- End of picture text -----

7 TAXATION

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Theatre Tax credits arising from core expenditure on productions have been accounted for in line with the provisions of the Finance Act 2014. The amounts receivable are set out below.

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£'000|£'000| |UK corporation tax credits receivable:| |Provision for Theatre Tax Relief in respect of current year productions|3,701|3,535| |Adjustment in respect of previous periods|19|0| |3,720|3,535|

----- End of picture text -----

Page: 41

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

8 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

Wages and salaries Social security costs Other pension costs	2025 £'000 14,201 1,479 300 15,980	2024 £'000 12,954 1,116 372 14,442

Redundancy, termination and ex-gratia payments totalled £30,756 with none outstanding as at the year end (2024: £nil).

The average weekly number of persons employed by the group during the year was: Learning and Engagement Fundraising Marketing and Communications Artistic Programme Technical and Production Front of House Services Other Support Staff Shop	2025 14 9 16 65 136 76 72 7 395	2024 11 8 17 60 129 72 72 8 377

This figure includes part time staff rather than full time equivalent, and chorus and performers who are on the payroll, amounting to 44 in 2025 (2023: 41).

The number of employees receiving remuneration exceeding £60,000 was as follows:-

		2025	2024 (revised)
£60,001	- £70,000	7	5
£70,001	- £80,000	1	2
£80,001	- £90,000	1
£90,001	- £100,000	3	2
£100,001	- £110,000	1	1
£120,001	- £130,000	1	2
£150,001	- £160,000	1
£160,001	- £170,000		1
£170,001	- £180,000		1
£210,001	- £220,000	1
£250,001	- £260,000	1

The pension costs in respect of these employees amounted to £80,998 (2024: £83,387).

The key management personnel of the company comprise the Executive Chairman, Chief Executive Officer, Artistic Director, Director of Artistic Administration, Technical and Production Director, Director of Development, Director of Audiences, Finance Director, and Director of Operations. The total employee benefits of the key management personnel, including pension contributions and employer's National Insurance contributions, for the reporting period were £1,457,598 (2024: £1,205,994).

The most senior executives’ remuneration includes an at-risk and capped performance-related pay component under a 5-year long-term incentive plan that becomes payable in 2030.

Page: 42

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

9 TANGIBLE FIXED ASSETS – GROUP

Freehold Property COST £'000 At 1st January 2025 2,904 Additions 0 Disposals 0 Transfers 0 At 31st December 2025 2,904 DEPRECIATION At 1st January 2025 1,038 Disposals 0 Transfers 0 Charge for the year 58 At 31st December 2025 1,096 NET BOOK VALUE At 31st December 2025 1,808 At 31st December 2024 1,866 TANGIBLE FIXED ASSETS – CHARITY Freehold Property COST £'000 At 1st January 2025 2,904 Additions 0 Disposals 0 Transfers 0 At 31st December 2025 2,904 DEPRECIATION At 1st January 2025 1,038 Disposals 0 Transfers 0 Charge for the year 58 At 31st December 2025 1,096 NET BOOK VALUE At 31st December 2025 1,808 At 31st December 2024 1,866	Opera House Complex £'000 64,841 726 -1,967 3,819 67,419 30,548 -1,769 0 1,777 30,556 36,863 34,293 Opera House Complex £'000 64,788 726 -1,967 3,819 67,366 30,541 -1,769 0 1,771 30,543 36,823 34,247	Plant and Equipment £'000 4,215 145 -461 1,100 4,999 2,689 -454 0 255 2,490 2,509 1,526 Plant and Equipment £'000 4,215 145 -461 1,100 4,999 2,689 -454 0 255 2,490 2,509 1,526	Assets in the course of construction £'000 2,925 2,414 0 -4,919 420 0 0 0 0 0 420 2,925 Assets in the course of construction £'000 2,925 2,414 0 -4,919 420 0 0 0 0 0 420 2,925	Total £'000 74,885 3,285 -2,428 0 75,742 34,275 -2,223 0 2,090 34,142 41,600 40,610 Total £'000 74,832 3,285 -2,428 0 75,689 34,268 -2,223 0 2,084 34,129 41,560 40,564

The Charity has been granted a lease over the Opera House and surrounding land at a peppercorn rent expiring in 2075.

Page: 43

(LIMITED BY GUARANTEE)

GLYNDEBOURNE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

10 INVESTMENTS Market value at start of year Additions at cost Proceeds from disposal Investment manager fees charged to fund Gains on revaluation of investments Market value at end of year Cash held by stockbrokers Historical cost of investments Investment in subsidiary	2025 2024 £'000 £'000 47,692 42,691 48,570 34 -48,255 0 -183 -229 47,824 42,496 2,202 5,196 50,026 47,692 505 2 50,531 47,694 41,606 38,112 - - Group	2025 2024 £'000 £'000 47,692 42,691 48,570 34 -48,255 0 -183 -229 47,824 42,496 2,202 5,196 50,026 47,692 505 2 50,531 47,694 41,606 38,112 £100 £100 Charity

Split of investments between those based in the UK and those based overseas:

Balanced funds Equities Alternative investments Fixed interest Cash and cash equivalents Gold	UK Investments £'000 14,742 949 2,085 13,203 11,352 441 42,772	Overseas Investments £'000 0 7,007 0 752 0 0 7,759 2025	Total £'000 14,742 7,956 2,085 13,955 11,352 441 50,531	UK Investments £'000 0 1,127 1,724 350 2 0 3,203	Overseas Investments £'000 0 24,016 0 15,714 4,761 0 44,491 2024	Total £'000 0 25,143 1,724 16,064 4,763 0 47,694

The wholly owned trading subsidiary Glyndebourne Enterprises Limited (company reg no: 03937344) is registered within the UK at the same registered address as GPL and donates its profits to the Charity under gift aid. A summary of the trading results is shown below:-

Turnover Cost of sales and administration expenses Interest receivable and similar income Donation to Glyndebourne Productions Limited Theatre tax relief Net retained (loss)/profit The assets and liabilities of the subsidiary were: Assets Creditors: amounts falling due within the year Net assets Aggregate share capital and reserves	2025 £'000 22,349 -22,127 - -3,709 3,720 233 5,123 -855 4,268 4,268	2024 £'000 19,815 -19,660 - -3,048 3,535 642 4,910 -875 4,035 4,035

Page: 44

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

11 STOCKS Goods for resale 12 DEBTORS Trade debtors Allowance for doubtful debts Amounts owed by subsidiary undertaking Theatre Tax Relief Other debtors and prepayments	2025 2024 £'000 £'000 288 232 0 0 288 232 0 0 3,701 3,535 1,673 1,713 5,662 5,480 GROUP	2025 2024 £'000 £'000 106 95 2025 2024 £'000 £'000 186 193 0 0 186 193 733 675 0 0 1,555 1,617 2,474 2,485 GROUP CHARITY

Included in the above is a balance of £158,065 (2024: £158,065) relating to a loan from the Charity to the trading subsidiary. Interest is charged on the unsecured loan at 1% above bank base rate. There are no fixed terms for repayment of the loan which arose from the initial financing of the subsidiary’s stock and fixed assets.

13 CREDITORS: Amounts falling due within one year

Trade creditors Tax and social security costs VAT Other creditors Accruals Deferred income (note 14)	2025 2024 £'000 £'000 615 1,730 345 286 509 409 1,029 1,039 481 706 4,328 3,892 7,307 8,062 GROUP	2025 2024 £'000 £'000 509 1,623 339 282 509 409 1,029 1,039 471 614 4,328 3,892 7,185 7,859 CHARITY

Page: 45

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

14 DEFERRED INCOME

£'000 Glyndebourne Festival Society fees 2,131 Sponsorship of productions 960 Catering licensing agreement 54 Other donations 738 Advertising and other income 9 3,892 At 1st January 2025	£'000 -2,131 -960 -54 -738 -9 -3,892 Released to income	£'000 2,306 1,425 0 543 0 4,274 Deferred in year	£'000 0 0 54 0 0 54 From creditors due after one year	£'000 2,306 1,425 54 543 0 4,328 At 31st December 2025

15 CREDITORS: Amounts falling due after more than one year

Deferred income Catering licensing agreement	2025 2024 £'000 £'000 112 166 112 166 £'000 £'000 166 -54 GROUP Released to creditors due within one year At 1st January 2025	2025 2024 £'000 £'000 112 166 112 166 £'000 £'000 0 112 CHARITY Write off in year At 31st December 2025

16 SHARE CAPITAL

The company is limited by guarantee, having no share capital, members having a liability not exceeding £1

Page: 46

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

17 STATEMENT OF FUNDS

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Realised| |and|At 31st| |At 1st January|Total|unrealised|December| |2025|Total income|expenditure|Transfers|gains|2025| |Notes| |£'000|£'000|£'000|£'000|£'000|£'000| |Endowment Funds:| |Permanent Endowment| |- Josephine Barlow Memorial Fund|(a)|50|0|0|0|0|50| |Expendable Endowments| |- Wood Peters Fund|(b)|972|34|-3|-34|-8|961| |Total Endowment Funds|1,022|34|-3|-34|-8|1,011| |check to SOFA|0|0|0|0|0|0| |Restricted Funds:| |Glyndebourne Festival Opera|0|25|-1,238|1,213|0|0| |Glyndebourne Autumn season|(c)|0|1,314|-1,756|442|0|0| |Learning & Engagement|0|0|-1,133|1,133|0|0| |New Generation Programme|(d)|7,342|1,816|-26|-2,459|201|6,874| |Myrtle Broadbent Legacy Fund|(e)|0|335|0|-335|0|0| |Garden Fund|(f)|0|31|-31|0|0|0| |Awards|(g)|0|23|-23|0|0|0| |Gillian Fane Aspiring Artists Fund|(h)|3,586|27|-13|-27|24|3,597| |Croquet Pavilion|(i)|2|0|0|0|0|2| |Lighting department|(j)|0|11|-11|0|0|0| |Stage infrastructure upgrades|(k)|0|2|-2|0|0|0| |Total Restricted Funds|10,930|3,584|-4,233|-33|225|10,473| |check to SOFA|0|0|0|0|0|-1| |Unrestricted Funds:| |Designated funds|(l)| |Growth Fund|477|0|-135|0|0|342| |Capital investment reserve|16,885|0|0|2,964|0|19,849| |Carbon emissions offset|26|0|-26|22|0|22| |Tangible fixed assets|40,610|0|0|990|0|41,600| |Non Designated funds| |General reserve|23,407|39,814|-38,821|-3,909|1,985|22,476| |Total Unrestricted Funds|81,405|39,814|-38,982|67|1,985|84,289| |check to SOFA|0|0|0|0|0|0| |Total Funds|93,357|43,432|-43,218|0|2,202|95,773|

----- End of picture text -----

Endowment Funds

(a) Josephine Barlow Memorial Fund A legacy of £50,000 was received in 2012, the income on which is to be used in support of the Music Preparation Scheme and the Garden Fund. The capital is to be made available for general use after twenty years. The Fund is represented by a separate treasury deposit. During the year interest of £2,169 (2024: £1,750) was earned on the deposit account and shared equally between the Music Preparation Scheme and the Garden Fund.
(b) Wood Peters fund

A legacy was received in 2001 in the sum of £1,000,000 with a further £18,516 received in 2003. These funds have been separately invested in a portfolio managed by Navera Investment Management in order to maximise income to be used to support understudies in the Autumn season.

Restricted Funds

Incoming resources in respect of the Festival, Autumn programme, Learning and Engagement and the New Generation Programme comprise net gains on investments held within restricted portfolios, sponsorship, grants and donations from third parties, given towards specific areas of activity undertaken during the year.

(c) Incoming resources for the Glyndebourne Autumn programme include a grant from Arts Council England (ACE) of £812,800 (2024: £800.000) and funding of £450,000 from two major donors.

Page: 47

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

17 STATEMENT OF FUNDS (Continued)

(d) The New Generation Programme (NGP) is used to support a number of projects across the following key strands of work: developing future audiences, securing artistic excellence, learning and development, developing our skills and investing in our facilities. A budget is set annually for each of these strands and the programmes within them, forming the fundraising target for that year. At the end of each year the funds raised against actual costs incurred are reviewed in order to determine how much of the NGP Fund will be used to support each programme.
(e) In 2025, an interim legacy distribution of £335,000 was received from the estate of Myrtle Broadbent with the request that this is used for the benefit of the Young Singers and the Chorus Schemes.
(f) The Garden and Benches Funds are used for donations given specifically for the maintenance and development of the gardens, and for benches placed in the gardens.
(g) The Donald Anderson Award, established in 2011, was created to assist a young singer in the Autumn Season with their studies and to provide performance experience at home or abroad. It is financed by the Donald A Anderson Trust.
(h) A legacy and donations in memoriam were received in 2021 to set up the Gillian Fane Aspiring Artists Fund, to support emerging and developing artistic talent. These funds have been invested in a portfolio managed by Navera Investment Management with income arising used to support the cover artists programme.
(i) A donation of £100,000 was received during 2021 as part-sponsorship of a new undercover dining and entertainment space. This project continues to be under development.
(j) A donation of £11,000 was received to fund the purchase of lighting equipment (2024: £5,200 toward training and development in the Lighting department).
(k) Donations were received as contributions to stage infrastructure upgrades and replacements: £2,000 toward the stage floor rebuild in 2025 (2024: £502,169 raised through the Annual Fund and directed to the orchestra pit lift project).

Designated Funds

(l) Designated funds comprise the commitment of funds as follows: - Growth Fund: to supply financing for discreet, time-limited projects that are designed to stimulate or accelerate profitable growth or achieve sustainable operating cost efficiencies.
Capital investment reserve: for major capital asset overhauls and replacements.
Carbon emissions offset fund: investment of an amount equivalent to £25 per tonne CO2 (in line with current suggested contribution to Woodland Trust UK) in direct carbon emission reduction plans at Glyndebourne within the following 12 months.
Tangible fixed assets fund: representing reserves of value equivalent to the net book value of tangible fixed assets.

Transfers

Net transfers during the year comprise transfers from the restricted NGP, Gillian Fane Aspiring Artists and Myrtle Broadbent legacy funds; and the Wood Peters endowment fund to the core strands of GPL amounting to £2,855K (2024: £1,707K), reflecting use of these funds to support activities and initiatives including the Glyndebourne Youth Opera, the Jerwood Chorus Development Scheme, and ticket subsidies for younger audiences. Within designated funds, £2,964K (2024: £2,382K) has been added to the capital investment reserve in recognition of upcoming major capital asset overhauls and replacements needed.

Analysis of Group net assets between funds:

Tangible fixed assets Investments Cash at bank Other net current assets/(liabilities) Creditors due after one year Net assets	Unrestricted £'000 41,600 38,708 2,907 1,186 -112 84,289	Restricted funds £'000 0 10,858 2,336 -2,721 0 10,473	Endowment funds £'000 0 965 50 -4 0 1,011	Total £'000 41,600 50,531 5,293 -1,539 -112 95,773

Page: 48

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

17 STATEMENT OF FUNDS (Continued) PRIOR YEAR STATEMENT OF FUNDS

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Total|Total|Realised and|At 31st| |At 1st January|incoming|resources|unrealised|December| |2024|resources|expended|Transfers|gains|2024| |Notes|£|£|£|£|£|£| |Endowment Funds:| |Permanent Endowment| |- Josephine Barlow Memorial Fund|(a)|50|0|0|0|-|50| |Expendable Endowments| |- Dr G Theano|(aa)|10|0|0|-10|0|0| |- Wood Peters Fund|(b)|958|60|-4|-60|18|972| |Total Endowment Funds|1,018|60|-4|-70|18|1,022| |0|0|0|0|0|0| |Restricted Funds:| |Glyndebourne Festival Opera|0|5|-512|507|0|0| |Glyndebourne Autumn season|(c)|0|1,037|-1,454|417|0|0| |Learning & Engagement|74|49|-356|233|0|0| |Media Development|(cc)|0|0|-100|100|0|0| |New Generation Programme|(d)|6,499|1,495|-35|-1,414|797|7,342| |Isabel Leete Legacy Fund|(dd)|17|0|0|-17|0|0| |Arthur Wise Legacy Fund|(ee)|127|0|0|-127|0|0| |Garden Fund|(f)|0|64|-64|0|0|0| |Benches|(f)|0|19|-19|0|0|0| |Awards|(g)|0|23|-23|0|0|0| |Gillian Fane Aspiring Artists Fund|(h)|3,240|113|-18|-79|330|3,586| |Croquet Pavilion|(i)|2|0|0|0|0|2| |Lighting department|(j)|0|5|-5|0| |Archive acquisition|(jj)|0|12|-12|0| |Stage infrastructure upgrades|(k)|0|1|-502|502|0|0| |Total Restricted Funds|9,959|2,823|-3,101|122|1,127|10,930| |0|0|0|0| |Unrestricted Funds:| |Designated funds|(l)| |Growth Fund|665|0|-188|0|0|477| |Capital investment reserve|14,503|0|0|2,382|0|16,885| |Freelancer fund|478|0|-3|-475|0|0| |Carbon emissions offset|20|0|-20|26|0|26| |Tangible fixed assets|37,771|0|0|2,839|0|40,610| |Non Designated funds| |General reserve|20,736|39,059|-35,615|-4,824|4,051|23,407| |Total Unrestricted Funds|74,173|39,059|-35,826|-52|4,051|81,405| |0|0|0|0|0|0| |Total Funds|85,150|41,942|-38,931|0|5,196|93,357|

----- End of picture text -----

(aa) An expendable endowment was received from Dr G Theano during 2017 to be used in support of the biennial Opera Cup. The Fund is represented by a separate treasury deposit. Following the decision to not run the Opera Cup in 2022, the funder generously agreed that £20,000 could be drawn down to support a debut artist in the 2022 revivial of Marriage of Figaro , and a further £10,225 to support the Talent Development concert in Autumn 2023. The remainder of the endowment was agreed to be used to support debut artists in the Autumn 2024 season.

(cc) Funding of £100,000 was received in 2024 to support the full length filming capture of the new Festival production The Merry Widow.

(dd) The NGP is entitled to draw down on the Isabel Leete Legacy Fund, which is restricted for the support of Glyndebourne Learning & Engagement (L&E) projects. In 2024, a residual amount of £15,970 was transferred from the Isabel Leete Legacy Fund to NGP to support the L&E programme.

(ee) A legacy of £300k was received from Arthur Wise in 2016 with the request that these funds be used for the encouragement and support of young singers. A further sum of £49,824 was received in respect of this legacy in 2018. In 2024 a residual amount of £127,466 was transferred from the Arthur Wise Legacy Fund to NGP.

(jj) A donation of $15,000 was received from Glyndebourne America Inc. in 2024 to fund the acquisition of a collection of photographs taken by Ira Nowinski in the 1950's for the Glyndebourne Archive.

----- Start of picture text -----
|||||| |---|---|---|---|---| |Analysis of Group net assets between funds 2024:|Restricted|Endowment| |Unrestricted|funds|funds|Total| |£'000|£'000|£'000|£'000| |Tangible fixed assets|40,610|0|0|40,610| |Investments|36,059|10,663|972|47,694| |Cash at bank|5,551|2,093|62|7,706| |Other net current liabilities|-649|-1,826|-12|-2,487| |Creditors due after one year|-166|0|0|-166| |Net assets|81,405|10,930|1,022|93,357|

----- End of picture text -----

Page: 49

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

18 PENSION SCHEMES

Glyndebourne Productions Limited is one of several employers participating in the Christie Pension and Life Assurance Scheme. With effect from 05 December 2008, the Christie Pension and Life Assurance Scheme was sectionalised, thus restricting the Charity’s liability to that only in respect of Glyndebourne group employees, past and present. The assets of this scheme are held in separate trustee-administered funds. The scheme now comprises only a defined benefit pension scheme, which was closed to new entrants from 01 January 2001 and further closed to future accrual from 31 December 2022. The Scheme carried out a buy-in transaction with Just Group plc covering all Scheme liabilities as of 04 August 2023.

The assets of the defined contribution section of the Christie Pension and Life Assurance Scheme, for employees commencing employment after 01 January 2001 to 31 January 2014, were transferred in bulk to the People's Pension with effect from 28 August 2020 and this section of the scheme was wound up with effect on 20 April 2022.

On 31 January 2014 a defined contribution stakeholder scheme was introduced, open to all employees and since 01 February 2014 the Company has participated in a Mastertrust scheme with the People’s Pension in accordance with meeting auto enrolment responsibilities.

The FRS102 assessment of the scheme as at 31 December 2025 showed the market value of the Charity’s share of the scheme’s assets at £20,834,000 (2024: £20,691,000), representing 168% (2024: 167%) of its liabilities. The surplus has not been recognised in accordance with the principles of FRS102. Total employer contributions to the scheme during the year amounted to £nil (2024: £Nil). The present value of the defined benefit obligation, the related current service cost and past service cost, were measured using the projected unit credit method.

(a) Defined benefit scheme

The main assumptions used for the purposes of FRS102 are:

	2025	2024	2023
Discount rate	5.40%	5.40%	4.45%
Inflation assumptions (RPI)	2.95%	3.35%	3.20%
Inflation assumptions (CPI)	2.55%	2.90%	2.70%
Pension increases in deferment	2.55%	2.90%	2.70%
Rates of increase to pension in payment:
LPI (max 5%) based on CPI	2.55%	2.85%	2.65%
LPI (max 3%) based on CPI	2.15%	2.35%	2.25%
LPI (max 2.5%) based on CPI	1.95%	2.10%	2.00%
Mortality:
The average life expectancy in years of a pensioner retiring at
age 65 on the balance sheet date is as follows:
Male	86.70	86.40	86.40
Female	89.00	88.90	88.90
The average life expectancy in years of a pensioner retiring at
age 65, twenty years after the balance sheet date is as
Male	88.00	87.60	87.60
Female	90.40	90.30	90.30

Page: 50

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

18 PENSION SCHEME (Continued)

The fair value of the plans assets were:

The fair value of the plans assets were: Annuity policies 59.5% Cash 40.5%	At 31st December At 31st December 2025 2024 £'000 £'000 12,396 12,394 8,438 8,297
Total Market Value of Assets	20,834 20,691
Net defined benefit asset/(liability) 2025 2024 £'000 £'000 Fair value of scheme assets 20,834 20,691 Present value of defined benefit obligation -12,392 -12,393 Asset not recognised -8,442 -8,298 The pension scheme has not invested in any of Glyndebourne Productions Limited’s own financial instruments, nor in properties or other assets owned by Glyndebourne Productions Limited. The assets are all quoted in an active market.
Defined benefit asset/(liability) recognised in balance sheet	0 0
Total expense/(credit) recognised in income and expenditure Current service cost Administration costs Past service costs including curtailments Net interest on the net defined benefit liability	2025 2024 £'000 £'000 0 0 222 204 0 0 -442 -342
Total income and expenditure charge/(credit)	-220 -138
Total amount taken to other comprehensive income Actual return on scheme assets – gains and (losses) Less: interest income on scheme assets	2025 2024 £'000 £'000 915 -526 -1,096 -960
Remeasurement gains and (losses) - Return on scheme assets excluding interest income - Actuarial gains and (losses) Asset not recognised	-181 -1,486 105 1,866 -8,442 -8,298
Remeasurement gain/(loss) recognised in other comprehensive income	-8,518 -7,918

Page: 51

(LIMITED BY GUARANTEE)

GLYNDEBOURNE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

18 PENSION SCHEME (Continued)

Changes in the present value of the defined benefit obligation

Present value of defined benefit obligation at beginning of year Benefits paid Current service cost Administration costs Interest cost Remeasurement (gains) and losses - actuarial (gains) and losses Employee contributions Past service costs including curtailments Present value of defined benefit obligation at end of year Changes in the fair value of scheme assets Fair view of Scheme assets at beginning of the year Interest income Remeasurement gains and (losses) - Return on scheme assets excluding interest income Contribution by employer Employee contributions Benefits paid including expenses Fair value of the Scheme assets at end of the year	2025 £'000 12,393 -772 0 222 654 -105 0 0 12,392 2025 £'000 20,691 1,096 -181 0 0 -772 20,834	2024 £'000 14,143 -706 0 204 618 -1,866 0 0 12,393 2024 £'000 21,923 960 -1,486 0 0 -706 20,691

(b) Defined contribution schemes

The amount recognised as an expense for the defined contribution scheme was £418,000 (2024: £510,000).

19 RELATED PARTY TRANSACTIONS

The Trustees are satisfied that all of the following related party transactions are allowed under the constitution of the charity.

(a) Glyndebourne Opera House

The Charity occupies Glyndebourne Opera House under a lease signed in 1992 from the Trustees of the Glyndebourne 1990 Temporary Charitable Trust, a private trust whose beneficiaries are the Christie family and the Charity. The lease provides for a peppercorn rent and will expire in 2075.

(b) Glyndebourne Cottages

Under a lease from the Trustees of the Glyndebourne 1991 AJC Life Interest Trust, a private trust whose life tenant is Gus Christie, the Charity occupies the buildings formerly known as 1 & 2 New Cottages located on the Glyndebourne site for operational purposes. Rent of £17,740 was paid for the year (2024: £17,740).

Page: 52

GLYNDEBOURNE PRODUCTIONS LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

19 RELATED PARTY TRANSACTIONS (Continued)

(c) Glyndebourne Mansion House and Gardens

The Mansion House at Glyndebourne is the residence of Gus Christie and his family who make certain areas of the house available for use by staff and artists engaged by the Charity and for the entertainment of donors. The Charity meets the costs incurred by the Christie family in making the Mansion House available for these purposes in accordance with an agreement approved by the Charity Commission. Under the terms of the agreement the Charity made contributions of £138,000 (2024: £138,000) during the year.

Furthermore, the Charity is responsible for the maintenance and upkeep of the gardens at Glyndebourne. Gus Christie bore costs amounting to £6,137 (2024: £5,958) in respect of the running of the gardens.

(d) Payments to/from trustees and connected parties

Expenses totalling £346 were reimbursed to trustees in connection with their role as trustees of GPL in 2025. None of the trustees received any remuneration, or claimed any expenses, in connection with their role as a trustee of GPL in 2024.

The Christie family incurred expenses amounting to £242 (2024: £1,500) which have been recharged to the family.

Gus Christie, Executive Chairman and a non-voting advisory trustee, received total remuneration, including pension contributions, of £136,059 (2024: £134,309) during the year under the terms of his contract of employment with Glyndebourne. Gus Christie's wife, Danielle de Niese, received total remuneration, including pensions, of £34,417 (2024: £33,325) for her role as Ambassador for the Charity.

Seats were made available during the the course of the Festival and Autumn Season, to Gus Christie and other members of the executive management team, which were predominantly used for GPL business entertaining purposes. The number of seats used across the performances for executive management team use and associated value amounted to 1,224 and £229,107 respectively (2024: 1,068 and £191,607). Given these were primarily used for business entertaining purposes, it is not considered that this was to the financial detriment of the Charity.

(e) Christie Management Limited

Christie Management Limited is controlled by the Christie family. No amounts were paid by the charity to Christie Management Limited in 2025 or 2024.

(f) Donations from trustees

Donations totalling £123k were received from trustees during the course of 2025 (2024: £107k).

(g) Transactions with GEL

The Charity has one active wholly owned subsidiary, GEL, which is responsible for income generating activities which are incidental to GPL's charitable purposes. These comprise merchandising, the sale and hire of Glyndebourne productions to other international opera houses, the operation of Glyndebourne's wind turbine and producing all of the Festival, Autumn and youth/community opera productions each year on behalf of GPL. During the year Gus Christie, John Botts CBE, Lord Davies of Abersoch, Alina Kessel and Christopher Walter, who are key management personnel for the Charity, were directors of the company. GEL gifted £3,709k to the Charity during 2025 (see also note 10) (2024: gifted £3,048k). At the year end the company owed GPL £733k (2024: £675k).

(h) Transactions with Glyndebourne America Inc.

Grants totalling $354k were awarded by Glyndebourne America Inc. to GPL during the year (2024: $506k).

Page: 53

GLYNDEBOURNE PRODUCTIONS LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

20 FINANCIAL COMMITMENTS

Capital commitments are as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |GROUP|CHARITY| |2025|2024|2025|2024| |£'000|£'000|£'000|£'000| |Expenditure contracted but not| |provided for in the financial statements|282|736|282|736|

----- End of picture text -----

Total future minimum lease payments under non-cancellable operating leases are as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |GROUP|CHARITY| |2025|2024|2025|2024| |£'000|£'000|£'000|£'000| |Due within one year|18|18|18|18| |Due after one year|213|248|213|248|

----- End of picture text -----

21 FINANCIAL INSTRUMENTS

At the balance sheet date the consolidated group held financial assets at amortised cost comprising cash and short term deposits, trade debtors, other debtors and accrued income of £5,580k (2024: £7,938k) and financial liabilities at amortised cost, comprising trade creditors, other creditors and accruals of £2,125k (2024: £3,475k).

Total income received in respect of financial assets held at amortised cost totalled £507k (2024: £566k).

The group held assets at fair value through income and expenditure of £50.5m (2024: £47.7m). Movements in the year through the statement of financial activities comprised gains of £2,202k (2024: gains of £5,196k) and income from investment portfolio of £106k (2024: £139k).

Page: 54