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2024-03-31-accounts

Greenwich + Docklands Festivals

(Trading as FESTIVAL.ORG) (A Charitable Company Limited by Guarantee)

Financial Statements

Year Ended 31 March 2024

Charity registration number: 1037878 Company registration number: 2876062

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Financial Statements

Year Ended 31 March 2024

Contents

Page
Charity Reference and Administrative Details 1
Trustees’ Annual Report 2
Independent Auditor’s Report 10
Statement of Financial Activities (Including Income and Expenditure Account) 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Charity Reference and Administrative Details

Year Ended 31 March 2024

Charity registration number 1037878 Company registration number 2876062 Trustees Donnell Kwaku Adu-Asare (appointed 17 April 2024) Victoria Dela Amedume (resigned 15 April 2024) Melina Barnett (appointed 20 June 2024) Carolina Correira Rebecca David (appointed 15 April 2024) Gary Dillon Damien Hamon (appointed 11 September 2023) Paul Hanrahan Joshua Harsant Maximillian Himpe (appointed 15 April 2024) Iqbal Hossain (resigned 13 September 2023) Fiona Hughes Oliver Hughes Rahee Nayar Geoffrey Pine Maxine Room (resigned 20 June 2024) Jennifer Sealey Margaret Sheehy Faycal Tazi (resigned 13 July 2023) Registered office Old Royal Naval College 2 Cutty Sark Gardens London SE10 9LW Auditor PKF Littlejohn LLP Statutory Auditor 15 Westferry Circus Canary Wharf London, E14 4HD Bankers National Westminster Bank PLC 1-7 Powis Street Woolwich London, SE18 6LE

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (“SORP”) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Companies Act 2006 and the SORP.

Trustees of the charity

The directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served during the year and since the year end are set out on page 1.

Objectives, Activities and Public Benefit

The Trustees confirm that they have had regard to the guidance on public benefit issued by the Charity Commission when considering the objectives and activities of the Company.

The Company’s object as stated in its Memorandum of Association is to promote, maintain, improve and advance the education of the public by the promotion of arts activities including art exhibitions, performance of drama, music, opera and dance, film shows, readings of poetry and literature, whether during the annual festival or otherwise.

Achievements and Performance Summary

Spanning theatre, dance, music, circus and installation, FESTIVAL.ORG’s mission is to support communities through free outdoor arts, by co-creating and presenting projects which:

In 2023, FESTIVAL.ORG contributed to these key aims through a wide range of creative activities, performances and strategic initiatives.

Greenwich+Docklands International Festival (GDIF) 2023 took place between 25 August and 10 September attracting 62,659 audience members, engaging with 114 participants, receiving five 5 star press reviews for “The Architect”, delivering a landmark performance on the south face of St Paul’s Cathedral and becoming the 1st UK festival to be awarded Platinum level for accessibility by Attitude is Everything’s Live Events charter.

GDIF 2023 took place against the background of the cost of living crisis and adopted the overarching theme of “Acts of Hope” to address a need for uplifting moments of free celebration and togetherness. The festival included more than 35 events and productions, including two world premieres and 14 UK premieres.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

The opening night featured a breathtaking UK wire walk from the French company Basinga, accompanied by community engagement in Woolwich Town Centre. Building on the festival’s track record of responding to local and global events, the centrepiece of the festival was a specially commissioned production of “The Architect” from Actors Touring Company marking 30 years since the murder of Stephen Lawrence. “Woman, Life, Freedom”, a physical theatre production in Newham, revealed the colour, warmth and vitality of Iranian culture, for which a courageous young generation are currently fighting. In the Royal Docks a high quality programme of water based events included “Cygnus”, featuring illuminated animatronic swans on the waters of the Royal Victoria Dock. GDIF 2023 also included a spectacular, signature event entitled “Resurgam”, commissioned from the American vertical dance company Bandaloop on the south face of St Paul’s Cathedral.

GDIF 2023 offered a “benchmark” festival with a range of significant achievements, creative and organisational successes, expertly produced and communicated by the organisation’s delivery team. At the same time, the organisation’s Global Streets initiative, supported by Arts Council England, began to deliver a new three year programme of high quality work, reaching wide and diverse audiences across the country in culturally underserved locations, placing local people at the heart of creative decision making and transforming town centres and high streets for local communities with superb, free international cultural activities.

FESTIVAL.ORG also continued to tour Jeanefer Jean-Charles’ “Black Victorians” including international engagements in Portugal and Belgium, as well as the successful delivery of “Elysian Arcs”, a spectacular winter lighting installation for the EC BID in the City of London, and “Ukrainian Dreams”, a video projection project by artist Tais Poda for Liverpool’s River of Light festival.

A more detailed summary of achievements and performance follows below:

Artistic Programming

GDIF 2023 successfully delivered a benchmark edition with highlights being:

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

Audience experience

Access

Marketing and Audience Development

Production

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

Volunteers Programme

The success of GDIF 2023 was aided by a brilliant team of dedicated front-of-house volunteers. 153 volunteers signed up for the 2023 programme, with 45 volunteers returning from previous years – some of whom have been volunteering with GDIF for over ten years. Out of 153 volunteers recruited, 100 volunteers completed training of 6 online modules, 95 completed shifts resulting in 1,282 hours volunteered overall. Of the volunteers engaged, 57% were from Greenwich, Woolwich and the surrounding local areas, and these individuals are passionate local champions for the work of GDIF.

Funders, partners and earned income

Financial Review

During the year to 31 March 2024, the trustees designated £75,000 of reserves to the delivery of GDIF 2023. Due to careful management and control of costs it was not necessary to fully draw on this, with a final call on the designated reserves of £37,960. As a result of this, net assets now stand at £248,942. For context, a planned project to mark the 2nd anniversary of the Russian invasion of Ukraine in February 2024 was suspended by the contracting party at a late stage due to procurement issues, which, had it gone ahead would have resulted in there being no call on reserves in 2023/4. The trustees continue to be mindful of the financially challenging environment in which the organisation operates and the loss of key areas of programming income in 2024/25. With the confirmation of three year funding from 2023-26, Global Streets remains increasingly critical to the organisation’s business model.

Financial operations are underpinned by systems and procedures designed to maintain internal control and secure optimum value for money.

A working budget is produced in advance of the start of each financial year. Throughout the year the working budget is revised on a regular basis by the Finance and General Purposes Committee (FSG), for Board of Trustee meetings, management processes and funder requirements. As projects are developed, these are incorporated into the working budget. All figures presented in this working budget are regularly reviewed and updated to reflect actual spend where appropriate. Budgets are regularly reviewed in the light of

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

commitments made and all budgets are maintained by the relevant staff member and tracked against the company’s SAGE accounting system.

Restrictions placed on donated income are identified and observed. All expenditure is authorised by the relevant staff member before commitment is made. Such commitment is made in the context of the budgeting process. All invoices are approved by the appropriate staff member and passed to the Artistic Director/Chief Executive for final signing off. Numbered documentation is held for all payments made.

Principal Funding Sources and Reserves

The Company relies on core grant income from Arts Council England and the Royal Borough of Greenwich, whilst further support from major partners such as Canary Wharf, Royal Docks and Peabody have enabled the organisation to deliver significant Festival productions. As already indicated, the impact of the anticipated loss of Canary Wharf and Royal Docks in 2024 will be significant but is currently being mitigated by approaches to new prospective partners. The organisation is also sustained by support from Arts Council England in respect of management fees for the delivery of the national Global Streets project.

At 31 March 2024, the unrestricted reserves of the Company were £248,942, of which £37,040 remained from a designated commitment of £75,000 in the previous financial year towards the cost of the festival.

Based on an in depth assessment of the charity’s risk, the Board of Trustees have set a reserves target of £200,000 in order to safeguard the organisation from future potential loss of funding support, recognising the financial and funding challenges in the current difficult economic climate. Given the continuing funding challenges as indicated above, the trustees have also decided to designate £35,000 from the remaining balance of the £75,000 of designated reserves in 2023/24 to the delivery of GDIF 2024.

Structure, Governance and Management

The registered charity which is a company limited by guarantee incorporated on 4 November 1993, is governed by its memorandum and articles of association. As at 31 March 2024, there were 12 guarantors whose liability in the event of a winding up is limited to one pound each. There is a Board of between 12 and 16 Trustees. For the purpose of company law, the Trustees are the Directors of the company and are nonexecutive and unpaid. During the financial period under review, the Trustees met four times. There is one sub-committee for Finance and General Purposes which operates under specific terms of reference with certain functions delegated by the Trustees. FSG decisions are discussed by the full Board.

Subjects to the charity’s needs, new trustees may be elected by the Board company at any quarterly Board meeting. FESTIVAL.ORG opts to appoint its Trustees for an unlimited period but regards that appointment as being a three-year appointment, renewable for further terms of three years. The induction process for new trustees incorporates training, observing a Board meeting and a review of trustees’ responsibilities.

The Trustees delegate to the Artistic Director the programming, operations and management of the staff of the company. The trustees review the activity of the company and advise the Artistic Director and Senior Management team (Executive Producer, Head of Audiences and Communications and General Manager), who assist the Artistic Director in carrying out the day-to-day activity of the company, supported by the wider staff team.

Risk Management

The Trustees are a group of individuals with diverse experiences and backgrounds that ensure the charity benefits from skilled and informed monitoring and scrutiny. There are regular reviews by the Finance and General Purposes Subcommittee (FSG) and the wider Board of Trustees on the organisation's performance and policies in relation to Finance, HR, Health & Safety, Safeguarding and Equal Opportunities.

Trustees review activity plans, the business plan, a rolling 12-month cash-flow and management accounts quarterly. Financial controls are regularly reviewed to ensure that they still meet the needs of the charity and the developing context that it operates in.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

The Trustees also ensure that the organisation is responsive to audience, partner and participant needs through various feedback mechanisms and has comprehensive monitoring and evaluation procedures in place for all its activities. Strategic objectives and targets are set annually and monitored quarterly through performance reports and management accounts and reviewed regularly. This includes monitoring the Risk Register and associated strategies to mitigate these risks.

The charity’s Risk Register is updated quarterly in advance of every Trustee Board meeting, and is reviewed by Senior Management, and closely scrutinised at quarterly FSG meetings and quarterly Board Meetings. The organisation holds all relevant insurances and has a clear set of Finance Procedures and Phishing Training to minimise the risk of fraud. The Charity undergoes an external appraisal by the Royal Borough of Greenwich and Arts Council England each year.

The main significant risk from 2023 - 2024 was the ongoing and rapid changes in the funding environment, which is increasingly difficult for arts and culture organisations due to the current inclement national economic climate.

Plans for Future Periods

The trustees have been mindful of the financial challenges ahead and have planned for a reduction in the scale of GDIF 2024, including the cancellation of the Greenwich Fair with a hoped for return in 2025, given that partnership funding has been so difficult to identify.

Following Canary Wharf’s decision to suspend sponsorship for Dancing City, new sources of funding support have been developed with the London Borough of Newham and partners at East Bank in Stratford, with a view to safeguarding this popular annual event.

The planned programme for 2024 will feature a high profile performance/installation from the Australian company Legs on the Wall entitled “THAW” highlighting the climate emergency, whilst ATC Theatre Company will return with a timely production addressing the migration crisis entitled “Bodies of Water” which will be presented on the Thames foreshore, and Good Chance and Gecko theatre companies will mark the 85th anniversary of the Kindertransport with a production involving 40 young people at Liverpool Street station.

The 2024 festival will have the theme of “All Change” and feature productions at the Royal Artillery Barracks, University of East London, Stratford Park, Greenwich Peninsula, Thamesmead, Eltham, Stratford and the City of London, alongside hyper-local programming and engagement activities. Other plans include the premiere and touring of Jeanefer Jean-Charles’ latest production of “Patois”, together with a new winter project for EC BID in the City of London.

Structure, governance and management

Governing Document

Greenwich+Docklands Festivals was incorporated as a Company Limited by Guarantee on 29 November 1993 and is registered as a charity with the Charity Commission. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association.

The Guarantors of the Company (the Members) are the members of the Board of Trustees who are the Directors for the purposes of Company Law. In the event of the company being wound up, the Members are required to contribute an amount not exceeding £1.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

Recruitment and Appointment of the Board

The Articles of Association provide for the appointment of a Board of Trustees comprising all individual members of the Company and all deputies of organisations which are members of the Company for the time being.

Appointed Board members shall initially serve for three years, after which time their appointment shall be reviewed; retiring Board members shall be eligible for re-appointment. At each General Meeting at least one third of the Board members who are subject to retirement shall retire from office.

Members of the Board shall elect from their own number honorary officers, to include a Chairperson, for periods as they may see fit, and any officer so appointed may be removed or replaced by the Board of Directors.

The recruitment and selection process is guided by Members of the Board. Potential new Board Members are recruited through a variety of methods, including recommendation, association with the Company and advertisement. Where appropriate there will be a short-listing and interview based selection process.

Trustee Induction and Training

Most Board Members are already familiar with the work of FESTIVAL.ORG through their professional and other work in the arts sector, education and local government. The Board is given regular updates on planned work and the results of that work. Trustee Melina Barnet, appointed in June 2024, has volunteered her expertise to act as Equity, Equality, Diversity and Inclusion Lead for the board. Melina is working with the General Manager Felicity Paterson to plan the EEDI training programme for trustees in Spring 2025.

New Board Members are provided with an induction programme including key documents describing the work of the organisations, briefings from the Chair and the Artistic Director, and invitations to appropriate events.

The induction programme is designed to ensure that Board Members are familiar with their responsibilities, both legally and operationally, that they understand the constitutional and financial framework within which FESTIVAL.ORG operates, and that they have a good understanding of the Company’s strategic objectives.

Risk Management

The Board of Trustees has conducted a review of the major risks to which the charity is exposed; this review is presented to the Board. A risk register has been established and is updated annually. Where appropriate, systems or procedures have been established to mitigate the risks.

Organisational Structure

The Board meets at least four times per year and is responsible for the organisation’s strategic direction and policies including the company’s Equality, Diversity and Inclusion Action Plan. Board members have a high degree of relevant knowledge and experience across a wide range of areas of expertise.

The Board delegates responsibility for the implementation of its strategy and policy to the Artistic Director. He is responsible for ensuring that the organisation delivers the programmes and activities agreed by the Board, and for ensuring that key performance indicators are met.

The Artistic Director is supported by a small core staff, supplemented by temporary staff where appropriate.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Trustees’ Annual Report

Year Ended 31 March 2024

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and regulations.

Company and Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with Charities’ Statement of Recommended Practice, Accounting and Reporting by Charities issued in March 2005, United Kingdom Financial Reporting and Accounting Standards and applicable law). Under Company and Charity 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 of the surplus of the Company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company transactions and 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 Charities Act 2011. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

On behalf of the board

fal Nanrahan

Paul Hanrahan, Trustee

10 September 2024

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Independent Auditor’s Report to the Trustees of Greenwich + Docklands Festivals

Year Ended 31 March 2024

Opinion

We have audited the financial statements of Greenwich + Docklands Festivals (the ‘charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Independent Auditor’s Report to the Trustees of Greenwich + Docklands Festivals

Year Ended 31 March 2024

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of 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 directors’ report included within the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ statement of responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the charitable company 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 charitable company 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts and relevant regulations made or having effect thereunder.

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.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Independent Auditor’s Report to the Trustees of Greenwich + Docklands Festivals

Year Ended 31 March 2024

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees 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 as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Duke (Senior statutory auditor) 15 Westferry Circus For and on behalf of PKF Littlejohn LLP Canary Wharf Statutory auditor London E14 4HD September 2024

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Statement of Financial Activities (Including Income and Expenditure Account)

Year Ended 31 March 2024

Note
Income and endowments from:
Core funding
2
Charitable activities
3
Investments
4
Other income
5
Total income and endowments
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net (expenditure) / income
7
Transfers between funds
Net movement in funds
15
Reconciliation of funds:
Total funds brought forward
15
Total funds carried forward
15		 Unrestricted
funds
£
332,550
459,726
9,045
2,533
803,854
10,209
396,289
406,498
397,356
(435,318)
(37,962)
286,904
248,942		 2024
Restricted
funds
£
-
922,151
-
-
922,151
-
1,357,469
1,357,469
(435,318)
435,318
-
-
-		 Total
£
332,550
1,381,877
9,045
2,533
1,726,005
10,209
1,753,758
1,763,967
(37,962)
-
(37,962)
286,904
248,942		 2023
Total
£
337,772
1,354,529
1,527
9,800
1,703,628
10,321
1,671,816
1,682,137
21,491
-
21,491
265,413
286,904

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year. The Charitable Company had no recognised gains or losses other than as stated above.

The accounting policies and notes on pages 16 to 24 form part of these financial statements.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Balance Sheet

Year Ended 31 March 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 11 5,263 1,340
Current assets
Debtors 12 225,172 133,344
Cash at bank and in hand 547,103 607,685
772,275 741,029
Creditors: amounts falling due within one year 13 (528,596) (455,465)
Net current assets 243,679 285,564
Total assets less current liabilities 248,942 286,904
Net assets
Charitable Company Funds
Restricted funds 15 - -
Unrestricted funds 15 248,942 286,904
Total charity funds 15 248,942 286,904

The financial statements were approved and authorised for issue by the Board on 10 September 2024.

Signed on behalf of the board of trustees

Paul Hanrahan, Trustee

The accounting policies and notes on pages 16 to 24 form part of these financial statements.

Company registration number: 2876062

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Statement of Cash Flows

Year Ended 31 March 2024

Note
Cash flow from operating activities
17
Net cash flow provided by operating activities
Cash flow from investing activities
Bank interest
Payments to acquire tangible fixed assets
Net cash flow from / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 31 March
Cash and cash equivalents at 31 March
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 March		 2024
£
(60,117)
(60,177)
9,045
(9,510)
(465)
(60,582
607,685
547,103
547,103
547,103		 2023
£
75,825
75,825
1,527
-
1,527
77,352
530,333
607,685
607,685
607,685

The accounting policies and notes on pages 16 to 24 form part of these financial statements.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

1 Summary of significant accounting policies

(a) General information and basis of preparation

Greenwich + Docklands Festivals is a Company Limited by Guarantee and also a registered charity in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.

The nature of the charity’s operations and principal activities are the provision and promotion of arts activities including art exhibitions, performance of drama, music, opera and dance, film shows, readings of poetry and literature, during annual festivals or otherwise.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity.

Having reviewed the funding facilities available to the charity together with the expected project activity and the charity’s future projected cash flows, the trustees have a reasonable expectation that charity has adequate resources to continue its activities for at least 12 months from the date of approval of the financial statements. In forecasting future cash flows, the trustees have considered the impact of the UK’s wider financial challenges and potential impacts on future fundraising. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received.

Income from donations is recognised on receipt, unless there are conditions attached to the donation that require a level of performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

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Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

(c) Income recognition (continued)

Income from trading activities and sponsorship includes income earned from the promotion of arts activities. Income is included in the SOFA net of VAT and is recognised when the Charitable Company has provided the associated services and when entitlement has occurred.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and project management costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

(h) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: 3 years Furniture and Equipment IT equipment 3 years

(m) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(t) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(v) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010. It therefore meets the definition of a charitable company for UK corporation tax purposes.

17

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

2
Core Funding
Greenwich Council
Arts Council of England
Donations and legacies
Gift aid receivable		 2024
£
75,000
254,091
1,868
1,591
332,550		 2023
£
80,000
254,091
1,746
1,935
337,772

Income from core funding is wholly attributable to unrestricted funds in both financial years.

3
Income from charitable activities
Grants
Fees & Other		 2024
£
971,280
410,597
1,381,877		 2023
£
963,546
390,983
1,354,529

Income from charitable activities was £1,381,877 (2023 - £1,354,529) of which £459,726 (2023 - £631,809) was attributable to unrestricted funds and £922,151 (2023 - £722,720) was attributable to restricted funds.

4 Income from investments

Interest – deposits (unrestricted funds)
5
Other Income
Miscellaneous		 2024
£
9,045
2024
£
2,533
2,533		 2023
£
1,527
2023
£
9,800
9,800

18

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

6. Analysis of expenditure on charitable activities

Ended 31 March 2024
Analysis of expenditure on charitable activities
Payroll
Direct Costs
Depreciation
Support Costs
Board expenses
Audit and accountancy
Bank Charges		 2024
£
303,202
1,364,579
5,587
55,424
1,552
22,540
874
1,753,758		 2023
£
257,667
1,331,003
2,417
55,763
1,120
22.905
1,089
1,671,816

£406,498 (2023 - £728,255) of the above costs were attributable to unrestricted funds and £1,357,469 (2023 - £943,561) of the above costs were attributable to restricted funds.

7 Net income / (expenditure) for the year

Net income / (expenditure) is stated after charging:

Net income / (expenditure) is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 5,587 2,417

8 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee of £5,500 (2023 - £5,500).

9 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2023: £Nil).

The trustees did not have any expenses reimbursed or paid directly on their behalf during the year (2023 - £nil).

Total benefits to key management personnel in the year totalled £74,684 (2023 - £74,684).

19

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

10 Staff costs and employee benefits

The average monthly number of employees during the year was as follows:

Charitable activities
The total staff costs and employees benefits were as follows:
Wages and salaries
Social security
Pension contributions		 2024
Number
7
2024
£
268,811
25,915
8,476
303,202		 2024
Number
7		 2023
Number
8
2023
£
226,983
23,140
7,544
257,667

One employee (2023 – one) received total employee benefits (excluding employer pension costs) of between £70,001 - £80,000 (2023 – one).

11 Tangible fixed assets

Cost or valuation:
At 1 April 2023
Additions
At 31 March 2024
Depreciation:
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value:
At 31 March 2024
At 31 March 2023		 Total
£
78,301
9,510
87,811
76,961
5,587
82,548
5,263
1,340

Tangible fixed assets consist of furniture and equipment and IT equipment.

20

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

12 Debtors

Debtors
Trade debtors
Prepayments and accrued income
Other debtors		 2024
£
62,184
162,988
-
225,172		 2023
£
22,500
108,909
1,935
133,344

Prepayments and accrued income includes £136,371 in respect of Theatre Tax Relief (2023: £50,329).

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Other tax and social security
Accruals and deferred income (see note 14)		 2024
£
21,061
33,121
474,414
528,596		 2023
£
68,489
15,082
371,894
455,465

14 Deferred income

Deferred income
At 1 April 2023
Additions during the year
Amounts released to income
At 31 March 2024		 Total
£
145,750
361,607
(145,750)
361,607

Income deferred is in respect of grants received for 2024/25.

21

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

15 Fund reconciliation

Unrestricted funds

Unrestricted
Designated
Unrestricted
Designated
Restricted funds
Restricted
Restricted		 Balance at 1
April 2023
Income
Expenditure
Transfers
Balance at 31
March 2024
£
£
£
£
£
10,564
803,854
(368,538)
(437,201)
8,679
276,340
-
(37,960)
1,883
240,263
286,904
803,854
(406,498)
(435,318)
248,942
Balance at 1
April 2022
Income
Expenditure
Transfers
Balance at 31
March 2023
£
£
£
£
£
-
980,908
(738,576)
(231,768)
10,564
265,413
-
-
10,927
276,340
265,413
980,908
(738,576)
(220,841)
286,904
Balance at 1
April 2023
Income
Expenditure
Transfers
Balance at 31
March 2024
£
£
£
£
£
-
922,151
(1,357,469)
435,318
-
-
922,151
(1,357,469)
435,318
-
Balance at 1
April 2022
Income
Expenditure
Transfers
Balance at 31
March 2023
£
£
£
£
£
-
823,014
(1,014,507)
191,493
-
-
823,014
(1,014,507)
191,493
-

22

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

15 Fund reconciliation (continued)

Fund descriptions

a) Unrestricted funds

Comprise of voluntary income (without restrictions), investment income and income from GDF Strategic Projects. Designated Funds at the year represent:

b) Restricted funds

Represents income received specifically in relation to the Greenwich + Docklands International Festival.

Transfers

A transfer is made from unrestricted funds to restricted funds in order to cover the deficit in restricted funds which arose following the GDIF.

16 Analysis of net assets between funds

Year ended 31 March 2024
Fixed assets
Net current assets/ (liabilities)
Total		 Unrestricted
funds
Restricted
funds
Total
£
£
£
5,263
-
5,263
243,679
-
243,679
248,942
-
248,942
Unrestricted Restricted
Year ended 31 March 2023 funds funds Total
£ £ £
Fixed assets 1,340 - 1,340
Net current assets/ (liabilities) 285,564 - 285,564
Total 286,904 - 286,904

23

Greenwich + Docklands Festivals (Trading as FESTIVAL.ORG)

Notes to the Financial Statements

Year Ended 31 March 2024

17 Reconciliation of net expenditure to net cash flow from operating activities

Net (expenditure)/income for the year
Bank interest
Depreciation of tangible fixed assets
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash flow from operating activities		 2024
£
(37,962)
(9,045)
5,587
(91,828)
73,131
(60,117)		 2023
£
21,491
(1,527)
2,417
81,794
(28,350)
75,825

Net cash flow from operating activities

18 Related party transactions

Information about related party transactions and outstanding balances is outlined below:

Income Expenditure
£ £
Royal Borough of Greenwich represented by Gary Dillon
At March 2024 180,150 -
At March 2023 160,000 -

During the year the charity paid the following trustees for services furthering the charity’s objectives. No amounts were outstanding at the year end.

Fiona Hughes – consultancy of £4,000 (2023 - £nil)

Anthony McBride - consultancy of £nil (2023 - £1,350)

Jennifer Sealey – the charity paid the Graeae Theatre Company, where Jennifer Sealey is Chief Executive Officer, £nil in the year (2023 - £24,632).

During the year the charity paid £150 to Citizen State for administrative support. Adam Hemmings, the son of the Artistic Director, is a Director of that Company.

All payments were approved by the Trustees and conducted on an arms length basis.

24