| Page | ||||
|---|---|---|---|---|
| Report ofthe Chair | ||||
| Report ofthe CEO | ||||
| Report ofthe Trustees | 3 | to | 6 | |
| Report ofthe Independent | Auditors | 7 | to | 9 |
| Statement of Financial Activities | 10 | |||
| Balance Sheet | ||||
| Cash Flow Statement | 12 | |||
| Notes to the Cash Flow Statement | 13 | |||
| Notes to the Financial Statements | 14 | to | 23 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||||
| fund | funds | funds | funds | |||||
| Notes | E | F | F | |||||
| INCOME AND ENDOWMENTS | FROM | |||||||
| Donations and legacies |
976,027 | 976,027 | 166,865 | |||||
| Charitable activities |
||||||||
| Hay Festival | 3,214,723 | 27,739 | 3,242,462 | |||||
| Partnership working |
30,000 | 30,000 | ||||||
| School programme | 151,453 | 151,453 | ||||||
| International festival |
support | 281,274 | 281,274 | |||||
| Investment income |
1,195 | 1,195 | 19 | |||||
| Other income | 5,219 | 5,219 | ||||||
| Total | 4,478,438 | 209,192 | 4,687,630 | 166,884 | ||||
| EXPENDITURE ON | ||||||||
| Charitable activities |
||||||||
| Support of Hay Festival of Literature | and The Arts | 45,853 | ||||||
| Hay Festival | 4,421,671 | 27.739 | 4,449,410 | |||||
| Partnership working |
30,000 | 30,000 | ||||||
| School programme | 151,453 | 151,453 | ||||||
| Total | 4,421,671 | 209,192 | 4,630,863 | 45,853 | ||||
| NET INCOME | 56,767 | 56,767 | 121,031 | |||||
| RECONCILIATION | OF FUNDS | |||||||
| Total funds brought | forward | 418,658 | 418,658 | 297,627 | ||||
| TOTAL FUNDS CARRIED FORWARD | 475,425 | 475,425 | 418,658 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| fund | funds | funds | funds | ||||
| Notes | F | f | E | ||||
| FIXEDASSETS | |||||||
| Tangible | assets | 13,290 | 13,290 | ||||
| CURRENT ASSETS | |||||||
| Stocks | 14 | 24,863 | 24,863 | ||||
| Debtors | 15 | 154,393 | 10,000 | 164,393 | 8,963 | ||
| Cash at | bank | 730,006 | ~10,000) | 720,006 | 457,930 | ||
| 909,262 | 909,262 | 466,893 | |||||
| CREDITORS | |||||||
| Amounts | falling due within | one year | 16 | (391,074) | (391,074) | (48.235) | |
| NET CURRENT ASSETS | 518,188 | 518,188 | 418,658 | ||||
| TOTAL | ASSETS LESSCURRENT LIABILITIES | 531,478 | 531,478 | 418,658 | |||
| CREDITORS | |||||||
| Amounts | falling due after more than one year | 17 | (56,053) | (56,053) | |||
| NET ASSETS | 475.425 | 475,425 | 4f5,555 | ||||
| FUNDS | 20 | ||||||
| Unrestricted funds |
475.425 | 418,658 | |||||
| TOTAL | FUNDS | 475,425 | 418,658 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | f | ||||
| Cash flows from operating | activities | ||||
| Cash generated from operations |
201,991 | 63,806 | |||
| Net cash provided by operating |
activities | 201,991 | 63,806 | ||
| Cash flows from investing | activities | ||||
| Purchase of tangible fixed assets |
(17,163) | ||||
| Interest received | 1,195 | 19 | |||
| Net cash (used in)/provided | by | investing | activities | ~15,9662 | 19 |
| Cash flows from financing | activities | ||||
| New loans in year | 76,053 | ||||
| Net cash provided by financing |
activities | 76,053 | |||
| Change in cash and cash |
equivalents | in | |||
| the reporting period Cash and cash equivalents |
at | the | 262,076 | 63,825 | |
| beginning ofthe reporting |
period | 457,930 | 394,105 | ||
| Cash and cash equivalents | at | the end | of | ||
| the reporting period |
720,006 | 457,930 |
| RECONCILIATION | RECONCILIATION | OF NET INCOME TO NET CASH FLOW FROM OPERATING | OF NET INCOME TO NET CASH FLOW FROM OPERATING | OF NET INCOME TO NET CASH FLOW FROM OPERATING | OF NET INCOME TO NET CASH FLOW FROM OPERATING | ACTIVITIES | ||
|---|---|---|---|---|---|---|---|---|
| 2022f | 2021 f |
|||||||
| Net income | for the | reporting | period (as per the Statement of Financial | |||||
| Activities) | 56,767 | 121.031 | ||||||
| Adjustments | for: | |||||||
| Depreciation | charges | 3,873 | ||||||
| Interest received | (1,195) | (19) | ||||||
| Increase in stocks |
(24,863) | |||||||
| (Increase)/decrease | in | debtors | (155,430) | 210,804 | ||||
| Increase/(decrease) | in | creditors | 322,839 | ~268,0)0 | ||||
| Net cash provided | by | operations | 201,991 | 63,806 | ||||
| 2. | ANALYSIS OF CHANGES | IN | NET FUNDS | |||||
| At 1/1/22 | Cash flow f |
At 31/12/22 f |
||||||
| Net cash | ||||||||
| Cash at bank | 457,930 | 262,076 | 720,006 | |||||
| 457,930 | 262,076 | 720,006 | ||||||
| Debt | ||||||||
| Debts falling | due within | 1 year | (20,000) | (20,000) | ||||
| Debts falling | due after 1 year | ~56,053) | ~55,053) | |||||
| ~76.053) | ~76,053) | |||||||
| Total | 457,030 | 186,023 | 643,953 |
| 2022 | 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| f | |||||||||
| Membership | income | 136,497 | 61,322 | ||||||
| Donations | 56,440 | 90,869 | |||||||
| Gift aid | 27,038 | 14,674 | |||||||
| Grants | 723,307 | ||||||||
| Hay Player | subscriptions | 32,745 | |||||||
| 676.027 | 166,865 | ||||||||
| Grants | received, | included | in the above, are as follows: | ||||||
| 2022 | 2021 | ||||||||
| f | f | ||||||||
| Welsh | Government | - Cultural Recovery Fund Round 3 |
61,640 | ||||||
| Arts Council | Wales | —Hay | Festival 2022 I Hay Festival international | Focus | 50,000 | ||||
| Arts Council | England - Culture Recovery Fund continuity | support | 600,000 | ||||||
| Interns | funding | 11,667 | |||||||
| 723,307 | |||||||||
| INVESTMENT INCOME | |||||||||
| 2022 | 2021 | ||||||||
| 6 | F | ||||||||
| Deposit | account | interest | 1,195 | 19 |
| INCOME FROM C | HARIT | ABLE | ACTIVITIES | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| Activity | E | 6 | |||||||
| Ticket sales | Hay Festival | 1,490,424 | |||||||
| Book sales | Hay Festival | 525,208 | |||||||
| Sponsorship income |
Hay Festival | 641,913 | |||||||
| Exhibitors | Hay Festival | 191,930 | |||||||
| Grants | Hay Festival | 27,739 | |||||||
| Other festival related income | Hay Festival | 277, 3'I 7 | |||||||
| Festival related merchandise | Hay Festival | 87,931 | |||||||
| Grants | Partnership | working | 30,000 | ||||||
| Grants | School programme | 151,453 | |||||||
| Management fees |
International | festival | support | 281,274 | |||||
| 3,705,189 | |||||||||
| Grants received. included | in the | above, are as follows: | |||||||
| 2022 | 2021 | ||||||||
| The British Council | - Supporting | a series of literature | events | 21,500 | |||||
| The British Council | - Digital Partnership Lviv International |
Bookforum | 2022 | 30,000 | |||||
| Welsh Government | - Hay | Festival Schools Programme | 2021-22 | 40,000 | |||||
| Welsh Government | - Hay | Festival Schools Programme | 2022-23 | 111,453 | |||||
| University ofSouth |
Wales | - Scribblers Day |
3.450 | ||||||
| WOM@ARTS projects | 2,789 | ||||||||
| 209,192 | |||||||||
| CHARITABLE ACTIVITIES COSTS | |||||||||
| Direct | Support | ||||||||
| Costs (see | costs (see | ||||||||
| note 7) | note 8) | Totals | |||||||
| E | E | ||||||||
| Hay Festival | 3,589,639 | 859,771 | 4,449,410 | ||||||
| Partnership working |
30,000 | 30,000 | |||||||
| School programme | 151,453 | 151,453 | |||||||
| 3,771,092 | 859,771 | 4,630,863 |
| 7. | DIRECT COSTS OF CHARITABLE ACTIVITIES | ||
|---|---|---|---|
| 2022 | 2021 | ||
| F | E | ||
| Staff costs —core payroll | 587,215 | ||
| Direct costs - Hay Festival 2022 / Winter Weekend 2022 | 2,586,734 | ||
| Bookshop costs | 315,930 | ||
| Merchandise costs |
42,045 | ||
| Staff costs - festival event direct | 239,168 | ||
| 3,771,092 | |||
| 8. | SUPPORT COSTS |
| SUP | PORT COSTS | |||
|---|---|---|---|---|
| Staff | ||||
| costs E |
Finance | Depreciation f |
||
| Hay | Festival | 111,778 | 4,714 | 3,873 |
| Governance | ||||
| Other | costs | Totals | ||
| F | ||||
| Hay | Festival | 498.D48 | 241,358 | 859,771 |
| 2022 | 2021 | ||
|---|---|---|---|
| E | |||
| Auditors' remuneration |
5,500 | ||
| Depreciation | - owned assets | 3,873 | |
| Independent | Examiner fees | 2,295 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Wages and | salaries | 838.637 | ||||
| Social Secunty costs | 89.047 | |||||
| Pension costs | 13,495 | |||||
| 941, I79 | ||||||
| The average | number | of employees | during | the year: | ||
| 21 |
| xceeded f | 60,000was |
|---|---|
| 2022 | 2021 |
| 1 |
| All income and expenditure in the year ended 31 December 202 TANGIBLE FIXEDASSETS |
1 was unrestricted. |
|---|---|
| Computer | |
| equipment | |
| COST | |
| Additions | 17,163 |
| DEPRECIATION | |
| Charge for year | 3,873 |
| NET BOOK VALUE | |
| At 31 December 2022 | 13,290 |
| At 31 December 2021 |
| 14. | STOCKS | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| f | f | ||||||
| Merchandise stock |
24,863 | ||||||
| 15. | DEBTORS:AMOUNTS | FALLING DUE WITHIN ONE YEAR | |||||
| 2022 | 2021 | ||||||
| f | f | ||||||
| Trade debtors | 51,668 | 2,334 | |||||
| Gift aid recoverable | 4,087 | 3,422 | |||||
| Other debtors | 24,538 | ||||||
| Prepayments and accrued |
income | 84,100 | 3,207 | ||||
| 194.393 | 8,963 | ||||||
| 16. | CREDITORS: AMOUNTS | FALLING | DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||||
| f | |||||||
| Bank loans and overdraffs | (see note | 18) | 20,000 | ||||
| Trade creditors | 67,033 | ||||||
| Social security and other taxes | 21,257 | ||||||
| VAT | 15.428 | 1,392 | |||||
| Other creditors | 8,757 | ||||||
| Accruals and deferred income |
258,599 | 46,843 | |||||
| 391,0 4 | 48,235 | ||||||
| Induded within accruals |
and deferred | income above is the following | deferred income: | ||||
| 2022 | 2021 | ||||||
| f | |||||||
| Benefactor membership | in | advance | 21,112 | 7,778 | |||
| Caterer deposits - Hay Festival 2023 | 2,025 | ||||||
| International festivals - ticket sales |
40,480 | ||||||
| Ticket sales - Hay Festival | 2023 | 100,323 | |||||
| Intern salary funding | 6,509 | ||||||
| Other advanced ticket sales |
1,760 | ||||||
| 172,209 | 7,778 |
| 17. | CREDITORS: AMOUNTS | FA | LLING DUE AFTE | R MORE | THAN ONE YEAR | ||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| f | |||||||
| Bank loans (see note 18) | 56,053 | ||||||
| 18. | LOANS | ||||||
| An analysis of the maturity |
of | loans is given below: | |||||
| 2022 f |
2021 f |
||||||
| Amounts falling due within |
one year on demand: | ||||||
| Bankloans | 20,000 | ||||||
| Amounts falling between Bank loans -1-2years |
one | and two years: | 10,000 | ||||
| Amounts falling due between Bank loans -2-5years |
two and five years: | 46,053 | |||||
| 19. | LEASING AGREEMENTS | ||||||
| Minimum lease payments |
under non-cancellable | operating | leases fall due as follows: | ||||
| 2022 | 2021 | ||||||
| f | f | ||||||
| Within one year | 54,279 | ||||||
| Between one and five years | 115,372 | ||||||
| 169,651 |
| MOVEM | ENT | IN FUNDS | |||
|---|---|---|---|---|---|
| Net | |||||
| movement | At | ||||
| At 1/1/22 f |
in funds | 31/12/22 f. |
|||
| Unrestricted | funds | ||||
| General | fund | 418.658 | 56.767 | 475,425 | |
| TOTAL | FUNDS | 448658 | 56,767 | 475,425 |
| MOVEMENT IN FUNDS - contin |
MOVEMENT IN FUNDS - contin |
MOVEMENT IN FUNDS - contin |
MOVEMENT IN FUNDS - contin |
ued | |||
|---|---|---|---|---|---|---|---|
| Net movement in funds. induded |
in the above are as follows: | ||||||
| Incoming | Resources | Movement | |||||
| resources | expended | in funds | |||||
| E | E | ||||||
| Unrestricted funds |
|||||||
| General fund |
4,478,438 | (4,421,671) | 56,767 | ||||
| Restricted funds | |||||||
| Partnership / Lviv International |
Book forum | ||||||
| 2022 | 30,000 | (30,000) | |||||
| Schools programme | 2022-23 | 111,453 | (111,453) | ||||
| Series of literature | events and | commissions | 21,500 | (21,500) | |||
| Schools programme |
2021-22 | - | Scribblers | ||||
| tour February 2022 | 40,000 | (40,000) | |||||
| Scribblers Day INOMOARTS projects |
3,450 2,789 |
(3,450) ~2,789) |
|||||
| 209,192 | ~209,192 | ||||||
| TOTAL FUNDS | 4,687,630 | ~4.630,863) | 56,767 |
| Net | |||||||
|---|---|---|---|---|---|---|---|
| movement | At | ||||||
| At 1/1/21 | in funds | 31/12/21 | |||||
| 6 | E | ||||||
| Unrestricted | funds | ||||||
| General | fund | 297,627 | 121,031 | 418,658 | |||
| TOTAL | FUNDS | 297,627 | 121,031 | 418,658 | |||
| Comparative | net movement | in funds, | included | in the above are as follows: | |||
| Incoming | Resources | Movement | |||||
| resources 6 |
expended f |
in funds E |
|||||
| Unrestricted | funds | ||||||
| General | fund | 166,884 | (45,853) | 121,031 | |||
| TOTAL | FUNDS | 166,884 | ~45.853) | 121.031 |