REGISTERED COMPANY NUMBER: 03490480 {England and Wales)
REGISTERED CHARITY NUMBER: 1070073
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
HAY FESTIVAL FOUNDATION LIM￿ED
MHA
Statutory Auditor
Elfed House
Oak Tree Court
Cardiff Gale Business Park
CARDIFF
County of Cardiff
CF23 8RS

HAY FESTIVAL FOUNDATION LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
Chaifs Report
CEO'S Report
Report of the Trustees
Report of the Independent Auditors
g to 11
Statement of Financial Activities
12
Balance Sheet
13
Cash Flow Ststement
14
Notes to the Cash Flow Statement
15
Notes to the Financial Statements
16 10 27

HAY FESTIVAL FOUNDATION LIMITED
CHAIR'S REPORT
FOR THE YEAR ENDED 31 DECEM8ER 2023
l am dèlighted lo welcome you lo our 2023 Annual Report Sn our 36th year. As we continue our posl£ovid rewvery and
embrace a new era for eullure 2nd the arts. al Hay Festival Foundation Ltd we are pleased lo report a successful y8ar. Al
a lime when culture and the arts are more essential Ihsn ever, the charity explored subjects from Al to World conflicts,
and our platfoms witnessed vital debate and Created life.changing opportunities for young people.
We are proud of our work during 2023, convening audiences and artists in and between lerrilories, exploring unique
ideas and fresh narratives, providing insights on the world. our lives and each other. As we bring the best minds together,
we are alert lo their generosity in sharing their expertise. crealivily and shared hope for a different future. Celebrating the
best in lilefftlure, spoken word, Ih@ arts, debats and di8logu&. and engaging people across the worfd shapes our work.
Hay Festival Foundation operales within an ever*volving ¢onlexl, generating relevant and exciling conlenl, expanding
our network of experts and artists, and shapin9 new18lenl.
To meet our objectives through 2023 we expanded our reach inlemationally. with ? new Nay Fests'val ForuTn in Seville,
our second year partnering Ukraine's Lviv BookForum and further Forum events in Segovia, Spain and Dallas. USA. Full
festivals were held in MexicD, Peru and Colombia, while planning continued for a Panama Forum in 2024. In Wales, Hay
Festival Winter Weekend, hekl al Hay Castle, vias an enormous Slfccess, a boutique version of the flagship festival in Ihe
spring. enabled through Levelling Up funding through Powys County Council. Our inlemalional footprint continues lo
grow. bringing ariisis together with audiences in unique spaces including theat￿s. museums. libraries, bookshops,
community cenlres, schools, caslles, greenfielé siles and public squares.
Our audience engagement and outreach continued to grow in its many foims. Those who were not able lo aecess our
events physically joined us online from anywhere in the worfd through Hay Festival Anytime our digital archive - and
projects including our monthly Book Club. OLtr education and community engagement opportunities were exlefided:
building on Hay Festival Scribbler5 Tour in Wales, funrling for additional work with early years pupils ¢affle from Arts
Council England and hglped us initiate new partnerships. Inlernatsonally, Hay Festival Joven events for students and Hay
Festival Comuntario ev&nls in communities offered free access lo Foslival content in Colombia. Supporting new talent,
Hay Festival Academy. Writers al Work, partnerships, sludenl discounts and larnily friendly programming attracted
children and young people. new talent and the audience5 of tomorrow.
Hay Festival Haywon-wye 2023 in Wales demonstrated the public appetite for a relLim lo physical events. with a footfall
of 170,000. We were thrilled lo welcome people across 11 extraordinary days in the beautiful Bannau Brycheiniog
{Brecon B&a¢onsl National Park. This year we invested in gathering audience insights. from those who know our work
an(t Ihose who have never experienced Hay Festival before. We are building knowledge of our audien￿$ steadfastly lo
ensure relevance. anlicipale trends, evaluate innovalive ideas and ensure th31 wa can allracl Ihe broadest audience
possible lo a15 places where we operate.
Vve are enormously grateful lo our lunders, members. patrons. benelaclors. sponsors, partners. supporters. volunteers
and the public who enable Hay Festival Global to exist and thrive, helping us raise over £5.3m this past year. Their
shared interest in our mission feeds the minds and souls of all who participate.
We are anlicipaling a Iransformafrv
our aeliviti
s,4nd actively engage Ml
year in 2024 as w
04Eaudiences.
récruit new
slee5. de¥elop our longer-lemi slrale9y. expand
Caroli
Chair- Hay Festival
Page 1

HAY FESTIVAL FOUNDATION LIMITED
CEO'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
As a charity. we believe that Ideas can change the world and that everybody has a rlght to inspiration. By connecting
communities through culture. Hay Festival Global events and projects have this at Iheir heart. At the start of this year. in
an inteNiew with The Guardian, I spoke about how 2023 would be the year that Hay Fesbval reached fvrther than ever
into communities with programmes offering 'somelhing for everybody,. We have kept this promise al the forefront of our
work and have delivered 65 days of in-person festival events across the worfd. with our digital presence reaching out 365
days a year. In addition, our community and education engagement work spans the year wtth in-person satellit8 events.
Repeatedly over the past twelve months we have heard about the transfomiaÉive power of words. At our spring festival in
Wales, Dua Lipa and Slormzy explained how books began their creative joumeys; at Lviv BookFonJm In Ukraine. we
heard writers on how reading was a lileline to their sense of self., and just last month as Scribblers Cymraeg toured
Wales. we saw young people sparked to creativity through free workshops led by some of our best poets.
2023 was a year when culture fett MO￿ essentlal than ever. As global conflicts raged and innovative technologies
amplified divisions, culture provided an essential space to exchange ideas. build empathy and offer much-needed hope.
With new partners and projects widening access lo Hay Festival content like never before. we were rewarded throughoLrt
with high attendance and engagement across our events and projects. What follows here is a snapshot of this work.
The generosity of spirit shown by everyone who participates in Hay Festival Global is central to the future of the charity.
From funders. sponsors. patrons and benefactors to audiences. membeE5, volunteers and suppliers- to publishers.
partners. ¢ollaboralors and our community of brilliant minds. and to our authors. artists and expert5, together we are all
Haymakers SUPF)Orting the most worthwhile and special comucopia of ideas for a better future.
Significanlly. we invested in our audiences by gathering their ideas. comments and recommendations through
consultation. focus groups and suNeys. This work provided us with a rich picture of our audiences both exisling and
potential. We ¢onUnued this Work by developing our brand statement, mission. vision and values as aligned to audience
feedback. strategic direction and the extemal environment.
As intended al the point of moving lo new charitable status in 2022. a Board recruitment process commenced resulting in
the appointment of skilled trustees who joined the Board earty 2024. In December 2023 we said f8￿well to longstanding
Board members who had steered the Festival through demanding times. We are gralefvl to our Board members all
volunteers - for their expertise, challenge and support.
2023: Hay Festival Global festivals
Hay Festival Jeric(i, Colombia- 20-21 January
Hay Festival Medellln, Colombia - 24-26 January
Hay Festival Cartagena de Indias. Colombia - 26-29 January
Hay Festival Scribblers Tour. Wales - 6-16 February
Hay Festival Hay•on-Wye. Wales - 25 May4 June
Hay Festival Querétaro. Mexico - 7-10 September
Hay Forum Dallas, USA- 9-10 Seplember
Hay Festival Segovia, Spain - 14-17 September
Hay Forum Seville, Spain - 5-7 October
Lviv BookForum. Ukraine- 5-8 October
Hay Festival Scribblers Cymraeg. Wales - 6-10 November
Hay Forum Moquegua, PeTU - 8 November
Hay Festival Arequipa, Peru - 9-12 November
Hay Festival Winter Weekend, Wales - 23-26 November
Hay Festival In numbors
320,000 tickets sold (free entry was equivalent to tickets sold)
1,200 evenls
2,020 artists
15.100 school children in formal settings taking part in extensive engagement opportunities.
975,000 unique website users
6.7m website views
401.000 social media followers
44,100,000 social media impressions
Page 2

HAY FESTWAL FOUNDATION LIMITED
CEO REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Year in review
We began the year in celebration as we marked our 18th year in Colombia with a trio of events in Cartagena, Jerico
and Medellln. More than 180 artists from 21 countries took part, including literary stars, Nobel Prize winners and
acdaimed perfomers. The programme gave volce to the biggest issues of our time
from the crisis in democracy.
increasing inequalities and the climate crisis lo the role of culture in the spread of innovative ideas while highlighting an
array of award-winning fiction and non-fiction. Hay Joven evenls for students and Hay Comunltarlo events in the
barrios. (low socio economic area outside Cartagena) offered free access to Festival content more wdely.
In February, Hay Festival brought five award-wnning Young Adult IYAI writers direct to thousands of Year 7-10 school
pupils acTOSS Wales in free workshops. Now in its ￿e1fth year. Hay Festival Scribblers Tour aims to engage and
encourage the next generation in slorytelling and conversation. inspiring empathy and creativity. Compèred by YA
novelist Jenny Valentine, sessions featured novelist Maz Evans. prize-winning poet Matt Goodfellow, 5ci-fi writer Femi
Fadugba and bestselling author Caroline O'Donoghue al five Welsh universities, offering pupils a chance to visit their
ne8￿$t university and expBrience a laste of life on campus.
Also in February. as anticipation grew for our spring event in Wales, we unveiled a new partnership with the Eurovision
Song Contest to mark its UK return. inviting our audience lo champion their favourite literature in our Eurovislon Book
Contest.
Celebrating great thinkers across disciplines, it was our honour in March to unveil the recipients of our annual Hay
Festival Medals. Awarded annually since Britain's 2012 Olympic year, the medals draw inspiration from the original
Olympic med81 for poetry and were given this year to Mererid Hopwood {Poetryl. Oseman (Fiction), Sethiy Zhadan
{Songwritingl and Salman Rushdie (Prose).
Hay Festival is 2 convener of writers. readers and - crucially - creative opportunities. As one of Wales's largest cultural
institutions we are proud of our Welsh roots and take our responsibility to the ¢ultur81 landscape of Wales seriously. In
April. we were delighted to relaunch Hay Festival Writers at Work, a creative development programme for emerging
Welsh talent with the support of Literature Wales. fiJnded by Arts Council of Wales, with the participants joining us at our
spring event.
Hay Festival Wales took place 25 May4 June. bringing thousands of writers and readers together over 11 days of
programming lo inspire. examine and entertain. This yeals programme launched the best new fiction and non-ffiction
books, while offering insights and debate around significant global issues, worfd class comedy and music. and a vibrant
programme of pop-up events, workshops and activities for all ages. With footrall up by 37 /0 on 2022 and ticket sales up
by 17¥o, many first-lime festival-goers travelled from all over the world lo experience Ihe Festival and see the events.
Once more, the Festival opened with our free Programme for Schools, with 7,500 pupils (primary and secondary)
taking part in the live pmgramme while over 21.000 joined in digitally. In addition, 43 libraries across the UK took part in
streaming free events via the BrÉtish Library and the Living Knowledge Network.. and thousands more watched online
with our Online FeslNal Pass.
Over the summer. the conversations continued online wilh events available to replay through our Hay Player archive and
highlights shared via our media partners, the BBC, Sky Arts, TikTok, the TLS and others. Meanwhile. our Book of the
Month projecl continued lo invite audiences lo engage in contemporary literature.
In September. three Hay Festival events drove the conversalion across Mexico, Spain and the USA. We marked our
eighth year in Mexico with Hay Festival Querétaro showcasing 151 artists over lour days in a space where imaginations
are free to roam. Alongside this. we once more partnered with the Wild Detectives bookshop in Texas for Hay Forum
Dallas, bridging the northlsoulh divide with cultural exchange. And then to Spain, where Hay Festival Segovia explored
the way we live now with Conversations. exhibitions and performances throughout the city. plus a strand of new work with
special workshops en¢ouraglng the local prison population to engage in literature.
Hay Festival Querétaro also marked the culmination of activity lor writer, poet and spoken word artist Hanan Issa, the
recipient of our 2022123 Cymrawd Rhyngwladol Hay Festival l Hay Festlval Internatlonal Fellowshlp. Funded by
Arts Council Wales, the Fellowship supports a writer in Wales in attending Festival editions around the world while
developing a writing or research project. Open to exceptional writers of all agos, it provides a unique opportunity for
career development, while increasing Wales's artistic profile intemationally.
Next, an act of cultural solidarity in defence of free expression.. our Collaboration wlth Ukraine's largest book festival. Lviv
BookForum. continued in October as we joined them as digital media partner for their 30th edttion. supported by Open
Society Foundations. Aiming to create a civic space for a free and tolerant exchange of ideas between writers and
readers around the world, the hybrid programme blended 50 writers and thinkers in 30 conversations encompassing art
in limes of conflict, memory. gender equality, loss. corruption, imperialism and hope. Meanwhile, in Spain, the first ever
Hay Forum Sevllle took place, opening a new chapter for our charity in Europe.
Page 3

HAY FESTIVAL FOUNDATION LIMITED
CEO REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
At the start of November, events in ATequipa and Moquegua broLtght Hay Festlval Inspiration to audiences across Peru
with 150 artists taking part in events over four days. Meanwhile in Wales, a newly-expanded Hay Festival Scrlbblers
Cymraeg invlted Year 7-9 pupils to gel. creative in Welsh in Swansea, Aberystwyth, Cardiff. Bangor and Wrexham wlh
workshops hosted by poet Aneirin Karadog (Bardd Plant Cymru 2023-25), writer Nia Morals and singer-songwriter Casi
Wyn.
Under our mission to develop opportunities for writers to bridge global divides. we were delighted lo celebrate the
shortlisl and winners of the Eccles Centre & Hay Festival Writer's Award 2024 throughout November. Given annually
lo two writers in the initial stages of 8 new book relating to the Americas, the £20,000 prize is now in ils 13th year.
A year-end wonderland of ideas, Hay Festival Wlnter Weekend took place in Wales at the end of November with the
support of the UK Shared Prosperity Fund. Seventy acclaimed artists took part in over 60 events, many hosted in a new
Festival marquee erected in Ihe grounds of Hay Castle.
And as we closed our year of activities, we offered a promise of next spring. previewng enhanced programmes for our
first Festival events of 2024 in Colombia and the UK wth programme launches for Hay Festival Scribblers Tour- Hay
Festivals Cartagena, Medellin and Jerlco., and eariy-bird events for Hay Festlval Hay4>n-Wye.
Julie Finch
CEO - Hay Festival
Page 4

HAY FESTIVAL FOUNDATION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Iruslees who are also directors of the charity for the purposes of the Companies Act 2006. present theSr report with
the financial statements of the charity for the year ended 31 December 2023. The Iruslees have adopted the provisions
of Accounting and Reporting by ChaTtlies- 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 IFRS 1021
leffeclive l January 20191.
OBJECTIVES AND ACTIVITIES
Objective5 and aims
The objectives of the tnjst are as follows-
to further the education of the people of both the United Kingdom of Great Britain and Northem Ireland and
other countries around the world in the art and science of literature, poetry and all olher forms of artistic
expression. in particular by promoting public festivals. shows, readings and fairs.
b)
to promote study and research in literature and poetry and all other fonms of artistic expression throughout the
world provided that the results of such research shall be published.
to promote excellence in literature and poetry and all other forms of artislic expression throughout the wodd and
in particular Ibul without prejudice to the generality of the above) to award medals andlor prizes in furtherance
of this object, and
d)
to promote or develop for the benefit of the people o* both the United Kingdom of Great Britain and Northem
Ireland and other countries around the world the art or science of literature, poetry and 211 other forms of artistic
expression in all its branches and likewÈse lo promote arid develop the improvement of literature. poetry and
other forms of artistic expression in the United Kingdom of Great Britain and Northern Ireland and other
countries around the world.
Significant actlvitles
As slated in our 2022 financial statements, Hay Festival Foundation became a fully operational charity in February 2022.
2023 was the first full year of operation for the charity. The benefits of this governance and slNctural change are bedding
down. Our focus has been on estsblishing our remit as a charity in relation to our mission, values and activity. therefore
concentrating on priorities as sel out in our Business Plan verified by the Board. We have gathered audience insights
and developed new audiences through segmentation and targeted marketing. Financial planning has improved through
close budget management and an updated procurement and finance policy. Skills on the Board were updated through a
Iruslee recruitment pmcess. as other Irustees retired.
Public benefit
Our beneficiaries include the public at large and specific groups of beneficiaries in relation to selected project worK
community. and educational engagement. We have referred to the guidance contained in the Charity Commission's
general guidance on public benefit when reviewing our aims and objectives and in planning our future activity.
FINANCIAL REVIEW
Financial position
The Statement of Financial Accounts reports total income of £5,389,786 and lotsl expendilure of £5,091,450. Overall. an
unreslricled deficit is reported of £71,615 and a restricted fund surplus 01 £369,951.
Total lunds carried fO￿ard to 2024 a￿ £773,761.
Hay Festival Foundation Ltd has operated for ils first fv1112 months since the structural change from Hay Festival of
Literature and Arts Ltd.
Hay Festival Foundation Ltd struggled with exponential supplier cost increases because of the cost-of4iving crisSs. war in
Ukraine and the p051-pandemic recovery period extending into business-as-usual operations. However, due lo ¢areful
planning, budget control, fundraislng and exploring other fomis of commercial income, the Foundation is now on a fimer
financial fooling. UK Govemment announced a grant of £500,000 in the Autumn Statement: a formal grant offer and
receipt of funds are anticipated during 2024.
The Foundation continues to rebuild and is focusing on developing a longer-lerm business model during 2024125.
Page 5

HAY FESTWAL FOUNDATION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
Principal funding sources
The Foundation generates income from several sources. Direct Festival income is raised through ticket sales, sales of
books and merchandise. exhibitor fees, torporale sponsorship and other activities. The Foundation also receives service
fees for its work in overseeing its international festivals as well as grants for specific projects and educational activity. All
income. both direcl income generated and indirect financial support, aids the running of the Festival and helps the
Foundation achieve its objectives.
Reserves policy
The trustees have set a policy which requires that reseNes be maintained at a level that ensures the charitys core
activity could Continue during a period of unforeseen difficulty and that a proportion of reserves be maintained in a readily
realisable form. The trustees consider readily realisable reserves to be the amount of reserves that are easily converted
to cash should the need arise. The calculation of Ihe required level of reserves is an integral part of the charity's
planning, budget and forecast cycle. 11 considers the risks associated with each slrearn of income and expenditure being
different from that budgeted; the planned activity level.. and the charity's commilmenls.
The Iruslees assess the reseTres policy and review it during the year. They discuss the readily realisable ￿SeNe$
against Ihe charity's Commitments. The main risks to both income and expenditure are highlighted and a calculation of
the possible ffnancial consequences of adverse movements made. The trustees use this infomialion to ensu￿ an
adequate level of readity realisable reserves is held.
The reserves policy will be reviewed every year. at a minimum. by the Finance Committee, or sooner if warranted by
internal or exteinal events or changes. Significant changes to Ihe policy will be recommended by the Finance Committee
to the Board for approval.
Currenly the optimum level of free reserves is six months of core operating expenditure. which at an average monlhly
ore expenditure of £100.000 would be £600.000.
At 31 December 2023. the charFty held ￿n￿strICted funds of £403.810. After accounting for those funds tied up in fixed
assets of £13,880. the charity's free reserves amount to £389,930. While this is less than the optimum level of £600,000.
the trustees are satisfied that the currenl resetves held are sufficient lo support the organisation in the short term and will
strive to build these back to optimal level over the Coming years. A financial strategy of pwdence and care is being
pursued to ensure the safeguarding of the charity's unrestricted reserves lo support the ongoing sustainability of the
organisalion.
FUTURE PLANS
During 2023, the Foundation has embedded the new governance structure and audience insights to inform strategy and
collect data. Looking forward to 2024 the main priorities are as follows..
Deliver financial sustainabllity Through exploring commercial income streams and developing a fundraising
strategy to include multi-year and multi-festival support.
Complete the brand review Developing our brand as we position the charity in the context of a complex
extemal environment, ensuring that our values, mission, and behaviours be￿rne a lived brand by the whole
organisalion to improve our focus and impact.
Audience development Building on our insights in the UK and rolling out audience development strategies lo
Colombia in the first instance-, building on our equalilies. diversity and inclusion work and increasing audience
participation. We will improve Ihe visitor experience through our website accessibility and content planning
framework.
Best In class Ensuring that our content, both digital and in person, is second to none, originating and
ommissioning through smart curation.
Strategic development Agreeing a 3-5-year business model built wlhin a clearly defined strategy for the
longer term.
Contlnual Improvoment Focusin9 on continually evaluating and exploring improvements in our work.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The tharity is registered as a charitable company, limited by guarantee. The governing documenls are its Memorandum
and Articles of Association, as amended by special resolution dated 10 December 2021, updated to reflect current
legislation and best practice.
Recruitment and appointment of new trustees
The management of the charitable company is Ihe responsibility of the tnjslees, who are elected and CO￿pted under the
terms of the Artides of Association. The selection and recruitment of new trustees is the responsibility ol the full Board.
New trustees are proactively recruited to meet any skills gaps as identified by the Board.
Page 6

HAY FESTIVAL FOUNDATION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and tralnlng of new trustees
Each new trustee receives an induction pack setting out their legal obllgations under charity and company law, the
content of the memorandum and articles of association and copies of minutes of recent meelings. New trustees are also
given a briefing on the work of the Board and any individual projects as part of their induction. When appropriate, training
sessions are open to Board members where the training is considered useful to their role.
Rlsk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate
controls are in place lo provide reasonable assurance against fraud and error.
The trustees have assessed the major risks to which the company is exposed, in particular those related to the
operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our
exposure to the major risks.
The trustees intend to continue to review the risk management policy for the charity during 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03490480 (England and Wales)
Registered Charity number
1070073
Registered office
Festival Office
25 Lion Street
Hay On Wye
Powys
HR3 SAD
Trustees
C J Michel
R M Boycott
P J Sands
J G Davies
VBDeLaToThe
S A Stewart
A P Followell
C Albert
N J Butler
D A Olusoga
SFKhan
E J Shedd
M Gwynant
D Jones
N K Gowing
J T Godfrey
Lord T Burns
Chair
Appointed 01.11.23
Appointed 01.02.24
Appointed 01.02.24
Appointed 01.02.24
Appointed 01.02.24
Appointed 01.02.24
Appointed 01.02.24
Appointed 01.02.24
Resigned 06.05.24
Resigned 01.01.24
Resigned 01.01.24
Resigned 01.01.24
Resigned 01.01.24
Audltors
MHA
Statutory Auditor
Elfed House
Oak Tree Court
Cardiff Gale Business Park
CARDIFF
CF23 8RS
Page 7

HAY FESTIVAL FOUNDATION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Irusle8s {who are also the directors of Hay Festival Foundation Limi18d for the purposes ol cornpany law} are
responsible for preparing the AnnLtal Repori and the financial slalemenls in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees lo prepare financial slalements for each financial y&ar which give a true and fair view
of the slate of affairs of11)e charitable company and of the incoming resources and application of resources. including the
income and expenditure. ol the eharitable company for that period. Ir¢ preparing those linancial slalemenls, the Irusle8S
are required lo
select suitable accounting policies and then apply them consi$tenlly-,
observe the methods and principles in the Charity SORP.,
make judgements and eslimales that are reasonable and prudent.,
prepare Ihe financial statements on the going concern basis unless il Is inappropriate lo presume that the charitable
company will continue in business.
The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time
the financial position of the charitsble eompany and to enable them lo ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for
taking reasonable steps for the prevention and deletstion ol fraud and other irregularities.
In so far 8s the Iruslees are aware=
there is no relevant audit inforfflation of which the charitsble company's auditors are unaw8re', and
the Iruslees have tak&ii all Steps that they ought lo have taken to make themselves aware of any relevant audit
information and lo establish that the auditors are aware of that information.
AUDITORS
The auditors. MHA. will be proposed for re-appoinlmenl al the forthcoming Annual General Meeting.
and signed on its behalf by-
C J Michel - Chair
Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAY FESTIVAL FOUNDATION LIMITED
Oplnlon
We have audited the financial statements of Hay Festival Foundation Llmlted (the 'charitable company'l for the year
ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow
Statement and notes lo the finan¢ial statements. including a summary ol significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice)-
In our opinion the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of ils In¢omlng
resources and application of resources, including ils income and expenditure, for the year then ended,.
have been propedy prepared in accordance with United Kingdom Generally A¢￿pted Accounting Practice,. and
have been p￿pared in accordance with the requirements of the Companies Act 2006.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our
sponsibilities under those standards are further described in the Auditors. responsibilities for the audil of the financial
statements section of our report. We are independent of the charltable company in accordance with the ethical
requirements that are relevant lo 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 requirement5. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In audiling the financial statements. we have conGiuded that the trustees, use of the going concem basis of accounting in
the preparation of the financial slatements is appropriate.
Based on the work we have perfomjed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may c8St signifiGant doubt on the charitable companls 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 Ihe responsibilities of the Injstees wtlh respect to going concern are described in the relevant
sections of this report.
Other Information
The trustees are responsible for the other infomiation. The other information comprises the information included in the
Annual Report, other than the financial statemenls and our Report of the Independent Auditors Ihereon.
Our opinion on the financial statements does not cover the other infomi8tion and, except lo the exient otherwise explicitly
stated in our report. we do not express any foTh of assurance condusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other infomialion and. in doing
so. consider whether the other information is materially inconsistent with the financial slalements or our knowledge
obtained in the audit or otherwise appears to be mateiially misstated. If we identify such material inconsistencies or
apparent material misstalements. 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 perfomed, we conclude that there is a material
misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescrlbed by the Companles Act 2006
In our opinion, based on the Wofk undertaken in the course of the audtt..
the information given in the Report of the Trustees for the financial year for which the financial stalements are
prepared is consistent with the financial statements- and
the Report of the Trustees has been prepared in accordanoe with applicable legal requirements.
Matters on whlch we are required to report by exception
In the light of the knowledge and understsnding of the charitable company and its environment obtained in the wurse of
the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Ad 2006 requires us to report to you
if, in our opinion:
adequate accounting records have not been kept or retums adequate for our audit have not been received from
branches not V151ted by us., or
the financial statements are not in agreement with the accounting records and relums; 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.. or
Ihe trustees were not entiued lo take advantage of the small companies exemption from the requirement to prepare a
Strategic Report or in preparing the Report of the Trustees.
Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAY FESTIVAL FOUNDATION LIMITED
Responsibilities of trustees
As explaSned more fully in the Statement of Trustees, Responslbilllies, the trustees (who are also the dire¢tOTS 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 trustee5 determine is necessary
to enable the preparation of financial statements Ihat are free from material misslalement. whether due lo fraud or error.
In preparing Ihe 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 con￿rn and using the going concem
basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have
no realistic altemative bul to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable a55urance about whether the financial slalements as a whole are free from
material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that indudes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance wth ISAS (UK) will always delect a material misstatement when il exists. Misstatements can arise from fraud
or error and are considered material if. individually or in the aggregale, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecling irregularities, including fraud is detailed below..
ITregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line
with our responsibilities. outlined above, to detect material misstatements in respect of irregularilies. including fraud. The
specific procedures for this engagement and Ihe exlenl to which these are capable of detecting irregularities, including
fraud is detailed below-.
Enquiries of management. those charged with govemance around actual and potential litigation and claims..
Performing audit work over the risk of management override of controls, induding lesling of joumal entries and
other adjustrnents for appropriateness, evaluating the business rationale of significant transactions outside
the normal course of business-
Reviewing minutes of meetings of those charged with governance:
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
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 wtlh regulation. The 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 bè less likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion,
omission or mi5represenlations.
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.ukJauditorsresponsibilities. This description forms part of our Report ot the Independent
Auditors.
Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEM8ERS OF
HAY FESTIVAL FOUNDATION LIMITED
Use of our report
This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's
members those matters we are required to stale to them in an auditors. report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the
charitable company's members as a body. for our audit work, for this report, or for the opinions we have fomied.
Julia Mortimer {Senior Statutory Auditor)
for and on behalf of MHA
Statutory Auditor
Elfed House
Oak Tree Court
CARDIFF
CF23 8RS
Date..i.9..1.
MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership
in England and Wales (registered number OC312313)
Page 11

HAY FESTIVAL FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
Total
funds
2022
Total
funds
Unrestricted
fund
Reslrtcled
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
223,888
21,689
245,577
976,027
Charltable a¢tivltle$
Hay Festival
Partnership working
School programme
International festival support
3,912,145
714,081
4.626.226
3,242,462
30,000
151.453
281,274
141.578
141,578
351,260
351,260
Investment income
Other income
16.301
8.844
16,301
8.844
1.195
5.219
Total
4,512,438
877.348
5 389.786
4,687.630
EXPENDITURE ON
Charitable activities
Hay Festival
Partnership working
School programme
4.584.053
365.819
4,949,872
4,449.410
30,000
151,453
141,578
141.578
Total
4.584.053
507.397
5.091,450
4.630.863
NET INCOMEI(EXPENDITURE)
{71,615)
369,951
298,336
56,767
RECONCILIATION OF FUNDS
Total funds brought fonmard
475,425
475.425
418.658
TOTAL FUNDS CARRIED FORWARD
403,810
369.951
773.761
475.425
The notes form part of these financial statements
Page 12

HAY FESTIVAL FOUNDATION LIMITED
BALANCE SHEET
31 DECEMBER 2023
2023
Total
funds
Unre8lricled
fund
2022
Total
funds
Reslricled
lunds
Notes
FIXED ASSETS
Tangible asset5
13
13.880
13,880
13.290
CURRENT ASSETS
Stocks
Debtors
Cash al bank
14
15
13.779
89,893
750.297
13,779
230.480
979.661
24.863
164.393
720,006
140,587
229.384
853,969
369,951
1.223,920
909.262
CREDITORS
Amounts falling due within one year
16
1428.7791
1428.1791
1391,0741
NET CURRENT ASSETS
425.790
369.951
795,741
518.188
TOTAL ASSETS LESS CURRENT LIABILITIES
439,670
369,951
809,621
531.478
CREDITORS
Amounts falling due after more than one year
f7
(35.8601
135,8601
156.0531
NET ASSETS
403,810
369.951
773,761
475.425
FUNDS
Unrestllcled funds
Restricted funds
20
403.810
369.951
475.425
TOTAL FUNDS
773,761
475,425
Thess financial statements have been pr8P8red in accordance with the provisions applicable lo charitable companies
subjèct lo the small cornpanie5 regime.
The fi
ncial statements were approved by the Board of Trusle9s an¢ aulhoiised for tssue on
.. J. &.l.Tr.l.?_*-. .. and were signed on its behalf by..
C J Michel - Chair
The noies form part ol these financial s1819menls
Page 13

HAY FESTIVAL FOUNDATION LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
272.851
201,991
Net cash provided by operating activities
272 851
201991
Cash flows from Investing activities
Purchase of tangible fixed assets
Interest received
(9.304)
16,301
(17,1631
1,195
Net cash provided byl{used In) investing activities
6,997
15.968)
Cash flows from financing actlvltles
New loans in year
Loan repayments in year
76,053
20.193}
Net cash (used inyprovided by financing activities
20,1931
76.053
Change In cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
259.655
262.076
720,006
457.930
Cash and cash equivalents at the end of
the reporting period
979,661
720,006
The notes form part of these financial statements
Page 14

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023
2022
Net income for the reportlng perlod las per the Statement of Financlal
Activities>
Adjustments for:
Depreciation charges
Interest received
Decreasellincreasel in stocks
Increase in debtors
Increase in creditors
298.336
56,767
8,714
(16.301)
11.084
(66,087)
37,105
3,873
{1,195)
{24,863)
{155.430)
322,839
Net cash provlded by operalians
272,851
201,991
ANALYSIS OF CHANGES IN NET FUNDS
At 111123
Cash flow
At 31112123
Net cash
Cash at bank
720,006
259,655
979.661
720.006
259.655
979.661
Debt
Debts falling due wilhin 1 year
Debts falling due after 1 year
(20.0001
56,053
(20,000)
35.860
20,193
76,053
20.193
55.860
Total
643,953
279.848
923.801
The notes form part of these financial statements
Page 15

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
STATUTORY INFORMATION
Hay Fesllval Foundation is a registered charity and private company Ilmited by guarantee having no share
capital. It is incorporated in Wales in the United Kingdom. The registered office is The Drill Hall, 25 Lion Street,
Hay-on-wye, HR3 SAD. The nature of the charitable company's operations and principal activities are disclosed
within Ihe Report of the Trustees.
The financial statements are presented in Sterting (£), the charitable company's functional currency. and rounded
to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are sel out below.
These policies have been consistenuy applied to all years presented unless otherwise stated.
ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial slalements of the charitable company, which is a public benefit entity under FRS 102. have been
prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities- Slalement
of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial
Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102} {effective 1 January 20191,, Fin8ncial
Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the
Companies Act 2006. The financial statements have been prepared under Ihe hislorical cosl convention.
There have been no material departures from Financial Reporting Standard 102.
Going concern
No material uncertainlies exist relating to events or conditions that may cast significant doubt upon the entity's
ability to continue as a going concem.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is
probable that the income will be received and the amount can be measured reliably.
This includes capilal grants.
Donations and legacies ineome
Donations and legacies income includes donations. gifts and grants that provide core funding or are of a general
nature and are Trcognised where there is entitlement. probability of receipt and the amount can be measured
with sufficient reliability. Such income ts onty deferred when the donor speclfies it must be used in future
accounb-ng periods or the donor has imposed conditions which must be met before the charity has unconditional
enlillement.
Income from charitable acttvilies includes income received under contract or where enlillement to grant funding is
subject to specific performance conditions. This income is recognised where there is entitlement, when the
receipt is probable and the amount can be measured reliably. Income is deferred when the amounts received are
in advance of the performance of the service or event to which they relate. Membership fees are accounted for in
the period to which they relate.
Investment income Is recognised on a receivable basis.
Expenditure
LSabilities are recognised as expenditure as soon as there is a legal or construcllve obllgallon committing the
charity to that expenditure, it is probable that a transfer of economic benefits will be required in setuemenl and
the amount of the obllgalion ¢an be measured reliably. Expenditure is accounted for on an accruals basis and
has been classified under headings th8t agg￿gate all cost related lo the Category. Where costs cannot be
directly allribuled to particular headings they have been allocated to actSvities on a basis conslstent with the use
of resources.
Expenditure on charilable activities comprises those c051s incurred by the charity in the delivery of ils activities
and services for its beneficiaries. It includes both costs that can be allocated directly lo such activities and Ihose
cosls of an indirect nature lo support them.
Page 16
continued...

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 310ECEMBER 2023
ACCOUNTING POLICIES- continued
Expenditure
Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or
constitute the output of the charitable activity. This includes govemance costs which are Ihose costs associated
with meeting the conslilulional and statutory requirements of the charity and include the accountancy fees and
costs linked lo the strategic management of the charity as well as a proportion of salaries based on an
approximation of time spent in Ihi$ area.
Expenditure includes any VAT which can not be fully recovered and is reported as part ot the expenditure to
which il relates.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset (less expected residual
value) over its estimated useful life.
Computer equipment
33.33'k on cost
Fixed assets are initially recorded at cost. Only assets which cost £500 or more are capitalised.
Stocks
stocks are valued at Ihe lower of cost and nel realisable value. after making due allowance for obsolete and slow
moving items.
Taxation
The charity is exempt from corporalion tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions
arise when specified by the donor or when funds are rdised for particular restricted purposes.
Further explanation of the nature and purpose of each fund 15 included in the notes to the financial statements.
Pension costs and other post4etirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the
charitable company's pension scheme are charged to the Statement of Financial Activtties in the period to which
they relate.
Operating leases
Rent81s applicable to operating leases where substantially all of the benefits and risks of the oWne￿hIp remain
with the lessor are charged against profits on a straight line basis over the period of the lease.
The benefits of leas0 incentives are recognised in the profit and Ioss account over Ihe lease period.
Basis of recognition of liabilities
Liabilities are recognised as soon as there is a legal or Constructive obligation which commits the charity lo Ihe
expendl1u￿.
Financlal Instruments
The charity only has financial assets and financial li8bilitSes of a klnd that quallfy a5 baslc financial Instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their
settlement value.
Trade and other debtors are recognised at the settlement amounl due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounls due.
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event
that will probably result in Ihe transfer of funds to a Ihird party and Ihe amount due to settle the obligation can be
measured or eslimaled reliably. Creditors and provisions are normally recognised at Iheir settlement amount after
allowin9 for any trade discounts due.
Page 17
continued.

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS . contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES- ¢ontinued
Slgnificant accounting judgements and estlmates
Estimates and judgements are continually evaluated and are based on historical experience and olhef relevant
factors, including expectations of future events that are believed to be reasonable under Ihe clrcumstances.
The preparation of the financial statements requires management to make estimates and assumptions
concerning the futu￿. The resulting accounting estimates will, by definilion, be likely to differ from the related
actual results. No estimates or assumptions have been identified that have significant risk of causing material
adjustment to the carrying amounts of assets and liabilities within the next financial year.
DONATIONS AND LEGACIES
2023
2022
Membership income
Donations
Gift aid
Grdnls
Hay Player subscriptions
128.483
46,599
23,831
21.68g
24,975
136,497
56.440
27,038
723,307
32.745
245,577
976.027
Grants received. included in the above, are as follows-
2023
2022
Welsh Government- Cultural Recovery Fund Round 3
Arts Council Wales - Hay Festival 2022 1 Hay Festival Intemalional Focus
Arts Council England - Culture Recovery Fund continuity support
Interns funding
61,640
50.000
600.000
11.667
21.689
21,689
723.307
INVESTMENT INCOME
2023
2022
Deposit a¢¢ount interest
16,301
1,195
INCOME FROM CHARITABLE ACTIVITIES
2023
2022
Activity
Ticket sales
Hay Festival
Book sales
Hay Festival
Sponsorship income
Hay Festival
Exhibitors
Hay Festival
Grants
Hay Festival
Other festival related income Hay FesltV81
Festival related merchandise Hay Festival
Grants
Partnership W0￿1n9
Grants
School programme
Management fees
International festival support
1.842.691
649.942
764,751
170,629
714.081
374,291
109,841
1.490,424
525,208
641.913
191.930
27.739
277,317
87.931
30.000
151,453
281,274
141.578
351,260
5.119,064
3.705,189
Page 18
continued.

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued
FOR THE YEAR ENDED 31 DECEMBER 2023
INCOME FROM CHARITABLE ACTIVITIES - contlnued
Grants received, included in the above, are as follows..
2023
2022
The British Council - Supporting a series of literature events
The British Council - Digital Partnership Lviv Inlemational Bookforum 2022
Welsh Government- Hay Festival Schools Pfogramme 2021-22
Welsh Government - Hay Festival Schools Programme 2022-23
Urliversity of Soulh Wales - Scribblers Day
WOM@ARTS projects
Hawthornden Foundation - reach of engaging audiences
Arts Council Wales - Writers at Work
Arts Council Wales - International Fellowship Award
Welsh Government- Hay Festival Schix)Is Programme 2023-24
UnwTn Charitable TnJst- development
Alliance for Open Society International - 2023
The Elmley Foundation - Hay Festival 2023
Arts Council England - Audience Development
Powy5 County Council - UK Shared Prosperity Fund
Alliance for Open Society Intemalional - 2024
21,500
30.000
40.000
111,453
3,450
2.789
40,000
19,348
49,348
24,500
101.578
300.000
100.796
20,000
29,486
120,000
50.603
855.659
209.192
CHARITABLE ACTIVITIES COSTS
Direct
Costs {see
note 7)
Support
costs (see
note 8)
Totals
Hay Festival
School programme
4.241,733
141,578
708.139
4.949,872
141,578
4,383,311
708,139
5,091.450
DIRECT COSTS OF CHARITABLE ACTIVITIES
2023
2022
Staff costs
DI￿¢t cosls - Hay Festival I Winter Weekend
Bookshop costs
Merchandise costs
Slaff costs - festival event direct
841.746
2.779,605
399,173
45.150
317,637
587,215
2.586,734
315,930
42.045
239.168
4.383.311
3.771,092
SUPPORT COSTS
staff
costs
Finance
Depreciation
Hay Festival
168,307
4,601
8.714
Page 19
continued...

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS . contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
SUPPORT COSTS - continued
Governance
costs
Other
Totsls
Hay Festival
515.342
11,175
708,139
NET INCOMEIIEXPENDITURE)
Net incomel(expenditurel is stated after chargingl(crediling)-
2023
2022
Auditors, remuneration
Depreciation - owned assets
6.000
8,714
5.500
3.873
10.
TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 31 December 2023, or for the year
ended 31 December 2022.
TNstees' expenses
During the year, trustee expenses were paid to two truslees tolalling £497 in respect of Iravel expenses12022:
£NIL).
11.
STAFF COSTS
2023
2022
Wages and salaries
Social Security costs
Pension costs
1.167.871
109.802
15,395
838,637
89,047
13.495
1,293,068
941.179
The average number of employees during the year..
27
21
The prior year comparative salary costs are only for an 11-month period, due to Ihe legal restructure taking place
on 31 January 2022.
The above average number of employegs are on monthly salaries. In addition to the above, the charity ran a
weekly payroll, during the weeks of the Hay Festival event held in Mayl early June and for the Winter Weekènd.
The number of employees on the weekly payroll during this very short period varies but an indicative range is
be￿een 2- 102 employees.
The number of employees whose employee benefits {excluding employer pension costs) exceeded £60.000 was..
2023
2022
£60,001- £70.000
£70,001- £80,000
£110,001- £120,000
Page 20
continued.

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
11.
STAFF COSTS - contlnued
In addition lo this, pension contributions of £3.963 {2022.' £1,211) were ￿ceiVed by these employees.
The total key management personnel remuneration during the year was £451.20412022.. £331,475), the increase
is primarily due to the timing of appointment of the Chief Executive Officer post in August 2022.
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
Restricted
funds
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
976,027
976,027
Charitable activities
Hay Festival
Partnership working
School programme
Intemational festtval support
3,214.723
27,739
30.000
151,453
3,242.462
30,OIX)
151.453
281,274
281.274
Investment income
Other income
1.195
5.219
1,195
5.219
Total
4.478.438
209,192
4,687.630
EXPENDITURE ON
Charitable actlvltles
Hay Festival
Partnership working
School programme
4,421,671
27.739
30,000
151,453
4,449,410
30,000
151.453
Totsl
4.421.671
209.192
4.630.863
NET INCOME
56,767
56,767
RECONCILIATION OF FUNDS
Total funds brought fofward
418.658
418,658
TOTAL FUNDS CARRIED FORWARD
475.425
475.425
Page 21
contsnued...

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
13.
TANGIBLE FIXED ASSETS
Computer
equipment
COST
At 1 January 2023
Additions
17,163
9.304
At 31 December 2023
26.467
DEPRECIATION
At 1 January 2023
Charge for year
3,873
8,714
At 31 December 2023
12,587
NET BOOK VALUE
At 31 December 2023
13.880
At 31 December 2022
13.290
14.
STOCKS
2023
2022
Merchandise stock
13,779
24.863
15.
DEBTORS: AMOUNTS FALLING DUE ￿THIN ONE YEAR
2023
2022
Trade debtors
Gift aid re￿Verable
Other debtors
Prepayments and accrued income
6.233
3,432
3,204
217.611
51.668
4.087
24,538
84,100
230.480
164.393
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Bank loans and overdrafts (see note 181
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
20.000
129.225
25,947
9,057
7,252
236,698
20,000
67.033
21.257
15,428
8.757
258.599
428.179
391.074
Page 22
continued...

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
16.
CREOITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR . continued
Included within accruals and deferred income above is the following deferred income:
2023
2022
Benefaclor membership in advance
Caterer deposits in advance
Exhibitor deposits in advance
Inlemational festivals ticket sales
Early bird ticket sales for Hay Feslival
Intern salary funding
Other advanced ticket sales
23,519
21,112
2,025
7,500
40,480
100,323
6.509
1.760
136,464
167.483
172.209
Of the opening deferred income. £158.690 has been released lo the Statement of Financial Activities. An element
of £13.519 has been carried forward as ongoing Benefactor membership in advance.
All other deferred income entries at 31 December 2023 relate to new income received in advance of delivery,
relaling to the Hay Festival May 2024.
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
Bank loans (see note 18)
35,860
56.053
18.
LOANS
An analysis of the maturity of loans is gNen below-.
2023
2022
Amounts falling due wthin one year on demand..
Bank loans
20,000
20.000
Amounts falling between one and tsvo years=
Bank loans- 1-2 yeats
20,000
20,000
Amounts falling due be￿een tsvo and five years..
Bank loans - 2-5 years
15,860
36,053
19.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
2023
2022
Within one year
Be￿een one and five years
64,254
72,156
54,279
115.372
136,410
169,651
Operating lease payments recognised as an expense durlng the year amounted to £60,73812022- £53,393).
Page 23
continued...

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS . contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
20.
MOVEMENT IN FUNDS
Net
movement
in fund$
At
31112123
Al 111123
Unrestricted funds
General fvnd
475,425
{71,615)
403,810
Restricted funds
Support and Development
Latin America festivals
Alliance for Open Society Intemalional
2024
300.000
19,348
300.000
19.348
50.603
50.603
369.951
369,951
TOTAL FUNDS
475.425
298.336
773.761
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General fund
4,512,438
(4.584,053)
{71,615)
Restricted funds
Schools programme 2022-23
Schools programme 2023-24
Audience Development
Writers at Work
International Fellowship Award
Intern funding
Alliance for Open Society International
2023
H8y Festival 2023
Support and Development
Latin America festivals
Winter Weekend festival
Alliance for Open Society Inlemational
2024
40,000
101,578
29.486
49,348
24,500
21.689
(40,000)
(101.5781
129,4861
149,3481
{24,5001
{21.6891
100,796
20.000
300,000
19,348
120.000
{100,796)
(20.000)
300,000
19,348
(120.0001
50,603
50,603
877,348
507.397)
369,951
TOTAL FUNDS
5.389,786
5,091,450)
298.336
Comparatlve$ lor movement In funds
Net
movement
in funds
Ai
31112122
At 111122
Unrestrlcted funds
General fund
418,658
56,767
475,425
TOTAL FUNDS
418.658
56.767
475.425
Page 24
continued..

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
20.
MOVEMENT IN FUNDS- continued
Comparative nel movement in funds, included in the above are as follows..
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General fvnd
4,478,438
(4.421,671)
56,767
Restrlcted funds
Partnership l Lviv International Bookforum
2022
Schools programme 2022-23
Series of literature events and
commissions
Schools programme 2021-22 - Scribble
tour February 2022
Scribblers Day
WOM@ARTS projects
30,000
111,453
130.0001
1111,453)
21.500
(21,500)
40,000
3.450
2.789
(40.000)
13,450)
209,192
209.192)
TOTAL FUNDS
4,687.630
4.630.863)
56.767
Welsh Government Sehools Programme 2022-23
An element of the 2022-23 Schools Programme related to the planning and delivery of a Scribblers Tour,.
pan-wales lour of live literature tor students at Key Stage 3 and Key Stage 4 hosted by the nation's top
universilies - delivering inspirational speakers on inspiring campuses across Wales in February 2023.
Welsh Govemment Schools Programme 2023-24
The purpose of the funding is to support Hay Festival Schools Programme and activities for 2023-24 including a
Schools Programme that took place at Ihe Hay Festival in May 2023. which was broadcast live and offered live
and online events across primary and secondary school children. The funding also included the Welsh Language
Scribbler5 Tour held in November 2023.
Audience Development
Funded by Arts Council England, project title.. Audience Development. A strategic audience development and
consultation project to enable Hay Festival to develop relationships with currently underserved audiences.
focused on engaging children, families and young people who fa￿ multiple challenges. alongside a career
progression programme for young people aged 16-25.
Writers at Work
Funded by Arts Council of Wales, project title- Writers at Work. This project joined together a group of peers with
a group of writers. The residential aspect of the project pr()vided a great opportunity for the writers lo develop
their work and ideas in a focused. collaborative. constructive and industry-driven environmenl. The projecl
connected writers from across Wales. This was a 7-day programme packed with workshops. events and
meetings which allowed the writers to leam, share and challenge on writing and thoughts.
International Fellowship Award
Funded by Arts Council England, the fellowship provides an opportunity for a writer from Wales to participate in
Hay Festival editions throughout the year including, bul not limited to Wales. Colombia, Spain, Pew and Mexico.
It Is open to exceptional, ambitious and imaginative create individuals, working within the art form of lileralure,
writing in Welsh or English. in fiction or non-fiction. The Fellowship provides a unique opportunity for career
development, while Increasing Wales's artistic profile internationally.
Intern funding
Funding specifically towards intern placement costs.
Page 25
conlinLted..

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - Continued
FOR THE YEAR ENDED 31 DECEMBER 2023
20.
MOVEMENT IN FUNDS- continued
Alliance for Open Soclety Intematlonal
Funded by Alliance for Open Society Intemational, a grant for the purpose of supporting Ukrainian talent and
promotion of understanding of Ukraine through intemational conversations.
Support and Development
Funded by The Unwin Charitable Trust lo help to continue, support and nurture future writers through our flagship
festival. Hay Festival Wales. To develop and deliver new projects across the UK that bring together the many part
of the publishing world, linking authors, publishers and booksellers wilh readers who might overwise be hard to
reach. This funding is for a 3-year period across Hay Festival Wales 2024125126 and 8$5ociated events.
Latin America
Funded by Hawthornden Foundation, a grant to Hay for the festivals in Latin America to support writers and
develop ￿aders.
Winter Weekend
Funded by Powys County Council, relating to the delivery of activities under the UK Shared Prosperity Fund
supported by UK Government, towards the Winter Weekend festival held in November 2023 at Hay on Wye.
Prior
ear onl
Lviv International aookforum 2022
Grant awarded by The British Council for the purpose of the delivery of digital partnership and programme
beiween the charity and the Lviv International Bookfowm 2022. which is an important part fo the UKI Ukraine
Season of Culture 2022, organised by the British Council and Ukrainian Inslitule.
Welsh Government Schools Programme 2022-23
The pU￿oSe of the funding was to support Hay Festival Schools Programme and activities for 2022-23 including
a Schools Programme that Iix)k place al the Hay Festival in May 2022, which was broadcast live and offered live
and online events across primary and secondary school children. The programme also included The Beacons
Project 2022 are also look place at the Hay Festival 2022 wheTr groups of talented and developing leamers
allended the festival frjr a 4 day residential course. The funding also included the Welsh Language Scribblers
Tour held in November 2022. Hosted in Aberystsvylh and Bangor Universities. 2 days of events conducted
entirely in Welsh.
Series of Llterature events and commtssions
Grdnl awarded by The British Council for the purposes of supporting a series of literature events and
commi55ions at Hay Festival, Wales and the Intemation81 Hay Festivals.
University of South Wales - Scrlbblers Day
The University of South Wales hosted a day of the Hay Festival Scribblers Tour during Febnjary 2022.
WOM@RTS projects
WOM@ARTS aimed to highlight and support the creativity of women in the Arts. This grant funding was provided
for Wom@rt5 projects at Hay Festival.
21.
EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution scheme. The pension costs charge for the year represents
contributions payable by the charity lo the scheme and amounted to £15,39512022.' £13,495). At the year end.
there were outstsnding conlrlbutions of £3.256 (2022: £2.9551.
Page 26
continued...

HAY FESTIVAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
22.
RELATED PARTY DISCLOSURES
The Hay Foundation was initially created to support the aims of the Hay Festival of Literature and the Arts Limited
and the Foundation undertook its chari18ble a¢tivilies through this company and as such il is considered to be
related party.
With effect from 31 January 2022, a legal restructure took place to transfer the assets, liabilities, and undertaking
of the Hay Festival of Literature and the Arts Limited to the Hay Festival Foundation Limited. This transaction was
¢arried out as a transfer of a going concern through a legal Iransfer agreement. As a result, included wlhin the
prior year Governance cosls is an amount of £227,591. representing a Cost to the Foundation of taking on the
assets and liabilities of the Hay company. During the current year a balance of £261 has been written off to the
Slatemer¢t of Financial Activities.
Page 27