2024-12-31-accounts

REGISTERED COMPANY NUMBER- 03490480 (England and Wales REGISTEREO CHARITY NUMBER: 1070073 Repctrt of the Trustees and Flnanclal Ststsmgnts for the Year Endad 31 December 2024 lor HAY FESTIVAL FOUNDATION LIMITED MHA (trading name of MHA Audit Semces LLPI statutory Auditor Mha House Charter Court Phoenix Way Swansea Enterprise Pa SWANSEA SA7 9FS

HAY FESTIVAL FOUNDATION LIMITED Contents of the Financlal Statements FOR THE YEAR ENDED 31 DECEM8ER 2024 Page Chalr's Report CEO Report 2 to 8 Report of the Trustees 9 to 12 Report of the Independent Auditors 13 to 15 Ststement of Financial Activities 16 Balance Sheet 17 Cash Flow Statement 18 Notes to the Cash Flow Statement 19 Notes to thé Flnancial SLitements 20 to 31

HAY FESTIVAL FOUNDATION LIMITEO Chairfs Report FOR THE YEAR ENDED 310ECEMBER 2024 Il's lime lo celèbrate a woild of differenl...as we welcome you to our 2024 Arhnual Report in our 37th Year. As a charity. we believe that idea5. the arts. and freedom of expressk)n shape the world we live in. The platforms we provide at Hay Festival - events where artists, experts and audiences, exisung and new. come together lo be inspired. provoke and entertain, with nuance and depth are an essential part ol an open society. For these spaces to thrive. we must continue lo welcome fresh pefspectives and ¥oices lo provide Iruly diverse and inclusive experiences. This spirit lies at Ihe heart of our new brand, launched at Ihe siart of 2024, and seen in action in the Festivals. Forums, community engagement and learning opportunities and in our digital conlenl. More than just a slogan. it is a call lo action lo join us In celebration ol diveisity, depth and breadth, 'a worfd of different,. The experiences we offer, while full of joy and inspiration. have important impacts: we improve public discourse. We support artists. We promote new work. We develop new readers. We b￿ak barriers. We spark positive change. We demwratise culture. Our UK and international work. enables LTrS to share ideas and circulate a￿'sts across the world, lo bring together audience5 in unusual places and spaces from theatres, lo schools. castles lo greenfield siles. public squares lo Community centres. This work was supported by the UK Govemment as we slrengthened our soft power presence thfough our acliwlies, with funding dislribuled through the Oepartfnenl for Culture Media and Sporl. To meet our objectives throughoul 2024. we expanded our UK and intemational reach. introducing our partnership with the Nairobi Book Forum in Kenya. We also expanded our US work. afflplifying our forum in Dallas, as a standalone event. We celebtaled 10 years of festival presen￿ in Arequipa, Peru. A medal lor cullure was awarded by the Regional Government lor our significant contribution to the region. cultsjrdl exchange and taulitatiThJ a¢￿sS lo knowledge over the past 10 years. Deep audience engagemenl is a hallmark of our wotk. enabling aUdIen￿S to lake time to listen, share, leam. create, discuss alld ¢hallen98 their own vtewpoinls. Not onty through our festivals bul also a wide range of projects. This year we extended our reach through working with Early Years children and their carers. supported by Arts Council England funding. We successfully delivered Hay Festsval Afterhours event in Cardrfl. which is part of a three year projecl funded by The Unwin Charitable Trust. Our free to enter events and sites enable a wde range of people to participate 2nd engage with content and we are grateful to our partners and funders who enable this vital participation. We continue lo support skills development in youThJ people Ihrough a number ol PTojects which include. Scribblers, Hay Festival Academy, Writers at Work, sUPPOrted by funding om Arts Council Wales and We15h Government_ Hay Festival Joven, our international programme for young people continues lo develop as we develop our inlemalional activities. We offer student and carers discounts, family friendly progTamtning, free tidcets to community groups participating in wider projects, ouf focus being lo build Ihe audience fof tomotrows activilies. Hay Festival Global promotes Hay Festival Anytime. our online digital tK)rtal hosting 10.000 (Spanish and English) events, this was accessed during our live events and on cal¢h up by audien￿$ across the wodd. Hay Festival Book Club presents monthly events for our avid readers. and is accessible across the world. With new partners and projects widening access lo Hay Festival conter)t lTri e never before, we were rewarded Ihroughoul with high attendance and engagement across all of our activities. None ol this would be possible without (yjr supporters- our communilies ol a￿Sts. partners, sponsors and collaborators all over the worfd.. our treasured Hay Feslival Members. Patrons arKI Benefactors,. our brilli8nl teaTll of Haymakers, including the volunleers who make every event 50 special. 2024 marks the end of my 10-year tenure as Chair of the Hay Festival. It has been a privilege and an honouf lo work with the board, the team, and ihe extraordinary number of people who gNe their lime and Iheii comrnitment to the festival and all the festivals sland for across the wortd. 2024 saw the arrival of new board members and il has been a pleasure lo welcome them lo all the work and wonder that surrounds Hay Festival. l am so grateful lo all the teams in the UK and inlefnalionally for their hard work and their commilmenl and their love of all we do. l am delighted al the arrival of our new Hay Festival Foundation Chair. Jay Hunt OBE who joined Hay in January 2025. Caroline Mlchel Page 1

HAY FESTIVAL FOUNDATION LIMITED CEO Report FOR THE YEAR ENDED 31 DECEMBER 2024 As a Gharily we believe ideas can change the world. and everyone has a right lo inspiralion, freedom ol thought and expression and crealivily. During 2024. leaders working in the creative inojusllles and cullural se¢lof weie faced with many challenges, the wsl-of-liwng crisi5, advan￿ment of Al and the impact of environrnental sustainability. and an evolving funding landscape, shifting audience dynamic5 and digital transformatson. Hay Festival Global was not immune lo this kaleidoscopic extemal environment. ￿th a backdrop of huge geopolitical change. This situation by no ffleans reduced our sense of pU￿Ose bul instead reinforced the Importan￿ of the power of word5, our year-round actrvily, promoting the work of artisls aThJ experts, build1r￿ new audiences and increasing life chances in an ever-challenging environmenl. The platforms that we provide through Hay Festival, ciwc spaces where arti51s. experts and audiences. existing and new, come together to be inspired. provoked and entertained, with nuance and depth. are an essential part of an open society. Navigating change demands a higher level of understanding and kno￿edge on which lo scale the precipices and caverns of a new strategy and operating landscape. Insighls. dats. con5uliation, stskeholder feedback and objectivity and a compelling narrative, are the guide ropes for tracing a new path lo 2030. Our initial focus was lo develop and launch our new brand during 2024. working with EDIT and the Good Cause Project, focusing on consolidating our activities under one ￿herent proposilion. developing new audien￿$ and creating brand irnpacl. Through UK Shared Prosperity Furwj. we were able lo examine our business model, audience profile. programme, environmental sustainability ￿dentIal5 and commercial mdel. working with Festivals and Events International IFEII, as a baseline review of our current acliwty which will inform our slralegy for 2025 onwards. The flagship Wales based festival model is a critical part of OLFr core operations and cortx)rate objectives. Since 2022, when we became a fully opeialional charity, our focus for 2024 was to strengthen our core functions. Therefore. enabling amplification of our wider work in the UK. inlernalionally and in the digital worfd. This work has been invaluable in addressing the challenging world in which we operate. facing reality and finding new solutions lo fijrther our work and deliver impact. We have had a particular fcrtyjs on (Jeveloping audIer￿e$. comrnercial sustsinability. fu￿1raIsIng skills and our unique programme position. Investment in each are3. drawng on data afid insights has infoTTned new approaches, and consolidated existing practice to strengthen our position as staled in the 2025 Business Plan. At the same time, we focused on bijilding our reputation through amplifying the 'soft power. of our work. This shrft in perspective was invaluable in affirming Ihe importance of our work bolh in tho UK and intemationally with UK Govemment, DCMS and Foreign and C¢Jnmonwealth Office anii with a range of fundeis induding the Open Society Foundation. Whilst all of this work was undertaken in Ihe background. our year-round actI￿ty deliVe￿d impact across Ihe world through our one-of-a-kind festivals and a¢tivrties'. Hay Festival - 2024 Hay Festival Jerico, Colombia= 19-21 January Hay Festival Medelliri. Colombia.. 23-24 January Hay Feslwal Forum Panama City, Panama.. 23-24 January Hay Festival Cartagena do Indias. Colombia.. 25-20 January Hay Feslwal Scribblers Tour. Wales.. 29 January-9 February Hay Festival Forum Seville. Spain.. 14-17 March Hay Feslwal, Wales.. 23 May-2 June NBO Littest. Nairobi. Kenya.. 27-30 June Hay Festival Querélaro. Mexi(YJ'. 5-8 September Hay Feslwal Segovia, Spain-. 12-15 September Lviv BookForum. Ukraine.. 2-6 October Hay Festival Forum Dallas, USA= 11-13 October Hay Festival Forum Moquegua. Peru.. 6 November Hay Festival ATequipa. Peru.. 7-10 November Hay Festival Scribbler5 Cymraeg. Wale5". 4-8 November Hay Festival Winter Weekend. Wales.. 28 November-1 December 2024 in Numbers 324.646 tickets sold 1.304 events 1,724 artists featured Page 2

HAY FESTIVAL FOUNDATION LIMITED CEO Report FOR THE YEAR ENDED 31 DECEMBER 2024 503,031 social media followeis 80.101.614 social rnedia impressN)ns 1.000.OOO+ unique web users 7.953.000 page views O￿line 18,312 people reached through our education and community programmes. Year in Revigw Hay Festival started 2024 with a statement ol intent. to broaden audien￿ access. reach and engagement. Through our Festlvals, engagement and learnlng prolects across the wodd and irb the UK through our Book Club and Hay Festlval After Hours, both digital and in person access increased. New rnonthly titles were discovered in free Book Club events. Hay Festival After Hours. in cities. offered inspiotion in one-of-a-kind events. ol entertainment 3nd joy. supported by the The Unwin Charitable Trusl. In January, a packed 191h edition in Colombia saw audiences gather in Cartagena de Indias. Jerico and Mèdellin where more than 180 a￿$1$ from 21 COL¢nlries look part, including literary stars, Nobel laureates and acclaimed performers. The programme showcased an array of award-wnning fi¢lion and non-fiction and the arts. while giving v01ce lo major 9lobal issues, from racial Injusti￿ lo the climate crisis. Hay Festival Joven events for students and Hay Festival Communitario events in the region offered free access to Festival inspiration across Colombia. while the inaugural Hay Festival Forum Panama Clty made its purposeful debLtI at the end of the month in Panama City. In February, seven new Trustees joined the Hay Festival Board - farmer. cerdmicist and film producer Corisand8 Albèrt., e¢onomisl Nick Butter", arts leader and digitsl speci8lisl Tony Followell: tech investor Suhair Khan- historian, writer and broadcaster David Olusoga., business leader Ed Shedd., and digitsl conlenl specialist Shakia Stewart - bringing new expertise as we develop our five-ye8r strategy. Five award-winning Young Adull IYAI writers toured Wales with the Hay Festival Scribblers Tour. taking creative workshops direct lo Year 7-10 school pupils across the county. Compèred by YA novelist Jenny Valentine, sessions saw novelist Emma Carroll, poet Karl Nova. Everyday Sexism founder Laura Bates. and author and screenwriter Nikesh Shukla participate at five Welsh universilies. offering pupils a chan¢e lo visit their neaiesl university and experience a laste of life on campus. In Spain, Hay Festival Forum Seville look place 14-17 March, continuing an exciting new chapter lor our charity in Europe. Composed of 15 headline events. three special projects. more than 30 visiting guests, and iwo emblematic venues - Ihe Cajasol Fovndalion and the Valenlln de Madariaga y Oya Foundation - the event saw audiences grow on the previous year. In the lead-up to Hay Festival Hay-on-wye 2024. new talent was ￿lebrated through the retum of Hay Festlval Wrlters at Work - a creative development programme for emerging Welsh talenl with the support of Literature Wales, fvnded by Arts Council of Wales - plus the launch of The Plattomi. an open rall for creatives aged 21-28 to submit their new work lo be showcased, funded by Arts Counol England. The Hay Academy opened doors to careerenhanung opportunilies for 33 young people. Hay Festival Hayryon-wye, our flagship Festival, t(x)k pla￿ 23 May-2 June, bringing hundreds of thousands ol artists, experts and audiences together lo explore a wodd of different perspectives. The programme latjnched the best new books, while offering insights and debate around the biggesl questions of our knme, wodd-class coffledy and music, and a vibrant programme of pop-up events. workshops and activities for all ages. With footfall up by 6Vo on 2023 and lickel sales up by 8 /., many firsl-lime Fe51iva14Joers travelled frown all over the world to expenence the Festival and see the events. There were plenty of firsts lo grab the headlines - the inaugural Hay Festival Sports Day Ma￿&d the Paris Olympic year, the free Schools Programme enjoyed record engagement when librdr*es took part in streaming free events via the British Library and the Living Knowledge Network across the UK- and thousands more watched online with the Online Festival Pass. Internatlonal artists ITavelled from Australia in a partnership with Adelaide Festival, Latin America, Canada, USA, Africa. Ukraine, India and many other countries. Celebrating great thinkers across disoplines, il was our honour to unveil the recipients of our annual Hay Festival Medals. Awardecs since Britain's 2012 Olympic year. the medals drdw inspiration from the original (Jympic M￿31 for poelry, and were given this year lo a quintel ot ch¥ngem8kers'. Laur¥ Bales INon-Fictionl. Gary Lineker (Broadcast Journalism}. Judi Dench (Dramal. Lemn Sissay (Poetry) and Huw Stephens Imusicl. Kick-51arting the ¢hanty's summer ol books. Hay Fests"val patheTed with fellow charity Book Bunk as co-hosts of the NBO Litfesl in Nairobi, Kenya, 27-30 June 2024. promoting free expression and cultural exchange. With guests including %vrilers Bernadine Evarislo. David Olusoga. Amitav Ghosh. June Gachui and Taiye Selasi, the event allracled thousands of Kenyans to unKiue events. Page 3

HAY FESTIVAL FOUNDATION LIMITED CEO Report FOR THE YEAR ENDED 31 DECEMBER 2024 In Seplember. a pair of Hay Feslival editions drove Ihe conversalion across Mexico and Spain. We marked our ninth year in Mexico with Hay Festival Querétaro showcasing 150 artists over four days in a Spa￿ where imaginations are free to roam. with dedicated events for neurodiverse people and a focu5 on artisls and thinkers from indigenous communities. And then lo Spain, where the 19th Hay Festival Segovia explored the way we live now with conversations. exhibilions and performance5 throughout the city, plus a growing strand of work erhcouraging the local prison population lo engage in lilerature wlh spec¢al workshops. October began wlh an act of cultural solidarity iii support of free expreswon: wr collaboration with Ukraine's largest book festival, Lviv BookForum. conlillued for ils third year as we joined them as digi131 media partner, supported by Open Society Foundations. The hybrid programme blended 50 wrtters and thinkers in 30 conversalior15 encompassing colonialism. the role of the press, and the future of democracy_ Aongside this, our #ReadForUkraine digital campaign encouraged the global sharing of Ukrainian lileralufe. launched by Feslival president Stephen Fry. This yearfs Hay Festival Forum Dallas, USA. tripled in size for our seventh edition in Texas where 25 artists twk part i 21 conversations, 10-13 Seplember, with bilingual conversations and the participatson of a very diverse audience. Al the slart of Novèmber. events in Arequipa and Moquegua brought Hay Festsval inspiration lo audien￿$ across Penj with 150 artists taking part in events over four days. Meanwhile in Wales. a newly expanded Hay Festival Scribblers Cymraeg invited Year 7-9 pupils lo get creative in Wdsh in Swansea. Aberysfvlyth, Cardiff. Bangor and Wrexham with workshops hosted by presenter and author Sion Tomos Owen and stand-up comedian Leila Navabi. while staff from each university also delivered creative Welsh writing sessions and campus tours. Our mission lo open creative opportunities and bridg8 global divides continued into the autumn as we celebrdled the shortlisl and winners of the Eccles Centre & Hay Fèstival Writerfs Award 2025. Given annually to two wrileTS in the early stages of a new book relating lo Ihe Americas. the £20.000 prize is now in its 13th year. A year-end wonderland of ideas. Hay Festival Winter Weekend look place in Wales al the end of Novernber with the support of the UK Shared Prosperity Fund. Seventy acclaimed artlsts took part in over 60 events, the majority hosted in a Festival marquee erected in the grounds of Hay Casue. In December, Caroline Michel. Chair of Hay Feslival Global's Board of Trustees handed over to her sy￿e$s0[, Jay Hunt OBE. Over the past decade. Caroline has guided the organisalion Ihrough a pericKI of growth and renewal. As we bègin a new chapter und&r Jay's teadership. we offer Caroline our wam)est thanks and gratitude. Caroline will now move lo the Festival's advisory council alongside other outgoing trustees= joumalisl Baroness Rosie Boycott.. ￿sInesS leader Geraint Davies CBE.. and lawyer Philippe Sands KC. And as we close our year of activities. we promise to continue developing our Hay Festival Global strategy in 2025, 10 ensure our vital work continues for year5 to Gome. Slalemenls froFll sUPPOrters, inspiring quotes froln events.. "Lviv BookForum is one of the most important intellectual plattorms in Ukiainian Gullural lifa. Since the full-scale invasic>n it has become a catalyst for Ihoughl-provoking dialogue across borders. We face this siluab.on together and through the power of colleclive adion we can stop this flooKt of Russia's d)aos and violence.. - Oleksan¢Jr Mykw, member of PEN Ukraine and aull*)r of The Language of War. i)n Lvw BookForum. "Al a lime when the world is so divided. there is a dire need lo globalise compas5$0n. And events like the Hay Festival which promote free exchange of ideas and dialogue will help in ushering in hope and positivity-" Kailash Satyarthi, Nobel Peace Prize. "IBook feslivalsl are important wlFN)sts of some presenty embatued wrtues. serious thought. the ￿asoned dis5eminalion of ideas. reveren￿ for human creativity.. - James Marriolt, The Times. "I have enjoyed IHay Festival Hay-on-wyel lor many years and find it one of the most intelligent. engaged. thoughtful audiences in the wortd. In fact. il's one of (he onty literary festivals that I still go lo." - Rory Stewart, former MP and broadcaster "Hay Festival Hay-on-wye is the highlight of my year and I look forward lo it every time. 11 is a primlege to go and I shall forever appreciate it. Zawiya, Year 10 pu￿1 Page 4

HAY FESTIVAL FOUNDATION LIMITED CEO Report FOR THE YEAR ENDED 31 DECEMBER 2024 'There is no better vehicle for cultural capital than the Hay Festival. It really offers something diffèrent and special lo our students and we'd love to build sorr5elhing more around it. We have been privileged to attend for fflany years. 11 Is an Iconic event in our reading calendai and there's a huge scramble by students to attend. 11 really does have a positive impact on reading. The authors we visited this year were absolutely wonderful the best we've seen. They say everything we want our students lo hear." - Andrew Faffell. Tnp Lead. Hafbourne Academy Case Sluéie5- Inlerviews with foul key pe￿e impacled by Festival activity in 2024: Lena-zaharah Mohammed. Hay Festival Academy - Skills Development Lena, 22. was one of three students offered the chance to join Hay Academy in 8 social m8dia mle 81 Hay Festival Hay-on-wye 2024. She has a BA Joumalism. Media and Cultur8 fmm Cardiff UnAversily and has now jun&cl the apprenticeship scheme at BBC Wales. with a guaranleediob al the end In my final year al Cardiff University. ffly professor encouraged me to apply io join Hay Acadeffly, a programme for young people aged 18-25 lo leam and develop skills in Ihe events industry. I had never i*en to Hay Festival, even though I had always lived in Wales. I didn't think a book festival was for me, and it hadn't come Ltp in any social rnedia I followed, but I when I studied the website I realised it wasn't all pane15 of people discussing intellectual subjects. When I was accepted and arrived on site, I saw how diffe￿nI the Fests"val was lo any of my Prec0n￿ption$. Why didn'l I know about this event before? On the programme there were names I recognised and issues that interested me. There were activities all around Ihe sile workshops. performers. musicians and people in deckchairs or hammocks reading books.. a real sense of community. And there were other people like me. people of colwr. My father. Tariq Mohammed. is from Sudan and met my Welsh other, Tracy, in Wrexham. My family. who W8fe all engineers and lawyers. lost their security aad livelihood on 15 April 2023, when the Sudanese civil war began. When they fied across the border lo Egypt. they were met with visa rejections, family bereavements - and no job optKJrtunities. So being in a public pla￿ where you can talk openly and ask questions is something to be Cherished. I saw that there were wrilers afKI artists from many counlries speaking on s18ge, including a hero of mine. the radio journalist Zeinab Badawi. who is my role mcmlel, and w￿dI¥fe cameraman and presenter Hamza Yassin he was 50 friendly lo me whenever he saw me. So there were people l admired, who inspired me. and we had Sudan in common. Al first I was a littte inlimidated asking questions of successful authors for social me(lia. Clive Myrie was scarily professional and Imp￿SsIVe-, Stephen Fry was incredibly ntce. and so was Huw Stephens. who recommended to me some Welsh fnusiG f8atUTed in his book. It gave confidence to talk to people I would not otherwise have mel, and it thrilled me to see how hard everyone worked behind the scenes. how comfflitted they were. I had to be ￿mir￿ed lo take a break for lunch because tt￿re was so much going on I didnl want to fush an edit or a vldeo dip. It was physically draining but I loved the rush of il. No day was ever the same. You need stamina and resilience but the work is 50 rewarding. And of course, there were the after parts"e5... I went lo a Welsh primary school so I speak Welsh. bul my 5ets)ndary school was English Catholic. However, I have kepl up my Welsh18nguage. as I wouidny want to lose it. 11 was useful at the Fesbval and now, too, at BBC Wales. Sion Tomos Owen, Hay Festival S¢ribblers Cymraeg artist- Learning Sion is & bilingual presenter. author and illustrator. He has written poety. comics, b￿kS for Welsh learners an(J childrens ebooks. Hay Festival's Scribblets Cymreg 2024 was his fI￿t experienc8 with Ihe projecl. whiGh brings writers direct lo Year 7-9 pupils at Slate s¢h(xJls 8cross Wales at univgrrities in Swansea, Aberystwyth. Cardiff. Bangor and Wrexham. When I was asked to joln Scribblers Cymrdeg. I Ihought it would be like a lecture tour. but I couldn't have been more wrong. 11 was so interactive and creativety chaotic! The kids were ama￿Trg. There were 350 in Ihe room at Card-rfl. all vying for my attention. I like to keep things simple when I do talks and workshops there needs lo be a show element, so il tends lo be less writing. more art and caricature. And I like lo trick the students into developing a new skill. I would work wilh them lo create a ch8racler from their imagination and then I would draw it for them on a visualiser projected on the Scfeen. They were so excited to see Iheir invenbon come alive. On the lour I could speak to everyone. and their reactions were so inspiring for me. Most of my work is in We15h and I have seen things change in recent years. There used to be a stigma attached lo the language - il was an 'us and Iheffl. scenario. but so many people now speak conversational Welsh. That is lo say, il may not be Ihe lexlbook version. There's less siress on getting the phrasing perfect. I was never any good al grammar al A-level, bul I loved poetry. When I was 16. 1 met Becky. now my wife. who w8S then 14 and doing Welsh as a second Page 5

HAY FESTIVAL FOUNDATION LIMITED CEO Report FOR THE YEAR ENDED 31 DECEMBER 2024 language al GCSE. She helped me wth Ihe grammar and that gol me Ihrough. We live in the Rhondda Valley in South Wales. wh￿h not a predominanuy Welsh speaking area, whereas my mother was North Wali8n and didn't leam English until she was nine years old. We have two daughters, aged nine and five. and Speak Welsh al home. Before joining Scribblers Cymraeg 2024, 1 had been io Hay Feslrval many limes, first as a punter and then as a perfomier. When I was young and starting out. I was used 10 an audience of three where one walks out. Al Hay, you're talking lo a lull lent and people actual￿ listen lo you all Ihe Wdy through_ You're treated like a rock starl My 13vourile moment of the SuIbble￿ tour was al Swansea when a pupil from Mountain Ash Comprehensive said I was 'cool', which of course I reported back lo my wrfe. Then a friend lexled lo say his son had been al my event and as a re5uII he was going lo lake Welsh as a second language arKI it was that same boyl. There's no better reward than that. For infomialion on SKins latest books and anthd(yies. visrt siontomosowen.cym Tarus Sharon. NBO Litfest- Partnerships In 2024 H&y Festival Global partnered for the third time wrth Book Bunk in Nairobi. Kenya, lo expand the existing ideas f$stival, N80 Litfesl, launched in 2021across three venues in Ihe capital, lo Gelebrafe free exprfjss￿n and cullural exchange. The Hay connection has enabled NBO Litfest lo expand and b￿Ome an annual highlight. This is my second year working for Book Bunk. an avid reader who runs a lmk ctub. I was already familiar with Hay Festival. so I was excited when the Book Bunk founders anrtounced to the team that we were going lo be partners. It would mean we coukl build on what we had alrewjy achteved. Book Bunk was estsblished in 2017 to transform the city's public libraries. which were in a stale of (Sisrepair owing lo a lack of resources. The most famous one is the Mcmillan Memorial Library. an historic landmark in the city centre. We are currently fundraising for ils renovation. It was opened in 1937 solely for European5. and was nol available lo the general public until the 1960$, after Independence. It is protected by an Act of Padiament. and we knew there would be rnulliple layers of approval before we could stsrt work. so while pursuing these, we started with branch libraries. the Kaloleni and the Easllands libraries. which are now complele and open. Our aim is lo make libraries safe. accessible places for the I￿1 community lo read. learn about our culture, art and heritage,. cenlres of education with a free arts programme for children and adults but also an advice ¢entre. The cost ol renovation was high so we relied on donor funding for malerials such as solar panels. as we wanted ID creale eco-friendly spaces. These projects were carried out in 2021122 under Covid-19 resln"cb"ons bul despite the challenges, the renovations created employment opportunities for the lo￿1 communilies. There are a lot of bookshops in Nairobi. bul books are heavily tsxed. so libraries are even more important. Two of the three libraries are in low income areas, so we ask people lor their wshlisl of books lo read and then publish the results on our website, inviting donors lo gift the most popular choices. Currently Ihe most ￿ ad adull book is The Secret Lives of Baba Segi'5 Wives by Lola Shonwn. The success of NBO Litfest has sparked a curiosity about non-African writers. and so when Hay Festival Global brought authors from Europe, India and Pakistan, there was great excitement. In 2024 we welcorrEd Bernardine Evarislo, Damd Olusoga, Amitav Ghosh, June Gachui and Taiye Selasi. Blllbo8rds, social media and local press all promoted the event 2nd we even had visitors to our masterclasses from Uganda and Tanzania. which demonstrales the value of what we offer. The partnership wtth Hay gave us a dynamic plalfomi. uniting wrslers. artists, and thinker5 from the region and beyond with our local wmmunity. "It's not often that we ￿ spaces that really actrvely cullivale joy for children and ivs such a heavenfy thing lo see on Earth.. Sihle Nontshokweni, writer on NBO Litfest. Javier Garcia de Morel. Hay Festival Forum Dallas - Expansion in Ihe US Javier is co-founder of The Wild Detectives bookshop in D8llas. Texas. where the H8y F8stival Forum avents wa held. 11 has since expanded to throe more b(K)kshops in tha city. Page 6

HAY FESTIVAL FOUNDATION LIMITED CEO Report FOR THE YEAR ENDED 31 DECEMBER 2024 Long before our collaboralion with Hay Festival. I had been attending the edilion in QUe￿Ier0. Mexico. ever since il launched in 2015. I remember thinking on my fifsl visit that Ihough it was about books arid culture, il haQ Ihe vibe of a music festival. I thought il would be great to re-cieale that atmosphere in Dallas. wheie a friend and I had started a bookstore the year before. called The Wild Dele¢tives (inspired by RolErto Bolano's film The Savage Dele¢livesl. The aim was to be nol only a book51ore but also an events venue hosling authors. p￿try readings, DJ sets, screenings - and above all. hours of conversalKJn. 11 helped thal we added 8 bar, so people COLtld fflix ￿l#llY and jusl hang oul. Thefi in 2017, Hay Festival Cartagena presented 8ogota39 - a selection of the bes( licb.on writers under 40 from across Latin America, aimed al highlighting literary talent in the region. Thal's when the idea of the Dallas Forum took shape, and the following year we hosl&d some of those Bogoia39 writers at our bookstore. We had eight authors from mex￿0, Argentina and Colombia on the programme ovef Ihe course of one day, and organised activities around the sessions. We started lo connect with universities and sp)nsots. so that in 2019 we were able to invite wllters from further afield and slrel¢h to Iwo days. 11 grew organically and in 2024 we look a big leap fon¥ard in reaching out to other locations so that now we have four venues lo catef for Ihe increase in numbets. Twenty years ago this area was quite run4own. with little culiural lrfe. bul il has become vibrant with a mix of businesses, resiaurants. entertainment and residenis. The popuLglion of Texas is 40-50% Lab"n Afflerican or Labno and Dallas is a really interesting and diverse place lo live. Most events at Hay Feslival Forum Dallas are free. except for those held in The Texas Theatre. and even there tickets are affordable at $5-$10. We are irb a new phase rKWI as the Forum exparKls and we afe reaching more giass-rools communities. People understand what we are trying lo do - we are inclusive, not an inlelleclual gathering and our children's 8V8nts are very popular. We message through soaal media and use Fa￿book for the over45s. The adult age range is generally 2540. Before the bookstore, I worked as a civil engineer in different parts of the wodd, induding lour years in Ireland, bul when the pandemic hit, I decided lo quil that career and concentrate on my love of tjooks. l am Spanish bul happened to be i Dallas working on a project at Ihe time 50 that'5 where the business began. Il's an exciting lime, ar￿ a challenging one in thi5 counlry- Never has il been more important lo foster free expression and Ihe communication of ideas. 'A drop ofculture in the middle of the desert.. Hay Festival Forum Dallas report in El Pais With Thanks To... Funders Arts Council England Arts Council Wales Welsh Government Growing Mid Wales Powered by Levellin9 Up Powys County Council UK Govemment Global Partners ACIE British Council Embassy Df ColO￿bia Eccles Inslilule Open Society Foundations Education Partners Rothschild Foundation Welsh Govemment Media Partners BBC Bookshop.org Independent Juno Service95 Book Club TikTok The Bookseller Page 7

HAY FESTIVAL FOUNDATION LIMITED CEO Report FOR THE YEAR ENDED 31 DECEMBER 2024 The TLS Project Partners Adelaide Writers, Week Australian Govemmenl Bannau Brycheiniog National Park Black British Book Fesliv81 Globalwelsh Great Western Railway Hawthornden Foundatio Herefordshire Community Foundation Inntravel Inslilule for Human Sciences Inslilut FranGais The Inlernalional Booker PrEe 2024 Literature Wales Living Knowledge Network National Library of Wales National Trust Nature Rural Media The British Academy The British Book Awards 2024 The Elmley Foundation The Reading Agency The Rivers Trust The Royal Society Unwin Charitable Trust Visit Seattle Visit Wales Welsh Sports Association With Intelligence Words ol Colour Julie Finch CEO Hay Fgstival Page 8

HAY FESTIVAL FOUNDATION LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the charity for the purFM)ses of Cofflpanies Act 20(￿. present their report with the linan¢1al stalemenls of the charity for the year ended 31 December 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charilie5." Statemenl of Re(x)mMe￿jed Practice applicable lo charities prepaiing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 Jantjary 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The objectives of the foundation are as folh)ws= lo fvrther the education of the people of both the United Krngdom of Great Britain and Northern Ireland and olher countries around the world in the art and sctence of literature. poetry and all olher foms of artistic expression. in particular by prC￿O11ng public lestivals. shows. readings and fairs. bl lo promote study and fesearch irb literature and poetry and all other fomis of artistic exp￿sSion throughout the world provided that the results of swh research shall be published. to promote excellence in literature and poetry and all other forms of artistic expression throughout the worfd and in particular Ibul wilhoul prejudice to the gefierality of the above) to award medals armjloi prtzes in furtherance of this object, and dl lo promote or develop for the benefit of the people of both the United Kingdom of Great Britain and Northem Ireland and other countries around the worfd the art or SCIen￿ of lileralure, poetry and all other forms of artistic expression in all ils branches and likewise lo promote and develop the improvement ol literature, poetry and other fomis of artistic expression in the United Kingdom of Greal Britsin and Northem Irelanrt and other countries around the wodd. Slgnificant actlvltles By the end of 2024, Hay Festival Foundation had been a charity for nearly three years. The benefits of this governance and stwclural change have bedded in. with all appropriate pdicies. ￿mplIanCe. trustee ￿spOnSIbl1}lIeS and operational slructijres in place. The next pericKI is framed around sfrategy setting towards 2030, extemally focused and impact orienlaled. During 2024 and into 2025 we have recfuited g rtrew Iruslees, with 5 retiring, and our Chair, followng a tenure of 10 years retiring al the end of the year. Followng an external recnjitment Pfocess. our next chair was appointed, Jay Hunt OBE. During the 2024 Hay Fests"val, Hay-on-wye, a campargning group ran a social media protest SP8¢ifically targetsng one of Hay Fe51ival's longstanding corporate funders. As a result ol the cascading campaign aimed at artist withdrawal the in-year funding offer from the company in qUeS￿n was suspended. A full disdosure wa5 made lo the Charity Commission, in the form of a Serious Incident Report, after which il was communicaled that the charity had taken all appropriate action open lo il al that lime. Public benefit Our beneficiaries include the public at large and specific groups of benefictaries in relation lo selected project work. community, and e(lucalional 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 a¢bvity. FINANCIAL REVIEW Financial position The Slalement of Financial Accounts reports total income of £6.365.737 and tolal expenditure of £5,969.965. Overall. an unrestricted surplus is reported of £42,965 and a restricted fund surplu5 of £352.807. Total funds Garried forward to 2025 are £1.169,533. Principal funding sources The Foundation generates income from several sources. Direcl festival income is raised through tid(et sales, sales of books and merchandise, exhibitor fees. corporate srx)nsotship. and other a¢livilies. The Foundation also receives service lees for its work in overseeing its intemalional festivals as well as grants for specific projects and educational aclivily. All income, both diiect income generated and indirect finan￿al suppotL aids the nJnning of the festival and helping the Foundation achieve its objectives. Page g

HAY FESTIVAL FOUNDATION LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Reserves policy The trustees have set a policy which requires that reserves be maintained at a level that ensuies the charity's Core activily could continue during a peri(Kl of unforeseen drfficulty and that a proportion of reserves be maintained in a readily realisable form. The Iruslees consider readily realisable reserves io be the amounl ol reserves Ihal are easily Converied to cash should the need arise. The calculation of the required level of reserves 15 an integral part of the charitys planning. budget and forecast cycle. 11 considers the risks assocsaled with each stream of income and expenditu￿ being different from that budgeted" the planned aclivity level.. and Ihe chaTItYs commitmenls. The trustees assess the reserves policy and review il during the year. They discuss Ihe readily realisable reserves against the charity's commitments. The main risks lo both income and expenditure are h¥Jhlighled and a Galculalion of the possible finanoal consequen￿5 of adveise movements made. The trustw use Ihis infcmiation lo ensure an adequate level ol readily realisable reserves is held. The reserves policy will be reviewed every year. al a minimum. by the Finance Committee. or soonei rf warranted by internal or exlemal events or changes. signifi￿nI changes lo the tM)li¢y will be recommended by the Finance Committee lo the Board for approval. Currendy the optimum level of free reserves is six months of core operating expenditure. which 81 an average monthly core expenditure of £110,000 would be £660.000. Al 31 December 2024, the charity held unrestricted fvnds of £446.775. After ar￿UntIng for those funds tied up in fixed assets of £15,353. the charity's free reserves amount lo £431.422. While this is less than the optimum level of £660,000, the trustees are satlsfied that the current reseNes held are sufficient to 5UPPOrt the OTganisation in the short teim and will strive to build these back to optimal level over Ihe coming yeats_ A finanaal strategy of prudence and cale 15 being pursued lo ensure the safe9uarding of the charivs uniesth.cled reserves to support the ongoing sustainability of the organisalion. FUTURE PLANS Following our brand developrnenl and slralegy exploration. our focus to 2030 indude5-. Hay FeslNal Foundation Strategy - to 2030 Hay Festival Foundation - Through strengthening commercial income a￿1 fuThlraised income we will underpin the charTty for the longer lemi Hay on Wy8, Wales- 2027 will be our 40th year of operation. with a fesb"v81 in Hay on Wye. We are seeking to provide a more permanent home for the flagship festival. with a physi1￿1 presen￿. as part of an origins projeGI. We will underpin our activity with efficient systems. place our aUdIen￿S at the centre of their end-to-end experience and furthor differenliale the experience. UK Wide - Our ambition is to extend our reach across the UK. through leaming. engagement and pop-up events that pivot to audiences in unexpected pla￿. with a focused therne or idea. as one-of-a-kind events, projects and moment. International We want to further oijr charitable impact through engaging audien￿$ across the worfd. generating a circulation m(xlel lor ideas and artists alike. and contritxjling to an 'open SO￿ety.. Digital irnprinl - Social media Gonlenl is exiendable. elastK and accessible lo the world, we will develop a s￿131 media strategy, compelling narralives that extend our brand. and Conlenl relative to Ihe world today and the commentators who open doors lo Ireedom of expression. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is registered as a charitable company. limited by guararitee. The goveming documents are 115 Memorandum and Articles of Association, a5 amended by specral resolution dated 10 December 2021. updated trj reflect current legislation and best practi￿. Recruitment and appointment of new trustees The management of the charitable company is the responsibility of the Iruslees. who are elected and co-opted under the tems of the Articles of Ass(Kialion. The selection and recTUitment of new trustees is the responsibility of the full Board. New Iruslees are proactively recruited lo meet any skills gaps as identified by the Board. Page 10

HAY FESTIVAL FOUNDATION LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees Each new trustee receives an induction pad( setting out their legal obligations under charity and company law, the content of the fflemofandum and articles of association and copies of minutes of recent meeting5. New trustees are also given a biiefing on the work of the Board and any individual proiecls as pari of Iheir induction. When appropnale. training sessions are open lo Board members Whe￿ the training is u)nsidered useful lo their role. Related parties and trusteos Trustees are permilled lo claim for their participation in the fests"val. Fees are agreed in advance and in accordance with our standard ¢ommerci818rtisl lee slruclure and conlracling. No fees were daimed during the fin8n¢i81 year or pnof year. Risk management The trustees have a duly to identify and review the risks to which the charity is expM)sed and lo ensure appropriate controls are in place lo provide reasonable assuia.-.¢e against fraud and erroc. The Iruslees have assessed the major rtsks to which the company is exposed. in particular Ihose related lo the operations and finances of the company. and are satisfied thal systems and procedures are in place to mitigate our exposuie lo the fflajor risks. The Iruslees intend lo continue lo continually review the llsk managemenl policy for Ihe charity into 2025. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03490480 {England and Wales) Registered Charlty number 1070073 Reglstered offlce Festival Office 25 Lion Street Hay On Wye Powys HR3 SAD Trustees J Hunt V Bejarano De La T0￿e S A Stewart A P Followell C Albert N J Butler D A Olusoga SFKhan E J Shedd Dame E Closs Stephens Chair Appointed 01.01.25 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 Appoinled 26.10.24 The following Iruslees resigned froffl the board.. M Gwynant P J Sands J G Davies C J Michel R M Boycott Resigned 06.05.24 Resigned 01.01.25 Resigned 01.01.25 Resigned 01.01_25 Resigned 01.01.25 Chair until resignation Auditors MHA Ilrading name of MHA Audit servI￿s LLP} Slalulory Auditor MHA House Charter Court Phoenix Way Swansea Enterprise Park SWANSEA SA7 gFS Page 11

HAY FESTIVAL FOUNDATION LIMITED Report of Ihe Trustee5 FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees Iwho are also Ihe directors of Hay Festival Foundation Limited for the purposes ol Company lawl are responsible lor preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Ac¢ounling Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial statements lor each financial year which give a tnje and lair view ol the slate of affairs of the chanlable company and of the incoming resources and application of resources, Induding the income and expenditure. of the charilable company for Ihal peric#J. In preparing those financial slalemenis, the Iruslees are required to select suitable accounting policies and then appty them consislenlly: obseNe the methods and principles in the Charity SORP. make judgements and eslimales that are reasonable and prudent-. prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that Ihe charitable company will continue in business. The Iruslees are responsible for keeping propel aC￿LInI1ng record5 which disdose with reasonable accuracy al any lime the financial posib.on of the charitable company and lo enab5e them to ensu￿ that the financial statements comply with ihe Companies AGI 2006. They are also responsible for safeguar¢Jing the assets of the charitable company and hen￿ lor taking reasonable steps for the prevention and detection of fralsd and other irregularities. In so far as the trustees are aware.. there is no relevant audit infomialion of which ihe charrtable companys auditors are vnaware.. and the trustees have taken all steps that they ought to have laken lo make themselves aware of any relevanl au(Sil information and lo e51abli5h that the auditor5 are avrdre of that infonnation. AUD5TORS The aijdilor, MHA, previously traded through the legal entity Maclntyre Hudson LLP. In ￿SpOnSe lo regulatory changes, Maclntyre Hudson LLP ceased to hold an audit registratson with the engagetnenl Iran511ioning lo MHA Audit Services LLP. MHA will be proposed for reappointment in accordance wslh section 485 of the CLKnpallies Act 2006. App ed by order of the Board of Trustees on .. ... signed on its behalf by: nt- Chair Page 12

Report of the Independent Auditors to the Members of Hay Festival Foundation Limited Opinion We have audiled the financial sialemenls of Hay Feslival Foundation Limited (the 'chaiilable company'l lor the year ended 31 December 2024 which comprise the Sialement of Financial Aclivitses, the Balance Sheet, the Cash Flow Slatemenl and notes to the financial stalemenls, including a summary of significant accounting policies. The linancial reporting framework that has been applied in their preparation is appli¢able law and United Kingd(xn Accounb"ng Slandards (United Kingdom Generally AC￿pIe￿ Accounting Practice). In our opinion the financial sfatemenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 December 2024 and ol its incoming resources and application of resources. induding its incnme and expenditure. for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accofdance with Ihe requirements of the Companies AGt 20[￿. Basis for opinion We conducted our audit in accordance with Intefnalional Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are furthef described in the Auditors. 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 Ihal are relevanl lo our audit of the financi81 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 Ihe audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions relating to golng concem In auditing the financial stalemenls. we have concluded thal Ihe Iruslees, 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 Un￿rtaIntieS relating to events or Conditions that, individually or collectively. may cast significant doubl on the charitable company's ability to continue as a going concern for a period of al least twelve rnonlhs from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities ol the Iwstees wrth respect to going ¢￿￿rn are described in the relevant sections of this report. Other information The Irusiees are responsible for the other information. The other infomiation compnses the infofmab.on included in the Annual Report. other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the finan￿al statements does not cover the other informatM)n and, except lo the extent olheNise explicitly staled in our report, we do not express any fomi of a&suran¢e ￿￿CluS¥)n thereon. In connection with our audit of th8 financial stslements. (￿r responsibility is to read the olher infomiation arKI. in doing so, Consider whelhef (he other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit or othe￿iSe appears to be materially misstated. If we identify such rnaterial inconsistencies or apparent material misstalements, we are required lo delemiine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on the work we have perfonned. we conclude that the￿ is a material misslalemenl of this other information, we are reouired to report that fact. We have nothing lo report in this regard. Oplnions on other mattgrs prescribed by the Cornpanles Act 2006 In our opiniori, based on the work undertaken in the course of the 8udit.' the information given in the Report of the Trustees for the financial year for which the finanaal statements are prepared is consislenl with the financial stalerrkents.. aTtd the Report of the Trustees has been prepared in accordance wth applicable legal requirements. Matter5 on which we are required to report by exceptlon In th8 light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not idenlified material misstatements in the Report of the Trustees. We have nolhir>g to reFK)rt in respect of Ihe following mattefs where Ihe Companies Act 2(M)6 requires us to report lo you if, in our opinion.. adequate ac¢oLJnts'ng records have not been kept or returns ￿lequate for our a￿lt have Th)t b6en received from branches not visited by us.. or the financial statements are not in agreement with Ihe accounting records and returns., or certain disclosures of Iruslees. remuneration specified by law are not made- or we have not re¢etved all the informats.on and explanations we require foi our al￿11. or the Iruslees were not enlilled lo take advantage of the Sma￿ companies exefflplion Irom the requirement to prepare a Strategic Report or in preparir¥J the Report of the Trustees. Page 13

Report of the Independent Auditors to the Members of Hay Festival Foundation Limited Responsibilities of trustees As explained more lully in the Slalemenl ol Truslee5' Re5ponsibililiÈs. the injslees (who are also Ihe directors of the charitable company for the purposes of company lawl are responsible for the preparab'on of the financial statements and for being satisfied that they g¢ve a true and fair view. and for svch internal control as the Iruslees detemine is necessary to enable the preparation of linancial ststements Ihal are free from material misstatement, whether due lo fiaud 01 erior. In preparing the financial slalemenls. the trustees a￿ reswjnsible for assessing the Charilable company's ability lo conts'nue as a going concem. disc1051ng, as applicable. mallers related lo going concern and ugng the going concern basis of accounting unless the truslees either intend lo liquidate Ihe tharitable company or to cease operalions, or have no realistic alternative bul lo do so. Our responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether Ihe financial statements as a whole are free from material rnisslalemenl. whether due lo fraud or etror. and lo issue a Report of the Independenl Audilofs that includes our opinion. Reasonable assurance is a high level of assurance.bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always delecl a material misslalernenl when il exis15. Misstalemenls can arise from fraud or error and are considered material if. indNidually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these fir¢ancial slalements. Irregularities. induding fraud. are instance5 of ncffl-compltance with Saws and regulab'ons. We desNJn procedures in line with our responsibilities. outlined above. lo detect material misstatements in respect of irregularities. including fraud. The specific procedures for this eThJagement and the extent to which these are rapable of detecting I￿egulan[le$. including fraud is detailed below= Enquiries of management and those charged wlh governan￿ around actual and polenh.al lihgatior and ¢laims-, Enquiry of entity staff and those charged wsth govemance lo identify any inslances of non-compliance with laws and regulations., Performing audit work over the risk ol managemenl overr¢de of controls. induding lestsng of joumal entrie5 and other adjustments for appropriateness. evaluating the business rationale of S￿nrriGanI transactions outside the normal course of business and reviewing accounting estimates for bias.. Reviewing minul8s of meetings of those charged wtlh governance- Reviewing financial $131emenl disdosures and lesling to supporting doujmentaiion io assess compliance wlh 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 lo a material misslatemenl in the financial slalemenls or non-Com￿lance wth regulat)n. The risk Increase5 the more that Complian￿ wlh a law or regulation is Temoved from the evenis and transactions reflecied in the financial slalements as w8 will be less likely to become aware of instances of rH)llkn(x)mpliance. The risk is also greater regarding irregularities occurring due lo fraud rather than er￿r, as fraud involves intentional wncealment, forgery. collusion. omission or misrepresentstsons. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al www.frc.org.uklaudiloT5responsibilities. This description fomis part of our Report of the Independent Auditors. Page 14

Report of the Independent Auditors to the Member5 of Hay Festival Foundation Limited Use of our report This report is made solely lo the charitable company's membef5, as a body. in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been un¢Jertaken so that we might stale to Ihe charitable cornpany's metnbers those matters w& are required lo slate lo them in an auditors. report and for rK) other purpose. To the fullest extent permitted by law. we do not accept or assume restK¥nsibility to anyone other Ihan the Charitable company and the charitable company's member5 as a trM)dy. for our audit work, lor ihi5 reporL or for the opinions we have IoTtned. Rachel Doyle ACA DchA (Senior Stalulory Auditori lor and on behalf of MHA Ilrading name of MHA Audit SeThices LLP) Slalulory Auditor fvAHA House SWANSEA SA7 9FS Date". 28 April 2025 MHA is the trading name of MHA Audit SeN1￿$ LLP. a limiled liability partnership in England and Wales (registered number OC455542} Page 15

HAY FESTIVAL FOUNDATION LIMrrED Statement of Financial Activities Ilncorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total fvnds 2023 Total funds Unrestricted fund Reslricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 370.203 19.470 389,673 245,577 Charitable activities Hay Festival School programme International festival support 3.960.295 1.506,112 128.759 5,466.407 128,759 344,117 4.626,226 141,578 351,260 344,117 Investment income Other income 36.781 36.781 16.301 8.844 Total 4.711.396 1.654,341 6.365.737 5,389,786 EXPENDITURE ON Raising funds 6.754 6,754 Charitable activities Hay Festival School programme 4.661.677 1,172.775 128.759 5,834.452 128.759 4,949.872 141.578 Total 4.668.431 1,301.534 5.969.965 5,091,450 NET INCOME 42.965 352.807 395,772 298,336 RECONCILIATION OF FUNDS Total funds brought fotward 403.810 369.951 773.761 475,425 TOTAL FUNDS CARRIED FORWARD 446.775 722,758 1.169.533 773,761 The notes fcmi part of these finanaal slalements Page 16

HAY FESTIVAL FOUNDATION LIMITED Balance Sheet 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unreslricled fund Restricted funds Notes FIXED ASSETS Tangible assets 14 15.353 15.353 13,880 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 27,696 206.775 828.012 27,696 867,956 889,589 13,779 230.480 979.661 16 661.181 61.577 1.062.483 722,758 1.785.241 1.223.920 CREDITORS Amounts falling due wilhin one year 17 (615.7991 {615.7991 1428,1791 NET CURRENT ASSETS 446,684 722,758 1.169,442 795.741 TOTAL ASSETS LESS CURRENT LIABIUTIES 462.037 722.758 1.184.795 809,621 CREDITORS Amounts falling due after more than one year 18 115.2621 115.2621 135,8601 NET ASSETS 446.775 722.758 1.169.533 773,761 FUNDS Un￿strIcted funds Restricted funds 21 446.775 722,758 403.810 369,951 TOTAL FUNDS 1.169.533 773,761 These financlal slalements have been prepared in accordan¢e with the provisions appluble to charitablo compani8s subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ..&..*...l..%...i.a-.O.a.r.. and were signed on its beh￿f by: JHU Chair The notes fomi part of these financial statements Page 17

HAY FESTIVAL FOUNDATION LIMITED Cash Flow Stalement FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Noles Cash flows from operating activitie5 Cash generated from operations 91.3471 272,851 Nel Cash (used inyprovided by operating activities 91.347) 272,851 Cash flows from investing activities Purchase of tangible fixed assets Interest recewed (14.908) 36,781 19,3041 16,301 Nel cash provided by investing activities 21.873 6,997 Cash flows from financlng activltles Loan repayments in year 20,1931 Net cash used in financing acttvities 20.5981 20,193} Change in cash and cash equivalents in the reporting period Cash and cash equSvalents at the beginning of the repo￿ng period (9).0721 259.655 979.661 720,006 Cash and cash oquivalents at the end of the reporting period 889,589 979,661 The noles fom) part of Ihese ffinan￿aI slalefflents Page 18

HAY FESTIVAL FOUNDATION LIMITED Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reportlng period (as per the Statement of Financial Activities) Adjustmonts for: Depiecialion charges Interest received Ilncreaselldecrease in slocks Increase in debtors Increase in cieditors 395.772 298,336 13,435 136,7811 113,9171 1637.4761 187.620 8,714 116,3011 11,084 166,0871 37,105 Net cash lused inllprovided by operations 91,3471 272.851 ANALYSIS OF CHANGES IN NET FUNDS At 111124 Cash flow Al 31112124 Net ca$h Cash al bank and in hand 979.661 889,589 979.661 90.0721 889.589 Debt Debts falling due within 1 year Debts falling due after 1 year {20,0(X)) 35.860 120,0001 15,2621 20,598 55.860 20.598 35,2621 Totsl 923 801 69.4741 854.327 The noles fom) part of these financial statements Page 19

HAY FESTIVAL FOUNDATION LIMITED Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024 STATUTORY INFORMATION Hay Festival Foundation is a registered charity and private company limited by gua¥anlee having no sh8 capital. It is incorporaled in Wales in Ehe United Kingdom. The regislereil office 15 The Drill Hall. 25 Lion Street. Hay-on-wye, HR3 SAD. The nature of the charitable company's operations and pnncipal activits'es are ¢Jisdosed within the Report of the Trustees. The financial statements are presented in Slerfing {£}. the charitable company's funclional currency. and rounded lo the nearest pound. The significant accounting ￿1cleS ap￿led in the preparation of these financial stsiements are set ovt below. These policies have been consislenlly applipd lo all yeats presented unles5 olheTwise stated. ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The fin8nckg1 slatetnenls of the charitable company. which is a public benefil entity under FRS 102. have been prepared in accordance vAth the Charities SORP IFRS 102} 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slalements have been prepared under the historical cost convention. There have t)een no material departures [￿M Finanaal Reporling Standard 102. Going concern No material uncertainties exist relating to event5 or conditlons that may cast signifi(3nl doubt Upon the enlity's ability to continue as a going concem. INCOME All income is recognised in the Statement of Financial Aclivits"es once the charity has entivemenl lo the funds, il is probable that the income wll be received and the amount can be measured reliably. This includes capital grants. Donations and legacies income Donations and legacies incomè indudes donations. gifts and grants that provide core funding or are of a general nature and are recognised wheTO there is enliuement. probability of fecapt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies il must be used in lulure ac¢ounling peri￿s or the donor has impo£e(S conditions which must be mel before the charity has unconditional entitlement. Income from charitable aclivilies indudes income received undeT contract or where entitlement lo grant funding is subject lo 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 deferTed when the amounts received are in advance of the perforn8n￿ of the service or event to wh￿Ch they resale. Membership fees are accounted for in the period to which Ihey rdale. Investment income is recognised on a receivable basis. EXPENDITURE Liabilitie5 are recognised as expenditure as s(x)n as there is a legal or conslrucltve obligats.on commrtiing the charity lo that expenditure, il is probable that a transfer of economic benefils wll be ￿quIred in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted fo¥ on an accruals basis and has been classified under headings that aggregate all cost related lo the ¢ategory. Where costs cannot be diTeclly atlribuled lo particular headings Ihey have been allocated to acb"wties on a basis consistent with the use of resources. Expenditure on charitable activities comprises those cosls incurred by the charity in the delivery of ils activities and services for its benefiaaries. It includes tK)Ih costs that can be allocaied directty to such activities and those costs of an indirect nature to support them. Page 20 continued...

HAY FESTIVAL FOUNDATION LIMITED Notes to the Financial Ststements - continued FOR THE YEAR ENDEO 31 DECEMBER 2024 ACCOUNTING POLICIES- continued EXPENDITURE Support costs are those o)sls that, whilst necessary lo deliver an activity, do nol themselves pr(MJuce or ¢onslilLJte the output ol the charitable activity- This I￿l￿deS governance cosls which a￿ Ihose ¢osls associated with meeting the constitutional and stalulory requirements of the challty and incltjde the accountancy fees and costs linked lo the strategic management of the chafjly as well as a proportion of salaries based on an approximation of time spent in this area. Expendiltjre includes any VAT which cannot be fully recovered and is reported as part of the expendilure lo which il relates. TANGIBLE FIXED ASSETS Depreciation is provided al the following annual fates in order lo write off each asset {less expected residual value) over its eslimaled useful life. Computer equipment - 33.33% (ffi cost Fixed assets are inilialty recorded 8t cost. Only assets which cost £500 or more are capitalised. STOCKS Siocks are valued at the lower of cost and net realisabte value. after making due allowance for obsolete and slow moving items. TAXATION The charty is exempl from corp)ration tax on its charilable aclivilies. 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 lof particular restricie(I purposes within the obje¢ts of the charity. Restricts'ons arise when speufied by the donor or when hAnds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to the financial slatemellls. PENSION COSTS AND OTHER POST-RETIRÉMENT BENEFITS The charitsble company operates a defin￿j contribution pension scheme. ContribulK)ns payable lo the charitable companrfs pension scheme are charged lo the Slalemenl of Financial Aclivilies in the peri(￿ to which they relale. OPERATING LEASES Rentals applicable lo operating leases substantially all of ihe benefits and risks of Ihe ownership ￿maIn with the lessor are charged against profits on a straight line basis over the period of the lease. The benefits of lease incentives are recognised in the proffl and loss aax)unt over the lease perii)d. Basis of recognition of liabilities Liabilities are reccxJnised as soon as there is a legal or conslruclive ObligaU￿ which commits the charity to the expenditure. Financial Instruments The charity only has financial assets and fin8nci81 liabiliknes of 8 knnd thal Qualify as basic financial instnjments. Basic financial instruments are initially rec(yJnised at Iransaction value and subsequently measured al their settlement value. Trade and other debtors are recognised al the setuemenl amounl due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade dis(x)unts due. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settte the obligation can be measured or eslimaled reliably. Credilors and provisions are nomially recognisgj al their settlement amount after allowing for any Irade discounts due. Page 21 continued...

HAY FESTIVAL FOUNDATION LIMITED Notes to the Flnancial Statements - ¢onllnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continue¢J Significant accounting judgements and estimates Eslimales and judgements are continvally evaluated and are based on historical experien￿ and other relevant factors, including expectslions of future events Ihal are believed to be reasonable under Ihe circumstances. The preparation of the financial statements wuires management lo make estimates and assumplions conceming the future. The resulling accounting estimates will. by definiiion, be likely lo differ from the ￿lated aclu81 results. No estimates or assijmpbcns have been identified that have significant risk of causing materi85 adjustment lo the carrying amounts of assets and liabilities within the nexl financial year. DONATIONS AND LEGACIES 2024 2023 Membership income Donations Gift aid Grants Hay Anytime 177.595 145.500 24.945 19.470 22.163 128.483 46,599 23,831 21.689 24.975 389,673 245,577 Grants received, induded in U)È above. are as folknvs: 2024 2023 Inlems funding 19,470 21.689 INVESTMENT INCOME 2024 2023 Deposit account interest 36,781 16.301 INCOME FROM CHARITABLE ACTivmES 2024 2023 Activity Ticket salos Hay Festival Book sales Hay Festival Sponsorship income Hay Festival Exhibitors Hay Festival Grants Hay Festival Other festival relatsd income Hay Festival Festival related merchandise Hay Festival Grants School programme Management lees Intemalional festival supKM)rt 2.025.155 654,234 444.922 202,083 1.506.112 533,987 99,914 128,759 344,117 1.842,691 649,942 764,751 170,629 714.081 374,291 109,841 141,578 351,260 5,939,283 5,119,064 Grants recewed. included in Ihe above. are as folk)ws: 2024 2023 Welsh Gov&mmenl- Hay Festival Schools Programme 2022-23 Hawthornden Foundation - reach of engaging audien￿$ Arts Council Wales- Writers at Work Arts Council Wales- International Fellowship Wale5 Award Welsh Govemmenl- Hay Festival Schools Programme 202&24 Unwin Charitable Trust- dgv81opmenl 40,000 19,348 49,348 24,500 101,578 300,000 49,688 41,375 Carried fo￿r￿ 91,063 534,774 Page 22 continued...

HAY FESTIVAL FOUNDATION LIMITED Notes to the Financlal Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM CHARITABLE ACTIVITIES - continued 2024 2023 Brought forward Alliance for Open Society Intemalional - 2023 The Elmley Foundation Education project 2024 Arts Council England - Audience Developmenl Powys County Council - UK Sha￿d Prosperity Fund Alliance for Open Society Intemalional - 2024 Welsh Government- Hay Festival S¢FKJols Programme 2024-25 Arts Council England - Children & Young People's Programme Central Government- Department lor Culture, Media & Sport Open Society Foundation - NBO Literary Festival 2024 Hawthomden Foundation Open Society Foundation - 2024 The Moondance Foundation Rothscttild Foun(talion Martin Smith Foundation The D'oyly Carte Gharilable Trust The Brillsh Council - Nairobi Hawlhomden Foundation - Latam 2024 Charities Aid Foundats'on America Open Society Foundation - IWM 91.063 534.774 100.796 20,000 29,486 120.000 50,603 20.000 130.IJOO 87,384 99.773 500.000 78.069 57.978 308.727 123,0110 44,000 5,000 4.000 34.800 19,571 4.901 26,605 1,634,871 855,659 RAISING FUNDS RAISING DONATIONS AND LEGACIES 2024 2023 Fundraising consultancy Other costs 2,250 4,504 6.754 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 81 SL*PPOrt costs Isee note 9} Totals Hay Festival School programme 5.029.997 128.759 804,455 5.834,452 128,759 5.158.756 804.455 5,963,217 Page 23 conts"nued...

HAY FESTIVAL FOUNDATION LIMITED Notes to the Financlal Statements . continued FOR THE YEAR ENDED 31 DECEMBER 2024 DIRECT COSTS OF CHARITA8LE ACThITIES 2024 2023 Staff (x)sts Direct costs - Hay Feslival I Winter Weekend Bookshop costs Merchandise costs Staff costs - festival event direct 1,082,910 3.292,705 437.932 70,806 274,403 841,746 2.779,605 399,173 45,150 317.637 5.158.756 4,383,311 SUPPORT COSTS Stsff costs Finance DeprecialK)ll Hay Festival 199.230 2,478 13,435 Goveman costs Olh Totals Hay Festival 532,646 56,666 804.455 10. NET INCOMEIIEXPENDITUREI Nel incomel{expendsturel is slated after chargin￿(creditIng}-. 2024 2023 Auditors, remuneration Depreciation - owned assets 8,500 13.435 6,000 8,714 11. TRUSTEES. REMUNERATION AND BENEFITS There were no Irustees. remuneratK)n or other benefits the year ended 31 De￿mber 2024, or fr)r the year ended 31 December 2023. TRUSTEES. EXPENSES Ouring the year, tnjslee expenses were paid lo iwo twstees lotalling £317 in respect of travel expenses 12023.. £497 - 2 Trusleesl. Expenses of £1.05212023.- £Nill were compensated bad( to one twstee {2023= 01 lo cover the costs of ovemighl hosting of agreed Hay Festival artists and at lime additional pe￿OnS for specified dates dependent on their appearance at the festival. 12. STAFF COSTS 2024 2023 Wages and salaries Social Security costs Pension cosls 1,406,294 131.583 18.666 1.167.871 109.082 15,395 1,556.543 1,293,068 The average ￿UMber of employees during the year". 31 27 Page 24 continued...

HAY FESTIVAL FOUNDATION LIMITED Note5 to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. STAFF COSTS - Continued The above average number of employees are on mnlhly salaries. In addition to the above, the charity ran a weekly payroll. during the weeks ol the Hay Festival event held in Mayl ea￿Y June and for the Winter Weekend. The number of employees on Ihe weekly payroll during Ihis very short period var￿S bul an indicalive range is be￿een 2 - 96 employees. The number of em￿oYeeS whose em￿oyee ￿nefIts {exduding emplDyer pension costs) exceeded £60.000 was". 2024 2023 £60.001- £70.000 £70,001- £80,000 £110.001- £120,000 The lolal key management personnel remunerab.on during the year w85 £465,74012023.' £451.2041. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restn"cted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 223,888 21.689 245,577 Charitable actlvlties Hay Festival School programme Intemational festival support 3.912.145 714,081 141.578 4,626.226 141.578 351,260 351.260 Inveslmenl income Other income 16,301 8.844 16,3C11 8.844 Total 4,512,438 877,348 5 389,786 EXPENDITURE ON Charitable a¢tivltles Hay Festival School programme 4.584.053 365,819 141,578 4,949,872 141,578 Total 4,584.053 507,397 5.091,450 NET INCOMEI{EXPENDITURE) (71.6151 369.951 298,336 RECONCILIATION OF FUNDS Total funds brought forward 475.425 475,425 TOTAL FUNDS CARRIED FORWARD 403,810 369.951 773,761 Page 25 nlinued...

HAY FESTIVAL FOUNDATION LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024 14. TANGIBLE FIXED ASSETS Computer equipment COST Al 1 January 2024 Additions 26,467 14,908 Al 31 December 2024 41.375 DEPRECIATION Al 1 January 2024 ChaTg8 for year 12,587 13,435 Al 31 December 2024 26,022 NET BOOK VALUE At 31 December 2024 15.353 Al 31 December 2023 13,880 15. STOCKS 2024 2023 Stocks - Merchandise and 01￿{ 27,696 13,779 16. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors Gift aid recoverable Other debtors Prepayments and accrued income 101.092 12,709 3,205 750,950 6,233 3,432 3,204 217,611 867,956 230.480 17. CREDITORS: AMoU￿s FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 19) Trade creditors Social securtty and other t3xes VAT Other ¢redttors Accruals and delerred in(x)n 20,000 137,790 26.359 54,128 3,197 374.325 20.000 129,225 25.947 9,057 7,252 236.698 615.799 428,179 Included within accTU85s and deferred incorne above is the followng deferred income.. 2024 2023 Benefactor membership in advance Exhibilor deposits in advance Early bird ticket sales Sponsorship in advance 19,583 9,100 234,108 3.525 23,519 7,500 136,464 266,316 167,483 Page 26 (x)nlinued...

HAY FESTIVAL FOUNDATION LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - contlnued Of the opening deferred income. £159,983 has been released lo the Ststefflent of Financial Aclivities. An element of £7,500 has been Carried fomard as ongoing Benefactor membership in advance. All other deferred income entries al 31 December 2024 relate lo new income received in advance ol delivery. mainly relating lo the Hay Festival May 2025. 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 191 15,262 35,860 19. LOANS An analysis of the matufity of loans is given bek)w'. 2024 2023 Amounts falling due ￿thIn one year on demand.. Bank loans 20.000 20,000 Arnounls falling betyveen one and two years.. Bank loans- 1-2 years 15,262 20,000 Amounts falling due between two and five years". Bank loans- 2-5 years 15,860 20. LEASING AGREEMENTS Minimum lease payments under nOn-Can￿lIable operating leases fall due as follows.. 2024 2023 Within one year Between one and five years 65.248 7.523 64.254 72.156 72,771 136,410 Operating lease payments re￿JnISe(l as an expense during the year amwnted to £65,24812023". £60.7381- Page 27 continued...

HAY FESTIVAL FOUNDATION LIMITED Notes to Ihe Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024 21. MOVEMENT IN FUNDS Nel movement in funds Al 31112124 Al 111124 Unrestricted funds General fund 403.810 42.965 446.775 Restrlcted funds Support and Development Latin America festivals Alliance for Open Society Inlemalional 2024 DCMS Open Sociely Foundation - 2024 The Alloondance Foundation Rothschild Foundation Martin Smith Foundation The D'oyly Carte Charitable Trust 300,000 19,348 170.000} 119,3481 230.000 50.603 150,6031 135.000 203.758 123,000 22,000 5,000 4,000 135.000 203,758 123,000 22,000 5,000 4,000 369.951 352,807 722,758 TOTAL FUNDS 773,761 395,772 1, 169,533 Net movement in funds. induded in the above are as follows.. IncomiThJ resources Resoltrces expended Movement in funds Unrestricted funds General lund 4.711,396 14.668,4311 42,965 Restricted funds Schools programme 2023-24 Writers al Work Intern funding Support and Development Latin America festsvals Alliance for Open Society Inlgmational 2024 Schools programme 2024-25 Children & Young People's Programme DCMS Open Society Foundation - NBO Literary Festival 2024 H8Wthornden Foundation - festival delwery Open Society Foundation - 2024 The Moondance Foundatio Feasibility study and winlef weekend festival Education projects Rothschild Foundation Martin Smith Foundation The D'oyly Carte Charitable Trust The Britssh Council - Nairobi Charities Aid Foundation America Open Society Foundation - IWM 41.375 49,688 19,470 (41,375) 149.6881 119.4701 (70.0001 {38.9191 170.0001 119,348} 19.571 {50,603} 187.384) 199,773) 1365.0001 150.603} 87.384 99.773 5(K).l)00 135.000 78,069 57,978 308.727 123.000 130.IM)O 20,000 44.000 5.000 4.000 24.8c￿} 4.901 26.605 (78.0691 (57.9781 1104.9691 203.758 123.000 1130,000) 120,0001 122,0001 22,000 5,000 4,000 (34.8001 14,901) 26,6051 1.654,341 1,301,534) 352.807 TOTAL FUNDS 6,365.737 5,969.9651 395,772 Page 28 continued...

HAY FESTIVAL FOUNDATION LIMITED Note5 to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024 21. MOVEMENT IN FUNDS- continuèd Comparatives for movement in fund$ Nel movement in funds Al 31112123 At 111r23 Unrestricted f￿ndS General fund 475,425 171.6151 403.810 Restricted funds Support and Development Latin America festivals Alliance for Open Society Intemauonal 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 Co￿paratIve nel movement in funds. included in the at￿e are as follows: Incoming r8sources Resources expended Movement in funds Unrestricted funds General fund 4.512.438 (4,584.0531 171.61 $1 Rastricted funds Schools programme 2022-23 Schools programme 2023-24 Audien￿ Developfflent Writers at Work International Fellowship Wales Award Intern funding Alliance for Open S(xiety Inlemational 2023 Hay Festival 2023 Support and Developmenl Latin America festivals Winter Weekend festival Alliance for Open Society Inlerrbational 2024 40,000 101,578 29.486 49,348 24.5(K) 21.689 {40.000 1101,5781 129.4861 149,3481 124,5(MJl 121,6891 100.796 20.0(XJ 300.000 19.348 120,000 1700,7961 120.0001 300.000 19,348 1120.0001 50,603 50,603 877.348 507,397 369,951 TOTAL FUNDS 5.389,786 5,091,450) 298.336 Welsh Government Schools Programm8 The purpose of the funding is to support Hay Festival Schools Programme and activities each year including a Schools Programme that look place at the Hay Festwal in each year, whith was broadcast live and offered live and online events across primary and secondary sehool children. The funding also induded the Welsh Language Scribblers Touf held in November each year and English LarwJuage Sctibblefs Tour held in February each yeaf. Writers at Work Funded by Arts Council of Wales, project I".Ile.' Wrilers at Work. This project joined together a group ol peers with a group of writers. The residential aspect of the project provid￿1 a great opportunity lor the writers lo develop theii work and ideas in a focused. collaborative. constructive and industry-driven environment. The project conne¢t8d writers from across Wales. This was a 74Jay programme packed with workshops, events and meetings which allowed the writers to leam. share and challenge on writing and thoughts. Page 29 continued...

HAY FESTIVAL FOUNDATION LIMSTED Notes to the Flnan¢ial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024 21. MOVEMENT IN FUNDS- continued Intern funding Funding specifically lowaTd5 Iritem placement costs_ Support and DevÈlopm•nt Funded by The Unwin Charitable Trusl to help to ¢onlinue. support and nurture future writers through our flagship festival, Hay Fesbval Wales. To develop and deliveT new projects across the UK that bring together the many part of the publishing worfd. linking authors. publishe￿ and booksellers with readers who might olherw5e be hard lo reach. This funding is for a 3-year pericKI across Hay Fests"val Wales 2024125126 and associated events. Latin America Funded by Hawthomden Foundation. a grant to Hay for the festivals in Latin America lo support writefs and develop readers. Wlnter Weekend & fgasibility study Funded by Powys County Council, relating lo the delrvery of activities under the UK Shared Prosperity Fund supported by UK Government, lowar¢Js the Winter Weekend festNal held in November 2023 and November 2024 al Hay on Wye along with an allocation towards feasibility study consultancy costs. Contral Government Department for Culture, Media and Sport (DCMS) Funding was received to suprM)rt Hay Festival's Global programme of worfd leading literary and arts festivals in the UK and overseas. Specifically the fundiThJ helped to deliver festivals at Hay on Wye 2024. Nairobi, Mexico, Segovia & Seville, Dallas. Peru, Panarna and Colombia. Open Society Foundations - NBO Literary Festival Funding was rec8ived to support the NBO Literary Fesb"val held in June 2024. Children & Young People's Programme Funded by Arts Council England for children and young people from rural areas lo participate in crealive and cultural aclivities. Open Society Foundation 2024 Funding was roceived to support a series of international conversation to benefit the general public by promoting non-weslern solutions lo global issue5. Moondance Foundation Funding receNed towards the programme for Schools and Scribblers Cymraeg Tour. The Elmlay Foundation Funding to SUPFM)rt artist lees for events and Wofkshops around the Hay 2024 feslival. Prior ear onl Audience Development Funded by Arts Council England. project lille." Audience Devek)pment. A slralegic audien￿ development and consultation projecl to enable Hay Festival to develop relat￿nShIpS cU￿entlY underserved audiences,. focused on engaging children. families and young people who face multiple challenges. alongside a career progression prograrnme lor young people aged 16-25. Int¢rnational Fellowship Wales Award Funded by Arts Council England, the fellowship pmvides an opportunity for a writer from Wales to participate in Hay Festival editions Ihroughoul the year including. bul not limited lo Wales, Colombia. Spain. Peru and Mexico. 11 is open lo exceptional. ambitious and imaginattve create individuals. working within the art forni of lileralure. writing in Welsh or English, in fiction or non-fiction. The Fellowship provides a unique opportunity lor career development. while increasing Wales's atbslic profile intemationally. Alliance for Open Society Intematlonal 2023 Funded by Allian￿ for Open Swety International. a grant foi the purpose of supporting Ukrainian I3￿nI and promotion of understanding of Ukraine through Intemation￿ conversations. Page 30 continued...

HAY FESTIVAL FOUNDATION LIMITED Notes to the Flnancial Statements - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 22. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution scheme. The pension costs chafge for the year represents contributions payable by the charity lo the scheme and amounted lo £18.66612023= £15,395>. At the year end. there wefe outstanding contributions of £Nil12023-. £3.2561. 23. CONTINGENT LIABILITY The charity has volunlarity engaged the services of a VAT consultsncy fimi to undertake a review into how the charity applies the VAT rules in light of its acliviltes and any non4KJsiness ath'vilies undertaken. This review is CUTrently ongoing. The amourbl of any polential liability arising frotn such a review cannot be measured with sufficient reliability. 24. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December2024 or 31 December 2023 that require disclosure. Page 31