Registefed number.. 06326484 Charity nurnbvr.. 1124477 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED {A company limitsd by guarantee} CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Chaimian's ststement Artistic Director and Chief Executive Officers Report Trustoes. report Independent examinerf5 report Statement of financial activities 9-12 13-14 15 Balance sheet 16-17 Statement of cash flows 18 Notes to the financial ststements 19-34 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Timothy Nicholas Cla￿, Chair Emily Anstead Alan Peter Booktmnder {ap￿inted 26 June 20241 Jane Elizabeth Metcalfe Ball {ap￿in[ed 1 April 20241 Greg¢xy John Philip Brenman lappoinled 1 Apnl 20241 Caroline Eleanor Frances Dyott lapwinled 1 April 20241 Susan Elizateth Fosbury Juliet Gilkes Romero lapwinled 1 Apnl 20231 Elma Marcia Glayjow {ap￿inted l April 2024) Kale Louise HaNey Sarah Victona Hotmes Lucy Mary Maud Rowan-Rot4"nson (apFL)inted 1 April 20241 Cc4in Te￿nce Mailland Simon lappoinled 1 April 20241 cla￿ Siobhan Slaler {aprK>inled 24 SeplemLw 20241 Matthew David Webb Jonathan Palric Gilchrist I￿signed 20 June 20231 Vinay Patel Ireggned 26 Seplember 20231 Company registered number Charity registered number 1124477 Registered offlce 24a St John Street London EC1M 4AY Accountants Larking Gwn LLP Chartered Accountants 1st FlocK. Prospect Hwse Rouen Road Ncwch NR1 1RE Bankers Uoyds TSB 22-24 S(XAhaMptc￿ Street London WC2E 7JA Page 1 HIGHTIDE FESTIVAL PRODUCTIONS LIMFTED (A cornpany limited by guarantee) cH￿R.5 STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The Chair presents his statement for the year. I was delighted lo see sthal HighTide achieved in 202￿4. 11 VAS an honour lo witne&s the wonderful work that HighTide prcrfjuced.. from a ¢xJmmunity choir piece about the farnous hemng girls protest on Loweslofl beach," lo the spwky, sold-oul. 26 location run of Gho* Stories by Candlelight,. alonggde the raft of new wnler development and community engagement projeds we laund)ed. The A￿s￿"C DirectorlCEO's Report gives the detail of our a￿StiC acts'vity and celebrates Ihe personal impacts Il had on wnlers, partiopanls and audiences. 11 also outlines our healthy organisalional evolutson and strong finanaal position for the year. Our income for the year was ggnificanlly over our larget. and we managed our expenditure lo be less than the budget. showng that crtjr ueab.ve aMbitiC￿ is alvrays matched by prudent planning. My heartfelt thanks go to Jon Gilchrisl and Ifinay Patel who retired from HighTide's Board in 2023124. Both had been dedicated and enthU￿astIC Trustees for many years. and Ihe staff and all of their fellow Board members are grateful for their huge contn'butions lo HighTide and for all of their expertise. ingghls, time and energy. I am pleased lo welcome Juliet Gilkes Romero Ytho joined the Board in the year. a UK-leading playb*n'ghl who brings a passion for our horne region in the East and a pa￿cular cornmitmenl to diversrty and inclugon. The Board and l also ￿OleheartedIY thank Emma Buuer Smith. w)rked with us as Executive DirectorlJoinl CEO in the year, in particular for supwrting us to reshape the ￿)mpan￿S leadership structure before departing in March 2024. As you s*ill read below. it ¥vas quite the year. We could not have done il without our partners, donors and funde￿. Thank you so muth for supporb.ng tomorrcws playwights. today. rim Clark. Chair Date.. 24 September 2024 Page 2 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED IA company limited by guarnntee) ARTISTIC DIRECTOR AND CHIEF EXECUTIVE OFFICER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 2023124 was a Iwly exobng year for Highfide,. a year in %*thith nth￿Y refreshed artistic miswon. VI￿On and values - crafted al the end 0122123 wth my arnval at the company- were first br￿ght lo life. Our artistlc mission HighTide is a vmtei-centred theatre company. based in the East of England. We produce new plays by playwnghts from our region, touring a(xoss the East and beyond. We run a year-round writer development programme that creates space for East of England playwnghts lo thrive. We offer creative wnting prcgrammes in SCh￿IS and community gnxjps to build confidence. wellbeing and employaimllly. We are committed to ensuring everyone. from all backgrounds. can partiapale in the joy and r%)wer of thealre. We believe thal partnefship and collatoration makes better theatre. as %%ell as more lasting. positive social change. Highride hdds the climate crisis in ils name- a daily reminder of our resp￿$bility to act now- wth imagination and creativity. We see dimale and social jusiice as inextncably linked and believe that thealfe can help rehearse a better future for us all. Our 2030 vision For our playvrrights: By 2030, the East of England will be a recoJnised seedL*d of exceptional. diverse aThJ thriving playThTrtsng lalenl. For cxjr communities.. By 2030. Highfide's targeted creative wriling prcgrammes wll have in￿eased confidence. wellbeing and employability bn our home regon. For our industy. By 2030. HighTide will have sho￿7 that il is only wjsgble. but creatively exhilarabng. lo beoyne a Net Zero theatre company. For us as a company.. By 2030. Highfide will continuo to be a nab'onally celelyaled new wnbng Company. led by our values and with strong finanual resilience. Our values Indusive Ambitious Cdlaboralive Kind and candid Dedicated lo writers Focussed on the East of England In 2023124, we used these guiding principles lo vKtte our Strategic Plan 23-26. This doojmenl Is now an acbve touchstone for the vth(Ae ccrfnpany. threaded 1hrough￿l with meagjrable KPIS that ensure y￿ are reaching our polenlial. Page 3 HIGHTIDE FESTIVAL PRODUCTIONS LIMrrED IA company limited by guarant8el ARTISTIC DIRECTOR AND CHIEF EXECUTVIE OFFICER'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 The Strategic Plan's Executive Summary has eight ￿rn$. I'll expand on how lo¥wards them in 2%24'. ASM 1- A Writer£¢ntred Company with Inclusivity at Our Heart 2023124 saw us reshape our rAanning amund wnler5. The eviden￿ in becL¥ning truly ￿nter￿ntr8d. was aulhenlically felt vthen Ouf Writer in Re&den￿ - Cofchesler-based Nicola Werenowska - kindly nominaled me for an Wnlers. Guild of Great Britain Award for the 'exceptional encouragement of playbwights.: 'Across the Iwo decades that 13een wilting plays profesS￿nally, I feel incredibly p17w"leged to have been supported by many people Who￿ gNen me Ih&r lime. eneoy, praclical resources BUT no on8 has ChaMp￿ned me and my woth I￿e you have over the past year.- In 2023124. we exceeded our equality, dIVe￿ty and indus11￿ KPIS in all creats've areas. induding for our lead artists. HighTide Writers Group and Play*•￿ ghts East netr￿Tk. Aim 2 . Exceptlonal New Plays In aLrturnn 2023124. we piloted a new model of cotnmunity l(MJring for my first lour as Highride Artistsc Direclor. Wntten by East of England writers- Kelly Jones, Shamser Sinha and Nicola Werencwska. wlh mugc and lyrirs by Georgia Shackleton - Ghost Stories by Candlelight Wds made up of three Short. chilling plays sel across our region and woven together %Mlh live East Anglian folk mugc. It was skillfully directed by Elayce Ismail and desgned by Chadotte Henery. Across the East. Ihe production Iravelled bekn￿n regional urt)an mainstages. market lovm perfomiance halls. andl 'found spaces, in njral and coastsl villages like pubs and museums. 11 then transferred lo the stunning Sam Wanamaker Pla￿OUSe at Shakespeare's Globe in London. The reSp(￿se$ exceed&J all our expectstions". "Chillingly modern stories. Ima￿natiVelY Iwitten & perfOrn￿ ￿th gothic flairf- The Stage A light, taut hwhly enterta￿ing eveniTrJ". East Anglian Daily Times The prc#Juction sold out almost eVery￿ere il went. selling 2,933 tickets (1330A of the 2.207 tickets tsrgetl. We even added additional perfomiances at ￿ Glikn to meel demarKI. Our audience fe&Jback was hearfvtsmiing: 'Gnp￿￿. cuffenl. Ihoughl-pmvoknng- "Enl8rtaining, 8maang, innovatrrfe. Whays moTr. our evaluation vmlh the artists involved inspiring.. Wothing on this Sl￿W has b8en transfomiat￿al. I fell realty SUp￿rted by HighTid& to take risks.. -ft has given me 8 sfronger iden&"ty as an East Anglian platrwrighl." "HghTide is a lovely company lo worfl wilh. So pass￿18 at￿ul ernwwering each other." HighTide Y￿uld like lo thank East Suffcdk County Counal and Arts Council England'5 National Lottery Project Grant for their funding %thich supported this pilol year of community touring at HighTide. Page 4 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED (A company limited by guarantee) ARTISTIC DIRECTOR AND CHIEF EXECUTIVE OFFICER'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Aim 3 - Writer Dgvelopment As a ccrfnpany nevAy dedicated lo East of England playvKights, Y* started 2023124 CC￿u1ting wnlers in our region on that they needed frcrfn Highfide in ordef lo thnve. 80 playwnghts joined our faulilaled sessions. voicing their hopes. Two wnler development programmes were created as a result: Playwrights East and the HighTlde Writers Group. The first year of Ihese two prLyJrammes were gener￿SlY funded by the Foyle Foundation and the Noel Coward Foundation. We also piloted a new one-day festival, Highfide Th'sirMJ. to showease emerging playvdnghts from our region. Our Playvmghts East programme launthed in September 2023 and. in just six months, we had created a mmunity of 215 member5 1269% of its initial target of 80 members). This scheme is free to access lor everyone. and offers monthly I￿)rks￿￿ led by leading &￿ay￿TIghts to build partiopants. craft and industy networks. 217 participants atteThYed a Playvrrights East V•r)rkshcp in 2023r24. bl hTide Wrilefs G 197 playwrights from acmss our region ￿bMitted suipts for (Njr first ever HighTide Writers Group. A panel of experts selected &x exceplional vfflters". Marie c￿per, Clare Currie, Ted Maryiolt. AncL)p Singh. Rosa Torr and Esohe Uvradiae. The first HighTide Writers Group began in February 2024 and is being run by learfing playknrighls Juliet Gilkes Romero (The Whip, RSC) and rim Price {Nye. National Theatre). Over 12 months, they give our writers the tools arwj skills they need l018unch their careers as playwrights. Each partiopanl is paid to attend, emphasising the value and impMance ot thwr time. hfi In May 2023. a sold-out audience gathered tc*Jethw for Highride F￿"sIng. a one-day fe￿"Val in the gjnny countys'de al Wingfielo Bams. Diss. The fesl.val wisisted of rehearsed readings of new tAays by upcfxning East of England FdaywTights Tassa Deparis, Guleraana Mir, Eloise Pennycott and Tom Raldiffe. The day ¥WdS CO•hosled by leading playwTighls Juliet Gilkes-Romero and Lucy Ifj'rk￿ rrhe Witches. National Theatre). AUdien￿S were given the chance lo hear from the wn1￿5 arKI share their feedback. HighTide Rising was run in partnership with the Univergty of Easl Anglia. ASM 4- Creatlvo Writing in th• Community 2023124 contin￿d our (xlmmitmenl to Lo￿*St0ft as the hub for ow community eThJagement activity. mn This year saw us pr(xJuce a sorwjqde for the First Lighl Fesknval. We commissioned Hannah Jane Walker and Je￿e Maryon Davies lo ciKreale Herring Girls.. greater than V•e are alone. wth three community Ch￿rS based in and arcMJnd Lov*stoft, with 50 peO￿e aged years dd. It ￿lebrated the legacy of the famous herring girls, protest over fair pay on Lcmestoft beach in 1936. Herring Girts vrds made in partnership by six local ￿ltural partners and provided seven Y￿ng creatives from the area wth paid, profewonal devdopmenl opportunities. 11 ￿ds generously supported by The D'oyly Carte Charitable Trust, The Esmée Fairbaim Fc4Jndatson. The Geoffrey Walling Charity. Nichol Young Foundab'on and the Suffolk Crynmunity Foundation. Page 5 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED IA company limited by guarantee) ARTISTIC DIRECTOR AND CHIEF EXECUTIVE OFFICER'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 "I now have so much nwe cL￿[￿ence in my &￿Ing and in conlrolhng my Adthson's Dtseas8 and Ihal's a real grfl lo me, thank you." _ Ch￿r partiripant "l ¥valched the Hemng Girfs perfonnance I￿*ay. ft was a very enlertainiry and mowng c￿s1¢y7 and you captured Ihe essence oflhe story and kul historyperfedly." _ Audience member bl Slo Worlds 202&24 ¥Yas the pilot year of our sltyelling pr¢4ect. Story Worlds, that aims lo increase the literacy and oracy levels in pnmary schwl children in Ihe LLw*stoft area. 107 pupils look part. "English has ex￿nded in qualty, vocabulary. and t))nr￿enCe wnce starting lh8 pfoiect. Th&r8 has also been a much h￿her l&vel ofengapment and desire lo wnte- _ Tea(ther Using Highfide's expertise in creative writj.ng aThJ theatrical skn'lls. and co4esgned with input from NL¥th Suffolk County Council, Lowestoft LCEP and the National Literacy Trust. we vL)rked wth three targeted schools from January- March 2024. To remove barriers for pafticipth"on. the prc¥ect was ￿mpletelY free for schools. Watching all chJ7dren being included in the perform8nce induding Ihose with addit￿al needs and thos8 ¥vho prewously didny want to participate was just biyllianf.- _ Teacher The three ￿hc•jIs took to the Marina Theatre's stage in a celebration evenL w10￿Ing their stories to over 3CK) pafents. carers and audienee members. 75% of le￿h￿S agreed. and 25% strongly agreed. thal"Slory W(wlds has helped lo increase my pu￿15, creativity and ability to express themselves.. Post*>roject, 600A of students now felt"happf atr)ut vditing stOTtes IPTe-proiect: 35•kl Posl-project. 50°A of students now felt"happ￿ at￿lut sharing their ideas {Pre-project'. 40%) Slory Worfds vras knndly fundwj ty the John Hcrfsman Trust and the Frank Jackw Community Fund through the Suffolk Community Foundation. AEM S- ACE'S Investment Prln¢iples We are privileged lo be an Arts Ccmmol EnglarKI NPO {Nalional P(wffolio Oryanisalionl benefiting from ¢))re funding across the period. Our Strategic Plan 2&26 and its KPIS are diredy aligned with ACE'S Let's Create Strategy. ACE'S Investment Principles {IPsl are= Ambition and Quality Indu￿¥Ity and Relevarte Dynamiyn Ellvironmentsl ReS￿￿&bIlity These IPS are now a standing agenda item al wr quarterly Board meetiThJs. Each IP has an allocated Board champion who revie￿ acb'vity aThJ ￿￿rtS on pr(¥Jress made. In 2023124, ACE'S IPS wpre a focu5 of the Board Away Day to inuease and embed avrdreness. Page 6 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED (A company limited by guarant99) ARTISTIC DIRECTOR AND CHIEF EXECUTIVE OFFICER'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Atm 6- Net Zero by 2030 Our eart￿)n repjrb.ng in the yEar saw our C02e emiss￿$ at 18 tonn￿ our new baseline for r￿uctIon going foN4ard. This metric is essenb.al lo understsnding our carton impact as a company. bul HighTide is also pioneering a new approach for theatre-makers (and bUSne&￿ more bmadlyl In how lo CL)nsider the dimale cri&s in our daily activits"e& Climate Oramaturgy. This approach we bdieve wll. in lum. reduc8 our earts)n l¢x)tprinl. Climate Dramaturgy 2023124 saw us benefit from an AHRC Knowledge Exchange FellO￿h¥p grant from C8mbridge University lo embed into Highfide the in￿vatiVe. new arts'stic practice of Climate Dramaturgy. Developed by our Associate Artist Zoe Svendsen wlh me over the past year il is de&gned lo open up the creative conversab.on on environmentsl athon. This is key to our DeCarb￿l$ats.0n Action Plan. b￿n9 finalised in 2024125. This KnovAedge Exchange saw 763 partiapants at our aimate Drdmaturgy w•￿rkshopS and events ￿th in the region and nationally. "I want to spread the word. Climafe l)ramalurgy feels like a w7crete thing I can do and act￿ l Gan lake for the climate - and for ourfulure." . Theatr￿make[ partirypant We can now see ways lo worf( toJether lo make mpaninglul enwmnmental change in our region.. Calvert-Lyons, Artistic Diredor CEO. Theatre Royal Bury St Edmunds Alm 7 - Re4hape the stsff Strudurg and Board By the end of 2023124. we had reshaped our slaff strLthre in order to deliver t￿r new artistic mission with effioerKy. We ￿Te lucky to be joined in Ihe year by Emma Butler Smith as Exe(xrtive DirectorlJoinl CEO. Emma V￿rked ilh us for gx months. developing our Strategic Plan amongst other ValUa￿e conlributs'ons. She reccgnised an oppcKtunity for a senior-level restructure to allow On-th￿roUnd delivery ol HighTide projects and produthons in the loNJ-lemi. She left the ￿1MpanY in March 2024 having made this recommendation of a sole CEO mcmjel. We the￿fore went into 2024r25 with plans in place for a new slaff structure that sees us benefib.ng from Producer, a General Manager and a Development Manager full-time. %Mlh a part-lime Engagement Manager and Finance Manager. All ￿]lkIng into the Arbstic DireclorlCEO. This change has fell Iranslomiational for the team, and Ihe artists and partiapants W￿ SUFpyL We ended the year wth a TnJSI￿ recruilmenl drive. seeing gx ex￿plIC￿al new Trustees brought on Board with strong ￿gIonal representation and dive￿ areas ol eX￿rtiSe. Our Advis¢yy Counul also expanded in the year, with tw) new members joining with strong ne￿￿rks. Airn 8 - Resilient Financial Model We returned an operating suwus of £47,047. c4Jmpared to a budgelgd surplus of £1,560. This positive Varian￿ was driven by a number ol elements %thich evidence us succeeding in our slated aim of achieving a re&lient financial model. wilh a grovth in inctyne alongyde light management of expenditure. GI￿st st￿les by cand￿lIght ￿￿5 a great example of us holding a well-balanced commissic￿ln￿prc￿jUction slate. with strong commercaal appeal. We sold 71QA more b'ckels than we anlicipaled for that lour13,082. against a budget of 1,800 Iickelsl. Our fundraigng incc¥me c￿u￿entlY grew. blm)Y￿ by that audience appeal. Page 7 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED IA company limited by guarantoe) ARTISTIC DIRECTOR AND CHIEF EXECUTIVE OFFICER'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Financlal Summary The 2023124 year end finances al HighTide ￿ere in a healthy Frf)gtion. with total unrestricted reserves ol £188.646 and free general reserves of £125,033, just below the target of six months, o￿Tab"ng costs1£135.OC(JI as sbpulaled by HighTide's Reserves Policy. Sperylically. we benefited from higher Box Office income 1£20.314 ats)ve targel}.' higher Thealie Tax Relief Investment 1£21.381 above target} and higher fundiaised Income {£6.3C6 above tsrgetl. coupled wlh savings across prcxjuction. engagement and operations spend totalling £48.291. Future Plans 2024125 A￿StIC Activily.. May-July.' Covproducing Bind%*ed by Martha Lo&ler wth the Mercury Theatre. New Wolsey in Ipswch. and In a&gJciabon wth the Royal Exchange in Manthesler. June". an audio installation of The Beach Hul by Nicola Weren(￿￿￿ka at First Light Festival Seplember-November.- Produang m0￿_._Gh0sI Stories by Candlelight by Tassa Depans. James McDermott. Eloise Pennycott and Aisha Zia. in assoaation wlh Ea5tem Angles. Harlow Playhouse. Theatre Royal Bury Sl Edmunds and Shakespeare's Globe November. HighTide RI￿ng 2024 January-march 2025.. Year 2 of Story Worlds Year-mund". Playvmghls East activities and continuing our Highfjde Writers Group Strategic and Operational Activity". Recruiting new Trustees and a new Chair of the Board Writing our Oecarbonisalion Action Plan 2030 Recruiting a Gerjeral Manager Designing a bespoke Evaluation Toolkit Applying for an exlengon lo our ACE NPO funding for 2026127 I would like lo thank the artists. stsff. partner organisations. volunteers and Board ￿￿{ked tirelessly throughout Ihe year to SUPFth HighTide's misyon and ueale excellent new Ihealre from and for the East of England. Clare Slaler Artlslic Director and CEO Date 24 September 2024 Page 8 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual reFQrt logelher wth the finanaal statements of the C￿PanY for the year I Apnl 2023 10 31 March 2024. The Annual reF4Jrt serves the purFM)ses of both a Trustees, retM)rt and a directors, reFwJrt under company law. The Trustees confirm that the Annual rerxjrt arxj financial ststemenls of the ehaniable LX)rnpany cornply ￿th the cu￿ent statutory requirements. the requirements of the chantsble companWs goveming d¢xument and the provisons of the Statement ol Recommended Practice ISORP) applicable lo chanbes preparing their accounts in accordance wth Ihe Finanual Reporting Standard applicable in ihe UK and Republic of Ireland {FRS1021 leffecb.ve 1 January 2019). Since the Company qualifies as ￿311 under section 382 of the Ccwnpanies Act 2006. the Strategic rep)rt required of medium and large companies under the C(xmponies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. Objectives and adlvitles a. Policies and objectives The charity's obj'ethves are lo atharKe education in the arts lor the benefit of the public. in parlicular by encouraging, and providing faulilies for. Ihe understanding. app￿ation and development of the arts generally. and In partjojlar In the field of dramats'c art. mugc and craft. The chantys main aims for 202&26 and how HighTide has y￿rked tovrdrds them in 2023124 have been detailed In the CEO'S Rep￿. By prcmyucing theatre and funding Ihe core organisation that allo￿ the chanty lo do this. the chariVs expendilure for the year was pul vtholly into meebng these objecbves. In sethng 0tr4'eth"ves and planning for a¢b"vitse& the Trustees have given due cc￿S[deratiOn to general guidance published by the Charity COMMI￿(￿) relating to public benefit. including the guidance'Public benefit.. running a chanty IP821'. Achlevements and perfornianc• a. Main achlevements of thè Company HighTide's achievements have been detsiled extensively by Clare Slaler in her Artsstic Directo￿ reFQrt and we are grateful lor her detailed breakdown. Significant highlights for Ihe charity in 2023124 indud8.' Exceeding KPI'S across diversity. equality aThl indu&on In all creative areas Beating box Offi￿ taigets by 133% for our new hybrid mLwJel ol tounng on Ghosi Slories by Candlelight. proving an unadulleraled sU￿&S wilh audience, cffttscs and finanoally (or the charity Creating a brand new, regI￿-w7de wnting development prcMJramm8 Significant reach in L(￿￿$10ft vthere y￿ conbnue to develop our relabonship v￿th the eofflmunity through Cfealiv8 wnling projects for a rang8 ol demographics Page 9 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED A Gompany limited by guaraniee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal review a. Going concem After maknng appropnate enquines. the Tnjslees have 8 re3sonable expectation that the Company has adequate resources lo continue in cyrational existence for ihe foreseeable future. For this reason, they ntinue to adopt the going concem bags in preparing the finanaal statements. Further details regarding the adopbon of the going C￿ncern bags can be found In the acccuntsng polioe& b. Reserrfes policy HighTide's general policy is to work with a break-even budget in the medium lerm. General reserves are essential lo the Smooth running of the business to protect il from potential financial 5hLKks such as loss of a regular funder. lo provide funds for planned Capital eX￿ndIt￿re, to enable the leverage of such funding that may require malch-funding. to lake advanlage of oppcKtunilies of stralegic Importance which may be difficult lo fund. to meet liabilities, in parb"cular to Staff. in the event of the company being Ydound up or lo meet sh￿-teM7 unexpeded cashflow issues. The pclicy ststes that Generdl reserves levels should be a minimum of £100k with a target of £135k, being 6 months of Core opetaling costs. The calojlalion of General reserves exdudes fixed assets. restrF'Cted and deggnaled reserves. Also exduded is Theatre Tax Relief receivable wng lo the long lead-lirne19-21 months from expenditure lo receipt of funds) and the pos&bility that government policy may remove or reduce the relief al any Itme. The Deggnaled reserve is to to enable 'arbsb"c prcgramming risk,. acknoyledging that future new v￿rkS are vitsl to make but may occasionally expenence extemal do￿t￿mS lunderperfomiing box office or low uptake of copr(MJuang incc*nel. The chanty relumed unrestn.cted reserves of £188.646 as at 31 March 2024. In addition. Highride dosed the year wlh lotsl Restn'cled funds of £18,288. After excluding the Deggnaled fund balanc* of £20,0￿) and Ihe Theatr8 Tax Relief debtor of £43.613. General reserves amounted lo £125,033. ¢. Financlal rlsk managemenl obJe¢tlves and pollcles A Finanaal Controls Policy is held within the company's Strategic Plan. This is assessed annually by the CEO and Board Finance and Audit Committee and delails melhcmys of budget setting. monthly financial reviews and repy)rting. Finanaal and operaling risks t(KJelher with miligalions planned are reviewed inlemally on a monthly bags and shared wth the Finance and Audil Committee and shared with Arts Council England on a quartedy bass. The most significant risks the bugness is congdering now are'.10ss of kn￿edge from stalflgovemance attrition or extended leave (key mibgalions.. gJCCe&si￿ planning." more rigorous dccumenlation of processes. procedures and poliaesl," reduced ability lo (xeate or tour V￿rk uealed by lad( of partner venues available lo invest Ikey mib'galions.. mainlarn excellent relab"onships with venues, ensure h￿h quality vK)rk lo keep HighTide al lop of the list of partners to %￿rk wth, explore other lun¢Ying mcrfjels eg tnjsts and foundalionsl., lo&% of significant funding g)urces (key miligalions." Maintain excellent relationship wlh ACE including delivery of valued oulpuls., new dedicated development stsff memw, new Advisory Counol lo suppjrt fundra15ing'. Increased reserves levels). Page 10 HIGHTIDE FESTIVAL PRODUCTIONS LIMITED IA company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 d. Principal funding 2023124 saw continued 9Jprnrt for HighTide fnjm Arts C￿nCil England as a Naliwal Portfdio Organisalion. This funding Is confinned unbl March 2026. Structurei govornance and management Constitution The charity is conskn'luted as a company limited by guarantee. and is govemed by a Memc*andum and AAides of A$so￿atr"on. b. Methods of appoinlrnent or election of Trustees The Board of Directors form the goveming body. All Directors of the company are also Tnjslees of the charity. and there a￿ no other Trustees. The Board has the poV￿r to appoint additional Trustees as il sees fit. Recruilmenl of new Trustees Is dI￿SSed regularly al Board meetings, with the aim of addressing skills gaps and broadening divefsity. The recruilmenl pffjcess is led by the Chair. supported by a sub