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← The Cheltenham Trust

2024-03-31-accounts

Registered number: 09021431 Charity number.. 1158606 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 •ADJSSQD6* 3111212024 COMPANIES HOUSE A12

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--THE,CHELTENHAM,T.RUST.,>.tr,-*'. CONTENTS Page Reference and Administrative Details of the Charity, Its Truste•s and Advlsers Chairman's Statement Truste•s' Report TfUStees' Responslbllltles Statement Independent Audltor8' Report on the Flnanclal Statements Consolidated Statem•nt of Flnanclal Actlvltle8 5-10 12-15 16 Consolidated Balance Sheet 17-18 Charlty Balance Shegt Consolldated Statement of Cash Flows 19-20 21 Notes to the Financial Statements 22-43

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Michael Napier, Chair (appointed 25 March 2024) Clive Rawlings, Interim Chair11 Jan 2024 - 24 March 2024) Louis Eperjesi, Chair (resigned 31 December 2023) Cllr Glenn Andrews Benjamin Averis Cllr Barbara Clark Lisa Bond lappoinled 18 July 2024) Jessica 8rewsler Cllr Barbara Clark Julia Goldsworthy (appointed 18 July 2024) Cllr Steve Harvey (resigned 18 July 2024> Julie Jordan Dr Jane Martin (appointed 18 July 2024) Sian Morgan (resigned 22 March 2024) Elizabeth Narey Sunila Nelson Gary Hasley-Nejrup Kate Peden Gemma Taylor Daniel Wilson Company reglstered number 09021431 Charlty reglstered number 1158606 Registered office Cheltenham Town Hall Imperial Square Cheltenham Gloucestershlre GL50 1QA Chlef executlve offlcer Laurie Bell (during the year ended 31 March 2024) James Baker (acting CEO from November 2024) Independent auditors Randall & Payne LLP Statutory Auditors & Chartered Accountants Chargrove House Shurdington Road Chellenham Gloucestershire GL514GA Page 1

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Bankers Lloyds Bank PLC 130 High Street Cheltenham Gloucestershire GLSO 1EW Sollcitors Willans LLP 28 Imperial Square Cheltenham Gloucestershire GL50 1 RH Page 2

I.CHELTENHAM'.TRUST," CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The chairman presents his report for the year. As the newly appointed chair of The Cheltenham Trust, l am pleased to present this annual report and account for the year ending 31st March 2024. The Cheltenham Trust is an independent charity and the lead provider of culture and heritage, entertainment, sport and leisure in Cheltenham. Through the five iconic venues that it manages; Pittville Pump Room, The Wilson Art Gallery and Museum, Cheltenham Town Hall, Leisure at Cheltenham and the Prince of Wales stadium, the trust contributes actively to the local and visitor economy, and to the provision of comrnunity and social activities that promote and improve health and wellbeing. As the trust continued to rebuild and recover from the lrnpact of the Covid19 pandemic, this report reflects a further challenging and difficult year as a result of the conts'nuing economic pressures exacetbated further by unplanned venue clovourc for urgcnt vtructural ropairs workJ at Pittville Pump Room and Leisure at Cli¥ll¥iiliaiii Ihat were be￿nd the control of the charity. Urgent repairs to the dome and ceiling in the main ballroom at Pittville Pump Room necessitated the closure of the venue for six months from October 2023 lo March 2024. Bookings and events were rescheduled or relocated, where feasible. lo avoid cancellations but the closure halted the popular monthly creative artisan market, and the heritage trall visitor attraction, and had a significant impact on hlres and forward bookings particularly weddings. In January 2024, the presen￿ of RAAC (reinforced autoclaved aerated concrete) was discovered in Leisure al Cheltenham requlrlng immediate action to prevent potential collapse. The affected areas of the building were closed in phases to enable the urgent structural repairs. Despite the unforeseen disruption, Leisure at Chelteriham maintained healthy visitor numbers with 534.953 visitors in 2023124. It is testarnent to the resillence and tenacty of the trust, and its ability to flex and adapt in the face of adversity, that the trust continued to provide many of its planned events and serVI￿S despite two leading venues being closed, or partially closed. in this financial year. The irnpact of the unplanned structural repairs at both venues brought uncertainty and undermined customer confidence. affecting bookings and hires and, consequently income. The trust is now focused on rebuilding its business and customer base. The Garden Bar In Imperial Gardens continued to establish itself as a leading seasonal bar destination in the town tsntre with customer numbers increasing to over 50,000. The Wilson Art Gallery and Museum the town's leading cultural venue achleved 99,476 visitors in 202312024. A key element of The Wilson's mission is to build an interest in culture and the arts and to raise awareness of the positive impact Ihat participation in cullural activities has on improving mental health and wellbeing. The Wilson conlinues to provide activities and experiences targeting new younger visitors. During 202312024 the museum engaged with 26:9?5 school pupilo via work-hop• and the mu3eum's schools, takeaway sen4i(£. As the guardian of much of the town's heritage The Cheltenham Trust has a major role in sustaining these important. historic venues. The business model of the organisation blends culture, community and commercial to trivo for fintsncial tainability and by succesJfully accessing external funding it c(11-Itiiiue lu iiivtsst iii ilie heritage. buildings and deliver its programme of inclusive, diverse free events and activities for visitors and the local community to access and enjoy. Balancing culture, community and commercial in the face of not only a continuing econornic downtum. but also ,thc clowuro and partial clo uro of two of IL vcnue4 for uncxpected structural repairs has Pijsed a signifiL(iiil challenge. Hard times demand hard decisions, and the trust was swift to take decisions focused on reducing costs and attaining grovAh in incorne and footfall. Working with the limitations posed by the closures at Pittville Pump Room and Leisure at Cheltenham, the trust focused on core business,. reducing costs. identity.ng Page 3

CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 opportunities for mutually beneficial partnership working. improving efficiencies, securing external funding of c£700k, and maximising income generating opportunities to substantially close a year-end projected deficit and strengthen the financial resilience and future sustainability of the charity. The trust's indusive, free to access cultural programme is a core element of its charitable objectives helping to deliver positive social impact. Despite the challenges. events continued with 19 new free live music and dance events at the Garden Bar in 202312024 helping lo drive an increase in customer and visitor numbers. and 11 new free events at the Heritage Café at the pump room. The trust continued to host a number of very popular community events marking historic and calendar evenls. The trust hosted Cheltenham's celebration and marking of the coronation of King Charles111 and Queen Camilla with a Iwo4ay party at the pump room and Pittville Park. as well as its second Retro Arnerican Festival. The Cheltenh8rn Festival race week events and Christmas lights switch on are now well established as key occasions in the Cheltenharn events calendar. The charity pursued an agile and enlrepreneurial approach lo mitigate the negative Impact of the economic downtum and it will continue to drive efficiencies, operate effectively. secure further extemal funding. and seize opportunities to generate additional income. I would like to extend my thanks to my predecessor Louis Eperjesi who was chair of the Irust for Ihe past 5 years, and to all the staff. truslees and volunteers for their unwavering dedication and commitment, and to all our *takoholdorJ and partncrJ, and valucd OUatomcrJ for their ongoing support. Mike Napier, Chair Date: 3011212024 Page 4

TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are pleased to present their annual directors. report together with the consolidated financial .tatcmonl•￿ of tho charity and IL ￿ub￿ridiary for the year cnding 31 Morch qo 4 which are also prepared to meet tho rcquircmcntv for a dlrcct0￿￿, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, Ihe Companies Acl 2006, the Mernorandum and Articles of Association, and Accounting and Reporting by Charities: Slaternent of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Cheltenham Trust. a company limited by guarantee (No. 09021431), was incorporated on 1 May 2014 and obiainod charitablo statU4V on 18 Scptembcr •014. It 13 governed by its Memorandum and Articles of AssoLiation. The Cheltenham Trust commenced operations on 1 October 2014 and currently manages on behalf of Cheltenham Borough Council, The Wilson Art Gallery and Museum. Leisure at Cheltenham and Ihe Prince of Wales stadium, Cheltenham Town Hall and Pittville Purnp Room. Cheltenham Leisure and Culture Ltd is a trading subsidiary of The Cheltenham Trusl. The Trust's charitable oblectives are set out below, Any financial surplus achieved by the Trust Is re invested in the charitable aims and objeclives. a, Policlgs and obJectlv•s Objectives and vision The Trust has been established for the following charitable purposes.. for thc advancomont and oUPPOrt of oducation, culturc.,orts and hcritage including the provision of libraiies, museums. galleries, leaming and information cenlres. archives, activities, events, programmes and olher related services. for the provision of facilities for recreation or other leisur8 time occupation in the interest of social welfare such facilities being provided to the publlc at large wlth special facilities being provided for various needs and dernographics. for the promotion of good health and wellbeing through community and public participab'on in healthy recreatlon and aciivitles. other such charitable purposes that are beneficial to the public and consistent with the objects as the Director Trustees shall determine. Vlslon As an indcpcndcnt charitablo tru4>t and thc Icad provider of culturo and leisure in Cheltenham our vision to blend culture. community and commercial activities and services to actively contribule to the Ioc81 and vlsltor economy and to improvo tho hoalth and wcllbeing of thc local community. As a registered not for profit charity. the Trust manages Cheltenham's most iconic and contemporary venues - The newly rcfurbiohed Wil on Art Callery and Muocum; thc Grade I listed Pitfville Pump Rooi)) ai)d F.lerilag¢ Cafe; the Grade11 listed Cheltenham Town Hall. Garden Bar and Skillicorne Garden. and the popular Leisure at Cheltenham and Prince of Wales stadium. The Trusl SUPPOrts the local and visitor economy, community. cultural and social offer providing arts, culture and .heritage,-entertainrnent,. sport'and.leisure.- Through-its outreach work'and'community events the Irust enables"-_ access and inclusivity to a diverse range of cultural and leisure services, events and activilies. The main activities at each of the Trust's five sites are: The Wilson Art Gallery & Museum. The Wilson hosts a rich programme of exhibitions and events that are supported by its new and vibrant arts café. 'The Wilson is available to hire as an 8ltemative. contemporary venue for events and meetings with a differen￿. ' Outdoor roof terrace is a,uniquo Gotting for horting ovents. Tho vcnuo regularly hosts launch parties, dinners, Page 5

TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 WCII ara a divcwTJC rango of community cvcntv activiticp work.:hops and talk.. The Wilson re-opened to the public in July 2022 following majof refurbishment to create a new community arts and cxhibition gallcry. articl studio. hopting nino art1￿+ rLp in rcrTrJidcnce and a popular and Immew￿lvC café. Pittville Pump Room The magnificent Grade I Pitfville Pump Room is the jewel of Cheltenharn's regency architecture. Its location in the beautiful Pittville Park has made this award winning, landmark building one of GIOu￿stershIre'S most impressive venues for weddings, dinners, exhibitions, dances, corporate events and conferencing and community events and activities. It also hosts the extremely popular outdoor Heritsge Café. Cheltenham Town Hall The elegant Edwardian Grade11 listed Town Hall is a popular venue for entertainment attracting local residents and visitors. It has a year-round programme of live entertainment. attracting more than 90,000 visilors each year to enjoy comcdy and cclcbrity ￿peake￿￿. MU￿￿10, conccrtr danco and theatrc. It al￿￿0 availablo for hirc for a wide range of events and activities. festivals, meetings and weddings. The Garden Bar Orangery and Skillicorne Garden, adjacent to the Town Hall. offer a cafe bar and a secret walled garden for an altematlve al fresco event. Leisure at Cheltenham and the Prince of Wales stadium Leisure at Cheltenham provides slate of the art leisure facilities with four pools, a fitness suile and more than 75 fitness classes each week. The Prin￿ of Wales stadium regularly hosts sports and track events including a local running club, rugby club and an annual family sports day. The recently re-furbished sports bar is available to hire for evenls, parties and corporate meetings. Management Agréement The Trust operates independently, occupying buildings owned by Cheltenham Borough Council. A Management Agreement has been established between Cheltenham Borough Council and The Cheltenham Trust to deliver orvicor for tho community aligned to the agreed fee, b. Actlvlti•s durlng the year Plttvllle Pump Room The Heritage Café conlinued to operate successfully from the temporary orangery structure for the full year. The Trusl, community led events in Pittville Park was further expanded in the year with celebrations lo honour HM The King's Coronation and the second Relro Americana festival. The Trust's Christmas celebrations for the cornmunity was hosted outside the venue (due to remedial repair works on the plaster inside the pump room) including the popular annual Christmas lights switch on event at the pump roorn with choirs and carol singers, a visit by Father Christmas, live music and the Christmas artisan markct hO￿tod invwlido tho marquo. howcaping local makers, Gf8atives and producer The pump room and Heritage Cafe also hosted a full programme for Cheltenham Race Week including pre-race brcakfarl and racing tip￿ and portiraco a bar with livo muo*iC and cntert3inmcnt. Chellenhain Town Hall Co-productions, hires and events at the town hall continued with a diverse programme of spoken word, music. festivals, dance, comedy and events. The Garden Bar orangery structure hosted live music at the weekends, including a Beach Party a free community two day event over the Augucl bank holiday and conb'nued lo be a popular destination in the heart of the town centre throughout the summer months. Le1￿•Ure at Cheltenham and the Prlnce of Wales stadlum . User numbers grew in the year with an average of 2.500 people using the facilities each day. Concession cards were re-instated following the pandemic to provide access to sport and leisure facilities, supporting health and wellbeing, to those in need across the community. Page 6

TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Wilson Art Gallery and fvluseum A programme of exhibitions, activities and talks were provided induding the Artists in Residence and Makers space and co<reated exhibitions in the community art gallery. The schools, outreach educational support programme continued to provide educational assets to schools. community groups and care homes. The project for the second phase of re-development to relurbish and re-open The Wilson's Victorian wing began. The refurbishment will provide an improved visitor experience and enable more of the 250,000 pieces in the collection to be on display lelling the stories of Cheltenham's history. Partnership working The Trust continues to work closely in partnership with a number of organisalions including Cheltenham 8orough Council as its rnain stakeholder; Marketing Cheltenham,. Friends of The Wilson.. The Wilson Arts Collective,. Cheltenham Festivals,. Arts Council England,. Sport England: Heritage Lottery Fund; Historic England, Cheltenham Civic Society, Cheltenham BID and the Cheltenham Chamber of Commerce to help improve the cultural. community and commercial offer in Cheltenham. Achievements and performance a. Key financial perforniance Indicators During 2023124 the Trust (which includes the operalions of its trading subsidiary) had total incoming resources of £8.387k (22123 £8.128k) of which £471 k (22123 £337k} was restricted grant funds. Net operaling surplus for the year was £87k {22123 deficit of £329k) on unrestricted funds (excluding FRS102 pension costs) and £55k on restricted funds. As a nol-for profit-charity the Trust reinvests all surpluses within the business, Cheltenham Lelsure and Culturg Ltd Cheltenham Leisure & Culture is the Trust's wholly owned Irading subsidiary, Cheltenham Leisure and Cultu Ltd. generated tumover of £2.213k (22123 £2.579k) and made a profit of £487k (22123 £593k) for Ihe year. These profils are being gift-aided to the charity. The principal activities of the trading company during 2023124 were predominantly café and bar operations; venue hires for events and weddings and sales of retail items. b. Investment policy and performance The Trustees have the power lo invest the monies of the organisation in such investments as they see fit. In order to support the growth and investrnent strategy of the Trust and maintain a positive cash flow at all limes. surpluses are invested in interest bearing deposit accounts where appropriate. Flnancial rèview a. Going concern and events since the Balance Sheet date The Trust continued to consolidale, repurpose, learn and adapt in the changing ts'mes and rnarkels and has forecast its budget plan for 2024125 and out for a further 3 years. and will keep monitoring and updating this forecast. This forecast has been developed to ensure financial resilience and a robust organisation thal can achieve its vision and ambitious programme. Having Considered all these factors. the Trustees believe there are no rnaterial uncertainties about the Trust's ability lo continue as a going concem and therefore the financial stslemenls have been prepared on this basis. Further information in respect of going concern of the Trust is included in Nole 2.2 to the Financial Statements. Page 7

TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves policy The Trustees, focus on building sufficient reseNes to ensure that the Trust is able to deliver its charitable objectives and is resilient and sustainable in the long term. The policy is to utilise any surpluses to build income generating capacity. The Trust holds unrestricted resepies, excluding the pension surplus, of £930k as at 31 March 2024. The use of reserves is monitored by the Trust's Finance Committee. The pension surplus of £1,913k was not recognised in the year, as is explained further in note 24 lo the financial statements, along with Cheltenham Borough Council's role as guarantor for any LGPS liability in the name of Ihe Trust. c. Princlpal fundlng Cheltenham Borough Council is our key partner and princlpal funder of the Trust. During the reportin9 period. through a Management Fee representing 7.3 / (2022123: 7.50/0) of total income. Structurn, gov•rnanc• and manag•m•nt . Constltutlon The company and the Group Is reglstered as a charitable cornpany Ilrnited by guarantee and was set up by a Trust deed on 18 May 2014. The company and the Group is constituted under 8 Trust deed daled 18 May 2014 and is a registered charity number 1158606. b. Methods of appolntment or •lectlon of Trustéès The Board shall be comprlsed of at least seven and not rnore than sixteen Truslees. Including Iwo Council appointed trustees nominated by Cheltenham Borough Council. The trustees are appointed on a three-year lerm. with an option to extend for 8 second term and a further three years. The Board rn8ets on a minimum of four occasions tn the year The proc8SS to select new Trustees is based on the skills and cornpetencies required by the Board at the time the vacancy arises. c. Pollcles adopted for the induction and Iralnlng of Trusloes On joining the organisation. Trustees are given an induction and introduced to the organisation's culture. Trustees have significant experien￿ from various professions and use their skills to inform their responsibilities to ensure the good govemance of the charity. The Board membership includes a balance of backgrounds and capabilities relevant to Ihe overall strategic requirements of the Trust. and there is a recognised commitment by the Board to maintain this balance. The Board of Trustees participate in board developrnent opportunities. and the overall board is subjcct lo an annual skills audit that is aligned lo Il'ie strdlegic dlrection of the Trust. d. Dlrectors indemnitles The Trust holds indemnity insurance with Zurich insurance for Ihe directors with liability cover of £1 million ' (2023:£1 million). e. Organlsation The business of the charitable company is delegated to and managed on a day to day basls by the Chief Executive. who ￿Upported by an E'xecutive Managemeril Tedni of senior managers. The Board of Trustees has established a Finance Committee, a Govemance Committee. Commercial Board, Appointments and Remuneration Committee and Culture and Communities Comn)ittees so that specific issues delegated can be studies in details and recommendations made back to the Board. The Chief Executive and the Executive Team advise the Board on strategy development and support for the Page 8

TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 31 MARCH 2024 Board's govemance activities and have responsibility for operating the services of the charity on a day to day basis. The Board undertakes its mle using the Code of Conduct for Good Governance and ag￿eS the overall strategic direction of the Trust. f. R&laled party r•latlonshlps None of our Truslees receive remuneration from their work with the charily. Any connection be￿een a Trustee or seniof manager of the charity with a production company. contracted actor. performer or exhibitor must be dlsdosed to the full board of Trustees in ihe same way as any other (*ntraclual relationship with a related party. In the current year no such related party transactions were reported. Two Trustees ara nominated representatives of Cheltenham Borough Councll. Transactions between thé Trust and CBC, along with olher related party disclosures are reu)rded in note 27. The charity's wholly owned subsldiary, Cheltenham Leisure and Culture Ltd was established to operate commercial activities induding retail activities. cafes and ¢atertng. venue hires and wedding packages. g. Pay policy lor Senlor staff The senior management team comprlse the key management personnel of Ihe ¢harity in charge of directing and controlling, running and operating the Trugt on a day-to4ay basis. The pay of the Chief Ex￿UtiVe and key management personnel is ben¢hmarked against pay levels in similar professions when recruiting to these roles. h. Trust $taff During 2023124 the Trust employed an av8rage of 204 staff. The Trustees and Executive Management Team support the involvement and engagement of staff in Ihe day lo day njnning. policy making and general management of the charity. Membors of staff are kept infomied on matters affecting them as employees and on varlous factors affecting the performance of the Twst. The policy of the Trust Is to offer the same opportunities to a diverse range of people In respect of recruitment and career progresslon. l. Rlsk management The Trustees have adopted a risk management pollcy from which they have Identified potential risks and the Ilkellhood of their occurrence. In addition, they have identified measures to be put In place to mitigate the risks and further aclion that might be necessary to limit that risk. The Board receives quarterfy risk infonnation at board meetings and sufficient commitments are made Io cov8r known liabilities. The Board and its committees receive regular financial infomiation and manage financial risk accordingly. Plans for future prlods Future developments The priority for the Trust is to conlinue to ensure its financial resilience and that as a robust organisalion it can achieve its vision and ambhts'ous programme. It will build and consolldate on Its core business continuing to fully utilise and maximlse the value of its venues for the (x)mmunity. The Trust will continue to seek opportunities to access local and national granl schemes to secure funds to improve and increase its reach in the community through its new trust-wide membership scheme and through ' donating in venues or online, or paying a suggested donation for free activities, events and wothshops. All donations help the Trust to continue its yEar-round extensive, inclusive cultural PTOgramme for all the communlty to enjoy. Cheltenham Borough Council (CBC) as lead partner and sponsor supports the Trust's plans to achieve growth and to meet Ihe vislon and goals. In partnership improvement in all the venues will be scheduled to increase the number of visltors and their experience. to attract new audiences and to access to enable services and facilities. Page 9

'%TFiE CHELTENHAM%TRUST.:: TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Wo will continue to grow and furthcr 4itrcngthcn our position and reputation as Cheltenhani's l¥aJii iy cullural and leisure provider and a major contributor in boosting the local and visitor economy and helping to improve the health and wellbeing of the local community. Infomjation on fundraising practices Fundraising activitiC*J aro carried out dircctly by the Trust's employees. Fundraising aativitiOG involve Identif￿ng oxtcmol grnnts and funding opportunlti66 avallable to i>uiiyuiI uui charitable. cultural and community activities. and inviting donations by those using and er7joying our facilities within the local community. in order that we can continue to invest in and develop in our facilities and programmes. Access to our services Tho Trust romain4• committod to oqual acCC￿￿ to our 3orvice3 for everyone. The Tru>t slrives lu IJ¥ &lJi uyei I ernployer; welcoming =taff and volunteers from all backgrounds. The Trust aims to reflecl Ihe divèibily of11)e population in both our user group and our staffing and Trustee mix. Dlsclosure of Informallon to audllors Each of Ihe persons who are Trustees at the time when this Tnjstees, Report is approved has confimied that., 1) so far as that Twstee is aware, there is no relevant audit informalion of which the charitable group's auditors are unaware, and 2) that Tnjstee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audil infomation 8nd to estsblish that the charitsble group's auditors are aw8re of that Information. Audttors A resolution to appoint Randall & Payne LLP as auditor of the company was approved at a rneetlng of Trustees on 21st June 2019 and is renewed annually. Approved by order of the members of the board of Trustees and slgned on their behalf by: Mike Napier, Chair (Chair of Trustees) Date.. 3011212024 P.age 10

T.HE;,CHEL.T,ÉNHAM'.,TRUST, .., STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 Tha Trustees (who are also tho dircctofo of thc Gharity for the purposes of company law) are responsibl¥ fui preparing the Trustees, Report and Ihe financial statements in accordance with applicable law and United Kingdorn Accounting Standards (Unlted Kingdom Generally A￿epted Accounting Practice). Cornpany law requires the Trustees to prepare financial statements for each financial ypar. Under company law, the Trustees must not approve the financial statemenls unless they are satisfied that they give a tfue and fair view of the stste of afftsiw￿ of the Group ond thc Charity and of their incoming resources and ap￿illi<4￿.U1l uf resources, including their income and expenditure. for Ihal period. In Preparing these financial ststemenls. the Trustees are required to: select suitable accounting policies and then apply them consistently: observe Ihe methods and principles of the Charilies SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Slandards (FRS 102) have been followed, subject to any malerial departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless It Is Inappropriate to presume that the Group will continue in business. The Trustees are responslble for keeping adequate accounting records that are sufficient to show and explain the Group and thc Charity tranthactlon￿ and di•c1038 wlth reasonable accuracy at any time Il'li fiiiaricial pthslliuii of the Group and the Charity and enable them to ensure that the financAal ststements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking roa￿• noblo tcps for the provcntion and detection of fraud and othey ilT&Ju1aiil￿1s. Approved by order of the members of the board of Trustee*￿ and cignod on its behalf by. PAlke Napler (Chair of Trustees) Date: 3011212024 Page11

IT-HE"CHEL,T;ENHAM.TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CHELTENHAM TRUST Oplnlon We have audited tho financial •tntcm¢ntJ of Thc Choltenham Trust {the 'parent charitable coinpanY) and Its subsidiaries (the 'group') for Ihe year ended 31 March 2024 whl¢h comprise the Consolidated Statement of Financial Aciivltio= tho Con￿lIda10d Balanco ￿￿he81. Ihe Charlty Dalance oheet, Il"ity Cunsolidaled sI￿lI31T1enI of Cash Flows and the relaled notes. including a summary of significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Finandal Reporting Standard 102 The financial Reportsng Standard appIl￿ble ii) tlie UK and Ropublic of Ircland, (Unitcd Kingdom Generally Accepied Accounting Practic&). In our opinion the financlal statements: gtve a true and fair view of the slate of the Group's and of the parent charitable companls affalrs as at 31 March 2024 and of the Group's incoming resources and application of resources. including its In￿rne and expenditure for the year then ended. have been property prepared in accordance with Unlted Kingdom Generally Accepted Accountlng Practice: and have been prepared in accxjrdance with the requirements of the Charities Acl 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther dfjscrib￿ in the Auditors, responsibilities for the audit of tha financial •tatemonis tr￿0¢110n of our report. We are independent of the Group In accordance willi Ilie ethical requlrern8nts that aro rolevant to our oudit of thc financial 3taternents in the United Kii)gdoi¥i. iiiLluding the Financial Reportin9 Council's Elhical Standard. and we have fulfilled our other ethical responslbilities in accordanco with thoso roquiromcnL. Wc bcliove that the audit evidenc& we l)awe ublaiii•Jd i¥ ¥utriLient <iiid appropriale to provide 8 basis for our opinion. Conclusions relatlng to golng ¢onc•m In audltlng the financlal ststernents, we have conduded that tho TruGtOOS' Uoo of the golng concern basis of accounling In the p￿paratIOn of the financlal statementtr approprlate. Based on tho work wo hovo porformcd. wc havc not identified any material unc6rtainiies r&laling to eveii15 or conditions that, indfvidually or collectivcly, may cast significant doubl (Ii'i Ihe Oi'vuy's vi Uiv partsiil Lllailiable companrfs ability to continue as a going conocm for a period of at leasl twdve months from when the fin¢lllGi(Il staternents are auth0ri5ed for issue. Our responsibilities and the responsibllits'es of the Trustees wlth respect to going concern are described in the relevant sections of this report. Page 12

INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CHELTENHAM TRUST ICONTINUED) Other Information The other Information comprlses the information included In the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual ReporL Our opinion on the financial statements does not cover Ihe other information and. except to the extent othemise explicitly stated In our report, we do not cxproos any form of assurance conclusion thereon. Our responsibility Is to read the other informalion and, in dolng so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the 3udit, or othoThvi￿ appears to bo materially migJtatcd. If we identify such material incoi'isislei ibl¥s or 14VVdi¥iil matorial mis otatements. wo are roquired to dctcrmino whether this gives rise to a material i)iisstsltnieYit Iii Ilie financial statements themselves. If. based on the work we have perfornRd, we conclude that there Is a material misstalement of this other information. we are required to report that fad. We have nothing to report in Ihis regard. Mattors on whlch wo are roqulred to roport by oxceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulats'ons 2008 requires us to report to you if, in our opinion.. the infonnation given in Ihe Trustees, Report is inconsistent in any material respect with th8 financial statements: or the parent charitable company has not kept sufficient a￿OUntIng records: or the parent charitable company financial statements are not in agreement with the accounting records and retums. or we have nol received all the inforniation and explanatlons we require for our audlt. Responsibllltles of trust••s As explained more fully in the Trustees, Responsibilities Statement. the Trusiees (who are also the directors of the charitable company for the purposes of company law) are responsible for lhe preparation of the financial staternents and for being salisfied that Ihey give a true and fair view, and for such internal control as the Trustees delermine is necessary to enable the preparation of financial siatemenls that are free from material misstatement. whether due to fraud or error. In preparing the financial stalements, the Trustees are responslble for assessing the Group's and the parent charitable companys ability to continu8 as a going conccm. di- •clo=ing, aa applicable. matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or Ihe parent charitable company or to cease operations. or have no realistic alternative but to do so. Page 13

INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CHELTENHAM TRUST (CONTINUED) Auditorn. r•$ponslbllltles for tho audit of th• flnan¢lal stat•ment$ We havc bccn appointcd as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant Tegulations made or havlng effect thereunder. Our objectives are to oblain reasonable assurance aboul whether the financial statements as a whole are free from material mi881atement, wh6ther due to fraud or error, and to irtruo an AuditorG' Roport thot includcs our not a guarontcc thot an audit conductod in . arr,ordanrp. with l.8As (I.IK) will always dp.tp.rt A rnAtp.rial mi88tate.mpnt whp.n it p.xi8ts. Miqstalpmp.nt,8 r3n griqpa from fraud or error and are considered materlal if. indivldually or in the aggregate. they could reoJonably bc expected to influence the economic decisions of U￿¢48r taken on the ba￿ls of these financial staternents. Irregularities. including fraud. are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, to detect material mlsstatements in respect of irregularities, Including fraud. The extent to which our procedures are capable of delectin9 irregularities. including fraud is detailed below: Our audit planning procesp gave con￿e1dorats0n to tho risk of matorial miJGtatomcnt in Ihc financial tatements, Ing the calculated materiality level which itself factored in ihe nature of thc CharIty￿ opcratlons and Ihe Inierpréted levels of Inherent and control rlsk. In assessing the rlsk of fraud we reviewed management's own assessment of potential for fraud within the enbty and roviowod judg¢mOnt￿ mado by managoment to Identlfy PO￿s1b1Q bias, In addition io ony opportunity and inconb've for fraud that are in inhoront in tho naturo of thc Charity'4¥ oporationG. Our dclailcd tcsting included roviow of accounting ¢￿tima106 and judgomontsv and validation of primo ledger ontrics. Wo confifmod our knowlodgo of tho logal and rogulotory onvironmont of tho ontity through dioCUGf4biont• with rnanagcmcnt. Wo analr4od all infonnation availablo to in rcspcot of rol@vant18lfa and rogu18tion3, induding the Companies Act 2006, Charities Act 2011, relevanl UK tax legislalion and we enquired with management as to any por￿￿￿bI¢ broachod in thc aforemcntloncd. Wo ogrood tho accuracy of thc financial statomontv to tho ￿UPpOrtIng manogcmcnt infomialion providcd by tho client and tcsted indivldually on a sample bathis the income and expenditure in the financial statements lo consider the business rab'onale behind the transactions and the accuracy of the financial records. Our audit testing dld not identify and issues in respect of the matters listed above. Including fraud. A further description of our responsibilit185 for Ihe audit of the flnancial ststements is located on the Financial Reporting Council's website at: rc. This description forms part ,of our Auditors, ReporL Use of our report This report i4• madc loly to thc charitable companrfG I￿￿tc0S, as a body, in accordance with Part 4 of the Charities (Accounts and Repo￿*) Regulatlons 2008. Our audil work has been undertaken so that wc might -tate to Ihe"charitable'company's trustees'those matters we are required to state-to 11)eili 11-1 ali AuditOiS' Repi•l'l <11 Id- for no other purpose. To Ihe fullest extent pem)itted by law. we do not accept or assume responsibility to anyDne other than the charitable company and its members, as a bodys for our audit work, for thio report, Of for the opinions we have fornied. Page 14

.T.HE_CHEL:TENTriAM.: INOEPENDENT AUDITORS. REPORT TO THE MEIIIBERS OF THE CHELTENHAM TRUST (CONI'INUED) oo(¢ID¢r 30.2024 1?..03GIITI Ryan Moore CA Randall & Payne LLP Statutory Auditors & Chartered Accountants Chargrove House Shurdington Road Cheltenham Gloucestetshire GL514GA Data: 3011212024 Randall & Payne LLP are eligible to act as audiiors in tenns of section 1212 of the Companies Act 2006. Page 15

CONSOLIDATED STATEIIIENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities Other trading activities Investrnents 470.966 5.558.778 2,213.134 59.000 6.029.744 2,213,134 59,000 5.549,119 2.579.293 Total Income 470,966 7.830,912 8,301,878 8, 128.412 Expendllure on: Raising funds Charitable activities 1,726,065 6.014,782 1.726,065 6.433.126 1,986,418 6. 636, 724 418,345 Total •xpendlture 418.345 7,740,847 8,159,192 8,623, 142 Not incorn•l(oxp•ndltur•) Transfers between funds 52.621 2,623 90.065 12,623) 142,686 (494, 730) 17 Net movement in funds before other recognised gainsl(losses) Actuarial gains on defined benefit pension schemes 55.244 87.442 142,686 (494, 730) 23 (11.000) (11,000) 1,864.000 Net movem•nt In funds 55.244 76.442 131,686 1,369.270 Reconcillallon of funds: Total funds brought forward Net movement in funds 137.131 55,244 853.650 76,442 990.783 131,686 (378.488) 1,369,270 Total funds carried forward 192,375 930,092 1,122,467 990, 783 The Consolidated ￿tstement of Fiiiancial Aclivities includes all gains and lusses reco9nised iri Ihe yeJi'. The notes on pages 22 to 43 form part of these financial statements.. Page 16

T,.HÉ-CHELT.ENHAM, RE_G.iS.TEREt)";NUMBER:..0902,1,#i3i: . CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets 11 212.716 223, 131 212,716 223, 131 Current assot8 Stocks Debtors Cash at bank and in hand 13 .14 57.462 1,313,413 2,214,772 109,467 321,602 2,249,850 3,585,647 2.680.919 Credltors. amounts fallin9 due within one year 15 12,675,894) (1,913.267) Net current assets 909,753 76T,652 Total assets less current liabilities 1.122.469 990, 783 Net assets •xcludlng pftnslon asset Defined benefit pension scheme asset 1,122.469 990, 783 23 Total net assets 1.122.469 990, 783 Charlty funds Restricted funds Unrestricted funds 17 192.375 137.131 General funds 17 930.094 853,652 Total unrestricted funds 17 930.094 853,652 Total funds 1.122.469 990, 783 -Tho Charity was entitlod to exemption from audlt undcr-section 477 of the C.ompanies"Act 200G:.-...- The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However. an audit is required in ac(x)rdance with section 151 of the Charities Acl 2011.

.REGIST.ERED' NUMBER-.:-0902.1".431_- CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial trtatemonts were approved and authori3cd for issue by the Trustees ai)LJ blyI)ed on thtrii Idlf by: Mike Napier (Chair of Trustees) Date.. 3011212024 The notes on pages 22 to 43 form part of these financial statements. Page 18

REG.ISTERED_ NUMBER:-'09021431.0,.... CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flx•d assets Tangible assets Inveslments 177.639 194,388 12 177,640 194.389 Current assels Debtors Cash at bank and in hand 14 1,141,967. 68,486 272,962 1.243. 175 1.210.453 1,516,137 Creditors: amounts falling due within one year 15 12.214.532) (2.181.583) Net current Ilabllitles 11,004,079) {665.446) Total assets less current Ilabllitles {826,439) {471,057) Net Ilabllltles excluding ponslon a$$et Defined benefit pension s¢herne asset 1826,439) (471,057) 23 Total not asSOt$ (826,439) (471.057) Charity funds Restricted funds Unrestricted funds un￿strICted funds exdudlng pension asset. Pension reserve 17 192.375 137.131 17 (1,018,814> (608, 188) 17 17 (1,018.814) (608.188) Totsl funds 1826.439) (471.057) The Charity's net movement in funds for the year was £(355,382) (2023 - £776, 395). The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The mernbers have not required the entity to oblain an audit for the year In question in accordance with section 476 of the Companies Act 2006. %' i.lowever. an audit IJ rcquirod in accordance with section 151 of the Charilles Act 2011. Page 19

THE::'GHELTENHAM,.T..RUS,T.. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activlties Net cash used in operating activities 50,015 (112.987) Cash flows frorn investing activities Purchase of tangible fixed assets 185,093) (182,892) Net cash used in investing actlvities (85,093) 1182,892) Cash flows from financing activities Net cash provlded by flnanclng actlvltlos Change in cash and cash équivalents in the year Cash and cash equivalenls at the beginning of the year (35,078) 2,249,850 1295,879 2,545, 729 Cash and cash equlvalents at the end of the year 2,214,772 2, 249.850 The notes on pages 22 to 43 form part of these financial statements Page 21

T.HE:"'CHÉLT,ENHAMkT.RUST,.:,. :"::. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Cheltenham Trust. a company limited by guarantee (No. 09021431), was Incorporated on 1 May 2014 and oblained charitable status on 18 September 2014. It is governed by its Memorandurn and Artides of Association. The members of the company are the Trustees named on page 1. In the event of the cornpany being wound up. the liability in respect of the guarantee Is Ilmited to £1 per member of the company. The Cheltenham Trust commenced op8rations on 1 October 2014 and currently operates 'The Wilson, Art Gallery and Museum, 'Leisure At, Recreational Facilities at Pittville including the Prince of Wales Stadium, plus the Cheltenham Town Hall and Pittville Pump Room entertainment venues on behalf of Cheltenham Borough Council. Accountlng pollclos 2.1 8asls of preparation of financial statements The financial statements have been Prepared in accordance with the Charities SORP (FRS 102) Accounts'ng and Reporting by Charities: Statement of Recommended Practs'ce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effeclive 1 January 2019), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Cheltenham Trust meets Ihe definition of a public benefit entity under FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unless Oiher*Nise staled in the relevant accounting policy. The Consolidated Statement of Financlal Acts'vities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies.A¢t 2006 and has not presented its own Statement of Financial Activits'es in these financial slatemenls. Page 22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles (continued) 2.2 Going Concem Since the March 2024 financial year end, the Trust has seen significant disruption to its operations which are due to have an impact on the results for the 2024125 financial year. The disruption to the traditional business model and activities indudes a major closure at the teaching pool and splash pad at Leisure at Cheltenham. which was closed for operations for more than a month following the identification of RAAC (reinforced autoclaved aeraled concrete) at the sile. This unexpected closure has meant that the Trust has had to navigate interruption to its business and make additional investment in temporary changing facilities, which will likely lead to a significant deficit being realised in the financial year ending 31 March 2025. Additionally. adverse weather and planned closures at Pittville Pump Room are forecast to further impact the Trust's ability to generate income. In response to these challenging operating conditions, the Trust has continued to adapt to make the best use of its venues and specific working groups have been established alongside the Key Management Team to ensure that the Trust can Con￿'nUe to operate and meet its liabililies as they fall due. Further, the Trust is workin9 closely with its key partner. Cheltenham Borough Council (CBC), throughout the disrupkn'on to ensure that th8 Utilisation of facilities can be maximised during any essential works. As part of the going concern assessment made, the Trustees have confirmed that CBC will continue to assist in supporting Ihe Trust where practicable. The Trustees have reviewed the detailed budgets and forecasts prepared, which show that there is sufficient cash and reserves available within the Trust lo be able to operate as a going concern for at least a period of 12 months from the date of approval of the financial stalements. The Trustees are focussed on developing the Trust's strategy and reducing its reliance on exlemal service providers to enable continued financial resilience and to build 8 robust organisation which can achieve lis vision through its ambitious programme. However, the Trustees recognise that any recovery profile of the Twst Is likely to be longer than initially anticipated in light of the significant dlsruption which has impacted th8 Trust in 2024 and continued uncertainty regarding the timing and the finanaal impact that any further closures to operations May have. Accordingly, the Trustees consider that Ihere is currently a material uncertainty present regarding the Trust's ability to continue as a golng concern. 2.3 Income All income is recognised On￿ the Charity has entiilement to the income. it is probable that the income will be received and Ihe arnount of income receivable can be measured reliably. Grants are induded in the Consolidated Slatement of Financial Aclivtties on a receivable basis. The balan￿ of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Page 23

THE:CHELT,ENHA'M:_T..RUST¥.': NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable Ihat a transfer of economic benefits will be required in settlement and the arnount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared Costs, includin9 SUPPOrt costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attribuiable to a single activity are apportioned between those acb'vib'es on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use, Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 TangSble fixed assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefils are probable and the cost or value of the assel can be measured reliably. Tangible fixed assets are inilially recognised at cosl. After recognition, under the cost model, tangible fixed assets are measured at C05t less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset inlo ils inlended working condition should be Included in the measurement of cost. Depreciation is charged so as to allocale the cost of tangible fixed assets 18SS thelr residual value over their eskn'mated useful lives. using the straight-line method. Depreciation is provided on the following bases: Fixtures and fittings Office equipment 200/0 Straight line 33 % straight line 2.6 Investments Flxed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheel date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments. in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed 8nd variable overheads. Page 24

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (contlnued) 2.8 Debtors Trade and other debtors are recognised at Ihe settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or openlng of the deposit or simllar account. 2.10 Liabilities and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the arnount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or servlces it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of Ihe time value of money is material, tha provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. 2.11 Flnancial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whith are subsequently measured at arnorli5ed cost using the effective interest melhod. 2.12 Pensions 2.13 Fund accounting General funds are unrestricted funds which are available for use at th8 discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designaled for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions irnposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 25

C_HEL,TENHAMi..T,RU,ST:, . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Crit5cal accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectalions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition. seldom equal the related actual results. The estirnates and assumptions that have a significant risk of causing a material adjustment to the carrjfjng amounts of assets and liabilities within the next financial year are discussed below. Income from charitable activities Restricted Unrestricted funds funds 2024 2024 Tolal funds 2024 Total fvnds 2023 Public engagements Commercial and customer sep4ices Content and programming Corporate 1,759,937 1,295,791 1,796,509 706,541 1.759,937 1,295,791 2,267,475 706,541 1,524,436. 1, 122,386 2,090,070 812,227 470,966 470,966 5,558,778 6,029,744 5,549,119 Total 2023 336.538 5,212,581 5,549,119 Included within Corporate Income is £611,281 (2023: £711,281) in respect of managemenl fees receivable from Cheltenham Borough Council. Further details regarding all transactions made with Chellenham Borough Council are included in Note 27. Page 26

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading activities Income from non charltable tradlng actlv5t5•8 Unrestricted funds 2024 Total funds 2024 Tolal funds 2023 Income - Cheltenham Leisure & Culture Limited 2.213,134 2.213,134 2, 579.293 Total 2023 2. 579,293 2,579.293 Analysis of expenditure on charitable aclivities Summary by fund typo Restrlcted Unrestrlcted funds funds 2024 2024 Total 2024 Total 2023 FRS102 pension adjustment Public engagements Commercial and customer seniices Content and programming Corporate FRS 102 Pension (11,000> 481.930 2,199,818 1.839,395 1,445.639 59.000 (11,000) 562,819 2,199,818 2,176,851 1,445,639 58,999 128,000 532,478 2,509,910 2,048.122 1.418.214 80.889 337,456 418.345 6.014.782 6,433,126 6, 636. 724 Tot812023 502.239 6, 134,485 6. 636, 724 Page 27

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure on charitsble activities (Continued) Summary by expendlture type Staff costs Other costs 2024 2024 Total 2024 Total 2023 FRS102 pension adjustment Public engagements Commercial and customer services Content and programming Corporate 48,000 383,654 1.367.493 307.786 643.967 159,000) 179.165 832,325 1,869.065 801,671 111.000) 562,819 2,199.818 2,176.851 1,445,639 128,000 532,4T8 2,509,910 2, 048, 122 1,418,214 2.750,900 3,623,226 6,374.126 6, 636. 724 Tot812023 2.812,620 3, 824, 104 6, 636, 724 Analysls of expendlture by actlvltlos Activltles undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 FRS102 pension adjustment Publlc engagements Cornmercial and customer services Content and programming Corporate costs (11.000) 562.819 2,199,818 2,176.850 (11.000) 562,819 2.199.818 2,176.850 1.445.639 128,000 532,478 2.509,910 2,048, 122 1.418.215 1.445,639 4.928.487 1,445,639 6,374,126 6, 636, 724 Total 2023 5,217,072 1,419,653 6,636. 724 Auditors, remuneration The auditors. remuneration amounts to an audit fee of £9,250 (2023 - £9,000), and fees payable to the Charitys auditor in respect of all other services of £4,175 (2023 - £4,025). Page 28

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 3.157,161 239.144 2,402,409 243, 145 2,455,443 193,549 2,402.409 197,977 117,958 212,234 101,908 212,234 3.514,263 2. 857, 788 2,750,900 2,812,620 Redundancy payments totalling £6,285 (2023: £Nil) were made during the year ended 31 March 2024, All amounts were recognised within expenditure during the year with no amounts outstanding at the year end. The average number of persons employed by the Charity during the year was as follows: Group 2024 No. Group 2023 No. Charlty 2024 No. Charily 2023 No. Average monthly headcounl 208 204 208 204 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: Group 2024 No. Gmup 2023 No. In the band £80,001- £90,000 10. Trusto0s' r•muneration and èxpons•s During Ihe year. no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 29

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11.. Tangible fixed assets Group Fixtures and fittings Office equipment Total Cost or valuation Al 1 April 2023 Additions 45,470 15,865 426,456 69.228 471,926 85.093 At 31 March 2024 61,335 495,684 557,019 DepreGiation At 1 April 2023 Charge for the year 16,727 9,532 232,068 85,977 248,795 95,509 At 31 March 2024 26,259 318,045 344,304 Net book value At 31 March 2024 35,076 177,639 212.715 At 31 March 2023 28, 743 194.388 223,131 Charlty Office equipment ' Cost or valuation At 1 April 2023 Addllions 426,456 69,228 At 31 March 2024 195:,.984 Depreciation Al 1 April 2023 Charge for the year .232.068 At 31 March 2624 3t8,.045 .' Page ao.

,-T,HEsCHEL,TENHAM;' NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Tanglble flxed assèts (continued) Charity (¢ontlnued) Offl¢e equlpment Net book valuo At 31 March 2024 177,639 At 31 March 2023 194,388 12. Fixad ass6t Investments Invesiments In subsidiary companies Charlty Cost or valuation At 1 April 2023 At 31 March 2024 Prlnclpal subsldlarles The following was a subsidiary undertaking of the Charity.. Name Company umber Registered office or principal Principal activSty place of business Chellenham Leisure & Culture Limited 09133998 Cheltenham Town Hall. Imperial Leisure & culture Square. activities on behalf Cheltenharn,Gloucestershire, ofthe muncil GL50 1QA Page 31

4LW."._ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Fixed asset investments (contlnued) Class of shares Holding Ordinary 100. The fin8nclal results of the subsidlary for the year were: Name Income Exponditure ProfiU(L05s) for the year Cheltenham Leisure & Culture Limited 2,213,134 (1,726,065) 487,069 13. Stocks Group 2024 Group 2023 Finished goods and goods for ￿Sale 57,462 109,467 14. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due wlthin one yèar Trade debtors Arnounts owed by group undertakings Other debtors Prepayments and accrued income 266.052 12,984 976.348 58,029 233,938 124,792 12,984 946,161 58,030 67,660 6.489 81,175 124,126 81,176 1.313.413 321.602 1,141.967 272,962 Page 32

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. ststement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestrlcted funds General Funds - all funds Share capital Pension reserve 853,651 7,830,912 (7,751,847) (2,623) 930,093 11,000 (11.000) 853,652 7,830,912 (7.740.847) (2,623) (11,000) 930,094 Restricted funds Archaeology Memory Café Arts award Community Takeover Exhibition Charles Irving Trust Pittville Pump Room Heritage Cafe Project Summerfield Trust The Wilson Gall8ry Refurbishment Project CBC social grant Friends of the Wilson Frozen Continent 4,497 1,000 2,000 7.830 {1.993) (540) 10,334 460 2,000 6,050 100 14.855) 1,295 21,023 (17.539) 3,484 63,420 63,420 11.136 67,498 (45,312) 33.322 28,005 351,675 3,670 1301.620) (5,989) 78,060 2,319 16.000 (16.304) 304 24.193 124.193) 137,131 470,966 (418.345) 2,623 192,375 Page 34

*+;THE,'CfrIEL.T,ENHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) Statement of funds - prior yèar Balance at 31 March 2023 Balance at l April 2022 Gain (Lo&ses) Income Expenditure Unrestrlcted funds General funds Share capital Pension reserve 1.054,680 7,791,874 (7,992.903) 853,651 (1, 736,000) (128,000) 1,864,000 (681.319) 7. 791,874 (8, 120.903) 1,864,000 853,652 Balance at 31 March 2023 Balan￿ at l Apnl 2022 Gains/ (Losses) Income Expenditure Restrlcted funds Archaeology Memory Café Arts award GEM - Go the Extra Mile Navigator Developer Community Takeover Exhibition Cheltenham Borough Council - Accreditation & Social Grants Friends of the Wilson Project Charfes Irving Trust Pittville Pump Room Heritage Cafe Project Summerfield Trust The Wilson Gallery Refvrbishment Project 4,319 1,000 2.000 2,870 (2,692) 4.497 1.000 2,000 23,277 (23,277) 6,050 6,050 21,655 (21.655) (6.000) (446,620) 6.000 217.643 250.000 21,023 63,420 2.400 63,420 11.136 8, 736 30,000 (1.995) 28,005 302,832 336.538 (502.239) 137,131 Page 35

T.HE.CHELiT:ENHAM..T,RUST ".. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) Details of the Restricted Funds are as follows.. Archaeology- Contributions from local archaeo5ogy groups towards shelving and storage for finds. Memory Café - A monthly meet for people with demenb'a to visit The Wilson and engage with objects that may trigger memories. Arts Award- Funding to support an arts award programme. Community Takeover Exhibition community artists exhibit their work. Funding from The Community Resilience Fund to support Cheltenham Borough Council - Accreditation & Soclal Grants, Researching and documenting of The Wilson's Collection supporting Accreditation: Funding a programme of local music performances in Cheltenham parks. Friends of The Wilson - Friends of the Wilson funding supporting specific projects at The Wilson. Charles lrying Trust - A bequest supporting a new community art and exhibition gallery at The Wilson, where local artists and groups will have an opportunity to display their work, and network as a crealive community. The Wilson Refurblshm•nt Project - Funding supporting a new community art and exhibition gallery at The Wilson. where local artists and groups will have an opportunity to display Ihelr work, and ne￿Ork as a creative community, Pittville Pump Room Herltage Café Pmject- Funding to support Heritage café development project. The Summerfield Trust - Community exhibition project where young people in Cheltenham designed and made new costumes from clothes destined for landfill. Hidden Trails - A projecl encouraging cornmunity exploration of Cheltenham through guided maps and clues. The Frozen Continent- funding to support an exhibition project enabling visitors to explore first-hand the experience of the famous joumey to the Antarctic on which Edward Wilson died. Page 36

THE.,CHELTENHAM,'.TRuST-- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Summary of funds (continuedl Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inloul Gainsl (Losses) Income ExpendSture General funds Restricted funds 853,652 137,131 7,830,912 {7,740,847) 470,966 (418.345) {2,623) 2.623 (11,000) 930,094 192,375 990.783 8,301,878 (8,159,192) (11,000) 1,122,469 Summary of funds - prlor year Balance at 31 March 2023 Balance al l Apnl 2022 Gains/ (Losses) Income Expenditu General funds Restricted funds (681,319) 7, 791,874 (8, 120,903) 302,832 336.538 (502,239) 1,864,000 853,652 137,131 (378.487) 8, 128,412 (8,623, t42) 1,864, 000 990, 783 19. Analysis of net assets ￿tween funds Analysis of net assets between funds - current period Reslricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Currenl assets Creditors due within one year 212,715 212,715 192,375 3.393.272 3,585,647 (2,675,894) (2,675.894) Total 192.375 930.094 1.122,469 Page 37

CHELT:ENHANi.'T.RUST,. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Analysls of net assets between funds {contlnued) Analysis of net assets between funds - prlor perlod Restricted Unrestricted funds funds 2023 2023 Total fvnds 2023 Tangible fixed assets Fixed asset investments Cu￿ent assets Creditors due within one year 223, 130 223. 130 137, 131 2, 543.823 2,680.954 (1,913,305) (1,913,305) Total 137,131 853, 651 990, 782 20. Reconciliatlon of net movement In funds to net cash flow from operating activitles Group 2024 Group 2023 Net incomelexpenditure for the period (as per Staternent of Financial Activilies) 142,686 (494. 730) Adjustments for: Depreciation charges Decreasel(increase> in stocks Decreasel{increase) in debtors Increase in creditors Other cash flow adjustments {FRS 102 Pension) 95,509 52,005 (991.811) 762,627 111.0011 74,508 (31.260) 36,591 173,903 128,001 Net cash provlded byl{used Inl operating activities 50,015 (112,987) 21. Analysls of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 2,214.772 2.249.850 Total cash and cash equlvalents 2,214,772 2,249.850 Page 38

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Analysis of changes in net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand 2.249.850 (35,078) 2,214,772 2,249.850 (35,078) 2,214,772 23. Penslon commltments The Group operates a defined benefit pension scheme. On 1 October 2014 the charitable company became a scheduled member into the Local Government Superannuation Scheme. At that date the liability relating to employees transferred under TUPE became the liability of the charitable company. Under the transfer arrangements between Chellenham Borough Council and the Trust, the net liability on the pension scheme remains a liability for the Trust but the Council is guarantor for any liability for the Local Government Pension Scherne in the name of the Trust. This is a funded defined benefit scheme. This is a closed scheme for new employees unlèss the Transfer of Undertakings (Protection of Ernployment) Regulations 2006 apply. The contribution rates are Ihose recommended by the fund's actuary, Hymans Robertson, and were set on the basis of: the relationship between the assessed value of assets and the accrued value of liabilities of pensionable seprfice to 31 March 2019. the level of contirbution needed to meet the cost of the year by year accrued benefits in future. the change in terms pf Contracting our 9f SERPS. The actuarial valuation was based on economic and statistical assumptions, the rnain ones being: the rate of accumulalion of income and capital on new inveslmenls over the long term and the increase from time to time of income from existing investrnents. fulure rises in pensionable pay due to inflation etc. and pension increases. withdrawals from membership due to mortality. ill health and ordinary retirement. progression of pensionable pay due to promotion. The latest formal valualion of the fund for the purpose of setting employefs aclual contributions was as at 31 March 2019 with the next formal valuation due currently. The market value figures below are based on assumptions required by FRS 102 standards. The assumptions thal have the most significant effect on the results of the FRS102 valuation are detailed below. Mortality follows the standard tables known as PFA92 and PMA92 with improvements in line with the Medium Cohort. The life expectancy used is based upon mortality assumptions. Assuming retirement at age 65. the life expectancies in years used in the valuation are as follows: Page 39

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Pension Commitments (continued Principal actuarial assumptions at the Balan￿ Sheet date (expressed as vRighted averages): At 31 March At 31 March 2024 2023 Discount rate Future salary increases Future pension increases 4.85 3.25 2.75 4.75 3.45 2.95 At 31 March At 31 March 2024 2023 Years Y88rs Mortality rates (in years) - for a male aged 65 now al 65 for a male aged 45 now for a female aged 65 now at 65 for a female aged 45 now 20.6 21.9 24.1 25.3 20.7 22.1 24.3 25.5 The Group's share of the assets in the scheme was: At 31 March At 31 March 2024 2023 Equities Corporate bonds Propety Cash and other liquid assets 4.135,000 1,421,000 840,000 65.000 3,866,000 1.230,000 703,000 59,000 Total falr value of assets 6,461,000 5,858,000 The actual return on scheme assets was £730.000 (2023 - £(105.444)). The amounts recognised in the Consolidated Statement of Financial A¢lJ'vities are as follows: 2024 2023 Current seniice cost Interest income Interest cost Total amount recognised in the Consolidated Statement of Financial A¢tivitles 48,000 167,000 (277,000) (1 T2,000) 218,000 221,000 (11,000) 216,000 Page 40

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Pension commitments (continued) Movements in the present value of the defined benefit obligation were as follows: 2024 2023 Opening defined benefit obligation Interest cost 5.858.000 7.974.000 218,000 221.000 16,000 24,000 391.000 (2,453,000) (70,000) (75,000) 48,000 167,000 Contrlbutions by scheme participants Actuarial lossesllgains) Benefits paid Current service cost Closlng d•fin•d b•n•flt obligatlon 6,461,000 5. 858,000 Movements in the fair value of the Group's share of scheme assets were as follovts: 2024 2023 Opening fair value of scheme assets Expected retum on assets Actuarial gainsl(losses) Contributions by ernployer Contrlbutions by scheme partlcipants Benefits paid 5,858,000 277,000 380.000 6,238,000 172,000 (589.000) 88,000 24,000 (75,000) 16,000 (70,000) Closing fair value of scheme assets 6,461,000 5,858,000 The actuarial valuation for the year ended 31 March 2024 showed a scheme surplus of £1,913.000 (2023.. surplus of £1,264,000). Sn determining whether a surplus on the scheme is recognisable on the balance sheet, the Trustees reviewed the requirements of Para 28, FRS 102 which states that the Charity 'shall only recognise a plan surplus as a defined benefit asset only to the extent that is is able to recover the surplus, either through reduced contributions in the future. or through refunds from the plan.. Under the transfer arrangements between Cheltenham Borough Council and the Trust, the net liability which has historically been recognised. remains a liability for the Trust, but the Council acts as guarantor for any liability arising for The Cheltenham Trust in being the sponsor employer for the Local Government Pension Scheme. Further, the contributions made by the Charitable Company into the scheme are included in the agreed annual recharge mechanism between the Trust and Ihe Borough Council. In reviewing the guidance available in FRS 102. the Trustees bore in mind the above circumstances and determined that in subslance, the Trust would have no entitlement lo any pension asset in the fvture and therefore it should not be accounted for in the year ended 31 March 2024. Accordingly. the pension asset has been restricted and a £nil balance has been presented on the balance sheet of the Trust. Page41

..T..HE".CHELT.ENHAM:.T:RUS.T.;': NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Members. liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be a member. such amount as may be required, not exceeding £1 for the debts and liabilits'es conlracted before helshe ceases to be a member. 25. Related party transactions The Cheltenham Trust was set up to operate the leisure, entertainments and cultural facilities of Cheltenham Borough Council ICBC). Truslees Councillor B Clark and Councillor G Andrews are elected members of Cheltenham Council and are the CBC nominated Trustees. During the period the Trust received income amounting to £1.206.021 from Cheltenham Borough Council which included income relating to management fees received under a Management Agreement. venue hires and project funding (2023.. £1,104,073}. At Ihe period end Ihere was £12,000 oulstsnding {2023.. £9,859). The Trust receives administrative and other support services from various related bodies including Publica lan employment company jointly owned by Cotswold, West Oxfordshire, and Foresl of Dean District Councils and Cheltenharn Borough Council) that delivers finance, HR, and ICT services. These bodies associated with CBC provide services under service level agreements with expenditure during Ihe year as follows: 2024 2023 Chellenham Borough Council Forest of Dean Council Cotswold District Council 244,783 287,518 85,005 510,390 77,530 617,306 587,920 Of these amounts £nil (2023.. £77,530) was owing to Cotswold District Council at the year end and £12,000 (2023.. £119.770) was owing to Cheltenham Borough Council (excluding £95.091 loans made in respect of the splash pad) and £223,382 was owing to Forest of Dean Council. During the year. the Trust made sales of £1.197 for venue hires (2023: £500) to Cheltenham Borough Homes Ltd, a subsidiary cornpany of Cheltenham Borough Council. £nil was outstanding at year end {2023: £nil) , The Trust received goods and services from Cheltenham Borough Homes Ltd of £nil (2023: nil). During the year the charity received £122,000 from the Friends of the Wilson (2023.. £30.000) and held a balance of £0 at 31 March 2024 (2023- £28,005). Expenditure in relation to Friends of the Wilson amounted to £150.005 (2023: £nill for the year ended 31 March 2024. See note 13 in respect of The chellenha￿ TN'Ft's subsidiary undertaking. Cheltenham Leisure and Culture Ltd (CLC Ltd). Advantage is taken of Ihp FRS102 exemption from disdosure of certain intergroup transactions. Page 42

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Post balance sheet events The areas of the Leisure Centre (including the swimming pools) that had been closed due to RAAC reopened in April 2024. However. shortly afterwards. RAAC was also idenlified in the wet changing rooms: As a result, these parts of the Leisure Centre were closed for three months, from May to July 2024, with. temporary changing rooms set up in the centre's car park. In addition to the cost of hiring the lemporary facilities, the closure impacted the Leisure Centre's income, resulting in a budget shortfall of approximately £300k in the first quarter of the year. While CBC provided support by covering the cost of repairing the changing rooms. the Trust has had to absorb the expenses for the temporary changing facilities and the assoaated loss of income. As a result, the Trust is currently forecasting a deficit for 2024- 25, which it plans to manage using its reseNes. Page 43