**'Registered number: 09021431 Charity number: 1158606** THE CHELTENHAM TRUST _I_ ## **THE CHELTENHAM TRUST TRUSTEES' REPORT AND FINANCIA STATEMENTS • FOR THE YEAR ENDED 31 MARCH 2025 •** - - - - - - - - j / - - - \ 1111111111 11 U ! **A38 19/12/2025 #142 i COMPANIES HOUSE I** - - - - - - - - - - - *AEHR7PAG* _r_ . **THE CHELTENHAM TRUST** ## **CONTENTS** |||**Page**| |---|---|---| ||**Reference .and Administrative Details of the Charity, its Trustees and Advisers**|1 - 2| ||**Chairman's Statemerit**|**3 - 4**| |**.. Trustees' Report**|**.. Trustees' Report**|5 - 11| ||**Trustees' Responsibilities Statement**|**12**| ||**independent Auditors' Report on the Finan:ial Statements**|**13 -16**| |.|.|| |**. Consolidated Statement of Financial Activities**|**. Consolidated Statement of Financial Activities**|17| ||**Cons91idated Balance Sheet**|18| |**. Charity Balance Sheet**||19 - 20| ||**Consolidated Statement of Cash Flows**|**21**| |**• Notes to the Financial Statements**||• 22 - 45| / THE CHELTENHAM TRUST REFERENCE **AND ADMIN.ISTRATIVE** DETAILS OF THE **CHARITY,** ITS TRUSTEES **AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025** _**' I**_ |**Trustees·**||Michael Napier, Chair of the Board ofTrustees|Michael Napier, Chair of the Board ofTrustees|| |---|---|---|---|---| |||'. Clive Rawiings (resigned 11 July 2025)||| |||Cllr Glenn Andrews (appointed 30 July 2024).||| |||Benjamin Averis (resigned·31 May 2025)||| |||Cllr Barbara Clark||| |.|oO|Lisa Bond (appointed 18 July 2024)|.
•|•| |||J¢ssica Brewster. (appointed 27 September|2024,|resigned 30 April 2025)| |||Julia Goldsworthy (appointed 18 July 2024)|Julia Goldsworthy (appointed 18 July 2024)|| |||Ji.ilie Jordan (resigned 31 March 2025)||| |||D r Jane Martin (appointed 18 July 2024)||| |||Elizabeth Narey||| |||. Sunita Nelson||| |||Gary Hasley-Nejrup (resigned 31 Deciember 2024)||| |||Kate Peden||| |||Gemrria Taylor
, .||| |||Daniel-Wilson||| |||Robert Jones (appointed 1 October 2025)||| |||Sam Pickering. (appointed 1 October 2025)|Sam Pickering. (appointed 1 October 2025)|| |||Harry Booty (appointed 1 October 2025)||| |||Belinda Wilson (appointed 1 October 2025)|Belinda Wilson (appointed 1 October 2025)|| |**Company registered**||||| |**number**||09021431||| |**Charity registered**||||| |**number**||1158606||| |**Registered office**||Cheltenham Town Hall||| |||Imperial Square||| |||Cheltenham||| |||Gloucestershire•||| |||GL50 1QA||| |**Chief executive officer**||• Laurie Bell, CEO up to 31 October 2024||| |||James Baker, Interim CEO from 31 October 2024 - 31 August 2025||| |||Jessica Brewster, CEO effective from 1 September 2025||| |**Independent.auditors**||Randall & Payne LLP||_I_| |||Statutory Auditors & Chartered Accountants|Statutory Auditors & Chartered Accountants|| |||Chargrove House||| |||Shurdington Road||| |||Cheltenham||| |||Gloucestershire||| |||GL51 4GA||| Page 1 _j_ ## **THE CHELTENHAM TRUST** |**REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS**|**REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS**
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**(CONTINUED)**| |---|---| ||**FOR THE YEAR ENDED 31 MARCH 2025**| |i|i| |**Bankers**|Lioyds Bank PLC| ||130 High Street| ||Cheltenham| ||Gloucestershire| ||GL501EW| |**Solicitors**|Willans LLP| ||28 Imperial Square| ||Cheltenham| ||. Gloucestershire| ||GL501RH| ;,... Page2 THE CHELTENHAM TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENOED 31 MARCH 2026 The chaiman presents his report for the year. As the appointed Chair of Board of The Cheltenham Trust, l am pleased to present this annual report and accounts for the year ending 31 March 2025. The Cheltenham Trust is an independent, not for profit charity and the lead provider of culture and heritage, entertainment, sport, and leisure in Chellenham. 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 lo the local and visitor economy, and to the provision of community and social activities that promote and improve health and wellbeing. The Trust presents this report that reflects a further challenging and difficult year because'of the continuing economic pressures exacerbated further by unplanned venue closures for urgenl structural repair work at Leisure at Chellenham that were beyond the control of the charity. In January 2024, the presence of RAqC (reinforced autoclaved aerated concretel was discovered in Leisure at Chettenham requiring immediate action to prevent potential collapse. The affected areas of the building were closed in phases from April to August 2024 to enable the urgent structural repairs. Despite the unforeseen disruption, Leisure at Cheltenham maintained healthy visitor numbers with 501,985 visitors in 2024-25, a daily average of 1,515. In January 2025 Leisure At Cheltenham gym re-opened following a refit which boosted gym attendance immediately, The refil was secured with financial backing from Chellenham Borough Council. The overall financial impact of the enforced closure of Leisure At Cheltenham due to RAAC, being a combination of lost revenue and additional costs incurred for alternative arrangements for changing rooms, is estimated to be a total of £360k negative to the Trust's overall funds. 11 is testament to the resilience and tenacty of the Trust, and its ability to flex and adapt in the face of adversity, that the servlces at Leisure At Cheltenham continued lo bo offered to the public. despite the Trust facing significant additional costs to support these services. Foll(yNing urgent repairs to the dome and ceiling in the main ballroom at Pittville Pump Room, which necessitated the closure of the venue for six month$ from October 2023 to March 2024, bookings and events were rescheduled or relocated, where feasible, to avoid cancellations but the closure had a significant impact on hires and forward b¢)okings in 2024-25, particularly weddings. The Pittville Pump Room continued to host the Heritage trail for visitors supported by the popular Herrtage Café until October 2024. The Garden Bar in Imperial Gardens continued to establish itself as a leading seasonal bar destination in the town centre, open April October 2024 hosting free events including jazz and swing events, free live music on bank holidays and free viewing of the UEFA Euros 2024. The bar also benefited from a refit with new gardén furnrture, parasols and decorative flower planters enhancing the customer experience. The Wilson Art Gallery and Museum. Cheltenham's leading cultural venue, achieved 94,277 visitors in 2024-25. A key element of The Wilson's mission is to build an interest in cubture and the arts and to raise awareness of the- positive. impact that participation in cultural activities has on improving mental health and wellbeing. The Wilson ontinues to provide activities and experiences targeting new younger visitors which included Play House which opened in Summer 2024. During 2024-25 the museum hosted 43,904 school pupil participants through 96 school workshops and the museum's schools, takeaway service. The museum encouraged key stage 3 offerings including the Amazing Artefacts workshop which provided opportunities for GCSE and A level art groups,to visrt the museums shows and exhibitions. The Wilson continues to host the We are Creators programme.. Ihe Trusys flagship initiative supporting local and emerging artists by providing studio space and supporting creative communities, ensuring that we provide a platform for creative people to work together lo realise the ambitions and aspirations of all the people of Cheltenham and Gloucestershire and make sure that culture and creativity thrive. The Wilson also opened Cheltenham Big Museum Project - a free, public-facing, Coacurated exhibition 'that engaged the community in reimagining the future of museum spaces in Cheltenham. Page 3 THE CHELTENHAM TRUST CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Chellenham Trust continues to collaborate and support other local charities in Cheltenham offering discounted and subsidised event hires with Cheltenham Festivals. Auster Concerts, No Child Left Behind, Performing Arts and Gloucestershire Schools and music showcase events. .As the guardian of much of the town's heritage The Chellenham Trust has a key role in sustaining these important, historic venues. The business model of the organi5ation blends culture, community and commercial to strive for financial sustainability and by successfully accessing extemal funding il can continue to invest in the heritage buildings and deliver its programme of inclusive, diverse free events and activities for visitors and the local community to access and enjoy. The Trust's inclusive. free to access cultural programme is a core element of its charitable objectives helping lo deliver positive social impact. The Trust continued to host several popular community events marking historic and calendar events including Lighting of a D-Day beacon at the Pittville Pump Room in June., a ceremonial community event as part of the national commemorations, drawing residents together in tribute, and The Cheltenham Festival race week in March and,Christmas lights switch in November are now well established as key occasions in the Cheltenham events calendar and provide a great opportunity for community engagement. The Trust focused on core business, limiting costs. identifying opportunities for mutually benèfi'cial partnership working, improving efficiencies, securing external funding of c£611k. and maximising income generating opportunities to subslantially reduce, a year-end projected deficit, which al one point in the year was forecast to exceed £500k. I'v￿uld like to extend my thanks to all the staff, trustees and volunteers for their unwavering dedication and commitment, and to all our stakeholders and partners, and valued customers for their ongoing support. Mike Napier Chair of the Board Date.. 1811212025 Page 4 THE CHELTENHAM TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are pleased to present their annual directors, report together with the consolidated financial statements of the charity and ils subsidiary for the year ending 31 March 2025 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Ad 2006. the Memorandum and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Chellenham Trust, a company limrted by guarantee (No. 09021431 ), was incorporated on 1 May 2014 and obtained charitable status on 18 September 2014. It is governed by its Memorandum and Articles of Association. The Cheltenham Trust commenced operations on 1 October 2014 and currently manages on behalf of Cheltenham 8orough Council, The Wilson Art Gallery and Museum. Leisure at Chelknham and the Prince of Wales sladium, Cheltenham Town Hall and Piltville Pump Room. Cheltenham Leisure and Culture Ltd is a trading subsidiary of The Cheltenham Trust. The Trust's charitable objectives are set out below. Any financial surplus achieved by the Trust is re invested in the charitable aims and objectives. ai Policies and obJe¢live8 Objectlves and vlslon The Trust has been established for the following charrtable purposes.. for the advancement and support of education, culture, arts and heritage including the provision of libraries, museums, galleries, learning and information centres, archives, activrties, events, programmes and other related services. for the provision of facilities for recreation or other leisure time occupation in the interest of social welfare such facililies being provided lo the public al large wilh special facilities being provided for various needs and demographics. for the promotion of good health arKI wellbeing through corbimunity and public participation in healthy recreation and activities. other such charitable purposes that are beneficial lo the public and consistent wrth the objects as the Director Trustees shall determine. Vision As an independent charitable twst and the lead provider of culture and leisure in Cheltenham our vision is to blend culture, community and commercial activities and services lo contribute actively to the local and visitor economy and to improve the health and wellbeing of the local community. As a registered not for profit charity, the Trust manages Cheltenham's most iconic and contemporary venues - The Wilson Art Gallery and Museum: the Grade I listed Pittville Pump Room., the Grade 11 listed Chellenham Town Hall, Garden Bar and Skillicome Garden, and the popular Leisure at Cheltenham and Prince of Wales stadium. The Trust supports the local and visitor economy, community, cultural and social offer providing arts. culture and heritage. entertainment, sport and leisure. Through its outreach work and community events the Trust enables access and inclusivity to a diverse range of cultural and leisure services, events and activities. The main activrties 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 vibrant arts café. The Wilson is available to hire as an alternative, contemporary venue for events and meetings with a difference. Page 5 THE CHELTENHAM TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Its outdoor roof terrace is a unique setting for hosting events. The venue regularly hosts a diverse range of community events, activities, workshops and talks. The Wilson includes a new community arts and exhibition gallery, artist studios hosting nine artists in residence and a popular and immersive arts café. Pittville Pump Room The magnificent Grade I Pittville Pump Room is the jewel of Cheltenham's r￿encY architecture. Ils location in the beautiful Pittville Park has made this award winning, landmark building one of Gloucestershire's mosl impressive venues for weddings, dinners, exhibitions, dances, corporate events and conferencing and community events and aclivities. 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 visitors each year to enjoy comedy and celebrity speakers. music, concerts, dance and theatre. It is also available for hire 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 alternative al fresco event. Lelsure at Cheltenham and the Prlnce of Wales stadlum Leisure at Cheltenham provides state of the art leisure facilities with four pools, a fitnegs Sulte and more than 75 fitness classes each week. The Prince of Wales stadium regularly hosts sports and track events including a local running club, rugby club and an annual family sports day. The sports bar is available to hire for events, parties and corporate meetings. Management Agreement. The Trust operates independently, occupying buildings owned by Cheltenham Borough CoUncil. A Management Agreement has been established be￿een Chellenharn Borough Council and The Cheltenham Trust to deliver sepiices for the community aligned to Ihe agreed fee. b. Actlvities during the year .Another year of the Artists in Residence programme Continued delivery of the Trust's flagship initiative supporting local and emerging artists by providing studio space and supporting creative communities, ensuring that we provide a platform for creative people to work together to.realise the ambitions and aspirations of all the people of Cheltenham and Gloucestershire and make. sure thal culture and creativity thrive. Free live music at The Shamrock Bar during Chellenham Festival Delivered free live music for the public during one of Chellenham's most high-profile events, creating a lively and fun atmosphere. Opened Common Ground - Free exhibilion A free exhibition designed to explore themes of community, connection, and place, promoting accessibility t¢ the arts for all audiences. Opened Cheltenham Big Museum Project - Free exhibition A public-facing, cocost music event lo enhance summer evenings for residents and visitors in Chellenham's town centre. Showed the Euro 2024 at Imperial Garden Bar Hosted live screenings of major football matches in a relaxed outdoor venue. creating shared community moments and broadening access to national sporting events. Free D-Day Communty Celebration al Pittville Pump Room Marked the,80th anniversary of the D-Day landing$ with a free publi¢ event including music and.dance. . Lighting the beacon in honour of the 80th anniversary of the.D-Day landings Partnership working The Trust continues to work closely in partnership with a number of organisations including Cheltenham Borough Council as its main stskeholder: Marketing Cheltenham,. Friends of The Wilson. The Wilson Arts Collective; Chellenham Festivals., Arts Council 'England' Sport England- Heritage Lottery Fund. Historic England- Chellenham Civic Society. Chellenham BID and the Chellenham Chamber of Commerce to help improve the cultural, community and commercial offer in Cheltenham. Achievements and performance a. Key financial performance indicators During 2024125 the Trust (which includes the operations of its trading subsidiary) had total incoming resources of £8,320k (23124 £8,301 k) of which £376k (23124 £471 k) was restricted grant funds. Page 7 THE CHELTENHAM TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Net operating deficit for the year was £117k {23124 surplus of £76k) on unrestricted funds and a movement of {£8kl on restricted funds. As a not-for profit-charity the Trust reinvests all surpluses within the business. Cheltenham Lelsur• and Cultur• Ltd Cheltenham Leisure & Culture is Ihe Trust's wholly ￿ned trading subsidiary, Cheltenham Leisure and Culture Ltd, generated turnover of £2,215k (23124 £2,213k) and made a profil of £596k (23124 £487k) for the year. These profits are due to be gift-aided to the charity. in due course. The principal activities of the trading company during 2024125 were predominantly café and bar operations- venue hires for events and weddings and sales of ￿tall items. b. Investment pollcy and perfomlance The Trustees have the power to invest the monies of the organisation in such inveslments as they see fit. In order to support the groYAh and investment strategy of the Trust and maintain a positive cash flow at all times. Surpluses are invested in interest bearing deposit accounts where appropriate. Flnan¢lal r•vl•w a. Going concern and events since the Balanc• Sheet date The Trust continued to consolidate, repurpose, learn and adapt in the changing times and markets and has forecasl its budget plan for 2025126 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 that can achieve its vision and ambitious programme. Having considered all these faciors, the Trustees believe there aro no material uncertaintles about the TNst'$ ability to continue as a going concern and therefore the financial statements have been prepared on this basis. Further information in respect of going concern of the Trust is included in Note 2.2 to the Financial Statements. b. Reserves policy The Trustees, focus on building sufficient reserves to ensure that the Trust is able to deliver its charitable objectives and is resilient and 5usiainable in the long term. The policy is to ulilise any surpluses to build income generating capacity. The Trust (as a Group) holds unrestricted reserves, excluding the pension surplus, of £814k as al 31 March 2025. The use of reserves is monitored by the Trust's Finance Committee. c. Principal funding Cheltenham Borough Council is our key partner and principal funder of the Trust. The Trust received a Management Fee representing 7.30/0 (2023124. 7.30/0) of total income, Structure, governance and management Constitution The company and the Group is registered as a charitable company limrted by guarantee and was set up by a Trust deed on 18 May 2014. The company and the Group is constituted under a Trust deed dated 18 May 2014 and is a registered charity number 1158606. b. Methods of appointment or election of Trustees The Board shall be comprised of at least seven and not more than sixteen Trustees, including two'council appointed trustees nominated by Chellenham Borough Council. The trustees are appointed on a three-year temi,-wilh an option to extend for a second term and a further three years. The Board meets on a minimum of Page 8 THE CHELTENHAM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 four occasions in the year. The process to select new Trustees is based on the skills and competencies required by the Board at the time the vacancy arises. c. Policies adopted for the Inductlon and tralnlng of Trustees On joining the organisalion, Trustees are given an induction and introduced to the organisation's culture. Trustees have significanl experience from various professions and use their skills to inform their responsibilities to ensure the good governance of the charty. The Board membership includes a balance of backgrounds and capabilities relevant to the overall strategic requirements of the Trust, and there is a recognised commitment by the Board to mainlain this balance. The Board of Trustees participate in board development opportunities, and the ¢)verall board Is subject to an annual skills audit that is aligned to the strategic direction of the Trust. d. Directors indomniti6S The Trust holds indemnty insurance with Zurich insurance for the directors with liabilty cover of £1 million {2024..£1 million). e. OrganisatSon The business of the charitable company is delegated to and managed on a day to day basi5 by the Chief Executive, who is supported by an Executive Management Team of senior managers. The Board of Trustees has established a Finance Committee, a Governance Committee (Audit Risk & Assurance Committee with effect of October 20251, Commercial Board, Appointments and Remuneration Committee and Culture and Communities Committees (until 2025) so that specific issues delegated can be studied in detail and recommendations made back to the Board. The Chief Executive and the Executive Team advise the Board on stralegy development and support for the Board's govemance activities and have responsibility for operating the serVI￿S of the charity on a day to day basis. The Board undertakes rts role using the Code of Conduct for Good Governance and agrees the overal5 strategic direction of the Trust. f. Related party relationshlps None of our Trustees receive remuneration from their wotk with the charity. Any connection be￿een a Trustee or senior manager of the charity with a production company, contracted actor, performer or exhibitor must be disc105ed to the full board of Trustees in the same way as any other contractual relationship wtth a related party. In the current year no such related party transactions were reported. Two Trustees are nominated representatives of Cheltenham Borough Council. Transactions be￿een the Trust and CBC. along wrth other related party disclosures are recorded in note 27. The charity's whoily owned subsidiary, Cheltenham Leisure and Culture Ltd was established to operate commercial activrties including retail activities, cafes and catering, venue hires and wedding packages. g. Pay policy for senior staff The senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to4ay basis. The pay. of the Chief Executive and key management personnel is benchmarked against pay levels in similar professions when recruilin9 to these roles. h. Trust staff During 2024125 the Trust employed an average of 219 staff. The Trustees and Executive Management Team support the involvement and engagement of staff in the day to day running, policy making and general management of the charity. Members of staff are kept informed on matters affecting them as employees and on various factors affecting the performance of the Trust. The Folicy of the Trust is to offer the same opportunities to a diverse range of people in respect of recruitment Page 9. THE CHELTENHAM TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 and career progression. i. Risk management The Trustees have adopted a risk management policy from which they have identified potential risks and the likelihood of their occurrence. In addition, they have idenlrfied measures to be put in place to miligate the risks and further action thal might be necessary to limit that risk. .The Board receives quarterly risk information at board meetings and sufficient commitments are made to cover known liabilrties. The Board and its committees receive regular financial information and manage financial risk accordingly. Plans for futur• perlods Future developments The priority for the Trust is to continue to ensure its financial resilience and that as a robust organisation it can achieve its vision and ambitious programme. It will build and consolidate on its core business continuin9 to fully utilise and maximise Ihe value of its venues for the community. The Trust will continue lo seek opportunilies to access local and national grant schemes to secure funds to improve and increase its reach in the community through its new trusl-wide membership scheme and through donating in venues or online, or paying a suggested donation for free activities, events and workshops. All donations help the Twst to continue its year-round extensive, inclusive cuttural programme for all the community to enjoy. Cheltenham Borough Council (CBC) as lead partner and sponsor supports the Trust's plans lo achieve groWÉh and to meet the vision and goals. In.partnership improvement in all the venues will be scheduled lo increase the number of visrtors and their experien￿, lo attract new audiences and to access to services and facilities. We will continue to grow and further slrengthen our position and reputation as Chertenham's leading cultural and leisure provider and a major conlribulor in boosting the local and visitor economy and helping to improve th8 health and wellbeing of the local community. Infomiatlon on fundraising practlces Fundraising activities are carr￿1 out directly by the Trust, by the Trust's employees. Fundraising activities involve identifying èxtafnal grants and funding opportunities available to support Our charitable, cultural and communty activities, and inviting donations by those using and enjoying our facilities within Ihe local community, in order that can continue to invest in and develop in our facilities and programmes. Access to our Services The Trust remains committed to equal access to our seNices for everyone. The Trust strives to be an open employer; welcoming staff and volunteers from all backgrounds. The Trust aims lo reflect the diversity of the population in both our user group and our staffing and Trustee mix. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees. Report is approved has confimied that.. 1) so far as that Truslee is aware, there is no relevant audit infomalion of which the charitable group's auditors are unaware. and 2) that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audrt infomiation and to establish that the charitable group's auditors are aware of that information. Page 10 THE CHELTENHAM TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Audltors A resolution to appoint Randall & Payne LLP as auditor of the company was approved at a meeting of Trustees on 21st June 2019 and is renewed annually. Approved by order of the members of the board of Trustees and signed on Ihoir behalf by.. Mlke Napier Chair of the Board Date.. 1811212025 Page11 THE CHELTENHAM TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair Vie￿ of the stale of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, Ihe Truslees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP (FRS 102)., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material 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 responsible for keeping adequate accounting records thal are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by.. Mike Napler {Chair of Trustees) Date.. 1811212025 Page 12 THE CHELTENHAM TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CHELTENHAM TRUST Oplnlon We have audited the financial statements of The Cheltenham Trust (the 'parent charitable company,) and its subsidiaries {the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet. Ihe Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of Ihe state of the Group's and of the parent charitable companys affairs as al 31 March 2025 and of the Group's incoming resources and application of resources, including Its income and expendilure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared, in accordance with the requirements of the Charities Act 2011. Bjsls 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 further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence wo have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going con¢em In auditing the financial statements, have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable compan￿S ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 13 THE CHELTENHAM TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CHELTENHAM TRUST (CONTINUED Other Informatlon The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the. other information and, in doing so, consider whether the other information is materially inconsistent-wilh the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch wo aro requlrad to report by ex¢eptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomiation given in the Trustees, Report is inconsistent in any material respect with Ihe financial statements., or the parent charitable company has not kept sufficient accounting records; or the parent charitable company financial slalements are nol in agr.eement with the accounting records and returns-, or we have not received all the information and explanations y￿ require for our audit. Responslbllltles of trusteos As explained more fully in the Trustees. Responsibilities Statement, the Trustees (who are also the directors of Ihe charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitable companvs ability lo continue as a going concern, disclosing, as applicable, matters relaled to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidale the Group or the parent charitable company or to Cease operations, or have no realistic alternative but to do so. Page 14 THE CHELTENHAM TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CHELTENHAM TRUST (CONTINUED) Audltors, responsibilitles for the audlt of the financlal statements We have been appointed as audrtor undèr section 151 of the Charities Act 2011 and repart in accordance with the Act and relevanl regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial stalemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihat an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individualty or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are ¢apable of detecting irregularities, including fraud is detailed below.. Our audit planning process gave consideration lo the risk of material misstatement in the financial statements. using the calculated materiality level which itself factored in the nature of the Charrty's operations and the interpreted levels of inherent and control risk. In assessing the risk of fraud we reviewed management's own assessment of potential for fraud within the entity and reviewed judgemenls made by management to identify possible bias, in addition to any opportunity and incentive for fraud that are in inherent in the natu￿ of the Charitys operations. Our detailed tesling included review of accounting estimates and judgements and validation of prime ledger entries. We confirmed our knowledge of the legal and regulatory environment of the entity through discussions with management. We analysed all infomialion available lo us in reSp￿t of relevant laws and regulations. including the Companies Act 2006, Charities Act 2011, relevant UK tax legislation and we enquired with management as to any possible breached in the aforementianed. We agreed the accuracy of the financial stalements to the supporting management infomiation provided by the client and tested individually on a sample basis the income and expenditure in the financial statements to consider the business rationale behind the transactions and the accuracy of the financial records. Our audit te$ting did not identify and issues in respect ¢1 the matters listed above, including fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wvrn.frc.or .uklauditorsres onsibilities. This description foms part of our Audrtors. Report. Use of our report This report is made solely to the chgritable company's trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mighl state to the charitable company's trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone olher than the charitable comFiany'and its members, as a body, for our audit work. for this report, or for the opinions we have formed. Page 15 THE CHELTENHAM TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CHELTENHAM TRUST (CONTINUEO) Ryan Moore CA (Senior Stautory Auditor Randall & Payne LLP Statutory Auditors & Chartered Accountants Chargfove House Shurdington Road Cheltenham Gloucestershire GL514GA Dale.. 18/1212025 Randall & Payne LLP are eligible to act as audilors'in teniis of section 1212 of the Companies Act 2006. Page 16 THE CHELTENHAM TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacie$ Charitable activities Other Irading activities Investments 2,285 5,635,129 2,214,835 92,000 2,285 6,011.101 2,214,835 92,000 375,972 6, 029, 744 2,213, 134 59,000 Total Sncome 375,972 7,944.249 8,320,221 8,301.878 Expenditure on: Raising funds Charilable activities 1,618,731 6,388,066 1,618,731 6.772,342 1, 726, 065 6,433, 126 384,276 Total expenditure 384,276 8,006,797 8,391,073 8, 159, 191 Net movement In funds befo're other recognised (losses)Igains Actuarial gains on defined benefit pension schemes (8,304 (62,548 170,8521 142,687 23 164,000) (54,000) (11,000) Net movement in funds (8,304 1116,548) {124,852) 131,687 Reconclliation of funds: Total funds brought forward Net movement in funds 192,374 18,3041 930,093 1116,548) 1,122,468 (124,8521 990, 781 131,687 Total funds carried fornard 184,070 813,545 997,615 1, 122,468. The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 22 to 45 form part of these financial statements. Page 17 THE CHELTENHAM TRUST REGISTERED NUMBER: 09021431 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets 12 13 206.229 212,716 206,229 212, 716 Current assots .Stocks Debtors Cash at bank and in hand 14 43,790 544,858 2,311,573 57,462 1.273, 708 2.214, 772 15 2,900,221 3.545, 942 Current Ilabilitles Creditors.. amounts falling due within one year 16 12.108,834) (2, 636, 190) Net current assets 791,387 909, 752 Total a$8•ts1988 current Ilabllltl 997,616 1, 122,468 Total net assets 997,616 1, 122,468 Charity funds Restricted funds Unrestricted funds 17 17 184,070 813,$46 192,374 930, 094 Total funds 997,616 1, 122,468 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entrty to obtain an audit for Ihe year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees ackn¢Jwledge their responsibilities for complying with Ihe requirements of the Act with respect to accounting records ano preparation of financial stalements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. ié Mike Napier (Chair of Trustees> Dale.. 18/12/2025 Page 18 THE CHELTENHAM TRUST REGISTERED NUMBER: 09021431 CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investments 12 13 164,527 177, 639 164,528 177, 640 Current assets Debtors Cash at bank and in hand 15 263,706 1,916.787 1.719,425 68,486 2,180,492 1,787,911 Current liabilities Creditors.. amounts falling due within one year 16 (1,943,323) (1, 326,340) Net current assets 237,169 461,571 Total assets less current liabilities 401,697 639,211 Total net assets 401,697 639,211 Charlty funds Restricted funds Unrestricted funds Total funds 17 17 184,070 192,374 217,627 446, 837 401,697 639,211 Adjustment to prior period - The Twst balance sheet had premously presented historic intercompany donations as an intercompany balance, and these were not transferred to unrestricted funds. An reclassification adjustment has been made lo transfer these balance5 to the Trust's unrestricted fund. There is no impact on the overall Group Consolidated funds as a result of this adjustment. Page 19 THE CHELTENHAM TRUST REGISTERED NUMBER: 09021431 CHARITY BALANCE SHEET ICONTINUED AS AT 31 MARCH 2025 The Charity was entitled to exemption from audit under section 477 of the Companies Ad 2006. 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 audil is required in accordance wrth sedion 151 of the Charities Act 2011.The Trustees acknowledge their responsibilrties 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 statements were approved and authorised for issue by the Trustees and signed on their behalf by.. ie Mlke Napler, Chalr (Chair of Trustees) Date.. 1811212025 Page 20 THE CHELTENHAM TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operatlng aetivltles Net cash used in operating activities 272,669 50,015 Cash flows from Investlng actlvftles Purchase of tangible f￿ed assets 1175.868) (85,093) Net cash used In Investlng actlvltles 1176,8681 185.093 Cash flows from financing actlvities Net cash provlded by flnanclng actlvltles Change in cash and cash equivalents In the year 96,801 135,078) 2,249, 8SO Cash and cash equivalents at the beginnlng of the year 2,214,772 Cash and cash equivalents at the end of the year 2,311,573 2, 214, 772 The notes on pages 22 to 45 form part of these financial statements Page 21 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information The Cheltenham Trust, a company limited by guarantee {No. 09021431). was incorporated on 1 May 2014 and obtained charitablg Status on 18 September 2014. It is governed by its Memorandum and Articles of Association. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the_guarantee is limited to £1 per member of the company. The Cheltenham Trust commenced operations on 1 October 2014 and currently operates 'The Wilson, Art Gallery and Museum, 'Leisure At. Recreational Facilities at Pillville including the Prince of Wales Stadium, plus the Chellenham Town Hall and Pittville Pump Room entertainment venues on behalf of Cheltenham Borough Council. Accountlng policies 2.1 Basls o,f preparation of financial statements The financial statements have been prepared in accordance wrth the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Act 20(￿. The Chellenham Trust meets the definition of a public benefit entty under FRS 102. Assets and . liabilities are inrtially recognised at historical cost or transaction value unless othorwise stated in the relevant accounting policy. The Consolidated Stalemenl of Financial Activities (SOFA) and Consolidaled Balance Sheet consolidate the financial statements of the Chanty and ils subsidiary undertakin9. The results of the subsidiary are consolidated on a line by line basis. The Charily has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial statements. Page 22 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Icontinued> 2.2 Golng coneern Since the March 2024 financial year end, the Trust successfully navigated significant disruption to its operations, most notably Ihe extended closure of the teaching pool and splash pad at Leisure at Cheltenham due to the identification of RAAC (reinforced autoclaved aerated concrete). This disruption, which required additional investment in temporary changing facilities in order for the Leisure centre to remain partially operational, has been absorbed into the 2025126 financial year results. Despite the impact, the Trust responded effectively to the interruption and maintained operations across ils wider operations, While there has been some continued disruption to operations post year-end. it has not been on the same scale as that experienced in 2024. A defective valve al Leisure@ Cheltenham led to the temporary closure of the Splash Pad for a number of months during the summer of 2025, resulting in some loss of income. In addition, the planned closure of the Pittville Pump Room is due lo go ahead in Q4 of 2025. However, this closure fomis part of a broader refurbishment programme and has been ants'cipated and accounted lor by the Trustees in the development of the 2025126 budgel. In response to ongoing operational challenges, the Trust continues to adapt its delivery model to make the best use of its venues. Specific working groups have been established alongside the Key Management Team to ensure that the Trust can continue to operate effectively and meet ils liabilities as they fall due. The Trust also continues to work closely with its key partner, Cheltenham Borough Council (CBC>, to ensure that facilities are utilised to their maximum potential during periods of essential works. As part of the going concern assessment, the Trustees have received confirmation that CBC will continue to provide support to the Trust where praclicable. The Trustees have reviewed detailed budgets and forecasts which demonstrate that sufficient cash and reserves are available for the Trust to operate as a going concern for at least 12 months from the dale of approval of the financial statements. The Trustees remain focused on delivering the Trust's long-tem strategy and building a resilient organisation by reducing reliance on 'external seniice providers and continuing to invest in core capabilities. While the Truslees acknowledge that the full recovery of the Trust will Continue to.take lime, the significant challengés of 2024 have now béon managed, and the organisation is better positioned to respond to future disruption and to deliver on its strategic plan. 2.3 Income All income is recognised once the Charity has entitlement to the income. it is probable that the inGome will be received and the amount of income receivable can be measured. reliably. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance 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 CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit5 will be reqUI￿d in settlement and the amount 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, including support costs involved in undertaking each activity. Direct costs attributable to a single activty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent. and depréciation 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 objects'ves, as well as any associated 5UPPOrt costs. All expenditure is indusive of irrecoverable VAT. 2.5 Tanglbl• flx•d assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaiment losses. All costs incurred to bring a tangible fixed asset into its intended working condilion should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraight-line method. Depreciation is provided on the following bases.. Fixtures and fittings Office equipment 20./0 straight line 33 /0 Straight line 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognis6d at their transaction cost and subsequently measured at fair value at the 8alance Sheet 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 Stalement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impainnent. 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 and variable overheads. Page 24 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (continued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount pwaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-lemi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions 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 Iransfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimated reliably. Liabilrties are recognised at the amount that the Charty anticipates rt Y￿11 pay to settle the debt or the amount rt has received'as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in Ihe Consolidated Statement of Financial ktivities as a financé Cost. 2.11 Flnancial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Penslons The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. The Group also operates a defined benefrt pension scheme and the pension charge is based on a full actuarial valuation dated 31 March 2022. 2.13 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Truslees in furtherance of the general obj'ectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed 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 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Critical a¢countlng estimates and areas of judgement Estimates and judgemenl5 are continually evaluated and are based on historical experience and other factors, including expeciations of future events that are believed to be reasonable under the circumstsnces. Critical accounting estimates and assumptions-. The Charity makes estimales and assumptions conceming the future. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of jud9ement'. Recognition of pension surplus Under the transfer arrangements between Cheltenham Borough Council and the Trust, .the net liabilrty which has historically been recognised, remains a liability for the Trusl. but the council.acts as guarantor for any liability arising for The Cheltenham Trust in being the sponsoring employer for the Local Government Pension Scheme. Further. the contributions made by the Charitable Company into the scheme are included in the agreed annual Techarge mechanism betr¥veen the Trust and the Borough Council. In reviewing the guidance available in FRS 102, the Trustees bore in mind the above circumstances and determined that in substance, the Trust would have no entitlement to any pension asset in the future and therefore it should nol be accounted for in the year ended 31 March 2025. Income from donations and legacles Unrestrlcted funds 2026 Total funds 2025 Tot81 lunds . 2024 Donations 2,285 2,285 Page 26 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from ¢haritabl• actlvltles Restricted Unrestrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Public engagements Commercial and customer services Income Activity 4 - Incom6 from content & 2,106,062 2,10.6,062 1,287,038 1,759,937 1,295,791 1,287,038 1,503,612 738,417 375,972 1,879,584 738.417 2,267,475 706, 541 Corporate 375,972 5,946,636 6,011,101 6,029, 744 Total 2024 470,966 5, 558, 778 6,029, 744 Included within Corporate Income is £611.281 (2024.. £611,281) in respect of management fees receivable from Chellenham Borough Council. Further details regarding all transactions made with Cheltènham Borough Council are included in Note 27, Incoma from other tradlng actlvltles Income from non charitable trading actlvltles Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Income- Cheltenham Leisure & Culture Limited 2,214,835 2,214,835 2,213, 134 Total 2024 2,213, 134 2.213, 134 Page 27 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activltles. Summary by fund type Restrlcted Unrestrlcted funds funds 2025 2025 Total 202S Total 2024 FRS102 pension adjustment Public engagements Commercial and customer services Content and programming Corporate 38,000 219,197 2,715,784 1,838,280 1,576,805 38,000 603,080 2.715,784 1,938,673 1,576.80S 48, 000 562,819 2, 199,818 2,176,851 1,445, 639 283,883 100.393 384,276 6,388,066 6,772,342 6,433, 127 Total 2024 418,345 6,014, 782 6,433, 127 Surnmary by expenditure type Staff costs Other costs 2026 2025 Total 202S Total 2024 FRS102 pension adjustment Public engagements Commercial and customer services Content and programming Corporate 38,000 359,507 1,600,090 350,197 733.637 38,000 503,080 2,716,784 1,938,673 1,576,805 48,000 562,819 2, 199,818 2, 176,851 1,445,638 143,573 1,115,694 1,588,476 843,168 3,081,431 3,690,911 6,772,342 6,433, 127 Total 2024 2, 750, 900 3, 623, 226 6,433, 127 Page 28 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR.THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Actlvltles undertaken directly 2025 Support costs 2025 Totsl funds 2025 Total funds 2024 FRS102 pension adjustment Public engagements Commercial and customer seprfices Content and programming Corporate costs 38,000 503,080 2,715,784 1,938,673 38,000 503,080 2,71S,784 1,938,673 1.576,805 48,000 562,819 2, 199,818 2, 176, 850 1, 445, 639 1.576,805 5,195,537 1,576,805 6,772,342 6,433, 127 Tot812024 4,928,487 1,445,639 6,433, 127 Page 29 .THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by actlvities (continued . Analysis of direct costs Commerclal ahd customer Content and services programming 2025 2025 FRS102 Public adjustment engagements 202S 2025 Total funds 2025 Total funds 2024 Pension finance costs Stsff costs ' Learning Talents & Skills Community En9agement Health & Wellbeing Hospitality Commercial Senrfice Operations Customer SeNices Facilrties Management Entertainments - Charitable Events Sports (59, 000) 2, 106,933 38,000 359,507 1,600,090 350.197 2,347.794 5,167 5.167 10,890 17,306 17,306 45,312 99,272 21,828 99,272 21,828 86, 183 36, 779 613,519 58.627 613,519 68,627 410,610 34,353 1.319 1,319 3.519 442,229 442,229 383.844 1,402,454 186.022 1,402,454 186,022 1,474,566 394,498 38,000 503,080 . 2,715,784 1,938,673 5,195.537 4,928,487 Total 2024 (11.000) . 562,819 2,199.818 2,176,851 4,928,487 Auditors, remuneration The auditors, remuneration amounts to an audit fee of £9.500 (2024 - £9,250), and fee5 payable to the Charity's auditor in respect of.all other services of £4.325 (2024 - £4,175). Page 30 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. . Staff costs Group 2025 Group 2024 Charlty 2026 Charity 2024 Wages and salaries Social securty costs Contribution to defined contribution pension schemes 3,531,316 . 345,490 3, 157, 161 291,970 2,730,801 246,914 2,455, 443 193,549 ' 119,079 117,958 103,918 101,908 3,995,885 3, 567, 089 3,081,431 2, 750.9 Redundancy payments of £2.589 were made during the year ended,31 March 2025 {2024: £6,285>. During the year, the charity made an ex gralia payment of £26,900 and a payment in lieu of notice of £27.500 to a member of key management personnel in connection with their departure from the organisation. In addition, other ex gratia payments totalling £1,983 were made during the year to on¢ other employee. 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: G'roup 2025 No. Group 2024 No. Charlty 2025 No. Charity 2024 No. Average monthly headcount 219 208 219 208 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Gmup 2024 In the band £60,001- £70,000 In the band £80.001- £90,000 In the band £120,001- £130,000 11. Trustees. remuneration and expons•s During Ihe year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 31 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tangible fixed assets Group Fixtures and fittings Office equipment Total Cost or valuallon At 1 April 2024 Additions. 61,336 24,830 495,684 81.810 557.020 106.640 At 31 March 2025 86,166 577,494 663.660 Depreciation At 1 April 2024 Charge for the year 26,259 18,206 318,045 94,921 344,304 113,127 At 31 March 2025 44,465 412,966 4S7.431 Net book valu• At 31 March 2025 41.701 164,528 206.229 At31 Ma￿h 2024 35,076 177,638 212, 714 Office equipment Cost or valuation At 1 April 2024 Additions 496,684 81.810 At 31 March 2025 577.494 Depreciation At 1 April 2024 Charge for the year 318,045 94,921 At 31 March 2025 412,966 Page 32 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tangible flxed assets (contlnued) Charity (contlnued) Office equlpment Net book valuo At 31 March 2025 164,528 At 31 March 2024 177, 638 13. 'Flxed asset Investments Investments in subsidiary companies Charlty Cost or valuatlon At 1 April 2024 At 31 March 2025 Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company . number Registered office or prlnclpal Prlncipal actlvlty place of business Cheltenham Leisure & Culture Limited 09133998 Cheltenham Town Hall, Imperial Leisure & culture Square, activities on behalf Cheltenham,Gloucestershire, ofthe council GL50 1QA Class ol shares Holding Ordinary 100% Page 33. THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Flxed asset Investments (continued) The financial results of the subsidiary for the year were.. Name Income Expenditure ProfiUILoss) for the year Net assets Cheltenham Leisure & Culture Limited 2,214,835 11,618,7311 596,104 600,034 Cheltenham Leisure & Culture Limrted is the trading subsdiary of The Cheltenham Trust. In the financial year ended 31 March 2025, Cheltenham Leisure & Culture Limited made a gift aid donation of £479,327 (2024. £592.876) to The Cheltenham Trust. 14. Stocks . Group 2025 Gmup 2024 Consumables 43,790 57,462 15. Debtors . Group 2025 Group 2024 Charlty 2025 Chan'ty 2024 Due wlthln one year Trade debtors Amounts owed by group undertakings. Other debtors Prepayments and accrued incA>me 296,184 266, 052 23,897 124, 792 590,442 946, 161 58,030 168,705 79,969 949, 627 58,029 159.839 79.969 $44,858 1, 273, 708 263,705 1, 719,425 Page 34 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 16. Creditors: Amounts falling due within one year Group 2025 Group 2024 Charlty 2025 Charity 2024 Trade creditors Amounts owed to group undertakings Other taxation and social secur Other creditors Accruals and deferred income 772,352 773,395 714,295 237,465 157,217 15,300 819,046 728,211 161,333 19,113 1,156,036 1,025,981 2,089 834, 725 510 1,520 596,099 . 2,108,834 2, 636, 19Q 1,943,323 1, 326, 340 Group 2025 Group 2024 Charity 2025 Charity 2024 Oeferred income at 1 April 2024 Resources deferred during the year Amounts released from previous periods 837,701 592,643 1837,701 893, 160 599,693 725, 126 837, 701 321,699 599,693 (893, 160) (599,693) (725, 126) 592,643 837, 701 321.699 599, 693 Deferred income comprises advance ticket sales relating to various performances at the Town Hall in 2025-26 and for advance memberships at the leisure centfe and for venue hire8. Page 35 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 Aprll 2024 Galnsl (Losses) Income Expendlture Unrestrlcted funds General Funds- all funds Pension reserve 930,094 ' 7,944,249 (8,060,797) 54,000 813,546 154,000 930,094 7,944,249 (8,006,797 154,000 813,546 Restricted funds Archaeology Memory Café Arts award Community Takeover Exhibition Charles Irving Trust Pittville Pump Room Heritage Cafe Project Summerfield Trust The Wilson Gallery Refurbishment Project FOTW Gallery Refurb Project Friends of the Wilson Pied Piper SEND Equipment Grant National Lottery Heritage Fund CBC Gym Refurbishment Grant 10,333 460 116 10,448 (460) (1,091) 909 1,295 3,484 (4891 13,484) .806 63,420 33,322 63,420 8,959 124,363) 78,060 178,060) 10,000 21,464 10,000 2,615 118,849) 3,528 96,475 244,390 3,528 83,38S 113,090) 1244,390) 192.374 375,972 .(384,2761 184.070 Page 36 THE CHELTENHAM TRUST .NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 17. Statement of lunds {corrtlnuedP Statement of funds - prior year Balance at 31 March 2024. 8818nce at l April 2023 Transfers in/oul .Gain {Loss8s) Income Expendilur8 Unrestricted funds General Funds- all funds Pension ￿SerVe 853, 652 7,830,912 (7, 751,847) 1.1, 000 {2, 623) 930,094 (11,000) 853, 652 7, 830, 912 {7, 740, 847) {2, 623) (11,000) 930,094 8alance at 31 March 2024 Balancè at l Apnl 2023 Transfers in/out Gains/ (Losses) Income Expendilu Reslrlcted funds Archaeology Memory Café Arts award Community Takeover Exhibition Charles Irving Trust Pittville Pump Room Heritage Cafe Project Summerfield Trust The Wilson Gallery Refurbishment Project FOTh Gallery Refurb Project Friends of the Wilson Frozen Continent 4,497 7, 830 (1,993) (540) 10,334 460 6, 050 100 (4,855) 1, 295 21,023 (17,539) 3,484 63.420 63.420 11,136 67,498 (45,372) 33,322 28,005 351,675 (301, 620) 78,060 3,670 (5, 989) 2,319 16,000 (16,304) 304 24,193 (24, 193) 137, 131 470,966 (418,345) 2, 623 192,375 Page 37 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Statement of funds (contlnuod) Details of the Restricted Funds are as follows.. Archaeology- Contributions from local archaeology groups tQ4vards shelving and storage for finds. Memory Calé - A monthly meet for people with dementia to visit The Wilson and engage with objects that may trigger memories. Arts Award-. Funding to support an arts award Programme. Communlty Takeover Exhibltlon community artists exhibit theirwork. Funding from The Community Resilience Fund to support Friends of The Wilson - Friends of the Wilson funding supporting specific projects at The Wilson. Charles Irving 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 ne￿Ork as a creative community. The Wilson Relurbishment Pmject - Funding supporting a new community art and exhibition gallery at The Wilson, where local artists and groups viill have an opportunity to display their work, and ne￿Ork as creative community, Pittvllle Pump Room Herltag• ca￿ PmJ•ct- Funding to support Heritage café development project, The Summerfield Trust - Community exhibition project vthere young people in Chettgnham designed and made ne4V costumes from clothes destined for landfill. Soft play •quipm•nt, funded by The Pied Pipe.r Appeal - Support by the Pied Piper Appeal in the launch of new SEND (Special Educational Needs and Disabiltties) inflatable soft play sessions. Natlonal Lottery Herltage Fund- Funding received to support Cheltenham's BIG Museum Project. CBC Gym Refurbishment Grant - An award of'a capital grant for the replacement of gym equipment and the 2025 refurbishment bvork al Leisure@ Chellenham. Page 38 THE CHELTENHAM TRUS.T NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Summary of funds . Summary of lunds - current year Balance at 31 March 2025 Balance at 1 April 2024 Gainsl {Losses> Income Expendlture General funds Restricted funds 930,094 192,374 7.944.249 (8.006,797) 375,972 (384,276) {64,000) 813.546 184.070 1,122,468 8,320.221 {8,391,073) ($4,000) 997,616 Summary of funds - prlor year Balance al 31 March 2024 Bal8n¢e al l Apnl 2023 Transfers in/out Gain (Losses) Income Expenditure General funds Restricted funds 85J652 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 19. Analysls of net assets between fund• Analysls of net assets between funds - current year Restrlcted Unrestrlcted funds funds 2025 2025 Tolal funds 2025 Tangible fixed assets. Fixed asset investments Current assets Creditors due within one year 206,228 206.228 .184,070 2,716,151 2,900,221 (2,108,834) (2,108,834) Total 184,070 813,546 997,616 Page 39 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of net assets belween funds (continued) Analysls of net assets between funds - prior year Res¢ric¢ed Unreslricted lunds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Credrtors due within one year 212, 715 212, 715 192,3T5 3,412,219 3,545,942 (2, 694,842) (2,636, 190) Tolal 192,375 930, 094 1, 122,469 20. Reconclllatlon of net movoment In funds to net cash flow from operatlng actlvltles Group 2025 Group 2024 Net incomelexpenditure for-the year (as per Statement of Financial Activities) (70,8521 142,687 Adjustments for: Depreck3tion charges Decrease in stocks Decreasel(increase) in debtors Increase in creditors Other net cash flow adjustments (FRS 102 Pension) 199,104 13,672 47,001 64.492 38,000 95,509 52, 005 (991,811) 762, 627 (11,0¢)O) Net cash provlded by operatlng actlvltles 291.417 50,017 21. Analysis of cash and cash equivalents Group 2025 Group. 2024 Cash in hand 2,311,573 2,214, 772 Total cash and cash equivalents 2,311.573 2,214, 772 Page 40 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Analysts of changes in net debt At 1 Aprll 2024 Cash flows At 31 March 2025 Cash at bank and in hand 2.214,772 96.801 2,311,573 2,214,772 96,801 2,311,573 23. Penslon commitments .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 dale the liability relating lo employees transferred under TUPE became the liability of the charitable company., Under the transfer arrangements between Cheltenham 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 Govemment Pension Scheme in the name of the Trust. This is a funded defined bènefit scheme. This is a closéd scheme for new employees unless the Transfer of Undertakings (Prolection of Employment) Regulations 2006 apply. The contribution rates are those recommended by the fund's actuary. Hymans Robertson, and were sel on the basis of: the relationship befvieen the assessed value of assets and the accrued value of liabilities of pensionable service to 31 March 2022. the level of contribution needed lo meet the cost of the year by year accrued benefits in future. - the change in terms of contracting out of SERPS, The actuarial valuation was based on economic and statistical assumptions, thè main ones being.. - the rate of accumulation of income and capital on new investments over the long term and the increase from time to time of income fro'm existing investments. future rises in pensionable pay due to inflation elc. and pension increases. withdrawals from membership due to mortality, ill health and ordinary retirement. progression of pensionable pay due to promotion. The latest fonnal valuation of the fund for the purpose of setting employers, actual contributions was as at 31 March 2022 wrth the next fomial valuation due currently. The market value figures below are based on assumptions required by FRS 102 standards. The assumptions that have the most significant effect on the results of the FRS102 valuation are detailed below. Mortalrty follows the standard tables known as PFA92 and PMA92 with improvements in line with the Medium Cohort. The lrfe 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 41 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Pension commitments (continued) Principal acluarial assumptions at the Balance Sheet date (expressed as weighted averages).. At 31 March At 31 March 2025 2024 Discount rate Future salary increases Future pension increases 5.85 3.20 2.70 4.85 3.25 2.75 At 31 March At 31 March 2025 2024 Years Years Mortalty rates (in years) - for a male aged 65 now - at 65 lor 8 male aged 45 n¢)w - for a female aged 85 now - al 65 for a female aged 45 now 20.5 21.8 20.6. 21.9 24.1 25.3 25.3 The Group's share of the assets In the scheme was.. At 31 March At 31 M8rch 2025 2024 Equities Corporate bonds Property Cash and other liquid assets 4,142,000 1,470,1)00 935,000 134.000 4, 135, 000 1,421,OL 840,000 65,000 Total fair value of assets 6.681.000 6, 461,000 The actual return on scheme assets was £287.000 (2024 - £730,000). ' The amounts recognised in the Consolidated Stalement of Financial Activities are as follows: 2025 2024 Current service cost Inte￿st income Interest cost Total amount recognised in the Consolidated Statement of Financial Activities 38,000 1312,000) 220,000. 48, 000 (277,000) 218,0 154,000) (11,000) . Page 42 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Penslon commitmonts (continued) Movements in the present value of the defined benefit obligation were as follows.. 2025 2024 Opening defined benefit obligation Interest cost Contributions by scheme participants. Actuarial losses Benefits paid Current service cost 6,461,000 220,000 16,000 21.000 (74,000) 38,000 5,858,000 218,000 391,000 (70,000) 48,000 Closing defined benefit obllgation 6,681,000 6,461,000 Movements in the fair value of the Group's share of scheme assets wére as follow$'. 2025 2024 Opening fair value of scheme assets Expected retum on assets Actuarial {losses)Igains Contributions by scheme participants Benefits paid 6,461,000 312,000 (33,0001 15,000 174,000> 5,858,000 277,000 380,000 16,000 (70, 000) Closing fair value of scheme assetg 1 6,681,000 6,461,000 The actuarial valuation lor the year ended 31 March 2025 showed a scheme surplus of £3,072,000 (2024.. surplus of £1.913,0001. In 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 belween 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 belween the Trust and the Borough Council. In reviewing the guidance available in FRS 102. the Trustees bore in mind the above circumstances and determined that in substance. the Trust would have no entitlement to any pension asset In the future and therefore it should not be accounted for in the year ended 31 March 2025. Accordingly, the pension asset has been restricted and a £nil balance has been presented on the balance sheet of the Trust. Page 43 THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. Members, Itability 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 lo be a member, such amount as may be required. not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. 26. Related party transactions The Cheltenham Trust was sel up to operate the leisure, entertainments and cultural facilities of Cheltenham. Borough Council (CBC). Truslees Councillor 8 Clark and Councillor G Andrews are elected members of Chellenham Council and are Ihe CBC nominated Trustees. During the period the Trust received Income amounting lo £893,585 from Cheltenham Borough Council which included income relafing lo management fees received under a Management Agreement, venue hires and non-recurring project funding of £244,390 in relation to the Leisure Centre gym refil {included within restricted funds) (2024.. £1,206,021>. At the period end there was £2,762 outstanding (2024.. £12.000). The Trust receives administrative and other support services from various related bodies including Publica lan employment company jointly owned by Cotswold, West Oxfordshire, and Forest of Dean District Councils and Chelienham Borough Council) that delivers finance, HR, and ICT services. These bodies associated with CBC provide services under service level agreements with expenditure durin9 the year as follows.. 202S 2024 Cheltenham Borough Council Forest of Dean Council Colswold Oistnct Council 236,116 234,256 36,411 244,783 287,518 85,006 $06,783 617,306 Of these amounts £388 (2024.. £nil) was owing to Cotswold District Council at the year end and £nil {2024'. £12,000) was owing to Chellenham Borough Council {excluding £95,091 loans made in respect of the splash pad) and £234.256 was owing to Forest of Dean Council {2024'. £223,382) There were no sales of venue hires (2024.. £1,197) to Cheltenham Borough Homes Ltd, a subsidiary company of Chelienham Borough Council and £nil was outstanding at year end (2024.. £nil). During the year the charity received £30,000 from the Friends of the Wilson (2024.. £122,000) and held a balance of £2,615 at 31 March 2025 (2024- £nil). Expenditure in relation to Friends of the Wilson amounted to £18,849 (2024.. £150,005) for the year ended 31 March 2025. See note 13 in respect of The Cheltenham Twst's subsidiary undertaking, Cheltenham Leisure and cultu￿ Ltd (CLC Ltd). Advantage is taken of the FRS102 exemption from disclosure of certain intergroup transactions. Page 44. THE CHELTENHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Post balance sheet events Reimbursement of Overpald Busintss Rates Subsequent to the balance sheet date, the Charity received a reimbursement of business Rtes from Cheltenham Borough Council (CBC) relating to three of its venues (Town Hall, PPR and Leisure Al). The refvnd pertains to the prior financial years and arises due to the non-application of the 75 % temporary business rates relief scheme introduced by the UK Government for hospitality and leisure properties in 2023. Additionally, the Charrty received further reimbursements of business rates from CBC relating to POW and two retail units al The Wilson. These refunds pertain to the financial years 2023-24 and 2024-25 and arise under the same relief scheme. The Charity has assessed these events as adjusting events under FRS 102 Section 32. as they provide further evidence of conditions that existed at the balance sheet date. Accordingly, the financial statements have been adjusted to reflect the receivables and a$$ocialed income relating to the reimbursements of overpaid rates, which amount to £106,000 (nel of professional fees incurred). Page45