R•gSst•r•d numbgr: 09828929 Ch•rlty numbgr. 1165859 THE GRANGE FESTIVAL (A Company Limltod by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE GRANGE FESTIVAL (A Company Limitod by GUar¥nt) CONTENTS P8ge Rol•renc• and Admlni•trntl¥• D•talls of th• Ch•ritabl• Company. Its Trn¥tM• and Advl8•1• R•port of th• ChaSr Tni•t•e•' R•port 4-13 Ind•p•nd•nt Audltorn. R•port on th• FIn•nGl St•tsm•ftts 14-17 St•t•m•nt of Flnan¢l•l Act5vltl•• 18 B•lanc• Sh••t 19-20 St•t•m•nt ol Ctth Flo 21 Notm to th• Flninclal Stst•m•nt• 22-39
THE GRANGE FESTIVAL IA Compony Limited by Gu•rante•) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOED 30 SEPTEM8ER 2024 Tru$t•g• Sir Richard Mantl8 OBE DL. Chair Caroline GraÈAhAJgh pity c1r Ni¢holas Allan Oliver Baines Daniel Benl¢)n Iresigngd 20 February 20241 RosamurKI Bemays. (Safeguardin9 Trustee Jènttene Klain Roseboom Van Der Veer lapwnted 8 January 20251 Hel8n Byme lapwnted 26 Novemtw 20241 Mal¢olm Le May. {Audrt Trusteel Sonkq Ponnu88my laFwJinl•d 6 May 2024) DwgLqs R8e ntjesh Shah Philip Williams Iresignfjd 1 May 20241 Petor Wocrfjs lappoint 22 Nov8mber 20241 Company r•yl•t•r•d numb•r 09828¥29 Charlty r•gl•t•r•d numb•r 1165859 R•gl•t•r•d offl¢• Estate Offi Folly Hill Fam Itthen Stoke resford Hampshire S024 9TF Pr••ldont SK Char Had48¥8 Ptron• Lord Ashburton Lady soph AShrton Ind•p•ndont •udltor8 WR Partne charte A¢untants Belmont Hoy8e Shrewsbury Business Park Shrewsbjry Shropshi SY2 6LG Key man•g*m•nt p•r8onn•l Tyler Stc4)ps. Chief Executive Offer lappornted June 2024) Michael Chance, Arts'stic th"rector Page 1
THE GRANGE FESTNAL (A Company Llmli•d by Guarant••) REPORT OF THE CHAIR FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Chair presgnls his ststement for th year. I wn pleasod lo present the t report and ac£ounts for The Grang8 Festsval. The 2024 Festival has bean 8 Ertyerful achievem@nl ttf AyrJl.IIEhnr. all oiTrr pr0dUdn9 and performane•t recewing critical and adnce acdaim. even thwgh the environment for ticket sales fgmainod chaIngIng. Based on this Success l am haF¥)y to ffjport that the board and staff team have laid pn$ lo build audh?nce$ and rW¥nu in the fvture. Our Success is in major part thanks to the loyal commitment of so many donors and supwrters who undèrpin much of what we do, and my thanks to them. Nevertheless. we have little in the way of free reservgs and m8ior priority for thg Board ks to create a rw bune88 and funding mcthl to 8ecure stronger financial r¥$il¢ence. I was delvJht8d lo become chair of The Grange Festival in Sopl¢mber 2023 and with the Tw$l¢es have undertaken a gov¥m8nce revN8w is ncw In place. sin the lesty"val'8 inceptn in 2017 we have reached afi Inflection winl buikling on the S¢•$1 ol the p88t and our obJoctNe IB to * 8 Iwh $tr8t•gy lo generate artistic flourishing and finana81 resilien¢•. In July 2024. we wamily welcom•d Tyl•r StOOP8 as our new ch ExecutNe to kad the Gr¥nge Fe6tival team, (including Artistic Director Michael Ch8nrl Tyler brin9$ an incredible wealth ol kn¢)wl•dgtr 8nd experience of opera, MUS and arts, lOth wrth a spirit of inspiration. Collaboraln and 4fflbrt to our future strategy and I rSOnallY look loard to hi$ L¥dership and to wothing wrth hwn. His oryival h88 onc4urgged fundamtrntal re-thinkiThJ of what an 0porMS¢ hslival be for our current limès, Ènd we are addressing th QFPOrtunty to build WKler rrm diverse audn and appeal through imaginative and relevant programming wilh opera al ts heart. securing The Grange Feylival as a cultural l¢xui not Simply lor Hampshirn, bul for the wider UK and intatIn<y. Th8 2025 Festsval heiald5 the prospect of a adventure, so these ¥re txcth'ng tim881 The Board of Trvstges We delighted to apwinl Sir Charles H&Jdon£ave lo the honorary role of Pr&$idenl of The Grange Festival. re¢ognising his sKJnrfvnl Contribution to maintaining live music and opera at th¥ Grange. Sir Charles wa$ In8trumentd in the fomwl¥)n ol The Grnng• Festival and seNed as its first chair. During the past year. tr40 Trustees have r•wned- Dan1 B¥nlon #nd Philip Willkqms- and wg thank them for their loyalty. servic¢ ènd commitment. In re¢enl weeks I have been delighted to announcfj the 8ppoinlment of three new Twslees - Hen Bymt. Janbene Klein R08d)wn Ven Der Veer and Peltr Woods. Each will powerfulty enn¢h skill set of th& Board and will bnng a fresh voice to our delibaratn$ and aspirations. I would also wish lo pay a huge th.bute to our current Trvslees and thank them for their undying support. mmrtment and coun881. Dunng this past year our L¢aming and Engagemènl programmes have èngayed with over 2,000 young pwle, frty 36 Schcols, coll•w and educational in$b"lulions and attractsd audiences from communitias a¢ros8 H8mp8hire with limitèd a¢cess to the arts. Further details of OLsr activrts are outlined later in this report 11 begins to demonstrate Ihal a5 a vital arts oryanisatKJn can bring suth posits.ve social IMpt in areas of Challenge and d8pijvat)n. I ¥Ul like to take this OPFQrtunrty to Tecognise and thank so many Feoplo who deliver ourfestival each year- singer5. perfomers, creative teams. produclron teams. technical stage and eltrS personnel, front-house and c8lenng teams, oui manè3ement and office $laff. and our valued volunteers H•er, that family Is not mplele without our audiences. we are grateful for their irust and wllingness to discover new ideas and inspirations. It says a lot aLY)ul Ihe pmr of oFTr. music and danc8, arKI our festival, that so many divorse people contributè to such a remarkable succèss. Pagè 2
THE GRANGE FESTIVAL IA C(ffip•ny Urnrted by Gv•r•nt••l REPORT OF THE CHAIR ICONTINueDI FOR THE YEAR ENDED JO 8EPTEIABER 2024 a tr$1¢4cl t lorni drwry th• FQhV• of rygab"vfty. •xc4lb8nc• Imaginabon. aNI ng mtiaftingful to rw Ilm•s". At The Grw F•sfr'va • to ont•rtau) and enwJr• Ih•t nd mu•k mak• rrnaning for q¥•rycrn. 81r Rkhard M•nll• OBE DL Chilr ol Tru•t••• Dt•'. Pape 3
THE GRANGE FESTIVAL IA Company Limited by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees prent theif annual report together wrth the avdiled financial stalemeTts of the Charitsb Company labso refer4 to as the "Charity'l for the year from 1 Octobar 2023 10 30 September 2024. The Annual Report serves th¢ pUrrP of t(Jth a Tnjstees. reFQrt and a dire¢tors' rerort under o)mpany law. The Trustees confimi thal Ihe Annual Report and financ1 statements of the Charrtabltr Crynpany comply with the current statutory requirements. the requirements of the Charrta Comp8ny's governing ¢Jocument and the provisions ol the Statement ol Recommended Pract ISORPI applicabb to charitios preparing their bc¢ounls in accordance with the Finana¥l Reporting Standard applb in the UK and RgpuWi¢ of Ireland IFRS1021 (effective 1 January 2019}. Since the Charitabla Company qualrfs as snall under section 382 01 Compani&s Act 2006. Ihtr Slrate9lC Report required of mgdium ond large ¢pan$ under the CompanK•S Ad 20C6 IStrale9ic Report and Directors. Report) Regul81n$ 2013 has btèn unilted. ObJ•¢tlve• and actlvltl . Poll¢lM and obJ•ctlv The main obj•ctiv• of th• Charity is lo advance education through the promotion. supwjrt and encouragement of the art of MUS and dram• (including opera, rnus. drama, dancing. singing and all form8 constiluling in whole or in part of music) And in particuLqr th• pr1, enCr89emfrnt and appreckqtThi ol opera. The Charity's Wicies to deliver this obj8ctiv8 are to hohj an annual Summer Festival, notable for high quality productions. and ancillary events outshl• the Summ&r Festiv81. Fncludsng a portfolio ol EdUcatn projects lor y¢ung peopk. conducted in schools and communit$ xross Hampshire Ind at The Grange. During 2024, our prograrnm for 8chool8 and young p8opl8 89• ovw 2.IXKI yourtg Fcpk• ag8d 7 to 23 y•8r8. In setting oty'ectives and planning lor 8¢tivils. Ihtr Trustees have given due consideration to 9onral guid8n published by the Charty Commjssion iejab.ng to public benefiL Induding the gU4n¢¢ 'Publi¢ bonefit,. running charity IPB21'. Page 4
THE GRANGE FESTIVAL IA cpanY Llm1t by Guarante•) TRUSTEES. REPORT ICONTINUEO} FOR THE YEAR ENDED 30 SEPTEMBER 2024 Objectlv•8 and aetlvltl•8 Icontinu•dl b. Strat•gln for •Chi1ng obj•ctiV•8 The strategies 8mpkJy8d by the Chanfv to aChe ts aims and objectNes are to.. lal Present a broad range of worfd ¢lass productKJns, pn'napalty ¢)per¥. during the main Festival season for thtr enjoyment and educat of bolh our hxal and wid•r ¢onmunrty. Ibl To raise fvnds through IKket SaS. sponsorship 8nd ¢h8nlable donatsons to lund tho xtivilie5 of the Charity and to build an endowment to prote¢t Ihe fvtU of the Charity and to fund ad h¢¢ prq'ects as aFvropnate. Icl Review rt$ o¢livrtie8 for both Schoo and •Julls. with a focus on the local Community, particulafly thoso who mKJhl otherwise find rt drfrft to access such actwili88, $0 0$ to maintain th• relevance and gccossibility ol these actNiti8s. Idl Support young artist8 and lfjchnul $18ff in thr devebwmnl by providino e4)ver rde8 and awards. lel Undertake a 8erie8 of educat prqecls aB d8Bcribgd in •chI•Man1¥ and perfomwnce Ibglowl. If) To ensure tho1 a skilw and experienced man8g•menl le8m is in 8c8 to daliver th•8e str8leg¥. (gi To maintsin an expentrnced and skilled Board of Tru$lees to approve the slralegi¢ tjireclion of the Charty, the ImplemenialKJn of the $lral¢g$ arbd lo ensure good gov•mance ol Ihe Charity. c. Act1¥ttl und•rtk•n to •¢hhv• obJ•¢tlv Please refer to Ihe'Achiemtnts and perfofflwn' of Ihis rep)rt. d. Volunt••rn The Ch8rity is grateful for the un81inb'n9 effcrfts of its vc4unt8•rs •ngay in wvice provisn, gard•ning and od hoc help In the office with mailings. The Chanty has a volynl••r coordir1 to ensur& that b9$1 value 18 derived from the sleiling efforts of Ihe volunteers. Page S
THE GRANGE FESTIVAL IA Company Limit•d by Guarnnts•l TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEM8ER 2024 ObJ•ctlve• and actl¥ltl•¥ Icontlnu•d) . M•ln actlvltlm urrfl•rt•k•n to furth•r th• Chrlty pufjx for th• publlc b•n•fft The Charifv's main activity is the httAtino of a Festival 94ch $ufflmer whi¢h cohsi¥tJ of hwJh qualily uy¥ia, dance and concatts to promote music and In parliculir OFera lo as a range of the gen&r81 publK as possibk%. The Charity Contin to reach out lo the kns prNi18g¢d memters of sttiety through it$ education programme and is actively segking SkS)nsorship lo enable subsidised lickel Sales to people who could not otherwise att•nd. The programme ol opeia is broad and vard and tsr9eted at oxistin9 and audien8. Every yèar, we also supw th• deVelOnt of •mwging talent for both the perfomiing company and creativ• p8r8onnel. This includes.. Engaging assistant conduthrs an<1 assi$1onl difectcrfs for •gth ofour productions. These robs wov8 hvJhly sought after paid work for omergin9 artts alongsidg professionals for 8 to 8 weeks. The d&velopm&nl of singers through speu"alisl coaching. parbcu¢ady memt4ts of the chorus who may té offered cover lundersludyl rol•s. in whth they a coached by our professonal music staff. In 2024 we awarded prozed to tsvo mgmbers of Ihtr chorus and one a mtrmber ¢f the te¢hnical crew for their contribution to Ihe season. This was agrefjd by a pand ol Fle and was sp•cifically funded for 2024. Wo pVIde platfoms for young artists to rforM throughout the year 8$ well 38 providing facilrt$ for other art$ Organisatn9 to rehearse, perfom) andlor rKord their work. In Juty, followin9 the end of the Fesiival we hoslgd a production of Into the Wo1$ prctyjuced by The P&rins S¢hool in which over 100 young p•ople perfOrn or conlribuled ba¢kstage We also engaged young singers to 8PFear al outrea¢h event$ and F8$b"val pr•view ta8 and recitals leading up to the Fe8trval The Charity engaw approximatety 240 peop to F*rtom. provhle t8¢hnKal ba¢kstag• fvnction$ and front ol houseldining and car park role3. Page 6
THE GRANGE FESTIVAL (A Company Lirnited by Guarantoe) TRUSTEES. REPORT leoPINuED} FOR THE YEAR E14DED 30 SEPTEMBER 2024 A¢hlw•m•nts and perfonnnco . M•ln aehl•v•m•nts of th• Ch•rlty lon9 term effeGt• of th• Pand•mK have Gontinued into 2024 and as a cthsequenGe %yJr ticket soles were $$ than fore¢86t whtth ha5 me8nl the level of reserves at 30 September 2024 were s6 than expected bul wsrtr Still positive. This albwed the Chaiity to tKJth put on its hvJh class 2024 Festival season and lo plan it8 2025 Festival. The Charty provthd rts annual summer leamrng experiènce for young people earW years to college, logelher wth a series of workshops for th& l¢xal communrty somg of whth were held during Th& Festival b. K•y p•rfomi•nc• Indlcatorn The Chgnty aim$ to burK4 lo more than 80% of totsl box office ¢apa¢ty in the medium lulure In 2024 tho rcentr a¢hieved was 60%. bn¢ludin9 one 'relaxed' performance of The Rake's Prarts$s whth was Oned lor Invited guests from our felatr)nships wrth schools and partner chantable organisations Following on Irom tho 2024 Season. the Chèrty is aiming to 8thVe a minimum of 78% for 2025 wth fovr more rfomi8nce nights. The Charity expects that the Fri8nds support for 2025 will remain in In• with 2024 8nd that incr•A¥88 will follow as6uming exiern81 factors become more pOti¥•. The Chanty aims to contrnu8 rts portfolio of work for young people and lo exftd outrexh efforts wlhin our local community W8 &xp•ct that in 2025 we will a¢hw• nv than in 2024 on $imil8r $our ¢. R•¥l•w of xtlvttl The Charity perfornied ihe folbwing OFeras oth8r wojuctions dLtring 2024". 6 yrfom)ances of Tosca (Puccinil. 5 perforniance8 01 Tho CoronatKJn of Pcype8 Imonleverdil antj 4 wrfomance$ of Th& Rake'$ Progress Istravinskyl, 1 ntght of Bal1 And 2 Jazz ¢on¢ert8. These all 8¢hw¢d ¢ri11¢81 acclaim with op&r¥$ achieving 4 stars or above ond the number of s•als sold was 8.415 for 18 performances {2023. B,578 for fifteen p8rfomiancg81. During the year the Chènty has u)nlinued to devekv rAans for th8 Caprtal Proj'ect which indude substantial improvements lo the srte. the provisn of perynanent lavatories, a studio, recrtal room and new and improved scenery dock f8rAlits. Winchester City Counul granted planning permissKJn on 13 September 2024. Page 7
THE GRANGE FESTIVAL IA Company Llmit•d by Guarants•l TRUSTEES. REPORT ICONTINUEO) FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢hlev•m•nts and perlorniaTre• l¢ontinu•d) d. Th• Grang• Fwtlv•l L•amlng The Grange Festival Leaming programme has compl&mtrnted The Grangè FesttV81's artistic &XfSllAnrs hy fostering ¢rèalivity amon9 your4J people, •du¢alors. and thè Ic¢81 community. Its mission 15 to offer &nri¢hing arts opportunities beyond the nalK•nal ctsrri¢ulum. promotin9 crilical thinking. imaginative problem-solviftg. and authentic 8elfxpression. By partnenng Wrth experierKed arts •du>ors, the programme ensures workshop8 and projects ar8 dalivered to the hhSt stsndard. In 2024, Th• Gr•ng• Fo•tJv•l L••rnlthg rn•ch•d 2,179 young people W 7 1023 36 schtr)l$, Colleges and educatnal in8titulb)n8 2,290 ¢ommunty audwce wrth limrted a¢¢ess lo the art8. 2024 Hlghll9hts Come and Create.. In partnernhip with Al in Educat)n, 70 young pecwe wnc•w¢d, created. and performed Al and Us. their own 0ri9inal youth opera &xpknng artrficial intelligence. Over five Int•n81 d8ys, participants used artrfia81 intwlipnce tools to craft a storyline, compose music, choreograph dances. and design staging They Itamed to ask inshtful queslK)ns. ¢rilically assess Al-géneraled ideas, and Integrate them into their artisbc vs$ion. The P.eCt de10 skills in colloboralion, quick thinkin9, and creabvity, derN)nslraling how Al c8n Inspire artistic •xpre95ion. Fe81ival al Fort Brockhurnl. GOW.. Partnering with Hampshire MUS Education Hub, over 1,250 young peopl• from Gosport •xplor•d their heritage through dance. mu8ic, wribng. and de$KJn whith they celebrated al th& first Festival at the English Hèrit4e Fort BroCkhU1 attended by ngarfy 3.000 pètspl8 in July. Hlghllqhts In¢lud•d: Giant Sin9. 650 pTimary xhool children p•rfomwd From Way Up Here. a song wcle Inspired by focal legend$ Flight" Secondary students choreographad darKe pCeS inw'red ty Gosport's rn$ilienl brent gees6. Proms.. 1,000 young inslrurnentalists rfOrmed at Fort Bio¢khurst in the Gosport and Fareham Youth Or¢he8tra. A weekend of community events induded a Cellh, open sewons, and an exhibition Show81n9 Gosport's heritay and ¢ieatNty. Wild Hampshire". In parthership with the Universty of Winchester, 350 prmnary school children &Jdres8ed local sustainabilty challenges through muc, dan¢e. wrth"rvJ. and design Their original works culminated in a vtbrant showcase at The Grange Theatre. This proj'ect. which loslers confidence and Trmaginative problem-thing. has teen shcrfuisted for th8 Mus ènd Drama Award for ExrEllence in Primary Education. Open Houstr. Nearly 300 young Fe0p expenenced live opera through the th'scover Opera evenl. Young singers from the Understudy S¢heme perlomwd scenes from Tosca. offering many p¥rticipants their first taste of live theatre. The Grange Foslival Leaming pYcgr¥mme inspir8$ •tIVIty. buikls confthnce. and fo$t&rs 8 lifelong pass+Jn for the arts. By delivering innovats.ve and inclusive projects. it continuos lo Iransfom) li, hel9 participant$ develop essentsal life skills and discover their FQtentsal. Paga 8
THE GRANGE FESTIVAL (A Company Limited by Guararttl TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achi•vem•nts ¥nd p•rforniane• {¢ontlnu•d) o. Factors r•l•¥ant to achl•v• obJ•ctlv Th& Grange Festival has the optK)n of an up to 30 Yr lease from 2016 wrth English Heritaoè and GE Evènts la partnership bets¥een The Estate of The Late Rt Hon 7th Lord Ashburton, our former Patron, and the 8th Lord Ashburton. tomrIY Th• Hon Mark Baring. a Patron and fomr Tnjsteel, wh¢h offeTr a secure long term home for tho Festival. The principal funding sources of the Charity are individual support, Twsts and Corp)rnl¢ SpSorShIp. whi¢h enable the Charty to host high qu81ty productKJns ea¢h Summer. Th• b.cket Sa for the 2024 Festival w•re les8 than •xp¢ted due to the ¢)ngoing effects of COVID and Curreni uncErtaintie$ following on from th• invasion of Ukraine by Russia. and domestic wlili¢al unrErtainty, bul due to the ntInuIng support of our many patrons the Charity was able lo wl on th 2024 Festival. Th• 2024 Fe8ttval compnsod three opora$, 2 Jazz evening$ and l evening ol Balkt. f. Fundr•l•ln9 •¢tlvltbM •nd Sn¢om• 9•ratIon On an ongoing basi$ the Charity Ic)ks to raise revenu•9 frcth licket sales. plus ancillary income from catering, r¥tsil and programmes The Chanty 81so runs annual progrommes fLY $wn8orship and charitable lundraising. The Charity's moin ¢harrtabl• fund rèising xtivitio$ #re the SpOnSIbl1ty of Ils Dev8lopmenl Director. Pgrsonal and institutional fund raising aFwoxhes are mainty rried out by the Deveknpment Director on a one to one baS following inlroduclton$ by Trustees and eXi8ling Fnends ol the organisation. The Charity does not undertake ¢811ing or unsolicited visrts to intJiwdu8ls and has not received any MplaIntS in resp9¢1 ¢1 118 fundraising activities. In addition. as noted above. the Ch8rty has h&kl fund raising ev•nt$, both in the UK and over8ea8, in order lo general8 charrtatdo fvnds. g. Invo•tm•nt poll¢y •nd p•rforni•n¢• The Charity does not curn•nlfy m8ke inv8sim&nls in stocs and $h¥res but occa$Kinalty IelVeS gift$ of Shares from donor8. Ils polw is to IffjuKlate these within a reasonab Ij"me8¢a. h. Duty to promots th• •uee•M of th• Charlty to •¢hl•v• eh•rttbl• purpo• The Tru$lee8 ol the Charity are aw8re of Ihis duty a1 ¢onts"nue to the SUesS ofthe Charty. Page 9
THE GRANGE FESTIVAL IA Company Limit•d by Guarantsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Fln•n¢l#l rnvS•w . Ov•r4l•w Thg Charity wa6 able to pui Jh Th¢ 2024 Festyval as pL•nn•d lyd nrited from the increase in thè iat• ol Thgalre Tax Credit from 20% to 45% for the period 27.10.2021 to 31.3.2025. The March 2024 budg•t ¢onfimied that the long-tem ral& 11 btr 40% from 31.3.2025. DufllVJ the yO8f the net movement in funds a deficit of £303.134 12023". £19,521 sUlUSI Nel current assets wer8 £200.223 12023.. nel current assets of £33s.rlI wth a clos'ng cash posrtion of £45.961 12023 '. £94,942). DeS'te the challenging lifnes. the Charity ntInueS lo Vie ils financial and ¢a$h F4)sJ'lion On a regular basi$ 10 8nsur& the Charity's viability goin9 forward Ciesprte being Unab to cary out ¢ertain activities and projects dw lo the pandernic, the Charity, mainly due lo the continued suppM and ynorosity of its patron8, fem8in$ finan¢kqlty sound and the outlook is as the Chanty enlers 2025. b. Golng ¢on¢•rn After making appropriate enquiries. the Tnjslees hav• o reasonaL4e expectation that tha Charity has adequate resources to continue in oFer8tK)nal exi8tence foi the foreseeable future. For this ro08on. they continue to adopt the going concern basis In p¥eparing the finan¢l ststements. FUrtr d8tail$ warding the adoption of tho going corb¢•rn b$ can be lound in the ac¢ounb"ng FoIKie8. c. R•••rvM polky The F4Jlicy of thg Charrty in the kjnger term rd to hoKI SufficnI free reBeNeB at a I1 whth will enable il to operate lor a minimum of one year in the ent of 8 s9nffjn1 fall in irKom• knvfjls plus th• discffjlion to invest in one off gd pleCt9 a$ appropriate. Fra• rewrve8 at the year end surfi8 of £200,223 12023.. £335,C611. which 18 ba88d on unrestrictgd funds of £1,526,119 12023" £1.829.2531 including desgnatsd funds less fixed assets and inv&$trnenl$ 01 £1,326,89612023." £1,494.1921. The Charty aims to raise substsnli81 addrtK)nal funds in 2025 and twond. Total funds for the year amounled lo £1,526.11912023. £1,829,253) of which £nil12023." nil) re $t"¢led ftjnds. d. Prln¢ip•l rlk• and unc•rtalntl The Charty has 8s8•S8•d the prinupal nsks, and th•se include.. The economi¢ ¢lim8le. and its impltcation$ on future sUpt from indmduals. trusts and corporates The disnb"nu8nce of any chantable tax lts H80th, $8lety and security risks inh•rent in the use of a histor buihJirKJ in ¥ rural kxatJn o. Fln4nc5al rilk manag•m•nt obj•¢tivM and polkl•8 Th8 Charity walu8le$ the risks it IS as ouuined in principal risks and uncert8intw. noted above, and is confid&nt the poliCS il adopts eTrabs the Charity to pursue its objectives. The Trustees and Senior Managomant rev*w these on a reguLar baws wrend as appropnate. Page 10
THE GRANGE FESTIVAL {A Company Llmlt•d by Guoranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 f. Prlnclpal fundSng The principal funding sources of the Charity are indivhlual SUF¥YOrt, Twsts and Corporate Sp)nsorship which enable the Charity lo pul on high quality productions each SLtmmer. Structur•. go¥•mance and manag•m•nt •. Con•tltutlon The Gr8ng8 Festival Y& 8 ¢ompany limited by guarnntee (Company number. 09828929) and a r•gi$tered Charity (Chanty numt•r". 11658591 and is ath)inistered under ts M8rrmndum and Arbcl88. It is not lble to ¢orpy8lion tax on its charitsble activibe8. The liability ol the MOMIr8 are akno the th'rectors and Trust•esl ffj limited to £10 each in Ihtr event of winding up. The Pfineipal g¢livibes ol the Chaiity are lo hold a summer l•slival ol wra ar other entertainment8 and to providè gntj Pf¢mote education ol the performing arts. b. M•thod• of •ppolntm•nt or •l•¢tlon of Tru•t• The Tru8tees have the k%)wor to appoint. th a simp majority. any p•r8on lo te a Trust of Th¢ Grangt Festival who is d••m¥d to have the nKossary attributes and expertl8e to assist with Ihe effeth've running of the CoMny. The Board reguloty oviews rt8 mix of thll$ and 8xrIenCe. as 11 as rts diversty. c. Organl••tlonl trucr• •nd d•¢l•kn4n•klng pollcl•• Th• Strateg dir8ck)n of th• Chanty 18 approved by the Board. whKh 8180 oversees the op•r8tions of the Charity through sub ¢ommrttees of tho Boartj le g . Artistic, Development. Finance and Genèral Pvrposesl The day to day planning and OFeiatKJns are the reSponbA of th• exxutNe ten, vtho r•p)rt regularly to the Board or rebvanl $ub committees of the 8oard. d. P¢llclM adopt•d for th• InduCon •nd tr•lnlng ot Tru•t• Paopl• who are invited to join the Boa of Trustee$ u$u81ty have a consvJar8ble Interest in opera and th¢ opèra 8rKI the olher entertainments conductod at The Grange by the Charity In additn. they are also likgly lo be uIpped with relevant ch8rrtable andlor bune$S experience necessary to make a Valuab contribution lo the Charity New Trust89s a given cOpS of eartier Board minutes and company literature to familiarise themselves with the parti¢ular8 of The Grange Feslrval. •. Pay poll¢y for k•y m•nag•m•nt perwnn•l The Trustees review p4y for key managmnt per8(mr1 on an annual ba. f. R•lat•d p•rty relatlon•hlp• The3e are revw•d by the Charity and dis¢ussed further in note 25. Page11
THE GRANGE FESTIVAL {A Comp¥ny LImrI by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Structure. gov•m•nu •nd m•n•g•m•nt {¢ontlnu•d} g. Flnancl•l rlsk mn•g•m•nt Thp. TriJtpps havo aSSoswI major risks lo whiLth th& Chanty is in partieular thosÉ+ roL4t4>d to th operalKns and finances of the Charity, and are satssfied that Systn8 and prc¢gduf8s arg in place to mitlgale exposure to the major risks. Pl•n• for futur• p•rlod• In 2025 the Charity an$ lo pul on three owra w¢luct#)ns over 15 nvJhts, 2 nights of Jazz, 4 concerts and 1 night of b811el. The Charty 1$ also planning lo hosl 8 nCert on beha of The Meath Charity. Th• Charity will continue its education work with kxal 8th¢)8 aThJ k>cal c4Jmmunitie8. The Charity also pLgn8, over the nexl years to improve the facl1rtS at The Gran including Ihe provi8Jn ol changing rcom5 Wrth permart toilets and showers and safer temporary ramps and railings. The Chanty is grnteful for tho SUPFQrt of its vdunteers {ov•r ffiftyl •nd hcys that this support will ¢ontinu• together wrth the 8¥n of incrwin9 the ule of locfjl r8wurce$ 8nd buwness•8 wh•rev•f pxsibl•. Sttsm•nt of Tru•t•M' r••pOn•lbllI Th• Tru8te88 IW are f180 th6 difeclor8 of the Charrtabkn Company for thè purposèts ol company lawl •r& rewsible lor preparing lh• Truslge5' Rgwrt ¥nd th8 fin¥nGial Statents in axordance wilh appli? law and United kn'ngdom Accounting Standards (United kn'ngdom Generalty Accepted Accountsng Practice). Company law requires the Trustees to prepare financial statem8nts for each financial year. Under company Lgw, the Trustees rnust not approve the financial statements unkns thay are satisfièd that thay 9tv8 a tru& and fair view of the stste of affairs ol the Charrtabkn Company and ol its incoming r&sour¢¥$ and application ol resources, including its inoyne and gyndrture, for Ihal penod. In pwparing the financial slalemenl$, th• Truslees are required to.. select Suitab COUntrng poli¢io$ and Ihen appty them ¢onw$tentty,' observe the methods and principth of the Chanti8s SORP IFRS 1021,. make judgments and accounting estmates that are reasonab and rxudenl", state vthether appluble UK Accwnts'ng Standards IFRS 1021 havè b8¥n fol8, subj1 to any material departures disdosed and eXpIned in the financial statements, and prepare Ihe financial stalements on Ihe going concem basis Un$S rt is InapF¥opriat8 to pr8sum8 thgt tha Chantable Company will continue In bUness. The Trustees are responble for keeping adequate accounting records that are sufficient to Sh Bnd txplain the Charitable Company's transactions and dtsdose with reasonab accurw at any tim8 thè financial position ol the Charitable Company and &nable th8m lo ensure that the finanaal ststements ¢omply wiu) the Companiès Act 2006 They are also responsible for safeguardiThJ the assets of the Charitable ccpanY and het for tsking reasonable steps for the pfeventKJn and detectw of fraud and other irregularities. Page 12
THE GRANGE FESTWAL IA Comp•ny Llmltsd by Guar•nt••l TRUSTEES. REPORT ICONTINUEDI F¢JR THE YEAR eNDED 30 SEPTEh18ER X124 Oi•clo•ur• ol onl011¢n to uditorJ Eoth of1 p•rnon• •r• Tt¥ al ts b"m• v&hen Ih'5 TN•i¢e9' Rewt apJYov8d hai corfvmed that". far as the • awar•. Iher• no rnlevan¢ inlony4b.on of the Charitabl• Cunpas wditm are una¥are. and that Trust•e haj tak all the steps that LX4t to hav¢ kwi l•ken a¥ ¥ TNstse in to be tsf y rde¥ont informolion arnl to eSlaLli8h Ihat the Ch•rilat4e com8 •udrtors are •wafe of thot Au¢Htor¥ Th• audltorn. WR Partnws, h•v• Ilicat•d thwr iUYJr•M to gJntwiu• kn olk•. The d••wJn4l•d Tru•tMs wll •d by LYd0rofl ofth• board dTrntytM••rKI on b•haKby'. Slr Rjchard M•ntl• CI8E t*L Chair olTru8teoo O•t•.' 4 M•rth 2025 P•9• 13
THE GRANGE FESTIVAL {A Company LimStsd by Guarnnt•el INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GRANGE FESTIVAL Oplnlon Wè hove audited the financial statements of Th$ Grange FestNal {the 'Charitable Company'l for tho year ended 30 Septembar 2024 whKh comprse the St8lement of FinanrJ81 Activities. the Balance Sheet. the Statemont of Ceah Flowa and the reloled notes, induding a suminary of sryiilfirIL yAlurIt117Y policie5. Th¥ finanaal reporting framework th81 ha5 been applied in their preparatKJn Is aPpl¢ab law and United Kingdom Accounting Slandards, Including Financial Rep)rtN)g Standard 102 The Financial Reporting St8ndard app10b in the UK and Republic of Ireland, IUnit•J "rtn Generalty Ac¢•pted Accountsng Practi¢el. In our ¢)pinion the financial stslem•nts'. giv• a Iruo and fair viaw of the State of the ChariV8 8ff¥irs as at 30 Saptfjmr 2024 and of rts incoming resourcos and applicatKsn of r•sour¢e8. including rts income and expenditure for th& year then ended.. hav¥ been properly preparnd In cofdance with United Kingdom Generally Attepled Accounts'ng Pracb¢&." and havg been ptepared in a(xordarK• wrth the requirem•nts of tho Charities Act 2011. B••l• for oplnlon We Conducted our audit In accOrdar vAlh Intwnètional Slandards on AudibrvJ IUKI IISA$ IUKII and pplicable law. Our reSponSlI1rtles under thostr standards are furth•f doscn'bed in the Auditors, r•4)onsibililie8 for Ihe audit of the financial statnIS s¢¢tion of report. We are independent of th& Charity in 8ccordanc8 with the ethical requirements Ihal are relevant to our audrt of the financial stat8m•nl$ in tho United Kingdorn. including the Financial Reporting Counc41'8 Ethical Stsntjard. and have fulfilled our other ethical ie8ponBibilities in 0rtY•nce wrth these r8quir•ment$ We believe that the audit evidence we h8v• obt8ined 18 sufficient and appropiiale lo Prov a basis foi Ouf ownhin. Con¢lu•lon r•l•tlng to golng conc•rn In auditing th financial statements. vrt have conduded that the Trustees, usa of the going concern basis ol rLountin9 in Ihe preparation ol the financlal statem8nt8 1$ •pprcpnate. Based on th work we have perfomed. have not thntrfiod any mJterial uncertainties relating lo events or conditnS th81. Individually or colle¢lively, may cast signan dtsubl on Ihe Ch8r1tsb ¢omp8ny's ability to continue as 8 going concem for a period of at least ts¥efv• months from vth•n the financial slalements aro authori$8d for is8¢Je. Our responsibilitiès arKI the reS[slI111 of Ihe Trustees with re4)e¢l to g(xng conc8m ar• deKriked in the relevant sections of th18 report Page 14
THE GRANGE FESTIVAL IA Company Limitèd by Guarants•l INOEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GRANGE FESTNAL ICONTINUEOI Oth•r Inforn)atlon The other infomiation comprises the Infonnat induded in th8 TnJstee5 Report other than the financial statements and our Audrtors. Report thereon. The Twstees are responsib lor the other infoirn8lKin contsined williiri Tiu¥tees Reyuil Oui UPiiiKNi Vti fiii4iiLil ¥lotviiwiiib rivl wv¥i Ili¥ vlli¥i iriluiiii¥tivii ¥iid, except to the extent otheise explicitly ststed in report. do ntst express any form ol assuronco conclLtsion Ihereon. Our responsibility Is to re•J the other infornation and. In doing 80. con$Klei whtrlhor the other information is materially inconsstent wrth the financial statements or our knowledp obtainad in the course ol the audit, 01 otherwise appears to be materialty misstated. If we Idenlfy such material inconsistenci88 or apparent material misstatements, we are wuired to delemiine vthether this gives rise lo a material misstatement in the financial statements themsefves. If. based on the VKJrk have performed, we conclude that thr• is a mat¥fial misstatement ol this other infonnation, are required to report that fact. We have nothing to report in this reganl. Matt•rn on whlch w• •r• r•qulr•d to r•port by •x¢•ptlon W& have nothin9 to P)rt in of th folknving matter¥ wh¥r• thg ChgrilKg$ (Accounts and Reports) Regulations 2008 requires us lo rwrt lo you rf, in our cpinion." the informatKn given in th¥ Tw$lge$' R•F)rt 1$ inwnsistsnt in any material r88P8Ct wth the finanaal $18l•m&nts. ¢y Sufflent accounting rwrds have not b88n kopt", or th finan¢41 $tat8ments are not in agreement wth the cOUnng rd9 and retums,. or we have not received all the Inforwnalan and txplanabons wuiro for our audit. RMpon•lbllltSM of tru•t•• AS explarned MO fulty In the TN$tees' R•spon$ibilito$ Stolement. lh• Tfustegs (who are 8180 the Directors of the Charitable Company for the purwses ol c¢mpany lThl afe SponSible for thè prèparation of the financial statements and for bèing sèlisfied that they gNe a tr and fair view. and lor su¢h inl•rnal control as the Trustees detefmino ts necessary to enable Ihe preparnn of fin8n¢ial st¥lemenls that ¥re Ir88 from material misststement, whether due to fraud OT error. In preparing the finanual ststements, th& Trustees we responsibb lor assessing th• ChArrtable Company's ability to ts)nlinue a$ 8 going con¢em. dixlosin9. as applicabb. malters related to going ¢oncern and using the going concem basis o18¢¢ounbng Un the Trustees either intend lo liquidale the ¢haritsbla company or to cease operatK&n$, or have no realistic attem¥lNe but to do so. Page 15
THE GRANGE FESTIVAL IA Company Limited by Guarant••l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GRANGE FESTIVAL ICONTINUEDI Auditors, rnspon•lbllltI for the audit of th• fin•ncl•l •tat•m•nts We have been aFpointe<l as auditor undef seen 144 of the Charitses Act 2011 and report in &COTdance with the Act and r•Kwant regulabons made or having effect thereunder. Our objectives are lo obtain feasonabl& assurance about whelher Ihe finan¢ial ststemenls as a whole are frè• from matgrial misststernent. whether duè lo fraud or error, and to issue an Auditors, Report that includès our opInn Reasonab aSSurar is a hgh level of assuran, but is not a guarantee that an audrt condu¢ted In accordance with ISAS IUKI will afrways ¢Jelect a material misstatem¥nt when it exists. Misstatements cgn ar180 from Iraud or efror and are considered matenal if. Individualty in the aggregate. they could r•ason8bly 8xp¥¢t•d lo Inffluence the a¢0m deo"8th8 ol u88rs taken on tM ba818 of financpl $tatom•nts. Irregularib&$. in¢lvding fraud. are instsn¢es of nG•Compl4nC with $ and regUlatn8. We dèsvjn procédvres in line wrth our r8sponwbilib"es. oumined above, lo detect material misstat8m&nt$ in respect of irregularilie5. including fraud. The extenl to whth prc¢•dures 8¥e Capab of dètecting irr¥gulanlies, indudfrng fraud is d8tsi18d lOw.. . We reviewed the sUsptibIlity ol tho Charitable Company's financial stalements to malgrial mi$8laternent and Identified Ihe principal ri$k$. implementing a seri•s ol te$ling procedures to provide us with sufficient comfort to Issue our opinKJn. * We reviewed Iho Ch8ritsble CoMpanS wvlalory •nvironmtni to ensurg could condude that rt had acted in accordanc• wth Iht Irèmewoth relovonl to Ihe ¢h4ritable mpanY and ils •nvironmenl and entify ony instances of non-¢ompliance. . We 8180 8888sW th• Chaiilabkn CMy8ny'$ int•mo1 cmtrol pr(Kre8 to ¥n8ure we Uld appropriately scnJtini88 these controls al eslablish whelh&r cwr understsndiNJ of thg conlrd environment was sufficiènt lo 8upplem8nl our addTha1 testing prrthdur•s. The engggemenl team consisted of a te¥m th81 the engagement p8rts)er believeg is equipped wrth th• relevantlgvel of technical and Charrtabkn Company awareness to rry out our work to the requirad standard. Because of th• inherent ImnitanS of an audit thor¢ 1$ 8 rsk that %hill not d•t•d 011 irregularities, includin9 those leading to ¥ material misstatement in the financial statements or non-compliance with regulation. This nsk inc3seS the more that compliance with a or regulat is removgd from Ihe evenis and transactk)n$ relbded in lh& financial staternents. as we will be Jess likely to become aware ol InstsnrEs of non-compliBnc&. Th8 risk is also greater regarding irregulants ocuJrriThJ du8 to fraud rather than error, as Iraud invotv&J intentional ¢oncealrnent. fwgery, collusi)n. offlission or misrepr•sèntatn A furthw dcriPtIOn of tyjr responsilitIeS for Ihe 8udit of the financial $lalements is Ic¢ated on the Fingn¢i81 Reporting Council's websrte at.. This description foms part of our Auditorn, R&F¢rt. Pagtr 16
THE GRANGE FESTIVAL IA Company Llmlt•d by Guarnnt•o1 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GRANGE FESTPIAL ICONTINUEDI U•• of our r•port This repcwt is made solety lo the Ch¥rrtabt¢ CLpaS Trustees, as a bc¥Jy, in accordance with Part 4 of the Charities (Accounts and Raportsl RegUbln$ 2008. Our audit work has been undertaken so that might state to the Charitable Company's Tru3tetrs thoae fflattera r¢quired to slate lo Ihein in ali Auditois, Rvwrt ai)d for no other purpose. To ihe fullest extent wmitt•d by W. ¥•t not acr*pt or assume responsikn'lity to anyone olher than the Chantabla Company and rts Tty$t$. as a toty. for our audrt work, for this report, or for the Onn8 h8v8 fomigd. WR P•rtn•rn Chart•r•d Accountants Statutory Auditors Bglmonl Hous• Shrewsbury Business Pl Shrtrwsbury Shropsttire SY2 6LG - /a 2025 WR Pgrtn8r8 ore eligib to act as auditorn in lenns of Section 1212 of th• Companw Act 20C6. P890 17
THE GRANGE FESTIVAL (A Cornpany Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENOEO 30 SEPTEMBER 2024 Unro•trict•d Re8trkt•d funds funds 2024 2024 Total fund• 2024 Total furS 2023 Not• Incomw from.. DonatKJns and Wi8$ Charrtable activities Investments Other InMe 1,536.384 1.309,066 9.336 786,937 42.oori 1,578.384 1,309,066 9.336 786,937 1.547.630 1,294,087 2,720 722,984 Total Incomo 3.641.703 3.683,703 3,567,421 Expendlturn on: Raising funds Chantabl• a¢tNilies 86.302 3,1.530 81,380 3.466,520 3.869.S35 42,000 Tot•1 •xp•ndbtur• 3.944,837 42,000 3.986.837 3,547,900 N•t mo¥•m•nt In lund• 1303,134) IJ03,1341 19,521 R•eon¢lll•tlon olfvnd•: Total lunds brought forward N&t movement in fvn¢J$ 1,829.253 1303,1341 1,829.253 1303,1341 1,809,732 19,521 Tot•1 fund• carrl•d fonvard 1.526,119 1.526,119 1,829,253 Th• St8tement of Financol Actiwlies indudes all gnS and kJss8s rocognised in th• year. Thg notes on p8ge8 22 to 39 fonn part of these financkql StatenIS. Page 18
THE GRANGE FESTIVAL (A Company Limit by Guarants•l REGISTEREO NUMBER: 09828929 8ALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Not•s Flx•d J••ts Tangible as13 13 1,325,896 1.494. 192 1.325.898 1,494, 192 CurY•nt •u•ts Stocks Debtors Ca8h at bank 8nd in hand 14 15 782.741 4S,961 775,223 94,942 829,402 8T0. 165 Creditors.. amoun18 falling due wilhin one y•er 16 1629.1791 1535, 104) N•t curr•nt ••••t• 200.223 J35,061 Toi•l a••t• IM• ¢UYT•nt Il•blllti 1,526,119 1.829,253 Tot•1 n•t au•ts 1,526.119 1.829.253 P&Je 19
THE GRANGE FESTNAL (A Company L6mlt•d by Gu•r•fvts•l REGISTEReD NUMBER.. 09028929 BALANCE SHEET ICONTINUEDI AS Af 30 SEPTEMBER 2024 2024 2023 Regtrict•d fund• Unre¥tride(I fw 17.18 17.18 1.520,119 1,829.253 Totsl fimd• I,S28,119 1.829,253 •ntity •ntftknd to exernption from urth 477 Of1 Cry•n 21. Th• ha¥• Th)t rwuired th• •ntty to obtslTr an aLwSt f•rthg y••r kn qu•skn in atsrdm with ••cbon 478 ol th• CorTyniM kt 20. kyw•r. •n al4t ia r•tylr•d kn vydwK• w•lh 144 0ltr 2011. re¢ud• •nd W•pIra Jtsknxnts. Th• fin•41 #t•tt• hAW4 b••n sY•por•d in with th• Frn•iryM •F•t4• lo •nth•i •ubj•ct to th• 8m•ll Th• kn¢i•l •t•t•m•nts •pwov•d Arflby4•d ** iajw trrf th• TnJ•l••8 and b•hdl trrf.. M•lcolm L• Tru•i•e Dal•'. 4 Marth 2025 P¥20
THE GRAIIGE FESTIVAL IA Company Llmlt•d by Guarants•l STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Not• Cash flo from op•ratlng Ktlvitl Nel Cash usgd in cperakn'ng aciNrts 20 133.1981 140,683 C•h flow• from Invmtlng a¢tlvltl Purchase of tsngible fixgd assets 113.783) (67.844) N•t cuh u••d In Invmtlng •¢tlvlti {13,7831 67.844} C••h flow• Irixn flnan¢lng •ctlvltl Repayments of t<grrowing {2,O¢XII (86,595) N•t h u••d In fin•nclng aetlvttl 12.¢XIOI 186,5951 Chango In c••h and ¢a•h •qul¥•l•nt• In th• ymr Cash and cash equNalents 91 IM beginniro of th• y••T {48,9811 113.766) 108,698 •h and c••h •qulval•nt• at th• •nd of th• y••r 21 45,961 94,942 Th• notes on pag88 22 to 39 forn part of these firtanci•l sts14mtrnts Page 21
THE GFIANGE FESTIVAL (A Company Limited by Guararteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 G•nernl InforniatSon The Grange Festival is a company limFtgd ty 9uarants in England and Wales and has a registered office and principal place ol bun of Estatè Offi. Folty Hill Farm. Ilchen Stoke. Alresford, Hampshi. S024 9TF In the event of the Charrtable Company (also referred to as the "Charity) bèing wound up, the liability in spect of the guarantee ts limrted to £10 per membsr of the Charity. A¢¢ountlng poll¢lo• 2.1 8•h ot pr•paratlon ol Iln•nclal •t•t•m•nt• The financial statements have been pr8par8d in aCcOrdar wih th• s•¢ond editKin Charfig$ SORP IFRS 1021 Accounting and Reporting by Chanbes". Statem&nl of Re¢ommended Pr¥¢li¢• applicab to chariljes preparing their a¢counts in attordan wrth the FiAan¢ial Reportsng Stsndard applicabl& In the UK atNI Republi¢ ol Ifeland IFRS 1021 ltsswl in October 20191. the Financial Reporting Standard apPlbIl In lh• UK and R•publK of Ir•land IFRS 1021 and the Compan$ Act Grange Festival meets thè dofinrtion ol a publ benefit entty undof FRS 102. Assets and liabilities are initl8lly recognised at historic41 cost or frantiOn value unles8 Othe18e 8tat8d in th• roVant accounting poIKy. 2.2 Golng ¢on¢•m HIng ¢on3Klered future plans and foreca8t financial budgets. the Trusttses confimi that thoy ara not awa of any materièl uncertainties with regard to the the Charitys abilrty to continue as a going ¢onc¢rn f¢r a perK)d In excess of months from the dat8 of approval of these finanaal ststements. and therefore have p¥epared these finanaal slatemanis on tho going cA)nM basis. 2.3 In¢om• All income is recognisrf on¢e Ihe Charity has •nlill•wnl ts the inrne, il is wob¥ble that the income VAII be r8c8w8d ond th• amounl of in¢cxe re¢eiv8ble can be measured rel$8bty. tax recov¥rabfe in latN to ¢Jonalm received under Gift or dgth ol covenant 1$ recognised 81 the time of Ihe dort81. Inccno lax recoverable in relati to inveslmenl inccffie is recognised at the time the investment inc¢m• is r•ceryab. Other income is re¢ognised in the penc•J in wh•th it is receivable and to the extent the goods have teen provKled or on comet10n of the service. Page 22
THE GRANGE FESTIVAL (A Company Limitsd by Gu¥rnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng polkl•• l¢ontlnu•dl 2.4 Exp•ndltur• Expenditurt i¥wiiii¥wl Uwt¥ i¥ a kyal Dr LYJll5tructNe rt)lalln to On0 benefit to a thiid paty, il 1$ pr¢bab that a transfer of economK benefit$ will t required in settlement and thè amount of the oblig8tK)n can be measured reliably Expenditu is dassified by activrty. Th• costs of each 8¢tsvity are made up of Ihe total ol dir0¢1 ¢06ts and shared costs. including SUPFL)rt $ts Involved tn undertaking each activity Dired Costs attributable to a singse activty are allo¢ale<J direcuy lo that aclivity Shared costs whi¢h ¢ontribule lo more than one activity and support costs whh ate not attribuiabk to a single a¢livity a apport)ned betrn those a¢livili&s on 8 consistent with the use of resour$. Central staff r#)sts are allocated on the basis of bm 8nI, and depreaat#in tharges olloc8t•d on pOrtn of the a8Bel's u8e. ExpendiluTe on raising fund$ in¢lL¥Jes 011 expenditure incurred by the Charity to rgiso fund$ lor 118 charitable purFQSaS and IlU¢J¥S ¢osts of all fundra1ng activities ev•nts and non<haritable trading. Expendrture on charrtabl• adiwlies is in¢urTed on direclty und8rt8kin9 th• a¢tivi14•s whKh further th• Charity's obj8ctiv•s, as well as 8ny associated support costs. All gxwnditur• 18 Indus of irracoverth VAT. 2.6 Int•r••t rK•lw•bl• Inlewl on funds hèkl on deposit 15 indLthd Wh re1v#b and the amount can measvred reliably by the Charity". this 1$ norrnalty upon notffication of the inl•resl paid or payable by the institution wth whom the fvndB are tp)sit00. 2.6 T•x•tlon The Charity is consKlered to pass th8 tèsts set out in P8ragraph I Schedule 6 of th& Finance Acl 2010 #nd therefore it meets the definition of ¥ ¢hant•ble Company for UK corporation tax pvrpose8. Accordingly, the Charity Is potentialty exempt from taxation in respect of income OT capital gain8 feceived within calegories coverad by Chapter 3 Part 11 of the Corporation Tax Act 2010 or S•clvn 256 of the Taxation of Chargèable Gwns Act 1992. to the extent that such income or gain$ ¥r¢ aFpld exclusNoty to charrtabkn pury)$. 2.7 T•nglbl• flx•d aM•t• •nd d•prn¢l•tl¢Jn Tangible fixed assets cosling £100 or more are caprtali$4d ¥nd recogni8ed when future econom benefits a prob8ble and the o)st of value of the awl can be measured rebably. T¥ngible fixed assets are initialty reccgnised al ¢ost. After recognitn, under the cost model. langible fixed assets a measured at cost less a¢¢umuiqted depwation and any accumulat8d imp8irmenl kjsses. All cosis incjjrred to bring ¥ tsngible fixed assel into its intended working eondition shoukl be tncluded in the measufèmènt of cost. Pag6 23
THE GRANGE FESTIVAL IA coMnY Limlt•d by Guardrtteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 AccountSng pollclm {¢ontinu•d) 2.7 T•n9lbl• fix•d a8Mt• and d•prnclatlon l¢ontlnu•dl Dew4ei#tion ¢$ thar9ed eo ats to 01jt th¢ cost of t•n9ibk fix¥d Ihelr resiuu81 value ovei their •slimat8d uselul INU. using the $travJht4ir• methc41. Depr8uatk)n 18 providod on the folhMrvJ bases.. C81ering equipment Fixtures and fittings Computer equipment Other fixod assels - 4 years 15 years 4 years - 15years 2.8 Stock• and work In progr• Stocks and woth in prtr3ress are valued at the ky•Mr of eogt and nel realisable value 8ft•r making due albwance for obsolete and 8hy•4-moving stocks Co indudes all direct $ts And an appropriate propor1n of fixed and variabL overheads. 2.9 D•btor• Tr&Y• and othor debtOTS recx)gnrngd al the settlnI anKwnl 4ft8f any trade d)nI offgred. Prnpaymènts are valued at the Amcyjnl prepaKI net of any trade discounts tJu8. 2.10C••h •¢ nk and In hnd C8$h al bank and in hand irKIO$ ¢8sh and 8hort-tem) hjghty liqu invèstmonts with a short malunty ol thi•• months or from Ihe d8t• of acquis.00 or owning of tho depxit or similar 8c¢ounl. 2.11 Ll•blllt5M •nd provS•lon• Liabilities r¢¢ognisad when Ihere 1$ an oblKJ8tion at the Balanc• Sheet dat• as a re5uII of 8 past event. it Is probabb th8t a transfer ol economK bènefit will b& rewired in 8ettJemenl, and th8 amunt ol the Bettlemnl can estimatod r•Illy. Liabilities a recognised at th8 amount that Ihe Charty anticipate5 rt will pgy lo settl& th& debt or the amount rt has re¢eiv&J as athanced payments for Ihe goods or services rt rnusl provide. Provish$ are me8suTed at the test estimate of the amounts reqLtired lo settle the obligats'on. Where the effect of the time value of money is material. the provision is based on the pSent value ol th<>se amounts. discounted at th& di8count rate that refle¢ts the risks Specif to the liability The unwinding of the discount 13 reccgnised in ts Statem&nt of Finan¢ial Activili•s 8s a finance cost. Page 24
THE GRANGE FESTIVAL IA Company Llmtt•d by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting polic5•8 Icontlnu•dl 2.12 Fln•ncbal In•trum•nt• Th¢ ¢hority onty hos finencK•l assets •nd fin•nry•l l1•bilito of a kind that 9lrfY as basic finanGi•I in$trumenls. Basic finanual instruments ao inib.ally recojnised at transactN)n value and $ub8equenlty measured at thair settlwn&nl value with the exception of bank loans whid) or• subsequentty measured at amoitis•d uwng the effethe interest m•thc<. 2.13 Op•rntJng l•a• Rentals pa undw opafaling 1oas•s are tharg&J lo ihe Stalemenl of Finawal Activities on * stravJht line basis over the kn•8e temi. 2.14 Fund •¢¢ountlng Gen8ral funds 8re unrestricted funds which are 8vailable for use at the di8uetion of tha Tru$tg05 in furthrance of the general obJ•ctNe$ ol the Chaiity #nd whth have not been d88i9nat8d lor other D¢8ign8ted furHls compri88 unreslrthd fvnd$ that 8 teen 8ot by th• Tru8le•s for particular puws. Thg Jim and us• of •ach doBvjr fund is 88t out in Ihg nol•s lo the financial statements. Restricted fund8 are funds whK •r• lo be WJ in accordance with $pth rn$tri¢ln6 Imposed by ¢Jonors or whh have teen raised by t1 Ch¥iity for particular pU)SeS. The costs of raising ¥nd administering such lund$ 8re Charged ty8¢nst the spec4r fund. 8im and ol each rttslricled fund is get oul in th• notes lo Ihe firtèntsal statements. Inve8tm8nt incm, 98ins and loMe8 are 8lkx4ted to tha appropriat• fvnd. Crltlcal aceountlng M¢lm•ts# and arna• of Judgm•nt Estimat&s and judgm•nts are continualty evaluated 8nd are b¥sed on historical experience and othgr factors, indu¢Jing expectatnS of future wgnts that ore bolved to be reasonab under th• arcumstances. Crilul accounting e8tuT1eS and assumptiin$'. The Charity makes esh'mates and as$umptions eonceming the future. Th• sU1ft9 a¢¢ounling estimates 8nd as5umptK)ns will, by dèrinrtn. sekknn equal the rekted acbjal resuts The a no estimates and assumptsons that have a $ignrfinI rLsk of carI3 a materkal a4u$th)nt to the ¢arrying amounts of assets and liabilities within the fte finanual year. Page 25
THE GRANGE FESTIVAL IA Company Limlted by Guarabrt••l NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income Irom donatlons and l•gacl Tot¥1 funds 2024 Total funds 2023 funds 2024 fund• 2024 Donatlon• Trust donations Gift aid Ticket 1kjnatn5 Friend3 donalK)n8 Olh•r donations Variou$ fund inc 42,000 49,500 195,636 524,230 244,101 557.518 7.379 93,OLXI 293.748 s,824 246,023 287,595 70,440 195.636 524,230 244.101 557.518 7.379 1,536,364 42.0 1.578,384 1,547,630 Tot•1 2024 1,$36.384 42.0 1,678,364 1.547.630 Total 2023 1,461,630 86.cw 1,547,630 Included in th989 4UnIS 1$ 8 ta$stion ol Theotr• Tax Relf income previousty induded in donations and legac8 to other incryning r•8ourc•ts. The 0)mparab. b¥lanc• of The¥lr• Tax Relief income can b• found in not 7 01 8¢¢ounts Page 26
THE GRANGE FESTIVAL IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 In¢om• from ch•ritablo activltl•8 Unr••trkt•d fund• 2024 Tt>tsl fund 2024 To181 funds 2023 Tthet income Support incc* Advertis8ment Irwm• Pavilion and marquee inco Re8tsuranl and bar incom& Progrgmme 88le$ Education progiamm• Shop sale8 Olh¢r incom• 647,890 21,500 15.450 59,787 249,189 25.928 101.921 19,311 168.290 847.690 21.S¢XI 15N50 59.707 249,189 25,928 101,921 19,311 168,290 633,225 41,512 21. 700 58,259 276,940 25,577 78,306 26,807 132,361 Total 2024 1,309,Ce6 1,309.066 1,294,087 Tol812023 1,294,087 1,294,087 Invlm•t In¢om• Unr••lrf¢t•d fund• 2024 Tot•1 fund• 2024 To181 fvnds 2023 Bank interest 9,336 2, 720 Tot•1 2024 9.336 9,336 2, 720 Tol812023 2. 720 2, 720 Page 27
THE GRANGE FESTIVAL (A Company Llmil•d by Guarnnts•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Oth•r Incoming rn8OUf¢•S Unrn•trtct•d fund• 2024 Total fund8 2024 Tol81 fund$ 2023 Spon8or8hy Irbccyne Theatr• T¥x Rel 118.5(Kl e66.437 110.$00 688,437 164,997 557.987 Totsl 2024 786.937 788.937 T22,984 Total 2023 722.984 722,984 Exp•ndltur• on r•l•Sng fund• Fundr•l•lng tradlng •xp•n• Unr••trkt•d fund• 2024 Tot•1 tund• 2024 Tot41 fvnd$ 2023 Fundr8raing expenses 85,3tr2 85.302 81,380 Tot•1 2024 85.302 85,302 81,380 Tot812023 81.380 81,380 P>3e 28
THE GRANGE FESTIVAL (A Company Limite(I by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analys18 of •xp•ndltUT• by *¢tfvtti Aetfvltl•• undartakthrt dlr•ctly 2024 Support Total lund• 2024 TnlAI fvnds 2023 2024 'r•ct 8UPF¢rt costs 2,894,929 1.Cth,6C 3,901.636 3,468,520 Totsl 2024 2.894,929 1.006.K 3,901,$35 3,466,520 Total 2023 2,583.549 882.9r1 3,466.520 Page 29
THE GRANGE FESTTVAL IA Company Limited by Guarant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Anaty818 of •xp•ndttur• by •¢tlvitl•• Icontlnu•d) Analy81• of dlro¢t ¢o•ts Totsl fund• 2024 Total funds 2023 Dlr•¢t ¢o•ts 2024 Staff co$t$ DepreciatKJn Singers and oxduckns Lun¢e fees Production staff Modèl expenses Stsg¢ and technul Producbon m8nagef Orchestra Stsge manageT8 and crv* C8lenng sts Music hire Rehear1 rc#)ms Toilet hir• Sets, costum•$ and props LKJhling and Sile ¢osts Music 8t8ff Transport and accomodalK Prizes (Singing competition) Rehegrsal r¢fre$hments Theatre refurbishment Education Art and shop purchases Fees payabkg undèr1ga8e Jazz and other product costs 47.148 158,835 451,639 47,148 158,836 451.639 2.092 124A73 7,780 20,934 25,750 271,001 183.176 219.166 11.366 39,117 29,523 487,022 62.327 206.153 65,285 75,193 10,600 2.585 9.989 132.413 18,709 115,446 117,318 18.176 154,578 322,619 (io) 722.280 5.461 23, 125 27,798 302,093 176,061 258,626 9.694 27,167 34,268 445.723 61,970 177,226 56, 708 45,497 124,473 7,780 20,934 25.750 271,001 183,175 219,166 11,3S6 39,117 29.523 487,022 62,327 2C6.153 85.285 75,193 10,5CQ 2.585 9,989 132,413 18.709 11S.448 117,318 3,308 7,541 73,381 18,948 51,662 147, 149 Total 2024 2,894,929 2,894.929 2,583.549 Total 23 2,583,549 2,583,549 Page 30
THE GRANGE FESTIVAL {A Company Limited by Guarantr•) NOTES TO THE FINANCIAL STATEMEprrs FOR THE YEAR ENOED 30 SEPTEMBER 2024 An*ly•l• of •xp•ndltur• by •¢tlvltl•¥ l¢ontinued) Analy•l• of •upport M•ts Support co•t• 2024 Total funds 2024 To181 fvnds 2023 Staff costs DepCIatIon T•mporary staff Aettin9 Lrttrralure and brcchurgs Filming and photography Poty and promolion costs 307.603 23.244 7,525 39,797 40.137 4.452 13. 307,603 23.244 7.625 39,797 40,137 4452 13,066 278,686 18,996 4,870 3. 747 40, 129 19.478 25,071 è iii Freelanco cosls Insurance To1 c08ts Printing. posloge and stalKJnary Miscellanwus Telephon• IT costs Bank and credft card tharges R¥nl and rates Programme ¢o$t8 Audit and proles8ion81 f Marking cg)8t8 302.459 20,814 23,130 31,OC6 28.664 3,304 42.678 45.345 22.231 33.400 14.898 2,85S 302,459 20,814 23,130 31,006 28.664 265.804 17,823 22,365 40,814 19,235 5,017 34,469 16,391 14,5tXI 33,540 17.252 4. 784 42.676 22,231 33.400 14.898 2.855 Total 2024 1.6,61 1.006.606 882.971 Total 2023 882.971 882,971 Page 31
THE GRANGE FESTIVAL IA Company Llmlted by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. Net Incom•lExp•nditur• Nel incornelexpenditure stated after COUnting for. 2024 2023 Auditors remuneratK)n - 8udrt Audrtors remunwatKfft- Otr serv Depreaation Oyraling lease paym•nt8 7.OSS 3.396 182.079 4.184 6, 785 3.265 173,574 4,164 196.693 187. 788 11. St•ff co•t• 2024 2023 Wages and sèlari88 Social secunty ¢08ts Conlril)ub'on to dofin•d tribUtIOn p•n¥ion 8chema8 323.952 270.533 20,335 5,994 5.993 354.761 296,862 During th• Feriod no Severa poyment$ w•re mad812023.. £NILI. Th• avw8p numtr of p•r8Ms empbytrj by Ch•rty during the year wa8 as I1.. 2024 2023 Administration 10 No employee reN ffjmuner8l rnnbng to mtye than £60,000 in ther year. The total rwnunernlion paid to key management Pernonl las listed on pag• 11 in the yeaf w88 £119.193 (2023." £82.1201. Some key managèment personnèl of the Festival 8re freeI8rrS 8nd therefo, are not InclLtded in the above slaff ¢osts. Page 32
THE GRANGE FESTIVAL IA Comp•ny Limit•d by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Tru8toM' r•munor•tion and oxp•n•o• During th& year. O Baines received a fee for lUrKraIsIng of £nil12023.. £10.0001. Dunno tha y•ar 8nd8d 30 sap1T 2024. Tmstae ewses ha¥8 been Inrr•d (2023- £NIL). 13. Tan9lbl• flx•d a•8•t• C•t•rlng Flxturm and •qulpm•nl ttlng• Comput•r Oth•r fix•d •qvlpm•nt Tot•1 Co•t Al 1 Octot4f 2023 Additions 49.504 1.109.943 10,048 105,649 855,193 2,656 2,120,289 13,783 AI 30 Sgptomber 2024 49.784 1.120,791 105,649 867,848 2,134,072 D•pr•clan Al 1 0¢1ober 2023 Charg¥ for th• y•or 442,713 89,312 55,787 23.244 123.297 57.OT7 628,097 182,079 12,446 At 30 SepteMr 2024 16,746 $32,025 79.031 180.374 e08.176 N•t book v•lu• AI 30 sfjp1thM1 2024 33,038 588,766 26,618 677,474 1.326,896 At 30 SoPtember2023 45204 667.230 49.862 731.896 1,494,192 14. Stock• 2024 2023 Paye 33
THE GRANGE FESTIVAL {A Company Llmit•d by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. Dobtorn 2024 2023 Du? wlthln on• y¢ Tode debtors Olh&r debtors Prepayments and aecrwl irto Tax r¢¢overabl 80,482 56,343 18,542 648,374 56,655 73,309 78.810 566,449 782,741 775,223 Cr•dltorn: Amounts lalllng due wlthln on• y•i 2024 2023 Olhef10on$ Trade creditors Other taxation and 8c¢Kg18tturty Other cr•drtor8 Accruals Deferred ino 304A34 10.760 28.805 188.760 96,620 21T.504 4,902 1, 156 7 7 1.397 198, 151 629.179 535, 104 2024 2023 D•f•TTgd In¢om• Del&rred Income at 1 October 223 Resources deferred during the year Amounts released from pwb)u$ peThs 198,151 219,234 96,620 198, 151 1198.161) (279,234) 96.620 198, 151 Tha deferred incc¥ne balan at<)ve indude rnon re¢eived ff(xn Friends in respect of the upcoming 2025 season It 3150 indudes rTWieS f[Wed from indNKluals wh) fold over the amounl paid in TelatKJn to the 2020 b"¢kel sal¢$ which havè been camed over lo 2025. Page 34
THE GRANGE FESTIVAL (A Company LlmSt•d by Guarnnt••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. St•t•mont of funds St•tsm?nt of fund• - curr•nt yoar B•l•n¢• ot 30 Trnn•f•rs S•pt•mb•r Inlout 2024 B•lan •t 1 O¢ttsbor 2023 In¢om• Exp•ndilur• unr••trlCt fvnd• DMlgnat•d fund• 088ignated Funds- all lund• 16,899 187,257 1178,643) 26.513 G•n•rnl fund• G•neral Fund$- all funds Fixad Ass•ts 318.162 1.494,192 3,464,446 13.684.115) 1182.0791 {13.7841 13,784 174,709 1.325,897 1.812.354 3A64.446 (3,766,194> 1,600,606 Tot•1 Unr••trl¢t•d fvnd• 1.829,263 3,641.703 13.944.837) 1,526,119 R••trtet•d lund• Restrted Funds- all funds 42.000 142,000) Total of fund• 1.829.263 3,683.703 13.986.837) 1,628.119 Page 35
THE GRANGE FESTIVAL IA Company Limried by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2024 17. Statemont of lund• l¢ontlnu•dl Stat•m•nt of fund•- prlor yr Bal8n¢e 81 30 Trats September 2023 8818rKe at 1 Odoti Unmtrl¢t•d fund• DlUn•t• fund• Education Programm8 40.027 104. 183 (127.311) 16.899 G•n•r•l fund8 Gtrn¢r81 Fund$- all funds Fixed As8¥1s 169. T83 1,599,922 3,37T.238 (3, 161.015) (173.574) 167.844) 67,844 318, 162 1,494, 192 1,769.705 3,377,238 (3,334.589) 1,812,354 Totsl Unr••trl¢t•d lund 1.809.732 3,481,421 (3,4I61,WDJ 1.829,253 R••td¢t•d fund• Restricted funds- all furbd (86,rt49) Tot•1 of lund• 1,809,732 3.567.421 (3,547.900) 1,829,253 18. St•t•m•nt of fund• DMlgnatsd Fund• The Education Programm• relates lo the Educath)n PToject for the community atvj to fund young artists lo work as wistant$ dursng the suMffr FestNal. Unrn8trlet•d Funds These funds arè the surplus of incoff* over eXpenrtU l•"h9 lo the main a¢tivity of the Charity which 1$ putting on an annual Summer Festival. Page 36
THE GRANGE FESTNAL (A Company Limiied by Guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 SEPTEMBER 2024 19. Anal1# Of n•t 8u•ts b•tw••n funds Analy81• ol not 4••01¥ belw••n fvnd•- ¢urrnnt p•rfod Unrg¥trl¢tsd funds 2024 Total fundi 2024 Tangible fixed assets CUrnt assets Creditors du• within on• year 1,325.896 1,325,896 829,402 829,402 1629,1791 1629,1791 Total 1.526.119 1,528,119 Anaty•l• of n•t ••••t• brtw••n fund•- prtor wrlod UnTrstriclod fvnds 2023 Tol81 lunds 2023 Tangible fixed 888trts Current assets Creditors tjue within one ythr 1,494, 1>2 870, 165 (535, 104) 1,494, 192 870, 165 ($35, 104J Tot•1 1,829,253 1,829,253 R•¢onclllatlon of n•t rnov•rn•nt In fund• to n•1 ¢••h flow frorn op•ratSng ¢tlvlti 2024 2023 Nel in¢omelexF•ndrture for the peiK)d Ix per Statement of Financial Adivilie81 1303.134} 19,521 AdJuBtments for. DepwKbM char DeCase1[1ncre?seI in stocks DecreasellIn¢as$I in debtors Increaselldecreasel in ueditors 182.079 {7001 17.5181 96,075 773,574 72,849 (65,261) N•t rAsh provlded by1(uS Inl owr•tlno actlvltl {33,1981 140,683 P¥ge 37
THE GRANGE FESTIVAL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 21. Anaty•h of ca¥h and ¢Mh •quiv•lortts 2024 2023 Cash in hand 46.961 94,942 Totsl ¢¥h and ¢4•h •qvlv•l•nts 45.961 94.942 An•ly•l• ol ¢h•ngM In n•t d•bt At1 Octob•r 2023 Ca•h tlow• At30 S•pt•mb•r 2024 Cash at bank and in hand Dèbt du¢ within 1 year 94.942 12,0001 {48,9811 2.000 45,961 92,942 148.9811 45.961 23. Contbng•nt Il•bllltl•• Th• Grange Fg$tiv81 knased the audrtorium and ground8 from their U4vners. Thtr Grany Hampshifg LLP with Consent from Histonc EngL4nd whKh has a Deed ol Guardwnship over the buildings and th8ir curti1¥. On 1 Nov8mb&r 2022 a D88d ol Iransfer was effected transferring the ownership ol The Grange lo The Grony Hampshire LLP. Th• lease which ¢cMmn¢ed on 8 Novemt)ef 2016 is for an initial temi of ffift8en years with an OPtn for The Grnnge Festival to rerww fty o further fth&n at its discretion. Fees are payab to Historic EngThJ and the as follows: Tumov8r f8es are payatrAe based on a percen1 of festival lumover (classrf as gross revenue from PfoductK)ns stap in May, June and July) and ex-FestNal sea8( turnover, If aWic•ble. A ba8• of £60.000 per annum Is also payable to Historic Engnd. At this $tsg¢ the Charty cannot relAbty estimats the level of festNal and ex-festwal 90n lumover il will achieve. The ty a moximum fae {indudirvJ the base fee) payatjle 01 £120,OCQ per annum up until 30 S¢ptemter 2027. 38
THE GRANGE FESTIVAL
{A Company Lirnit•d by Guarants•l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Oparatln9 l•a8• comm5tm•nt•
At 30 Septembei 2024 Chanty had commitments to make hjtufft mtnimum 18ose payments undèr
non