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•nG￿l 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$t•g• Sir Richard Mantl8 OBE DL. Chair Caroline GraÈAhAJgh ￿pity c￿1r Ni¢holas Allan Oliver Baines Daniel Benl¢)n Iresigngd 20 February 20241 RosamurKI Bemays. (Safeguardin9 Trustee Jènttene Klain Roseboom Van Der Veer lapwnted 8 January 20251 Hel8n Byme lapwnted 26 Novemtw 20241 Mal¢olm Le May. {Audrt Trusteel Sonkq Ponnu88my laFwJinl•d 6 May 2024) DwgLqs R8e ntjesh Shah Philip Williams Iresignfjd 1 May 20241 Petor Wocrfjs lappoint￿ 22 Nov8mber 20241 Company r•yl•t•r•d numb•r 09828¥29 Charlty r•gl•t•r•d numb•r 1165859 R•gl•t•r•d offl¢• Estate Offi Folly Hill Fam Itthen Stoke resford Hampshire S024 9TF Pr••ldont SK Char* Had￿￿48¥8 P*tron• Lord Ashburton Lady soph￿ ASh￿rton Ind•p•ndont •udltor8 WR Partne charte￿ A¢￿untants Belmont Hoy8e Shrewsbury Business Park Shrewsbjry Shropshi SY2 6LG Key man•g*m•nt p•r8onn•l Tyler Stc4)ps. Chief Executive Off￿er lappornted June 2024) Michael Chance, Arts'stic th"rector Page 1 THE GRANGE FESTNAL (A Company Llmli•d by Guarant••) REPORT OF THE CHAIR FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Chair presgnls his ststement for th* year. I wn pleasod lo present the ￿t report and ac£ounts for The Grang8 Festsval. The 2024 Festival has bean 8 Erty￿erful achievem@nl ttf AyrJl.IIEhnr￿. all oiTrr pr0dUd￿n9 and performane•t recewing critical and a￿d￿nce acdaim. even thwgh the environment for ticket sales fgmainod chaI￿ngIng. Based on this Success l am haF¥)y to ffjport that the board and staff team have laid p￿n$ 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 bu*ne88 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 incept￿n in 2017 we have reached afi Inflection winl buikling on the S￿¢•$1￿ ol the p88t and our obJoctNe IB to * 8 Iwh $tr8t•gy lo generate artistic flourishing and finana81 resilien¢•. In July 2024. we wamily welcom•d Tyl•r StOOP8 as our new ch￿ ExecutNe to k*ad the Gr¥nge Fe6tival team, (including Artistic Director Michael Ch8nr*l Tyler brin9$ an incredible wealth ol kn¢)wl•dgtr 8nd experience of opera, MUS￿ and arts, lO￿th￿ wrth a spirit of inspiration. Collaboral￿n and 4fflbrt￿ to our future strategy and I ￿rSOnallY look lo￿ard to hi$ L*¥dership and to wothing wrth hwn. His oryival h88 onc4urgged fundamtrntal re-thinkiThJ of what an 0por￿M￿S¢ hslival ￿ be for our current limès, Ènd we are addressing th* QFPOrtunty to build WKler rrm diverse aud￿n￿ 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 int￿at￿In<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- Dan￿1 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 - He￿n 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 delibarat￿n$ 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 activrt*s are outlined later in this report 11 begins to demonstrate Ihal a5 a vital arts oryanisatKJn can bring suth posits.ve social IMp￿t 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 el￿tr￿S 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 oF*Tr. 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￿$1¢￿4￿c￿l *t lorni drwry th• FQhV• of rygab"vfty. •xc4lb8nc• ￿ Imaginabon. aNI ng mtiaftingful to rw Ilm•s". At The Grw F•sfr'va *• to ont•rtau) and enwJr• Ih•t *nd mu•k mak• rrnaning for q¥•rycrn. 81r Rkhard M•nll• OBE DL Chilr ol Tru•t••• D*t•'. Pape 3 THE GRANGE FESTIVAL IA Company Limited by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees pr￿ent theif annual report together wrth the avdiled financial stalemeTts of the Charitsb Company labso refer￿4 to as the "Charity'l for the year from 1 Octobar 2023 10 30 September 2024. The Annual Report serves th¢ pUrrP￿ of t(Jth a Tnjstees. reFQrt and a dire¢tors' rerort under o)mpany law. The Trustees confimi thal Ihe Annual Report and financ￿1 statements of the Charrtabltr Crynpany comply with the current statutory requirements. the requirements of the Charrta￿* Comp8ny's governing ¢Jocument and the provisions ol the Statement ol Recommended Pract￿* ISORPI applicabb to charitios preparing their bc¢ounls in accordance with the Finana¥l Reporting Standard appl￿b￿ in the UK and RgpuWi¢ of Ireland IFRS1021 (effective 1 January 2019}. Since the Charitabla Company qualrf*s as snall under section 382 01 Compani&s Act 2006. Ihtr Slrate9lC Report required of mgdium ond large ¢￿pan￿$ under the CompanK•S Ad 20C6 IStrale9ic Report and Directors. Report) Regul81￿n$ 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• pr￿￿1￿, enC￿r89emfrnt 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 EdUcat￿n 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 F*cpk• ag8d 7 to 23 y•8r8. In setting oty'ectives and planning lor 8¢tivil*s. Ihtr Trustees have given due consideration to 9on*ral guid8n published by the Charty Commjssion iejab.ng to public benefiL Induding the gU￿4n¢¢ 'Publi¢ bonefit,. running charity IPB21'. Page 4 THE GRANGE FESTIVAL IA c*￿￿panY Llm1t￿ by Guarante•) TRUSTEES. REPORT ICONTINUEO} FOR THE YEAR ENDED 30 SEPTEMBER 2024 Objectlv•8 and aetlvltl•8 Icontinu•dl b. Strat•gln for •Chi￿1ng obj•ctiV•8 The strategies 8mpkJy8d by the Chanfv to aCh￿e 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 Sa￿S. 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 drfr￿ft to access such actwili88, $0 0$ to maintain th• relevance and gccossibility ol these actNiti8s. Idl Support young artist8 and lfjchnul $18ff in th￿r devebwmnl by providino e4)ver rde8 and awards. lel Undertake a 8erie8 of educat￿ prqecls aB d8Bcribgd in •chI￿•Man1¥ and perfomwnce Ibglowl. If) To ensure tho1 a skilw and experienced man8g•menl le8m is in ￿8c8 to daliver th•8e str8leg*¥. (gi To maintsin an expentrnced and skilled Board of Tru$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•rt*k•n to •¢hhv• obJ•¢tlv Please refer to Ihe'Achi￿emtnts 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 provis￿n, gard•ning and od hoc help In the office with mailings. The Chanty has a volynl••r coordir￿1 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• Ch*rlty* 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 var*d and tsr9eted at oxistin9 and audien￿8. Every yèar, we also supw th• deVelO￿￿nt of •mwging talent for both the perfomiing company and creativ• p8r8onnel. This includes.. Engaging assistant conduthrs an<1 assi$1onl difectcrfs for •gth ofour productions. These robs wov￿8 hvJhly sought after paid work for omergin9 art￿ts alongsidg professionals for 8 to 8 weeks. The d&velopm&nl of singers through speu"alisl coaching. parbcu¢ady memt4ts of the chorus who may té offered cover lundersludyl rol•s. in whth they a￿ coached by our professonal music staff. In 2024 we awarded prozed to tsvo mgmbers of Ihtr chorus and one ￿ a mtrmber ¢f the te¢hnical crew for their contribution to Ihe season. This was agrefjd by a pand ol F￿le and was sp•cifically funded for 2024. Wo p￿VIde platfoms for young artists to ￿rforM throughout the year 8$ well 38 providing facilrt*$ for other art$ Organisat￿n9 to rehearse, perfom) andlor rKord their work. In Juty, followin9 the end of the Fesiival we hoslgd a production of Into the Wo￿1$ 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$b"val pr•view ta￿8 and recitals leading up to the Fe8trval The Charity engaw approximatety 240 peop￿ to F*rtom. provhle t8¢hnKal ba¢kstag• fvnction$ and front ol houseldining and car park role3. Page 6 THE GRANGE FESTIVAL (A Company Lirnited by Guarantoe) TRUSTEES. REPORT leoP￿INuED} FOR THE YEAR E14DED 30 SEPTEMBER 2024 A¢hlw•m•nts and perfonn*nco . 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 Pr￿arts$s whth was O￿ned lor Invited guests from our felatr)nships wrth schools and partner chantable organisations Following on Irom tho 2024 Season. the Chèrty is aiming to 8th￿Ve 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 pO￿ti¥•. The Chanty aims to contrnu8 rts portfolio of work for young people and lo ex￿ftd 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 Bal￿1 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 provis￿n of perynanent lavatories, a studio, recrtal room and new and improved scenery dock f8rAlit￿s. 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 &XfS*llAnrs* 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 8elf*xpression. By partnenng Wrth experierKed arts •du>ors, the programme ensures workshop8 and projects ar8 dalivered to the h￿h￿St stsndard. In 2024, Th• Gr•ng• Fo•tJv•l L••rnlthg rn•ch•d 2,179 young people W 7 1023 36 schtr)l$, Colleges and educat￿nal in8titulb)n8 2,290 ¢ommunty audwce wrth limrted a¢¢ess lo the art8. 2024 Hlghll9hts Come and Create.. In partnernhip with Al in Educat*)n, 70 young pecwe wnc•w¢d, created. and performed Al and Us. their own 0ri9inal youth opera &xpk*nng artrficial intelligence. Over five Int•n81 d8ys, participants used artrfia81 intwlipnce tools to craft a storyline, compose music, choreograph dances. and design staging They Itamed to ask ins￿htful queslK)ns. ¢rilically assess Al-géneraled ideas, and Integrate them into their artisbc vs$ion. The P￿.eCt de￿10￿￿ 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$KJn whith they celebrated al th& first Festival at the English Hèrit4e Fort BroCkhU￿1 attended by ngarfy 3.000 pètspl8 in July. Hlghllqhts In¢lud•d: Giant Sin9. 650 pTimary xhool children p•rfomwd From Way Up Here. a song wcle Inspired by focal legend$ Flight" Secondary students choreographad darKe p￿CeS inw'red ty Gosport's rn$ilienl brent gees6. Proms.. 1,000 young inslrurnentalists ￿rfOrmed at Fort Bio¢khurst in the Gosport and Fareham Youth Or¢he8tra. A weekend of community events induded a Cell￿h, open sewons, and an exhibition Show￿81n9 Gosport's heritay and ¢ieatNty. Wild Hampshire". In parthership with the Universty of Winchester, 350 prmnary school children &Jdres8ed local sustainabilty challenges through mu￿c, dan¢e. wrth"rvJ. and design Their original works culminated in a vtbrant showcase at The Grange Theatre. This proj'ect. which loslers confidence and Trmaginative problem-thing. has teen shcrfuisted for th8 Mus* ènd Drama Award for ExrEllence in Primary Education. Open Houstr. Nearly 300 young Fe0p￿ expenenced live opera through the th'scover Opera evenl. Young singers from the Understudy S¢heme perlomwd scenes from Tosca. offering many p¥rticipants their first taste of live theatre. The Grange Foslival Leaming pYcgr¥mme inspir8$ ￿•tIVIty. buikls confthnce. and fo$t&rs 8 lifelong pass+Jn for the arts. By delivering innovats.ve and inclusive projects. it continuos lo Iransfom) li￿, hel￿￿9 participant$ develop essentsal life skills and discover their FQtentsal. Paga 8 THE GRANGE FESTIVAL (A Company Limited by Guarartt￿l 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 Y￿r 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. tom￿rIY Th• Hon Mark Baring. a Patron and fom*r 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¢ Sp￿SorShIp. 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 ba￿S 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 stoc*s and $h¥res but occa$Kinalty I￿elVeS 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•rtt*bl• purpo• The Tru$lee8 ol the Charity are aw8re of Ihis duty a￿1 ¢onts"nue to the SU￿esS ofthe Charty. Page 9 THE GRANGE FESTIVAL IA Company Limit•d by Guarantsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Fln•n¢l#l rnvS•w . Ov•r4l•w Thg Charity wa6 able to pui *Jh Th¢ 2024 Festyval as pL•nn•d lyd ￿n￿rited from the increase in thè iat• ol Thgalre Tax Credit from 20% to 45% for the period 27.10.2021 to 31.3.2025. The March 2024 budg•t ¢onfimied that the long-tem ral& ￿11 btr 40% from 31.3.2025. DufllVJ the yO8f the net movement in funds a deficit of £303.134 12023". £19,521 sU￿lUSI Nel current assets wer8 £200.223 12023.. nel current assets of £33s.r￿lI wth a clos'ng cash posrtion of £45.961 12023 '. £94,942). DeS￿'te the challenging lifnes. the Charity ￿ntInueS lo ￿Vie￿ ils financial and ¢a$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. FUrt￿r 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 Suffic￿nI free reBeNeB at a I￿1 whth will enable il to operate lor a minimum of one year in the e￿nt of 8 s9nffj￿n1 fall in irKom• knvfjls plus th• discffjlion to invest in one off gd p￿leCt9 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 ￿$t￿"¢led ftjnds. d. Prln¢ip•l rl*k• and unc•rtalntl The Charty has 8s8•S8•d the prinupal nsks, and th•se include.. The economi¢ ¢lim8le. and its impltcation$ on future sUp￿t from indmduals. trusts and corporates The dis￿nb"nu8nce of any chantable tax ￿l￿ts H80th, $8lety and security risks inh•rent in the use of a histor￿ buihJirKJ in ¥ rural kxat*Jn o. Fln4nc5al rilk manag•m•nt obj•¢tivM and polkl•8 Th8 Charity walu8le$ the risks it I￿S as ouuined in principal risks and uncert8intw. noted above, and is confid&nt the poliC￿S il adopts eTrab￿s 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$tered Charity (Chanty numt•r". 11658591 and is ath)inistered under ts M8rrmndum and Arbcl88. It is not l￿ble to ¢orpy8lion tax on its charitsble activibe8. The liability ol the MOMI￿r8 are akno the th'rectors and Trust•esl ffj limited to £10 each in Ihtr event of winding up. The Pfineipal g¢livibes ol the Chaiity are lo hold a summer l•slival ol wra ar￿ other entertainment8 and to providè gntj Pf¢mote education ol the performing arts. b. M•thod• of •ppolntm•nt or •l•¢tlon of Tru•t• The Tru8tees have the k%)wor to appoint. ￿th a simp￿ majority. any p•r8on lo te a Trust￿ of Th¢ Grangt Festival who is d••m¥d to have the nKossary attributes and expertl8e to assist with Ihe effeth've running of the CoM￿ny. The Board reguloty oviews rt8 mix of thll$ and 8x￿rIenCe. as ￿11 as rts diversty. c. Organl••tlon*l *truc￿r• •nd d•¢l•k*n4n•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 reSpon￿bA￿ of th• exxutNe te*n, vtho r•p)rt regularly to the Board or rebvanl $ub committees of the 8oard. d. P¢llclM adopt•d for th• InduC￿on •nd tr•lnlng ot Tru•t• Paopl• who are invited to join the Boa￿ of Trustee$ u$u81ty have a consvJar8ble Interest in opera and th¢ opèra 8rKI the olher entertainments conductod at The Grange by the Charity In addit￿n. they are also likgly lo be ￿uIpped with relevant ch8rrtable andlor bu￿ne$S experience necessary to make a Valuab￿ contribution lo the Charity New Trust89s a￿ given cOp￿S 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(mr￿1 on an annual ba*. f. R•lat•d p•rty relatlon•hlp• The3e are rev*w•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 m*n•g•m•nt Thp. TriJ*tpps havo aSSoswI major risks lo whiLth th& Chanty is in partieular thosÉ+ roL4t4>d to th operalK*ns and finances of the Charity, and are satssfied that Syst￿n8 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 facl1rt￿S at The Gran￿ including Ihe provi8*Jn ol changing rcom5 Wrth permar￿t 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•. St*tsm•nt of Tru•t•M' r••pOn•lbll￿I 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 State￿nts 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$tentty,' observe the methods and principth of the Chanti8s SORP IFRS 1021,. make judgments and accounting estmates that are reasonab￿ and rxudenl", state vthether appluble UK Accwnts'ng Standards IFRS 1021 havè b8¥n fol￿8￿, subj￿1 to any material departures disdosed and eXp￿Ined in the financial statements, and prepare Ihe financial stalements on Ihe going concem basis Un￿$S rt is InapF¥opriat8 to pr8sum8 thgt tha Chantable Company will continue In bU￿ness. The Trustees are respon￿ble 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 cc￿panY 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 onl0￿￿11¢n to *uditorJ Eoth of1￿ p•rnon• •r• T￿*t￿¥ 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• Cunpa￿s wditm are una¥are. and that Trust•e haj tak￿ all the steps that LX4*t to hav¢ kwi l•ken a¥ ¥ TNstse in to be tsf y rde¥ont informolion arnl to eSlaLli8h Ihat the Ch•rilat4e com￿￿￿8 •udrtors are •wafe of thot Au¢Htor¥ Th• audltorn. WR Partnws, h•v• I￿licat•d thwr *iU*YJr•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 compr*se the St8lement of FinanrJ81 Activities. the Balance Sheet. the Statemont of Ceah Flowa and the reloled notes, induding a suminary of sryiilfi￿rIL y￿AlurIt117Y 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 app1￿0b￿ in the UK and Republic of Ireland, IUnit•J ￿"rt￿n 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 Saptfjm￿r 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 reSponS￿lI1rtles under thostr standards are furth•f doscn'bed in the Auditors, r•4)onsibililie8 for Ihe audit of the financial stat￿￿nIS 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 0￿rtY•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 condit￿nS th81. Individually or colle¢lively, may cast sign￿￿an* 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$8d for is8¢Je. Our responsibilitiès arKI the reS[￿s￿lI111￿ of Ihe Trustees with re4)e¢l to g(xng conc8m ar• deKriked in the relevant sections of th18 report Page 14 THE GRANGE FESTIVAL IA Company Limitèd by Guarants•l INOEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GRANGE FESTNAL ICONTINUEOI Oth•r Inforn)atlon The other infomiation comprises the Infonnat￿ induded in th8 TnJstee5 Report other than the financial statements and our Audrtors. Report thereon. The Twstees are responsib￿ lor the other infoirn8lKin contsined williiri Tiu¥tees Reyuil Oui UPiiiKNi Vti fiii4iiLi￿l ¥lotviiwiiib ￿ rivl wv¥i Ili¥ vlli¥i iriluiiii¥tivii ¥iid, except to the extent othe￿ise explicitly ststed in report. do ntst express any form ol assuronco conclLtsion Ihereon. Our responsibility Is to re•J the other infornation and. In doing 80. con$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 th*r• 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 informatK*n given in th¥ Tw$lge$' R•F*)rt 1$ inwnsistsnt in any material r88P8Ct wth the finanaal $18l•m&nts. ¢y Suff￿lent accounting rwrds have not b88n kopt", or th* finan¢41 $tat8ments are not in agreement wth the ￿cOUn￿ng r￿￿d9 and retums,. or we have not received all the Inforwnal￿an and txplanabons wuiro for our audit. RMpon•lbllltSM of tru•t••* AS explarned MO￿ fulty In the TN$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 preparn￿n 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$, or have no realistic attem¥lNe but to do so. Page 15 THE GRANGE FESTIVAL IA Company Limited by Guarant••l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GRANGE FESTIVAL ICONTINUEDI Auditors, rnspon•lbllltI￿ for the audit of th• fin•ncl•l •tat•m•nts We have been aFpointese amounts. discounted at th& di8count rate that refle¢ts the risks Specif￿ to the liability The unwinding of the discount 13 reccgnised in ts Statem&nt of Finan¢ial Activili•s 8s a finance cost. Page 24 THE GRANGE FESTIVAL IA Company Llmtt•d by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting polic5•8 Icontlnu•dl 2.12 Fln•ncbal In•trum•nt• Th¢ ¢hority onty hos finencK•l assets •nd fin•nry•l l1•bilit￿o of a kind that 9￿lrfY as basic finanGi•I in$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 furth*rance 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¢l￿n6 Imposed by ¢Jonors or wh￿h 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 expectat￿nS of future wgnts that ore bol*ved to be reasonab￿ under th• arcumstances. Crilul accounting e8tuT￿1eS and assumptiin$'. The Charity makes esh'mates and as$umptions eonceming the future. Th• ￿sU￿1ft9 a¢¢ounling estimates 8nd as5umptK)ns will, by dèrinrt￿n. sekknn equal the rekted acbjal resuts The￿ a￿ no estimates and assumptsons that have a $ignrfi￿nI rLsk of ca￿rI3 a materkal a4u$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 1kjnat￿n5 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,$36.384 42.0 1,678,364 1.547.630 Total 2023 1,461,630 86.cw 1,547,630 Included in th989 4￿UnIS 1$ 8 ￿ta$s￿￿tion ol Theotr• Tax Rel*f income previousty induded in donations and legac￿8 to other incryning r•8ourc•ts. The 0)mparab.￿ b¥lanc• of The¥lr• Tax Relief income can b• found in not* 7 01 8¢¢ounts Page 26 THE GRANGE FESTIVAL IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 In¢om• from ch•ritablo activltl•8 Unr••trkt•d fund• 2024 Tt>tsl fund 2024 To181 funds 2023 Tthet income Support incc* Advertis8ment Irwm• Pavilion and marquee inco Re8tsuranl and bar incom& Progrgmme 88le$ 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 Inv￿lm•￿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 Rehear￿1 rc#)ms Toilet hir• Sets, costum•$ and props LKJhling and Sile ¢osts Music 8t8ff Transport and accomodalK Prizes (Singing competition) Rehegrsal r¢fre$hments Theatre refurbishment Education Art and shop purchases Fees payabkg undèr1ga8e Jazz and other product￿ costs 47.148 158,835 451,639 47,148 158,836 451.639 2.092 124A73 7,780 20,934 25,750 271,001 183.176 219.166 11.366 39,117 29,523 487,022 62.327 206.153 65,285 75,193 10,600 2.585 9.989 132.413 18,709 115,446 117,318 18.176 154,578 322,619 (io) 722.280 5.461 23, 125 27,798 302,093 176,061 258,626 9.694 27,167 34,268 445.723 61,970 177,226 56, 708 45,497 124,473 7,780 20,934 25.750 271,001 183,175 219,166 11,3S6 39,117 29.523 487,022 62,327 2C6.153 85.285 75,193 10,5CQ 2.585 9,989 132,413 18.709 11S.448 117,318 3,308 7,541 73,381 18,948 51,662 147, 149 Total 2024 2,894,929 2,894.929 2,583.549 Total 2￿3 2,583,549 2,583,549 Page 30 THE GRANGE FESTIVAL {A Company Limited by Guarantr•) NOTES TO THE FINANCIAL STATEMEprrs FOR THE YEAR ENOED 30 SEPTEMBER 2024 An*ly•l• of •xp•ndltur• by •¢tlvltl•¥ l¢ontinued) Analy•l• of •upport M•ts Support co•t• 2024 Total funds 2024 To181 fvnds 2023 Staff costs Dep￿CIatIon T•mporary staff A￿etti￿n9 Lrttrralure and brcchurgs Filming and photography Poty and promolion costs 307.603 23.244 7,525 39,797 40.137 4.452 13. 307,603 23.244 7.625 39,797 40,137 4452 13,066 278,686 18,996 4,870 3. 747 40, 129 19.478 25,071 è iii Freelanco cosls Insurance To￿1 c08ts Printing. posloge and stalKJnary Miscellanwus Telephon• IT costs Bank and credft card tharges R¥nl and rates Programme ¢o$t8 Audit and proles8ion81 f Mark￿ing 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- Ot￿r 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 numt*r of p•r8Ms empbytrj by Ch•rty during the year wa8 as I￿1￿.. 2024 2023 Administration 10 No employee r￿eN￿ ffjmuner8l￿ rnnbng to mtye than £60,000 in *ther year. The total rwnunernlion paid to key management Pernon￿l las listed on pag• 11 in the yeaf w88 £119.193 (2023." £82.1201. Some key managèment personnèl of the Festival 8re freeI8r￿rS 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 lUrK￿raIsIng of £nil12023.. £10.0001. Dunno tha y•ar 8nd8d 30 sap1￿￿￿T 2024. Tmstae ewses ha¥8 been In￿rr•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•cl￿an 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 SepteM￿r 2024 16,746 $32,025 79.031 180.374 e08.176 N•t book v•lu• AI 30 sfjp1thM￿1 2024 33,038 588,766 26,618 677,474 1.326,896 At 30 SoPtember2023 45204 667.230 49.862 731.896 1,494,192 14. Stock• 2024 2023 Paye 33 THE GRANGE FESTIVAL {A Company Llmit•d by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. Dobtorn 2024 2023 Du? wlthln on• y￿¢ Tode debtors Olh&r debtors Prepayments and aecrwl irto Tax r¢¢overabl 80,482 56,343 18,542 648,374 56,655 73,309 78.810 566,449 782,741 775,223 Cr•dltorn: Amounts lalllng due wlthln on• y•*i 2024 2023 Olhef10on$ 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 2￿23 Resources deferred during the year Amounts released from pwb)u$ peTh*s 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) fol￿d 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$- all funds Fixad Ass•ts 318.162 1.494,192 3,464,446 13.684.115) 1182.0791 {13.7841 13,784 174,709 1.325,897 1.812.354 3A64.446 (3,766,194> 1,600,606 Tot•1 Unr••trl¢t•d fvnd• 1.829,263 3,641.703 13.944.837) 1,526,119 R••trtet•d lund• Restr￿ted Funds- all funds 42.000 142,000) Total of fund• 1.829.263 3,683.703 13.986.837) 1,628.119 Page 35 THE GRANGE FESTIVAL IA Company Limried by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2024 17. Statemont of lund• l¢ontlnu•dl Stat•m•nt of fund•- prlor y￿r Bal8n¢e 81 30 Tra￿￿ts September 2023 8818rKe at 1 Odot*i Unmtrl¢t•d fund• D￿lUn•t•￿ fund• Education Programm8 40.027 104. 183 (127.311) 16.899 G•n•r•l fund8 Gtrn¢r81 Fund$- 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 suMff￿r FestNal. Unrn8trlet•d Funds These funds arè the surplus of incoff* over eXpen￿rtU￿ ￿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. Anal￿1# 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 CUr￿nt 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 ($35, 104J Tot•1 1,829,253 1,829,253 R•¢onclllatlon of n•t rnov•rn•nt In fund• to n•1 ¢••h flow frorn op•ratSng *¢tlvlti 2024 2023 Nel in¢omelexF•ndrture for the peiK)d Ix per Statement of Financial Adivilie81 1303.134} 19,521 AdJuBtments for. DepwK*bM char DeC￿ase1[1ncre?seI in stocks DecreasellIn¢￿as$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 ¢c*Mmn¢ed on 8 Novemt)ef 2016 is for an initial temi of ffift8en years with an OPt￿n for The Grnnge Festival to rerww fty o further fth&n at its discretion. Fees are payab￿ to Historic Eng￿ThJ 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 Eng￿nd. 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 of which £4.000 {2023.. £13,000) had been received al the dale of aCc￿nts. Many of the pledge5 related lo donors w￿) are making their d￿ationS over tr4r￿three ond have alfeaty pahl instalments £300.000 12023.. £300,000) ol the p￿dgeS relates to Ihe Gapitsl proJecL Since the year end, no p￿ge5 olaling lo tho cal￿￿4 project have teen ￿£￿ed(2023." £N￿l. P8ge 39