Roglstered number: 09828929 Charlty number: 1165859 THE GRANGE FESTIVAL (A Company Llmited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 THE GRANGE FESTIVAL IA Company Llmlted by GuarantO01 CONTENTS Page Reference and Admlnlstratlv• D•talls of the Charltablo Cornpanyi Its Trustees and Advlsèrs Report of th• Chalr TTUStegs' R•port 4-11 Ind•p•nd•nt Audltors, R•port on th8 Financlal Statements 12-15 Statement of Flnan¢lal ktlvltleg 16 8•lanc• Shoet Statement of Cash Flo 19 Nots• to th• Flnanclal Stat•rnonts 20-38 THE GRANGE FESTIVAL IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE OETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 TrustOeS Malcolm Le May, Chair from 9 February 2026 Sir Richard Mantle OBE DL, Chair lo 9 February 2026 Nicholas Allan Oliver Baines Rosamund Bgrnays. Isafgguarding Trusteel, Senior Independent Direcl¢X Douglas Rae Bindesh Shah Peter Woods, Treasurer (appointed 22 November 20241 Helen Byrne lappoinled 26 November 20241 Janliene Klein R05eboom Van Der Veer lappoinled 8 January 2025, resigned 6 SeptembeT 20251 Caroline Greenhalgh, Deputy Chair I￿SIgned 1 August 20251 Sonia Ponnusamy Iresigned 28 November 2025} Company registarad number 09828929 Charlty wlstsred number 1165859 Rogistered office Estate Offiee Folly Hill Fami Ilchen Stoke Alresford Hampshire S024 9TF President Sir Charles Haddon-cave Patrons Lord Mark Ashburton Lady Sophie Ashburton Independent audStors WR Partners Chartered Accounlanls Slatulory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Key management porsonnel Tyler Sloops. Chief Executive Officer Michael Chance. Artistic Director Michael Moody. Chief Operations Officer Raehel Pearson, Development Officer Sheila Wye, Chief Financial Officer Page 1 THE GRANGE FESTIVAL A Company Limited by Guarantee REPORT OF THE CHAIR FOR THE YEAR ENDED 30 SEPTEMBER 2025 l am delighted lo present the lalesl report and accounts for The Grange Festival. The 2025 Festival was a landmark year for all of us al The Grange Festival. We presented more performances. sold more lickels and welcomed more people to the Festival than in any of our previous years. This was achieved due lo the hard work of the whole of the Festival team our permanent staff. temporary staff. volunteers and Trustees. Our education projects have continued in 2025, reaching over 2.000 children, 230 teachers, 3,160 community members and 36 schools and we hosted our first Family Open Day attracting over 400 attendees. Of couise, none of thi5 could happen without our generous donors and supporters plus our audience, many of whom attend more than one event and return year after year. We are truly grateful lo all of you. During 2025 we also became one of The Laidlaw Opera Trust's Partner Organisalions assisting us lo reach new audience5 and we received a generous grant from the Foyle Foundation. Like any organisalion. The Grange Festival is continually evofving, and this means that new people with fresh ideas come on board bul also, sadly, that others retire or move on. During 2025 we have welcomed 2 new Trustees- Helen Byrne and Peter Woods. In addition, in September 2025. 1 announced my intention lo retire as Chair in 2026 having completed my 3 year tenure. The Board and our Patrons appointed Malcolm Le May as Chair In February 2026 In September. we announced that Michael Chance, our Athslic Director since Ihg Festival was founded in 2017 and our CEO until 2024 would retire as an executive member of the Festival team. The vibrancy and slTenglh of the Festival is a teslamenl lo Michael's delerminalion. charm, vigour and enthusiasm together with his wodd class reputation, love of opera. singing and music making. Michael has built a platform from which we will grow and prosper. While he will be sorely missed. we are delighted that he has accepted the role of Artistic Director Laureate, so his presence will remain with us both in spirrt and person. We hope to celebrate Mi¢hael's contribution lo the Festival by dedicating this yearfs performances of Giulio Cesare lo him. Finally, a thank you lo all of the people who help us deliver the Festival each year- our audiance and s￿pF￿rtel$, singer5, performers. ¢re8live teams, production teams, our management and office staff and our valued and enthusiastic volunteers. The Festival would be nothing wi(houl this loyal and supportive team and we are truly grateful for their support both financially and in embracing the new ideas and ehanges that we present to them every year. l am sure The Grange Festival has many years of artistic excellence ahead of il and I wish all those invofved every success in all of their future endeavours. Sir Richard Mantle Page 2 THE GRANGE FESTIVAL IA Company Limitgd by Guarantee) REPORT OF THE CHAIR ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 INCOMING CHAIR'S STATEMENT Our Board and Patrons asked me to become Chair of The Grange Festival in February 2026, an honour I was delighted lo accept. On beha5f of the Board and Patrons, I would like lo thank Richard for his contribution lo the development of The Grange Festival over re￿nt years. Reflecting on the 2025 Festival. we have established a solid platfom) ffom which lo grow and prosper. Our audience grew from 7.715 10 13,540 and our artlslic productions received critical acclaim both nationally and inlernalionally. We have slrenglhened our team and refreshed the board of Trustees. 2026 to my mind should be a Iransfomiational year. Tyler Sloops, our Chief Executive, has recruited a rsew Chief Financial Officer, Sheila Wye, who in addf(ion to overhauling our financial planning and management. is also ensuring the risk conlrc)l environment meets our charitable objectives. Tyler also recruited Guy Verrall- Withers, fomierty Founder and Chief Executive Officer of the highly successful Walerperry Opera Festival as Director of Audiences & Impact. Guy will help T￿er with audience and patron engagement and will work with Rachel Pearson, our Director of Development. on fvnd raising. Together wrth Michael Moody. our Chief Operating Officer and Scott Cooper. our Director of Artistic Adminislralion, they fom a strong team with which we can build on 2025's success. l am confident that together with my fellow Trustees and our excellent exeeutivè team we can continue lo evofve one of the count￿S preeminent Arts Festivals focused around opera and am much looking fomard lo the years ahead. Malcolm Le May Page 3 THE GRANGE FESTIVAL {A Company Limlted by Guarant881 TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustee5 p￿sent Iheif annual report together with the audrted financial statements of the Charitabl& Company (also referred lo as the charl￿,} for the year from 1 October 2024 to 30 September 2025. The Annual Report serves the purpose of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the Charitable Company comply wth th8 current slatulory requirements, the requirernenls of the Charitable Company's governing docurnenl and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} leffeetive 1 January 20191. Since the Charrtable Company qualifi'es 8s small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Diredors. Report} Regulations 2013 has been omitted. Objeclivos and activities a. Pollcles and objgclives The main objective of the Charity is lo advance education through the promotion, support and en¢ouragement of the art of music and drama (including opera, rnusic, drama, dancing. singing and all forms constiluling in whole or in part of music) and in particular the promotion, encouragement and appreciation of opera. The Charity's policies lo deliver this objective are to hold an annual Summer Festival, notable foT high quality prodLJCtions, and ancillary events outside the Summer Festival including a porfolio of education projects for young people. conduded in $¢hoDls and commLtnities across Hampshire and al the Grange. In setting objectives and planning for activities, the Tru$lees have given due consideration to general guidance published by the Charty C¢Jmmission relating lo public benefit. including the guidance 'Public benefrt.. running a charity IPB21'. b. Strategles for achleving oblectlves The strategies employed by the Charity lo achieve ils aims and objectives a￿ lo.. lal Present a broad range of worfd class productions, principally opera, during the main FeslNal season foT the enjoyment and edu¢alion of both our local and wider communty. Ibl Undertake a series of education projects as described in achievements and performance Ibelowl. Icl Undertake activities for both schools and adults, with a focus on the local ¢ommunily, particularly those who might othenNis¢ find it diffi'cuf( lo access such activrtie5, and maintain the relevan￿ and accessibility of these aclivilies. Page 4 THE GRANGE FESTIVAL IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 202S Objectives and activities Icontinugdl Idl Support young artists and technical staff in their development by providing scholarships and cover roles, as appropriate. lel Raise funds through lickel Sales, sponsorship and charitable donations lo fund the activities of the Charity and lo build an endowment lo protect tho future of the Charity and to fund ad hoc projects as appropriate. Ensure that a skilled and experienced management team is in place lo deliver these slralegies. Ig) Maintain an experienced and skilled Board of Trustees lo approve the strategic direction of the Charity, oversee thg implemenlalion of the strategies and lo ensure good govemance of the Charity. c. Actlvlties undertakon to achieve objectives Please refer lo the 'Achievements and performance, section of this report. d. Volunteers The Chaity is grateful for the un51inting efforts of rf(s volun18ers who engage in providing a welcoming arrival experience for Festival attendees, answer general audign¢e questions, as well as gardening and arranging flowers durFng non-performance limes. The Charity has a volunteer coordinator to ensure that volunteers understand how to best contribute their efforts and lo provide a coordinated interface lo the staff teams. We are currently reviewing our Volunteer Policy to ensure we meet all necessary standards and safeguards. This review will be complete by the 2026 Festival. •. Main activiti•$ undortaken to further the Charlty's purposes for the publlc benefit The Charity's main aclivty is the hosting of 8 Festival each summer which consists of high qualty oper8. dance and concerts lo promote music and in particular opera lo as wide a range of the general public as possible. The Charity continues lo reach out lo the less privileged members of society through ils education programme. The programme of opera is broad and varied and targeted at existing and new audiences. Every year, we also support the development of emerging talent for both the perfomiing company and creative personnel. This includes.. Engaging assistant condLtclors and assistant directors for opera productions. These roles provide highly sought after paid work for emerging artists alongside professionals for 6 to 8 weeks. The development of singers through specialist Coaching, particularly members of the Chorus who may be offered cover lundersludyl roles, in which they are Coached by our professional music staff. We provide paid plalfomis for young artists al audience insight events throughout the year. Th8 Charty engages approximately 240 people lo perform, provide technical ba¢kslage fundions and front of houseldining and Car park roles. Page 5 THE GRANGE FESTIVAL (A Company Llmlted by Guarantoel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Achievements and performance a. Maln achlevemgnls of thg Charity Our 2025 Festival was a success both artistically and al the box office. Overall we sold more lickels than for any previous festival and 630A more lickels than 2024 wlh record sales of both our opera and non-opera programmes. La Traviala sold more lick81s than any previous Festival production both by number and ticket value. Queen al the Opera sold more lickels than any previous non-opera production. We also held our first ever Family Open Day attracting around 400 individuals to the Grange for the first lime. We were delighted lo be selected by the Laidlaw Opera Trust as one of ils Partner Organisalions helping us lo build new audiences and attract younger opera goers. helping us lo deliver our Under 36 Tickets programme. The Laidlaw Opera Tiusl has committed lo fund variou5 initiatives again in 2026. b. Key performance Indicators The Charity aims lo achieve more than 900k of total box office ￿paCIty in the medium future. In 2025 we achieved this for th¢ first time since the Covid Pandemic. This has enabled us lo plan an even more ambit￿uS festival for 2026. As anlicipaled, Friends support for 2025 was largely in line wlh 2024. Trust donations were signrficanlfy higher due to significant donations although other donations were significantly down, following tsvo exceptional one- time gifts received in 2024. We are reviewing our fundraising resourcing lo improve our success in this area for 2026 and beyond. c. Review of activities The Charity performed the following operas and other productions during 2025." 8 performances of La Traviala. (Verdiil, 5 performances of Die Fledermaus IJ Strauss} and 3 performances of Le8 Indes Galantes (Rameaul, 3 perfomiances of Queen at the Opera, 2 performances of Summertime Swing. 2 performances of Berst¢in on Broadway and 1 night of Ballet Black. These all achieved crrtical acclaim and the number of seals sold was 13,373 for 24 perfomiances12024". 8415 for 18 perfoimancesl. During the year the Charty has, with Ihe help of a grant from the Foyle Foundation, implemented an overhaul of the artist areas backstage at The Grange. This investment in the sile is continuing with signrficanl inveslmenl in roof improvements over the theatre in 202&26 and additional roof work in 2028-27. d. The Grange F9S￿Val Learnlng Since 2018, The Grange Festival Learning programme has complemented The Grange Festival's artistic excellence by fostering creativity among young people, educators. and the local community. Ils mission is lo offer enriching arts opportun((ies beyond the national curriculum, promoting cntical thinking, imaginative problem- solving, and authentic self-expression. By partnering with experienced art5 educators, the programme ensures workshops and projects are delivered to the highest standard. Page 6 THE GRANGE FESTIVAL A Company Llmlted by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Achlevements and perfomian¢e l¢ontlnuodl In 2025, our education programmes.. Reached 1,816 children and young people Engaged 229 teachers Connected with 3.160 community mgmbers Involved 35 schools across primary, secondary and further education Notable projects were.. The Gosport F8slival at the Fort which involved a wid8 range of artforms and participatory experiences including giant sings and a performance from the Royal Marines Band A day of programming at The Grange for young people with the Jazz Orchestra of the Concertgebouw, including their musicians working with young jazz musicians as well as a mini-concert A schools wsil to The Grange lo see a rehearsal of Die Fledermaus with full orchestra and hear a caTeersl behind-th&scenes talk from the stage director while obseNing a changeover Teaching for Crealivily workshops with PHSE leacl)ers helping them Introdu￿ creative subjects in the classroom lo improve leaching outcomes, building out of our prior work wrth Winchester University g. Fa￿or$ relgvant lo achleve objectlves The Grange Festival has the option of an up lo 30 year lease from 2016 with English Hgritage and GE Events la partnership between The Estate of The Late Rl Hon 7th Lord Ashburton, our former Patron, and the 8th Lord Ashburton, formerty The Hon Mark Baring, a Patron and former Trusteel, which offers a secure long lemi home for the Festival. The principal funding sources of the Charity are individual lickel sales and donations. trust and foundation supports. corporalo sponsorship and advertising, catering income and retail sales including the programme book. In lotsl these enable the Charity lo deliver ils aims. f. Fundraising activitie5 and income generation On an ongoing basis. the Charty looks lo raise revenues from ticket sales, plus ancillary income from catering. sale of programmes and the grft shop. In additson, the Charity runs annual programmes for sponsorship and charitable fundraising. The Charity's main charitsble fund raising activities a￿ the responsibilty of its Development Director. Personal and inslilulional fund raising approaches ao mainly Carried out by the Development Director on a one lo one basis ftillowing introductions by Trustees and existing Friends of the organisation. The Charty does not undertake cold calling or unsolicited visits to individuals and has not received any complaints in respect of ils fundraising aclivilies. In addition, as noted above. the Chari(y has held fund raising events in order lo generate oddilional charitable funds. Page 7 THE GRANGE FESTIVAL IA Company Llmlted by Guarant991 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Achlevoments and porformancg l¢ontlnued} g. Invgstment policy and p8rformanc• The Charty does not currently make investments in stocks and shares bul occasDnally receives gifts of shares from donors. Ils policy is lo Ivjuidate these within a reasonable timescale. h. Duty to promote the success of the Charlty to achleve its charitable purposes The Trustees of the Charty are aware of this duty and continue lo promote the success of the Charty. Financial revlew a. Overvlew During the year the nel movement in funds was a deficrt of £86,69012024.. £303,135 defi¢ill. Net curr&nl assets were £148,80812024.' nel current assets of £200,223) bwth a closing cash position of £167,563 {2024.' £45.9611. Despite the challenging limes, the Charity continues to review its financial and cash po811ion on a regular basis lo ensure the Charity's viability going foTh¥ard. The ¢harty is planning lo change Its financial year lo the end of Juty. This aligns the financial year end with the performance and fundraising calendars. b. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financi81 slalemenls. Further details regarding the adoption of the going concarn basis can be found In the accounting policies. c. Reserves pollcy The policy of the Charity in the longer lemi is lo hold sufficient free reserves at a level which will enable il lo operate for a minimum of one year in the event of a significant fall in income levels plus the discretion to invest in one off ad hoc projects as appropriate. This has enabled the Charity lo.. Refurbish and equip the theat￿ at The Grange, Northinglon. Host Festivals every year since 2017 (reduced in 2020 due lo Covidl Continue plans for 2026 and future Festivals and related events. Free reserves al the year end were a surplus of £66,859 12024.. surplus £174,710). This is calculated as unrestri¢led funds of £1,439.42912024.. £1,526,119) less designated funds of £81,94912024.. £25,513) and less fixed assets of £1.290,62112024. £1,325,896). The Charity aims lo raise substantial additional funds in 2026 and beyond. Total funds for the year amounted to £1,439.429 (2024.. £1,526,119) of which £nil12024'. nil) were restricted funds. Page 8 THE GFIANGE FESTIVAL IA Company Limlted by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 d. Prlnclpal rlsks and uncertalntles The Charity has assessed the principal risks, and these include.. Continued economic uncertainty both in the UK and globally and the implications on the willingness and ability for individuals, trusts and corporates lo support artistic endeavours. health, safely and security risks inherent in the use of a historie building in a rural location ils lack of subslanli?I reserves and reliance on regular fundraising to sUPPOrt each yearfs aclivili$s in common with other perfomiing arts charities the ongoing availability of Theatre Tax Relief e. Flnanclal rlsk management oblgctlves and poli¢ie$ The Charity evaluates the risks it faces as outlined in principal risks and uncertainties, noted above, and is confident the Policies it adopts enables the Charity lo pursue ils objectives. The Trustees and Senior Management review these on a regular basis and amend as appropriate. f. Prfnelpal fundlng The principal funding SOUTces of the Charity are indwidual support, Trusts and Corporate Sponsorship which enable the Charity lo pul on high qu21ty productions each summer. Structure. governance and managomont a. Constitution The Grange Festival is a company limited by guarantee (Company number.. 098289291 and a registered Charity Icharity number.. 11658591 and is administered under its Memorandum and Articles. It was incorporated on 16 October 2015. 11 1$ not liablg lo corporation lax on ils charitable activities. The liability of the members (who are also the Directors and Tiuslees} is limited lo £10 each in the event of winding up. The principal activities of the Charity are lo hold a summer festival of opera and other entertainments and to provide and prornole edu￿tiOn of the performing arts. b. Methods of appointment or election of Tru$to•$ The Trustees have the power to appoint, with a simple majority, any person lo be a Trustee of The Grange Festival who is deerned lo have the necessary attfibules and expertise lo assist with the effective running of the company. The Board regularly reviews ils mix of skills and experience. as well as ils diversty. Organisational structure and decisionwmaking policies The strategic direction of the Charity is approved by the Board, which also oversees the operations of the Charity through sub committees of the Board le.g.. Governance. Development, Financg and Risk). The day lo day planning and operations are the responsibility of the executive team, who report regularly to the Board OT relevant sub commrtlees of the Board. Page 9 THE GRANGE FESTIVAL (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Structure. gov8rnan¢e and management Icontinuedl d. Policies adopted for the Inductlon and tralnlng ol Tiustg9$ People who are invrted lo join the Board of Trustees usually have a considerable interest in opera and the opera and the olh&r enlertainmenls conduded al The Grange by the Charty. In addilKJn, they are also likely to be equipped wi(h relevant charitable andlor business experience necessary lo make a valuable contribution to the Charity. New Truslegs are given copies of earl￿r Board minutes and company If(erature to familiarise themselves with the particulars of The Grange Festival. e. Pay policy for key managomont pgrsonnol The Trustees review pay for key management personnel on an annual basis. f. Related party rglation$hip$ Thesè are reviewed by the Charity and discussed further in note 25. g. Finan¢ial rlsk management The Twslees have assessed the major risks lo which the Charty is exposed, in particular those related to the operations and finances of the Charity, and are satisfièd that systems and procedures are in plac& lo mitigate exposure to the major risks. Plans for future perlods In 2026 the Charity plans lo pul on three opera productions over 17 nights, 2 concert performances ol an opera, 5 concerts and 2 nights of ballet. The Charty wll continue its education work with local schools and local communf(ies. The Charity also plans. over the next few years to improve the facilities at The Grange including the provision of indoor loilels, and improved access routes, handrails and ramps. The Charity is grateful for the support of its volunteers lover fifty) and hopes that this support wll continue together with the aim of increasing the use of local resources and businesses wherever possible. Members, Ilablllty The Members who are also Directors and Trustees of the Charty guarantee to contribute an a￿Ount not exceeding £10 lo the assets of the Charity in the event of winding up. Page 10 THE GRANGE FESTIVAL IA Company Limited by Guaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Statemgnt of Trustges. responslbllltles The Trustees (who are also the directors of the Charitable Company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial slalemenls in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the TNslee8 lo prepare financial slalements for each financial yeaf. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial slalements, the Trustee5 are required lo.. select suitable accounting policies and then app￿ them consistently.. observe the methods and principles of the Charities SORP IFRS 1021., make judgmenls and accounting estimates that are reasonable and prudent," stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slatemenls., prepare the financial slalemenls on the going concern basis unless il is inappropriate lo p￿Surne that the Charitable Company will continue in business. The Trustees are responsible for keeping 8dequale accounting reeords that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy al any lime the financial position of the Charitabl¢ Company and gnable them to ensure that the financial statements comply with the Companies Ad 2006. They are aSso responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable slep5 for the prevention and detection of fraud and other irregularities. Dlsclosure of information to auditors Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed that.. so far as the Trustees ar& awaro, Ihero is no relevant audit infomialion of which the Charitable Company's auditors are unaware.. and that Trustee has taken all the steps that ought lo have been taken as a Trusteg in order lo be aware of any relevant audit information and lo establish that the Charitable Company's auditors are aware of that infomatton. Audltors The auditors, WR Partner5, have indicated their w¢llingness lo continue in office. The designatsd Trusleos will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Malcolm Le May Chair of Trustees Date.. 24 February 2026 Page 11 THE GRANGE FESTIVAL IA Cornpany Llmited by Guarantoel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GRANGE FESTIVAL Opinion We have audited the financial statements of The Grange Festival Ilhe 'Charrtable Company'l lor the year ended 30 September 2025 which comprise the Slalemenl of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the related notes, including a summary of signifi'cant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting St8ndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irel8nd' (United Kingdom Generally Accepted Accounting Practs'ce}. In our opinion the financial 51alemenls'. gwe a true and fair VEW of the slate of the Charrtls affairs as at 30 September 2025 and of its incoming resources and application of resources, including ils income and expenditure for the year then ended.. have been properly prgpared in accordance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Charfties Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our Tesponsibilities under those stsndards are further described in the Auditors. responsibilities for the audit of the financial slalements Section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these reqU1￿mentS. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng concem In auditing the financial stalemenls, we have concluded that the Trustees, use ol the going concern basi5 of aecounling in the preparation of the financial Statements is appropriate. Based on the Work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable cornpany's ability lo continue as a going concern for a period of al least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilrties of the Trustees with respect lo going concem arg described in the relevant sections of this report. Page 12 THE GRANGE FESTIVAL IA Company Llmllgd by Guarant991 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE GRANGE FESTIVAL ICONTINUEDI Other infonnation The other information comprises the information included in the Trustees Report other than the financial ststements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Trustees Report. Our opinion on the financial statements does not cover the olher information and, èxcept to the extent otherwise explicitly slated in our report, we do not express any fomi of assuranee conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially incon515tent with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material incon51slencies or apparent material misslalemenls, wg are required lo delgrmine whether this gives rise lo a material misstalemenl in the financial ststemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other infornialion. we are required to report that fact. Wè have nothing lo report in this regard. Matters on whl¢h we are roquirod to report by exception We have nothing lo report in respect of the following matters where the Charities IAc¢ounls and Reports) Regulations 2008 requires us lo report lo you rf, in our opinion.. the information given in the Trustees. Report is in¢onsi$tenl in any material respect with the financial statements., or sufficient accounlir*g records have not been kept., or the financial statements ar8 not in agreement with the accounting rocords and returns., or we have not roceived all the information and explanations wg require for our audit. Responsibilities of trustees As explained morg fulty in the Trustees. Responsibilities Slalement. th9 Trustees (who are also the Directors of Ihe Charitable Company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as Ihg Trustees determine is necessary lo enable the preparation ol financial slalemenls that are free from material misslatemenl, whether due to fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Charitable Company's ability to continue as a going concern. disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo cease operations, or have no Teali51ic arternalive bul lo do so. Page 13 THE GRANGE FESTIVAL IA Company Limited by Guarant&el INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE GRANGE FESTIVAL ICONTINUEDI Audltors, responsibilitigs for the audit of the financial statements We have been appointed as auditor under section 144 of the Charrties Act 2011 and report in accordance wrth the Act and relevant regulatsons made or having effect Ihereundor. Our objectives are lo obtsin reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an AudiloTS' Report that includes our opinion. Reasonable assurancg is a high level of assurance, but is not a guaranlge that an audit conducted in a￿OrdanCe with ISAS IUKI will always delect a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could roasonably be expected to influence the economic decisions of users taken on the basis of thes6 financial $lalemenl8. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wrth our responsibilities. outlined above, lo delecl maleiial misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capabl¢ of delecling irrègularities, including fraud is detailed below.. We reviewed the sU￿ept1bIlity of the Charitable Company's financial statements lo material misslalemenl and identified the principal risks, implementing a series of testing pr¢xedures to provide us with sufficient comfort lo issue our opinion. We reviewed the Charitable Company's regulatory environment lo ensure we could conclude that it had acted in accordan￿ with the framework relevant to the charitable company and ils environment and Identify any instances of non depos11 is included when receivable and the amount ean be measured reliably by the Charity.. this is normally upon notification of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Taxation The Charty is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, tho Charity is potentially exempt from taxation in respect of income or capital gains received within categories eovered by Chapter 3 Part 11 tsf the Corporation Tax Ad 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that Such income or gains are applied exclusively to charf(able purposes. 2.7 Tanglble flxed assets and depreclation Tangible lixed assets costing £100 or more are capilalised anty recognised when future economic benefits are prc4)able and the cost or value of the asset can be measured ￿lIablY. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible rixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Page 21 THE GRANGE FESTIVAL (A Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting poli¢les l¢ontinued 2.7 Tangible flxed assets and depre¢lation Icontlnuedl Depieciation is charged so as to allocate the cost of tangible fyxed assels less their residual value over their estimated useful lives, using the slr8ighl-line method. Oeprecialion 15 promded on the following bases.. Short-temi leasehold property Catering equipment Fixtures and fittings Computer equipment Other fixed assets 8 years 4 years 15 years 4 years 15 years 2.8 Stocks and work in progress Stocks and work in progress are valued al the lower of cost and nel realisable value after tnaking due allowance for obsolete and slow-moving sl(Kk$. Cost Includes all direct costs and an appropriate proportion ol fixed and variable overheads. 2.9 Dobtors Trade and other debtors are ￿COgnised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash al bank and in hand includes cash and short-lem highly liquid investments with a short maturrty of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.11 Llabllltlo$ and provisions Liabilities are recognised when there is an obligation at the Balanc& Sheet date as 8 result of a past event, il is probable that a Iransf8r of ewnomic benefit will be required in settlement, and the amount of the settlement can be eslimaled ￿lIablY. Liabilities are recognised al the amount that the Charity anticipates il will pay lo sellle the debt or the amount It ha5 received 88 advanced payments for the goods or services il mvsl provide. Provisions are measured at the best estimate of the amounts required 10 5ellle the obligation. Where the effect of the lime value of money is rnaterial, the provision is based on the present value of those amounts, discounted al the pr&-lax discount rale that reflects the risks specific to the liability. The unwinding of the discount is ￿e0￿nISed in the Statement of Financial Aetivrties as a finance cost. Page 22 THE GRANGE FESTIVAL IA Company Llmited by Guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng policies Icontinuedl 2.12 Financial instrumgnt$ The Charity only has financial assets and financial liabilities of a kind that qualify as bas￿ financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Operating leases Rentsls paid under operating leases are charged lo the Statement of Financial Activities on a slraighl line basis ¢)ver the lease term. 2.14 Fund accountlng General funds are unreslricled funds wh￿h are available for use al the dixretion of the Trustees in furtherance of the general objectives of the Charity and which have not been desi9naled for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial slatemenls. Restricted fvnds are funds which are lo be used in accordance with speerfic restrictions imposed by donors or which have been raised by the Charty for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial slalemenls. Investment income. gains and losses are allocated lo the appropriate fund. Crili¢al accountlng estlmates and areas of judgment Eslimales and judgmgnts are continually evaluated and are based on historical experience and other factors, Including expectations ol future events that are believed lo be reasonable under the ircumslances. Cri(ical accounting eslimales and assumptions.. The Charrty makes eslimales and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition. seldom equal the related actual results. There are no eslimales and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities wlhin the next financial year. Page 23 THE GRANGE FESTIVAL {A Company Limltsd by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 In¢ome from donatlons and legaclos Unrestrlctsd Restrlctod fvnd$ fund8 2025 2025 Total funds 2026 Tol81 funds 2024 Donatlons Trust donations Ghl aid Ticket donal¢onJ Frionds donations other donations Various fund incom• 240.000 234.528 685.846 236.838 213,395 6.064 98,000 338,000 234,528 685.848 238,838 213.395 6.084 49.500 195,636 524,230 244, 101 557,518 7,379 1.616,671 98,000 1.714.671 1,578,364 Lega¢i•s 272.630 272,630 272,630 272,630 Total 2025 1.889,301 98,000 1.987,301 1,578,364 Tot812024 1,536,364 42,000 1,578,364 Page 24 THE GRANGE FESTIVAL IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Income from charitsblo a¢tlvltles Unrestricted funds 2025 Total funds 2025 Total funds 2024 Tick81 in¢om9 Support income Advertisement income Pavilion and marquee income Restaurant and bar income Programme sales Education programme Shop safes Other income 753,898 13,000 9,850 91,485 301,261 29.070 110,406 34.358 43,096 753,898 13,000 9,850 91,485 301,261 29.070 110.406 34.358 43,096 647,690 21,500 15,450 59,787 249, 189 25.928 101.921 19,311 168.290 Total 2025 1,386,424 1,386,424 1,309,066 Total 2024 1.309.066 1,309,066 Investment income Unrestrlcted funds 2025 Total funds 2025 Tot funds 2024 Bank interest 4,609 4,609 9,336 Total 2025 4,609 4,609 9,336 Total 2024 9,336 9,336 Page 25 THE GRANGE FESTIVAL IA C¢)mpany Llmltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Othar incoming r8source* Unrostrlcted funds 2025 Total funds 2025 Total funds 2024 Sponsorship In¢ome Theatre Tax Relief 77,500 556,924 77,500 556.924 118.5tXJ 668.437 Tolal 2025 634,424 634.424 786.937 Tol812024 786,937 786,937 Expondlturo on ralslng fund$ Fundralslng trading expenses Unrestrlcted funds 2025 Total fund¥ 2025 Total funds 2024 Fundraising expenses 70,578 70.676 85.302 Totsl 2025 70,576 70.576 85,302 Totsl 2024 85,302 85,302 Page 26 THE GRANGE FESTIVAL IA Company LIMIt￿ by Guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Analy$l¥ of oxpendlture by actlvlt108 Actlvltlos undertaken dlr¢¢tly 2025 Support ¢o$ts 2026 Total funds 2026 Tot funds 2024 Direct and 8UPPOrt co$1$ 3,015,642 1.013,230 4,028,872 3,901,535 Total 202S 3,015,642 1,013,230 4.028.872 3,901,535 Total 2024 2,894,929 1.006,606 3,901,535 Page 27 THE GRANGE FESTIVAL {A Cofflpany Llmlted by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Analysis of •xp8ndituro by activities {continuedl Analysis ol direct costs Total funds 2025 Total funds 2024 Dlrect costs 2025 Staff costs Depreciation Singers and conductors Licence fees Production stsff Model expenses Stage and technical Production and Company Manager Orchestra Stage managers and crew Catering costs Music hire Rehearsal rooms Toilet hire Sets, costumes and props Lighting and sound Sile costs 90,001 165.172 453,815 2,777 130.624 6,000 46.120 39,200 354.931 152,794 302,748 8.122 27,441 43,131 330,369 78,721 147,226 98,171 58,051 90,001 165,172 453,815 2.777 130,624 6,000 46,120 39,200 354,931 152,794 302,748 8,122 27,441 43,131 330,369 78.721 147.226 98,171 58.051 47, 148 158. 835 451, 639 2,092 124.473 7, 780 20,934 25, 750 271,001 183, 775 219, 166 11,356 39.117 29,523 487,022 62,327 206, 153 65,285 75.193 10,500 2,585 9.989 132,413 18.709 115,446 117,3Y8 Music staff Transport and accomodalion PrEes Isinging competition) Rehearsal refreshments Theatre refurbishment CowProduction Costs Art and shop purchases Fees payable under lease Jazz and other production costs 7,711 31.295 246,053 22.397 107.171 65,601 7.711 31,295 246.053 22.397 107,171 65.601 Total 2025 3,015.842 3,015,642 2,894,929 Total 2024 2,894,929 2,894,929 Page 28 THE GRANGE FESTIVAL IA Company Llmlled by Guarante9} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Analysls of expendlture by actlvities lcontinuedl Analysi$ of support costs Support costs 2025 Total funds 2025 Tot funds 2024 Staff costs Depreciation Temporary staff Advertising Literature and biochures Filming and photography Paty and promotion costs Freelance costs 377,958 11,429 S.906 57,416 15,494 4,373 8,018 225,910 377,958 11,429 5,906 57.416 15,494 4,373 8,016 225,910 307, 603 23.244 7.525 39,797 40,137 4.452 13,066 302,459 k lil Insurance Travel costs Printing. postsge and stationary Miscellaneous expenses Telephone IT costs Legal fees Bank and credit card charges Rent and rates Programme costs Audit and professional fees Marketing costs 41,824 21,053 22,067 32,139 3,723 41.016 5,545 33,569 16,809 32,249 25,658 31,076 41,824 21,053 22,067 32,139 3.723 41.016 5,545 33,569 16,809 32.249 25,658 31,076 20,814 23,130 31,006 28,664 3,304 42,676 45,345 22,231 33,4LX) 14.898 2,855 Total 2025 1.013,230 1,013.230 1,006. 606 Tot812024 1,006,606 1,006,606 Page 29 THE GRANGE FESTIVAL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 10. Net IncomelExpendlture Nel incomelexpendilure is stated after accounting for. 2025 2024 Auditors remuneration - audit Auditors remuneration - other servi￿5 Depreciatio Operating lease payments 11,300 4,240 176,602 4,089 7,055 3,395 182,079 4,164 196,231 196. 693 11. Staff costs 2025 2024 Wages and salaries Social securi(y Costs Contribution lo defined contribution pension schemes 418.478 43,633 5,848 323, 952 24, 806 5, 993 467,959 354, 751 During the period no severance payments were made12024'. £NILI. The average number of persons employed by the Charrtable Company during the year was as follows.. 2025 No. 2024 No. Adminislralion 13 10 The number of employees whose employee benefrts (excluding employer pension costs) exceede £60,000 was". 2025 2024 No. In the band £60,001- £70.000 The lolal remuneration paid lo key management personnel las listed on page 11 in the year was £376,18912024.' £337,637). Some key management personnel of the Festival are freelancers and therefore, are not included in the above staff cost$. Page 30 THE GRANGE FESTIVAL {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. Trustees. remuneration and expens&s During the year, no Trustees received any remuneration or other benefits {2024- £NIL). During the year ended 30 September 2025, expenses lolalling £2,811 were reimbursed or paid directly to Richard Mantle.12024 £Nill. 13. Tangible fixed assets Short-temi leasehold Caterlng Fixtures Computer Oiher flxed property èquipment and fittings equipment aysets Total Cost Al 1 October 2024 Additions 49.784 1.120,791 35,406 105,649 857,848 88,104 2,134,072 141,327 17.817 At 30 September 2025 17.817 49.784 1.156,197 105.649 945.952 2,275.399 Depreclatlon Al 1 October 2024 Charge for the year 16,746 12.376 632.025 88.806 79.031 11,429 180.374 63,063 808,176 176.602 928 At 30 September 2025 928 29,122 620.831 90,460 243,437 984,778 Net book value At 30 Sèptember 2025 16.889 20,662 535.36 15.189 702.515 1.290,621 AÉ 30 Sgplember 2024 33,038 588. 766 26,618 677.474 7,325,896 14. Stocks 202S 2024 st￿k 700 Page 31 THE GRANGE FESTIVAL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEfvIBER 2025 16. Dgbtors 2025 2024 Due withln one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 57.474 95,506 46,755 557,100 60,482 55.343 18,542 648,374 766,835 782, 741 18. Creditors- Amounts falling dug Within one year 2025 2024 Trade creditors Other laxalion and soeial secunty Other croditors Payments received on account Accruals and defer￿d income 408.652 10,936 20.404 44,007 291.592 304,434 10,760 28,605 285,380 775,590 629. 179 2025 2024 Deferred Income Deferred income at 1 October 2024 Resources deferred during the year Amounts released from previous periods 96,620 198. 151 136,S69 96,620 (96.6201 (198, 151) 136,569 96,620 The deferred income balance above include monies received from Friends in respect of the upcoming 2026 season. 11 also includes unexpired customer credit balances and unexpired gift vouchers which have been carried over lo 2026. Page 32 THE GRANGE FESTIVAL IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 17. Statement of funds Statement of funds - current year Balance at 30 Tran$fars Soptomber Inlout 2025 8alance at 1 October 2024 Income Expenditure Unrèstricted funds Designated funds De5ignal&d Funds - all funds 26,513 110,406 153,970) 81,949 Goneral funds General Funds- all funds Fixed Assets 174,709 1,325.897 3,804,352 13,868,876) 1176,6021 143,3261 141,326 66,859 1.290.621 1,500,606 3,804,352 14,045,478) 98,000 1,357.480 Total Unrestrlcted funds 1,526,119 3.914,758 14,099,448) 98,000 1.439,429 Restricted funds Fixed assets 98,000 198.000} Total of funds 1,526,119 4,012,758 14,099,448) 1,439,429 Page 33 THE GRANGE FESTIVAL IA Company Limited by Guarantegl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 17. Statgmont of funds Icontinuèdl Statefflent of funds - prior year Balance al 30 Septembei 2024 Balance 81 l Oclob&r 2023 Transfws in/out Income Expendilu UnreStrI￿od funds Designated funds Designated Funds- all funds 16.899 787,257 (178,643) 25.513 Gen•ral funds General Funds- all funds 318, 162 1,494. 192 3,454,446 {3,584, 115) (182.079) (13, 784) 13, 784 174, 709 1,325,897 Fixed Assets 1,812, 354 3,454,446 (3, 766, 194) 1,500, 606 Total Unrestrlcted funds 1,829, 253 3.641. 703 (3,944,837) 1,526, 119 Restrlcted funds Reslricled Funds- all funds 42,000 (42,000) Total of funds 1,829.253 3.683. 703 (3.986.837) 1,526. 119 18. Statement of funds Oe$ignated Funds The Education Programme relates ID the EdLtcalion Project for the wider communty and lo fund young artists lo work as assistants during the Summer Festival. Unrostricted Funds These funds are the surplus of income over expenditure relating lo the main activity of the Charity which is pulling on an annual Summer Festival. Page 34 THE GRANGE FESTIVAL A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 19. Analysi$ of n8t assets between funds Analysis of net assots betW99n funds - Current year Unrestricted funds 2025 Total funds 2025 Tangible fi'xed assets Current assgls Creditors due within one year 1,290.621 924,398 1775,5901 1,290,621 924,398 1775.5901 Total 1,439.429 1.439,429 Analysls of net assets between funds- prior year Unreslricled funds 2024 Total funds 2024 Tangible fixed assets Current assets C￿dito￿ due within one year 1,325,896 1,325,896 829,402 829,402 (629, 179) (629, 179? Total 1526,119 1,526, 119 Reconciliation of net movement In funds to net cash flow from operating activltles 2025 2024 Nel expenditure for the year las per Slalement of Financial Activiliesl 186,6901 (303, 134) Adjustments for: Depreciation Charges oecrea5ellincreasel in stocks Ilncreasel in debtors Increase in creditors 176,602 700 25,906 146,411 182,079 f700J {7,518) 96,075 Not cash provided byllused In) operating activities 262,929 {33, 198) Page 35 THE GRANGE FESTIVAL IA Company Llmited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 21. Analysls of cash and cash gquivalents 2025 2024 Cash in hand 167.563 45,967 Total Cash and cash equlvalgnts 167,563 45,967 22. Analysls of changes in net debt At1 October 2024 Cash flows At30 September 202$ Cash at bank and in hand 45,961 121,602 167,563 45,961 121,602 167,563 23. Contingent1SabllStles The Grange Festival has leased the auditorium and grounds from their owners, The Grange Hampshire LLP with consent from Historic England which has a Deed of Guardianship over the buildings and their curtilage. On 1 November 2022 a Deed of transfer was effected transferring the ownership of The Grange lo The Grange Hampshire LLP. The lease which commenced tsn 8 November 2016 is for an initial lerrn of fifteen years with an option for The Grange Festival to renew for o further fifteen years at its discrotion. Fees are payable lo Historic England and the landowners as follows.. Tumover tees are payable based on a percentage of festival tumover (classified as gross revenue from productions stsged in May. June and July) and ex-Festival season turnover. if applicable. A base fee of £60.000 per annum is also payable lo Historic England. At this stage the Charity cannot reliably gstimate the level of festival and ex-festival geason lumover il will achieve. There is a maximum fee lincluding the base feel payable of £120.000 per annum up until 30 September 2027. Page 36 THE GRANGE FESTIVAL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEP118ER 2025 24. Oporatlng 1ga$e commltments AI 30 September 2025 the Charity had commitments lo make future minimum lease payments under nonacancellable oporaling leases as follows". 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 4.184 5,211 4. 164 9,375 9,375 13,539 The following lease payments have been recognised as an expense in the Statement of Financial Aclwilies". 2025 2024 Operating lease rentals 4,089 4, 164 25. Related party transactions A lease has been granted lo The Grange Festival on The Grange premises. These premises aTe owned by The Grange Harnp5hire LLP. The financial temis of this lease are set out in Note 23. The Charity occupied offic8 premises comprising approximately 1,000 squaie fee owned by The Grange Hampshire LLP since March 2016 and has a lease al an annual rent of £11,000. Lord Mark Ashburton (Patron and former Trustee) is the managing partner of The Grange Hampshire LLP. Al the year end the Charf(y owes The Giange 4ampshire LLP £Nil12024.. £41,245). Total expenditure of £56,689 12024.. £55,864) with The Grange Hampshire LLP was incurred in the year which relates lo premise5 Costs being mainly reimbursement of rent and other related costs and fees due on festiv81 turnover as described in paragraph 4 of note 23. The Grange Hampshire LLP were enlilled lo such fees since 2022 bul waived these fees In 2022 and 2023. Lord Mark Ashburton {Palronl receives eight free tickets per production lo the festival each year by virtue of his position as landlord. Included within debtors are oulslanding balances due from Trustees lotalling £15.772 12024.. £32,880> and included wthin other creditors are oulslanding balances due lo Trustees totaling £Nil12024.. £4,200). Page 37 THE GRANGE FESTIVAL IA Company Llmltod by Guaranteo) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2026 26. Contlngent A¥$et A$ at 30 Sepl8mber 2025 the Charty had pledges of £309,00012024.' £309,000) of which £4,00012024.' £4,000) had b¢an rec6ived al the dale of these accounts. Many of the pledges related to donors who are making their donations over ￿0]three years and have already paid instsllment8. £300.000 12024.. £300,000> of the pledges relates to the capital proje¢t. Since the year end, no pledges ￿lating lo the capital projed have been received12024.. £NIII. Page 38 Document Activity Report Document Sent Tue. 24 Fob 2028 11'.15.-11 GMT Document Actlvlty Hl8tory Docurnent hlstory shows most r•c8nt g¢tlvltyfir$l Dat• Actlvlty Tue, 24 Feb 2028 11'.30'.11 GMT Malcom Lemoy Approved tho document Tue, 24 Feb 2026 11'.18:00 GMT Document Sent You can verify that this is a gnuine Portal document by uploading it to the followng secure web page.. http8:Ilwrifp.•¢¢ountantspa¢•.co.uklmessagesN•rlfyDocum•nt