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← The Henley Festival Trust

2024-10-31-accounts

Charity number: 1174338 Registered number: CEO10828

THE HENLEY FESTIVAL TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

THE HENLEY FESTIVAL TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 9
Consolidated statement of financial activities 10
Consolidated balance sheet 11
Charity balance sheet 12 - 13
Consolidated statement of cash flows 14
Notes to the financial statements 15 - 37

THE HENLEY FESTIVAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024

Trustees Trustees
A Mallin
Lord H D Leigh
J Hobbs
S Laing, Chairman
M Homer
M Head
M Smith
S Mukerji (appointed 1 August 2025)
Charity registered
number
1174338
Principal office
Leander Club
Henley-On-Thames
Oxfordshire
RG9 2LP
Chief executive officer
J Bausor
Independent auditors
FLB Audit LLP
Chartered Accountants
Statutory Auditors
1010 Eskdale Road
Winnersh Triangle
Wokingham
United Kingdom
RG41 5TS
Bankers
Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN
Solicitors
The Head Partnership
2 Duke Street
Henley-on-Thames
RG9 1UP

Page 1

THE HENLEY FESTIVAL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2024

The Trustees present their annual report together with the audited financial statements of The Henley Festival Trust for the year ended 31 October 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

The purpose of the charity is the advancement of the arts which includes musical, visual, literary, dramatic or any other arts, and the promotion and widening of public appreciation and interest in the arts in Henley-onThames and the surrounding area and other such places as the Trustees may from time to time determine for the benefit of the public.

The organisation carries out its purpose in two main ways:

1) through the provision of the annual Henley Festival; and

2) by supporting emerging talent, both on the stage and behind the scenes, and working with local and national organisations that widen access and participation in the arts and improve the diversity of those involved in the arts.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake and in respect of public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

2024 saw another successful Festival and further opportunities under the RISE programme, which aims to inspire and support the next generation of talented musicians, artists and technicians aiming to work in the creative arts industry. This year showcased the talents of nine musical acts on a dedicated RISE stage, displayed exhibitions from four visual artists, and hosted four backstage crew students, working with internationally acclaimed sound and lighting companies.

Financial review

Review of Financial Result

The charity recorded a net expenditure before taxation of £129,993 ( 2023: £167,679 net income) . This takes reserves to £601,016 ( 2023: £739,140) .

Reserves policy

The Trustees are committed to maintaining sufficient unrestricted reserves to ensure that the charity can continue to promote its aims within the local community and support emerging talent more widely, and have set a target to maintain unrestricted funds between £400,000 - £500,000. The Trustees are satisfied that the current level of reserves is within the target range.

Going concern

The Trustees are of the opinion that the Charity has adequate resources to continue to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Page 2

THE HENLEY FESTIVAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Review of fundraising activities

The charity benefits from the generous support of the Patrons’ Club for which the Trustees are extremely grateful. Funds are also raised through the Friends membership scheme which offers various levels of support, each attracting a range of benefits, and from corporate sponsorship, corporate members and donors.

The charity has a targeted approach to fundraising, and the CEO is supported by a specialist fundraising team. The charity’s fundraising activities conform to all recognised standards and any complaints are dealt with by the CEO. There were no complaints received by the charity with regard to its fundraising activities during the year.

Review of subsidiary trading activity

Commercial activities are carried out by a wholly owned subsidiary, Henley Festival Limited. The Trustees were satisfied with the profit after taxation of £34,655 (2023: £54,265).

Structure, governance and management

Constitution

The Henley Festival Trust is a registered charity, number 1174338, and is registered as a Charitable Incorporated Organisation.

Organisational structure

The management of the Group and the Charity is the responsibility of the Trustees who are elected under the terms of the constitution of the Charitable Incorporated Organisation.

A Chief Executive Officer is appointed by the Trustees to manage the day to day operations of the charity and a qualified accountant is appointed as Finance Director. The charity liaises regularly with its lawyers, accountants and professional advisers.

Trustee induction and training

New Trustees are provided with an introduction to the Charity, its organisation and an overview of its operations. Trustees are made aware of training opportunities and updates in charity law.

Key management remuneration

The pay of senior staff is reviewed annually by the Trustees, with reference to comparable organisations and to the local area.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity and the trading subsidiary. The Trustees are satisfied that adequate systems are in place to safeguard the assets. Cashflow forecasts are prepared and reviewed on a regular basis to ensure that liabilities can be met as they fall due and to provide assurance that both are operating as going concerns.

Related parties

The charity owns 100% of the share capital of Henley Festival Limited, a company which carries out the commercial activities. Details of transactions with related parties are given in note 28 to the accounts.

Page 3

THE HENLEY FESTIVAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Plans for future periods

The aim for this and future years is to build upon the success of recent years and continue to:

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees on

Page 4

THE HENLEY FESTIVAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

_______ and signed on their behalf by: 19 Aug 2025 Sb

S Laing Trustee

Page 5

THE HENLEY FESTIVAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST

Opinion

We have audited the financial statements of The Henley Festival Trust (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

THE HENLEY FESTIVAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 7

THE HENLEY FESTIVAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Page 8

THE HENLEY FESTIVAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST (CONTINUED)

FLB Audit LLP

Chartered Accountants Statutory Auditors 1010 Eskdale Road Winnersh Triangle Wokingham United Kingdom RG41 5TS 19 Aug 2025

Date:

FLB Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

THE HENLEY FESTIVAL TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024

Note
Income and
endowments from:
Donations and
legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
Net
(expenditure)/incom
e before taxation
Taxation
13
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Designated
funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
175,000
-
175,000		 Restricted
funds
2024
£
-
25,226
-
-
25,226
-
43,289
43,289
(18,063)
-
(18,063)
18,578
(18,063)
515		 General
unrestricted
funds
2024
£
2,819
3,130,390
797,492
43,241
3,973,942
497,584
3,588,288
4,085,872
(111,930)
(8,131)
(120,061)
545,562
(120,061)
425,501		 Total
funds
2024
£
2,819
3,155,616
797,492
43,241
3,999,168
497,584
3,631,577
4,129,161
(129,993)
(8,131)
(138,124)
739,140
(138,124)
601,016		 Total
funds
2023
£
2,500
3,249,293
827,164
14,274
4,093,231
520,393
3,405,159
3,925,552
167,679
(14,727)
152,952
586,188
152,952
739,140

All income and expenditure derive from continuing activities.

The notes on pages 15 to 37 form part of these financial statements.

Page 10

THE HENLEY FESTIVAL TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2024

2024 2024 2023 2023
Note £ £
Fixed assets
Tangible assets 14 2,559 3,456
2,559 3,456
Current assets
Debtors: amounts falling due within one year Debtors: amounts falling due within one year Debtors: amounts falling due within one year 16 453,201 364,900
Cash at bank and in hand Cash at bank and in hand 535,636 795,219
988,837 1,160,119
Creditors: amounts falling due within one
year 17 (376,213) (400,268)
Net current assets 612,624 759,851
Total assets less current liabilities 615,183 763,307
Creditors: amounts falling due after more
than one year 18 (14,167) (24,167)
Total net assets 601,016 739,140
Charity funds
Designated funds 20 175,000 175,000
Restricted funds 20 515 18,578
General unrestricted funds
Total funds		 20 425,501
601,016
~~—_—~~		 545,562
739,140
The
financial		 statements were approved and authorised for
issue		 by the Trustees
on
_______and signed on their behalf by: and signed on their behalf by:

19 Aug 2025

S Laing

The notes on pages 15 to 37 form part of these financial statements.

Page 11

THE HENLEY FESTIVAL TRUST

CHARITY BALANCE SHEET AS AT 31 OCTOBER 2024

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors: amounts falling due after more than
one year
16
Debtors: amounts falling due within one year
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Net assets
Total net assets		 915,380
204,411
534,666
1,654,457
(324,009)		 2024
£
2,559
10
2,569
1,330,448
1,333,017
(14,167)
1,318,850
1,318,850		 915,380
208,528
772,938
1,896,846
(384,506)		 2023
£
3,456
10
3,466
1,512,340
1,515,806
(24,167)
1,491,639
1,491,639

Page 12

THE HENLEY FESTIVAL TRUST

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2024

2024 2024 2023
Note £ £
Charity funds
Designated funds 20 175,000 175,000
Restricted funds 20 515 18,578
General unrestricted funds
General funds 20 1,143,335 1,298,061
Total general unrestricted funds
Total funds		 20 1,143,335
1,318,850
~~ae~~		 1,298,061
1,491,639
The
financial		 statements were approved and and
authorised		 for issue by the Trustees Trustees
on
_______and signed on their behalf by: and signed on their behalf by: and signed on their behalf by:
. 19 Aug 2025 19 Aug 2025

S Laing

Trustee

The notes on pages 15 to 37 form part of these financial statements.

Page 13

THE HENLEY FESTIVAL TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2024

Cash flows from operating activities
Net cash provided by operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
(292,078)
43,241
43,241
(10,745)
(10,745)
(259,582)
795,219
535,637		 As restated
2023
£
162,458
14,274
14,274
(10,988)
(10,988)
165,744
629,475
795,219

The notes on pages 15 to 37 form part of these financial statements

Page 14

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1. General information

The Henley Festival Trust is a charitable incorporated organisation, registered in England and Wales. In the event of the charity being wound up, the members of the charitable incorporated organisation have no liability to contribute to its assets and no personal responsibility for settling its debts. The charity's registered number is 1174338 and registered office is The Leander Club, Henley-on-Thames, Oxfordshire, RG9 2LP. The nature of the charity's operations and principal activities are that of operating a music festival.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Henley Festival Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 Going concern

The charity has prepared forecasts for the next two years and the Trustees believe that with the ongoing support of its Patrons and careful financial management the charity will have sufficient reserves to continue to operate for the foreseeable future.

Page 15

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from charitable activities is recognised at the fair value of the consideration received or receivable for tickets, parking, mooring and souvenir programme sales, together with sponsorship fees and concessions receivable and is shown net of VAT and sales taxes.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred in support of expenditure on the objects of the charity and include the management and administration of the charity's activities.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 16

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.6 Taxation

The charitable parent entity is exempt from taxation on its activities. The trading subsidiary is subject to taxation on its activities. For the trading subsidiary tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the charity operates and generates income.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery - 25% and 33%

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Debtors

Trade and other debtors are recognised 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 at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 17

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 18

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Doubtful debt provisions

The trustees have reviewed outstanding debtor balances within the Charity and its subsidiary at the year end date, with reference to post year end receipts, aging of debts and other relevant information relating to specific balances and based on the results of that review have formed a judgement about the appropriate level of provision for doubtful debts at the year end date.

As part of the review of debtor provisions, the trustees have also considered the recoverability of the amount owed by the subsidiary to the Charity. The trustees have concluded that as the subsidiary has returned to profitability and has several years of successive profits, there is not a need for providing against that balance in the individual entity Charity balance sheet as the subsidiary is capable of repaying it over time.

4. Income from donations and legacies

Donations
Donations		 Unrestricted
funds
2024
£
2,819
Unrestricted
funds
2023
£
2,500		 Total
funds
2024
£
2,819
Total
funds
2023
£
2,500

Page 19

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

5. Income from charitable activities

Charitable activities
Charitable activities		 Restricted
funds
2024
£
25,226
Restricted
funds
2023
£
37,886		 Unrestricted
funds
2024
£
3,130,390
Unrestricted
funds
2023
£
3,211,407		 Total
funds
2024
£
3,155,616
Total
funds
2023
£
3,249,293

Page 20

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

6. Income from other trading activities

Income from non charitable trading activities

Catering and hospitality income
Other trading income
Catering and hospitality income
Other trading income		 Unrestricted
funds
2024
£
784,172
13,320
797,492
Unrestricted
funds
2023
£
826,624
540
827,164		 Total
funds
2024
£
784,172
13,320
797,492
Total
funds
2023
£
826,624
540
827,164

Page 21

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

7. Investment income

Unrestricted
funds
2024
£
Bank interest
43,239
Interest receivable
2
43,241
Unrestricted
funds
2023
£
Bank interest
14,273
Interest receivable
1
14,274		 Total
funds
2024
£
43,239
2
43,241
Total
funds
2023
£
14,273
1
14,274

8. Analysis of expenditure on charitable activities Summary by fund type

Direct costs
Direct costs		 Restricted
funds
2024

£
43,289
Restricted
funds
2023
£
19,308		 Unrestricted
funds
2024
£
3,588,288
Unrestricted
funds
2023
£
3,385,851		 Total
2024
£
3,631,577
Total
2023
£
3,405,159

Page 22

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

9. Analysis of expenditure by activities

Direct costs
Direct costs
Analysis of direct costs
Artist costs
Event costs
Sponsor and fundraising support costs
Marketing costs
PRS fees
Freelance costs
RISE costs		 Activities
undertaken
directly
2024
£
3,163,795
Activities
undertaken
directly
2023
£
2,952,158		 Support
costs
2024
£
467,782
Support
costs
2023
£
453,001
Charity
2024
£
968,263
1,873,529
44,771
89,735
47,374
96,834
43,289
3,163,795		 Total
funds
2024
£
3,631,577
Total
funds
2023
£
3,405,159
Total
funds
2024
£
968,263
1,873,529
44,771
89,735
47,374
96,834
43,289
3,163,795

Page 23

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Artist costs
Event costs
Sponsor and fundraising support costs
Marketing costs
PRS fees
Freelance costs
RISE costs		 Charity
2023
£
896,716
1,738,372
36,218
103,388
57,853
100,303
19,308
2,952,158		 Total
funds
2023
£
896,716
1,738,372
36,218
103,388
57,853
100,303
19,308
2,952,158

Analysis of support costs

Staff costs
Depreciation
Office costs
Professional costs
Finance costs		 Activities
2024
£
314,450
897
119,344
32,346
745
467,782		 Total
funds
2024
£
314,450
897
119,344
32,346
745
467,782

Page 24

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

9. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Office costs
Professional costs
Finance costs
10.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
The auditing of accounts of associates of the Charity
All non-audit services not included above		 Activities
2023
£
304,311
1,218
115,034
31,450
988
453,001
2024
£
5,400
2,700
2,500		 Total
funds
2023
£
304,311
1,218
115,034
31,450
988
453,001
2023
£
4,950
2,485
2,315

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
265,238
21,522
27,690
314,450		 Group
2023
£
266,366
20,738
17,207
304,311		 Charity
2024
£
265,238
21,522
27,690
314,450		 Charity
2023
£
266,366
20,738
17,207
304,311

Page 25

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

11. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Employees
The number of employees whose employee
£60,000 was:
In the band £90,001 - £100,000
In the band £100,001 - £110,000		 Group
Group
Charity
Charity
2024
2023
2024
2023
No.
No.
No.
No.
9
9
9
8
benefits (excluding employer pension costs) exceeded
Group
Group
2024
2023
No.
No.
1
-
-
1		 Charity
2023
No.
8

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

During the year, key management personnel received remuneration of £147,886 ( 2023: £136,462).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 October 2024, no Trustee expenses have been incurred (2023 - £NIL) .

13. Taxation

Corporation tax
Current tax on net (expenditure)/income for the year
Total current tax
Deferred tax
Origination and reversal of timing differences
Total deferred tax
Taxation on net (expenditure)/income		 2024
£
8,131
8,131
-
-
8,131		 2023
£
4,324
4,324
10,403
10,403
14,727

Page 26

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

13. Taxation (continued)

The tax assessed for the year is higher than ( 2023 - lower than ) the standard rate of corporation tax in the UK of 19% ( 2023 - 23% ). The differences are explained below:

Net (expenditure)/income before tax
Net (expenditure)/income multiplied by the standard rate of corporation tax
in the UK of 19_(2023 - 23%)._
Effects of:
Charitable activities not subject to taxation
Variances in tax rates
Total tax charge for the year		 2024
£
(129,993)
(24,699)
32,830
-
8,131		 2023
£
167,679
38,566
(22,205)
(1,634)
14,727

Page 27

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
14.
Tangible fixed assets
Group and Charity
Cost or valuation
At 1 November 2023
At 31 October 2024
Depreciation
At 1 November 2023
Charge for the year
At 31 October 2024
Net book value
At 31 October 2024
At 31 October 2023		 Plant and
machinery
£
16,412
16,412
12,956
897
13,853
2,559
3,456

Page 28

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

15. Fixed asset investments

Charity
Cost or valuation
At 1 November 2023
At 31 October 2024
Net book value
At 31 October 2024
At 31 October 2023		 Investments
in
subsidiary
companies
£
10
10
10
10

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity
number place of business
Henley Festival Limited 02284295 Leander Club, Henley On Catering and
Thames, Henley-On-Thames, Hospitality Services
England, RG9 2LP
Class of Holding Included in
shares consolidation
Ordinary 100% Yes

Page 29

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

16. Debtors

Due after more than one year
Amounts owed by group undertakings
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
68,549
-
369,905
14,747
453,201		 Group
2023
£
8,004
-
347,856
9,040
364,900		 Charity
2024
£
915,380
Charity
2024
£
67,987
30,358
91,318
14,747
204,410		 Charity
2023
£
915,380
Charity
2023
£
2,729
188,157
8,601
9,040
208,527

17. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
10,000
29,276
8,131
15,918
12,987
299,901
376,213		 Group
2023
£
10,000
17,739
4,324
26,017
22,255
319,933
400,268		 Charity
2024
£
10,000
28,727
-
5,402
12,987
266,893
324,009		 Charity
2023
£
10,000
17,546
-
18,773
22,254
315,933
384,506

Page 30

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

18. Creditors: Amounts falling due after more than one year

Bank loans
Financial instruments
Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised
cost		 Group
2024
£
14,167
Group
2024
£
973,011
Group
2024
£
(390,381)		 Group
2023
£
24,167
Group
2023
£
1,151,077
Group
2023
£
(187,605)		 Charity
2024
£
14,167
Charity
2024
£
1,639,709
Charity
2024
£
(324,009)		 Charity
2023
£
24,167
Charity
2023
£
1,887,805
Charity
2023
£
(172,443)

19. Financial instruments

Financial assets measured at amortised cost comprise of cash, trade debtors, other debtors and amounts owed by group undertakings.

Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, amounts owed to group undertakings, accruals and other creditors.

Page 31

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

20. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Designated Funds
CRF Grant
RISE
Restricted funds
RISE
Total of funds		 Balance at 1
November
2023
£
545,562
150,000
25,000
175,000
18,578
739,140		 Income
£
3,973,942
-
-
-
25,226
3,999,168		 Expenditure
£
(4,085,872)
-
-
-
(43,289)
(4,129,161)		 Taxation
£
(8,131)
-
-
-
-
(8,131)		 Balance at
31 October
2024
£
425,501
150,000
25,000
175,000
515
601,016

Page 32

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
- all funds
Designated
funds
CRF Grant
RISE
Restricted
funds
RISE
Total of funds		 Balance at
1 November
2022
£
436,188
150,000
-
150,000
-
586,188		 Income
£
4,055,345
-
-
-
37,886
4,093,231		 Expenditure
£
(3,906,244)
-
-
-
(19,308)
(3,925,552)		 Taxation
£
(14,727)
-
-
-
-
(14,727)		 Transfers
in/out
£
(25,000)
-
25,000
25,000
-
-		 Balance at
31 October
2023
£
545,562
150,000
25,000
175,000
18,578
739,140

21. Summary of funds

Summary of funds - current year

General funds
Designated funds
Restricted funds		 Balance at 1
November
2023
£
545,562
175,000
18,578
739,140		 Income
£
3,973,942
-
25,226
3,999,168		 Expenditure
£
(4,085,872)
-
(43,289)
(4,129,161)		 Taxation
£
(8,131)
-
-
(8,131)		 Balance at
31 October
2024
£
425,501
175,000
515
601,016

Page 33

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Summary of funds (continued)

Summary of funds - prior year

General funds
Designated
funds
Restricted
funds		 Balance at
1 November
2022
£
436,188
150,000
-
586,188		 Income
£
4,055,345
-
37,886
4,093,231		 Expenditure
£
(3,906,244)
-
(19,308)
(3,925,552)		 Taxation
£
(14,727)
-
-
(14,727)		 Transfers
in/out
£
(25,000)
25,000
-
-		 Balance at
31 October
2023
£
545,562
175,000
18,578
739,140

Restricted fund

The restricted fund relates to income received in the current year for the RISE programme which aims to create opportunities for emerging talent to learn, perform and flourish. The income was received in order to cover specific costs of the charity and the income and the costs that it related to have thus been treated as restricted

Designated fund

The designated fund, CRF grant, as at 31 October 2024 had a balance of £150,000 ( 2023: £150,000 ). This fund relates to grant income received from a government body which aims to support cultural organisations and charities which have been impacted by Covid 19. The income was provided by the government body in order to boost the reserves of the Charity to provide financial stability and help secure its future. There has been no condition made in respect of what these monies may be spent on, thus the Trustees have treated the income as designated rather than restricted.

The designated fund, RISE, as at 31 October 2024 had a balance of £25,000 ( 2023: £25,000) . This fund relates to income received for the RISE programme which aims to create opportunities for emerging talent to learn, perform and flourish. There has been no condition made in respect of what these monies may be spent on, thus the Trustees have treated the income as designated rather than restricted.

Page 34

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Designated
funds
2024
£
-
175,000
-
-
175,000
period
Designated
funds
2023
£
-
175,000
-
-
175,000		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
2,559
515
813,322
-
(376,213)
-
(14,167)
515
425,501
Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
3,456
18,578
966,541
-
(400,268)
-
(24,167)
18,578
545,562		 Total
funds
2024
£
2,559
988,837
(376,213)
(14,167)
601,016
Total
funds
2023
£
3,456
1,160,119
(400,268)
(24,167)
739,140
Analysis of net assets between funds - prior
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total

Page 35

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Taxation
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1
November
2023
Cash flows
£
£
Cash at bank and in hand
795,217
(259,580)
Debt due within 1 year
(10,000)
10,000
Debt due after 1 year
(24,167)
-
761,050
(249,580)		 Group
2024
£
(138,124)
897
(42,496)
(88,301)
(32,185)
8,131
(292,078)
Group
2024
£
535,637
535,637
Other non-
cash
changes
£
-
(10,000)
10,000
-		 Group
As restated
2023
£
152,952
1,218
(13,286)
544
6,303
14,727
162,458
Group
2023
£
795,219
795,219
At 31
October
2024
£
535,637
(10,000)
(14,167)
511,470

Page 36

THE HENLEY FESTIVAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

26. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £27,690 ( 2023: £17,207 ). Contributions totalling £1,649 ( 2023: £1,555) were payable to the fund at the balance sheet date and are included in other creditors.

27. Operating lease commitments

At 31 October 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
457,139
1,360,917
1,818,056		 Group
2023
£
-
-
-		 Charity
2024
£
457,139
1,360,917
1,818,056		 Charity
2023
£
-
-
-

28. Related party transactions

At the balance sheet date, there is an amount of £30,358 ( 2023: £188,157 ) included in amounts owed by group undertakings due within one year, which is owed by Henley Festival Limited to the charity. There is also an amount of £915,380 ( 2023: £915,380 ) included in amounts owed by group undertakings due in more than one year which is owed by Henley Festival Limited to the charity.

During the year the charity received Patrons' fees and donations totalling £10,500 ( 2023: £10,500 ) from Trustees. During the year, legal fees of £24,000 ( 2023: £25,000 ) were paid to a legal firm for which one of the Trustees acts as a consultant, and sponsorship totalling £6,000 ( 2023: £5,000 ) was received from that firm. Tickets and catering were also purchased by Trustees and all transactions were conducted on an arm's length basis.

At the year end there is a balance of £1,138 (2023: £Nil) owed to a member of key management personnel relating to payroll arrears.

29. Post balance sheet events

Following the year end, the trustees indicated their intention to write off the amount of £915,380 owed by the wholly owned limited company subsidiary to the charity. The trustees consider the write off to be in the best interests of the charity and its charitable objects. A write off of the loan would have no impact on the consolidated balance sheet or net assets, or the consolidated surplus for the period, but would result in the derecognition of a £915,380 debtor in the individual charity accounts and the introduction of a £915,380 investment instead.

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