2021-12-31-accounts - Cheltenham Festivals

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				Page no.
A	Chairman's Statement
B	Festival Reports
C	Directors' Annual Report
D	Independent Auditor's	Report		13
E	Statement ofFinancial	Activities		17
	(also summary income	and expenditure	report)
F	Balance sheet			19
G	Statement ofChanges	in Equity		20
H	Cash Flow Statement			21
	Notes to the Financial	Statements		22

Income			2021	2020f
Ticket Sales			1,102.103	152,523
Sponsorship: Cash and in-kind			951,999	736,789
Grants and Donations —Trusts. Culture Recovery		Fund and Others	1,274,992	1.752,683
Grant —Arts Council			217,480	421,480
In-kind Support			25,900
Patrons and Members			349,013	427,684
Miscellaneous (including	legacies)		216,987	6,454
CF Productions ticket booking fee			33,432	2,108
Totallnco me			4 171906	3 499721
Expenditure
Programme Costs			2,247,277	661,048
Fees and Salaries			1,623,228	1,533,175
Marketing and Sponsorship			301,961	226,453
Administration Unwind ofdiscount on interest free loans			578,426 9,873	247,877 ~16314
Total Expenditure			4 760765	~2652 40
Movement in Reserves			~588 859	847 481

	Note	Unrestricted	Restricted	Total	'I'otal
	No.	I unds	Funds	2021	2020
INCOME AND ENDOWMENTS FROM:
Donations and Legacies		1,341,939	456.831	1,798,770	2,467,329
Income from Charitable
Activities		1.387,207		1,387,207	291,973
Other Trading Activities		985,431		985,431	738,897
Investments		498		498	1 522
TOTAL INCOME AND
ENDOWMENTS		3 715,075	456 831	4 171906	3.499 721
Raising Funds		592,804		592,804	514,183
Charitable Activities		3.701,257	456,831	4,158,088	2.154,371
TOTAL EXPENDITURE	8,9	4 294 061	456,831	4 750 892	2 668 554
NET (OUTGOING)/INCOMING
RESOURCES		(578,986)		(578,986)	831,167
Inter-reserve transfer	17	33,892	(33,892)
Other gains/(losses)	10	9.873	—	9873	16314
NET MOVEMENT IN FUNDS		(554,967)	(33,892)	(588,859)	847,481
Total Funds brought forward at
31 December 2020		1,026,136	78,086	1,104,222	256,741
Funds carried forward at		471,169	44,194	515,363	1,104,222
31DECEMBER2021

		Note	Unrestricted	Restricted	Total	Total
		No.	Funds	Funds	2021	2020
					f,
INCOME AND ENDOWMENTS FROM:
Donations and Legacies			1,341,939	456,831	1,798,770	2,467.329
Income From Charitable
Activities			1,387,203		1,387,203	291.973
Other TradingActivities			951,999		951,999	736,789
Investment Income			11,878		11878	ll 464
TOTAL INCOME	AND
ENDOWMENTS			3,693,019	456,831	4,149,850	3,507,555
Raising Funds			440,834		440,834	357,258
Charitable Activities			3,848,379	456,831	4,305,210	2,189,171
TOTAL EXPENDITURE		8,9	4,289 213	456 831	4 746 044	2 546 429
NET(OUTGOING)/INCOMING			(596,194)		(596,194)	961,126
RESOURCES
Inter-reserve transl'er		17	33,892	(33,892)
Other gains/(losses)		10	9 873	-	9,873	16895
NET MOVEMENT	IN FUNDS		(572,175)	(33,892)	(606,067)	978,021
Total Funds brought	forward at
31 December 2020			1,180,028	78,086	1,258,114	280,093
Funds carried forward «t
31DECEMBER2021			607,853	44,194	652,047	1,258,114

					Consolidated	Consolidated		Cheltenham	Festivals
				Note	2021		2020	2021	2020
Fixed Assets
Tangible Assets				ll	;)65,680		75,653	165,219	74,730
Investments				12				1	I
					165680		75 653	165220	74 731
Current Assets:
Debtors				13	504,666		436,026	644,274	597,303
Cash in hand					871 872	1,391,681		859468	1,370,529
					1,376,538	1,827,707		1,503,742	1,967,832
Creditors: Amounts			falling due
within one year				14	885343	667 499		875 403	652 810
Net Current Assets					491 195	I	160208	628 339	I 315022
Total Assets less current
Liabilities					656,875	1,235,861		793,559	1,389,753
Creditors: Amounts			falling due
after more than	one year			16	141512	131,639		141512	131,639
Net Assets					515363	I	104 222	652 047	I 258,114
Funds:
Unrestricted Funds:
General Reserve				17	471 169	I	026 136	607 853	1,180028
Total Unrestricted		Funds			471 169	1,026 136		607 853	1,180,028
Restricted Funds:
Education Reserves				17	44 194		78,086	44 194	78 086
Total Restricted	Funds				44,194		78,086	44,194	78,086
Total Funds					515363	I	104 222	652 047	I 258 114

				Restricted			Total
				Funds	Unrestricted	Funds
Consolida ted				Education		Patrons	Restricted and
				Reserves	General Reserve	Resilience	Unrestricted
					f,	Fund f	Fundsf
Opening	Balances		at I January	78,086	705,779	320,357	I,]04,222
2021
Inter-reserve		transfer		(33,892)	33,892
Surplus/(Deficit)			for the year		603,168	14309	588 859
Closing	Balances		at31
December		2021		44,194	136,503	334,666	515,363

				Restricted			Total
				Funds	Unrestricted	Funds
Cheltenha	m Festivals			Education	General Reserve	Patrons	Restricted and
				Reserves		Resilience	Unrestricted
						Fund	Funds
Opening	Balances	at	I January
2021				78,086	859.671	320,357	1,258,114
inter-reserve transfer				(33,892)	33,892
Surplus/(Deficit)		I'or	the year		620 376	14309	606 067
Closing Balances		at	31
December 2021				44,194	273,187	334,666	652,047

H Cash Flow	Statement	Statement
								2021		2020
						Note	f,
Cash provided	by
operating activities						18		(356/82)		668,038
Cash flows from investing				activities
Interest income						498			1,522
Purchase oftangible		fixed		assets		(155,694)			(33,609)
Cash provided	by/(used		in	)investing
activities								(155,196)		(32,087)
Cash flows from financing				activities
Repayment ofloans						(8/31)			(70,331)
Cash provided	by/(used		in) flnancing
activities								(8/31)		(70,331)
(Decrease)/increase		in cash and cash				equivalents	in
the year								(519/09)		565,620
Cash and cash	equivalents			at the beginning
ofthe year								1/91,681		826.061
Total cash and	cash	equivalents			at the end
of the year								871872		1,391,681

Unrestricted Funds:		2021f	2020
Donations / Charitable	Trusts	164,417	753,917
Culture Recovery Fund		622,244	391,970
Job Retention Scheme		14,387	240,871
Grants —Arts Council		217,480	421,480
Other Grants		17,115
In-kind Support		25,900
Patrons		224,687	323,066
Legacies		8,000	8,000
Education		47 709	15088
Total Unrestricted Funds		1,341/39	2, 154,392
Restricted Funds		456,831	312,937
Total Donations and Legacies		1 798770	2 467329

Unrestricted Funds:		2021f	2020
Donations / Charitable	Trusts	164,417	753,917
Culture Recovery Fund		622,244	391,970
Job Retention Scheme		14,387	240,871
Grants —Arts Council		217,480	421,480
Other Grants		17,115
fn-kind Support		25,900
Patrons		224,687	323,066
Legacies		8,000	8,000
Education		47 709	15088
Total Unrestricted Funds		1,341/39	2,154,392
Restricted Funds		456,831	312,937
Total Donations and Legacies		I 798770	2 467329

							2021		2020
	Unrestricted	Funds:					f,
	Sponsorship						762,344	594,389
	Sponsorship-In-kind						189,655	I	42,400
	Ticket Booking Fee						33432		2 108
	Total Unrestricted Funds						985,431	738,897
	Restricted Funds
	Total Other	Trading	Activities				985431	738 897
	Income	and Endowments			from Other Trading Activities —Cheltenham			Festivals
							2021		2020
	Unrestricted	Funds:
	Sponsorship						762,344	594,389
	Sponsorship-In-Kind						189655	142 400
	Total Unrestricted Funds						951,999	736,789
	Restricted Funds
	Total Other	Trading	Activities				951999	736 789
	Income	and Endowments		from Investments		-Consolidated
	Unrestricted	Funds:-					2021f		2020 f.
	Bank interest						498		1,522
	Income	and Endowments		from Investments		—Cheltenham	Festivals
Unrestricted		Funds:-					2021f		2020f
	Bank interest						498		I,522
	Interest on loan to CF Productions				Limited		11388		9,942
							11878		II 464

Income and E	ndowments f	rom Charitable A	ctivities-	Consolidated
				2021		2020
Unrestricted Funds:				K
BoxOffice Ticket	Sales			1,102,103		152,523
Commission				120,094		6,306
Memberships				124,325		104,618
Broadcast Fees				4,500
Other Income				36 185		28 526
Total Unrestricted	Funds			1,387207		291,973
Restricted Funds
Total lncomeandEndowments		from CharitableActivities		~1387 07		291 973
Income and	Endowments	from Charitable	Activities	—Cheltenhain	Festivals
				2021		2020
Unrestricted Funds:
BoxOffice Ticket	Sales			1,102,103		152,523
Commission				120,094		6.306
Memberships				124,325		104,618
Broadcast Fees				4,500
Other Income				36 181		28 526
Total Unrestricted	Funds			1,387403		29]s973
Restricted Funds
Total Income and	Endowments	from Charitable	Activities	~1387 03		291 973

		2021	2020
Unrestricted Funds:
Salaries —Fundraising	Team	295,098	309,458
Salaries —BoxOffice		80,399	99,807
Fundraising Team Expenses		23,563	16,037
BoxOffice Expenses		71,571	57,118
Other Fxpenditure		122 173	31 763
Total Unrestricted Funds		592,804	514,183
Restricted Funds
Total Expenditure on	Raising Funds	592 804	514 183

Expenditure o	n Raising Funds —Cheltenham	Festivals
		2021	2020
Unrestricted Funds:
Salaries —Fund raising Team		295,098	309,458
Fundraising Team	Expenses	23,563	16,037
Other Expenditure		122 173	31 763
Total Unrestricted	Funds	440,834	357,258
Restricted Funds
Total Expenditure	on Raising Funds	440 834	357 258

				2021	2020
Unrestricted	Funds:
Fees &Salaries				1,122363	999,387
Prod uction				1,443/92	384,897
Artistic Programme				259,758	26,188
Administration				502,251	183,97S
Marketing				278,397	210,416
CBC In-Kind	Support			25,900
Education				14,266	10,274
Commissions				29,332	9,433
Audit Fee				14,050	8,800
Governance				11348	10060
Total Unrestricted		Funds		3,701457	1,843,430
Restricted Funds				456 831	310941
Total Expenditure		on Charitable	Activities	~415 008	2 154 371

Expenditure o	n Charitable Activities —Cheltenha	m Festivals
		2021	2020
Unrestricted Funds:
Fees &Salaries		1,122/63	999,387
Production		1,443/92	384,897
Artistic Programme		259,758	26,188
Administration		538,755	220,475
BoxOftice Commission		115,668
Marketing		278,397	210,416
CBC In-Kind Support		25,900
Education		14,266	10,274
Commissions		29,332	9,433
Audit I-ee		9,000	7,100
Governance		11348	10060
Total Unrestricted	Funds	3,84tg79	1,878,230
Restricted Funds		456 831	310941
Total Expenditure	on Cha ritable Activities	~4305 10	2 189 171

		2021f	2020 f
Salaries		1,352,477	1,304,409
National	insurance costs	126,210	118,261
Pension	costs	59885	60 940
Total StaA'Costs &Emoluments		1538 72	1 483 610

				Unrestricted	Unrestricted	Funds
Consolidated			Furniture	and	Plant	and	Computing	Total
			Fittings		Equipment		Costs	Tangible
								Fixed Assets
							f	f
Cost
As at	I January	2021	33,201		46,981		590,194	670,376
Additions in year					30	200	125 494	155 694
As at	31DECEMBER
2021			33201		77	1$1	7156$$	826 070
Accumulated
Depreciation
As at	I January	2021	32.159		29.368		533,196	594,723
Charge for year				501	13	168	51 998	65 667
As at	31DECEMBER
2021			32 660		42	536	5$5 194	660390
Net Book Value
As at	31DECEMBER
2021				541	34	645	130494	1656$0
As at	31 December 2020			I 042	17	613	56 998	75 653
Cheltenham Festivals
Cost
As at	I January	2021	20,622		46,981		395,219	462,822
Additions in year					30	200	125494	155 694
As at	31DECEMBER
2021			20 622		77	181	520 713	618516
Accumulated
Depreciation
As at	1 January	2021	20,503		29,369		338,220	388,092
Charge for year				39	13	168	51 998	65,205
As at	31DECEMBER
2021			20 542		42	536	390218	453 297
Net BookValue
As at	31DECEMBER
2021				80	34	645	130494	165219
As at	31 December 2020			119	17	612	56999	74 730

			Consolidated		Cheltenham	Festivals
			2021	2020	2021	2020
Investment	in Subsidiary				1	1
Market value at31December
Historic costat31December
Investments	corn rise:-
			Consolidated		Cheltenham	Festivals
			2021	2020	2021	2020
Shares in	CF Productions	Limited			1	1
Investments at31December
13 Debtors

			Consolidated	Consolidated	Cheltenha m	Festivals
			2021	2020	2021	2020
Payments	in advance		19,619	15,778	19,619	15,778
Trade and	other	debtors	485,047	420,248	485,030	419,326
Inter-company		debtor			139625	162 199
Total Debtors			504 666	436.026	644 274	597 303

	Consolidated	Consolidated	Cheltenham	Festivals
	2021	2020	2021	2020
			f,
Trade and other creditors	490,667	258,092	480,989	251,996
Deferred income (note 15)	379,047	369,243	379,047	369,243
Loans from individuals		8,331
Other taxes and social security costs	15629	31 833	15367	31 571
Total Creditors	885343	667.499	875403	652 810

		Restricted
		Funds	Unrestricted	Funds	Total
Consolidated					Restricted and
		Education	General	Patrons	Unrestricted
		Reserves	Reserve	Resilience	Funds
				Fund
		f.			K
Opening Balances at! January		78,086	705,779	320,357	I,104.222
2021
Inter-reserve	transfer	(33,892)	33,892
Surplus /(Deficit) for the year			603 168	14,309	588,859
Closing Balances at31
December 2021		44,194	136,503	334,666	515,363
		Restricted
		Funds	Unrestricted	Funds	Total
Cheltenham	Festivals				Restricted and
		Education	General	Patrons	Unrestricted
		Reserves	Reserve	Resilience	Funds
				Fund
		E
Opening Balances at I January		78,086	859,671	320,357	1,258,114
2021
Inter-reserve	transfer	(33,892)	33,892
Surplus /(Deficit) for the year			620 376	14 309	606 067
Closing Balances at 31
December 2021		44,194	273,187	334,666	652,047

	Restricted
	Funds	Unrestricted	Funds	Total
Consolidated
			Patrons	Restricted and
	Education	General	Resilience	Unrestricted
	Reserves	Reserve	Fund	Funds
	f.
Tangible Fixed
Assets		165,680		165.680
Current Assets
Debtors		504.666		504,666
Cash in hand	44,194	493 012	334666	871 872
	44,194	997,678	334,666	1,376,538
Creditors:
amounts falling
due within one
year		885,343		885 343
Net Current
Assets/(Lia bilities)	44,194	112,335	334,666	491,195
Total Assets less
Current Liabilities
	44,194	278,015	334,666	656,875
Creditors:
amounts falling
due after one year		141,512		141 512
Total Net Assets	44,194	136,503	334,666	515,363

	Restricted Funds	Unrestricted	Funds	Total	Total
Cheltenham
Festivals		General	Patrons
	Education	Reserve Resilience		Restricted	and
	Reserves		Fund	Unrestricted	Funds
					f,
Tangible Fixed
Assets		165,219			165,219
Investments		I			I
		165,220			165,220
Current Assets
Debtors		644,274			644,274
Cash in hand	44 194	480,608	334 666		859,468
	44,194	1,124,882	334,666	1,503,742
Creditors: amounts
falling due within
one year
		875,403			875.403
Net Current
Assets/(Lia bilities)	44,194	249,479	334,666		628,339
Total Assets less
current liabilities	44,194	414,699	334,666		793,559
Creditors: amounts
falling due after
one year		141 512			141 512
Total Net Assets	44,194	273,187	334,666		652,047

		2021	2020
Net (expenditure)/income after	other recognised
gains and losses		(588,859)	847,481
Interest paid/(received) (net of	interest receivable)	9,375	(17,836)
Depreciation		65,667	29,774
(increase)/decrease in debtors		(68,640)	78,604
Increase/(decrease) in creditors		226,175	(269,982)
Net cash (consumed)/provided	by operating activities	~SS6 282	668 038