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|||||Page no.|
|---|---|---|---|---|
|A|Chairman's<br>Statement||||
|B|Festival Reports||||
|C|Directors'<br>Annual Report||||
|D|Independent<br>Auditor's|Report||13|
|E|Statement ofFinancial|Activities||17|
||(also summary<br>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|





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|Income|||2021|2020f|
|---|---|---|---|---|
|Ticket Sales|||1,102.103|152,523|
|Sponsorship:<br>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<br>Support|||25,900||
|Patrons and Members|||349,013|427,684|
|Miscellaneous<br>(including|legacies)||216,987|6,454|
|CF Productions<br>ticket booking fee|||33,432|2,108|
|Totallnco me|||4 171906|3 499721|
|Expenditure|||||
|Programme<br>Costs|||2,247,277|661,048|
|Fees and Salaries|||1,623,228|1,533,175|
|Marketing<br>and Sponsorship|||301,961|226,453|
|Administration<br>Unwind ofdiscount on interest free loans|||578,426<br>9,873|247,877<br>~16314|
|Total Expenditure|||4 760765|~2652<br>40|
|Movement<br>in Reserves|||~588 859|847 481|





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||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<br>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<br>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||||||





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|||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<br>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<br>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<br>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|





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||||||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<br>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|





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|||||Restricted|||Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Unrestricted|Funds||
|Consolida ted||||Education||Patrons|Restricted and|
|||||Reserves|General Reserve|Resilience|Unrestricted|
||||||f,|Fund<br>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<br>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|





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|H<br>Cash Flow|Statement|Statement|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||2021||2020|
|||||||Note|f,||||
|Cash provided|by||||||||||
|operating<br>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|





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|Unrestricted<br>Funds:||2021f|2020|
|---|---|---|---|
|Donations<br>/ 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<br>Support||25,900||
|Patrons||224,687|323,066|
|Legacies||8,000|8,000|
|Education||47 709|15088|
|Total Unrestricted<br>Funds||1,341/39|2, 154,392|
|Restricted Funds||456,831|312,937|
|Total Donations and Legacies||1 798770|2 467329|



## 

|Unrestricted<br>Funds:||2021f|2020|
|---|---|---|---|
|Donations<br>/ 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<br>Support||25,900||
|Patrons||224,687|323,066|
|Legacies||8,000|8,000|
|Education||47 709|15088|
|Total Unrestricted<br>Funds||1,341/39|2,154,392|
|Restricted Funds||456,831|312,937|
|Total Donations<br>and Legacies||I 798770|2 467329|





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||||||||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<br>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<br>Funds||||||951,999|736,789||
||Restricted Funds|||||||||
||Total Other|Trading|Activities||||951999|736 789||
||Income|and Endowments||from Investments||-Consolidated||||
||Unrestricted|Funds:-|||||2021f||2020<br>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|





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|Income and E|ndowments<br>f|rom Charitable<br>A|ctivities-|Consolidated|||
|---|---|---|---|---|---|---|
|||||2021||2020|
|Unrestricted<br>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<br>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<br>Funds|||||||
|Total Income and|Endowments|from Charitable|Activities|~1387 03||291 973|





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



|Expenditure<br>o|n Raising Funds —Cheltenham<br>|Festivals||
|---|---|---|---|
|||2021|2020|
|Unrestricted<br>Funds:||||
|Salaries —Fund raising Team||295,098|309,458|
|Fundraising<br>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|





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|||||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<br>Funds||||456 831|310941|
|Total Expenditure||on Charitable|Activities|~415 008|2 154 371|



|Expenditure<br>o|n Charitable<br>Activities —Cheltenha|m<br>Festivals||
|---|---|---|---|
|||2021|2020|
|Unrestricted<br>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|





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|||2021f|2020<br>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|



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|||||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<br>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<br>Festivals|||||||||
|Cost|||||||||
|As at|I January|2021|20,622||46,981||395,219|462,822|
|Additions<br>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|





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||||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<br>at31December|||||||
|13<br>Debtors|||||||



||||Consolidated|Consolidated|Cheltenha<br>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|



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||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|





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|||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|





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||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<br>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<br>falling|||||
|due after one year||141,512||141 512|
|Total Net Assets|44,194|136,503|334,666|515,363|





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||Restricted Funds|Unrestricted|Funds|Total|Total|
|---|---|---|---|---|---|
|Cheltenham||||||
|Festivals||General|Patrons|||
||Education|Reserve<br>Resilience||Restricted|and|
||Reserves||Fund|Unrestricted|Funds|
||||||f,|
|Tangible Fixed||||||
|Assets||165,219|||165,219|
|Investments||I|||I|
|||165,220|||165,220|
|Current<br>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<br>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|





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