Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 Company number 456573 CIIELTENHAM FESTIVALS A COMPANY LIMITED BY GUARANTEE DIRECTORS, ANNUAL REPOR T AND ACCOUNTS FOR I"HE YEAR ENDED 31 DECEMBER 2023 REGISTERED CHARITY LYUMBER 251765
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESITIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR TIIE YEAR ENDED 31 DFCEMBER 2023 CONTENTS Page no. Ch4ir's Statement Festival Reports Directors, Annual Report 16 Independent Auditor's Report 22 Statement of Financial Activities & summary Income and expenditure report) 26 Balance sheet 27 Statement of Changes In Equlty 28 Cash Flow Stal'ement 29 Notes to the Flnancigl Statements 30
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVAts DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR TIIE YEAR ENDF,D 31 DECEMBER 2U23 Chair's Statement 2023 In iny .second year as Chair of C.licltcnham Fcstivals, I have been keen to develop a bodrd whicli rcpirscnts cJur.q()ciety and Cjlouccstcrshirc cven morc deeply. I strive t() gct tli¢ b¢sl out of thc aina7,Ing group of truslees we havc,. thcy all CL)ntribute, attend cvcnt.% 2nd ¢hallcngc Ihc SMT 21 cioss all aspccLs of the charity. l am liugely thankful for die suppori they give and l()()k forward to growing the team in thc thturc. 2023 wa8 a challenging ycar for all arts charities and pai"ticularly for Chcllclthll Festivals due to the exien(kd pcriod of abseiice of lan CJcorgc, CO-CEO. l ain really pleased to say tliat lan lias fiilly rccov¢i'¢d Iruin liis illncs8 and I would likc to say a huge thank you to Ali Mawle, CO-CEO, for thc amount of work she l)ad lo do in liis absence, and for keepii)g the ship both steady and moving fon¥ards. As ChaiT l ani coiistaiitly looking to how we Lan improve and aLhi¢vc greater inipact through our Festivals and our schools and community programines. 2023 was a building-back yeai. p()st-covid but it brnught with it a new hoqt ()f cl)2llenges. Attendancc figure8 are gFelling sts'oTi&Y¥T, uur I"eaLh and impact is getting deeper and wider, but the challenging fullding landscape, i'ising cost of livingT, and increase in production costs Luinbine lo 7nJke it a testing tiine. I would like to thank our feqiival-gocrs, patrons, partncrs, volunteers, sponsois and foundations which havc given their support over the.%c last 12 months, enabling us to progre.qq Dur ambitious strategy towards a world where everyone c8n creaie and expcriencc Culre. Thcir sllpport is needed now more than cvcr to CCUr¢ the future we all wanl. My final thanks goes to the Cli¢ltciiham Festivals team. Their creativity, skill, energy and Gomiy)itincnl io creating cultural expcricnccs of thc highcst quality for everyoiie is iiispiriiig. Mai'k Sorcnscn Chaii"
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT Af4D ACCOUNTS FOR THE YEAR ENDED 31 DECEMBLR 2023 Festival & YeJr-RDund Outreach Reports 2023 Jazz Cheltenham J&zz Festival 2023 (28 Aprll- l May) saw a well-balanced linc-up of the bigge.st names in Jazz alr)ngside i'iging stars and some of the biggcst naiDeq in Pop and 8nul. 30,000 pcople enjoycd Cvenls (44 /4 of which wcrc frcc) involving 572 artists over thc 6 days. Ini¢rnational pop seiisation Mika opcrycd the festlvdl. Festival favouritc and Artisttc Curator, CTregory Porter delivered a phenom¢Dal p¢rturmiince on the closiiig night as wcll as wpping up ui)annouiiced at various frcc, lale-niglit Jain Scssions. The Big Top dclivcrcd its- Lelebralion of musical &Jenres with suld-out shows from artists such as Robert Plant, Squeeze, Will Youngi Rodrlgo Y Gabriela and Van Morri50n. Wliilc tli¢ festival cllrated scvcral one-otTsliows ii) the venue sucli as Friday5 Jaz£ Soul Suin1111t with the FIBC Conccrt Orchc%tra 2nd Guy14arkcr Big Band being joincd witli vocalists sucli as Vanessa Jlaynes and Madcline Bell and then on Saturday Tony Hadley pei'forming with the Roniiie8 Scott's Jazz Orchcstra. Elsewhei'e acioss the fcsliv¢LI saw perfurmances from j(z g71'edts. Llzi Wrlght, Stanley Clarke and Andy Sheppherd wliile the blucs was Etpi"esented by Connor Selby. The pi'ograinme at thc Pai'abola A TLS Ccntre included a Notwegian series featurinu artists SULh as drnmmer Paal Nilsen-Lovey pianist Esp.sen F,i.Isksen and guiatri.qt Stiaii Westerhaus joinin¥ Clirls Mapp and m.k Sknders for a festival commission Collapscuncullapse alongkside Westerhaus doiiig liis own solo conLert. A second feslival Lominission was a piece perforin¢d by truTnp¢t¢r Laura Jurd J))arking the final ycai. of the legendry pi'ogratllmcr Tony Dudley-Evans as Programmc Advisor for the testival. AS part of Cheltenham Jazz Festival's ycar-round cominitment to talent development, a signifiLanl parl of the Festival was givcn over to showeasiThg new and exciting young and carly career artists.. Tliis year, the Jazz Fe$¢ival Showcase featured Scottish singei. Tamxene, and Keni based siiigcr songwTitci' Immy. The event was a grcat SllCCCSs, as was the subsequciit mentoring scssion which was attended by a vai'icty of illduskny pi'ofessionals including Chrig CJilye&i' {Jazz FM Head of Programmc.s), Hugh Phillimore (Festival piomotcr). Mike Flynn {Jazzwise editoi.), Joe Baxtci. (t)irectnr af BdXl. PR), Dave Gdydon (Head (If Programining at Cheltcnhaim Jazz Fe%iival), and John Oldliam, and gdve the lists. d unique oppoi'lunity to gain advicc from leadingr indu%try professionals. Thci'e wcre 59 acts across the free Stage an the Festival site plus eigl)t 'Around Town. vcnuc8. Each day, thc frcc stage was opened by ai'tists fram the f4estival's '.lazz 11 Up. programme wl)ere i)layers from 10 svlioiols across Glouccstershirc and the county bands have the opportunity to pcrforni tiTr a wann and enthusiastic audience. The other acts include bands and i]Jdividuals who can submit applicalions lo perform through an opcn call-()lll which takes place in Feb[wY. Th¢ fcslival collaborad with London-bascd talent dcvelopinellt or&ianisatioii ToJnorrow'5 Wflrriors, who presenkd yowig ai'tists from th¢ir progi.&ille <icross the weckcnd.
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTWALS DIRECTORS. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Jii an nngoing project funded by Jerwood Arts, Cheltcnham Jazz Festival pioduced ncw works by four young artists across Chelienham Jazz Fc51ival. Manchester Ja7J. Festival, Sllge Ga¢e.%hcad, aiid ()xford Contemi)nrnry Music. This Jazz Encounters prograinine, which clidllenLre% the drLi5ts' to find ncw ways of presenting jaz7. music, saw Andrew Woodhead produce Waves 11 a bellriiiging instsllatioll based on this new album Pcnduluins. Combining music and phylics as ¢ighi diffcrent pendulums CiEate a beautifully chaoti¢ and complex pattcTn. The Discovery Space was busier than ever, with a whole bost of free and ticketed evenLq available for familic8 to explore, in¢ludiiig' pop-up concerts and handg-on muqiL .4tt](15. Fcaturiiig cvcnts a$ varicd aq iiido-jazz music with Aruii Ghosh and a fainily sin¥ session wiul VULal supergroup Black Voices. In the Jazz Arena Shlomo wowcd a sell out family audicncc witli liis world cl)anipion beatboxing skills getting audiences up on stage. Cheltenliain Jazz Festival produL¢d a speciELI concert foi. BBC 4 TV and broadca£t on BBC Radlo 2 and BBC Radlo 3.Tlic Festival conimisbioned truiiipeter dnd arranger Guy Rarker lo write new ari'angeiiients for a Snul Jazz Summit with Guy Barker's Big Band, the BBC Concert Orcl)estrd and vocalists such as Mlca Mlller, Ashton Jones and Vanessa Haynes. More than 1100 ehildren from 22 prlmary schaols attended oui. Jazz concert for schools. Three of these schools were txrg¢t sc.huulb (schools wliere more than 250/0 of pupilA are in recetpt of pupil prcmium) and received a tt'avel subsidy. The convert Ib desikined, aii'anged and hosted by musicians who have come thiougli our Musicate programme wlio play alongside professional, established musi¢ians. The Concert pruvides cliildren with an caTly cxpcriei)cc of live Ja££ musiL LIS w¢ll as b¢iii&T ali iiiteraLtive. educational experience in which thcy l&qrn what makes jazz jazz. Thaiik you for eveiyihing you dL> to suppoi-t mii.tte mllkEng in Glouce.Yter.Yhire Ihrougli Ihe CheltenAL7nt Fe,Ylivol,Y. It W,1 a joy to he pul'i of the ConceYtf(Ji-,gchools Ihi,f yeaF.. J aDI .fui'e iheFe ap'e iiiany Iore yot¥ng jazz.faiis as a I'esult of the perforniuncel Clare Dudman, Gloucestershire Music Hub Lead, Make Music Gloucestershire. Twelve secondary sehool Jxtt bands play¢d a 30 Ininute set ea¢l) on our free stage across rhc twu weckend iiiornings through our Jazz It Up progiamnie, witli nearly 200 young p¢opl¢ cxpcriencing playing at a festivdl in front of a large audience. 93 Coi)nections tickets were distribllted as follows, 34 through Cheltenham Welcomes Refugees and 59 Ihrvugih CarinLI for Cotnmunities and People. We reduced our Stope I carbon emissions by 99l/bo this year by wbwering th¢ sitc with HVO rad)er than diesel. Ivhat afantaslic Jazz Fesfivdl thaÉ wwl Everyyear J wonder how ihe CF ieam i.¥ goiKg lo dchieve the Izigh sluiidcii'ds wiÈhoz41 dumbikzg clown, whilsl slill aiming lo step upfyriher, evLryyet71'ycJu do il. A veFy well doiie to all involved. slu]],' volt¥nlÉ¢rs, artists, everybodyl Keith Norton
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Science The 21st Cheltenham Sclence Festival (6-11 June) ¢onsisted of six days packed with conve]'S¥ilions, debateg, workshops and handg-oll aclivities. Continuing with 'B¢ The ChanL)e' as the theme, the Fcstival was host to 270 events (20% of which were free, 7 of whicli wci'c livc.captioncd) wlii¢h fL)cussed on the big scientific and technological qucstions of our timc, from artificial intelligcncc to thc climatc cri8i%, gender to mcntal hcalth. 138 .qpeakers participated in the Festival.. 25 % were reprcsentative of the global majority, 130/0 identified as being disabled or having a long-tetTh l)ealth condition., and an even geiideT balance was a¢hiev¢d. Visitors included 7,000 school students Iroin nearly 100 schools iii Gloucestersliire and bcyond. whilc ()ver 2,1100 peoplc attcndcd frcc cvents on tlie Apollo stagc, aiid 40,000 pcople enjoyed free hands-on interactivc experiei)ces in thc Discovci. Zonc, Tlie Arcade and Makcrshack (which had 2 quicl opening time8 for the neuradivcrgent community). With a total (If alinost 200,0011 vi8iti)r8 across the six days aiid a buildinL*_ba¢k of audiences post-pandcmic, the Science Festival cemented itself as a key iou¢hpoint in th¢ Cheltenhaiii cultural calendar. The day before the Festival began we hogted our first ChelTechne, an annual suinTnit of le£iding thinker$ from across governmcnt, aLadeniia, industry, and tlie cultural scctur to discuss and debate the most pressing issue of the time foi. society at lJi'gTe thruugh lh¢ dudl lenses ofsLienLe and technology dnd the arts aiid Lulture. This yeai s theme was Al Ndrratlves: PasL Present and Future and was Lu-pYuduv¢d with the University vf Bristol's Research Institute for Soeiotechnical Cyber Security (RISCS). Our findings focusscd ot) the critical importaiicc of popular and mcdia DaalIve araund Al, and how these cali iiillucnce and distort how not just the public but professinnal% und¢rstand, i'eprcscnt and devclop AJ iechnologies. CoTr¢cting this will iequire scienlists and engineers to join foTces with stoi'ytellers and philosopheis to produLc better stories about iechnology. We published a r¢puiL whiLh can be seen hcTe'. hit s..Ilwww.chcltenhainfc8tivals.coinlscienLelnewslchari -re ort-finds-t]iat-stories-ai'owiil-¢tifi¢ia1- ¢nce-are- rofoundl Thc Festival's Young Changemakers programme continued foi. its fourtli year. Six changemakers aci'oss a range of topic areas (mental health, disability awarcncss, neurodÉversity, climate and more) co-created Cvcnts within the tickclcd programme. This content is created by and for 18 - 30s and promoted intei'generalional di8Lussion across topics of signifiLdnLe to young people. In addition, the annual Wc Makc Toinorrow eveiit, bringing logerher the group, took place on the fTec Apollo Stage. A raiige of pi'evious Young Changem2kei'8 wei'e also involv<d ith the pi"ogrdmme. The Science Fcstival ho%tcd ils first VOICF,BOX pop-up stagc in Thc Arcadtt a4 part of the free Friday Lates. VOICEBOX, C.heltenham Fc8tivals' flagTlihip project for 18 30s, hds a dedicdted audi¢J)L¢ witliin this age range. .qix %iiuri-iorm ¥v¢Iils iULTrK Pi(tLr I[()b5 Lllf fV¥III1I iSllU ILILIUUf(J Li l(illbPfj UI IVUal Elllu LIULit)ikL participants. Dedicated social media was created to support this progi'amme digitzlly. 50Q/o af the VOICEBOX pop-up VOICEBOX progr8mme was ereated iii collaboration with indTviduals and group.% fmin tlie local community, including Clieltcnham Pride. Planet Chcltcnham Tolin¢ia Gregory. Tlie programme also cominissioned local ai"iis1 Einily Shilton to produce a zine capthriiikJ thc cveiiiiig. 102 t'ree tickets wer¢ given lo local people wlio access S¢TViC¥S at LPP ICarii)g for Cominunities and Pcoplc) through Chellenhaill Festivals, CoiineLtions Scheme.
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FCI STJVALS DlIiECTORS' ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMRF.R 2023 7170 KS I-KS4 students froin 88 schools attended thc Festival. Inaiiy I'ctui'ning over miiltiple days. 960/0 of %chools ratcd ¢hc spcakcr as good 01. cxcellcnt, wliile 86 /0 of schools ratcd tlie coiitent as good oi. excellcnt. The hd[ine speakei. Wdb astronaut TIM Peake. Retui'ning speakers included Stefan Gates, Jamie Gallagher, Russell Arnoll, Maddie Muate and Elizabetli Mius and firsl_timers included Jess threiich, Mark Langtry James Plercy) Sun Space Art and FaineLab fjiialist Daniel Olaiya. We delivetred 2 woYksh()pli %pecifically dcsigiicd for SEND audiences, qimilarly to 2022. In addition, one Key Stagre 2 show supported by a Bi'ilisb Sign Langudge interpreier, all()wiiig pupil.% with httaTiIILF Inip&iiiments to enjoy the show. -l-he L&P Team pi'ovidcd dii'ect support to the SEND schools whilst on site t() ensure accessibility needs wcrc mct. The family prngramme ¢onsisted of 16 shows and 14 workshops. 6 of thc shows werc on the fl'ee Apollo welLoining all audicnccs to take part in the Festival. Tlie pr()grainme featured several rerurning sp¢akers, including Stefan Gates. Sarah Bearehelly pyka, and Tim Peake. li also illcludcd Tnaiiy new Speakc to the festival, including R¥ksha D*ve, Science+Nature Magazine, Selence And Sorcery and Chrls van Tulleken. The programme featured aii event for SEND audicnccs, to coincide with a quiet opening slot in the interactive 20ne%. We also produccd oui. first haby event, welcoming 30 babieq and their pai'entg in a i"elaxed event 21"tsund baby psychology. All the family events were on the weekend nf the F¢stival, except onc cvcnt whicli look place oil Tuesddy eveningy, d formatthat w¢ uoThlinueJ froin 2022. 6 of the family woikshops took place offsite, al-fiic Wilsou and thc Chcltcnham Cliildren's Library tab. All of these workshops wei'e free and well attei)ded and ot'lcred a solution to liiniled venue5 to run woikshops on site. The sliows and workshop8 were complimcnted by tl)e free interactlve 7.on¢s, which faiDilic% could cxplorc lo eiigage with researchers aiid industries. A late-i)ight opcning of thc zoi)c8 also allowcd families to cxplorc the site duriiigi the week. The S¢ien¢¢ Trail offeRd a fl'ee iiitei'active activity for children aged 5-12, along with a frec copy of thc Scicncc+Nalure magsaziiie. FameL&b UK was rc-laiinched at the Festival. FameLab, crcatcd by Clielteiiliaii) Fcslivals in 2005, is the world's largest scien¢e coinmunication eompctition iiivolving over 35 countries since tlie International version launched in 2()14 in collaboration with the British Council. In 2023 1 l ¢ountri¢s across 4 continents hosted the competition. culmiiiating in a live-streamed digital final in November. Thc UK version of the competition re-launched in 9 Tegion5. R¢pi'cscntalivcs from each attended the Festival for Ilub training and for a cclcbration cvcnt of FameLab (pas( preseJJt and future, fedturing participants from 2007, 2020. FameLab Jnteimational athd FameLab Acadeinyj on the Fi'iday niglit Apollo stage.. East of Eiigland - University of Cambridge Thc East Midlands - a coiisortium of several of the regioii's High Education provid¢rs North West- Univ¢rsity of Liverpool (UOL) and University of Salford (Uos) Nortli East- Teesside Univ¢rsity
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHEI LTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR FNDF.D 31 DECEMBER 2023 Noi'lhern Ireland - Scicncc F¢stival8 Nl Scotland - University of Aberdeen and Edinburgh Scicnce Festival South East- KNfflt Ltd South-west- Plymouth Marjon Univcrsity and Glouccst¢rshire Wcst Midlands - University of CylnucestCTshire FameL4b Academy, the schools vei'gion olFameLab. culininaled at the Glouccstcrshire Final lll mai.ch 2023 at the Roscs Th¢atrc, Tcwkcsbury. 2250 students participated in the programmc from 23 Gloucestcr%hii'tt secondary schools. Tlic fiiialists PT¢Setitcd thcir qeicntific speeches to a panel of esLqblished judges bcforc two incrcdiblc winncrs and four runncr.% lip were selected. FLA is funded by EDF Energy wliich cnablcs tcachers to receive specialist training and for pupils to use a wide range of engaging resources througliout the project. DataFace our Irail-b122in8 collaboration with the Jean GoldinR Institute, Universlty of Bristol and CyberFirst lo inspirc school studenls towards cyberskills and careers in big data-was launched at thc Festival ahead of its first acadcinic ycai. in 20 Gloiicestershii'e gecond21y %ehools. Teachers from participating school and partnei's had the opportunity to meet and begin trait]ing ahead of the new teiin. Pupils fi'oin our pil()t scheme also presented their projccts to their peers within the Diseover Zone during the Fests"val. DataFace 15 funded by the government through tlie UK Shai'ed Prosperity Fund und by AWS. CEP Young Changemakers. Six secoiidary schools from thc Chcltcnham F.ducalion Partnership participated in a projcct focuscd on tlic 8DCJ CJcnd¢r Equ81ity whi¢h culininated at the Festival. Pupils produccd and pre8cnlcd Ih¢ir finished piece within thc Discover Zone for a peer-to-pcer stand to visiting seh(Jal8. The FesLival was powered by f055il-fuel free source5 la coFnbiiiation of HVO dnd green tai'ift) for the second ycar in d row, with improveinents in reporting allowing us to gathcr c0115uniption figures for Cheltenham Trust propcities for the first tiine. Wc continutt to monitor waste-management onsite. seeking ways to exce¥d Iv Llaim that "l(HP/o of waste is diverted from landfill" To dddr¢ss this, we have joined the Vision2025 Zero Wdslc pilot and Cbtrdblished a irail with the GlouL¢sLershire Resoui'ce Centre to explorc reu¥e oui. matcrial wast¢ via their Scrnpstore. Einei"gii)g partnehipS with tsansport companics arc hclping u4 to dcvelop a f(Jundation to proinnte infoi'med, .%uslainable travel ch(iiceq lo our audiences. Additionally. we bave capturcd dudience trav¥l dilta for the first time, and will usc thiA ts) e%tabli%h bageline to help us measure the effectiveness of our suyl¢iinabl¥ audi¢n¢e travel sts'ategy. Goods & prociircmcnt proccsses incorporating qv%laii)ahle benchmarks have Ien inlroduced, and we ¥noved ID a new marquee supplier which is reco(5nised as having good %u.%tainability credentialq wiihin oiir sector. Thcrc is much progres8 to be made, where processes and provisions will continue to be i'cview¢d as suppliers and Contracts renew. Prograimning contained a SI11r]eant numbcr of cvcnts tlial incoiporatcd sustaiiiability as a thread, where cliinatc changc and environmental sustainability were reprcscnted as dieines within multiple progrnmining strands.
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64
CHELTENHAM FESTIVALS
DIIiECTORS' ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR LNDED 31 DECEMBER 1023
Muslc
2023 was the 78th Cheltenham Music Festival18-15 July). Ov¥r ¢ight days th¢ F<sliv
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. Show how classical mu51C 15 vibrant and relevant The festival wants lo push the knundaiies of how people experience cla&qical music, and provide different routes in foi. audiences who rrY not be lookingT for the traditiunal LunL¥rl ¢xp¥ri¢nce. In the 2023 festival programme this included.. Byrdwatching, an intimatc conecrt cxpericnc¢ taking place in the front rooms of private residences around Imperial Square. The programmc includcd music by F.nglish renaissance comp(i%er Wllliam Byrd, wl)ose 4(JOth anniversary was marked this yeai., and a commission from Cijmpuser Academy fllum Alleen Sweeney who respoiided to Byrd's work. Anothcr instalmcnt of Mixtape, which tr)ok place in DEYA Brewery la festival first) to a sell-out audicncc. The programme includcd Manchefler Collective, Nie Carice Singers, Jordan Ashman and reflected the industrial setting with works by Pliilip Glass, Bryce Des&ier and electronic interpol&liuns from DJ NikN8k. A ncw late night serie5 that took place in The Old Courthouse featuring musicians who combine acoustic and clectronic soundworlds, mulii-instrumentalist Laura Cannell, and violinist Rakhi Singh. We I'eintroduced family events on Saturdayy, which saw the CBSO pr¢sCnt MusiLal Storytime and a new production fr(>ni Mlshmash Productions. Mishmasl) Enseinble. To makc it casicr for pcople to get to know the mllsic and the arti8tq we.. Encouraged more artists to introduce the prOamineS fi'om the stage, providiiig pei'sunalis¢d insight into both the music aiid their choices Rcvi¥4cd digital programme notes to make thein more accessible, and provided a printed altcrnative Reconfigiwed Composium inio Iwo showcases that we more targeted towards a public aiidicnc¢, both in t¢i"EnS of liming dnd location and in ¢iisurinLT that the cot]iposers weie given che oppoiffiinity to talk about tl)¢ir works. Each sliowcase was followcd by a short iictworking s¢55i0n, enabliiig tlie audience to meet the coniposers and perforniers. ByrdwatchinLF a followed by a Teception at whicli d)e audience members had the opporlunily lo g¢L to know the perforjners. As a gignatory to Keyehange. wc workcd hard to cnsurc greater I'cpresentation of womcn aero*% the feqtival, both as pci.fonn¢i'8 and ¢cTrmp()ser8. 17 of 25 pald events in the public programme included music by nd non-blnary comp05Lrs. Thc ncw late iiight scrics was also headliiied by woinen artists. We also made a conscious cffort to programm¢ morc ethiiically divcrse Inusicians with perforniaiices from artists iiicluding., C.hineke! Masabanc Cccilia Raiigwaiiasha and Kuiial Lahiry, and Rakhi Singh. From the data available we believe around 8.60/0 of artists pei'forming at this year's festlVAI were from ethnlchlly diverse backgrounds.
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECT()RS' ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEIVJBER 2023 The Sound Volco Projeet placed lived cxpci'icncc of voice lo.%8 at the centre of the af Ihc woi.k, Creating a moving.sonic picture that wa.s both heai't-rending and uplifting. The Sound Voice Projeci explored notions of identity thi'ough oui. I'elationship to our vuiLes in three pLirlTail% of individudl.% who have lived ex[[tLe of VOiLe105s. The instslla¢ion ran throughuul Ibc f¢slival. Jame5 Newby's recital as part of the BBC Radio 3 New Generation Artist serie.% explorcd thc idca of displaccmellt and forced migraiion through a sequen¢¢ of works pi'cd(Jminaiirly by G¢rm&ii and Austrian compoqer% wh() migrated tti the USA during the 1930s, with some additional works by Ukrainian composer Valeiityn Silvestrov showiiig how pertinent these expericnces r¢m¢iin IN tlic ConmpOrary woI'Id. 3. Embrace the future Th¥ fcstival includcd a largc nuinbcr of arti.sts who are at the cai'ly- to mid-stage of their carccrs ai)d who a fast Inakiiig names for ilieinselves ds naines to watLh. W¢ were deliLkhied to welcoine enseinbles including Manchester Collective (RPS Awdrd Eiisembl¢ wiiiiiers 2023), 12 Ensemble, Tlie Carice SlnLyers aiid the Maxwell Quartet. Similarly we saw a nuiiiber of trailblazing soloisls join us on stage including clarinettist Mark Simpson, cellist Laura van der Heijden, pianist Pavel Kolesi)ikov, singei's M282bane Cecilia Rgngwanasha and James Newby and violinist Rakhi Singh. In 2023, Cheltenham Music Festival remained cominiiL¢d lo commlsslonlng and presentinLT new mu$lc wlth 9 Ivorld premleres, l UK prejnlere and 4 commi55ioned woi'ks presented at Ilie festiyal for tlie first 1Sme. This is included 6 works trom Composer Academy parLicipattts premiered at the Coinposiutn showcases. ChellcnhaTh Music Festival contiiiued to work with BBC RAdio 3 to bring th¢ best emerging talcnt to Cheltenliain, showcasing tomorrow's most celebrated claisical artl8Lq bef()re they hecome hou8el)L)Id naines in the BBC Radio 3 New Generaiion Artisi Recithls. All conc¥Tls wcre recorded foi. broadcusl uii BBC Radio 3 (during thc week o( 17 July). This y¢ar's artists ii)cluded.. Leunkoro Quartet, MasabaDe Cecilia Raiigwana5ha (soprano), Kuiial Laliiry {piano), Mithras Trio and James Newby (baritone). The 8eri¢s gives Ihc artists thc opportunity to cxpcrimcnl and collabornte witli each other, with strikingly high-quality I'esults. The Spotllght recltal$ provided space for young artists at Ihc vcry start of their carccTS. This scrics was prograniined in st[a81C partneiship with YCA T (Young Classical Artists Trust), Gloucestershire Young MusiLldn of the Yedr, dnd the KeÈtl) Nutldnd Awai'd. Fealur¢d ar¢i515 ihis y¢ar w¢iY BBC Youiig MusiLian OC the Ycdf winncr. percussionist Jordaii Ashmmn, Glouceski'sliire Young MusiLian winner, violinist Isaac Willlams, and Wendy Qi {clai"incttist) willn¢i' uf the Keith Nutland Award. A langsiandit)g partnership fnr the festival, the Royal Phllharmonlc Soclety Compoier Programme piovidc them opportunity for us to dcvclop a ncw commission with an early-career composei- and a festival ai'tist. This year the RPS paired the festival with British-lranian composer Sonq&n Lolavar who we qubqequently introduced to Th¢ Larice SinLTei's and George PatTiS'. Thc resultingy work was The World is ihe Aclive Siringy haunting work that hypnotically explored the timbre and textui'e of the voice. The work has subsequently received a London pr¢micrc with Thc Caricc Sing¢rs. This year saw partnerships with both Royal Birmingham Conservatoire ai)d tlie University of Glollcestershire. Siudents from RBC'S Iiistorical perforinance and vocal progiatnmes joined Byidwatchiiig providinLT Ihcm tlie opportuiiity to delve into the inusic of Williain Byrd and his contemporaries and present 10
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 recitals in unusual locations. Students from UOG'S sound cnginecring dcpaitinent worked with iLS to eapmi'e the work created during Compoqcr Acadctny. AlOng.IdC, wc offcred the $tudenLs qhadowing opportunities with sound engineei's and designers working on othci. piojcct$ in the fcs¢ival. Tlie Icnih cdition of Clieltenham Music bestival's flagsliip pi'ograinine Composer Academy took place during this ycai s Fcstival. Thc schcme supports early career composers {aged 18.p). The course took place be1Aveen 10 attd 14 July, welcoming six participating composers and six obs¢rving' composers . Th¢ Lourstt was led by coiknposer D2nlel Kfidane, who is himself a Coinposer Academy alumnus (fioin the first ¢ourse in 2013), suppoIted by piofessional musicians The Carice Siilgers directcd by George Parri5. 'The course content was artistically nourishing and technically rigorous." Participant Two Concerts for Schoo15 wcrc programmed again this ycar.. thc Conrcrt for Schools, and the Relaxed Concei't for Schools. Thc format and content of both concerts was co-created with thc Mu8icate musicians who prcsentcd thcni. Thib year's Concert for Sehuols involved 20 loLal yuun&y musiLidns from Gloucestershire Youth Chamber Orchestra IGYCO), 12 local professional musicians, and four Musicats, all led by Conductor Glyn Oxley. The Concert was prescntcd by inusician and producer Soweto Klneh. 585 puplls And teaehers from 10 loeal sehools attended the concer(3 schools for the rst time. Aftcr th¢ conc¢rt tlie Lhildren took part iii Music Explorer sessions wliere thcy liad a go 011 brass, string atid pcrcussion instruinents. The percussion element this year involved up to 100 children at a time creating a raiiistorm on thc Town Hall qEagc. which was VCTY cffcctive. GYCO also perfoi'tn¥d tli¢ programjne for the Relaxed Con¢ert for Schools, alongside four Musicat5. Th¥ forii)at and conteiit of the conccrt had bc¢tJ car¢fully curated to takc tli¢ audi¢nce an engaging Inusical journey, beginiiing and ending with hello aiid goodbye songs. Based on fccdback froin la.%t year's inaugural relaxed conccrt, wc includ¢d an additioiial piccc of niusic, aiid also upped the range of rhythms and tcmpos in the music selected. There were many highlights, includiTbgJ a fun arrangement of ihc 'Cdn Can, perfom)¢d by the four Musicats. One pupils Stuod dnd conducted, in peitect time, evely piece of music througFI)LlUt th¢ Cnlii'c concert. Another young pcrson with sigynificant dllacliment needs. who nevei. strays far fi'om a trusted adult, happily wandered aiound the auditorium to the astonishment and dclight ol his teachcrs. Everyone who spoke during the concert also used Makaton signing, and two large s¢re¢ns either side of the oi'chestrd displayed key information with Makaton signs. Dedicated volunl¢ers greeted aiid siayed with their school., a Mobiloo was oil site,. aiid quiet i'ooins were available throughout the Lonccrl if nccdcd. Thc five schools that att<Iided last year retun)ed, and an additional school brought a group, making six schools in total and a comfortably full auditorium. Scating wzs atTangcd infoiThally in scl)ool groups, witli large flooi. cushions also avai12ble- and very popular.
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 After the concert endcd, schools stayed to cat lunch and to meet the Inusicians and get closer tolhave a go on soine in%lTumcnts. This rc.8ulicd in 8oinc vciy.8pccial. Inu8ically intimate Inoincnts that will lingcr loiig in thc meinnry. We ilioug.ht lostyear was gi'eal, btityou blew our Socks offgveFT nzurel We inacle a boukikig because we know how dEdicaledyou are to SEN aFid kilow tha< all musical offei'iiigs ihp'ough you are outslaiidingl This was a great toueh in bp'inging ihe liveliness. encouragErtg artticipatiort aiid re-e.*tal)li¥hirtg calni befoi'e anyone was overstinilllated. The eliildrert ertjo)Ed daiieiiig É7F2d heing fthle tn ptti'tEeipLYtÈ. A pepfeet hL7lortee. We enjoyed hearing eochpart ofihe op'chestra sepai'utelyl Teacher, The Sknijbberies Workshops in Sehools. 316 pupils enjoyed oiic ot. 13 workshops whicli took placc in 8 schools in th¢ w¢eks prioi. to thc Fcstival. For two of Ilic schools it was Éhcir first contact witl) tbc Fcstival, and 4 workshops took place in Sl.ND scttings. Tlie workshops arc co£reated with Musicats, and are designed to give children a fun and Liigagiiig expcricnce of Iniisic tl)at will in¢lude both lekrning ind music-m&king. A fuither I I workshops took place in 8 scliools during D¥L¢Jnb¢r with 331 pupils bclwecn Y2 and Y6. bive of Ihcsc MTOI.kshop5 took place in lai'get scliools aiid onc in an SEND Sch1. We knew it wniild he good, bul it exceeded Expectations. The childi'en i'eally enjoyed thc I1X ofuctivilies. alld il H'aspilcliedjusl ai ihe l'ight levelfor theni. Teacher. The John Moore Pi'iinary School. Literature The Times and Sunday Times Cheltenham Literature Festival took place 6 -15 October. the 74 year that the Festival has beeii held in Chelieiiham. Tlie bestivdl site was Lentred oil Nloiitpellier Gdrdeiis once again, with a purp(1se-built teiited village consiTu¢t¢d li) th¢ R¢gcncy squaic. This year's pragramme fe8tured over SOO ovonts, more th2n a ou21"t¢r of whi¢h wei"e fr¢¢. Venue sizes ranged from SO to 15n() bcais and includcd purposc-built marquee%, our spccially coinimissioncd Voic¢Box pod. 2n arc deco I'estaui'ant, a pei"forminLI &irLS cenlre, the Edw&irdiaii Ch¢li¥iih&lTll Tuwn Hdll, dnd vai"iou% pub%, bouk.%hups aiid lliiSL¢llanwus v¢niies across the ceiilre of Cheltenham. Cheltenham Literature Festival is known for thc breadth of the prograirmc and the hiigc vai'i¢ty of evcnts and forinats it offers. This year was no exception as we hosted poets, spoken wol'd artiqts, novelisL8, biographei's, historian.q, playwrighis, chefs, ec()nomists, calumttisls, editors, investigative Teporter.%, br()adcasters, critics, cliildren's autlioi3, campaigners, psychologisLq. dramatists, cui"ators, film directors, actoi'.8, politicians, doctoi's. scientists, Fe4tival direLt()T.4, b()uktdbT[aMmTh, tiktukeT%, influencer% dnd internati()nal delegFdi to Lelcbrale the wrilten word in its amazing variety, <d its dbility to connect us, challenge us and inspire us. Ovcr 9011 speakers participatcd, of whic]] S90/ identified xs femxle, 25V/o as being repre$ent2tive of the global Majority and 6/ as being disabled or as having a long-term health condition. Our Resd the World theme cunLu)u¢d iiito its third yC- }d auiliors fruii) Ire1]d. Tlic Ned]crlands. Jupaii, Norway, Taiwdn, India, Gl)ana, Spain, USA, New Zealand aod Iceland joined us. GenerOi funding from ulttiral bodic5 ¢nabl¢s us lo connect thcsc authors witl) cach othcr, with UK wrilcrs, and with ncw audicnc¢s. 12
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Building on our Ukraine day in 2022, we continued oui" eollaboratson with Ukt2ine with Ukrainiaii writerq including Artdrey Kirkov appearing on both thc adult and faniily progi'amme. We welcomcd dclcgate.s fiom Argcntina, India, Turkiye, Batqwana and Nigei'ia foi. our second International Delegates ProgrammL gcncrously supportcd by the Bi"iti%h Cuuncil. Our tiuesi Curators thss ycar wcrc Peter Frankopan, Anne Marie Imafidon, Alex Georie And Caleb Azumah Nel8on aiid oui" Literary F.xplorer in Residettcc Ann Morgan Joincd us oiicc Inorc - picking out thc best new ThTiting from all com¢rs of the globe. The ticketed pro¥rainme h¢id ¢11) uplift in both ticket sal¢s and revenue, with audienLe numbers i'ecoveriiig aft. some post-pandeinic Iiesitancy in 2022. Over 100,UOO tickets w¢r¢ sold ai)d tens ol'thougands of people visited th¢ site, iiicluding 12,70U school children (a rccordl. Our Fainily and scl)ools prograiniiics wcrc cx¢eptiOil&illy w¢ll attend¢d ihi% year, with niany events selling oiit and a lively and diverse free programme of stoiylelliiig. ci'aft workshops. charaLtcr Lvsiuiiic appe812ne¢s and Inystery ti'ails ensured tlial th¢ Wild Wotsd family drea was biisy tlii"oughout th¢ Festival. Lit Cr21vI, our fl.ee literai"y bai. crawl around Cheltenham on tl)e fii'st Sattirday of Ihe Festival al80 saw i'ccoi.d attendancc.s, and oui" free HuddlL pr4gr&mme delivered a %trong.%eries of Lommunity-linked events exploi'ing our Read the World theine. Clitltenham Festivals has been battling strong hcadwinds since thc pandcmic.. rcduced audicncc number% {i)ow recoverll)g but still 2000 bookcrs down on 2019) and I'ainpant inflation havc madc dclivering ) Fe.qtiV£il of this SC21¢ more and Inore challenging. We are grateful to the Arts Council, Cunard. Bailli¢ Gifford, Waterqinneq and the Unwin Charitable Trust as principle paTtners and the many Ti'usts, Foundations. individuals givers and Festival patrons who so gwcnerously support th¢ ¢hariry and oiir year-round wotrk in the community. Our tille sp(bnsors have been supporting the Fcstival since 2005, onc of the loiigest of such parthcrship$ in the Fcstival world- Thc Tim¢%, Th¢ Siinday Tinies and Times Radio inspire and challenge lis in the best possiblc way. Their award-winning journalists give geiieroiisly of their time. chairing, broadcaslFng aiid parli¢ipating in thc prograinmc, and, b¢l3ind ihr scenes. helping, advising* and suppoi'ting the progi-diiiming teain. Our growidbreaking VOICLBOX venue had its 3, year and is now a firmly cstablislicd pait of thc Fcstival's offcring, partscularly tai'geted at yoiing pcople (aged 18-30}. The venue is free, drop in (i.e. un-tickcted) and offers a rich, eclectic mix of foi'mats with cvcnLs focusing particularly on ncw voices and issueq of ii)terest to the local comFllUllity. With uv¢r 2,500 visiturs to the SPdLe over 5 days and 2 evenings of events, the VOICEBOX progi'ainme rangTed fiom co-curated cvcnts with local individuals and organisations iiicluding Cheltenham Pride, This Ellds Noiw and Planet CheltenhAm. to cstablislicd and cmei'ging national t8lcnt including Monika Radojevic, Poorna Bell, Dr Alex George, Fats Timbo and F.Ilie Middletoii. In a continucd commitmcnt to supporting new talent acro98 the publiqhing industry, the 2023 progrillliine hosted its first proof party with Brazen Books aiid a takeover event with The Black British Book Feslival. As parl of thc Fcstival's coIn]nitinent to providing a platfoim for neiw talent, both in in thc publishing industry and tl)c wi(kr crcativc splierc {crcative writing, br02dcastiiig, presenting. chairing and moderating and so on) 13
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECF.MBF.R 2023 we hosted ev£nts in a number of uniqu¢ foi'mats. Oui. proof pai'tics feature yet-to-be published authors who often expcricnce thcir fii'qt ever live event al Cheltenliarn. We work tliioughout the prograynming process to identify and advocate for the best new writing, and in pai'ticular dcbut novcliqLs and early-cai'ccr acadcmics woi'king in the non-ficti()n qDhere. We arc grat¢ful to thc publi.%hing industty for their continued 8UPPOTt in enabling us lo bring thc best new and established authors to our stsges. We supported emergiiig talent by showcasing debut cliildrcn's writcrs of coloui from tllc BIMikTrust Represents projeci, int¢nti()nally pairing dcbut writers with establishcd writers and our Debut's and Mocktails event highlighted three auLqthnding new Y A novcli.%t4. In addition. Incal BTEC.H diama studcnts pcrftsrnicd oil our fre¢ prug4'Jnull¢ and local school cliildrcn alld BAFTA Young Presenters made their first live iiilroduitiun. 149 tiekeLq were givcii away to beneficiaries of our community partncr organization Caring for Coniinuililies at]d Pcoplc {CPP} as part of CF'S Coiinections Scl)cinc. The schools prograinme included 71 $how$, workshops and storytelllng Sessions (99 /0 rated as excellent or good) enjoyed by 12,019 pupils froin l OY schools (91 % froin Glo)uLc5teTshii'¥, 74126Q/o Pi'imaTyISeLoi)ddry, 170/0 Glos Scliools serving low-incoi)ie communities and ). Favoui'ites included Michael Rosen, Pamela Butchait, Julian Sedgwick and Joe Todd Stanton. Readtng Tea¢hers= Readlng Pupils I'an foi. its 8 yeaT. In 2022-2203 aiE were 30 RT-RP teachei's reading Froups i'unning across the UK.. six in Glou¢estershir¢, foui1¢¢n ihrough our Strategic Pdrtt]erb, and ten through Independent Parln¢is. Our StrategFiC Pai'tn¢rs this year wei'e Bradfoi'd Litei'alure Festival, CLPE. KEAP. The Writer's Block, National Liltracy TrusL The Lnglish and Media Centie, Seveii Stories, Wigtown Festival Company, The Story Muscuin, Books Council of Wales, Peters, The Reader and die National Centre for Writing. The programme was reviscd for acad¢iyJi¢ y¢ar 2023-2024 with th¢ Sti'atcgic Partncr clemcnl coming to an end. Instead the prow"aininc now ruiis with 31 Indcpci)dent Partner groups in GloiicestershiiE and nationally and tlie focus is morc on cii8uiing thcrc arc a rangc (>f autl)or engagement opportunities and tcacher and pupil r¥sources available for all of the RT-.RP books. We are continuing to work in partnership with CLPE aiid The English and Media Centre to provid¢ teacher r¢sour¢es. In Glouc¥sl¥rbhire a y¥¢ir-loiig CPD programme was established froiii S¢ptembcr with 30 Icaclicrs from Lowci. KS2. Uppcr KS2 and KS3 exploring reading foi. joy, rcadiiig for coiiticction and reading for inspiration usiiig the five books as the ba81S. Teachers fiom 65 schools, including 9 target 8cho()l%, attended thc Readlng Teachery Re#d5ng Pvplls conference &t Chellenhrn Racecoursc witli kcynotc 8pccclie$ from Candy Cjoui'lay, Clii'istophei. Edge and Sincad Bui'ke, workshops run by Manjeet Munn, Sarah Crossan CLPE, EMC among others. There was also a panel discussion on the power of i'¢ading to inspire and molivdtc Ub tu LhangTC the world for the bell¢r? with Sharna Jacks011, A.M. Dassu, Picrs Torday and Dr Alison Waller. CF iq a national partner for Words that Bur, an AtMnc8ty Itjtcrnational UK projcct for secondary school pupils on human rights and poety. Thi.% year, we work¢d with three Gloucestershire secondary schools, wh all worked with the poet DedJilld Rodgcr in a SCTIC5 of workshops.. All Slants Acadeinyy Ncwcnt School and Redno¢k School. Stud¢Thts were giveii a platform to share theii. wetry aThd leaniings in ali event in VOICEBOX at the Fcstival. 14
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHEI LTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THF. YF,AR FNDED 31 DECEMBER 2023 A copy of The Scribbled Self, a creative writing for w¢llbeiiig LJuidc foi. young 0p]e co-curated by a teani of six young peopl¢ wlio wei£ previously part of the Beyond WoJ"ds prDgFdmme, alongside professional writeis Caleb Pai'kin, Mii'anda Walk¢r, Jane Bailey and Suc Mayficld, 18 now in ev£ry secondary school in the county. Ali online CPI) se.ssion was run by c.aleb Parkin for tcachcrg from 6 sclioolf and Wtillg for wellbeing workqhop.g werc riin with pupils in year 9 and 10 in thrcc Sccondary Schools.. PÉttville qcho()I, Boumeside SLhool dnd Severn Vale School. Sh]dentq from Pittville and Bournside schools participated in ¢in eveni in VOICEBOX duriiig the tcslival hostcd by Laleb Parkin, where the audi¢nce were Idken through a writiiigj tor wellbeing a¢liwi¢y and sdents. from the participating schools shared their own writing. To h¢lp mak¢ all famlll¢$ feel welcome and takc away somc of the pcrceivcd barriers parenlslcarcrs may fccl about tlicii. cliÈldrcn l)aviiig to bc quict and 8it still diiriiig 811 event, tlie Fainily Progr<imme offcrcd 59 Relaxed Performan¢es, following th¢ introduction ol-17 eveiits in 2022. the niajority of wl)icli wcrc toryouiig families. The Family progyrainme mandger worked with the Innovatioii Manager on revisirigT thc deliiiilion and formdt ()f a rc12xcd peTforinanee fr()m practice cstablishcd lats year. This was covered as part of ibc inter1 Accessibility Working Groiip, and shared again in collaboration with the oiganisations Active Impact and You're Wclcoiiie, wlio hclp¢d co-CTeate tl)e wording as well as listing on their platforms thal coiiiiect disablcd coinmunilies around Gloiicestershirc A hybTid event aroui)d disabilil tnd inclusion withiii tlie litei'ai industr was codesigncd with key fill"eS withill the seLtt]r. Chair Claii"¢ W¢ide (of the ADCI) wds joined by dwai'd-winninsy author Penny Parke5, pu¢L and founder of CRIPtie ArLs Jamie Hale and Penelope Batchelor, authoi. and foundei. of Keep Festlvdls Ilybrid diqcu8s why the litcraiy woi.ld t)eeds t() be more accessible and inclusivc. The event was warmly received and was covei'ed in articles in tiie Bookseller and numerous coininents on social media. Thc cvcnt resulted in a demonstrablc carbon saving of 70kg, C02¢ oil pan¢lisls alon¢, and just under 205kg C02e froin audience tt'avel (based on car-pets'ol, travelling an average of10 miles) and can bc uscd as a l¢inplaf¢ for hybrid formats for thc piogramming teams to consider as part of a morc accessible, sustainable offcr for 2024. 2023 built upon our shared coinmitmeAi8 [() environmcntal Yesponsibilily iii line with Cheltenham Festivals. 3-year strategy. Ncw processes implcsncntcd includcd collccting audienc¢ travel and carbon emission data for analysis aiid rcportillg. For thc first tiiiie Cheltctthain Literature Festival was run fossil free for consccutivc yC¢irs. 14.27 tonnes of waste was removed froiii tlie festival SI (under forecast ut. 1st), nonc of which ciidcd up in landfill, although questions remain aroiind the percentage that is diverted to ¥n¥r&y re¢overy (i.e. incincTation). The year's press and PR had a reach of 14.3 billlom and mention levels of 4.51 K. Highlights included CJood Morning Bi'itain, TODAY on NHC (USA), appearances across regional and local RRC radio 2nd TV, and sigiiiticant mention on ili¥ tup-lcn UK podcdst, The Rest is Politics. At leasl one national print stoiy appcared during every day of tl)e F¢stlVdl its¢lf. Beforehdnd, the Fegtivdl wa5 nuted in leading lifestyle InagdZIIICS included Countty Life, Vanity Fair, and Good Huusekeeping. Ample ()Iiline LuveragFe buth domestically and worldwide, powered by tlic Prcss Association syndieation of our programmc announccmcnE, and persisting throughout thc PCTiod of pI'omotion. As we head to our 75, annivcrsary wc sliould briefly considcr what explains the global appeal of these booki.qh gatherings? Cheltenham was tlic first Litei'ature Festival. but thcy arc nnw a global phenomena, with Festivals froin Adelaide to Accra and from 14uenos Aires to Belfast. Putting aside the obvious business of pr()moting and celebrating great writing P4lld sclling books- lots of books, tlie answ¢r in ihc dpp¢&I of, and the nc¥d for, human ¢oiinection. Writei's with their reader8, readers with each other, ai)d tlie F¢stival with th¢ connu1ty il setves and is rootrd witliin. This is at the lieart of everytliing we do at Cheltenham Fcstivals and we look funvard to our significaiit a]iVerSary next year. 15
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DJRECTORS, ANNUAL REPORT AND ACCOUNTS FOII THE YEAR ENDED 31 DECEMBER 2023 C Directors Report The diiector.% are pl&iqed lo prcscnt thcir annual IEPOIt and tlic financial ststements of the company for the year ended 31 Dcccmhcr 2023. l. Reference an(1 administrative details of the eompxny Company nuinbcr Charity iiumber RegTiSt¢T¢d uftiLe Business addr¢8S 456573 251765 34 linperial Square, Cheltenham, GL50 IQZ Unit H2, The Brewery Quarter, High 8tree¢ Cl)eltenham GL50 3FF AwditOT5 Hazlewoods LLP, WindsoT Housc, Baysliill Road, Cheltenhain GL50 3AT Bankers JISBC plc, 2 Thc Promenade, Clieltenliam, Gloucestershirc. tiL50 1 LR Solicitors Willans LLP, 34 Imperial Square, C.heltenhain, C5L50 1 Q7, The directors who served during the year ttnded 31 December 2U23 W¢T¢ as fulluws.. Lucy Carlton-walker Adi'iai) Fai'nell Bcverley tsiinster Pet¢i" HoW.(h Cai'oline Hutton Shamil Makliecha Mark Philip-sorenscn Deboral) Tha¢k¢r Jonailiaii Wl)ite Ashdrew Willianis Resigned 13 Deeember 2023 Chair Th¥ following also served during the year ended 31 De¢ember 2023.. Matthew Clayton C'oinpany Seci"e12ry 16
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT ATrID ACCOUNTS FOR THE YEAR ENDLD 31 DECLMBLR 2023 2. Structure, Governance and Management Goveruing Df)eumenl Incorporat¢d in 1948, Cheltenham Festivals (the company name was changcd by Spccial Resolution dated 6 January 2006 from Cheltenham Arts Peslivals Limited) is a Loinpatly limited by guarantce and not liaving a share capital. that is govei'ned by ils. Memoi'anduin and ArLicles of Association. which werc last ain¢Thded at the Annual General Meeting on 7 Scptcmbcr 2012. Tlie coinpamy 1.% regTi8tered 88 a eharity with the Charity C()mmission. Thc liability of each mcmhcr 1.8 limited to l Qp, whil%t being a member or within one year after h¢ or ghe Leases to be a nMber, iii thc cvcnt of thc company bciiig wound up. Recruilnienl andAppoiiitmenl of TJ'E4,SI¢L,f Menibcrs of thc Board arc rccruitcd for their knowledge of the work of cultural and charitablc org2T)isaiion8 and for their ability to contribute to tlic aiii)s of Ll)cltcnhani Fcstivals. There is a significant eleiiicnt of rcgionpLI exp¢ricn¢¢, bui also a national perspeLtive on the Board. Recruiliiicnt ¢tnbraLc5 canvassing amongst arts organisationq and contacts and advertising. Board ineinbei's aTe the trustees of tlie registei'ed charity and eomprisc a maximum of foui1ecn persons, who are elected by dn ordinary i'esolulion of the members of the compdi)y. The Board has powei. to appoiiit directOTS wlio liold office until submitkd for I'e-election at ihe next AGM. The Chaii'inan is ¢l¢Lt¢d by the Board. Directors ale appointed foi. a pcriod of three years and may be re-appointed, subject to provisiuns IT) thc Articles. I'hcre wcrc ninc dircctors at thc halancc sh¢¢t date_ A representative from Ar(s Council England South West may attcnd as an obscrvcr. und TrdiAErtg of T?-teeS New directors are providedwith a pack of ii)forniation inclllding the Memoraiidum and ATticScs of Al818t10, the business plan and fiiiancial inlurmdlioii, Inanagemeiit stiucture aiid festival prograinmcs. -rhe aiin is to eiisure that iiew directors coniineiic¥ willi a gyood und¢i'standiiigi of th¢ ba¢kgrouiid aiid the cui'rent issucs facing Clieltenham Fcstivals. External training cvcnts are offered, where theqe would contribute to understanding or thcir i'oles. Organisalional Siruclure Thc Floai'd of directors has ovcrall responsibility for Cl)eltenham Festivals as a company and a chsrity. Day to day managenient is delegated to tlic two Co-Cl:"Os who arc accounlablc to the Board. Thc Board meets four times a year plus the AGM. The Pindnce CuminiLtee meets ahead of each Board mccting and the AGM Io revicw management dLLI)unL%, findncial forecasts dnd the annual statutory accounts. Th¢ Co-CEOs meet with the Chaii. monihly, in between Iloai.d mcctingg t(h track progre89 against KPIS and budget and provide advice to Éhc Co-C.F.OS. An F.thics Committee wa8 set up in 2023 to aqgigt thc Board in the establishmcnt, embedding and oversisyht of dn etliical li'amework for Ch¢lt¢nliam beslivals and a Nominali01is Committee also cxists to suppiirt wittl Arusiet TeLruiimgni wn¢n 1¥4uir¥u. LlJ¥ UJ¥(Illib4tuvii Js ujvidru iiiiu d ijuiiibri vi i¢kuiis, rrbLiY£il Programming, Leaiming & Participation, Fundraising. Markcting, Financc, Opcrati()n%/ProducLion and People. Thc Dircctor of Finan¢c and tile Dii'ecior of People togetiicr with thc two CO-CEOS form the Senior Management Team. 17
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTCI NHAM fEsTIVALS DIRECTORS, ANLN'UAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 CF Produclion,Y Liniited In Scplember 2010 a l 0/0 subsididl'y was gel up Lall¢d CF Productions Limited trading as CF Ticketing with the main objective of pruvidinL bux nffice sci'viccs to Cheltenham Festivals. The bL)x office commenced trading in February 2011. On 31 Deceiknbcr 2022 thc hu8iness of CF lJroductions Liinited wa.% sold to Chcltcnham Tresiival% for eoii%idcration of £1 aiid thc coinpany will i)ow I'einain in existence ag a dorinant oinpany. Cli Pi'oductions Limited paid a divAd¢nd lo Ch¢li¢nham Festivals on 31 Deceinber 2022 equivalent to its net assels al ihaL date. 3. Risk Management The Board undei'tak¥y dn annual rcvicw of risk categories and the Cn-CEOs ljave a responsibility In draw any .8ignificanl devclopmciits (o thc attenlioi) of tlie BaaTd. PToccdures to mitigatc risk tlii'ougliout thc work of tlie charity ar¢ in placc and appropriate ti'aining LTiveii to all statl. Tlic risk cxposurc froin tlie proniotion of individual eveIits is nionitor¢d by the Sciiiur Managenient Teaiii and reniedidl aLtion tak¢n as appropriate including the purLhabe of rcl¢vaiit insurance proteclion. 4. Objectivc5 and Activities The principal activity of the company, as Set ()ut in ils governing docunient, is to Pl'olnote the aits and scicnces gencrally and advance education by means of Fcstivals of thc arts, sciences and entettsinment in the Borougli of Cheltettham aiid elsewhcir in such inanneL', at suLh times and in 5uLh places and so often as ihe Budrd of the company shall s¢¢ fit and do all such tliings as are incidental or necessary to th¢ allainmenl o(suct] objects. Festivals of Jazz. Science, Music and Literattire were canied out in 2023. In earryiiig out these activities the coinpany aims to oi'ganisc Festivals that are acclaimed for the quality of their pi"ogrdmincs aiid t])at attraLt gTowingy audieiices. Tlie Bodrd aims to ¢sLqblish die Festivals as a financially susldilldble ¢ntetpris¢, di'awin¥ broadly based support fi'om organisations and individual,q and with a piofcssion2lly Inanaged administratioii. lii.8upport of its chartable 21lnS th¢ compaiiy fostci's artistic cxcellcnce and it)t)ovation, as well as educational and out-reacli proETainines and thc support of youiig artists, writers and scientists. Further detiiil is providcd in thc Fcstivals Reports on pagyes 3 to 15. 5. Public Benefit Statement Thc Directors coiitinue to have due regard to section 4 of the Charitics Act 2006 iii respect of public benefit. Our Educaiion and Outr¢h work Ils can be seen from the Festivals Reports is exten4ivtt. B#yDnd thi% we continue to suppoi"l Y()u %LrtiSt¥ and pcrfonners as well as bring artisiic cxcellence and innovaiion to #ll Fe.%tivals. Wc aTC mindful of ticket pricing and Iiave a range of ticket pricing on offci. to ensiire tliat pcople arc not excluded fioin thc cultui'al experience of a Fcstival on Ihe gi'ounds of lick¢l pric¢. Wc also run our ConneLtions progrdmme whiLh vff¢is fr¢¢ tickets tu IoLal people who would Othel.'1Se be unable to attend festivals due [() their LirLumstanccs. These are offcred via our local Soei&l Prescribing Team at C.hclicnham Wcllbcing,Scivice. 6. Achievements and Performance Revicws of dlc coinpany's achieveinent8 and perfornianc¢ in th¢ ycar arc set out in tl)e Fcslival Reports and thc Cliairman's Stateikncnt. 18
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTtVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDF.D 31 DECEMBER 2023 7. Fin4ncial Review Consolidated re8uli% ()f all four Festivals are set out in the tsble below, showing the principdl sources of revenue and the main expendituir categories. 2023 2022 Ineome Ticket Sal¢8 Spoii8orship.' Cdsh dnd in-kii)d Grants ai)d Dui)ations- Trusts, Culwre ReLovery build Others Grant- Arts Council In-kind 8iipport Patrons and Meiiibers MisLellantous (iiiLluding legacies) Ticket booking fce 3,081,027 1,174,540 790.719 217,480 31,900 698,614 701,006 95,415 2,674,6%14 1,334,780 1,630,565 216.497 25,900 635,822 449.458 Total Income 6,790,701 6,967,710 Expenditure Pi'ogTTdnime Custs Feeb ¢ind Sdl¢iri¢s Marketing and Sponsorship Administration Unwind ofdiscouni on interest free loans 3,725,229 2,083,373 488,880 911,418 38,455 3,701,020 1,647,746 560,270 1,062,580 10,613 Total Expenditure 7 247 355 6 982,229 Movement Reserves 456 654 Total incon)ing resourccs of the company wcrc £177,009 lower than in 2022. a decrease of 2.5 % due mainly to reduced sponsoi.ship income. Graiits and doiiations fcll by £839,1146 followiiig closure of the Culture Recovery Fund in 2022. TiLket sdles g¥rew by £406,339 and IDisccllancous iiicoiii¢ {iii¢ludin& legacies) by £251,548. Total expenditsre was £349,404 highcr than in 2022 l'csulting in a deficit foi. the year of £456,654. T()tal C.QTllPdny Fuiid% at 31 Decembei. 2023 were £180.874 (2022- £637,528) dnd w¢r¢ represented entirely by Unrestricted Re8eivc8 (2022- £637,528). Reqtricted Reserves weiE £nil (2022 - £nil). 8. Rcserves And Inv¢stm¢nt Policies Reserves Policy Thc fuiiction of each of the reseives is explaincd in Notcs to thc Financi31 StatemciiL% (note 171. It remains an objective to establisli a prudent level of reserves to supp(Trrt the financial risk of muunting four fcstivals. The Board has determined that thc tar(Tct Icvcl of rcscrvcs shiiulLI be ai.ound £SOO,000 whicli represeiits 3-4 mont])s of corc operating costs aiid is con8idered sufficient lo covcr any reasonably forcsccablc coi)lingciicy. Ai Llie ¢nd of 2023 I'eserves sat at £180,874 and tlic objcctivc is thcr¢foTC to generate a small siirplus each year to build reserves up to this target levcl. 19
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 PrEncipal F14rÈdEng Sources The principal Cunding gources for the Company w¢ir Loinincrcial sponbors (£1,174,540), patronb and member.%hip.qub%Lriiiti()n% {£698,614), donations and grants from individuals. and charitable SIS (£790,719) and the Arl.% Council England qouth West (£217,4RO). Inveslnient PoliLy UiidcT the Memorandwn aiid Articles of Association th¢ charity has the power to invest the mi)n1 not immediately required for ILS pu%& in oi. upon.sueli inve%tsy)cnt% a8 may bc dctci'inincd from time to time. 9. Basis Of Preparation The directors arc fiilly aware of their respon%ibilitic% wit]] regard to maintaining a sufficient Icvcl of fiinds witliin thc cliarity and ilie need to carefiilly manage ¢asli £lows. Tli¢ a1Ual budg¢t for tli¢ ycai. is cxaLDiued in detail by the Boai"d. Detailed inanagcii)¢nl aLLounts al'e prepared oil a niontlily basis and the fUl]cIal position r¢vi¢wed liy the genioi. Managcmcnt Board, the CO-CEOS, The Finance C(>mmittee and by the Flnai"d. Tl)e directors have revicwcd cash flow forccasts covering the12 Inonths fi'oin thc datc of approving these financial stateiijeiits and havc satisfied Iliemselves that it is appropi'iite lo prepai'e tlie financial stateineiits on a going concei'n basis given the accuniulal¥d I"ttsei'ves position. 10. Plans For fiuture Perlods A r¢vi¢w of the company's plans tor future periods is set out in the Chairman's Report. 11. Direetorsj Responsibilities In Relation to the Financial Statements The dii"ectors ar¢ responsible for preparing the financial Statements in accordai)ce with applicable law aiid rcgulatloiis. Compaiiy law rcquires the directors to prep2re finan¢ial stat¢ments for c2eh financial ycar. Uiidcr that law tlic dircctors Iiave elected lo prepare the financi21 statements in accordaiicc with Unitcd Kingdom Generally ALc¢pt¢d Accounting PractlLe (Uiiifrd Kingdon) Accoiintiiig Standards and applicable law). The fii)ancial stateiiients are required by law to give a tn]e and fair view ()f the 8trdts ()f affaiTh ()f ihe Lompaiiy ind of the yurplu% or dcficil of the company for tl)at period. In pi'eparing tliose financial statements, the dire¢tc>i's are required to.. selecr suitablc accounting policies and then apply them consistently,. Inake judgcments and estimates that are reaqonablc and prudcnt. Pi'eparc ihe financial statemenL% on thc going concern basis, unlcss it IS IliaPPl'OPTiatc to presumc tlial the Loinpany will continuc in bu5ine5S. The directoi'8 are responsible for keeping proper accounting records which disclase tI) reasonable accuracy at any timc the financial poEition of thc coinpany and to cnablc them to ensurc that the financial statcmcnts comply witli die Compani¢s Act 2006. Thcy are also Tcsponsiblc for satcguardingF the assets of tlie compaThy and hciice for taking reasonable steps for the prevention detection of fraud and other irreLyulw'jties. 20
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS DIRECTORS. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DF,CF.MBF.R 2023 Disclosure Of Intormation to Audfitors At the datc of approval of the financi&l stateinents, in so far as the directors are aware, all relevanl audit infom)ation has been provided to the auditoi'% and the direct(Irs have thkei) Step.% to ensure that they havc made thelnselves aware of any r¢l¢vant audit inforniRtion at)d tsi estsblisli that the auditois are aw.¢ of .%uch information. 12. Auditor5 Hazlewoods LLP have expSSed It]eir willingTness to ¢onLiiiue in office. Tliis rcport lias bccn prepared in accordance witli the 8pecial provisions of Part15 of tl)e Companies Act 2006 rclating to sii]all Companies. By ordei. of the Board 13 S¢pL¥mber 2024 Mark Philip4orensen Chair 21
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 REPORT OF THI INDEPENDENT AUDITORS TO THE DIRECTORS OF CHELTENHALVI FESTIVALS Independent Auditor)s Report We have audited the fijiancial statements of Chcltenhain FetiVal. foi. tlie yeai. endcd 31 Decembei" 2023 which coinprise the Chai'ity Statciiiciits of FinaiiLial Activities, the Cliarity Balance Shee(b. thc Casli Flow Sidtcinenls nd the i-elated notes. The finan¢idl r¢purting framcwurk that lias bcen applicd in th¢ii" pr¢pai"a(iun IS dppIiLabl¢ law dnd lJnited KingdoTn Accounting Standards, including Financial Reporting Standard 102 Thc Financial Reporting Standard applicablc in th¢ IJK and Republic of Ii'eland (lJnitcd Kingdom CJCI)ci'ally Acccpted Accounting Practicc). Opinion on financial slateinents In our opinion the financi21 sr2tcmeiits.. give a and fail. view of the stdte of the charitable company's affairs as at 31 Deceinber 2023 and of its incotning resources and application nf resollrcos for the year tlien ended- have been properly prci)arcd in acooTdancc with Unitcd Kingdom Cjcncrally Aceeptcd Accounting Practice,. and l)av¥ bccn pr#ped in accordance with the requii'einents ot tlie Companies Act 2006. B#sis fnr oplnlo We conduLted our audit in accordance with International Standards on Auditin8 (UK) (ISAS {UK)J and appli¢Jbl¢ Idw. Our rcsponsibilities under those standai'ds are fui'ther desci'ibed in the Auditoi s responsibilities f()r the audit of the fin2nci81.staleiMenls section of oui- Icport. Wc arc indepcndcnt of thc cotmpany in Accordanec with the ethical requirements that ai'c rclcvant to our audit of tlic financial statcmcnts in tl)c UK, including thc I,"RC's Lthical Standard, and we have fulfilled our other etiiiLal respui)sibililies in dCLUI'ddi)ce willi these rcquircincnts. W¢ believe that the audit evidence we have obtained is sufficienl and appropriate io provide a baqis for our opinion. Con¢lusion$ relating to going concer We liave notliing to report in respect of the following matters in relation to which the ISAS (UK) require us to repoi't to you wliere.. the ts'uslc¢s' usc of the gyoiiig concern basis of accounting in the preparation of the tinancial statsments is not appi'opriate. or the ti'ustees have not disclosed in thc financial statements any idcntificd material llncei'tainties th2t Tnay cast significajit doubt about thc chai'itablc c0121paiiy's ability to continiic to adopt tlic gOiTILJ fOnCCI"n basis of accounlii)g for a PCTiod of al Icast twclvc Enonihs froiii thc dal¢ wh¢n thc financial statements are authorised for issue. other information Th¥ trust¥cs r¢sponsible for the other infortnation. Tlie other information comprises the information included in the annual reporL otl)er than the financial gtstemenL4 and our auditor'g report thereon. Our opinion on tlic financial.tateMentS doc.8 1)i)I cov¢i- thc othcr infoiination and, cxcept to thc cxtciit nthciivisc cxpli¢itly statcd in our r¢poF¢ wc do not cxprcss any form of assurance conclusion thcrcon. In connection with our audit of the financial statements, our responsibility is to read the other inforn)ation and. in doing so, coiisider wl)etl)er tlie oiher inforinatioii 1% matcrially iiiconsistent witl) Ilie finhnciAI statemei)ts Dr our k]iowlcdg¢ obtained in tt]c audit or otherwise appears to bc inaterially misstalcd. It. we idcntify such material ii)¢onsist¢ii¢ies or app¢1 illatei'ial illisstal¥Lll¢nts, we ar¢ r<quircd lo dc¢crmiLi¢ wli¥lli¢¥ t])¢r¢ is a material misststeinent in the financial stateinents or a nuterial mIsstaMent of tlie other information. If, based 22
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 REPORT OF THE INDEPENDENT AUDITORS TO THE DIRECTORS OF CHELTENHAM FESTIVALS on thc work wc havc pcrfi)rmed, wc conclude that there is a material misstthtement of tl)is other information, we are required to report that fict. We have nothing to repoi't in this regard. Opinion on other matters prescrlbed by the Companies Act 2006 In our opinion based on the work undertaken in the course of oui. audit= the intoritIOn gFiv¢n li) thc trustees. repoi't, whi¢h in¢ludes lh¢ dii"e¢tors' reportprepar¢d for the pw'poses of Lompany law, for the fiuan¢ial year for which Ihc fjnancial stat¢m¢nts w"c prcpw.cd is consistent with the finaiicial s(atemeiits; and the dircctors, report includcd within th¢ trust¢¢s' report has been prepared in Accordance witli applicable legal requireinenls. Matters on which we are required to report by exception In light or tlie ki)owledge and understanding of the charitablc company and ILS cnviroiimcnt obtained in the course ot thc audi( we liave not idciitified material misstatemcnts in tlie directors, report included witliin the trnstees, IEport. We have nothii)g to I'eport in respect ot. the followiiig Inattei's wh¢rc the Coinpanics Act 2006 require us to report to you if. in our opinion.. adequate and pi'opei. accounting I'ecoTds havc not b¢cn k¢pt' or the finanLial statementg are not in agreement with the acLounting recoi'ds. or cei'tain disclosures uf tiustees. IEtnuneratiUll bpccifi¢d by law ar¢ Tnad¢,' or we have not received all the information and explanations we require for our audit. Responslbi1StRes of trustees As explallied more fully in the trustees, responsibilities slalem£nl, the Irust¢cs (who arc also Ili¥ directors of thc charitablc company for th¢ purposcs of company law) are responsible for the preparation of the f2nancial statements ai)d for bciiig satisficd that thcy givc a and fair view, and for such internal control as Ihc trustccs deterinine is necessary lo enable the preparatioii of financial statcin¢iits that ar¢ frcc froin Tnaterial mibstalemenL whether due to fraud or error. Tn prcparing th¢ financial %talcincnLs, the trustees 2re respot)sible for assessing tlie charitable company's ability to contiiiue as a going coiiccrn, disclositig, as applicable, Inatters related to going concern and using thc going concen) basis of accouiiting Linlcss thc Irust¢¥s ¢ither int¢iid lo liquidat¢ th¢ charitable company or to v¢asc operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the finaiicial Statements Ollr objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, wlicthei. diie to fraud or CTror, and to issue an auditoi s report that includ¢8 our opinion. Reasoiiable 8SSUfdnce is 2 high level of assurance but is not a guardntcc that an audit conductcd in accordance with ISAS (UK) will always d¢tecl a matcrial inisstatemenl when IL exists. Misstatem¢iits Lan arise from fraud or crror and arc considcrcd matcrial if, individu&Llly ur in the aggregate, Lhey could reasonably b¢ expected to influencc thc economic decisions of ustrs lakcn on thc ba8i.s of thcsc fiiiancial slalcLllCllts. As Pdrtofan audit iii accOrd]ee with ISAS {UK), we exereiseprof¢ssÉonal judgmciitaiidmaiiitain profcssional bL¥pIiLisIn throughout th¢ audit. W¢ also: 23
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64
REPORT OF THE INDEPENDENT AUDITORS TO THE
DIRECTORS OF CHELTENHAM FESTIVALS
Identify and assess thc risk8 of malcrial misstatement of the financial statements, whetlier diie to fraud or
crror, d&sign and perfoi'm audit Pi'ooedures respoiigive tr) th()se ri.%k.q, and obtain 8iidit evidence that is
sutTicient and appropriaie to provide a basis for oui. opinion. Tlie risk of noi d¢lecting a malcrial
Inisgtatenient I"esulting fi'om frdud is higher thai) for one resulting from ei'i'oi., as fi'aud may involve
collusion, foi'g¢ry, inlci)tivnal omissioiis. Inisi'epresentations, or t])e oveii'ide of internal conts'ol.
Obtain an undei'standingF olinternal Lontrol relevanL ts) the #udil in ord
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 REPORT UF THE INDEPF.NDENT AUDITORS TO THE DIRECTORS OF CHELTENHAM FESTIVALS Audit procedures performed by the engageinent team included.. Idci)lifyitlgF and asscBsing the desi] effectivttness of controls management has in place to prcvent and detect fraud. Undcrslanding how tho%e chai'ged with governance considered and addressed the potential for ovei'ride of controls oi. other inappropriate influcncc ovcr the fJnan¢ial rei)(irting proce88. Dcthiled analygis of journals postcd thi'ough th¢ accounting $Yte dui.ing the year to 31 December 2023 has been undeTtaken' Undersianding tlie controls in plaL¢ tu prcvcnt and d¢tcci fraud. Rcliance Wds Ilot placed on cot)ts'ols for the ¥ntirety lif the audit, in%tead taking a substantive testing approach. however contruls wcre in place to prevent frau(L 2nd they appearcd to be working cffcctively; Challenging as.8utnption4 jiidgeinents Inade by maiiageinent in its significant accounting ostimatc.%. Use of our report Tliis r¢port is made solely to llie cliaritable company's mcmbcrs, as a body, in accordanc¢ with thc Chapter 3 of part 16 of the Coinpdnics ALt 2006. Our audit work lias bccn undcrtaken so that wc might state to tile mcinbers aiid trustC¢s 111o4tt indller4 we are required to gta(e to them in an auditors, report and tor no uih¢T purpise. To Ihe fullest extcnl pci'mittcd by law, we do notaccept or assume rc8ponsibility to aiiyone otlier than thc charitable comp&ny and thc Charitable coinp&i)y's menibers as a body for the opinioiis we liave foi'med. Martin Howai.d (Senior Statutory Auditoi.) For and bclidlf of Hail¢wuods LLP, statorY Auditor Windsor House Bayshill Road Clieltei)hain GL50 3AT 25
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHKLTENHAM FESTIVALS STATKMENT OF FINANCIAL ACTIVITIES iDcludiii Income and Ex enditure Aeeount FOR THE YF.AR F.NDED.31 DECEMBER 2023 Statement of Financlal Aellvlties Note Unrestricted Restricted Funds Funds Total 2023 Total 2022 INCOMF. AND F.NDOWMENTS FROM: DonatiaiJ% and LtgdLICS II)coin¢ Fi'om Cljaritsble Activitics Utlici. Tradiiig Activities iveslinent Income 1,385,383 451,896 1,837,279 2,391,334 3,769,243 1,174,540 9.639 3,769,243 1,174,540 9,639 3,204.329 1,334,780 37,267 TOTAI, INCOME AND ENDOWMLN'rs 6,338,805 451,896 6,790,701 6,967,710 Raising Funds Charitsble Activities 739,841 6,017,163 739,841 6,469,059 551,498 6,420,118 451,896 TOTAL EXPENDITURE 6.757,004 451,896 7 208 900 6,971616 TrIET (OUTGOtNG)IINCOMING RESOURCES (418.1991 {418,199) {3,906) Other losses 10 (38,455 38,455 10,613 NF.T MOVF,MENT IN FUTr4DS (456,654) {456,654} {14,519) Total Funds brought forward at 31 December 2022 637,528 637,528 652,047 Funds earried forward at 31 DECEMBER 2023 180,874 180,874 637,528 26
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHEI LTETr4HAM FESTIVALS BALANCE SHEET AS AT 31 DECEMBER 2023 F Ralance Sheet Note 2023 2022 Flxed Assets Tangiblc Assets Investmcnls li 12 ¥¥,387 148.924 88,388 148,925 Current Assets: Debtoi's Cash in Ind 13 429,917 774 938 630,470 531,997 1,204,855 1,162,467 Credltors: Amounts falling due wlthln one year 14 1,112,369) (559,339) Net Curren¢ Assets 92,486 603,128 Total Assets less current IAiabilities J81).874 752,053 Creditors: Amount$ fxlllng due after more than one year 114,525 Net Assets 180,874 637.528 Funds: Unrestricted Funds: Gci)¢i'al R¢sci"ve 17 180,1174 637,528 Total Unrestricted Funds 180,874 637,528 RestrictLd Funds: Education Reservcs 17 Total Restricted Funds Total Funds 180 874 637,528 Thcsc financial statements wei'e prepared in accordance with SORP 2019, special provisions relating Io small COiT)paryies ividiin Part 1£ of Companies Ap.t and finHnr.i81 Rppnrling 8tAnd2rd I n2'The FinsLncial Rcpnrtino staThd.d applicable in thc UK and Republic of Ireland,. Approved by tlie Board and duthorised for issue on 13 Scpl¢mbcr 2024 Mark Pl)ilip-Sorcn8en - Cl)air 27
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS OR'I'HL YEAR ENDLD 31 DECEMBER 2023 G Statement of Changes in Equity Year ended 31 Deeemher 2023 Restricted Funds Education Reserves Total UllTestricted Fund5 General Re$erve PatfOJ15 Resillence Fund Resti-icted aiid Unrestricted Funds Opciiing Balanc&s at l Janu21y 2023 Rcscrvcs Ti'ansfer Deficit for llic ycar 302.862 334,666 1456.654) 334.666 (334,6661 637,528 1456,654) Closing Balances at 31 December 2023 180,874 180,874 Year ended 31 DeccmbLr 2U22 Restricted Funds Education Reserves Unrestrleted Funds Total Cyeneroj Reserve Patroiis Resilience und Restricted and Uni-estrlcted Funds Opening Balanc&% at l Jinuttiy 2022 44,194- 273,187 334,666 652,047 Defieit for thc ycar (44,194) 29.675 (14,519) Closing Balance5 at 31 December 2022 302,862 334,666 617,528 In 2a2n the Roai'd cgtablished a designated reservc (Patsx)n5 Resiliencc Fund) cquivalcnt to thc value of tlie patrons, donation received from ali appedl durinLT the pai)d¢mic. Giv¢n the continued finaiicial pressure that the charily faces and the need to partially utili5e this reserve, in 2023 the Board decided to undeqignate Ihe rescLW¢ and ts'ansfer the funds to unrestricted reqerves. 28
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THL YEAR ENDED 31 DECEMBER 2023 H Cash Flow Statement 2U23 2022 Note Cash prui'ided by uperating activitles 18 429,568 (301,949) Cash flows from investing actiiryties Int¥re$t in¢ome Purchase of tanglble rued Mssets 9,639 {8,266) 37,267 (62,789) Cash %eneratedl{u5ed) in Inve$tln% activiti¢¥ 1,373 {25,522) Cash flows from financing activities Repayinent of loans {188,000} Cash used in financij) ctivities (188,000) (Decrease}lincrease in ch ond cash equlvslents I the y¢ar 242,941 {327,471) Cash and ¢a$h equivalents at the beginnin of the year 531,997 859,468 Total Lash and eash equivalents at the eiid ol. tli¢ year 774,938 531,997 29
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACCOUNT8 FOR THE YEAII F.NDV.D 31 DECEMBER 2023 l Notes to the Financlal Statements l. Accounting Policies Basis of Preparatlon Thc liiiancial statements have been prepared und¢r (h¢ historiLal cost conv¢ntion, as mudified by th¢ revdluation of cerialn fixed assets, adopting the (ollowing principal aLL()untiiiL' p()IiLie% all i)f whiLh are in accordance with Accountii)(F and Rep()rting by Charitic%: Statcmcnt of Rccommcndcd Practicc - Accounting aiid Reporting by Cliarities (SORP FRS102) issued in Jiily 2014 and Thc Companies Act 2006. Th¢ finanLial statcineiits are pi'esented in Pounds Sterling. Company status Thc compaiiy is a private coinpany limitcd by larantee incoiyorated in England and Wales. The address of its I'egistei'ed office i8.. 34 1inpei.ial Square Cheltenham GL50 IQZ Tangihle Fixed Assets Taiigililc fixcd asscts arc stated in the balance sheet at cost less depreciatÉoii. Depieciatioii is calculated to write off tlie cost of tsngiible assets oveT theii ¢slimat¢d useful eLonoinic lives at th¢ followingF ratcs per annum.. Typc of a8SCI Furnitllrc and fittings Plaiil aiid cquipinernt Computing Losts Website costs Rate 20D/o of cost 200/0 of cost 200/0 of Lost 25 % of cost Fixed Asset Iiivestments Fixed asset investment8 held are valued at market value ttl the end of tlic accounting pcriod. Movements in the market value dui'ing thc period aTC included iyithin tl)e Statcment of Finaiicial Activities. Investments Fiixed asset investnients dre stated dl cost less pi'ovision foi. dimithuliun valu¢. Cash and cash equivalents Cash and cash cquivalents coinprisc cash on hand and call deposits, and other short-term highly liquid invcstinenls that are readily convertible to a known Éunount of Lash and ar¢ subject to an iDsig>nifiLant li5k of ¢hange in value. Trade reeeivables Tradc debtors are amoui)ts due from customeTS for mcrchandisc sold OT seiviccs pcrformcd in thc ordÈDary course of busiiies$ Trade debtors are recognised iiiilially at th¢ transa¢tion prt¢e. All debiors ar¢ rcpayablc within onc Y¢ and are hence included al the undisLounted ainount of the cash expected lo be re¢¥iv¢d. A provision fur ihc ijnpairment of trade debtors is establiqhed when there is objective evidcllcc that the company will llot bc ablc to collect all ainountg duc according to thc oi'iginal tci'ms of thc reccivables. 30
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 1)ECEMRER 2023 Trade payables Trade creditoi's are obligations to pay foi. go(Kls or scrviccs that hav¢ ¢n &equired in the ordinary course of business from supplieTS. AccounLs p(iy&ble 4il'e Lla%4ified Lurrent lidbiliiies if the company does not have dii unconditioi)al right, at thc cnd of the reporting pei'iod, to dcfci. 8¢ttlcin¢nt of the Lyeditor for at least twelve months allttr the reporting dale. If tliere is an unconditional right to dcfcr scttlem¢nt for at least twelve months after the reportiii¥ date, thcy arc presented as non-currenL liabilities. Trade creditors are recognised initially at tlie tiZ08a¢tion price and all ar¢ i'epayable within one year and hencc are included at the undiscounted amount of casli cxpcctcd to be paid. Borrowings Jnterest-bearing boi'i'owingTS ar¢ iiiilially recorded at fair value, net of trdi)SdCtion costs. Inlercst-bcaring borri)wings al'e subscqiiently carricd at aiiiortiscd cost, with the diffcrcnce httlween the proceeds., net of transaction costs, aiid the amount duc on rcdcmpti()n being re¢ognised as a charge ta the Profit and Loss Acrount over the period of the relevant i)orrowing. Inlei'est expense is recogniscd on thc basis of the eftcctive intei'e5t method and 18 included in intClCSt payable and simildr chargyes. BoiTowing5 al'e clas¥ificd as curr¢nt liabilities unless the compdny has an unconditional rigJhi tu d¢f¢r settlcmcnt of thc liability for at least twelve manth% after the reporting date Finaneial instruments Thc cli.]ty only has financial asscts and financial liabilities of a kind that qualify as basi¢ financial instruments.. Basic finaiicial uistrumeiitS dre initially recognised at transaction value and subsequently measured a¢ Iheir seLil¢m¢nt value with Lhe exception of loaiis which are subsequcntly incasurcd at amoi"Lised cost using Ihc cffcctivc intercst mcthod. Incoming Resources l. Voluntary income - incoming resources generated from.. donatiuns and gifts (including legdcies) granL8 that give core funding provided by govei'nment and charitablc found&tioi).8 memb#rsliip subsci'iptions and spunsoiships wh¢i'c thcs¢ ar¢ in substance donations, I'athei. thaii pJyiiienl fur goods and services gift& in-kind 2. Activities for generating funds -trading and othei. fundraisingy aclivities LatTi¢d out to gtrenerate incoining resources ii,hich ,111 bc uscd to undcrtake its cLy.table aLtii'itie% %uch as sponsorships. J. InvesttncTht tncome-fflncojning resources fi'om investmcnt asscts, including dividcnds and interest and is recogniscd on a receivabl¢ basis. 4. Incoming rcsources from charitable activitie% -any incoming resallrces received which are a payineiit for goods and sciviccs providcd foi. thc bcncfit of tlie cl)arity'8 beneficiaries, e.g. box offiLe Licket income and peitorillance Tclated grants. 31
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Resource5 Expended l. Costs of genei'ating funds- th()%tt L(Tr%t% inLurred in gFenerating incoming resources froln all Sources other than from Undertaking cl)aritshle activities.. costs of generdting voluntary iiicon costs of fuiidraisiiig costs. of managing investments 2. Charitable Activitics- rcsources applied by the charity in undertaking its work t() meet charitable objectives, as opposed to tlie cost of raisiiig th¢ funds to fii)aiicc tIIc5c aclivitics and govci.1I]cc eosls. 3. Govcrnance costs- die cosLs of goveimance an'&ngemcnts which rclated lo tl)c gcner21 rnni)Éiig of 11)c chai'ity, as opposcd w the direct maiiagemetit functions inhereiit in generdting funds, servic delivery atkd progrdmm< or project work. Funds held by the Charlty.. Uni'estTiCted funds- tlicsc ai'c general funds that are expendable at the discretion of the directors in fiirthei'ance of the chai'ity's objectives. If part of tlie unrestricted funds ig earInarked foy a pai"(iLular project it n)ay be designated as a sepwate fund. Restrictcd funds - thcre 1.% currently one r¢sts'icted fund that TS .8ubjcct to spKcific uscs for Education projects. All incoiniiig and outgoing rcsour¢¢s in Tclation to these projects are included under restricted funds. Trading Ineome ChcltLnhc21n bestivals has one subsidiary, Cl- Productions Ltd whÈch cominenced trading in Fcbruary 2011. Chelittitham Fcstivals acquii'cd CF Produclioiis, business on 31 December 2022 for consideration of £1. H¢n¢¢forth CFP will <xisl as a dormaiit colnpiy. CF Productions Ltd pi'ovided box office services for C,hclicnhain Fcstivals. all box office acLiVlty is now p¢rforin¢d by Chclt¢nhaiy) F¢stiv21s. Donated Services Dun¢ilcd scrvices dre included withiii the Statement of Financial Activities as both incoming resource% and iesourccs cxpcn(kd. Thc valuc of thc donated services is based on information provided by the doiior and i detailed furthcr in note 9 to these financial statements. Penslons The company operates a defined contributian qcheme for certain employec8. Thc contribulion.q arc cliargcd to revenue in the period in whicli tliey are incuned. 32
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE, ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income and Endowments from Donations aiid Legacies 2023 2022 Unre5trittod Funds: Donations / Clidritablc TTUSt8 Culmrc Recovery Fund nts- Arts Council Oihei. Gi"anis In-kiiid Support Patrons l.egacies Education 23S,057 173,721 937,254 216,497 45,000 25,900 393,668 217,480 1113,765 31,900 443,813 loo,000 253,368 124.704 Total Unrestricted Funds I J85,383 ,916,744 Restricted Funds 451,896 474,590 Total Dnn&tltsns and Legaeies 1837,279 2,391,334 Income and Endowments from Otlier Trading Activities 2023 2022 Uihrestrlcted Funds: Sponsorship Sponsorsliip-In-Kind 934.054 240 486 1,132,684 202,096 Total Unrestricted Fund$ ,174,540 1,334,780 Restrlcted Funds Total Olher'frading Activities 174540 1.334,78n Income and Endowments from Investments 2023 Unrestricted Funds: _ B21& interest Dividend received froin CF Productions Limitcd IntCT¢bi on loan to CF Produ¢tions Limited 9,639 2,859 18,771 15,637 37,267 33
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACC()UNTS FOR THE YEAR ENDED 31 DECEMBER 2023 The dividcnd received in 2022 fi'om CF Productions Limited (CFP) which is a wliolly owiied subsidiary of Chclteiihain Fcstivals ICF), arose putsuant to a hive up &greement between CF and CFP whcr¢by CF acquii'cd CFP'S business on 31 DeLembei" 2022 fur ¢unsid¢ralion ot'£l. CFP contiiiues as a dotinant company. Income and Endowments from Charitable ActlVRties 2023 2022 Unrestrl£ted Funds: Box oifice TiLket Sal¢s BookinLF Fees Coiiiiiii%sinn Mcmtr)ci'%liIp8 Broadcast Fees Other In¢onie 3,081,1127 95,415 224,427 254,8UI 19,601 93,972 2,674,688 176,184 242,1 $4 20.043 91,261 I'otal Unrestricted Funds 3,769,243 3,204,329 RestriLted FuNds Total Income and Eiidoivments from C'haritable Activities 3,769,243 3,204,329 Expenditure on Raisillg Funds 2023 2022 Unrestricted bujids: Salaries - Fundraising Team Salaric% - Box Office Fiindraising Tean) Expenses Box Office Expenses Other Expendilure 348,130 110,003 20,768 93.243 167,697 313,005 22,475 216,018 Total Unrestrieted Funds 739,841 551,498 Restrieted Funds Total Expenditure on Raising Funds 739,841 551,49¥ Other Expenditure is repr¢scnt¢d by c06ts Incued in respect ol-delivering contractual and non-contractudl commiimcnts tu sponsors during each of the feslivals. 34
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTJVAts NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 7. Expenditure on Charitable Actlvltles 2023 2022 Uiii-e5tricted Funds: Fttes & Salaries Pr()duction Arti.stic Programme A(hniiiistrdtion Box OtIiLC Commission Marketing CBC In-Kind Support Learjiing and Partcipation Co1111SsIOnS Audit F¢¥ Governance 1,523,259 2,187,725 1,053,296 892,531 1,223,305 2,158.137 983,781 842,239 271,845 321,778 25,900 35,208 7,450 7,596 24.095 300,415 25,900 15,776 9,300 5,75U Total Unre&lriL(ed Fujids 6,017,163 5,901,334 Restricted Funds 451,896 518,784 Total Expenditure on Charltable Aetlvitles 6 469 059 6420 118 Other Notes on Tntal Resources F.xpended DiF'e¢Èor& ' Remiineralion aiid Benefits No director (nor aiiy persons cutuJ¢Lt¢d witl) them) has re¢¢ived dny retnuneralion or other bencfil in mon¢y during the year. DireLloYs' ExpepLses The amount oil reimbur¥ing direLlorb' ou¢-of-po¢ket expenses was £849 {£1,143 in 2022). Aiiulysis ofStaffCos¢s and Fmolumenl.g 21)23 2022 Salarics ,679,961 1.542,864 Ndti(Inal inqurance costs Pension cosLs 159,563 80,299 153,147 70.012 Total StaftC05ts & Emoluinent$ 1919 823 1766,023 The numbcr of salaried staff eniployed during 2023 was 86 (97 in 2022), witli a full-iiine equivalent (fte) of 63 {67 ftc iii 2022). It should bc noted that thc number of salaricd 8tsff cmployed durii)g 2023 includes 16 (14 ill 2022) casuals 01) thc payroll employed to provide box office scrviccs at thc bu81¢St tiines. During the ycar £3,962 was paid lo staff tn¢mb¢rs in the forni of redundancy payments. Thc Lliarily's policy is to account for these pa1)ents onoc there is i ¢ontrd¢tural obligation to do so. 35
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE AccouriTS FOR THE YEAR ENDED 31 DF,CF.MBFR 2023 Other Notes un Total Resources Expendcd (eontinued) Thc number of cmployces who received emoluments in excess of £60,000 wag in the following bands.. 2023 2022 £70,001 £80,000 £80.001- £90.000 Donatod Servlces The valu¢ of scrviccs pi'ovided by volunteers is iiot incorpordted in these Financial Siatei))ents. The valiie put to the in-kind sponsoi'ship supptsrt pi"oviJ¢d by Th¢ Timeb and The Sunday Tiines, So Publishing. Willans, Jazzwise Magazine, Cotswold Life, Queenq Hotel, Y2n)aha and Leaf C,reative lias bccn incoi'poratcd at a valuc of £240,486 in 2023 (£202,096 in 2022) and has bcen allocated to mai'kcting and adn)inists'ation costs in expenditure on charitable activities. Other tA)sses 2023 2022 Diaeouiit unwind on interest frcc loan 38,455 10,613 Tthtal Other Galns and Losses 36
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENI4AM FESTIVALb NOTES TO THE ACCOWITS FOR TIIE YEAR ENDED 31 DECF.MBFR 2023 Tanglble Flxed Assets Unrestricted Funds Cheltemham Fesilval$ Furniture and Fittings Plant and Computing Costs fDtal 'l'angible E4uipmcnt Fixed A$$els Cost As at l January 2023 Additions ii) year Disposals ii) year As at 31 DECEMBER 2023 197 733 70,179 299,625 7,533 370,001 8.266 930 307,158 378,267 Accumulated Depreciation As at l January 2023 Cl)arge for year Digposal.q in year As #t 31 DECEMBER 2023 157 76 44,778 10,715 176,142 58,Q12 221,077 68,803 233 55,4Y3 289 880 Net Book Value As at 31 DLC'EMBER 2023 697 14.686 73,004 ¥11,387 As at 31 De¢¢inber 2022 40 25,401 123,483 148.924 12 Flxed Asset Investments 2023 2022 Investsncnl in Subsidiary arket value at 31 December Historic cost at 31 Deeeinber Investments c(Im 2023 2022 Sliarcs ith CF Productions Limited Investments at 31 Deeembey CF Productions Limited lias thc same giStered uffice a5 Chellenhain Festivals 37
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DE,CEMBER 2023 13 Debtors 2023 2022 Paymeiits in advancc Ti'adc and other dcbtors 98J56 331,561 53,414 577,056 Tutal Debtors 429,917 630,47 14 Creditors- amounts falliiig due within oiie year 2023 2022 Trad¢ dnd uthei. creditOTS Defeii'ed incoine (note 15) liiter-company creditor Loans from individual8 Other laxe8 and s0¢ial.8ccurity costs 429,432 5913,533 204,967 264.571 37,600 52,200 89,4113 Total Creditors I,l12,369 559.339 15 Deferred Income 2023 2022 Opeiiing Balance at l January 2023 Amount L'eleased to Incoming Resources Amount accruing during yeai. 264,571 (264.571) 593,533 379,047 (379,047) 264,571 Clusing Balance at 31 DECEMBER 2023 593,S33 264,571 Defcrrcd incomc comprised sponsorship and grants which the spongors and donors have sp¢cifi¢d musl be uscd on festival events aiid l&aming and participation programmes in fulur¢ a¢¢owiling periods. 38
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FES'TIVALS NOTES TO THE ACCOUNTS FOR TIIE YEAR ENDED 31 DECFMBF.R 2023 16 Creditors: Amounts falling due after more than une year 2023 2022 Loan from inth'vidual 114,525 The par value of the loan was £188,000 as at 31 Dcc¢mbcr 2022 and was ¥epayable in 5 equal instalments comineilcing 3 January 2023. On l Marcli 2023 Cheltcnham fc5tival% rcpaid th¢ full £188,000 aiid the loan providcr gencrously agjced Lo donate back £88,000. This donation is showii witliin incoming resourccs wiiliin tl)e stat¥in¢n¢ of Fiiian¢ial A¢tLVitieg Analysis of the Net Moveinent in Fund5 ReslriLIL,d Funds In 2Ql 6 F.duoation were e%tLblished foT the MusiLal¥, Beyond Words, Reading Teacliers = Rcddiii Pupils and Community projeeL%. In 2023 gi'ants and donaÉioiis toialling £227.792 were rcceiv¢d and thei"e was expenditLli'e totalling £227,792 leaving a closing balance on the reserves of £nil. Urti'esÈricied Funds In 2004 the dircctoi's agreed to sct up a I'e8crve to forestall any 8h()rtfallq in incoine generdted from festival aclivity. I'his general fund has a closing balancc af £1 Sn,R74 8t 31 t)ecembei" 2023. 111 2020 the Board established a designated reservc (Patrons Resilienec Fund) equivalent lo the value of the patrOI)s' donatioi)s rece)ved during tlie pandemic. Given the continued financial pressure that th¢ cl)ar2(y fa¢es and thc nccd to partially utili%c thi$ r¢s¢rvc, in 2023 the Board dccided to uiidcsignate the rescrvc and transfer thc lidS Éo utvcstrictcd i'CS¢LVCS. TlJe Board has determined tl)at the target level uf I'¥S¢Lves sliould be around £500,000 wliicl) represents 3-4 moiiilis of core operatii)g ci)st8 aiid is considered sufficicnt to covcr any r¢asoiiably forcs¢e<ible contingency. Ai thc end of 2023 rc5crves sat at £180.874 aijd the objective is thcreforc to gcnerate a small surplus e8¢h year to gradu¢illy build rcs¢rv¢s up (o this level. Tlie balances on the funds as al 31 Decei))ber 2023 were as follows.. Restricted Funds Unresti-icted Fund¥ 'rot%tl Patron5 Restricted and L)ii'Lsti'ict¢d Funds EduL#Iioii Reserves GvAi¢r#l Reserve Fund Opeiiing Balances at l January 2023 302,862 334,666 456,654 334,666 (334,666) 637,528 Rescrves Transfer Dcficit for the year CloslnE Balanees at 31 December 2023 456.654 180,874 J80,874 39
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM fiESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 17 An#ly$ls of the Net Movement in Funds (continued) In terniq of the rolal n¢f &qscLs at 31 December 2023, the funds wei'e represented as follows.. Restricted Fund% Total Educati(In ReservLs General Reserve RestriLted Unrestricted Funds Tangiblc Fixcd Assets 88,387 88,387 Iiivestinents 88J88 88J88 C'urrent Assets Debtor. Cash in hand 429,917 685 488 429,917 774,938 89,450 89,450 1,115,405 1,204,855 Creditors: amouiits ralliiig due within one year (89,450) (1,022,919) {1,112,369) Net Current Assetil(Llabllllles) 92,486 92,486 Total Assets less current liabilities 180,874 180,874 Creditnr$: ami)uT]ts falling due after one year Total Net Assets i¥o,t174 180,1174 At the year end, th¢ frcc rcscrves of the charity werc £92,486 (2022 - £488,603). 40
Docusign EnvelopÈ ID." B84625864F524F49-B20U93CF37C1B64 CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR TIIE YEAR ENDED 31 DECFMHF,R 2023 18 Reeonciliation of Net Movement in Funds to Net C#sh Flow from Operatlng ALtlvltles 2023 2022 Net (cXndIturCyic0MC after other recognised gains and10sse Interest paid (net of interest rcc¢ivabl¢) Dcpreciation l)ccrcascl{incrcascl in dcbtthrs Incrcascl(dccreasc) in Lredii()rs (456,654) 2¥,816 68.803 200,553 588,050 (14,519) (26,654) 79,084 13.8n4 (353,664 Net cash providcdl{coiisuiy)cd} by opcrating activilftes 429 658 301949 41