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 Chcllclth￿ll 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 Cul￿re. 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 BdX￿l. 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[w￿Y. Th¢ fcslival collabora￿d with London-bascd talent dcvelopinellt or&ianisatioii ToJnorrow'5 Wflrriors, who presenkd yowig ai'tists from th¢ir progi.&i￿lle 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 I￿ore 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 Da￿alIve￿ 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 involvng to ihe sortgs I knL•W. ' A member of th¢ So¢i81 Presciibing tcain. 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 rr￿Y 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 prO￿amineS 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[￿[￿t￿Le 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 Con￿mpOrary 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[a￿81C 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 r￿st 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 attf 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 Chellenh￿rn 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 W￿tillg 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 s￿dents. 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 Progrmmittee 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 exp￿SSed 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 Fe￿tiVal.￿ 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#p￿ed 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¢ rn.%iblc for our audit opinion. We coininunicate with those chai'ged Wkth gOve￿nLe Irgardiiig, amoi)g other inatteis, the plai]n¢d scop¢ and timing of the audit and significant audit findings, includiiig any significant deficieiicies in internal control that wc identify during oiir audil. Extent tsb which the audlt was consldered capable of detecting irregularities, including fraud Owing to thc iiilicrenl limitations of an audit, tliere is unavoidable risk that material misstatements in tlie findiicial statements may noi be detected, even though the audit is piopei'ly planned and perfoi'med in accordance witli tli¢ ISA'8 (UKI. lil idcntilying and asscssing risks of inatcrial mis-statement in rcspccl of fralid, including irregularities and non-compliance with laws and I'egulations. our pi'ocedures included Éhe following.. W¢ obiain¢d an uiideystanding of the legal and iesyuldtoly fiameworks applicable to the financial statcincnt.% or that h&d a fuiidaiknental £ffcet on tiic charity's opcyatians. Wc dctci'mincd that tlie most significant law% und reL5uldti()11.% IIILluded IJK GAAP. UK Companies Act 2006 and charity law. We undeistuod how die con]paThy is complyiiig witi) those legTal and r¢gJulalory frameworks by making inquiries of managcmeni, tho.%c re%pDnqible for legal and ￿l￿p]lance pr￿edUre$. We assessed the susceptibtlity of the ¢ompaiiy's fi1]an¢ial stat¢incn(8 to inafrrial Inisstatctncnt, includin how fraud might occur. 24 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 $Y￿te￿ 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, sta￿torY 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 I￿nd 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$tln% activiti¢¥ 1,373 {25,522) Cash flows from financing activities Repayinent of loans {188,000} Cash used in financij) ctivities (188,000) (Decrease}lincrease in c￿h ond cash equlvslents I the y¢ar 242,941 {327,471) Cash and ¢a$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.1￿I]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