Company number 456573 Registered charity number 251765 CHELTENHAM FESTIVALS (A COMPANY LIMITED BY GUARANTEE) TRuEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025
CHELTENHAM FEIVALs TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Page no. Chair's Statement Fest[al Reports Trustees. Annual Report io Independent Auditor's Report 18 Statement of Financial Activities (including income and expenditure accountl 22 Balance sheet 23 Statement of Changes in Equity 24 Cash Flow Statement 25 Notes to the Financial Statements 26
CHELTENHAM FEsfivALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Chair's Statement 2025 In my fourth year as chair. it was an honour to see the organisation celebrate its 80 anniversary. For eight decades Cheltenharn Festivals has been at the forefront of UK culture and now is continuing to deliver on great initiatives for making culture accessible to alL both in our local communities and across the country. I would like to thank the team for their continued commitment to all that the charity delivers through its Festivals and throughout the year. This was exemplified by Cheltenham Festivals reaching its previous 5-year strategy pledge of reaching 80.000 children in our 80th year a culmination of several years of planning, projects and programmes for inspiring the next generation through culture. Financial Resilience remains at the forefront of our minds as we build tor our next 5 year strategy and it is pleasing to report that a strong financial outturn for the year sets us on a good footing for the future. For that. our sincerest thanks go to our audiences, patrons. partners. volunteers and grant givers for their continued commitment in supporting the charity and our work. Mark Sorensen Chair
CHELTENHAM FESTIVALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Festival & Year-Round Outreach Reports 2025 Jazz Cheltenham Jazz Festival 2025130th April - 5th May) saw a well-baianced line-up of the biggest names in Jazz alongside rising stars and some of the biggest n3me5 in Pop and Soul. 36.000 people enjoyed events146% of which were freel involving 966 artists over the 6 days. One of the highest selling artists in Europe, singer-songwriter Katie Melua opened the festival, while legendary rock singer, Roger Daltry. delivered a phenomenal performance on the closing night to a packed-out Big Top, performing classic The Who songs and solo hits. This year's programme witnessed its annual blend ofthe best of European, US and UK Jazz from across the generations. with Jazz stars such as Billy Cobham and Nubya Garcia, alongside rising stars such as Mark Kavuma. Kokoroko and James Brand Lewis. From Orchestras and Big Bands to Jam Sessions, and Solo shows. the festival continued in its tradition ot producing Jazz in a variety of formats and contexts. Alongside the best in Jazz. the festival welcomed the best of pop and soul with artists like Lulu and Beverley Knight. reggae with cult 1970s band Misty in Roots and dub with the full energy Dutty Moonshine Big Band. The Big Top delivered its usual celebration of musical genres with sold-out shows from artists such as Lulu. Soul Jazz Summit Lisa Stansfield. Corinne Bailey Rae with Ronnie Scott's Jazz Orchestra. Joots Holland and his Rhythm and Blues Orchestra, Tom Walker. Beverley Knight and David Gray. This year, the Festival commissioned several new works. The Tony Dudley Evans Festival commissioned artist was Olivia Murphy. who brought a one-offi performance of her new work Siren Cycle. to the Parabola Arts Centre. It involved both improvisation and structure in the way5 she set up the interaction between the vocaland instrumental ensembles, to produce an experimental new work. Olivia is an important new compositional voice with some very original ideas. She graduaied from the jazz course at the Birmingham ConseNatoire. where she developed both as a saxophonist and a composer. Olivia is a Musical Director for the National Youth Jazz Orchestra INYJOI. a role She shares with Winston Clifford. This follows her successful arrangements of Amy Winehouse songs for a NYJO tour in 2022. In addition to the PAC Commission. the Festival commissioned twelve new arrangements of jazz and soul standards for orchestra for the Soul Jazz Summit concert, including the Guy Barker Big Band and BBC Concert Orchestra with a variety of top vocalists. The Festival a150 commissioned new arrangements of Corinne Bailey Rae for Big Band and Orchestra a5 part of the Ronnie Scott's Jazz Orchestra concert. Arrangements were written by Pete Long MD of Ronnie Scott's. Following on from last year. the Jazz Festivals year-round commitment to tslent and programme development continued with youth organisation5 like Tomorrows Warriors, Music Works, NYJO. and included developing the Arena venue as a standing venue. On The Rise Collective lour young programmers. group) programmed two events for the Saturday night, one using Al. making it the first Al programmed event at a Jazz Festival in the world, the other their own choice. They measured the impact of the events lattend3nce. dB readings of audience response) to ascertain which was More 'succefUl'. with the outputs being written up and shared with EJN as part of our stewardship.
CHELTENHAM FESfivALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Families gaLnered in their hundreds for the Jazz It Up and GYJO performances on the free stage and the Family Tent programme offered its usual eclectic programme. from Jazz toddlers singalong5 to African Percussion Sessions. The most significant development. however. was the successful Family Concert in the knena. adapted for families from the Concert for Schools concert and curated by the Cheltenham Festivals Learning and Participation team. This year. the Around Town programme continued to expand its impacts in all areas. showcasing 966 musicians across 74 performances during the festival. which spanned an additional day. Thi5 year the programme broadened its international appeal. bringing performances from Annecy Conservatoire, the Gottingen Collective and a guest conductor from the Ukraine, strengthening Cheltenham's intemational partnerships by way of a collaborative approach tsken with Cheltenham Borough Council over the past six months. The 2025 programme offered a diverse range oftalent. with 19A of acts drawn from ACE Prtority Places. 14/ from PRS Talent Development Partners (including Tomorrow's Warrior's) and 55% of performers being under the age of 25. Our Around Town line up included 6Y. disabled artists, 46% femalelnb performers las per keychange.eu definition). of which 31% were represented in our headliners. Overall, the programme consolidated to a tighter offer that included 9Y less acts than 2024. 50A less venues, whilst retainingjust over 2A more performance time than in 2024, representing a higher quality land breadth) of programme. less variance in venue5 and production commitments than 2024, and greater opportunities for more musicians. More than 1.371 pupils from 22 primary schools, 22 home educators. and at least 50 guests attended our Jazz Concert for Schoots. This year's audience included 5 target schools Ischoots where more than 25A of pupils are in receipt of Pupil Premium). one SEND school, and one APU for children at risk of permanent exclusion from mainstream education. The Concert was planned and presented by Musicate musicians who come through our Musicate programme and who play alongside professional. established musicians. The band. The Happy Vampers. was a hand-picked and diverse collection of excellent young musicians who inspired our Big Top audience. This year, they explored 'what make5 jazz jazz., introducing the young audience to key concepts such as soloing and improvising. how to be a jazz audience, call and response, scatting, and the blues form. 100% of schools rated the concert as 'excellent' in terms of value for their pupils and IOOYO rated the concert as 'excellent or good. in terms of enjoyment for their pupils- the feedback consistently referenced how enriching such experiences are for their children. The ticket price is kept at an arfordable £2. ensuring that children who might otherwise never have the opportunity. can experience live music. Musicate's impact spans musical confidence. access. inclusion. creativity, and the professional ecosystem that supports young people's cultural lives. The programme is designed to spark early curiosity. remove structural barriers. and create pathways. from first encounters to perforniance. and in some cases, early career opportunities. 339 pupil ticket5 were donated to 5 target schools plus an additional 18 pupits from The Altus School IAPS for children permanently excluded from mainstream school). A donation of £250 was given to each of the 5 target schools to support with transport. A SEND school brought a group of 31 children to the Jazz Concert for Schoots and additional provision was made for parking and creating a quiet space in the green room. Take-up of Connection5 Idonatedl tickets increased significantly this year.. we gave away 214 tickets to people experiencing barriers to accessing culture. compared to IO0+ tickets distributed in 2024. The majority of these were given via The Pantry at CCP as well as through Cheltenham Welcomes Refugees and Cheltenham Borough Homes.
CHELTENHAM FESTIVALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Science th The 22nd Cheltenham Science FestNal {3 -8 June 2025) consisted of six days packed with conversations. debates, workshops and hands-on activities. Continuing with 'Be The Change, as the therne. the Festival was host to 98 events162 of which were live-captionedl which included Brian Cox and rim Peake. new CERN Director General Mark Thomson. referee Bobby Madley, stand up mathematician Matt Parker. astronomer Chris Lintott. neuroscientist TJ Power. statistician David Spiegelhalter, and a world-first of Phil Harnoll from Orbital DJ'ing a space-themed gig at Dunkertons with live wsual equations. We also celebrated 100 years of quantum with the International Year of Quantum Science and Technology, consisting of 3 events and a networking event in the Arcade with CyNam. Ticket sales were 16.871 for the adult and family programme. a TA decrease on Last year's nurnbers. The Family programme featured 14 paid events and 9 free events. These included looking at the science of Sweets with Dr Chris Clarke- a collision of art and science in "15 there a zoo in your house?.; workshops on how to be a vet on your teddy bear- and some live record-breaking attempts with the Guiness World Records team. Presenter Maddie Moate's Sunday family evenL titled "How does it work?" was the best-selling public event at the festival. The return of the free stage allowed for the addition of 6 free family shows over the weekend. Organising free site busking activities and an Around Town event for families. increased the free event offering from 2024. 198 speaker5 participated in the Festival= 63/. female, 25°A were representative of the global majority. 19A identified as being disabled or hawng a long-term health condition. Visitors included 6.687 school students (down from 8,000 in 20241 from 84 schools in Gloucestershire and beyond, and 38.000 people enjoyed free hands-on interactive experiences in the Discover Zone. The Arcade and Makershack. The schools. programme featured shows and workshop for Key Stages L 2 and 3. Topics covered all areas of Em and offered students the opportunity to meet incredible speakers, and to hear about cutting edge research and inspiring Stories. The programme featured 53 events. a slight reduction from Last year. However. this included a rebalance in the number of events for each key stsge. allowing us to offer more Key Stage I shows. We continued to offer 2 shows for SEND schools and. in totaL 84 schools attended. Highlights of the programme included shows on How To Build a Rocke¢ a show with Live insects with presenteryusef Rafik. exploring the human bodywith Punam Krishan. a SD animal show with Jules Howard. a discussion around being a champion with Paralympian Grace Harvey. and much more. A live fish dissection was programmed in response to Last year's feedback from teachers whose pupils wanted an event which was -gross"! The programme reached thousands of young people. ignited curiosity and confidence. and connected schools to the wider world of science. It continues to grow in depth, reach and inclusivity. and remain5 one of the most impactful ways we bring Cheltenham Science Festival to life for young people and their communities. The Festival's Young Changemakers programme continued for its sixth year. where changemakers across a range of topics (mental health. disability awareness. neurodiversity and morel have previously co-created events within the ticketed programme. Thi5 content is created by and for 18-305 and promotes intergenerational discussion across topics of significance to young people. Ail 19 alumni
CHELTENHAM FEsfivALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 from previous years were invited back in 2025 to participate in the ten events that were held ond they were showcased on a bespoke page in the Science Festival brochure. 120 tickets were given out to local people through the Cheltenham Festivals Connections scheme. 78 of these were to adult events through CCP. Gloucestershire Deaf Association and Cheltenham Borough Homes. 42 ticketswere given to familyeventsthrough CCPand GDA. A totalof£L092 worth of donated tickets were given out. £2.770 worth of tickets andlor bursaries were given to 7 target schools. enabling 357 pupits from these schools to attend the Science Festival. Two unaccompanied minors from GARAS attended the Festival and experienced The Arcade and Discover Zone as part of our offer. and two groups of pupils Itotalling 271 from The Altus School (Alternative provision school for pupils aged 5-16 who have been excluded from main stream school) attended Festival events and received a free book as part of their visit. A bubble superstars free family evenl was held in The Schoolhouse Cafe in St Paul's and wasattended by 24audience members.. itforms partofourongoing commitment to taking Festival experiences beyond the festival site. An event highlight this year was the first all-female FameLab UK Final which took place in front of a 501d-out HeliK and was topped off with the announcement that the International Competition was going to be held in CERN in Autumn 2025. FameLab Academy. the schools, version of FameLab, culminated at the Gloucestershire Final in March 2025 at the Roses Theatre, Tewkesbury. 2.500 students participated in the programme from 23 Gloucestershire secondary schools. The finalists presented their scientific Speeches to a panel of established judges before two incredible winners and four runners up were selected. Throughout the competition. students have been supported by their teachers and industry STEM mentors. as they have worked to prepare a 3-minute presentation that explains a scientific topic in a meaningful and engaging way. Teachers con51Stently reported that FameLab Academy has become embedded in school life. changing how students interact with science. how staff collaborate. and how Confidence and communication are valued across the curriculum. FameLab Academy drives sustained cultural change. influencing not just science attainment or communication skilL5. but how students see themselves as thinkers. presenters. researchers and future scientists. The programme builds confidence, raises aspirations. and fosters school communities where science is visible. valued. and shared. DataFace - our trail-blazing collaboration with the Jean Golding Institute. University of Bristol and CyberFirst to inspire and equip students from 21 Gloucestershire secondary schools with data skills - culminated at the Festival, with students presenting their dats visualisations to industry professionals. Teachers from participating schools and partners had the opportunity to meet and begin training ahead of the new term. Pupils from our pilot scheme also presented their projects to their peer5 within the Discover Zone during the Festival. Thi5 year. Data Face engaged 2.585 pupils. with 9 schools taking part in the final,. their projects were exhibited in the Discover Zone for six days during the Science Festival. Students reported increased confidence in communication. creativity, collaboration and problem-solving skills essential to future careers in data and technology. From a sample survey, 100% of students said they had increased awareness of data integrity. 95Yo were more confident using spreadsheets. and 90/0 were more knowledgeable about data visualisation. IOOYO of all the teachers involved in the project said they felt more confident working with Large datssets. with teaching ethics and integrity. and data vi5ualisation - a demonstrable sustained impact beyond individual cohorts by improving staff capability and curriculum delivery.
CHELTENHAM FESTIVALS TRu¥fEES' ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 was the 80th Cheltenham Music FestIval14-1 July 20251. Over 9 days. the Festival saw 9 events fill spaces around Cheltenham and Gloucestershire with music. welcoming in 6.478 people to the ticketed programme and 738 pupils and teachers to the Concerts for Schools. with further audiences reached through the free Around Town programme. The Festival welcomed audiences to an array of stunning venues including world renowned artists such as pianist5 Pavel Kolesnikov and Dame Imogen Cooper DBE both performing at Pittville Pump Room. renowned kora virtuoso Seckou Keita at DEYA Brewery Taproom and Mixtape.. the Festival's unique tormaL where music 15 experienced in a relaxed. rule-free environment. The FestNal commissioned and co-commissioned new works including a string octet by Deborah Pritchard for Britten Sinfonia's opening night concert and a piece by Anna Semple which was performed by the BBC National Orchestra of Wales live on BBC Radio 3 a5 part of the festival's finale concert. Both pieces received glowing reviews in the national press, including The Times. Telegraph and Spectstor. National & Regional Talent Development partnerships continued with the BBC Radio 3 New Generation Artists. hosting the winner of Gloucestershire Young Musician alongside the free ...Around Town programme with students from the Royal Birmingham ConseNatoire performing in pubs and restaurants across Cheltenham. 39 tickets were donated through our Connections scheme to member5 of the communitythrough our partnership with CCP and Cheltenham Borough Homes. This year's Concert for Schoo15 was attended by over 700 pupils and teachers from 10 Gloucestershire primary schools, including 3 tsrget schools, and a handful of home-schooled children and parents. Following the concert the audience enjoyed these hands-on sessions and tried out different instruments. Pupils and teachers from seven SEND settings experienced the joys of engaging with live music presented in an informal style and in a completely relaxed setting. New for 2025 was the Relaxed Concert for Families with an audience of 240. An inclustve and accessible relaxed convert for famiknes with young children and/or children with additional needs and disabilities. Literature The 76th Cheltenham Literature Festtval (the oldest in the world, held in Cheltenham since its inception in 19491 took place from the 10-19th October 2025. This landmark Festival saw record-breaking ticket sales and attendances. and strong growth in retail book sales demonstrating once again the relevance of Literary Festivals to the UK'S cultural scene. The ticketed ptogramme had a 2°A increase in ticket sales,. over 100.000 tickets were sold. and tens of thousands of people visited the site. More than 400 events took place in venues of all sizes. and over 20A of these were free. Nearly 1.000 participants took part, from the Poet Laureate and household literdry narnes to extraordinary new voices and a sprinkling of celebrity stardust. The broad programme for which Cheltenham is noted included events debating contemporary issues from the role of NATO to the future of our universities. interviews with young activists, food writers. psychologists. wellness experts and much more across a huge range of interests and perspectives. Our Read the World theme. focusing on writing in translation and on differing global perspectives, was led by our Literary Explorer in Residence. Ann Morgan. Other Guest Curatorswere Geoff Dyer. Oyinkan
CHELTENHAM FESTIVALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Braithwaite, Tracy Borrnan and Amy Jeffs. Over 12,000 schoolchildren attended the schools, programme. and families were entertained by best-selling young adult and children's authors as well as Return to Wonderland. a specially commissioned performance piece marking the 160th anniversary of Lewis Caroll's classic story. The Big Read returned following a 10-year hiatus. with a revised mission to promote an exceptional debut novel. This year. book groups in Cheltenham were gifted free copies of Kaliane Bradbury s remarkable The Ministry of Time, and special events exploring the themes of the novel took place on our stages. With calm weather until the final day deluge, happy speakers, audiences and supporters, this was truly a Festival to spark joy. VOICEBOX retumed for its fifth year with 39 events in a variety of formats. Strengthening its mission to amplify young voices, explore big ideas and drive change through culture. The programme continues to focus on key 5trands'. mental wellbeing, social justice and amplifying creative tslent across genres. Talent Development remains central. with 71% of the Literature Festival's VOICEBOX programme supporting ernerging creatives. Local voices remain a priority. with over 50/0 of the programme featuring tslent from the community and 46/ co-curated with individuals and organisations Ilocal and nationall aligned to VOICEBOX'S mission. This year, a new partnership included an ESEA Literature Festival Takeover an organisation committed to amplifying East and South-East Asian literary voices. VOICEBOX also co-launched the New Adult Book Prize with The Bookseller and hosted the shortlist and winner's ceremony. Speakers in VOICEBOX included campalgner and TV personality Tasha Ghouri. mental wellbeing advocate David Larbi. Bookstsgram influencer Jack Edwards and content creators Megan Jayne Crabbe and Ro Mitchell. Discussions tackled topics including masculinity. climate change and LGBTQ+ rights with leading activists, journalists and artists. To support Cheltenham Festivals. organisational objective to increase content capture and digital output. a pilot VOICEBOX Podcast series, with eight episodes recorded at the FestivaL will be launched in 2026 to explore arts and culture through an 18 to 30 lens. 209 adult tickets and 61 family tickets were donated via the Connections scheme through Cheltenham Borough Homes. CCP. Inspire Muslim Women's Group. Gloucestershire Young Carers and Gloucestershire Deaf Association. Over 12.000 school children from 107 schools attended the Festival, 21 of which were target schoo15 la 75A increase from 20251. The programme offered a range of 54 events and workshop for Reception through to Sixth form and included established authors such as. Michael Rosen. Cressida CowelL Anna James and Dean Atta as well as new and emerging writers like Selina Brown. J. P. Rose and Ash Bond plus career panel events. Our Guest Curator. Jamie Smart, curated several comic events and workshops across the programme. RTRP IReading Teachers Reading Pupils) ran through an independent partner network of 23 IPS across the country. alongside book related activity such as online author workshops and creative writing challenges. CPD sessions focused on reading aloud and book talks were delivered in 5 schools and to 56 Read With Me volunteers. who read with thildren in schools. Through RTRP. we engaged with 378 teachers and therefore 19.232 pupils. Teachers reported increased confidence in book knowledge, book talk pedagogy and embedding reading for pleasure into classroom and curriculum practice. Sch¢)ols have strengthened their reading cultures. with more pupils reading independently, more teachers modelling reading aloud. and more conversations about books happening across classrooms. corridor5. and communities. Pupil outcomes show clear growth in motivation, reading frequency, confidence. empathy. and engagement with a broader range of texts. including formats
CHELTENHAM FEsllvALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 and representations that better reflect the realities and identitie5 of young readers. The case study evidence highlights how individual teachers and young people can experience transformattve change through access to high-quality literature and professional support. The Scribbled Self demonstrdtes the powerful role that creative writing can play in supporting young people's mental wellbeing. Through accessible prompts. trusted facilitation and opportunities for voice. the project enabled young people to articulate lived experience. build confidence and strengthen connection. As mental health pressures continue to rise. schools need preventative. scalable approaches that can sit alongside specialist support. The Scribbled Self offers a low-cost. high-impact. school-embedded model that builds emotional literacy and opens up conversation5 that might otherwise remain inaccessible. The Scribbled Self was delivered in 4 schools, including GHES. CPD was delivered to 7 teachers and 195 pupils participated in workshops focused on writing for wellbeing. The project culminated in a showcase event in VOICEBOX in which 11 pupils participated alongside the poet Memoona Ahmed. Write Now was delivered in Altus School in collaboration with spoken word artist John Bernard. The project is designed to build Confidence. imagination and aspiration. to give young people a voice and a platform to express IL offer positive, relatable role models. to create a space where writing becomes a tool for agency. not assessment, and to share learning publicly through a Literature Festival event. 10 students participated in writing and voice workshops and recorded their words. An event took place at VOICEBOX sharing these voices and exploring the issues around school exclusion. The impact on these young people was that they engaged in conversation about topics meaningful to them- they enjoyed and excelled in wordplay. rhyme and knowledge-based games. built trust in John Bernard. attempted creative tasks they would never ordinarily approach in traditional lessons, and demonstrated moments of improved emotional reguLation. One of the most striking outcomes was the pupils, own voices being played at the Literature Festival- a moment of recognition and legitimacy many had never experienced.
CHELTENHAM FESTIVALS TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 C Trustees. Report The Trustees. who are also directors of the charitable company for the purposes of company law. present their annual report and financial statements for the year ended 31 December 2025. l. Reference and administrative details of the company Company number Charity number Registered office Business addre55 456573 251765 34 Imperial Square. Cheltenham. GL50 IQZ 53-57 Rodney Road. Cheltenham GL50 IHX Auditors Hazlewood5 LLP, Windsor House. Bayshill Road. Cheltenham GL50 3AT Bankers HSBC plc. 2 The Promenade. Cheltenham, Gloucestershire. GL50 ILR Solicitors Willans LLP, 34 Imperial Square. Cheltenham. GL50 IQZ Trustee5 The trustees who Served during the year ended 31 December 2025 were as follows= Kiane Atanga Lucy Carlton-walker Adrian Farnell Beverley Grimster Peter Howarth Mark Philip-sorensen Lauren Stone Deborah Thacker Jonathan White Andrew Williams Resigned 12 June 2025 Chair Company Secretary The following seNed during the year ended 31 December 2025- Matthew Clayton io
CHELTENHAM FEIVALs TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Structuro Governance aTLd MaTRgement Goveming Document Incorporated in 1948. Cheltenham Festivals (the company name was changed by Special Resolution dated 6 January 2006 from Cheltenham Arts Festivals Limited) is a company limited by guarantee and not having a share capitaL that is governed by its Memorandum and Articles of Association. which were last amended at the Annual General Meeting on 7 September 2012. The company is registered as a charity with the Charity Commission. The liability of each member is limited to lop, whilst being a member orwithin one year after he orshe ceasesto be a member. in the event ofthe company being wound up. Recrnitment and AppOinthrtt of Trustees Members of the Board are recruited for their knowledge of the work of cultural and charitable organisations and for their ability to contribute to the aims of Cheltenham Festivals. There is a significant element of regional experience, but also a national perspective on the Board. Recruitment embraces canvassing amongst arts organisations and contacts and advertising. Board members are the trustees of the registered charity and comprise a maximum of fourteen persons. who are elected by an ordinary resolution of the members of the company. The Board has power to appoint trustees who hold office until submitted for re-election at the next AGM. The Chairman is elected by the Board. Trustees are appointed for a period ot three years and may be re- appointed, subject to provisions in the Articles. There were nine trustees at the balance sheet date. A representative from Arts Council England South West may attend as an obseNer. Inductton and Training of Tntstees New trustees are provided with a pack of information including the Memorandum and Articles of Association. the business plan and financial information, management structure and festival programmes. The aim is to ensure that new trustee5 Commence with a good understanding of the background and the current issues facing Cheltenham Festivals. External training events are offered, where these would contribute to understanding of their roles. Organisational Structure The Board of Trusiees has overall responsibility for Cheltenham Festivals as a company and a charity. Day to day management is delegated to the two CO-CEOS who are accountable to the Board. The Board meets four times a year plus the AGM. The Finance and Risk Committee meets ahead of each Board meeting and the AGM to review management accounts. financial forecasts and the annual statutory accounts. The CO-CEOS meet with the Chair monthly. in between Board meetings to track progress Bgainst KPIS and budget and provide advice to the CO-CEOS. An Ethics Committee wa5 set up in 2023 to assist The Board in the estsblishment, embedding and oversight of an etliical framework for Cheltenham Festivals and a Commercial Committee was set up in 2025 to support commercial growth within the organisation. The organisation is dtvided into a number of teams,. Festival Programming. Learning & Participation. Fundraising. Marketing. Finance. Operations/Production and People. The Director of Finance together with the two CO-CEOS form the Senior ManagementTeam. CF Productions Limtted CF Productions Limited. a subsidiary company IOOY¢ owned by Cheltenham Festivals. was dormant throughout 2025 and 2024.
CHELTENHAM FESTIVALS TRusfEES' ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 3. Risk Management The Board undertakes an annual review of risk categories. and the CO-CEOS have a responsibility to draw any significant developments to the attention of the Board. Procedures to mitigate risk throughout the work of the charity are in place and appropriate training given to all staff. The risk exposure from the promotion of individual events is monitored by the Senior Management Team and remedial action taken as appropriate including the purchase of relevant insurance protection. 4. Objectives and Activities The principal activity ofthe company. as set out in its governing document, is to promotethe arts and sciences generally and advance education by means of Festivals of the arts, sciences and entertainment in the Borough of Cheltenham and elsewhere in such manner, at such times and in such places and so often as the Board of the conipany shall see fit and do all such things as are incidental or necessary to the attainment of such objects. Festivals of Jazz. Science. Music and Literature were rried out in 2025. In carrying out these activities the company aim5to organise Festivals that are acclaimed for the quality of their programmes and that attract growing audiences. The Board aims to establish the FestivaL% as a financially sustainable enterprise. drawing broadly based support from organisations and individuals and with a professionally managed administration. In support of its charitable aims the company fosters artistic excellence and innovation, as well as educational and out-reach programmes and the support of young art15ts, writers and scientists. Further detail is provided in the Festivals Reports on pages 3 to 9. 5. Volunteers The charity's activities are heavily dependent on the commitment and enthusiasm of its volunteers, whose contribution is fundamental to the successful delivery of the festivals as well as providing year -round supportto the charity- During the year. approximately 750 volunteers 5UPPOrted the charity across a wide range of roles. including stewarding, artist liaison. technical support accessibility services. administrative support. and transport and logistics. Volunteers collectively contributed an estimated 15.600 volunteer hours, enabling the cliarity to deliver iarge-scale. accessible and safe festivals while maintaining affordable ticket pricing and ensuring resources are focused on artistic quality and community engagement. The contribution of volunteers is essential to the charItS ability to achieve its charitable objectives. The trustees wish to record their sincere thanks to all volunteers for their dedication, professionalism and commitment. 6. Achievements and Perfornian Reviews of the company's achievements and performance in the year are set out in the Festival Reports and the Chairman's Statement. 12
CHELTENHAM FEsfivALS TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 7. Public Benefit Statement The Trustees continue to have due regard to section 4 of the Charities Act 2006 in respect of public benefit, Our Education and Outreach work as can be seen from the Festivals Reports is extensive. Beyond this we continue to support young artists and performers as well as bring artistic excellence and innovation to all Festivals. We are mindful of ticket pricing and have a range of ticket pricing on offer to ensure that people are not excluded from the cultural experience of a Festival on the grounds of ticket price. We also run our Free Tickets For Schools programme and Connections programme which offers free tickets to schools and local people who would otherwise be unable to attend festivals due to their circumstances. 8. Financial Review Results of all four Festivals are set out in the table below. showing the principal sources of revenue and the main expenditure categories. 2025 2024 Income Ticket Sales Sponsorship.. Cash and in-kind Grants and Donations - Trusts and Other Grant- Arts Council In-kind Support Patrons. Members and Gift Other income lincluding legacies) Ticket booking fee 3.372.673 L436.384 91L754 220.981 4.089 L038.719 420.166 93.875 3.276.495 L440.013 718.348 217,480 31900 86L323 486.475 91.198 Total Income 7.498.641 7,123,232 Expenditure Programme Costs Fees and Salaries Marketing and Sponsorship Administration 3.704.837 L986.460 543.375 L004.582 3,644.040 L882.902 522.744 997,598 Total Expenditure 7.239.254 7.047.284 Movement in Reserves Unrestricted funds 15L541 75,948 Movement in Reserves Restricted funds 107.846 Total incoming resources of the company were £375.409 higher than in 2024.. an inCaSe of S/. due mainly to growth in ticket revenue and income from patrons a5 well as a restricted grant for a new Digital Asset Management System. Total expenditure was £191.970, 3/ higher than in 2024 due to cost inrtation across most areas of operations. The surplus for the year of £259,837 can be broken down between restricted fund5 of £107.846 - which represents funding carried fonmard for spend on the Digital Asset Management System - and unrestricted funds of £15L541.
CHELTENHAM FESTIVALS TRusfEES' ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Totsl Funds at 31 December 2025 were £516.20912024'. £256,822) and were represented entirely by Unrestricted Reserves of £408.363 and12024.. £256.822} and Restricted Reserves of U07.846 12024.. £niLI. 9. Reserves And Investment Policies Reserves Policy The function of each of the reseNes is explained in Note5 to the Financial Statements Inote 151. It remains an objective to establish a prudent level of reseNes to support the financial risk of mounting four festivals. The Board has determined that the tsrget level of general Itreel reseNes should represent approximately 3 to 4 months of core operating costs. currently £550,000. and is considered sufficient to cover any reasonably foreseeable contingency. At the end of 2025 general Ifreel reserves were £318.27012024: £148.3551 and the objective is to continue to generate a modest surplus each year to build reserves up to this target level. Principal Funding Sources The princi[ funding 50urce5 for the company were commercial sponsors1£1,436,3841, patrons and membership subscriptions including Gift Aid1£1,038,7191. donations and grants from individuab and charitable trusts1£91L754) and the Arts Council England South West1£220,981). Investment Policy Under the Memorandum and Arkncles of Association the charity has the power to invest the monies not immediately required for its purposes in or upon such investments as may be determined from time to time. 10. Basis Of Preparation The trustees are fullyaware of their responsibilitieswith regard to maintaining a sufficient level of funds within the charity and the need to carefully manage cash flows. The annual budget for the year is examined in detail by the Board. Detailed management accounts are prepared on a monthly basis and the financial position reviewed by the Senior Management Board. the CO-CEOS, The Finance Committee and by the Board. The trustees have reviewed cash flow forecasts covering the 12 months from the date of approving these financial statements and have satisfied themselves that it is appropriate to prepare the financial statements on a going concern basis given the accumulated reseNes position. 11. Plans For FutUTe Periods Over the next five years. Cheltenham Festivats will build on its position as a values-drFven charity with a dual focus on delivering world<lass festivals and deepening year-round engagement through partnership5 and participation programmes. The charity will continue to use the arts and sciences as a vehicle to improve wellbeing. strengthen communities. inspire change and support a diverse and inclusive cultural ecosystem. Strdtegic diTectton The charity's strategy ha5 been shaped through a year-long consultation Proce involving staff, trustees. volunteers, beneficiaries, partners and sector experts. The trustees approved the strategy having regard to data analysis, Stakeholder insight and the charity's assessment of the external environment, Including social. economic and cultural challenges. 14
CHELTENHAM FESTIVALS TRusfEES' ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 The strategy is underpinned by the charity5 vision ofa world in which everyone can explore and create culture. and its mission to collaborate to create experiences which bring joy. spark curiosity. connect communities and inspire change. Delivery will be guided by the charivs values of collaboration. inclusion. innovation, integrity and sustainability. Keypriorities The trustees have identified the followng strategic priorities for the period ahead= Bring Joy & Spark Curi05ity Continue to deliver high-quatity Jazz. Science. Music and Literature Festivals alongside expanded year-round activity. Grow and diversify audience5 and beneficiaries so that more people can engage with culture that supports wellbeing, learning and curiosity- Maintain a balanced programme of ticketed and free activity to maximise public benefit while supporting financial sustainability. Connect Communities Deepen engagement with local communities in Cheltenham and Gloucestershire. particularly those currently under-represented in cultural participation. Strengthen partnerships with community organi5ations. schools and voLuntary sector partners to ensure cultural opportunities are relevant. welcorning and accessible. Use festNais and participation programmes as shared Spaces that encourage connection. dialogue and social cohesion. Inspire Change Collaborate with artists. thinkers. researchers and partners to curate sector-leading content that reflects a wide range of perspectives and experiences. Provide platforms *or public discussion and creative expression which support crttical thinking, understanding and civic engagement. Contribute to innovation and learning across the cultural and education sector5 through partnership-working and thought leadership. Organisational Resilience Maintain robust govemance. financial controls and risk management processe5 to support long-term sustainability. Build and protect appropriate levels of free reserves and diversify income streams to manage economic uncertainty. Continue progress towards environmental sustainability and responsible operational practices. Great Place to Work Maintain a supportive. inclusive and safe working environment for staff and volunteers, With clear expectations and opportunities to contribute. Invest in learning, development and wellbeing to enable people to perform effectively and grow professionally. Encourage open communication and staff engagement to support a positive organItional ulture. Data Drives Growth Improve the quality and use of data to inform decision-making. planning and evaluation across the organisation. Invest in understanding audience and participant demographics. behaviours and needs to strengthen impact and reach. Use dats and insight to evidence public benefiL support funding applications and guide continuous improvement.
CHELTENHAM FESTIVALS TRuEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Stream-lined Communications Communicate with clarity and consistency across all channels. ensuring alignment between the charity s purpose. activity and impact. Strengthen public understanding of Cheltenham Festivals as a charity delivering public benefit. not solely as an events provider. Support income generation, partnerships and advocacy through clear messaging and effective storytelling. Measuring Suc$ Progress against the strategy will be monitored through a range of quantitative and qualitative measures. including audience and participant data. feedback. independent wellbeing research. quality indicators. tinancial performance and the strength and sustainability of partnerships. The trustees will review progress regularly and adapt plans as necessary to ensure the Charity continues to deliver public benefit effectively. 12. Trustees. Responsibilities in Relation to the Financial Statements The trustees are responsible for preparing the financial ststements in accordance with applicable law and regulations. Company taw requires the trustees to prepare financi81 statements for each financial year. Under that Law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The financial statements are required by Law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those Tinancial statements. the trustees are required to.. select suitsble accounting policies and then apply them consistently: make judgements and estimates that are reasonable and prudent.. prepare the financial statements on the going concern basis. unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the cornpany and to enable them to ensure that the ftnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 13. Disclosure of Inf¢)TfTaation to Auditors At the date of approval of the financial statements. in so far as the trustees are aware. all relevant audit information has been provided to rhe auditors and the trustees have taken steps to ensure that they have made themselves aware of any relevant audit information and to establish that the auditors are aware of such information. 16
CHELTENHAM FESTIVALS TRuEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 14. Auditors Hazlewood5 LLP have expressed their willingness to continue in office. This report has been prepared in accordancè with the special provisions of Part 15 of the Companies Act 2006 retating to small companies. Byorder of the Board 11 June 20 Mark Philip-sorensen Chair 17
REPORT OF THE INDEPENDENT AUDITORS TO THE DIREOR5 OF CHELTENHAM FESTIVALS Independent Auditor's Report We have audited the financial statements of Cheltenham Festivats for the year ended 31 December 2025 which comprise the Charity Statements of Financial Activities. the Charity Balance Sheets. the Cash Flow Statements and the related notes. The financial reporting framework that ha5 been applied in their preparation is applicable Law and United Kingdom Accounting Standard5. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). Opinion on financial statements In our opinion the financial statement5-. give a true and fair view of the state of the charitable compan$ affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended.. have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accoydance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where.. the trustees. use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,- or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitsble CoMpanS ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial ststements are authorised for issue. Other information The trustees are responsible for the other information. The other inforrnation comprises the information included in the annLEal report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otheNise explicitly ststed in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed. we 18
REPORT OF THE INDEPENDENT AUDITORS TO THE DIRECTORS OF CHELTENHAM FESTIVALS conclude that there is a material missiatement of this Other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit.. the information given in the trustees, reporL which includes the directors. report prepared for the putyoses of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements- and the directors. report included within the trustees. report has been prepared in accordance with applicable legal requirernents. Matters on which we are required to report by exception In light or the knowledge and understanding of the charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors. report included witFtin the trustees. report. We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if. in our opinion- adequate and proper accounting records have not been kept,. or the financial ststements are not in agreement with the accounting records.. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained moye fiJlly in the trustees. responsibilities ststemeni, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial ststements. the trustees are responsible for aSSeIng the charitsble company s ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A5 part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintsin professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error. design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error. 19
REPORT OF THE INDEPENDENT AUDITORS TO THE DIREORs OF CHELTENHAM FESTIVALS as fraud may involve collusion. forgery. intentional omi55ions. misrepresentations. or the overTide of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the charitable company's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee5 Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disc105ures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentstion, structure and content of the financial statements. including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or busine55 activities within the charitable companyto express an opinion on the financial statements. We are responsible for the direction. supetvision and performance of the charitable compan$ audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Extent to which the audit wa5 considered capable of detecting irregularities. including fraud Owing to the inherent limitations of an audiL there is unavoidable risk that material misstaternents in the financial staternents may not be detected, even though the audit is properly planned and performed in accordance with the ISA'S IUKI. In identifying and assessing risks of material mis- statement in respect of fraud, including irreguLaritie5 and non-compliance with taws and regulations. our procedures included the following.. We obtained an understanding of the legal and regulatory frameworks applicable to the financial statements or that had a fundamental effect on the charitys operations. We determined that the most significant laws and regulations included UK GAAP. UK Companies Act 2006 and charity law. We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, those responsible for legal and compliance procedures. We assessed the susceptibility of the company's financial statements to material misstatement. including how fraud might occur. Audit procedures performed by the engagement team included.. Identifying and assessing the design effectiveness of controb management ha5 in place to prevent and detect fraud,- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate intluence over the financial reporting process. Detailed 20
REPORT OF THE INDEPENDENT AUDITORS TO THE DIRECTORS OF CHELTENHAM FEsllvALS analysis of journals posted through the accounting system during the year to 31 December 2025 ha5 been undertaken- Understanding the controls in place to prevent and detect fraud. Reliance was not placed on controL£ for the entirety of the audit, instead taking a substantive testing approach. however controls were in place to prevent fraud. and they appeared to be working effectively.. ChaLLenging assumptions and judgements made by management in its significant accounting estimates. Use of our report This report is made solely to the charitable CoMpanS members, as a body. in accordance with the Chapter5 of part16 ofthe CompaniesAct 2006. Ourauditworkhasbeen undertaken sothatwe might state to the mernbers and trustees those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest exient permitted by law, we do not accept or assume responsibiliy to aryone other than the charitable company and the charitable CoMpanS members as a body for the opinions we have formed. Martin Howard Isenior Statutory Auditor) For and on behalf of Hazlewoods LLP. Statutory Auditor Windsor House Bayshill Road Cheltenham GL50 3AT 2S 2026 21
CHELTENHAM FESTIVALS STATEMENT OF FINANCIAL AcfiviTIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2025 Ststement of Financial Activities Unrestricted Funds Restricted Funds Total 2025 Total 2024 Note No. INCOME- Donations and Legacies Income From Charitable Activities Activities for Generating Funds Investment Income L383,520 657.960 2.04L480 L666.168 4.010.145 L436.384 10.632 4.010.145 L436.384 10.632 4.004,259 1.440,013 12,792 TOTAL INCOME 6,840,681 657.960 7.498.641 7.123.232 EXPENDITURE: Raising Funds Charitable Activities 614.253 6.074.887 614.253 6.625.001 605,841 6.44L443 550,114 TOTAL EXPENDITURE 6.689.140 550.114 7.239.254 7,047,284 NET INCOMING RESOURCES AND MOVEMENT IN FUNDS 15L541 107.846 259.387 75.948 Total Funds brought forward at 31 December 2024 256.822 256.822 180.874 Funds carried forward at 31 December 2025 408,363 107.846 516.209 256.822 22
CHELTENHAM FESTIVALS BALANCE SHEET AS AT 31 DECEMBER 2025 F Balance Sheet Note 2025 2024 Fixed Assets Tangible Assets Investments io 90.092 108.467 90.093 108.468 Current Assets: Debtors Cash in hand 12 414.657 825.921 415.401 711,979 L240,578 L127.380 Creditors: Amounts fauing due within one year 1814.4621 1979.0261 Net Current Assets 426.116 148.354 Total Assets less current Liabilities 516.209 256.822 Net Assets 516.209 256.822 Funds- Unrestricted Funds: General Reserve 15 408.363 256.822 Total Unrestricted Fund5 408.363 256.822 Restricted Funds: 15 107.846 Total Funds 516.209 256.822 These financial ststements were prepared in accordance with SORP 2019. special provisions relating to small companies within Part 15 of Companies Act and Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Approved by the Board and authorised for issue on 11 June 2026. Mark Philip-sorensen - Chair 23
CHELTENHAM FESTIVALS STATEMENT OF CHANGES IN EQUIT FOR THE YEAR ENDED 31 DECEMBER 2025 G Statement of Changes in EquTty Year ended 31 December 2025 RestrÈcted Funds Urkrestricted Funds General Reserve Total Restricted and Unrestricted Funds Opening Balances at l January 2025 Surplus for the year 256.822 15L541 256,822 259.387 107.846 Closing Balances at 31 December 2025 107.846 408.363 516.209 Year ended 31 December 2024 Restricted Funds Unrestricted Funds General Reserve Total Restricted and Unrestricted Funds Opening Balances at l January 2024 Surplus for the year 180,874 75.948 180.874 75.9A8 Closing Balances at 31 December 2024 256,822 256.822 24
CHELTENHAM FESTIVALS CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 H Cash Flow Statement Note No. 2025 2025 2024 2024 Cash provided by operating activitie5 17 135.687 12.797 Cash flovts from investing activities". Interest income Purchase of tangible fixed assets Cash used in investing activities 10.632 132.3rn 12.792 188,5481 12L7451 (75,7561 Cash flows from financing activities Repayment of loans Increaselldecreasel in cash and cash equivalents in the year 113.942 162.9591 Cash and cash equivalents at the beginning of the year 711.979 774,938 Total cash and cash equivalents at the end of the year 825.921 71L979 25
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 l Notes to the Accounts L Accounting Policies Basis of Preparation The financial statements have been prepared under the historical cost convention. as modified by the revaluation of certain fixed assets, adopting the following principal accounting policies all of which are in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice Accounting and Reporting by Charilies ISORP FRS1021 issued in July 2014 and The Companies Act 2006. The financial statements are presented in Pounds Sterling. Company status The company is a private company limited by guarantee incorporated in England and Wales. The address of its registered office is- 34 Imperial Square Cheltenham GL50 IQZ Tangible Fixed Assets Tangible fixed assets are stated in the balance sheet at cost less depreciation. Depreciatiori 15 calculated to write off the cost of tangible assets over their estimated useful economic lives at the following rates per annum.. Type of asset Furniture and fittings Plant and equipment Computing costs Website costs Rate 20Yo of cost 20/0 of cost 20/0 of cost 25A of cost Fixed Asset Investments Fixed asset investments held are valued at market value at the end of the accounting period. Movements in the market value during the period are included within the Statement of Financial Activities. Investments Fixed asset investments are stated at cost less provision for diminution in value. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly bquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade receivables Trade debtors are amounts due frorn customers for merchandise sold or seNices performed in the ordinary course of business Trade debtors are recogrtised initially at the transaction price. All debtors are repayable within one year and are hence included at the undiscounted amount of the cash expected to be received. A provision for the irnpairment of trade debtors is estsblished when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. 26
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Trade payables Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business frorn suppliers. Accounts payable are classified as current liabilities if the company doe5 not have an unconditional righ¢ at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid. Borrowings Interest-bearing borrowings are initially recorded at fair value. net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cosL with the difference between the proceeds, net of transaction costs. and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless ihe company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date Financial instruments The charity only has financial assets and financial iiabiitties of a kind that qualify as basic finanual instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which aye subsequently measured at amortised cost using the effective inierest method. Incoming Resources l. Voluntary income - incoming resources generated from: donations and gifts (including legacies) grants that give core fundin9 provided by government and charitable foundations membership subscriptions and Sponsorships where these are in substance donations rather than payment for g¢XJds and services gifts in-kind 2. Activities forgenerating funds-trading and otherfundraising activities carried outto generate incoming resources which will be used to undertake its charitable activities such as sponsorships. 3. Investment Income -incoming resources from investment assets. including dtvidend5 and interest and is recogni5ed on a receivable basis. 4. Incoming resources from charitable activities -any incoming resources received which are a payment for goods and services provided for the benefit of the charity5 beneficiaries. e.g. box office ticket income and performance related grants. 27
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Resources Expended Costs of generating funds- those costs incurred in generating incoming resources from au sources other than from undertaking charitable activities: costs of generating voluntary income costs of fundraising costs of managing investments Charitable Actiwties resources appi¢ed by the charity in undertaking its work to meet charitable objectives, as opposed to the cost of raising the funds to finance these activities and governance costs. Governance costs - the costs of governance arrangements which related to the general running of the charity, as opposed to the direct management functions inherent in generating funds, service delivery and programme or project Work. Funds held by the Charity.. Unrestricted funds these are general funds that are expendable at the discretion of the trustees in furtherance of the charity's objectives. If part of the unrestricted funds is earmarked for a particular project it may be designated as a separate fund. Restricted funds there is currently one restricted fund that is subject to specific uses for Education projects. All incoming and outgoing resources in relation to these projects are included under restricted funds. Trading Income Cheltenham Festivals has one subsidiary. CF Productions Ltd which commenced trading in February 2011. Cheltenham FestivaLs acquired CF Productions, business on 31 December 2022 for consideration of £1. Henceforth CFP will exist as a dormant company. CF Productions Ltd provided box office seNices for Cheltenham Festivais.- all box office activity is now performed by Cheltenham Festivals. Donated Ser4ices Donated services are included within the Statement of Financial Activities as both incoming resources and resources expended. The value of the donated services is based on information provided by the donor and is detailed further in note 9 to these financial ststements. Pensions The company operate5 a defined contribution scheme for certain employees. The contributions are charged to revenue in the period in which they are incurred. 28
CHELTENHAM FEIVALs NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Income from Donations and Legacies 2025 2024 Unrestricted Funds: Donations / Charitable Trusts Grants - Arts Council England Other Grants In-kind Support Patrons GiftAid Education 143.760 220.981 110.034 4.089 603.057 216.458 85.141 180.523 217.480 107.500 31.900 428,898 197.090 72.452 Total Unrestricted Funds L383.520 L235,843 Restricted Funds 657.960 430.325 Total Donations and Legacies 2.04L480 L666.168 Gift Aid has been reclassified from Income from Charitable Activities to Income from Donations and Legacies to better reflect the nature of this income. AttltieS for Generating Funds 2025 2024 Unrestricted Funds: Sponsorship Spon50rship-In-Kind L158.568 277.816 L124.775 315,238 Total Unrestricted Funds 1.436.384 L440,013 Restricted Funds Total Other Trading Activities L436.384 L440.013 Income from Investrnents 2025 2024 Unrestricted Funds= Bank interest 10.632 12,792 10,632 12,792 29
CHELTENHAM FEIVALs NOTES TO THE ACcOUs FOR THE YEAR ENDED 31 DECEMBER 2025 Income from Charitable Activities 2025 2024 Unrestricted Funds: Box Office Ticket Sale5 Booking Fees Commission Memberships Other Income 3.372.673 93.875 230.104 219.204 94.289 3.276.495 91.198 215.542 235.335 185,689 Total Unrestricted Funds 4.010.145 4.004.259 Restricted Funds Total Income and Endowments from Charitable Activities 4.010.145 4.004.259 Gift Aid has been reclassified from Income from Charitable Activities to Income from Donations and Legacies to better reflect the nature of this income. Expenditure on Raising Funds 2025 2024 Unrestricted Funds= Salaries - Fundraising Team Fundraising Team Expenses Other Expenditure 334.379 22.439 257.435 323,627 15.487 266.727 Total Unrestricted Funds 614.253 605.841 Restricted Funds Total Expenditure on Raising Funds 614.253 605.841 Other Expenditure is represented by costs incurred in respect of delivering contractual and non- contractual commitments to sponsors during each of the festivals. 30
CHELTENHAM FEsfivALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 7. Expenditure on Charitable Activities 2025 2024 Unrestricted Funds: Fees Et Salaries Production Artistic Programme Administration Box Office Expenses Marketing CBC In-Kind Support Learning and Participation Comrnission5 Audit Fee Governance L539.558 2.164.318 L026.941 977.094 93.447 247.509 L43L207 a239.496 973.296 964.543 104,535 240.530 25,900 10.412 7.000 9.250 4,949 7.039 7.550 10.970 461 Total Unrestricted Funds 6,074,887 6,OIL118 Restricted Funds 550.114 430.325 Total Expenditure on Charitable Acttvities 6,625,001 6,44L443 Employees and Trustees Analysis ofstsff Costs and Emoluments 2025 2024 Salaries National insurance costs Pension costs L550.804 183.653 74.921 L482,806 140.677 72.616 Total Staff Costs & Emoluments L809.378 L696,099 The number of salaried stsff employed during 2025 was 7212024.. 76). with a full-time equivalent IFTEI of 47 12024.. 471. It should be noted that the number of salaried staff employed during 2025 includes 16 12024: 191 SualS on the payroll employed to provide box office services at the busiest times. All of the Board of Trustees are the trustees of Cheltenham Fe5tiva15 who supply their services on a voluntary basis and have received no remuneration during the year. Total expenses of £2512024.. £1.3051 was paid on behalf of the trustees for travel12024- training, travel and subsistence). 31
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Employees and Trustees (continued) The number ofemployees who received emoluments in excess of £60.000 was in the following bands.. 2025 2024 £70.001- £80.000 E80,001- £90.000 Retirement benefit contributions of £8,44612024= £8.2801 under a defined contribution scheme were made in respect of the two employees above. Donated SeThices The value of services provided by volunteers is not incorporated in these Financial Statements. The value put to thé in-kind sponsorship support provided by The Times and The Sundayrimes. Willans. J3zzwi5e Magazine, Queen5 HoteL Leaf Creative, Glide Media. Fews Marquees, The Nook On Five and Tarren Production, has been incorporated at a value of £281.905 in 202512024= £347,138) and has been allocated to marketing and administration costs within Expenditure on Charitable Activities. 10 Tangible Fixed Assets Unrestricted Funds Cheltenham Festivals Furniture and Fittings Plant and Equipment Computing Costs Totsl Tangible Fixed Assets Cost As at l January 2025 Additions in year Disposals IL596 2.306 70.179 3.542 385.040 26.529 1205.8861 466.815 32,377 1205,8861 As at 51 December 2025 13.902 73.721 205.683 293,306 Accumulated Depreciation As at l January 2025 Disposals Charge for year 2.008 62,403 293.937 1205,8861 40,654 358.348 1205.8861 50.752 2.659 7.439 A5 at 31 December 2025 4.667 69.842 128.705 203.214 Net Book Value As at 31 December 2025 9.235 3.879 76.978 90.092 As at 31 December 2024 9.588 7,776 91,103 108.467 32
CHELTENHAM FE¥llVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Fixed Asset Investments 2025 2024 Investment in Subsidiary Market value at 31 December Historic cost at 31 December Investments com rise.. 2025 2024 Shares in CF Productions Limited Investments at 31 December CF Productions Limited has the same registered office as Cheltenham Festtvais. 33
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 12 Debtors 2025 2024 Prepayments Trade and other debtors 44,005 370,652 28.646 386.755 Total Debtors 414.657 415,401 Creditor5- amounts falling due within one year 2025 2024 Trade and other credStors Deferred income Inote 141 Inter-company creditor Other taxes and social security costs 349.228 347.141 410.739 464.687 118.092 103,599 Total Creditors 814.462 979.026 14 Deferred Income 2025 2024 Opening Balance at l January 2025 Amount released to Incoming Resources Amount accruing during year 464.687 1464.687J 347.141 593.533 1593.5331 464.687 Closing Balance at 31 December 2025 347.141 464.687 Deferred income comprised sponsorship and grants which the sponsors and donors have specified must be used on festival events and learning and participation programmes in future accounting periods. 54
CHELTENHAM FEFfivALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of the Net Movement in Fund5 Restricted Funds Restricted funds were established for the Musicate. Scribbled Self. Write Now. Reading Teachers Reading Pupils, FameLab, DataFace and Community projects. In addition. a grant was received from Bloomberg Philanthropies Digital Accelerator Fund towards a new Digital Asset Management System IDAMSI. In 2025 grants and donations totalling £657.960 were received and there was expenditure totalting £550,114 leaving a closing balance on restricted funds of £107.846 in relation to the DAMS project. Unrestricted Funds The purpose of the general reseNe is to forestall any shortfalts in income generated from festival acttvity. This general fund has a closing balance of £408.363 at 31 December 2025. The Board has determined that the target level of general Ifreel reserves should be approximately £550.000 which represents 3 to 4 rnonths of essential operating costs and is considered sufficient to cover any reasonably foreseeable contingency. At the end of 2025 general (freel reseNes were £318.270 12024.. £148,354) and the objective is therefore to continue to generate a surplus each year to build reserves up to this level. The balances on the funds as at 31 December 2025 were as follows: Restricted Funds General ReseNe Total Funds Opening Balances at l January 2025 Surplus for the year 256,822 15L541 256.822 259.387 107.846 Closing Balances at 31 December 2025 107.846 408.363 516.209 35
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of the Net Movement in Funds (continued) In terms of the totsl net assets at 31 December 2025, the funds were represented as follows.. Restricted Funds General Reserve Total Fund5 Tangible Fixed Assets Investments 90,092 90.092 90.093 90.093 Current Assets Debto Cash in hand 414.657 718.075 414,657 825.921 107,846 107.846 L132.732 L240.578 Creditors: amounts falling due within one year 1814.462) 1814.4621 Net Current AssetsllLiabilities) 107,846 318.270 426,116 Total Assets less current liabilTties 107.846 408.363 516.209 Creditors: amounts falling due after one year Total Net Assets 107.846 408.363 516.209 36
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 16 Reconciliation of Net Movement in Funds to Net Cash Flow from Operdting Activities 2025 2024 Net income after other recognised gains and losses Net interest received Depreciation Decrease in debtors Decrease in creditors 259.387 [10.6321 50,752 744 1164.5641 75.948 {12.7921 68.468 14.516 1133.3431 Net cash generated by operating activities 135.687 12.797 17 Operating Lease Commitments Total commitments due under non-cancellable operating leases is as follows.. 2025 2024 Within one year Within two to five years L900 2.283 L900 4.183 4.183 6.083 37
CHELTENHAM FESTIVALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 18 Prior Year Statement of Financial Activities Unrestricted Restricted Funds Funds Total 2024 Total 2023 INCOME AND ENDOwmEs FROM: Donations and Legacies Income Frorn Charitable Activities Activities for generating funds Investment Income 1.235,843 430.325 L666.168 L837,279 4,004,259 L440,013 12.792 4,004,259 L440.013 12.792 3.769.243 L174.540 9.639 TOTAL INCOME AND ENDOWMENTS 6.692,907 430.325 7.123.232 6.790.701 Raising Funds Charitsble Activities 605.841 6.OIL118 605.841 430.325 6.44L443 739.841 6.469,059 TOTAL EXPENDITURE 6.616.959 430.325 7.047.284 7.208,900 NEf INCOMING I (OUTGOING) RESOURCES 75.948 75.948 1418.1991 Other losses {38.4551 NET MOVEMENT IN FUNDS 75.948 75.948 1456.6541 Total Funds brought forward at 31 December 2023 180.874 180.874 637,528 Funds carried foTward at 31 DECEMBER 2024 256.822 256.822 180.874 38