Company number 456573 Registered charity number 251765 CHELTENHAM FESTIVALS (A COMPANY LIMITED BY GUARANTEE) TRu￿EES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 CHELTENHAM FE￿IVALs 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 'succe￿fUl'. 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 FE￿IVALs 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 AppOinth￿rtt 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 charIt￿S 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 inC￿aSe 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