# **Annual Report and Accounts For The Year Ended 31 December 2023**
## **Foreword**
We are pleased to share this annual report with you on behalf of Greenbelt Festivals, in what has been a significant milestone year for us. In 2023 we celebrated our fiftieth anniversary as a festival. It’s been a really difficult few years, with costs continuing to rise sharply, and many festivals struggling. Against this background, the fantastic Greenbelt team put together a packed programme of creative artists, superb speakers and passionate activists to inspire and engage our audience.
Every year we continue to challenge ourselves to have a fresh and creative approach and to try new things as well as welcome back festival favourites. This desire to ensure that the festival evolves to meet changing needs was reflected in the successful trialling of a change in the days the festival took place on; so that we had more happening on our Friday and with a big final day all together on Sunday. And we introduced a new ticketing model too - ‘pay as you can afford’ - to ensure as many as wanted to join us were able.
As ever, none of what we do would be possible without the longstanding support from our 2200+ strong Angel community of donors who provide a fifth of our income, and our 1200+ Volunteer community who give up many many hours of their time to make the festival happen.
We are grateful to our festival partners and funders for their continuing support that enables us to put together a rich and varied programme that fulfils our mission to create spaces, like festivals, where art, faith and justice collide.
We would like to thank all those that have supported us over the last year – our trustees, the dedicated staff team, our production company Judgeday and all the key volunteer team leaders and subcontractors who collectively came together to make a fitting fiftieth edition of Greenbelt festival. Without them, none of the achievements we share in this report would have been possible.
Sam Pittam-Smith
Derek Hill Paul Northup **MANAGING DIRECTOR CREATIVE DIRECTOR**
**CHAIR OF TRUSTEES**
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 1
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trustees and staff across the year 2
objectives 3
review of the year 4
financial review 16
looking forward 19
structure, governance
and management 20
ref and administrative details 23
independent auditors report 25
financial statements 28
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 2
## **trustees and staff across the year** |
Sam Pittam-Smith Chine McDonald **CHAIR VICE CHAIR**
Molly Boot
Simon Brown
Liz Chapman
Louise Jones
Andy Griffiths
Marika Rose
Katie Roberts Georgia Latchmore
Dave Tomlinson
Ben Solankey
Graham Wilson **CHAIR OF FINANCE**
Nick Gretton
Gordon Bentley **COMPANY SECRETARY**
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Derek Hill Paul Northup
MANAGING DIRECTOR CREATIVE DIRECTOR
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Katherine Goodenough Jess Jones **HEAD OF PROGRAMMING EVENT MANAGER** _**maternity leave from Aug 23**_
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Hannah Burns Caroline Warrey Daisy Ghira Saga Arpino Joanna Booth Amy Poole
STAKEHOLDER VOLUNTEER MANAGER DIGITAL COMMS OFFICER SITE VIBING PRODUCER PROGRAMME PARTNERSHIPS AND
AND COMMERCIAL ADMINISTRATOR CONTENT COORDINATOR
COORDINATOR maternity cover from Sep 23
maternity leave from Sep 23
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## | **objectives**
**Together, we are Greenbelt. A festival that reached its fiftieth iteration in 2023.**
## **our vision**
**Creating somewhere to believe in - a festival that models the world we hope to see.**
## **Our charitable objectives**
The purposes for which the company is established are, for the benefit of the public:
- y to advance the Christian faith and to give assistance to other charitable bodies for the relief of poverty and sickness;
- y to promote and celebrate excellence in the arts at both amateur and professional levels; and
- y rights and subsequent United Nations conventions and declarations) both at home and abroad.
## **our mission**
as we look towards the next 50 years.
**Our mission is to create spaces, like festivals, where art, faith and justice collide.**
## **Objectives**
## **Our Theory of Change**
We believe that by creating hospitable spaces of belonging where exceptional arts, courageous activism and open-hearted belief come together, we can inspire and empower participants – communities, families, activists, artists and organisations – to collaborate, conspire and act for the common good.
## **Our Values**
- y Putting people first
- y Transforming life for the common good
- y Using our resources wisely and responsibly
- y Collaborating, conspiring and conversing
- y Cherishing the journey as much as the destination
**Find out more at www.greenbelt.org.uk**
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## | **review of the year**
## **Hitting 50**
**was just as much about looking Working with 50 of our favourite ahead as it was about looking back writers, and powered by hundreds at where we’d been. And this year of crowdfunders, we published ‘50: we did just that. We introduced A Festival Lexicon’, a gorgeous, our brand new radical, inclusive 256-page exploration of the ticketing model as a creative festival we all love.Those are just response to the rising costs – two of the things we got up to in a both of putting on festivals and busy year, besides pulling together attending them. It worked better a stellar lineup for our milestone than we could ever have hoped. festival. But, before we get into the And, regardless of whether or not detail, here are a few quotes from ‘life begins at 50’, our crowdfunding festival-goers about the festival. career definitely did!**
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## FIFTY
_**“A place to be out and proud, to worship, dance, learn, laugh and cry with family and friends old and new.” Niamh on Twitter “Moments of utter joy and hope, that will have to do for a whole year, which they will….”**_
_**Andy on Twitter**_
_**“We couldn’t make it but absolutely loved being able to watch communion and feel a part of it. And celebrate the amazing artwork created and think about social justice and what we can do.” Emma**_
_**“Balaklava Blues were incredible! One of the best sets I’ve seen at Greenbelt or anywhere.” Mary Ann**_
_**“The balance of the programme was so impressive, all massively high quality from across the world, genders, ages, languages and political/ religious traditions. And still time for a quality Elvis impersonator. ” Joseph on Facebook**_
_**“It was my first Greenbelt Festival, so many highlights. One stand out was the reaction of the drag artists to the reception they received. Everyone should feel that accepted within a christian community. It really is telling that they were so surprised to be so loved.” Joanna**_
_**“Great to spend time pondering the now grassy meadow (was the lawn) with a 3 year old armed with a magnifying glass” Peteros on Facebook**_
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 7
## FIFTY
**Our second festival back in the fields after the COVID hiatus was also our 50th anniversary. Rather than major too much on looking back, back-slapping and wallowing in nostalgia, we chose to press onward and to signal that we were committed to being as brave, adventurous and creative as ever. This was Greenbelt, and we were looking forward to the next fifty years!**
**From the Ukrainian folk noir of Balaklava Blues, together with a scratch choir of resettled Ukrainian refugees, as our Friday night headliner, to writer Kathryn Mannix on death and dying on our talks programme and The Chosen Haram, exploring Muslim and sexual identity, in our Playhouse theatre venue, Greenbelters were provoked and inspired in equal measure.**
## | **the programme**
Introduced in 2022, the Rebel Rouser venue in the woodland, curated by DIY punk band Mouses drew ever-bigger crowds and grew a community over the weekend, while our alcohol-free bar and conversation space The Hope & Anchor continued to establish itself as a firm favourite festival destination.
- y Citizens UK for their Homes for Ukraine resettlement and hosting scheme
- y To Christian Aid for their flood alleviation microfinance scheme in Bangladesh
- y And towards the ‘Let’s End Poverty’ coalition, launched at the festival by Gordon Brown and the Methodist Church.
We opened up a brand new area of the site and moved our second music stage and arts workshopping venues into the Walled Garden to great effect. Our Playhouse theatre venue played to packed houses all across the weekend, platforming comedy, children’s shows and wonderfully quirky physical theatre – like Casting Off from an Australian trio of female acrobats in a heart-warming show about femininity across the ages.
Once again, the weather was kind, with just a few spots of rain on the Saturday afternoon. Welcoming festivalgoers on the Thursday for a ‘soft’ opening welcoming social night worked really well, with the festival kicking in on Friday morning and then holding real energy and numbers right through to its climax on Sunday night – with a relaxed get off from the campsite on Monday. After fifty years of programming through to the end of Bank Holiday Monday, this was a big change – but it was overwhelmingly successful.
The festival’s communion service took the ideas of ‘Gift’ and ‘Angels’ as its central themes and saw thousands of Greenbelters contribute to a piece of live-worked community art which was eventually hoisted in front of the gathered masses. Greenbelters gave generously to the communion collection, Greenbelt keeping half of it for future festivals and dispersing the remaining 50% to:
Greenbelters went home tired and happy – enthused and stirred by the likes of Laura Mvula, Carrie and David Grant, The Indigo Girls, Lee Bains III, Milton Jones, Josie Long, Bashar Murad, Jack Monroe, Sophie Howe, Brian Eno, and Ann Pettifor. But, as always, the festival was far more than its stellar lineup; it was a gathered community, a space where everyone could find meaning and belonging; somewhere to believe in.
y Amos Trust towards an exhibition of Gazan Visual Artists to be staged in London in 2024 called ‘On Location’
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **FIFTY**
## | **the book**
**As we celebrated our fiftieth anniversary year, we crowdfunded the production costs of ‘50: A Festival Lexicon’, a beautiful, large-format, full-colour hardcover book, with 256 pages full of striking design, photography and graphics, all inspired by the festival’s past, present and future.**
50: A Festival Lexicon told the stories of Greenbelt Festival through fifty short reflections and tales, poems and prayers, each of which hung on a single word with special resonance for the festival. The central thread of the book was a lexicon that explored the vocabulary of a festival about to enter its sixth decade.
With contributions from dozens of thinkers and writers like Rowan Williams, Kate Bottley, Ann Pettifor, John Bell, Abdul-Rehman Malik, Pádraig Ó Tuama, Chine McDonald, Barbara Brown Taylor, Bidisha Mamata, Sister Teresa Forcades and Brian McLaren, it was our attempt to map the shape of the last fifty years and light the way for the next fifty. The crowdfunder was a great success, with 694 supporters raising 105% of our target for production costs enabling us to fairly recompense the writers and artists who were part of the project and produce a beautiful book which we launched at the festival, with readings from many of the contributors.
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **FIFTY**
**The festival space remains a challenging place to be with many small independent festivals struggling to rebound post -pandemic. Despite this, we are very happy to report that our festival audience grew by 4% this year, 1% above our target of 3% growth. But, behind this statistic is a more remarkable story. In following our vision of creating somewhere to believe in – a festival that models the world we hope to see, we introduced our brand new radical, inclusive ticketing model as a creative response to the rising costs both of putting on festivals and attending them. It has worked better than we could ever have hoped.**
## | **the tickets**
We launched this new ticketing model in faith as we went on sale after the 2022 festival and, with no ticket deadlines, we waited to see how it would work. In many ways, we felt like one of the only festivals that could have made something like this work. Because our generous community had each others’ backs, and have done for years.
## **LAUNCH OF THE NEW TICKET MODEL IN THE FESTIVAL GUIDE**
For next year’s festival we’re going to let you decide how much you pay. We’re scrapping our usual, tiered ticket deadlines. We’re replacing all of it with three main simple price-points for adult tickets. And we’ll aim to keep them the same price across the whole year. We’re calling the three tickets **Supported, Standard and Supporter** . And you’ll be completely free to decide which option best suits you:
**SUPPORTED — a subsidised price for anyone who needs it** , one that tries to make sure we’re an accessible, affordable festival for everyone.
Lots of them chose to pay a little bit more for their tickets (20% in fact), so that they could help those of us with a little bit less. In addition, 10% of tickets were sold at our concession prices, and we gave away a further 200 tickets through our open festival scheme and through our partnership with Citizens UK, to bring those least able to afford and experience festivals to Greenbelt.
**STANDARD — a standard price that is, realistically, what we actually need adults to pay** to make the festival work at the high standards we’re used to.
**SUPPORTER — a premium price that enables those who are able — and want — to offer their generous support** to ‘pay it forward’ so that we can offer the Supported price to all those who need it.
And don’t worry, we haven’t forgotten **Concessions** and **Under 18s** . There will be two further ticket categories for these constituencies. No deadlines. No gimmicks. No tiers before bedtime. This is our Jubilee reset. It feels instinctively right to us. It feels like Greenbelt.It feels ... like somewhere to believe in.
_**“Well done Greenbelt, another wonderful weekend for us who would not afford to come if it weren’t for your supported tickets and monthly payment option.” Esther**_
_**“Already set up and have decided to pay the supporter rate once again. Great idea for those who feel they can help out others**_
_**and Greenbelt Festival where they can.” Ian**_
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 10
## **FIFTY**
**It’s not easy being green. Because building an annual festival for 10,000+ Greenbelters in the middle of beautiful fields and woods is always going to be a huge environmental challenge. Let’s face it, when you talk about the environmental impact of festivals, most people think of the typical post-festivity imagery of discarded tents, left-behind camping equipment, and carpets of rubbish (none of which we struggle with, thanks to all of you). But there’s also all the single-use plastic, travel emissions, and non-recyclable waste which also add to our carbon footprint.**
## | **a greener festival**
We know that our festival community encourages and challenges us to become more sustainable each year. So, after each summer, we always ask ourselves how we can try to tread lighter at Boughton the next time. We ask: what’s worked this year? Where can we make positive changes? What will the impact be on you, our Greenbelters? And you can see from our Sustainability Report all we got up to in the light of this. Among other things, it shows how we cut our generators’ CO2 emissions by 85%, created 9 tonnes less waste, and donated 1.5 tonnes to a local food bank.
We also decided to move our banking away from Barclays Bank to the Co-op:
- We’d been challenged by both our festivalgoers and partners and campaigning agencies to reconsider our banking with Barclays over the last few years. Because we listen – and learn – we had been taking that on board.
- We wanted to stay close to our longstanding main partner in making the move at a similar time, so as Christian Aid took their decision, so we felt emboldened to make ours.
In recent years we’ve been pleased to platform Co-operative movement speakers at the festival, and so it felt right that we’re now able to put our money in the care of an organisation committed to the common good.
• But it was not just about fossil fuel investments with Barclays (as current boycotts of Barclays-sponsored events over their investments in Israel show). In the end you couldn’t really single out one reason or cause of protest – among so many reasons!
• After years of doing the Exchange and thinking about Good Business / business for the common good – it was about banking with an organisation whose values were an overall better fit with ours.
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **FIFTY**
**In our newly emerging strategy our ‘Theory of Change’ is described like this: “We believe that by creating hospitable spaces of belonging where exceptional arts, courageous activism and open-hearted belief come together, we can inspire and empower participants – communities, families, activists, artists and organisations – to collaborate, conspire and act for the common good.”**
## | **our impact**
Mindful of this, every year we carry out a postfestival survey to get a sense of how we are meeting that objective. It’s a wide-ranging survey. In 2023, 97% of respondents said they were satisfied or very satisfied with their Greenbelt experience, and 94% said they are likely or very likely to come next year.
We are encouraged that our audience are responding to the space we make as we gather each year. But crucially we don’t just want to gather and have a good time, we also want to empower people to conspire and act for the common good. We asked this question, which we think is a good barometer of the ripple effect Greenbelt can create:
**How do you think you have changed as a result of your Greenbelt experience in previous years?**
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BECOME MORE OPEN-MINDED
INCREASED FINANCIAL SUPPORT TO CHARITABLE OR CAMPAIGN ORGANISATIONS
VOLUNTEERED WITH A CHARITABLE ORGANISATION OR COMMUNITY GROUP %
OF FESTIVAL
ACTIVELY SUPPORTED AN ADVOCACY OR CAMPAIGN ORGANISATION
RESPONDENTS
CAMPAIGNED ABOUT THE ENVIRONMENT
SUPPORTED INTERFAITH AND INCLUSIVE COMMUNITY EVENTS
TAKEN PERSONAL ACTION TO TACKLE CLIMATE CHANGE
TAKING ACTION TO HELP REFUGEES
ACTIVELY CAMPAIGNED FOR PEACE AND JUSTICE FOR PALESTINIANS
10 20 30 40 50 60 70 80
STRONGLY AGREE AGREE
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 12
## **FIFTY**
## | **our community**
## VOLUNTEERS
So many voluntary groups and organisations have found it difficult to recover from COVID. Getting people to physically engage and commit again has proved a real challenge. We know this from the churches and community groups many of us belong to. But the way in which folks volunteered this year for Greenbelt bucked that trend. And it’s not just the loyal and faithful returnees, it’s lots of first-time volunteers too! We’re so grateful. If we factored in what all this volunteer time and expertise would cost us if paid at Living Wage, there’s no way we could afford it. In that sense, what our volunteers offer us is priceless. But our volunteers don’t just provide us with a helpful, practical, affordable way for us to make the festival. They lend the space, we make its
character — a certain kindness, a quality that can often seem in short supply in our pressured lives. Directing traffic, signing talks, pulling pints, recording talks sessions, selling tickets, ferrying contributors, walking campsites (night as well as day), checking wristbands. Our Greenbelt volunteers make
Greenbelt work. The festival is the work of the people. Handmade. With love. It would be impossible to calculate just how many volunteers have helped make Greenbelt over the past 50 years, but each and every one has been part of bringing us to where we are today. And we want to say thankyou to each and every one of you.
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **FIFTY**
## | **our community**
## ANGELS
This year was all about anniversaries. The festival’s 50th. 30 years of partnership with Christian Aid. And 25 years since the idea of Greenbelt Angels really took off and became a ‘thing’, a recognisable giving scheme, fully-fledged after emerging from the disappointment of the Plotters’ failure to secure a festival site before that in the 1990s. Angels are festivalgoers who sense something at Greenbelt they don’t find anywhere else — a way of seeing, acting and being that inspires and sustains them, that makes sense to them. Angel giving supports us in what we make — as we commit to creating the best possible festival we can in the face of rocketing production and infrastructure costs. Angels give Greenbelt what all charitable organisations
and events crave: regular and reliable income. Independent of annual ticket sales, Angels provide dependable funding, and their giving now makes up around 20% of our income each year. This year, we were pleased to see a second year of growth in Angel numbers following the pandemic dip, with a 3% increase in Angel numbers and a 5% increase in Angel giving. As ever, the festival itself provides the best moment for recruitment, with 153 sign-ups at and after the event, and total numbers are now 2,200 regular Angel donors. We want to say a big thank you to all our Angels – old and new – for their continued support.
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## FIFTY
**We continue to be thankful for the long standing relationships we have with our many partners – all of which add such a richness and diversity to our festival ecology. In 2023 we were pleased to welcome some new partners as well as welcoming back a few old friends, too. Here’s a roundup.**
## | **our community**
## PARTNERS, ASSOCIATES AND SPONSORS
## **CHRISTIAN AID**
The Exchange – a venue focussed on work, money and business, enterprise for the common good
This year saw 30 years of our key partnership with Christian Aid – that’s more than half of the festival’s journey walked together. We’re so thankful for their inspiration and provocation. And their focus this year, as part of a global movement for justice, was to say it’s time to ‘Make Polluters Pay!’
**Goodmakers / CMS / HeartEdge**
## **ASSOCIATE PARTNERS**
With their own stands in our Greenbelt Takeaway exhibitors’ zone, we also worked with these organisations on some dedicated programming tied into our strategic themes.
## **VENUE PARTNERS**
We worked in collaboration with five inspiring organisations to programme five different venues, each with a distinctive strand of programming. Pagoda – our showcase ideas venue **CCLA** Hope & Anchor – a beautiful conversation venue with an alcohol-free bar **Methodist Church**
**Citizens UK, Embrace the Middle East, Home for Good, Student Christian Movement (SCM), United Reformed Church (URC).**
**OTHER GRANTS, FUNDING, SPONSORSHIP & SUPPORT** And lastly, thanks to all the following groups who provided additional creative, funding and sponsorship support.
Hot House – dedicated to facing up to the climate emergency **Pickwell Foundation**
**Amos Trust, Christians Against Poverty (CaP), Christian Connection, Northern Lights, Reading Agency, Westhill Foundation, William Temple Foundation.**
Living Room – a brand new venue built around the experiences and voices of those living
in poverty **Trussell Trust**
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 15
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FIFTY
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**Our wide-ranging portfolio of partners help to enrich the festival experience and impact each year. To try and list them all in this report would be an impossible task. So here is just one example of where creative collaboration and strong partnership made a real difference in 2023.**
## | **case study**
## 50 FOR 50
We collaborated with Citizens UK in a drive to recruit 50 new host families (in our 50th year) for their ‘Homes for Ukraine’ refugee hosting scheme across the festival weekend. Building on the spectacle of our opening night headliners, Balaklava Blues, who were joined on stage by a scratch choir of Ukrainian refugees who Citizens UK had recruited, we campaigned together across the weekend to recruit new hosts. In the end, we beat our target of 50, securing 62 host pledges at the festival in total – a remarkable achievement, and just one great example of the impact we can make when we work passionately and persuasively and creatively with our partners.
_**“I want to say to all of you, thank you very much for what you do for people, for creating an unreal holiday for us here, that we could feel all your support, love for us, for our country, that we were able to immerse yourself in the cultural space of England. You are incredible, I went home full of emotions and great impressions!!! It was really cool!!!! Huge thanks to the organisers, all the workers involved in this event, all the girl volunteers, as well as our talented conductor Craig.I love you all and I look forward to meeting you again” Scratch choir member**_
_**�I feel I have a voice again. I have myself again. It has given me wings.” Scratch choir member**_
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## FIFTY | **financial review**
**The financial statements have been prepared in accordance with the accounting policies set out in the financial statements and comply with the charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019)**
**Our financial results for the year are set out in the Statement of Financial Activities. Our total income increased by 19% to £2,433,710 (2022: £2,044,597). We made a NEST fund surplus of £40,863 (2022: £46,267) and a Festival fund surplus of £1,291(2022: -£115,391). In total, we made an unrestricted fund surplus of £46,154 (2022: £74,124 deficit). The increased unrestricted figure means that after drawing on our reserves last year, we once again are growing them again as we enter 2024. At the year-end Greenbelt had closing net unrestricted fund assets of £383,478 (2022: £337,324) and £nil (2022: £4,000) restricted fund assets.**
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
| **financial review**
**Behind these positive headlines building a budget for the annual festival in the current financial climate is not without challenges. As a rule, each year we plan for a breakeven budget on the festival, and earmark any surplus on The Nest (our social impact office hub) for reserves.**
y Coming off the back of the planned loss on the festival in 2022 (a post pandemic exception to the rule), setting a breakeven budget for the festival, even in the light of rising production costs (40% up since pre pandemic), was key.
on sale after each festival, before really knowing our production costs, so we err on the side of caution on income expectations, and make as realistic expenditure assumptions as we can make at that point.
y In addition, we didn’t want to raise ticket pricing to a level that meant we were less accessible to many.
- y After launching the new ticketing model, thanks to the generosity of our audience, we are pleased to report that sales of our ‘Supporter’ tickets exceeded our expectations.
y As a way to mitigate rising costs, we launched our new ticketing model, as detailed earlier, designed to bring in enough money to cover some of the increased costs (alongside increases to other income from donations, partners and commercial income) without pricing us out of the market.
- y This raised additional income that was used to cover a higher than expected 15% increase to production costs.
- y And overall this meant that, broadly, our final figures were in line with our budget set for the year.
- y We set ticket pricing for the following year to go
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
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| financial review
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**GREENBELT: THE NEST 2023 was our sixth full year of hosting The Nest social impact office hub on the top floor of the United Reformed Church headquarters in Tavistock Place. We remain fully occupied – with the Trussell Trust, Single Friendly Church and Highway One Trust sharing our light and modern office premises in the Kings Cross area of London. The Nest continues to deliver a surplus each year – helping us reach our reserve targets sooner than planned and relieving the pressure on the festival alone to make a surplus for the organisation each year.**
## RESERVES POLICY
The Board regularly reviews its reserves policy, with the continued aim of balancing being able to invest annually in its charitable activities, and to build up suitable reserves. Since we last reviewed the reserves policy there have been changes to our income and we have observed some new things.
y In The Nest we now have an additional nonfestival income stream that makes a surplus of around £40K a year.
y And, even in the event of a ‘no festival’ year, our Angel income did not / does not (significantly) fall.
Taking this into consideration a new reserves policy has been set.
- y The minimum level of reserves at any time should be no less than £250K
y The Nest surplus is put towards reserves each year.
y The immediate aim is to build our reserves to 25% of our festival turnover – less Angel income. This would be a baseline to protect us from unforeseen challenges, knowing we can likely rely on Angel income still coming in.
y Longer term, the aim is to build our reserves to 25% of our whole organisational turnover (including Angel and Nest income).
y Based on the above our immediate reserve target is £445k, potentially achievable by 2026.
## GOING CONCERN
As at 31st December 2023 the charity had funds carried forward of £383,478. Following the managed losses of 2022, with continued careful budgeting and controls we have seen a return to surplus in 2023. This together with the continuing support of the Greenbelt Angels, the trustees consider it appropriate to prepare the accounts on the going concern basis.
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
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| looking forward
to 2024...
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Throughout 2023, the Board did detailed work to develop our next strategic plan for 2024 to 2028, which was agreed at the November Board weekend. As part of this, a new set of strategic objectives have been set and we will begin to embed these into our planning for the 2024 festival and beyond.
We’re planning two new venues in collaboration with some of our festival partners as we continue with our mission to create spaces, like festivals, where art, faith and justice collide.
At the close of the year, we had sold 44% of our target for weekend ticket sales for the 2024 festival, a great start. And plans are well underway for the 51st edition of the festival in August 2024, retaining the new Friday to Sunday format trialled in 2023.
## HOSPITALITY
## SUSTAINABILITY
Strategy **2024/28**
## **LISTEN TO**
**LISTEN TO INCREASE our (physical) festival audience to curate & host spaces for community 9,500 paid tickets (to support our sustainability & the CURATE & remove barriers to participation & delivery of our theory of change) & income generated involvement** _**2**_ **from fundraising activity by £100k for Greenbelt 2025** _**5**_ **with care & compassion, the spaces that Greenbelt creates to** _**1**_ **intentionally balance BUILD on the idea & practice of DEEPEN our relationships with our Angels to ensure sanctuary & restoration, ‘Greenbelt as community’ – welcoming they feel valued & engaged alongside provocation & groups & individuals, both physically &** _**6**_ **online** _**3**_ **challenge. CREATE a low carbon strategy for Greenbelt with targets based on the Vision 2025 “Green Code of Conduct” for outdoor events CREATE & IMPLEMENT a** _**7**_ **strategic approach to partnership, brand & sponsorship that helps deliver on our theory AGREE A FRAMEWORK of strategic of change & contributes significantly to our financial sustainability, reach & creativity.** _**4**_ **themes to guide programming, potentially linking to partners** _**8**_
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**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## | **structure, governance and management**
## Governing document
The charity is controlled by its governing document, a deed of trust, and
constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Greenbelt’s aims and objectives and in planning future activities.
## Trustees
The Board of Trustees usually meets quarterly to agree strategic vision, monitor risk and discuss its ambassadorial responsibilities. Greenbelt strategy, budget and policy defined and agreed by the Board is managed and delivered by a team of staff.
During 2023, Greenbelt had fourteen trustees. As part of the ongoing cycle of trustee renewal, two trustees retired in 2023 at the November board weekend meeting – Markia Rose and Andy Griffiths. We’d like to say a huge thank you to them both for their time on the board though some challenging times and for their wisdom and experience both at the festival and year round. In addition, Louise Jones and Simon Brown joined the board in November 2023.
## Finance Risk
The Business & Finance Group, which is answerable directly to the Trustees, provides the financial risk management throughout the year. We remain aware of the financial situation of the charity and receive a formal update at each meeting of Trustees. Alongside our reserves policy, the continued support of its partners and its associates, its sponsors, and the Angels community help to spread the financial risk which a festival based around one weekend will always have. As is our running an efficient and welcoming office hub in The Nest, which provides an additional nonfestival related income.
## Operational Risk
The Board met quarterly during the year and daily on site. The executive team maximises its clear operational knowledge and skills, reporting regularly to Business & Finance and the Board and operating according to tightly defined timelines and reporting in and of itself, too.
## External Risks
Despite feeling much more confident going into 2024, we continue to monitor any and all largescale events and developments that could have an impact on our being able to put on all or some of the festival, particularly weather-related events (exacerbated by climate crisis) and continuing health-related concerns – such as the COVID pandemic. We know these events can rapidly escalate in terms of their impact. In the eventuality of an event developing that might impact the festival, we would work to minimise our exposure as much as possible across the board, while also having some non-direct festival-related income and reserves to provide support for our operations.
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 21
## | **structure, governance and management**
## Statement of trustees’ responsibilities
The trustees, who are also the directors of Greenbelt Festivals for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to:
- y select suitable accounting policies and then apply them consistently;
- y observe the methods and principles in the Charities SORP;
- y make judgements and estimates that are reasonable and prudent;
- y state whether applicable UK Accounting Standards have been followed, subject to any material departures
- y disclosed and explained in the financial statements; and
- y prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping
adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
## Auditors
As per our audit policy we tender for our annual audit every 5 years. In 2021 Robson Laidler Accountants Limited were re-appointed for another 5 year period. We would like to thank them for their work on the 2023 audit for the 3rd year in this 5 year period and 8th overall.
The trustees’ report was approved by the Board of Trustees
## **Sam Pittam-Smith**
CHAIR OF TRUSTEES
DATE **16TH MARCH 2024**
22
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## | **reference and administrative details**
## **Trustees**
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were as follows:
|**Trustees and Main Board Committee Members**|**Trustees and Main Board Committee Members**|**Trustees and Main Board Committee Members**|
|---|---|---|
|Sam Pittam-Smith**CHAIR**|Chine McDonald**VICE CHAIR**|Andrew Griffiths
(resigned 12th Nov 23)|
|Marika Rose
(resigned 12th Nov 23)|Graham Wilson|Ben Solanky|
|Dave Tomlinson|MollyBoot|Georgia Latchmore|
|Katie Roberts|Liz Chapman|Nick Gretton|
|Simon Brown
(appointed 10th Nov 23)|Louise Jones
(appointed 10th Nov 23)||
**----- Start of picture text -----**
Business and Finance Committee Governance and Nominations Committee
**----- End of picture text -----**
|**Business and Finance Committee**|**Governance and Nominations Committee**|
|---|---|
|||
|Graham Wilson**CHAIR**|Chine McDonald**CHAIR**|
|Sam Pittam-Smith|Sam Pittam-Smith|
|Nick Gretton|Andrew Griffiths|
|Georgia Latchmore|Marika Rose|
|Chine McDonald|Ben Solanky|
||MollyBoot|
|||
|**Company Secretary**||
|Gordon Bentley||
23
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## | **staff team**
|**Staff Team**|**Staff Team**|
|---|---|
|Derek Hill|**MANAGING DIRECTOR**|
|Paul Northup|**CREATIVE DIRECTOR**|
|Katherine Goodenough
(maternityleave from Aug23)|**HEAD OF PROGRAMMING**|
|Jess Jones|**EVENT MANAGER**|
|Hannah Burns
(maternityleave from Sep23)|**STAKEHOLDER AND COMMERCIAL COORDINATOR**|
|Caroline Warrey|**VOLUNTEER MANAGER**|
|DaisyWare-Jarrett|**DIGITAL COMMS OFFICER**|
|Saga Arpino|**SITE VIBING PRODUCER**|
|Joanna Booth|**PROGRAMME ADMINISTRATOR**|
|Amy Poole
(maternity cover from Sep 23)|**PARTNERSHIPS AND CONTENT COORDINATOR**|
|**with additional support from**||
|Shehzad Hussein, Accountability EU|**FINANCIAL ADMINISTRATION**|
|Paul Trueman|**COPYWRITING**|
|Emma Trueman|**PRESS**|
24
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
| **reference and administrative details**
|**Ref & Administrative Details**|**Ref & Administrative Details**|
|---|---|
|**REGISTERED NAME**|Greenbelt Festivals|
|**COMPANIES HOUSE REGISTERED NUMBER**|01812893 (registered 1984)|
|**CHARITY COMMISSION REGISTERED NUMBER**|289372 (registered 1984)|
|**REGISTERED OFFICE**|The Nest, Church House, 86 Tavistock Place
Kings Cross, London, WC1H 9RT|
|**INDEPENDENT AUDITOR**|Robson Laidler, Fernwood House, Fernwood Road
Newcastle upon Tyne, NE2 1TJ|
|**PRINCIPAL BANKERS**|Co-op Bank|
25
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## | **independent auditors report to the Trustees of Greenbelt Festivals,**
## **Opinion**
We have audited the financial statements of Greenbelt Festivals (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- y give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- y have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- y 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 (UK) (ISAs (UK)) 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 charity 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 accordance 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**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual
| **independent auditors report to the Trustees of Greenbelt Festivals**
26
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
**Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- y the information given in the trustees’ report for the financial year for which the financial statements are prepared, which includes the directors’ report prepared for the purposes of company law, is consistent with the financial statements; and
- y the directors’ report included within the trustees’ report has been prepared
in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
y In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- y
y the financial statements are not in agreement with the accounting records and returns; or
y certain disclosures of trustees’ remuneration specified by law are not made; or
y we have not received all the information and explanations we require for our audit; or
- y the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report
and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees’ responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied 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 misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’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 misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
| **independent auditors report to the Trustees of Greenbelt Festivals**
27
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
that an audit conducted in accordance
with ISAs (UK) 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.
Based on our understanding of the charity, we concluded that although the charity is subject to certain laws and regulations and is overseen by the Charity Commission, there are no principal risks of non-compliance with laws and regulations central to the charity’s operations.
Audit procedures performed as part of our audit include:
- y Discussions with trustees and key management regarding any known or suspected instances of non-compliance with laws and regulations and fraud;
- y Evaluation and testing of the operating effectiveness of the charity’s controls which are designed to prevent and detect any such irregularities;
- y Reviewing minutes of Board meetings held during the year under review;
- y Identifying and testing journals based on risk criteria.
There are inherent limitations in the audit procedures outlined above and there is no guarantee that our procedures would always detect a material misstatement that exists. We also note that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael T Moran BA FCA (Senior Statutory Auditor)
Dated: 1st July 2024
for and on behalf of
Robson Laidler Accountants Limited Statutory Auditor
Fernwood House, Fernwood Road Jesmond, Newcastle upon Tyne Tyne and Wear, NE2 1TJ
28
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **Statement of financial activities as at 31 December 2023**
## **Including income and expenditure account**
## **For the year ended 31 December 2023**
**----- Start of picture text -----**
Unrestricted Restricted Total Unrestricted Restricted Total
funds 2023 funds 2023 2023 funds 2022 funds 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations and legacies 2 678,707 105,997 784,704 584,814 71,573 656,387
Charitable activities 3 1,048,709 - 1,048,709 849,626 - 849,626
Other trading activities 4 401,335 - 401,335 335,392 - 335,392
Investments 5 198,962 - 198,962 203,192 - 203,192
Total income
2,327,713 105,997 2,433,710 1,973,024 71,573 2,044,597
Raising funds 6 302,983 39,168 342,151 276,705 - 276,705
Charitable activities
7 1,978,576 70,829 2,049,405 1,770,443 67,573 1,838,016
Total expenditure
2,281,559 109,997 2,391,556 2,047,148 67,573 2,114,721
Net income/(expenditure)
and movement in funds 46,154 (4,000) 42,154 (74,124) 4,000 (70,124)
Reconciliation of funds:
Fund balances at 1 January
-
2023 337,324 4,000 341,324 411,448 411,448
Fund balances at 31
-
December 2023 383,478 383,478 337,324 4,000 341,324
**----- End of picture text -----**
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
29
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **Balance Sheet**
## **As at 31 December 2023**
**----- Start of picture text -----**
2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 28,475 34,269
Current assets
Debtors 13 188,692 144,313
Cash at bank and in hand 681,997 496,376
870,689 640,689
Creditors: amounts falling
14 (515,686) (333,634)
due within one year
Net current assets 355,003 307,055
Total assets less current
383,478 341,324
liabilities
Income funds 17 - 4,000
Restricted funds
Unrestricted funds
Designated funds 18 16,515 -
General unrestricted funds 366,963 337,324
Total unrestricted funds 383,478 337,324
Total 383,478 341,324
**----- End of picture text -----**
The financial statements were approved by the Trustees on .........................
Sam Pittam-Smith
Chair of Trustees
Graham Wilson
Chair of Finance
Company Registration No. 01812893
Date 16th March 2024
30
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **Statement of cash flows**
## **For the year ended 31 December 2023**
31
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **Notes to the financial statements**
## **Accounting policies**
## **1 Income**
## 1 Accounting policies
## Charity information
Greenbelt Festivals is a private company limited by guarantee incorporated in England and Wales and registered with the Charity Commission. The registered office is The Nest, Floor 2 Church House, 86 Tavistock Place, Kings Cross, London, WC1H 9RT.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP «Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)» (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. Significant estimates and judgements
The preparation of the financial statements requires the Trustees to make judgements and estimates. The main areas where such judgements and estimates are made are in respect of recognition of income.
## **1.2 Going concern**
The financial statements have been prepared on a going concern basis on the ground that current and future sources of funding or support will be more than adequate for the charity›s needs. The Trustees have considered a period of 12 months from the balance sheet date and consider no further disclosures relating to the charity›s ability to continue as a going concern need to be made
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be
## maintained by the charity.
## **1.4 Income**
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income received by way of grants, donations and gifts is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recorded when the charity becomes unconditionally entitled to the grant. Where donors specify that donations are for particular restricted purposes, this income is included in incoming resources of restricted funds.
Incoming resources from trading activities, direct festival income and sponsorship are recognised in full in the Statement of Financial Activities at the date of the festival.
Incoming resources from charitable activities are credited to income in the period to which they relate.
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023 32
## **1.5 Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. The following specific policies are applied to particular categories of expenditure:
Costs of raising funds comprise costs associated with attracting voluntary income and those incurred in trading activities that raise funds.
Charitable expenditure comprises those costs incurred by the charity in staging the festival and includes both costs that can be allocated directly to this activity, and those costs of an indirect nature necessary to support this.
Support costs include the costs of central functions, which have been allocated to activity cost categories on a basis consistent with the use of resources.
Costs allocated to activities comprise those costs incurred which directly relate to that activity, together with an appropriate proportion of support costs.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings: Straight line over 10 years
Computers : Straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Taxation**
As a charity, the company is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
## **1.10 Leases**
The charity classifies the lease of the building in which it operates and the festival site as operating leases. Rental charges are charged on a straight line basis over the term of the lease.
33
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **1.11 Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **1.12 Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.13 Pension costs and other post-retirement benefits**
The charity operates a defined contribution scheme for the benefit of its staff. The funds of the scheme are held separately from those of the charity in independently administered funds. The contributions to the scheme are charge to the SOFA as incurred.
## **2 Income from donations and legacies**
34
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **3 Income from charitable activities**
- **4 Income from other trading activities**
## **5 Income from investments**
GRNBELT FESnVAL AnnuulR•wtimd Year endlng 31 December 2023
Exp8nditure on rasng fund5
Unrnrytrfct Re8trlct•d
frJnd5
funds
2023
2023
Total Unmtrfctgd Restrlctsd
funds
funds
2022
2022
Total
2023
2022
Fundraising and publicity
tirect fuThJraising costs
10.628
10,628
9,689
9,589
Tradlng costs
NEST expenditure
Trading costs arKI ry)sts
of goods sdd
161.329
161,329
157.873
157,873
SKAT
PARK
131,026
39,168
170,194
109,243
109,243
292,355
39.168
331,523
267,116
267,116
Ttytsi costs
302,983
39.168
342,151
276,705
276.705
GRNBELT FESnVAL AnnuulR•wtimd Year endlng 31 December 2023
Exp8nditure on charitable activities
Charitabl•
actlvitl8$
Charrtabl•
activitias
2023
2022
Direct Costs
FestNal delivery
Festival Operati ctjsts
F8Stiv81 content
Festival mèrkeling costs
Cxher festival wsis
Volunteer support
Trust greenbe 8xpenditure
Environmental levy
931,550
265.594
243,996
32,759
76.606
5.377
35.064
3,265
265,767
223,841
27,993
56.432
28.395
5,203
1.594.211
1.421.473
Share ofsupport and governance cogts lsee note 8)
Supwjrt
455.194
416.543
2,049,405
1,838,016
Anatysis by fund
Unre$tri¢ted fvnds
Re51ricted fvnds
1,978,576
70.829
1,770,443
67.573
2,049,405
1,838,016
37
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **8 Support costs allocated to activities**
## **10 Employees**
## **9 Trustees**
During the year a total of £5,777 (2022: £4,311) of expenses were paid to the Trustees of the charity (13 Trustees serving across the year). Expenses were in relation to travel, mileage, accommodation and food.
During the year £5,875 (2022 : £nil) was paid to K Roberts, a trustee of the charity, for consultancy services re partnership review and fundraising strategy.
These costs include fees for subcontractors brought in for the festival.
Key management compensation, remuneration and benefits of £128,845 (2022: £126,437) was paid during the year.
There were no employees whose annual remuneration was more than £60,000.
38
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **12 Tangible fixed assets**
## **13 Debtors**
39
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **14 Creditors: amounts falling due within one year**
## **15 Operating lease commitments**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Included in accrued expenses is deferred income £314,122 (2022: £199,679) which represents incoming resources for which the related services have yet to be provided. The services are expected to be provided within 12 months of the balance sheet date.
GRNBELT FESnVAL AnnuulR•wtimd Year endlng 31 December 2023
16 Andysis ol not assets betweon fund5
Unr•strf¢lod
funds
2023
R•strf¢tod
funds
2023
Total
2023
Fund balan¢•s at 31 De¢•mbor 2023 ar• r•pr8s•nttd by:
Tangible assets
Crrent assewllialiti88I
28,475
355,J3
28,475
355,(N)3
383,478
383,478
Unr•strf¢tsd
funds
2022
Rgstrf¢led
funds
2022
Totsl
2022
Fund balancBS at 31 D8eombor 2022 ar• rnpr850ntod by:
Tangible assets
rrent assels1lliat¥liP$)
34,269
303,055
34,289
307.055
4,000
337,324
4,000
341,324
41
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **17 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
## **Trust greenbelt**
## **Westhill fund**
This fund represents 50% of collections at the Sunday communion service collected to support the vital work of our partner Christian Aid – and specifically, to a climate change mitigation project they are supporting in Bangladesh.
This fund represents monies received from the Westhill Foundation for spend that will be used towards supporting our continuing platforming of progressive Muslim thought and artistry.
## **Lexicon 50 Fund**
## **Environmental Levy**
This fund represents monies received for the production costs of the 50th Anniversary book.
This fund represents opportunities available for Greenbelters to make donations, e.g. when purchasing tickets, which would be given to
organisations or projects relating to climate change or used to reduce the environmental impact of the festival.
## **The Hothouse venue fund**
This fund represents monies received from the Pickwell Foundation for spend associated with the development, infrastructure and
programming of The Hothouse environmental venue for the 2022 Greenbelt Festival.
42
**GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2023
## **18 Designated funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
## **NEST Fund**
This fund represents income and expenditure from renting out desks in the NEST social impact hub, which is a part of the Greenbelt premises.
## **Imagination Fund**
This fund is a designated fund which the trustees set up in 2020 after our ‘Wild at Home’ pandemic event. 50% of the Sunday communion service giving was allocated to this fund to be utilised in future years.
## **19 Related party transactions**
There were no related party transactions except as set out in note 9.
GRNBELT FESnVAL AnnuulR•wtimd Year endlng 31 December 2023
20 Cash gonorated from oporations
9••
2023
2022
Suwuslldefidll for the year
42.154
170,1241
Adjustrnent5 for.
Investmenl income recognised in statement of finarrial octivtbes
Depre¢On and impairffnI ol tangible fixed assets
1198,962)
8.751
1203,1921
8.792
)vèm6nt9 in wothng capitAI..
Ilncreasel in debtors
lnryeasel1de8$e} in ¢r8drtors
144.3791
182,052
174,9981
1260,7091
Ch thorbed by wrthlon¥
{10,3841
1600.2311
- Ends