# **Annual Report and Accounts For The Year Ended 31 December 2024** ## **Foreword** We are pleased to share this annual report with you on behalf of Greenbelt Festivals. This year our festival theme was ‘Dream On’. Dream On can often be a throwaway phrase. Used to extinguish fiery hope and possibility. But instead of the never-going-to-happen way in which the phrase is often meant, we wanted to see it as an instruction: a life-giving, sacramental duty. Because, no matter how bad things seem right now (and they are bad, no question), change is still possible. And, more often than not, change is driven by the dreams that people hold onto — in the face of everything — of a better world. Dreams that, when acted on, make a real difference in the real world. That’s what Greenbelt had been doing for fifty years already. And now, facing ever-more complex and overwhelming challenges, it was time to remind ourselves to keep dreaming for the next fifty. Just as artists, activists and prophets and believers have done for centuries — in the face of all the odds. Because the work of dreaming is never done. So this was our rallying call. To dream, to act, to make, to imagine, to give, to love, to be. Who knows what dreams will come? As ever, we were privileged to work with a dream-team of staff and volunteers who poured their hearts and souls into creating this amazing space where we come together (this year also battling challenging weather conditions to deliver a successful festival together). But we’re more than a festival: we’re a community, too — our 2,200+ Angels prove that through their continued support. And our 1,200+ volunteers give countless hours of time to make this dream a reality. Each 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 year was no different. Connecting us with the world without costing the earth, No Fly Zone was our brand new collaboration with our main partner Christian Aid — complete with amazing AV and reliable broadband. Bringing the global village to our festival village, speakers joined us remotely and in person to help us see that another world is possible. Then, if you went down to the woods you could be sure of a big surprise – and a big welcome at our Rebel Rouser stage. For the third year running, this is where punk DIY and belonging was celebrated. Curated by Art Mouse Productions, we saw radical ideas, readings, poetry and spoken word and great, great independent music. The added bonus this year was a brand new permanent stage and set we commissioned with support from The Arts Council Grassroots Music Fund. 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 51st edition of Greenbelt festival. Without them, none of the achievements we share in this report would have been possible. 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 Sam Pittam-Smith Derek Hill Paul Northup **CHAIR OF TRUSTEES** **MANAGING DIRECTOR** **CREATIVE DIRECTOR** **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 1 **trustees and staff across the year** 2 **objectives** 3 **review of the year** 4 **financial review** 17 **structure, governance and management** 21 **ref and administrative details** 23 **independent auditors report** 26 **financial statements** 29 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 2 ## **trustees and staff across the year** | ## **trustees** Sam Pittam-Smith Chine McDonald **CHAIR VICE CHAIR** Molly Boot Simon Brown Liz Chapman **----- Start of picture text -----**
Louise Jones
**----- End of picture text -----**
Katie Roberts **Georgia Latchmore** Ben Silvey _**appointed 16 March 24**_ ## **staff** Ben Solankey Dave Tomlinson Graham Wilson **CHAIR OF FINANCE** Nick Gretton Gordon Bentley Katharine Harris **COMPANY SECRETARY COMPANY SECRETARY** _**stepped down 16 March 24 appointed 16 March 24**_ Derek Hill Paul Northup Katherine Goodenough **MANAGING DIRECTOR CREATIVE DIRECTOR HEAD OF PROGRAMMING** _**left June 24**_ Jess Jones Hannah Burns **HEAD OF FESTIVAL STAKEHOLDER OPERATIONS AND COMMERCIAL COORDINATOR** Caroline Warrey Daisy Ghira **VOLUNTEER MANAGER DIGITAL COMMS OFFICER** Saga Arpino Joanna Booth Amy Poole Lois Tucker **SITE VIBING PRODUCER PROGRAMME MANAGER PARTNERSHIPS AND GIFTS AND COMMUNITY CONTENT COORDINATOR ENGAGEMENT OFFICER** _**appointed March 24**_ 3 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **objectives** **Together, we** _**are**_ **Greenbelt. A festival that reached its fiftieth iteration in 2023.** ## **our charitable objectives** ## **programming themes** As a registered charity our constitution includes a set of formal objectives as follows. 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 ## **MAINSTREAMED THEMES** LGBTQIA+ inclusion Climate emergency Palestine/Israel ## **CONTINUING THEMES** UK poverty Migration and borders ## **NEWLY EMERGENT THEMES** Criminal (in)justice Radical hospitality - y to raise public awareness of injustice and abuse of human rights (as set out in the universal declaration of human rights and subsequent United Nations conventions and declarations) both at home and abroad. ## **our values** ## **our vision** Creating somewhere to believe in - a festival that models the world we hope to see - y Putting people first - y Transforming life for the common good - y Using our resources wisely and responsibly ## **our mission** - y Collaborating, conspiring and conversing Our mission is to create spaces, like festivals, where art, faith and justice collide - y Cherishing the journey as much as the destination ## **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. **Find out more at www.greenbelt.org.uk** 4 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **review of the year** **After many years enjoying good weather over August Bank Holiday weekend, in 2024, we weathered a perfect storm. Not least the tail end of an Atlantic hurricane, which blew in on the Thursday night and Friday morning at the opening, forcing us to delay festivalgoers coming into the festival and presenting all sorts of operational challenges. And then it rained for the whole of our Saturday! But none of this seemed to dampen festivalgoers’ spirits and the site itself held up remarkably well.** **We were pleased to be able to introduce a brand new, handmade stage set structure in the Rebel Rouser, created for us by Bristolbased Jon Lloyd with Arts Council funding. We launched a successful crowdfunder called A Bigger Tent to generate a pot of money to support those who would not otherwise be able to access the festival because of financial exclusion to not only attend on a free ticket but to enjoy additional wraparound support – with meal vouchers and pre-pitched tents.** **We gave 50% of the offering from our festival’s Communion Gathering to projects and partners in Gaza working on the ground in relief and planning for the long-term task of rebuilding. And we piloted a new hybrid stage called No Fly Zone, together with our partners Christian Aid, where we were able to bring in artists and activists from around the world to join us in the field at the same time as live-streaming some content to a remote audience online.** **It was also the second year of our brand new pay-what-you-can-afford ticketing model, which this year we coupled with a more conventional tiered price rise framework. Once again, Greenbelters overwhelmed us with their generosity, with 21% of them opting for the most expensive ’Supporter’ tickets – enabling us to offer heavily subsidised tickets for those that needed them.** **But, before we get into the detail, here are a few quotes from festivalgoers and artists about the 2024 festival.** 5 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 The gb team and volunteers did an absolutely impressive job of dealing with the weather challenges and to get the festival going by lunch on friday was so good considering - well done HELEN ON FACEBOOK I spent the weekend at @greenbelt and it was magical, thought provoking, moving, and challenging. I felt held, and loved, and inspired. I laughed so much, and talked more in five days than I have in the past six months! Already excited for next year My first year coming to Greenbelt Festival. Already booked for next year, truly loved it KELVIN ON FACEBOOK MARGUERITE ON TWITTER Most moving GB communion ever? That simple act of having to relocate our stuff will stay with me forever LYNDA ON INSTAGRAM Thank you! The BEST festival to end our summer with HOUSE GOSPEL CHOIR Greenbelt is unique and it is like an outpost of the Kingdom NICK ON INSTAGRAM So grateful for the most joyous, uplifting and reflective time at @greenbelt. Safely home with a full heart and refreshed spirit -and tired feet (125k steps in 4 days, half of those dancing!) KATIE ON TWITTER What a day! Thanks so much @ greenbelt Festival - you were lovely So nice to catch up with old friends, make new ones and get to perform for such a warm & receptive audience! MEGSON We adored our show with you guys, it wasn’t an exaggeration about you being a favourite crowd and show. If we ever get booked again a lot of us want to stay the weekend and soak up the whole festival for the weekend. Keep being brilliant, lots of love from us! DUTTY MOONSHINE BIG BAND This was such a lovely festival and I am v impressed but not surprised that the campers were so considerate ANNE ON TWITTER SPEAKING ABOUT #LEAVENOTRACE cember 2024 -i•. prog , e 'overview •. **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 7 ## | **the programme** **The Greenbelt 2024 programme brought together a diverse and exciting bill of artists, activists, poets, preachers, and performers.** It featured notable headliners, including Corinne Bailey Rae performing her Mercury-nominated Black Rainbows album. While rapper and activist Guvna B compered our festival Communion Gathering, as well as talking about criminal (in)justice and enjoying a late night DJ set in the Hot House! The programme reflected the festival’s ongoing thematic commitments to spotlighting LGBTiQ inclusion, climate emergency, UK poverty and Israel/ Palestine. But it also included the beginnings of two new programming threads – one around criminal justice and the other about the idea of ‘radical hospitality’, and what it might mean to properly listen well to and seek to include those we disagree with. The visual arts programming experienced a real gear shift as we paid a freelance curator, Georgina Barney, to pull together an art trail, linking the festival to Boughton House, an exhibition up at the House, and a programme of artists in residence in the festival village. We occupied and programmed more of the central Walled Garden area (that we call The Orchard) with great success. The second year of a ‘soft’ and relaxed opening on Thursday night and a climax on Sunday worked well. We were successful in securing some Arts Council grassroots music funding that enabled us to commission Bristol-based Jon Lloyd to design and construct a bespoke, reusable stage set and structure for the Rebel Rouser stage. The programming on the opening Friday morning was impacted and delayed by severe wind, meaning we had to hold the audience back in the campsite initially and then away from areas under trees, but by the end of Friday all the programming had got itself back on schedule. Other festival highlights included world-renowned juggling troupe Gandini Jugglers, American charttopping drag artist Flamy Grant, a Gaza Vigil, a headline set of sheer joy and exuberance from the Dutty Moonshine Big Band, Cambridge University’s youngest ever black professor, Jason Arday, Palestinian hip hop band DAM, and alternative ‘doughnut economist’ Kate Raworth. Once again, Greenbelt’s commitment to making a space to believe in and belong to, a space where artistry, activism and belief could collide was born out in the unique annual alchemy that is conjured through the festival’s rich and diverse programme. 8 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **communion** **Our 2024 festival Communion Gathering, titled ‘Dreaming of Home’, explored themes of displacement, sanctuary, and community against the backdrop of ongoing conflicts, particularly in Palestine and Israel.** With our host narrator, Guvna B and music from Scottish folk-feminists Siskin Green, the service acknowledged the universal human desire for a safe home while recognising that for many, this remains an elusive dream. The service deliberately adopted a stripped-down, participatory format to reflect solidarity with those seeking refuge and safety. Centred on bread as both a physical and spiritual symbol, and connecting back to Bethlehem (literally “House of Bread”), we were able to bring in Daoud Nassar and family from the Tent of Nations in the West Bank to join us live on the big screen. The service also included Ariel Dempsey’s Cyr wheel performance and music from Flamy Grant. Challenging our conventional notions of home by drawing on Jesus’s teachings about having “nowhere to lay his head” we explored and celebrated how true community can provide the stability that physical structures alone cannot offer. The offering we took was shared 50/50 between Greenbelt for our ongoing existence and work that our partner Christian Aid is doing on the ground in Gaza in terms of relief and rebuilding. The offering amounted to an amazing £76K In total. In parallel with the main arena mass gathering, we also hosted a smaller, quieter communion service in the Shelter venue led by our friends at the Northumbria Community for all those who might feel safer in a less busy stimulating setting. our impact GREENBELT FEST,IVAL 10 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 **At Greenbelt, we are deeply committed to making our festival as inclusive and welcoming as possible.** During our 15 years at Cheltenham Racecourse, accessibility was largely built into the site—hardstanding ground, existing infrastructure, and accessible facilities required fewer adaptations. Since moving to our greenfield site at Boughton House, maintaining and improving accessibility has required a more intentional effort. Without Cheltenham’s permanent infrastructure, we have had to build solutions from the ground up each year. Credit goes to our incredible Access Team of volunteers, whose work along with the way we build our site has earned us the Gold Charter from Attitude is Everything, an organisation championing accessibility in live events. We’ve expanded accessible facilities, increased mobility scooter hire, added ramps and viewing platforms, and more. The growing number of festivalgoers registering with our Access Team is a testament to the trust and community that continues to grow at Greenbelt. However, expanding and maintaining accessibility presents challenges, especially as our financial and volunteer resources are not unlimited. We are committed to making Greenbelt as accessible as possible, but there are practical and financial limits to what we can provide. As demand for support increases, we will need to carefully assess how best to allocate resources to keep our approach inclusive and sustainable. We also recognise that some people who were able to attend Greenbelt at Cheltenham may now find the greenfield setting at Boughton more challenging or, in some cases, inaccessible. This is something we continue to wrestle with, as we want Greenbelt to remain a space where as many people as possible can participate fully. We will keep listening, learning, and working to improve, striving to reduce barriers wherever we can. _This graph shows while the number of persons with disability has grown over time, the number of carer tickets has grown at a slower rate._ _As a percentage of our whole audience over that time pwd have increased from 1.45% to 5.59%_ 11 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **a bigger tent** **In the late spring of 2024, we launched a successful crowdfunding campaign called ‘A Bigger Tent’ to help us make the festival more inclusive and accessible. The initiative aimed to raise £10,000 to wrap-around provide support for people who might not usually attend festivals due to financial or cultural barriers.** We already offered a pay-what-you-can ticketing model and an Open Festival free ticket scheme, but we wanted to go further. Because we realised getting to a festival for the first time was only the beginning of the challenge. The campaign focused on creating a comprehensive support system, including: - y Providing basics, like food and accommodation - y Offering spiritual and wellbeing support - y Creating welcoming spaces in the campsite and festival village for first-timers The campaign successfully raised £10,770 (including £1,914 gift aid) with 165 supporters pledging over a period of 28 days. The funds raised were used to deliver concrete results, including: The Bigger Tent crowdfunder perfectly aligned with Greenbelt’s core values of being both a place to belong to and believe in. - y 50 free pre-erected tents through our pre-pitched partner Camplight - y 147 free meals for ‘Open Festival’ attendees - y Enhanced Campsite Hub and Parent Support facilities 12 J111311;1 ![!Ji Il Illii- **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 13 ## | **volunteers** **Volunteer recruitment went really well in 2024, and even our harder-to-fill teams (like our festival stewards) enjoyed the numbers needed to run the festival safely and smoothly.** All in all, over 1,200 volunteers supported us to do everything from direct traffic to pour pints at the festival – and some even help us with the year-round planning and preparation. But, more than that, the fact that Greenbelt has such a volunteer spirit at its heart gives it a unique and community-minded dynamic. We were able to slightly increase the daily meal voucher allowance that volunteers enjoy as part of their support package, which was appreciated. All in all, the 2020/2021 ‘pandemic pause’ and the subsequent struggle to regain volunteer momentum now seems like a distant memory, with volunteer numbers and support in rude health in 2024. We remain incredibly grateful for all the hours our wide-ranging volunteers gift to the festival and we’re very mindful that in 2024, with the challenges that extreme weather gave us, our volunteers stepped up and performed above and beyond across the weekend to ensure the show went on. **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 14 ## | **angels** **Our Angels are the heavenly folk who provide an incredible 20% of our income by making regular donations to Greenbelt.** They do this because they sense something here that they don’t find anywhere else: a way of seeing, acting and being that inspires and sustains them all year round. In return Angels give us what all charitable organisations and events crave: regular and reliable income in the form of monthly (or annual) payments. We simply couldn’t do this festival without them. This 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. Unlike other festivals, it means we don’t need to consider corporate sponsorship or selling ‘pouring rights’. As things continue to be incredibly tough for independent festivals, Greenbelt Angels help to keep Greenbelt alive with their love, belief and financial generosity. They enable us to safeguard, sustain and develop the space we make. This year, we were pleased to see a third consecutive year of growth in Angel numbers following the pandemic dip – with a 1% increase in Angel numbers and a 4% increase in Angel giving. As ever, the festival itself provides the best moment for recruitment, with 150 Angel sign-ups at and after the event, and total Angel numbers now at 2,248 regular Angel donors. We want to say a big thank you to all our Angels – old and new – for their continued support. 15 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **partners, associates & sponsors** ## **MAIN PARTNER: CHRISTIAN AID** After over 30 years of partnership, it’s hard to think of Greenbelt without Christian Aid. With a new base in their new venue, No Fly Zone, they hosted speakers and film from across the world (without costing the earth). ## **VENUE PARTNERS** ## **ASSOCIATE PARTNERS** **We continue to be thankful for the long standing relationships we have with our many funders, that add such a richness and diversity to our festival ecology. In 2024 we were pleased to begin some new partnerships as well as welcoming back a few old friends, too. Here’s a roundup of all the things they brought to the festival this year.** We worked in collaboration with seven inspiring organisations to programme seven different venues, each with a distinctive strand of programming. **Pagoda** our showcase ideas venue, with **CCLA** **Wild Goose** resources, reflection, community and worship, with the **Iona Community** **Hope & Anchor** a beautiful conversation venue with an alcohol-free bar, with the **Methodist Church** **Hot House** dedicated to facing up to the climate emergency, with the **Pickwell Foundation** **Table** food and storytelling, with brand new partner, **Refugees at Home** **Living Room** built around the experiences and voices of those living in poverty, with ## **Trussell Trust** **yoURCafe** food, conversations, stories and prayer, with the **United Reformed Church (URC)** With their own stands in our Greenbelt Takeaway exhibitors’ zone, we also worked with these organisations on some dedicated programming, tied into our strategic programming themes. **Citizens UK** **Embrace the Middle East** **Home for Good** **Student Christian Movement (SCM)** ## **OTHER GRANTS, FUNDING, SPONSORSHIP & SUPPORT** And lastly, thanks to all the following groups who provided additional creative, funding and sponsorship support. **Amos Trust, Arts Council England, Christian Connection,Westhill Foundation, William Temple Foundation.** **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 16 ## | **case study : no fly zone** **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 2024.** **The No Fly Zone was a brand new venue for Greenbelt 2024, created in partnership with our main partner Christian Aid after 31 years of our collaboration with them as an NGO. The venue aimed to connect with global participants live via the internet rather than depending on physical, in-person travel. And we invested heavily in high-quality AV equipment and reliable broadband to enable this experience.** Across the weekend, No Fly Zone focussed on three main themes of Christian Aid’s work in turn: racial justice, economic justice, and climate justice. The programme included film screenings such as Tinderbox and After the Flood, panel discussions addressing topical issues such as the church and reparations, and faith communities’ response to and role in addressing the climate emergency. Notable remote participants included American Franciscan teacher and writer Richard Rohr and young Ugandan climate activist Vanessa Nakate. Each day began with Prayers for the World led by the Iona Community, and the schedule also included a direct connection with drama students in Bethlehem. The No Fly Zone programme closed with a ‘Requiem’ organised by Amos Trust, featuring Palestinian artists and providing a space for festivalgoers to reflect on the situation in Gaza. All in all, the venue enjoyed a successful debut at the festival, with the technology more than proving itself and allowing us to succeed in our aim of ‘connecting to the world, without costing the earth.’ We look forward to building on the start made in 2025 with an even more ambitious and creative programme. 17 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **financial review** **You will be pleased to know that 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)** 18 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **financial review** ## **Financial results** Our financial results for the year are set out in the Statement of Financial Activities. Our total income increased by 2% to £2.49M (2023: £2.43M). We made a NEST fund surplus of £31K (2023: £41K) and a Festival fund loss of £91K (2023: £1K surplus). In total, we made an unrestricted fund loss of £60K (2023: £42K surplus). Continued support from our Angel community of regular committed givers continues to be a key factor in the festival’s underlying financial security. In addition rental income from The Nest (our social impact office hub) enables the build-up of reserves to weather a year such as this, where we did not quite achieve the audience numbers we hoped for due to varying factors. At the year-end Greenbelt had closing net unrestricted fund assets of £323K (2023: £383K) Building a budget for an annual greenfield festival in the current financial climate remains challenging. 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. ## **Greenbelt: Festival** **AUDIENCE WEEKEND TICKETS 7074 DAY TICKETS 1344 VOLUNTEERS 1273** - y After seeing 4% growth in our audience in 2023 for our Fiftieth Festival we set a target of 6% growth for 2024 - y We built a breakeven budget that included another 9% increase to production costs (off the back of 15% in 2023) building essentially the same level of production as usual. - y We kept the same ticket model, with Supporter, Standard & Supported tickets, and were able to claim Gift Aid on the difference in price between a Supporter and Standard ticket, which helped our income. - y However, we did not achieve the 6% growth we hoped for, despite putting more spend and energy into marketing. - Over the year our sales tracking showed weekend tickets lagging behind target, but then poor weather across the festival weekend impacted our day ticket sales, too. - y - y We ended up down -5% on Weekend ticket sales and down -21% on day ticket sales - y With most of the other budget lines broadly on track with expectations, low ticket sales were the chief reason for the loss made this year. 19 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 | **financial review** ## **the nest** 2024 was our seventh 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 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. ## **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 2023 our policy has been: - 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 is circa £350K. 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). This is circa £500K. ## **going concern** As at 31st December 2024 the charity had funds carried forward of £323K (2023: £383K). With continued careful budgeting and control, despite making a loss in 2024, we remain above our minimum reserves policy target and will work towards growing them again as we budget for 2025. This, together with the continuing support of our Greenbelt Angels, means the trustees consider it appropriate to prepare the accounts on the going concern basis. 20 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **financial review** ## **looking forward to 2025** At our Christmas ticket deadline, we had sold 52% of our target for weekend ticket sales for the 2025 festival – a great start, and we are ahead of our target for 44% of sales by this point. We continue to track sales closely. And plans are well underway for the 52nd edition of the festival in August 2025 once again in the beautiful surroundings of Boughton House. We have been doing a line by line review of the budget and thinking about how we build our festival site to be as efficient as possible, with a view to returning to surplus in 2025. **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 21 ## | **structure,** ## **governance and management** ## Governing document The charity is controlled by its governing document, its Memorandum and Articles, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## Trustees The Board of Trustees meets quarterly to agree strategic vision, monitor risk and to support management. In addition they meet daily onsite during the festival itself. Greenbelt strategy, budget and policy defined and agreed by the Board is managed and delivered by a staff team. During 2024, Greenbelt had thirteen trustees. As part of the ongoing cycle of trustee renewal there were no departures, but Chine McDonald’s term was extended by one year, and we thank her for her continuation on the board as Vice Chair. In addition, Ben Silvey joined the board in March 2024. In March 2024, Gordon Bentley stepped down as Company Secretary after six years, and we would like to thank him for all he brought to Board meetings, and his excellent minute taking. We then welcomed Katharine Harris at that board meeting as Company Secretary. We remain aware of the financial situation and receive a formal update at each meeting of Trustees. The continued support of its partners, associates, sponsors and Angel donors helps to spread the financial risk a festival based around one weekend will always have. Likewise, our running an efficient and welcoming shared office hub in The Nest provides an additional non-festival related income. ## Finance Risk The Business & Finance Group, which is answerable directly to the Trustees, provides the financial risk management throughout the year. ## Governance & HR Risk The Governance & Nominations Group, which is also answerable directly to the Trustees, provides the governance and HR risk management throughout the year. ## Operational Risk The executive team maximises its clear operational knowledge and skills, reporting regularly to Business & Finance and the Board. They operate on an annual cycle according to tightly defined timelines with internal checks and reporting in place to manage risk. ## External Risks 2024 reminded us just how tough our operating environment is – both financially and meteorologically! The festival was a success and enjoyed by thousands. But it was a real challenge to deliver operationally and the event itself made an anticipated loss, having budgeted for an increase in attendance which did not materialise. We remain hyper-vigilant about just how precarious the festival sector is, how vulnerable we are to the weather and what knife-edge margins we operate on. With well-established frameworks of budget-building and financial reporting and our very own weather- and economy-proof Angel income we move into 2025 and beyond as well prepared as we can be, but constantly mindful of the growing external risks that we – along with all other independent festivals – face. **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 22 ## | **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 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. ## 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 2024 audit for the 4th year in this 5 year period and 9th overall. ## Disclosure of information to auditors Each of the trustees has confirmed that there is no information of which they are aware which is relavent to audit, but which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relavent information and to estabilsh that the auditor is aware of such infromantion. The trustees’ report was approved by the Board of Trustees **Sam Pittam-Smith** CHAIR OF TRUSTEES 15TH MARCH 2025 DATE 23 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **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**|**Trustees and Main Board Committee Members**| |---|---|---|---| |Sam Pittam-Smith**CHAIR**|Chine McDonald**VICE CHAIR**||Graham Wilson| |Ben Solanky|Dave Tomlinson||MollyBoot| |Georgia Latchmore|Katie Roberts||Liz Chapman| |Nick Gretton|Simon Brown||Louise Jones| |Ben Silvey
**_(appointed 16 March 24)_**|||| ||||| |**Business and Finance Committee**||**Governance and Nominations Committee**|| |Graham Wilson**CHAIR**||Chine McDonald**CHAIR**|| |Sam Pittam-Smith||Sam Pittam-Smith|| |Nick Gretton||Ben Solanky|| |Georgia Latchmore||MollyBoot|| |||Simon Brown|| |||Louise Jones|| ||||| |**Company Secretary**|||| |Gordon Bentley**_(stood down 16 March 24)_**||Katharine Harris**_(appointed 16 March 24)_**|| 24 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **staff team** |**Staff Team**|**Staff Team**| |---|---| |Derek Hill|**MANAGING DIRECTOR**| |Paul Northup|**CREATIVE DIRECTOR**| |Katherine Goodenough
**_(left June 24)_**|**HEAD OF PROGRAMMING**| |Jess Jones|**HEAD OF FESTIVAL OPERATIONS**| |Hannah Burns|**STAKEHOLDER AND COMMERCIAL COORDINATOR**| |Caroline Warrey|**VOLUNTEER MANAGER**| |DaisyWare-Jarrett|**DIGITAL COMMS OFFICER**| |Saga Arpino|**SITE VIBING PRODUCER**| |Joanna Booth|**PROGRAMME MANAGER**| |Amy Poole
**_(maternity cover, left Nov 24)_**|**PARTNERSHIPS AND CONTENT COORDINATOR**| |Lois Tucker
**_(joined March 24, fixed term contract)_**|**GIFTS AND COMMUNITY ENGAGEMENT OFFICER**| |**with additional support from**|| |Shehzad Hussein, Accountability EU|**FINANCIAL ADMINISTRATION**| |Paul Trueman|**COPYWRITING**| |Emma Trueman|**PRESS**| 25 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## | **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
www.robson-laidler.co.uk| |**PRINCIPAL BANKERS**|Co-op Bank
www.co-operativebank.co.uk| **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 26 ## | **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 2024 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 2024 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 members of greenbelt festivals** 27 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - y 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 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 that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from | **independent auditors report to the members of greenbelt festivals** 28 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 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) Date: 2 April 2025 for and on behalf of Robson Laidler Accountants Limited Statutory Auditor Robson Laidler, Fernwood House, Fernwood Road Newcastle upon Tyne, NE2 1TJ 29 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **Statement of financial activities as at 31 December 2024** ## **Including income and expenditure account** ## **For the year ended 31 December 2024** **----- Start of picture text -----**
Unrestricted Restricted Total Unrestricted Restricted Total
funds 2024 funds 2024 2024 funds 2023 funds 2023 2023
Notes £ £ £ £ £ £
Income from:
Donations and legacies 2 733,245 96,856 830,101 678,707 105,997 784,704
Charitable activities 3 1,065,251 - 1,065,251 1,048,709 - 1,048,709
Other trading activities 4 398,147 - 398,147 401,335 - 401,335
Investments 5 198,947 - 198,947 198,962 - 198,962
Total income
2,395,590 96,856 2,492,446 2,327,713 105,997 2,433,710
Expenditure on:
Raising funds 6 300,064 - 300,064 302,983 39,168 342,151
Charitable activities
7 2,155,969 96,856 2,252,825 1,978,576 70,829 2,049,405
Total expenditure
2,456,033 96,856 2,552,889 2,281,559 109,997 2,391,556
Net (expenditure) / income
-
and movement in funds (60,443) (60,443) 46,154 (4,000) 42,154
Reconciliation of funds:
Fund balances at 1
-
January 2024 383,478 383,478 337,324 4,000 341,324
Fund balances at 31
- -
December 2024 323,035 323,035 383,478 383,478
**----- 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. 30 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **Balance Sheet** ## **As at 31 December 2024** **----- Start of picture text -----**
2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 24,031 28,475
Current assets
Debtors 14 94,997 188,692
Cash at bank and in hand 496,623 681,997
591,620 870,689
Creditors: amounts falling
15 (292,616) (515,686)
due within one year
Net current assets 299,004 355,003
Total assets less current
323,035 383,478
liabilities
Income funds
Unrestricted funds
Designated funds 18 8,185 16,515
General unrestricted funds 314,850 366,963
323,035 383,478
323,035 383,478
**----- 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 financial statements were approved by the Trustees on ......................... ## Graham Wilson Trustee Sam Pittam-Smith Chair Company Registration No. 01812893 Date 15th March 2025 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 31 ## **Statement of cash flows** ## **For the year ended 31 December 2024** **----- Start of picture text -----**
2024 2023
Notes £ £ £ £
Cash flows from operating
activities
Cash absorbed by
20 (379,679) (10,384)
operations
Investing activities
Purchase of tangible fixed
(4,642) (2,957)
assets
Investment income
198,947 198,962
received
Net cash generated from
194,305 196,005
investing activities
Net cash used in financing activities - -
Net(decrease) /increase in
(185,374) (185,621)
cash and cash equivalents
Cash and cash equivalents
681,997 496,376
at beginning of the year
Cash and cash equivalents
496,623 681,997
at end of the year
**----- End of picture text -----**
32 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **Notes to the financial statements** ## **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. y 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. The charity has applied the following accounting policies: ## **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 2024 33 ## **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: - y Fixtures and fittings: Straight line over 10 years - y 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. 34 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **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** 35 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **3 Income from charitable activities** ## **4 Income from other trading activities** ## **5 Income from investments** GR￿NBELT FESnVAL AnnuulR•wtimd Year endlng 31 December 2024 36 Exp8nditure on rasng fund5 Unrostrfctod Restrfcted funds funds 2024 2024 Total Unrestrlct•d R05trfcted fund5 funds 2023 2023 Total 2024 2023 Fundralslng and publlclty Direct fundrdising D)S 12.124 12,124 10,628 10.628 Tradlng c08ts NEST expenditurè Trading costs and costs of goods sold 168,117 168,117 161,329 161,329 119,823 119,823 131,026 39,168 170.194 287.940 287.940 292.355 39.168 331.523 Tot81 costs 3(K),064 302,983 39,168 342.151 37 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **7 Expenditure on charitable activities** ## **8 Support costs allocated to activities** 38 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **9 Net movement in funds** ## **10 Trustees** During the year a total of £6,077 (2023: £5,777) 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 £4,750 (2023 : £5,875) was paid to Katie Roberts, a trustee of the charity, for consultancy services. ## **11 Employees** These costs includes fees for subcontractors brought in for the festival. Key management compensation, remuneration and benefits of £134,394 (2023: £128,845) was paid during the year. There were no employees whose annual remuneration was more than £60,000. 39 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **12 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **13 Tangible fixed assets** ## **14 Debtors** 40 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **15 Creditors: amounts falling due within one year** ## **16 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 £187,479 (2023: £314,122) 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. 41 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **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 for relief and restoration projects in Gaza. This fund represents monies received from the Westhill Foundation for spend that is part of a three-year grant to support our work in producing the Table venue. ## **Lexicon 50 Fund** ## **Environmental Levy** 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. This fund represented monies received for the production costs of our 50th Anniversary book. ## **Rebel Rouser Fund** This fund represents monies received for the Arts Council for the spend on the Rebel Rouser project. ## **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 each year. 42 **GREENBELT FESTIVAL Annual Report and Accounts** Year ending 31 December 2024 ## **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. This year some of it was used to support our Arts Council grassroots music grant. ## **19 Related party transactions** There were no related party transactions except as set out in note 10. GR￿NBELT FESnVAL AnnuulR•wtimd Year endlng 31 December 2024 43 20 Cash gO￿rated from oporations 2024 2023 ID8ficilysurpus for the year 160,4431 42,154 jU51rnen15 for. Investment irrtome recogni8*1 In statement of finandal actfvilies D8rTrdalon and Impalrment of tanglbl8 fx8d a888ts 1198,9471 1198,9621 8,751 Mov&m8nts in workiNJ tAphal'. DÈcrèas8llincrèasel in dèbtors IDecr8asellincr8ase In ueditors 93,695 1223,07Ql 144,3791 1e2.052 Cash absorb￿ by wratlons 1379,6791 110,3841 - Ends