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2025-12-31-accounts

GREENBELT

Annual Report and Accounts For The Year Ended 31 December 2025

GREENBELT

Foreword

We are pleased to share this annual report with you on behalf of Greenbelt Festivals. Following a year where we dared to ‘Dream On,’ our theme for 2025 shifted from the visionary to the vocational: ‘Hope in the Making.’

In a world where compassion is often framed as a liability and empathy as a weakness, we believe the need for hope is more urgent and necessary than ever. But at Greenbelt, hope is not a “fluffy” exercise in wishful thinking. As the activist Daoud Nassar of the Tent of Nations taught us—when his farm was surrounded by illegal settlements and all seemed lost—the response is simple and profound: “I go out and I plant a tree.”

This year, we took that philosophy to heart. We moved our gaze from the horizon to the soil. For a long time, our visual icon was a pair of hands reaching upward, cradling seeds in devotion. This year, those hands reached downward into the earth, immersing themselves in the messiness and the hard work of making life and love possible. We were reminded that hope is a practice, an attitude, and a commitment— something we make together in the fields.

Greenbelt continues to defy the odds. In a climate where many independent festivals have

Sam Pittam-Smith

Derek Hill

CHAIR OF TRUSTEES

MANAGING DIRECTOR

been forced to fold, we remain vibrant and alive. This resilience is rooted in our identity as a place where anyone—regardless of faith, identity, or background—is accepted, included, and loved. We are more than an event; we are a community that chooses to roll up its sleeves and engage with the turmoil of the world rather than retreat from it.

As we look back on the achievements of this past year, we want to extend a massive thank you to our Angels, whose sustained generosity provides our foundation. Our deep gratitude also goes to our 1,200+ volunteers, our artists, partners, and guests who bring our “Hope in the Making” to life.

We would especially like to thank our trustees, our dedicated staff team, and our production partners for their tireless work in navigating the complexities of the modern festival landscape. Because of you, Greenbelt remains a place to believe in and belong to. As we celebrate over 50 years of history and set our sights on the next half-century, we remain committed to the ancient story of hope and the “seeds of goodness” planted in us all.

Together, we continue to prove that when we hope together, we make a difference.

Paul Northup

CREATIVE DIRECTOR

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

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trustees and staff across the year 2
objectives 3
review of the year 4
our impact 9
our community 12
our future 16
financial review 19
structure, governance
and management 23
reference and administrative details 26
independent auditors report 29
financial statements 32
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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 2

trustees and staff across the year |

trustees

Sam Pittam-Smith Chine McDonald CHAIR VICE CHAIR

Molly Boot

Simon Brown

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Liz Chapman
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Louise Jones

Katie Roberts

Georgia Latchmore Ben Silvey

staff

Ben Solankey

Dave Tomlinson

Graham Wilson CHAIR OF FINANCE

Nick Gretton

Katharine Harris COMPANY SECRETARY

Derek Hill Paul Northup MANAGING DIRECTOR CREATIVE DIRECTOR

Jess Jones Hannah Burns HEAD OF FESTIVAL STAKEHOLDER AND OPERATIONS COMMERCIAL MANAGER

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Caroline Warrey
VOLUNTEER MANAGER
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Daisy Ghira Saga Arpino
DIGITAL COMMS OFFICER SITE VIBING PRODUCER
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Joanna Booth Lois Tucker
PROGRAMME MANAGER GIFTS AND COMMUNITY
ENGAGEMENT OFFICER
left Jan 25
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with additional support from

Shehzad Hussein, Accountability EU FINANCIAL ADMINISTRATION Paul Trueman COPYWRITING Emma Trueman PRESS

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| objectives

programming themes

MAINSTREAMED THEMES

LGBTQIA+ inclusion Climate emergency and sustainability Palestine/Israel

CONTINUING THEMES

UK poverty Migration and borders Criminal justice

Radical hospitality

Together, we are Greenbelt. A festival that reached its fifty-second iteration in 2025.

Our charitable objectives

The purposes for which the company is established are, for the benefit of the public:

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 Vision

Creating somewhere to believe in - a festival that models the world we hope to see.

Our mission

Our mission is to create spaces, like festivals, where art, faith and justice collide.

Our Values

Find out more at www.greenbelt.org.uk

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 4

| review of the year

After the wind and rain of 2024, we were blessed with good weather right through our build period and over the festival itself. Some described them as ‘Goldilocks’ conditions: not too hot or too cold; perfect for a festival.

We made some key changes to our festival village layout – moving the Canopy venue into the mainstage Glade arena, re-introducing an outdoor theatre stage (the Commons) and producing a new, more intimate indoor theatre space (the Forum). Across the board, we had slightly fewer but larger venues, and overall it felt like we had nailed the layout and venues balance this year, with all areas of the festival village alive with people and a much buzzier vibe in the Glade arena.

We gave 50% of the offering from our festival’s Communion Gathering to Christian Aid projects and partners in Gaza working on the ground in aid and relief and also planning for the long-term task of rebuilding. And, for the second year of our hybrid No Fly Zone venue (in collaboration with our partners Christian Aid) we curated a ‘festival favourites’ festival programme that we livestreamed; producing a programme of artists and activists from around the world for an online audience as well as large numbers of folk in the field.

Every year someone will get in touch to say ‘that was the best festival ever’. But it really felt like this year we had more positive comments than usual and far fewer negative ones, which is always heartening when the team get back to the office post-festival.

So, before we get into the report in detail, here are just a few of the many quotes we received from festivalgoers and artists about the 2025 festival...

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

Thank you all for putting on an incredible festival, we had no idea what to expect, this was our first but not our last Greenbelt Festival.

HEATHER ON FACEBOOK

What a beautiful thing it is to feel love and community and hope with your friends in a field.

AVERY ON BLUESKY

It’s a cumulation of lots and lots of small moments and great

people that make us come away from a festival feeling full. Greenbelt was so full of kindness

GOOD HABITS GREENBELT PERFORMERS

Thank you for the music, the ideas, the comedy, the everything. Keep being bold with your programming, you won’t please everyone but that’s the point.

I love the way it evolves and keeps challenging whilst being the safest inclusive space you could experience.

ED ON INSTAGRAM

GARY ON FACEBOOK

First time for me and my 15 yr old. We’ve booked for next year. Thank you to you all and all your volunteers.

My 10 yr age child came along to the festival for the day for the first time she can remember. She loved it and said the kids shows and magic and dance party in the kids zone were her fave thing. And swing ball!

KATE ON FACEBOOK

LISA ON FACEBOOK

My yearly trip to a field filled with faith, music, intellectual challenge and people I have known or worked with for over 40 years.

JOHN ON INSTAGRAM

Another bank holiday, another @ greenbeltfestival. Deep and reflective talks, activism, friends and lots of prayer.

KAYLEIGH ON INSTAGRAM

Thank you all for the JOY and LOVE you guys bring. Greenbelt Festival you were MAGIC.

K.O.G GREENBELT HEADLINER

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 7

| the programme

The Greenbelt 2025 programme once again brought together a diverse and exciting bill of artists, activists, poets, priests, and performers – all carefully curated as part of our mission to make a space for artistry, activism and belief to intertwine; a festival that models the world as we long to see it.

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. The music headliners included Nadine Shah, K.O.G and Annie and the Caldwells, while the big-name speakers featured Patrick Grant, Liz Carr, Adjoa Andoh and Jeremy Corbyn.

The festival’s Sunday Communion Gathering focussed on the idea of having Hope In Our Hands and once more proved to be the lynchpin moment of the weekend. We had more afterhours programming than ever – with two acts in the Canopy each night after our Glade headliner, a late-night comedy club bill, and – of course – our DJ nights in the Hot House venue.

We continued our thematic commitments to LGBTQIA+ inclusion, climate emergency, UK poverty and Israel/Palestine, as well as developing our newer programming threads – around criminal justice and ‘radical hospitality’.

We poured a lot of energy into building a bill of ‘festival favourites’ – including Martyn Joseph’s The Rising, Harry Baker and Pádraig Ó Tuama – for our No Fly Zone (our hybrid venue we produce in collaboration with Christian Aid) and we also livestreamed all of the content from that stage to a remote audience across the weekend. The venue was packed for all the shows but we learned lessons about how hard it is to lock in a live audience online.

Venues like the Pagoda and Hot House were increased in size but were still full for most sessions and we moved away from producing our performing arts programme in our showcase Playhouse venue and instead hosted an indoor theatre bill in a smaller big top called the Forum and daily outdoor physical theatre on a purpose-built open-air deck called the Commons. This move proved a great success, with more festivalgoers than ever being able to experience the shows we’d booked.

In fact, after the challenges of the previous year (with high winds impacting on scheduling on the opening show day), there was a feeling that everything seemed to ‘work’ as we’d hoped it would. Noisespill was reduced, more people got to see more great programming and there was a wonderful sense of community and energy across the whole weekend.

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| communion

Since 2016, we have worked with Andrew Graystone on our annual communion, each with their own singular theme. We are working to produce a communion resource book that will draw together all the learning from these wonderful gatherings, along with resources people can use in their own churches. This will be on sale at the festival in 2026.

The ‘thin’ moment when, on each Sunday morning since 1974, everything else at Greenbelt stops. When we gather to worship God and share in the festival communion together.

Our 2025 festival Communion Gathering, titled ‘Hope in Our Hands’, explored the creative potential and collective responsibility we hold to shape a hopeful future amidst a world often defined by despair. Building on the conviction that, while humans can survive weeks without food, they cannot survive five minutes without hope, the service moved beyond passive optimism to reclaim hope as a physical, deliberate practice.

The gathering was led by a diverse cast of voices who had all experienced having their own ‘hands tied’ through marginalisation or exclusion. This included activist priest Rev Sue Parfitt, barred from ministry due to her climate and Palestine activism; actor and advocate Adjoa Andoh; and deaf Iranian artist Maral Mamaghanizadeh. Together with figures like Craftivist Sarah Corbett and the LGBTQIA+ community TWO:23, they invited us to consider the capacity of human hands to both harm and heal, ultimately turning our own hands toward the work of making the world better.

Centred on the sharing of bread and wine, the service acted as a defiant resistance to hopelessness

by declaring that ‘Christ is Lord’ – and therefore ‘Caesar is not’. The atmosphere was energised by music from Seth Pinnock and the liturgy was grounded in a spirit of liberation.

The offering taken during the service was shared 50/50 between Greenbelt (to safeguard the festival’s future) and Christian Aid’s vital relief and restoration projects on the ground in Gaza. This practical act of solidarity mirrored the service’s core message: that hope is not a wish, but something we must actively make, together, with our own hands.

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 10

| rebel rouser stage

Since its debut in 2022, the Rebel Rouser venue has evolved from a grassroots experiment into a cornerstone of the festival’s commitment to social justice and artistic innovation. The “rebellious younger sibling” of our more established stages, this punkinspired, DIY space has become a vital and inclusive platform for new talent and community action.

Curated for us by ArtMouse Promotions, the Rebel Rouser is a space where artistry, community, and belonging intersect. We focus on “DIY” artists – those working on shoestring budgets who channel the restless spirit of punk to challenge the status quo. Particularly looking for representation from female and non-binary artists, the Rebel Rouser provides a professional platform for those who are often overlooked, ensuring that their voices – and the social causes they champion – reach a wider audience.

Arts council funding

In 2024 we secured Arts Council funding which allowed us to commission a bespoke, purposebuilt stage and set designed for longevity. This infrastructure ensures that the Rebel Rouser can remain a favourite fixture of our festival landscape.

Building communities and careers

The impact of Rebel Rouser extends far beyond the performances over the festival weekend – fostering a genuine ecosystem of support and development:

The Rebel Rouser is far more than a stage; it is a clearing in the woods where “being the change” becomes a reality. By celebrating art as a force for the common good, we are not only showcasing great grassroots music and poetry but also building a resilient, compassionate community of hope.

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| building a better world

While environmental concerns might not have been the sole focus of our festival founders back in 1974, we have always been committed to environmental justice.

When the ‘Plotters’ tried to buy our own festival site in the 1990’s, one of their goals was to reduce our environmental footprint by building in permanent infrastructure. Although that dream didn’t come off, Plotters became Angels – the generous souls whose giving has kept us going ever since.

Since banning plastic cutlery and polystyrene in the 2000s, we’ve prioritised partnerships with independent, socially responsible caterers, working with them to raise sustainability standards (including banning plastic bottles and improving waste management at Boughton).

Back in the early noughties we pioneered ‘Generous’ – a year-round digital hub designed to turn festival inspiration into daily action, empowering Greenbelters to live ‘generously’ in a spirit of progressive faith, ethical activism, and sustainable, eco-friendly lifestyle choices.

In more recent years we have switched from diesel to HVO (Hydrotreated Vegetable Oil), we’ve have moved away from banking with Barclays Bank (because of their non-ethical investment policies), and in 2025 we won the Greener Futures ‘Pied Piper’ award for communications on sustainability.

We’re getting more questions about boycotts, sponsorship, and procurement all the time. And we’re also conscious that decisions on sustainability have a cost that not everyone can afford.

It’s not always possible to go as far and fast as we would like.

Led by our values, we try not to be presciptive, instead cultivating an inclusive space that encourages dialogue rather than shaming individual choices.

In an increasingly polarised world, we try to make a space that empowers our audience to make their own informed decisions. Ultimately, it is the collective action of our community throughout the year – not just over one festival weekend – that has the greatest impact on building a better world.

*4 our community

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| volunteers

Once again our 1200+ volunteers were instrumental in helping us to Make Hope at Greenbelt 2025.

We can only make this festival space together because of their generosity, hard work, kindness and skill. While all around us independent festivals struggle to keep going, we remain peoplepowered and focussed on the future.

Whether helping Greenbelters get safely around site, keeping them refreshed in cafes and bars, or any of the other hundreds of roles they do across the site (either before, during or after the festival), we are ever-thankful for our community of volunteers. Some have been volunteering for literally decades, while at the other end of the scale, we are heartened by our new links to the Duke of Edinburgh Award, and the growing number of D of E volunteers joining us each year as part of their Gold Award.

Our annual gathering is a vital space for returning volunteers to reconnect and celebrate their shared history. We are equally dedicated to welcoming our newest ‘festival-makers’, providing the support they need to feel right at home from day one. By fostering this sense of belonging, we hope to turn today’s first-timers into the dedicated, long-term volunteers who will lead our community for decades to come.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 14

| angels

Our Angels remain the lifeblood of Greenbelt’s “alternative festival economy”, representing a dedicated community of 2,400 regular givers. In an increasingly volatile landscape for independent festivals, this group of generous souls provide vital stability – contributing 22% of our annual festival income. Their support is not merely transactional; it is a “conspiracy of hope”, rooted in a shared vision of faith, justice, and creativity. To honour their commitment, we continue to nurture the Angel experience through exclusive benefits, including the Wing & A Prayer newsletter, online gatherings, and the dedicated Angels Lounge at the festival.

This year, we launched the “Spread Your Wings” campaign to strengthen our financial foundation. Inspired by feedback from long-term Angel supporters (who noted they hadn’t been asked to increase their giving in years), we invited our Angels to nudge up their regular donations. While we have been reticent to do this in the past, the response to this gentle invitation was incredibly heartening: over 200 Angels increased their contributions. Combined with new sign-ups during the festival, this initiative generated an additional £42K of Angel giving across the year – a 9% boost – bringing our total annual Angel income for 2025 to £482K. We are now within striking distance of our £500K landmark target, which we expect to reach in 2026 as the full-year impact

of these increases is realised – proving that small, collective actions can yield transformative results for our long-term sustainability.

Looking toward the next 50 years, we also launched The “Where There’s a Will” campaign – inviting our supporters to secure Greenbelt’s future through legacy giving in partnership with Farewill. With no obligation, the campaign gently encouraged supporters to consider a gift in their will. Our hope is that for those who’ve found belonging, inspiration and transformation at the festival, this might be a powerful, tangible way to help keep Greenbelt’s ‘hope in the making’ for generations to come. It’s early days for this campaign, but some supporters have already made a pledge. Thank you.

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

& | partners, associates sponsors

MAIN PARTNER: CHRISTIAN AID

After over 30 years of partnership, it’s hard to think of Greenbelt without Christian Aid. Settling into their new base in the No Fly Zone, they hosted speakers and film from across the world (without costing the earth).

We continue to be so grateful for the long-standing relationships we share with our many funders; they add a wonderful richness and diversity to our festival family. In 2025, it was a real joy to build on our newer partnerships while also welcoming back old friends too. This blend of support is what keeps our festival ecology so healthy and vibrant. Here is a quick look at the fantastic contributions they brought to the fields this year.

VENUE PARTNERS

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 facing up to the climate and migration emergencies, with the Pickwell Foundation

Table A venue built around the experiences and voices of those living in poverty, with Trussell Trust , and including yoURCafe – food, conversations, stories and prayer, with the United Reformed Church (URC)

CONTENT 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 programming themes.

Embrace the Middle East

USPG

Refugees at Home

OTHER GRANTS, FUNDING, SPONSORSHIP & SUPPORT

And lastly, thanks to the following organisations who provided additional creative, funding and sponsorship support.

Christian Connection, Westhill Foundation

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 17

| somewhere to be leaving

As the dust settled on another fabulous festival in 2025 we announced that 2026 would be our final festival at Boughton House, marking the end of a much-loved decade on the site and the beginning of a search for a new home. Unlike previous moves – dictated by necessity or crisis – we were acting this time to safeguard the festival’s legacy. While our reserves are healthy and the support of our Angels remains robust.

The long-term financial outlook was showing us that staying at Boughton and continuing to run the festival in its current form would become unsustainable over the medium term. Since the pandemic, production and operating costs have risen sharply across the independent festival sector. Boughton’s greenfield site, while beautiful and beloved, brings significant operational challenges and costs. We have worked really hard to become leaner and more efficient in recent years, but the sums still do not add up.

And so the leadership team and trustees chose to act from a position of relative strength, rather than waiting until circumstances forced an emergency move. The decision was formally made by the Board of Trustees in March 2025 after a year of careful reflection on the financial, creative, organisational, and sustainable implications of staying or leaving.

In the autumn of 2025 and on into the spring of 2026 we began a detailed search for our eighth festival home, with criteria already agreed and some some strong possibilities under consideration. However, at the time of writing (late spring/early summer 2026), the right site has not quite yet been located and so the full festival will take a breather in 2027 as the search continues. And Greenbelt will embark on a year of alternative forms of engagement.

In the meantime, for 2026, nothing changes: our farewell to Boughton this summer will be a definitive celebration of this chapter, while our focus remains firmly on the next incarnation of the festival. Greenbelt is not going anywhere—we are simply moving forward.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 18

greener & more sustainable

Having made the critical decision to move and shared that news with our audience, it’s worth reflecting here more deeply on the main factors that led us to this point.

The stark economics of building and producing an annual festival are, of course, a major factor. But as a vales-driven organisation, there are other hard questions that we have had to ask ourselves.

While we love the beauty and setting of our current festival home, does it best serve the diversity of audience we’d like to welcome? Are we really treading as lightly as we can in building the event? And what can we do about improving our CO2 impact when we know that 95% of it is generated by travel to the festival?

Greenbelt is an act of imagination and hope – a journey of faith. Especially now, as we search for a new home. Our aspiration is to find a site that is more accessible, sustainable and just as beautiful; a creative space with good transport links, utilities, and room for us all to camp (or stay nearby offsite). We know only too well that we likely won’t find a site that does all these things (unless we find our very own field of unicorns). There will undoubtedly be trade-offs, but that won’t stop us trying. Our prayer is that we find a site that enables us to model our vision in a more more cost-efficient and inclusive setting. A vision that commits us to:

Creating somewhere to believe in – a festival that models the world we hope to see.

We know – from the impact data we are collecting and reporting on – that when it comes to our festival infrastructure, there really are no more significant changes we can make to the way we build at Boughton to achieve more savings. Of course, there is always more that can be done, but we are into the territory of prohibitively expensive changes, which would then tip the scales of the delicate financial balancing act we manage each year over the edge.

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

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.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 20

|||financial review|financial review|financial review| |---|---|---|---| ||AUDIENCE||| ||WEEKEND TICKETS|7056|| ||DAY TICKETS|1392|| ||VOLUNTEERS|1231|| |||||

Financial results

After the previous year’s loss, we reviewed all our figures forensically and re-examined the way we build the festival when setting the budget for 2025 – with the aim of ensuring we were as lean and efficient as possible, while being careful not to diminish the quality of the offering.

We typically budget for the festival to break even and for the Nest (our shared office space) to build reserves. This year, however, that proved difficult due to ever-rising build and production costs. So we set ourselves a ‘red line’: any budgeted festival deficit must not exceed the Nest’s income – which would ensure we maintained an overall annual surplus target.

Greenbelt: Festival Budget

We set a budget that anticipated a modest 2% growth in weekend and day tickets, with a new line of income anticipated from livestream passes for the No Fly Zone. We had a redesign of the site layout, with fewer, larger venues which made savings enough to offset other site build increases. By doing this we managed to keep the site build increase to just 1% (in 2024 it was 9%, and in 2023 it was 15%). We also worked hard to minimise all other expenditure increases across the board. We anticipated extra Angel income (£60K to take us to £500K pa) because of our ‘Spread Your Wings’ Angel giving uplift campaign. Even with all this, the budget was still to make a £38K loss on the festival.

Outcome

We ended up with 0% growth on weekend tickets and 5% growth on day tickets, but we were well under on our expectations for the No Fly Zone livestream tickets – seeing only £10K of sales (when our target had been £50K).

The Spread your Wings Angels giving campaign was a success, and we ended up with £42K of additional income in 2025, with the expectation that we will reach our £500k target on a rolling 12-month measure in 2026.

At the end of the year our budgeted festival income was down £96K (in the main due to unrealised ticket sales), but we managed to make £44K of savings on expenditure.

Greenbelt: The Nest

The Nest is our 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 – with a one-off increase this year (£18K) due to a saving on service charges.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 21

| financial review

Overall, our total income remained steady at £2.49M (in 2024 it was £2.49M). We made a surplus on the Nest of £78K (in 2024 we made a £34K surplus) and a loss on the festival of £90K (in 2024 it was a £95K loss). In total, we made an unrestricted loss of £12K (in 2024 our total loss was £60K). At the year-end Greenbelt had closing net unrestricted fund assets of £311K (at the end of 2024 it was £323K).

Despite all our best efforts, the festival finances are moving in the wrong direction and, for the second year running, we saw an almost -£100K deficit on the festival itself. We have used income from the Nest to reduce the overall loss, rather than to build reserves.

This underlines that our decision to move is the right one. In our current setting and style, the status quo is not sustainable. It will remain challenging to produce a festival budget in our current form that breaks even, let alone generates a surplus.

We are grateful for the loyal support and additional income from Angels which, combined with the Nest income, continues to play a crucial role in limiting our losses and protecting our reserves.

Investment Mandate

At certain times of year we hold large sums of ticket income ahead of spending it closer to the festival. Wanting to maximise the return we might realise on this cash balance, we have developed and agreed an investment mandate – a framework for our investment activities. It defines strategic goals, risk tolerances, and authorised asset classes, emphasising sustainable growth and regulatory compliance. The mandate is a critical guide for decision-making, ensuring our investments align with the Board’s approved long-term objectives. Subsequently, we have moved some of our funds into the CCLA’s COIF Charities Deposit Fund (short-term investment) and COIF Charities Ethical Investment Fund (long-term investment).

Reserves policy

The Board reserves policy – which aims to invest annually in its charitable activities while also building up suitable reserves – states that:

– The minimum level of reserves at any time should be no less than £250K;

– The Nest surplus is put towards reserves annually. – The immediate aim is to build our reserves to 25% of our festival turnover – less Angel income (circa £438K). This would be a baseline to protect us from unforeseen challenges, knowing we can likely rely on Angel income still coming in.

– Longer-term, the aim is to build our reserves to 25% of our whole organisational turnover, including Angel and Nest income (circa £616K).

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GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

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| financial review
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and increasing support of our Greenbelt Angels, means the Trustees consider it appropriate to prepare the accounts on the ‘going concern’ basis.

In this year, while ensuring we remain above the minimum level (currently we are +£60K) we have used the Nest surplus to offset festival losses. The gradual decline in reserves in three of the past four years (albeit minimised as much as we have been able) is one of the key contributing factors in our deicision to search for a new festival site.

Looking forward to 2026

At our Christmas 2025 ticket deadline, we had sold 60% of our target for weekend ticket sales for the 2026 festival. This was a great start – meaning we were 454 tickets ahead of our target (for 52% sales) by this point. We continue to track sales closely. And plans are well underway for the 53rd edition of the festival in August 2026 – for the last time in the beautiful surroundings of Boughton House.

Going concern

As at 31st December 2025, the charity had funds carried forward of £311K. With continued careful budgeting and control – and despite making a loss in 2025 – we remain within our reserves policy minimum target. This, together with the continuing

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 23

| structure,

governance and management

Governing document

Finance Risk

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.

Reporting directly to the Trustees, the Business & Finance Group manages financial risk yearround developing the annual budget and regular management accounts providing updates at every Trustee meeting. To mitigate the inherent risks of a single-weekend festival, we rely on the vital support of our partners, associates, sponsors, and the Angels community. Additionally, our efficient operations at The Nest hub generate essential year-round income outside of the festival period.

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 2025, Greenbelt had thirteen trustees. Following Board discussion it was agreed in November 2024 that we would move to 3 terms of 3 years for Trustees (previously 2 terms of 3 years). Consequently there were no departures in 2025.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 24

| structure,

governance and management

Operational Risk

The Board of Trustees leads our risk management efforts, supported by two focused committees. The Governance & Nominations Committee monitors our reputation and people-related risks, while the Business & Finance Committee oversees legal and financial matters. Both groups carefully evaluate the likelihood and impact of potential challenges to ensure our mitigation plans are effective. To keep risk management at the heart of our strategy, the full Board reviews two or three specific risks at every meeting, rotating through the entire register to ensure nothing is overlooked, with an annual look at the whole register in November.

External Risks

We remain acutely aware of the precarious nature of the festival sector, our vulnerability to weather, and the thin margins within which we operate. However, with robust budgeting frameworks, disciplined financial reporting, and the resilient foundation of our Angel income, we enter 2026 as financially prepared as possible.

Regarding weather risk, we have again decided that traditional cancellation insurance is not the best use of our funds. These policies are prohibitively expensive and, to date, we have never needed to cancel. While we recognise that a full cancellation

could be financially and reputationally ruinous, we choose to “self-insure” through a solid financial reserve and rigorous contingency planning. Our site is naturally resilient to flooding, and we have physical mitigations—such as trackway and bark chips—ready for immediate deployment. Supported by an annually updated Extreme Weather Plan and a long history of successful delivery, we remain vigilant rather than complacent, continuing to review insurance quotes each year to ensure our approach remains the most responsible path forward.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 25

| 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:

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 2025 audit for the 5th year in this 5 year period and 10th overall. We will be retendering for the 2026 audit.

The trustees’ report was approved by the Board of Trustees.

The Trustees’ report was approved by the Board of Trustees

SIGN Sam Pittam-Smith CHAIR OF TRUSTEES 27TH JUNE 2026 DATE

26

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| 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-SmithCHAIR Chine McDonaldVICE CHAIR Graham Wilson
Katie Roberts Liz Chapman Nick Gretton
Ben Solanky Simon Brown Dave Tomlinson
Louise Jones MollyBoot Ben Silvey
Georgia Latchmore
Business and Finance Committee Governance and Nominations Committee
Graham WilsonCHAIR Chine McDonaldCHAIR
Sam Pittam-Smith Sam Pittam-Smith
Nick Gretton Ben Solanky
Georgia Latchmore MollyBoot
Simon Brown
Louise Jones
Company Secretary
Katharine Harris

27

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| staff team

Staff Team Staff Team
Derek Hill MANAGING DIRECTOR
Paul Northup CREATIVE DIRECTOR
Jess Jones HEAD OF FESTIVAL OPERATIONS
Hannah Burns STAKEHOLDER AND COMMERCIAL MANAGER
Caroline Warrey VOLUNTEER MANAGER
DaisyWare-Jarrett DIGITAL COMMS OFFICER
Saga Arpino SITE VIBING PRODUCER
Joanna Booth PROGRAMME MANAGER
Lois Tucker
(left Jan 25)		 GIFTS AND COMMUNITY ENGAGEMENT OFFICER
with additional support from
Shehzad Hussein, Accountability EU FINANCIAL ADMINISTRATION
Paul Trueman COPYWRITING
Emma Trueman PRESS

28

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| 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 Accountants Limited
Fernwood House, Fernwood Road
Newcastle upon Tyne, NE2 1TJ
PRINCIPAL BANKERS Co-operative Bank
1 King William Street
London, EC4N 7AF

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 29

| 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 2025 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:

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 report. Our opinion on the financial statements does not cover the other information and, except to the

30

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

| independent auditors report to the members of greenbelt festivals

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.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

y certain disclosures of trustees’ remuneration specified by law are not made; or

In our opinion, based on the work undertaken in the course of our audit:

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 fraud or error and are considered material if,

| independent auditors report to the members of greenbelt festivals

31

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

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.

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Analytical review and substantive testing is also performed on all material balances and therefore any instances of noncompliance should be identified or considered as insignificant. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;

charged with governance any noncompliance with laws and regulations and how fraud might occur including assessments of how and where the financial statements may be susceptible to fraud.

The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

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.

SIGN

09/07/26

Michael T Moran BA FCA

(Senior Statutory Auditor)

for and on behalf of Robson Laidler Accountants Limited

Statutory Auditor

Robson Laidler Accountants Limited Fernwood House, Fernwood Road Newcastle upon Tyne, NE2 1TJ

32 financial statements

+

33

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

Statement of financial activities

Including income and expenditure account

For the year ended 31 December 2025

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
funds 2025 funds 2025 2025 funds 2024 funds 2024 2024
Notes £ £ £ £ £ £
Income from::
Donations and legacies 2 736,652 57,896 794,548 733,245 96,856 830,101
Charitable activities 3 1,062,747 - 1,062,747 1,065,251 - 1,065,251
Other trading activities 4 405,957 - 405,957 398,147 - 398,147
Investments 5 232,975 - 232,975 198,947 - 198,947
Total income 2,438,331 57,896 2,496,227 2,395,590 96,856 2,492,446
Expenditure on:
Raising funds 6 272,664 - 272,664 296,437 - 296,437
Charitable activities 7 2,177,287 57,896 2,235,183 2,159,596 96,856 2,256,452
Total expenditure 2,449,951 57,896 2,507,847 2,456,033 96,856 2,552,889
- - - -
Net gains/(losses) on investments 12 (479) (479)
Net expenditure and movement in -
(12,099) - (12,099) (60,443) (60,443)
funds
Reconciliation of funds:
- -
Fund balances at 1 January 2025 323,035 323,035 383,478 383,478
Fund balances at 31 December 2025 310,936 - 310,936 323,035 323,035
-
----- 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.

34

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

Balance Sheet

As at 31 December 2025

----- Start of picture text -----
2025 2024
Notes £ £ £ £
Fixed assets
Tangibleassets 14 16,033 24,031
Investments 15 149,521 -
165,554 24,031
Current assets
Debtors 16 106,875 94,997
Cash at bank and in hand 341,970 496,623
448,845 591,620
Creditors: amounts falling due within
17 (303,463) (292,616)
one year
Net current assets 145,382 299,004
Total assets less current liabilities 310,936 323,035
Income funds
Unrestricted funds
Designated funds 20 - 8,185
General unrestricted funds 310,936 314,850
310,936 323,035
310,936 323,035
----- End of picture text -----

The financial statements were approved by the Trustees on

----- Start of picture text -----
SIGN
----- End of picture text -----

----- Start of picture text -----
Graham Wilson,
Chair of Finance
SIGN
Sam Pittam-Smith,
Chair of Trustees
Date 27th June 2026
Company Registration No. 01812893
----- End of picture text -----

35

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

Statement of cash flows

For the year ended 31 December 2025

----- Start of picture text -----
2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 22 (237,628) (379,679)
Investing activities
-
Purchase of tangible fixed assets (4,642)
Purchase of investments (150,000) -
Investment income received 232,975 198,947
Net cash generated from investing
82,975 194,305
activities
Net cash generated from financing activities - -
Net decrease in cash and cash
(154,653) (185,374)
equivalents
Cash and cash equivalents at
496,623 681,997
beginning of year
Cash and cash equivalents at end of 341,970 496,623
year
----- End of picture text -----

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 36

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.

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 FESTIVALS Annual Report and Accounts Year ending 31 December 2025 37

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:

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.

38

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

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

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts 541,652 31,896 573,548 513,425 41,621 555,046
Grants - 26,000 26,000 - 55,235 55,235
Sponsorship fees 195,000 - 195,000 219,820 - 219,820
736,652 57,896 794,548 733,245 96,856 830,101
Donations and gifts
Greenbelt angels 482,267 - 482,267 440,612 - 440,612
Donations and
fundraising 59,385 - 59,385 62,043 - 62,043
Trust greenbelt - 25,656 25,656 - 37,980 37,980
Environmental levy - 6,240 6,240 - 3,641 3,641
A bigger tent - - - 10,770 - 10,770
541,652 31,896 573,548 513,425 41,621 555,046
Grants
Pickwell Foundation - 18,000 18,000 - 17,500 17,500
Arts Council - - - - 29,735 29,735
Westhill Endowment - 8,000 8,000 - 8,000 8,000
- 26,000 26,000 - 55,235 55,235

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 39

3 Income from charitable activities

----- Start of picture text -----
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Festival income
Ticket income 1,062,747 1,065,251
4 Income from other trading activities
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Greenbelt trading 405,957 398,147
----- End of picture text -----

5 Income from investments

Rental income
Interest receivable		 2025
£
227,645
5,330
232,975		 2024
£
198,900
47
198,947

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 40

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Direct fundraising costs 13,368 12,124
Trading costs
NEST expenditure 149,417 164,490
Trading costs and costs of goods sold 109,879 119,823
259,296 284,313
Total costof raising funds 272,664 296,437

41

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

7 Expenditure on charitable activities

7
Expenditure on charitable activities
Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Festival delivery 1,044,688 1,031,405
Festival operations costs 233,664 231,344
Festival content 271,272 274,932
Festival martketing costs 74,731 73,594
Other festival costs 65,980 75,264
Volunteer support 59,329 65,956
Trust greenbelt expenditure 25,656 37,980
Environmental levy 6,240 3,641
1,781,560 1,794,116
Share of support and governance costs (see note 8)
Support 453,623 462,336
2,235,183 2,256,452
Analysis by fund
Unrestricted funds 2,177,287 2,159,596
Restricted funds 57,896 96,856
2,235,183 2,256,452

8 Support costs allocated to activities

Staff costs
Office costs
Legal and professional fees
Audit fees
Analysed between:
Charitable activities		 2025
£
390,590
40,885
17,848
4,300
453,623
453,623		 2024
£
410,995
33,146
14,045
4,150
462,336
462,336

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 42

9 Net movement in funds

Net movement in funds
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets		 2025
£
7,998		 2024
£
9,086

10 Trustees

During the year a total of £7,877 (2024: £6,077) 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 £Nil (2024 : £4,750 ) was paid to K Roberts, a trustee of the charity, in respect to consultancy fees.

11 Employees

The average monthly number of employees during the year was:
Administration
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
10
2024
£
349,264
31,040
30,691
410,995
2025
Number
8
2025
£
328,205
30,108
32,277
390,590

Key management compensation, remuneration and benefits of £139,554 (2024: £134,394) was paid during the year

There were no employees whose annual remuneration was more than £60,000.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 43

12 Gains and losses on investments

12
Gains and losses on investments
Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (479) -

13 Taxation

The charity is exempt from corporation taxation on its activities because all its income is applied for charitable purposes

14 Tangible fixed assets

Fixtures and
fittings
Computers
£
£
Cost
At 1 January 2025
56,523
17,702
At 31 December 2025
56,523
17,702
Depreciation and impairment
At 1 January 2025
36,640
13,554
Depreciation charged in the year
5,459
2,539
At 31 December 2025
42,099
16,093
Carrying amount
At 31 December 2025
14,424
1,609
At 31 December 2024
19,883
4,148		 Total
£
74,225
74,225
50,194
7,998
58,192
16,033
24,031

44

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

15 Fixed asset investments

15 Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 January 2025 -
Additions 150,000
Valuation changes (479)
At 31 December 2025 149,521
Carrying amount
At 31 December 2025 149,521
At 31 December 2024 -

16 Debtors

Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2025
£
61,014
45,861
106,875		 2024
£
12,581
82,416
94,997

17 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2025
£
10,883
85,919
762
205,899
303,463		 2024
£
14,241
28,488
1,001
248,886
292,616

During the year the trustees approved the move of surplus cash into a deposit account with CCLA in line with the charity’s ethical investment policy. The choice of amount and the fund reflected a cautious cash forecast for the next year and the possible need to draw down funds in the event of a downturn in trading.

Included in accrued expenses is deferred income £192,512 (2024: £187,479) 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.

45

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025

18 Operating lease commitment

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:

----- Start of picture text -----
p g
2025 2024
£ £
Within one year 165,000 163,000
Between two and five years 54,250 149,250
219,250 312,250
----- End of picture text -----

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 46

19 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.

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 January 2025 resources expended 31 December
2025
£ £ £ £
Trust greenbelt fund - 25,656 (25,656) -
Environmental levy fund - 6,240 (6,240) -
The Hothouse venue fund - 18,000 (18,000) -
Westhill fund - 8,000 (8,000) -
- 57,896 (57,896) -

Trust greenbelt

The Hothouse venue 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 Pickwell Foundation for spend associated with the development, infrastructure and programming of The Hothouse environmental venue for the 2025 Greenbelt Festival.

Environmental Levy

Westhill fund

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 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.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 47

20 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.

Balance at
1 January 2025

£
Nest fund
-
Imagination Fund
8,185
8,185		 Incoming
resources
Resources
expended
£
£
227,645
(149,417)
-
-
227,645
(149,417)		 Transfers
Balance at
31 December
2025
£
£
(78,228)
-
(8,185)
-
(86,413)
-

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.

21 Related party transactions

There were no related party transactions except as set out in note 10.

GREENBELT FESTIVALS Annual Report and Accounts Year ending 31 December 2025 48

22 Cash absorbed by operations

22 Cash absorbed by operations
2025
2024
£
£
Deficit for the year
(12,099)
(60,443)
Adjustments for:
Investment income recognised in statement of financial activities
(232,975)
(198,947)
Fair value gains and losses on investments
479
-
Depreciation and impairment of tangible fixed assets
7,998
9,086
Movements in working capital:
(Increase)/decrease in debtors
(11,878)
93,695
Increase/(decrease) in creditors
10,847
(223,070)
Cash absorbed by operations
(237,628)
(379,679)

– Ends