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|The Hall for Cornwall<br>Trust (Limit|ed<br>by Guarante|e)|
|---|---|---|
|Contents|||
|||Page|
|Reference and administrative<br>information||1 —2|
|Trustee's<br>annual<br>report<br>(including<br>the strategic|report)|3 —22|
|Independent<br>auditor's<br>report||23 —26|
|Consolidated<br>statement<br>of financial<br>activities||27|
|Charity statement<br>of financial<br>activities||28|
|Consolidated<br>and charity<br>balance sheets||29|
|Statement<br>of cash flow, notes to the statement|of cash flow|30|
|Notes to the financial<br>statements||31 - 51|





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|incorporating<br>consolid|ate|d<br>i|ncome|and expendit|ure<br>account|)||||
|---|---|---|---|---|---|---|---|---|---|
||||Note|Unrestricted|funds|Restricted|funds|2022|2021|
|||||Designated|s<br>Operation|Projects|Capital|||
||||||||project|||
||||||F||F|||
|Income from:||||||||||
|Donations<br>and legacies|||3||55,767||3,343,663|3,399,430|8,786,705|
|Income from charitable<br>activities:||||||||||
|Operation<br>oftheatre and|arts|||||||||
|development|||4||4,425,603|120,436||4,546,039|592,236|
|Income from other trading|activities:|||||||||
|Commercial<br>trading operation|||5||201,114|||201,114|5,833|
|Subsidiary<br>trading<br>operation|||6||347,314|||347,314|9,000|
|Investment<br>income|||||246|||246|107|
|Other income|||7|||367,373||367,373|210,766|
|Total income|||||5,030,044|487,809|3,343,663|8,861,516|9,604,647|
|Expenditure<br>on:||||||||||
|Costs ofraising funds:||||||||||
|Cost of raising voluntary<br>income|||||76,042|||76,042|69,495|
|Subsidiary<br>trading<br>operation|||6||248,379|||248,379|2,312|
|Expenditure<br>on charitable|acti vities:|||||||||
|Operation<br>oftheatre and|arts|||||||||
|development|||8||4,259,027|98,193|49,249|4,406,469|687,470|
|Other||||||376,878||376,878|152,835|
|Total expenditure|||||4,583,448|475,071|49,249|5,107,768|912,112|
|Net income for the year|||||446,596|12,738|3,294,414|3,753,748|8,692,535|
|Transfers between funds||||345,000|(345,000)|||||
|Net movement<br>in funds|for|||||||||
|the year before revaluation||||345,000|101,596|12,738|3,294,414|3,753,748|8,692,535|
|Revaluation<br>of long||||||||||
|leasehold<br>property|||||||(16,250,568)|(16,250,568)||
|Net movement<br>in funds||||||||||
|following<br>revaluation||||345,000|101,596|12,738|(12,956,154)|(12,496,820)|8,692,535|
|Reconciliation<br>offunds:||||||||||
|Total funds brought forward||||250,000|453,466|48,109|22,932,151|23,683,726|14,991,191|
|Total funds carried forward|||"' '~|595,000|555,062|60,847|9,975,997|11,186,906|23,683,726|
|The allocation between funds||in 2021 was||as follows:|||Incomef|Expenditure<br>E|Total|
|Unrestricted|||||||625,919|(729,948)|{104,029)|
|Restricted<br>-Projects|||||||192,089|(182,164)|9,925|
|Restricted<br>- Long Term Funds|||||||8,786,639||8,786,639|
|Total Company|||||||9,604,647|(912,112)|8,692,535|





## 

|incorporating<br>income|an|d expe|nditure|account)||||||
|---|---|---|---|---|---|---|---|---|---|
||||Note|Unrestricted|funds|Restricted|funds|2022|2021|
|||||Designated|Operations|Projects|Capital|||
|||||||f|project<br>f|||
|Income from:||||||||||
|Donations<br>and legacies|||||55,767||3,343,663|3,399,430|8,786,705|
|Income from charitable<br>activities:||||||||||
|Operation<br>oftheatre and|arts||||4,425,603|120,436||4,546,039|592,236|
|development||||||||||
|Income from other tradi ng activities:||||||||||
|Commercial<br>trading operation|||||201,114|||201,114|5,833|
|investment<br>income|||||6,934|||6,934|6,225|
|Other income|||||35,000|367,373||402,373|210,766|
|Total income|||||4,724,418|487,809|3,343,663|8,555,890|9,601,765|
|Expenditure<br>on:||||||||||
|Costs ofraising funds:||||||||||
|Cost of raising voluntary|income||||76,042|||76,042|69,495|
|Expenditure<br>on charitable||||||||||
|activities:||||||||||
|Operation<br>oftheatre and|arts|||||||||
|development|||||4,010,924|98,193|49,249|4,158,366|687,470|
|Other||||||376,878||376,878|152,835|
|Total expenditure|||||4,086,966|475,071|49,249|4,611,286|909,800|
|Net income for the year|||||637,452|12,738|3,294,414|3,944,604|8,691,965|
|Transfers between funds||||345,000|(345,000)|||||
|Net movement<br>in funds|for the|||||||||
|year before revaluation||||345,000|292,452|12,738|3,294,414|3,944,604|8,691,965|
|Revaluation<br>of long||||||||||
|leasehold<br>property|||||||(16,250,568)|(16,250,568)||
|Net movement<br>in funds||||||||||
|following<br>revaluation||||345,000|292,452|12,738|(12,956,154)|(12,305,964}|8,691,965|
|Reconciliation<br>offunds:||||||||||
|Total funds brought forward||||250,000|446,636|48,109|22,932,151|23,676,896|14,984,931|
|Total funds carried forward|||17,18|595,000|739.088|60,847|9,975,997|11,370,932|23,676,896|
|The allocation between funds||in 2021|was as|foilows:|||Incomef|Expendituref|Totalf|
|Unrestricted|||||||623,037|(727,636)|(104,599)|
|Restricted - Projects|||||||192,089|(182,164)|9,925|
|Restricted<br>- Long Term Funds|||||||8,786,639||8,786,639|
|Total Company|||||||9,601,765|(909,800)|8,691,965|





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||||||Note|The|Group|The Charity|The Charity|
|---|---|---|---|---|---|---|---|---|---|
|||||||31 March 2022|31 March 2021|31 March 2022|31 March 2021|
||||||||F||f|
|Fixed assets||||||||||
|Tangible assets|||||12a|9,491,016|22,343,029|9,477,657|22,343,029|
|Investments|||||12c|||5|5|
|||||||9,491,016|22,343,029|9,477,662|22,343,034|
|Current assets||||||||||
|Inventories||||||16,561||||
|Debtors|||||13|913,972|2,370,239|1,206,247|2,370,080|
|Cash at bank and||in|hand|||4,043,026|642,926|3,867,660|635,544|
|||||||4,973,559|3,013,165|5,073,907|3,005,624|
|Creditors:|amounts||falling|due||||||
|within<br>one|year||||14|(3,277,669)|(1,672,468)|(3,180,637)|(1,671,762)|
|Net current|assets|||||1,695,890|1,340,697|1,893,270|1,333,862|
|Net assets|||||16|11,186,906|23,683,726|11,370,932|23,676,896|
|Represented<br>by:||||||||||
|Operations|fund|||||555,062|453,466|739,08&|446,636|
|Designated|funds|||||595,000|250,000|595,000|250,000|
|Total unrestricted||funds|||17|1,150,062|703,466|1,334,088|696,636|
|Projects||||||60,847|48,109|60,847|48,109|
|Long term funds||||||9,975,997|22,932,151|9,975,997|22,932,151|
|Total restricted<br>funds|||||18|10,036,844|22,980,260|10,036,844|22,980,260|
|Total funds||||||11,186,906|23,683,726|11,370,932|23,676,896|





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|or the year|ended 3|1March 202|2|||||
|---|---|---|---|---|---|---|---|
|||||The|Group|The|Charity|
|||||31 March 2022|31 March 2021|31 March 2022|31 March 2021|
||||||F||E|
|Cash provided<br>by operating<br>activities||||7,763,252|7,057,501|7,576,373|7,056,57?|
|Cash flows|from investing<br>activities|||||||
|Interest<br>income||||246|107|246|107|
|Purchase<br>of tangible||fixed assets||(4,363,398)|(8,666,749)|(4,344,503)|(8,666,749)|
|Cash used|in investing|activities||(4,363,152)|(8,666,642)|{4,344,257)|(8,666,642)|
|Cash used|in financing<br>activities|||||||
|Increase/(decrease)||in cash in the|year|3,400,100|(1,609,141)|3,232,116|{1,610,065)|
|Cash at the|beginning|of the year||642,926|2,252,067|635,544|2,245,609|
|Total cash|and cash equivalents||at the|4,043,026|642,926|3,867,660|635,544|
|end ofthe|year|||||||



|Reconcili|ation<br>of||ne|t|mov|em|ent<br>in fun|ds to net cash|flow from ope|rating<br>activi|ties:|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||The|Group|The|Charity|
|||||||||2022|2021|2022|2021|
||||||||||E||E|
|Net movement<br>in funds||||||||(12,496,820)|8,692,535|(12,305,964)|8,691,965|
|Add back|depreciation||charge|||||T1,438|24,546|65,902|24,546|
|Deduct interest income||||shown||in|investing|||||
|activities||||||||(246)|{10?)|(246)|(107)|
|Increase|in stock|||||||{16,561)||||
|Decrease/(increase)|||in|debtors||||1,456,267|(1,8?9,966)|1,163,833|(1,880,220)|
|Increase|in creditors|||||||2,498,606|220,493|2,402,280|220,393|
|Revaluation<br>of||long|||leasehold|||||||
|property||||||||16,250,568||16,250,568||
|Net cash|provided|by||operating|||activities|7,T63,252|7,057,501|7,576,373|7,056,577|





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|Donati|o|ns<br>an|d legac|ies —an|alysis<br>by fund|type:|||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|funds|Restricted|funds|Total|Total|
||||||Designated|Operations|Projects|Long term|2022|2021|
|||||||E||L|||
|Public donations||||||5,767|||5,767|66|
|Fundraising<br>8 major donations||||||50,000|||50,000||
|Growth|Deal|||||||||246,000|
|||||||55,767|||55,767|246,066|
|Capital|project||income:||||||||
|European||Regional|||||||||
|Development|||Fund|||||306,666|306,666|750,554|
|Arts Council England||||||||1,275,355|1,275,355|1,300,154|
|Cornwall||Council||||||||1,940,672|
|Cornwall||8 Isles|of Scilly|LEP-|||||||
|Growth||Deal||||||||1,090,198|
|Cornwall||&Isles|of Scilly|LEP-|||||||
|Getting||Building<br>Fund||||||684,858|684,858|820,325|
|National||Lottery|Heritage|Fund||||446,406|446,406|857,486|
|Kickstart||via Arts|Council|||||70,891|70,891|1,520,755|
|England|||||||||||
|Trust and||Foundations||||||471,115|471,115|139,500|
|Private Donations||||||||88,372|88,372|120,995|
|||||||||3,343,663|3,343,663|8,540,639|
|Charity||||||55,?67||3,343,663|3,399,430|8,786,705|





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|ncome from ch|aritable<br>activit|ies|||||||
|---|---|---|---|---|---|---|---|---|
|||Unrestricted|funds|Restricted|funds||Total|Total|
|||Designated|Operations|Projects|Long|term|2022|2021|
|||||F||F||E|
|Programme/ticket|sales||3,499,402||||3,499,402||
|Theatre Fund|||104,995||||104,995||
|Performance<br>Hire|||5,730||||5,730||
|Ticketed events and workshops'|||77,384|120,436|||197,820|42,314|
||||3,687,511|120,436|||3,807,947|42,314|
|Core funding:|||||||||
|Arts Council England:|||||||||
|National<br>Portfolio funding|||383,206||||383,206|383,206|
|Cultural<br>Recovery Fund|||182,170||||182,170||
|Cornwall<br>Council:|||||||||
|Strategic Arts grants|||166,716||||166,716|166,716|
|Cornwall<br>Council|||||||||
|Covid Support|||6,000||||6,000||
||||738,092||||738,092|549,922|
|Charity|||4,425,603|120,436|||4,546,039|592,236|



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|ommercial<br>trading<br>operatio|ns|||||||
|---|---|---|---|---|---|---|---|
||Unrestricted|funds|Restricted|funds||Total|Total|
||Designated|Operations|Projects|Long|term|2022|2021|
|||F.|E||F|E|F|
|Memberships||186,019||||186,019||
|Gift aid receipt from HMRC||15,095||||'l5,095|5,833|
|||201,114||||201,114|5,833|





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||||||Cornwall|Theatre|
|---|---|---|---|---|---|---|
||||Hall for Cornwall|Limited|Productions|Limited|
||||2022|2021|2022|2021|
||||E||||
|Turnover|||347,314|9,000|||
|HMRC receipt|||||||
|Cost ofoperations|||(283,379)|(2,312)|(248,105)||
|Net profit/(loss)|||63,935|6,688|(248,105)||
|Gift aid donation||to parent|(6,688)|(6,118)|||
|Balance|brought|forward|6,832|6,262|(421,188)|(421,188)|
|Retained|in the|subsidiary|64,079|6,832|(669,293)|(421,188)|



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|Other income|||||||
|---|---|---|---|---|---|---|
||Unrestricted|funds|Restricted|funds|Total|Total|
||Designated|Operations|Projects<br>f|Long term|2022|2021<br>E|
|Heritage<br>Lottery Fund—|||||||
|Revealing<br>City Hall|||138,953||138,953|130,109|
|HMRC Job Retention<br>Scheme||||||51,572|
|Cultural<br>Compact —Truro|||23,000||23,000|29,085|
|HMRC Theatre tax refund|||||||
|City of Culture Consultancy|||30,420||30,420||
|Welcome Back Fund|||175,000||175,000||
|Group income|||||||
||||367,373||367,373|210,766|
|Add back subsidiary<br>income|||||||
|Charity Management<br>8 Licence|||||||
|Fees from subsidiaries||35,000|||35,000||
|Charity other income|||367,373||402,373|210,766|





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|Sa|Theatre operations|||||||
|---|---|---|---|---|---|---|---|
|||Unrestricted|funds|Restricted|funds|Total|Total|
|||Designated<br>E|Operations<br>E|Projects<br>f|Long term|2022|2021<br>E|
||Cost of Programme||2,438,753|||2,438,753||
||Cornwall<br>Theatre|||||||
||Productions (1)||248,103|||248,103||
||Programme<br>services and use|||||||
||of premises||827,801|||827,801|134,636|
||Support and Governance|||||||
||costs||493,264|||493,264|370,934|
||Other costs:|||||||
||Depreciation<br>Non-recoverable<br>VAT "||16,653<br>72,676||49,249|65,902<br>72,676|24,546<br>11,305|
||Group total||4,097,250||49,249|4,146,499|541,421|
||Charity total (excl. 1)||3,849,147||49,249|3,898,396|541,421|
|Sb|Public engagement|||||||
||HFC Youth Engagement||68,305|52,695||121,000|22,842|
||Talent Development<br>Programme '*<br>Community<br>Club ***||30,652|45,498||76,150|64,456|
||Arts development||62,820|||62,820|58,751|
||Group and Charity total||161,777|98,193||259,970|146,049|
||Total charitable|||||||
||expenditure<br>—Group||4,259,027|98,193|49,249|4,406,469|687,470|
||Total charitable|||||||
||expenditure<br>-Charity||4,010,924|98,193|49,249|4,158,366|687,470|





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||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|
||||||2022|2021|
|||||||E|
|Marketing,<br>communications||||and digital engagement|240,200|105,973|
|Boxoffice services|||||245,057|11,934|
|Premises<br>and Front of||House team|||199,064|16,729|
|Front of House|||||138,481||
|Restructure<br>Costs|||||4,999||
|Group and charity|||||827,801|134,636|
|Analysis ofsupport costs|||||||
||||||Unrestricted|Unrestricted|
||||||2022|2021f|
|Finance and ITservices|||||274,978|211,024|
|Central administration||and||Directorate|164,081|121,553|
|HR services|||||18,726|6,460|
|Group and charity|||||457,785|339,037|
|Governance costs|||||||
||||||2022|2021|
|||||||F|
|Audit, accountancy|and||advisory fees||20,515|14,493|
|Legal and professional|||fees||11,253|15,289|
|Trustees' expenses|||||3,711|2,115|
|Group and charity|||||35,479|31,897|
|Other charitable|activities||||||
||||||Restricted|Restricted|
||||||Funds|Funds|
||||||Projects|Projects|
||||||2022|202'I|
|Group and charity|||||||
|Project costs —Revealing||||City Hall|138,965|130,109|
|Cultural<br>Compact Truro|||||19,725|22,726|
|Paul Hamlyn|||||12,768||
|City of Culture|||||30,420||
|Welcome Back Fund|||||175,000||
||||||376,878|152,835|



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|Net inco|me for the year is stated after|charging:||||
|---|---|---|---|---|---|
|||Group|Group|Charity|Charity|
|||2022|2021|2022|2021|
|||||f.|E|
|Operating|leases|10,112|11,779|10,112|11,779|
|Depreciation||71,438|24,546|65,902|24,546|
|Auditors'|remuneration|||||
|Audit fees||10,500|8,900|8,500|6,500|
|Other||11,925|2,550|11,625|2,275|



## 

|Staff costs, t<br>Staff costs|rustee remuneration<br>and expenses<br>and|cost ofkey management<br>personnel||
|---|---|---|---|
|||2022|2021|
|Salaries and wages||1,095,659|548,495|
|Social security|costs|97,731|52,631|
|Pension costs||18,461|11,519|
|Job Retention|Scheme Support||(51,572)|
|Covid SSP Receipts||(96)||
|Net staff costs||1,211,755|561,073|



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|The average number|ofFTEemployees<br>during the period was:|||
|---|---|---|---|
|||2022|2021|
|Theatre operations||34.1|2.6|
|Public engagement||5.4|3.8|
|Raising funds||0|2.6|
|Centra! Management|and services|8.3|6.3|
|Average FTE||4T.&|15.3|





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## 

## 

## 

## 

||||||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2022|2021|2022|2021|
|||||||||||E|||
||Trade debtors||||||||182,951|96,722|180,546|95,822|
||Amount|due from||related companies|||||||295,375|741|
||Prepayments||and|accrued||income|||72,156|32,689|72,023|32,689|
||Other debtors||||||||658,302|2,240,828|658,303|2,240,828|
||||||||||913,409|2,370,239|1,206,247|2,370,080|
|14|Creditors: amounts||||faiiing due||within|one year|||||
||||||||||Group|Group|Charity|Charity|
||||||||||2022|2021|2022|2021|
|||||||||||E||E|
||Trade creditors||||||||918,780|110,670|862,774|110,670|
||Accruals||||||||947,994|1,465,786|944,468|1,465,080|
||Deferred|income||(note|15)||||1,309,582|77,435|1,272,082|77,435|
||Other<br>creditors|||including||taxation|and|social|||||
||security||||||||101,313|18,577|101,313|18,577|
||||||||||3,277,669|1,672,468|3,180,637|1,671,762|





## 

## 

## 

||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2022|2021|2022|2021|
|||||E|||
|Balance|at 1 April 2021||77,435|9,794|77,435|9,794|
|Released|to incoming|resources|(77,435)|(9,794)|(77,435)|(9,794)|
|Deferred|in the year||1,309,582|77,435|1,272,082|77,435|
|Balance|at 31 March|2022|1,309,582|77,435|1,272,082|77,435|



## 

|Current|year||||||
|---|---|---|---|---|---|---|
|||Restricted|funds|Unrestricted|funds|2022|
|||Projects|Long term|Designated|Operations|Total|
||||E|F|||
|Tangible|assets||9,491,016|||9,491,016|
|Current|assets|60,847|873,878|595,000|3,443,834|4,973,559|
|Current|liabilities||(388,897)||(2,888,772)|(3,277,669)|
|||60,847|9,975,997|595,000|555,062|11,186,906|
|Prior year|||||||
|||Restricted|funds|Unrestricted|funds|2021|
|||Projects|Long term|Designated|Operations|Total|
||||E|E|||
|Tangible|assets||22,343,029|||22,343,029|
|Current|assets|48,109|1,975,179|250,000|739,877|3,013,165|
|Current|liabilities||(1,386,057)||(286,411)|(1,672,468)|
|||48,109|22,932,151|250,000|453,466|23,683,?26|





## 

## 

## 

|Unrestricted<br>funds|Unrestricted<br>funds||||||
|---|---|---|---|---|---|---|
|Current year|||||||
||||Balance at|Income|Expenditure|Balance at|
||||1 April|and|and|31 March|
||||2021|transfers|transfers|2022|
||||||E||
|Group|||||||
|Unrestricted|funds: Designated||||||
|Operational|Reserve||250,000|150,000||400,000|
|Maintenance|& Sinking|Fund Reserve||105,000||105,000|
|Get Creative Reserve||||40,000||40,000|
|Match Funding<br>Reserve||||50,000||50,000|
|Unrestricted|funds: Operations||||||
|Operations|fund||453,466|5,030,044|(4,928,448)|555,062|
|Total unrestricted<br>funds|||703,466|5,375,044|(4,928,448)|1,150,062|
|Charity|||||||
|Unrestricted|funds: Designated||||||
|Operational|Reserve||250,000|150,000||400,000|
|Maintenance|&Sinking|Fund Reserve||105,000||105,000|
|Get Creative|Reserve|||40,000||40,000|
|Match Funding<br>Reserve||||50,000||50,000|
|Unrestricted|funds: Operations||||||
|Operations<br>fund|||446,636|4,724,418|(4,431,966)|?39,088|
|Total unrestricted<br>funds|||696,636|5,069,418|(4,431,966)|1,334,088|





## 

## 

## 

|Prior year||||||||
|---|---|---|---|---|---|---|---|
|||||Balance at|Income|Expenditure|Balance at|
|||||1 April|and|and|31 March|
|||||2020|transfers|transfers|2021|
|||||||E||
|Group||||||||
|Unrestricted||funds: Designated||||||
|Operational||Reserve||250,000|||250,000|
|Unrestricted||funds: Operations||||||
|Operations||fund||563,328|625,919|(735,781)|453,466|
|Total unrestricted|||funds|813,328|625,919|(735,781)|703,466|
|Charity||||||||
|Unrestricted||funds: Designated||||||
|Operational||Reserve||250,000|||250,000|
|Unrestricted||funds: Operations||||||
|Operations|fund|||557,068|623,037|(733,469)|446,636|
|Total unrestricted|||funds|807,068|623,037|(733,469)|696,636|





## 

## 




## 

## 

## 


## 



## 

## 

## 

## 


## 

## 

## 



## 

## 

||||Unrestricted|funds|Restricted|funds||Period ended|
|---|---|---|---|---|---|---|---|---|
||||Designated|Operations|projects|Long|term|31 March 2021|
|||||||capital|||
||||||E|project<br>f|||
|Income from:|||||||||
|Donations<br>and legacies||||66||8,786,639||8,786,705|
|Operation<br>oftheatre and||arts development|||||||
|||||559,341|32,895|||592,236|
|Commercial<br>trading operation||||5,833||||5,833|
|Subsidiary<br>trading|operation|||9,000||||9,000|
|Investment<br>income||||107||||107|
|Other income||||51,572|159,194|||210,766|
|Total income||||625,919|192,089|8,786,639||9,604,647|
|Expenditure<br>on:|||||||||
|Costs ofraising funds:|||||||||
|Cost of raising voluntary||income||69,495||||69,495|
|Subsidiary<br>trading|operation|||2,312||||2,312|
|Expenditure<br>on charitable||activities:|||||||
|Operation<br>oftheatre and||arts development|||||||
|||||658,141|29,329|||687,470|
|Other|||||152,835|||152,835|
|Total expenditure||||729,948|182,164|||912,112|
|Net (expenditure)/income||for the period|||||||
|||||(104,029)|9,925|8,786,639||8,692,535|
|Transfers between|funds|||(5,833)|||5,833||
|Net movement<br>in|funds|for the period|||||||
|||||(109,862)|9,925|8,792,472||8,692,535|
|Reconciliation<br>of|funds:||||||||
|Total funds brought|forward||250,000|563,328|38,184|14,139,679||14,991,191|
|Total funds carried forward|||250,000|453,466|48,109|22,932,151||23,683,726|