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2023-03-31-accounts

HALL .foi"LOIINIVALL HALL FOR CORNWALL TRUST (Limiled by Guarantee) Trustees, Annual Report and Financial Statements For the year ended 31 March 2023 CompanyRegiStratiOn Number_ 031011543 Charity Regisiration Number 1053028

TRUSTEES ANNUAL IIEPORT The trustees present their annual report and audited financial statements for the year ended 31 March 2023 which are prepared to meet statutory reporting and diKiosure requirements. The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of AsSOClation, and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing Financial Slalements n accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 effective date l January 2019. HALLFOACORtIwlLLTrusfiLlTh￿l4dtyG￿ir￿rrtCeI￿P￿IR*ptyI4mkc(￿th-Y4aF￿￿Ed11m1T¢h2ozJ 04

Unrestricted Unrestricted Funds Restricted Funds Restricted Funds Yearended Yearended
Designated Operations Projects Long term 31march 31March
capttalproject 2023 2022
ftdtd E E 1 E
Income From:
Donations and legacies 3 42.310 17,137 59,447 3,399,430
Income from chantabie
activities
Operation ot theatre and
arts development		 5,778,426 53,087 5,831,513 4,546,039
income fram other tradhng activities
Commercial
trading operation		 217757 217,757 201114
Subsidiary
trading operation		 754,508 754,508 347,314
Investment
income		 17,088 17,088 246
Other income 5,607 148,604 154,212 367,373
Total Income 6,815,696 201,691 17,137 7,034,525 8,861,516
Expenditure on:
Costs ofraising funds'
Cost of raising voluntary
income		 13,201 13,201 76.042
Subsidiary
trading operation		 552,200 552,200 248,379
Expenditure
an charitable
activities
Operation oftheatre and arts
development		 8 6,270,556 32,563 1,183.698 7,486,817 4,406,469
Other ai 158,707 158,707 376,878
Total Expenditure 6,835,957 191,270 1.183.698 8,210,925 5,107768
Net (expenditure)/income
fortheyear		 (20,260) 10,421 (1,166,560) (1,176,400) 3,753,748
Transfers between
funds		 13,752 (13,752)
Net movement
in funds forthe
year before revaluation		 (6.508) l3,331) (1.166.560) (1,176,400) 3.753,748
Revaluation oflong
leasehold property		 (16,250,5681
Net movement
in funds
following revaluation		 (6,508) i3,331) (1.166.560) (1,176,400) i12496,820)
Reconciliation ofFunds
Total Funds Brought Forward 595.000 555,062 60,847 9,975,997 11,186,906 23,683,725
Total Funds carried forward 1738 595,000 548,554 57,516 8,809,437 10,010,506 11,186,906
The ailocatton between
funds
tn 2022was		 as toilows Income Expenditure Totat
E E E
Unrestricted 5,375,044 (4,928,448) 446.596
Restricted
- Praiects		 487.809 (475,071) 12,738
Restricted
- Long Term Funds		 3,343,663 (16,299.817) (12,956,154)
Total Company 9,206,516 (21,703.366) (12,496,820)

Unrestricted Unrestricted Funds Restricted Funds Restricted Funds
Designated Operations Projects Capital prelect 2023 2022
Note E E E E E E
Income From:
Donations
and legacies		 3 42.310 17,137 59,447 3,399.430
Income from charitable
activities:
Operation
oftheatre and
arts development		 5,778,426 53.087 5,831,513 4,546.039
Income from other trading actiwtles
Commeroal
trading operation		 217,757 217,757 201,114
Investment
income		 81.024 81,024 6,934
Other income 112,107 148.604 260,712 402,373
Total Income 6,231,625 201,691 17,137 6,450,454 8,555,890
Expenditure
on.
Cost ofraising funds
Cost of raising voluntary
income		 13,201 13,201 76,042
Expenditure
on chantabie
activities
Operation oftheatre and arts
development		 8 6,270,556 32.563 1.183,698 7486,817 4.158,366
Other ef 158,707 158.707 376,878
Total Expenditure 6,283,757 191,270 1.183.698 7,658,725 4,611,286
Net (expenditure)/income
forthe year		 (52,132) 10,421 (1,166.560) (1,208,271) 3944,604
Transfers between
funds		 13.752 (13,752)
Net movement
in funds forthe
year before revaluation		 i38.380) (3,331) (1.166.560l (1.208,271) 3,944.604
Revaluation oflong
leasehold property		 (16.250,568)
Net movement
in funds
following revaluation		 i38.380) i3,331) (1,166,560) (1,208,271) (12,305,964)
Reconciliation ofFunds
Total Funds Brought Forward 595,000 739.088 60,847 9,975,997 11,370.932 23,676,896
Total Funds carried forward 17,18 595,000 700,708 57,516 8,809,437 10,162.660 11,370.932
The allocation between
funds
in 2022 was		 as fotlows Income Expenditure Total
E E E
Unrestricted 5,069.418 (4,431,966) 637,452
Restricted —Projects 487,809 i475,071) 12,738
Restncted —Long Term Funds 3.343,663 (16,299,817) (12,956,154)
Total Company 8,900,890 (21,206,854) (12,305,964)

The Group The Charity The Charity
31March 31March 31March 31March
2023 2022 2023 2022
Note E E E E
Fixed assets
Tangible assets 12a 9,132,652 9,491,016 9,123,181 9,477,657
Investments 12c 5 5
9,132,652 9,491,016 9,123.186 9,477,662
Current assets
Inventories 7,559 16,561
Debtors 738,980 913,972 1,106,949 1,206,247
Cash at bank and in hand 4,316,466 4,043,026 4,069,304 3,867,660
5,063,005 4,973,559 5,176,253 5,073,907
Creditors:
due within		 amounts
one year		 falling 14 (4,185,151) (3,277,669) (4,136,778) (3,180,637)
Net current assets 877,854 1,695,890 1,039.474 1,893,270
Net assets 16 10,010,506 11,186,906 10,162,660 11,370,932
Represented
by."
Operations fund 548,554 555,062 700,708 739.088
Designated funds 595,000 595,000 595,000 595,000
Total unrestricted funds 17 1,143,554 1,150,062 1,295,708 1,334,088
Pro)ects 57,516 60,847 57,516 60,847
Long term funds 8,809,437 9,975,997 8,809,437 9,975,997
Total restricted
funds		 18 8,866,952 10,036,844 8,866,952 10,036,844
Total funds 10,010,506 11,186,906 10,162,660 11,370,932

The Group The Charity The Charity
31March 31March 31March 31March
2023 2022 2023 2022
E E E E
Cash flows from operating activities 174,453 7,763,252 203,363 7,576373
Cash flows from investing activities
Interest tncome 17,088 246 17,088 246
Purchase oftangible
fixed assets		 (18,024) (4,363,398) (18,812) (4,344,503)
Cash used in investing
activities		 (1,116) i4,363,152) (1,724) (4,344,2571
Cash used in financing activities 100,000
Increase/(decrease)
in cash in the year		 273,337 3,400,100 201,639 3,232,116
Cash at the beginning
ofthe year		 4,043,026 642,926 3,867,660 635,544
Total cash and cash equivalents
atthe end ofthe year		 4,316,363 4,043,026 4,069,299 3,867,660

Reconciliation of net m ovement in funds to net cash f low from opera ting
activities:
The Group The Charity
2023 2022 2023 2022
E E E E
Net movement
in funds		 (1,176,400) I12,496,820) (1,208,272) (12,305,964)
Add back depreciation charge 376,568 71,438 373,284 65,902
Deduct interest income shown in investing activities (17,088) (246) (17,088) (246)
Increase in stock 9,002 (16,56211
Decrease/(increase) in debtors 174,992 1,456,267 99,298 1,163,833
increase
in creditors		 807,379 2,498,606 956,141 2,402,280
Revaluation
oflong		 leasehold property 16,250,568 16,250,568
Net cash provided
by
atthe end ofthe year		 operating activities 174,453 7,763,252 203,363 7,576,373

straight
line basis as follo		 ws:
Assets
in the course
ofcoI13'tructloll Nil
Improvements
to		 2% per annum of
leasehold
property		 period oflease ifshorter
Plant and machinery 5%-20%perannum
Musical instruments 5%per annum
Computer
equipment		 33% —100%per annum
Computer
software		 20%per annum
Office equipment 10%per annum

3.Don ations a nd legacies —a nalysis by fu nd ty pe:
Unrestricted Funds Restricted Funds Total Total
Designated Operations Proiects Long term 2023 2022
E E E E
Public donations 25 25 5,767
Fun drasing 8maior donations 50,000
Legacies 42, 285 42,205
42, 310 42,310 55,767
Capital project income:
European Regional Development
Fund		 306,666
Arts Council England 1,275,355
Cornwall
& Isles of Bcilly LEP
—Getting
Building
Fund		 684,858
National Lottery Heritage
Fund		 446,406
Ktckstart wa Arts Counal England 70,891
Trust and Foundations 471,115
Pnvate Donations 17,137 17,137 88.372
17,137 17,137 3.343,663
Charity 42.310 17.137 50,447 3,399,430

Unrestricted Funds Restricted Funds Total Total
Designated Operations Projects Long term 2023 2022
E E E E
Programme/ticket
sales		 4,788,499 4,788,499 3,499,402
Theatre Fund 269.284 269,284 104,995
Performance
Hire		 104,720 104,720 5.730
Ticketed events and workshops* 103,879 53,087 156,966 197.820
5,266,382 53,087 5,319,469 3,807947
Core funding:
Arts Council England
National Port/olio /unding 383,359 383,359 383,206
Cultural
Recovery Fund		 182,170
Cornwail Counol
Strategic Arts grants		 128,685 128,685 166.716
Cornwall Coun cii
Covid Support 6,000
512,044 512,044 738,092
Charity 5,778,426 53,087 5,831,513 4,546,039

Unrestricted Funds Restricted Funds Total Total
Designated Operations Protects Long term 2023 2022
E E E E
Memberships 189,595 189,595 186,019
Gift aid receipt from HMRC 17,433 17,433 15,095
Letting ofWorkspace 10,729 10,729
217,757 217,757 201.114

iary tr ading operations
Hall for Cornwall Cornwall Theatre
Limited Productions Limited
31March 31March 31 March 31 March .
2023 2022 2023 2022
E E E E
Turnover 714,811 347,314 39,697
HMRC receipt (30)
Cost ofoperations 658,669 (283,379) (248,105)
Net profit/(toss) 56,142 63,935 39,667 (248,105)
Gift aid donation to parent (63,936) (6,688)
Balance brought forward 64,079 6,832 (669,293) (421,188)
Retained in the subsidiary 56,285 64,079 (629,626) (669,293)
on a l ine-by-line
basi		 s in the Grou p finanoal sta tements
unrestricted Funds Restdcted Funds Total Total
Designated Operattons Projects Long term 2023 2022
E E E E E E
7.Other inctjr)st(cage
Lottery Fund
—Revealing
City Hall		 46.441 46,441 138,953
HMRC Job Retention Scheme
Cultural Compact
—Truro		 11,248 11,248 23,000
HMRC Theatre tax re/und
City ofCulture Consultancy 30.420
Welcome Back Fund 175.000
Community
Club SPF		 39,030 39,030
Kneehigh
Charity Successor		 51,885 51,885
Sundry other income 5.607 5,607
Group income 5,607 148,604 154,212 367,373
Add back subsidiary
income
Charity Management
6
Licence Fees from subsidiaries		 106,500 106,500 35,000
Charity other income 112,107 148,604 260,712 402,373

heatre operations
Unrestricted Funds Restricted Funds Total Total
Designated Operations Projects Long term 2023 2022
E E E E E E
Cost of Programme 3,804,753 3,804,753 2,438,753
Cornwall Theatre Productions
(1j		 248,103
Programme
services and use
of premises		 1,314,246 1,314,246 827,801
Support and Governance
costs		 660,083 660,083 493.264
Othercostst
Capital Costs in Year 828,937 828,937
Cost of Living Payments 28,145 28,145
Depreciation 18,524 354.761 373,285 65,902
Non-recoverable
VAT *		 121,704 121,704 72,676
Group total 5,947,456 1,183.698 yc131,254 4,146.499
Charity total (excl.1) 5,947.456 1,183,698 7,131,254 3,898,396

Unrestricted Funds Restricted Funds Total Total
Designated Operations Projects Long term 2023 2022
E E E E E E
HfC Youth Engagement 153,307 32,563 185,870 121,000
Talent Development
Programme**		 70,949 70.949 76.150
Community
Club ***
Arts development 97,155 97.155 62,820
Hentage 1,689 1,689
Group and Charity total 323,100 32.563 355,663 259.970
Totalcharitable
expenditure
—Group		 6.270,556 32,563 1.183,698 7,486,817 4,406,469
Total charitable
expenditure
-Charity		 6.270,556 32,563 1,183,698 7,486,817 4,158,366

haritab le ac tivities —Res tricted
Funds
Projects Projects
2023 2022
E E
Group and charity
Project costs —Revealing
City Hall		 83,092 138,965
Cultural Compact Truro 19,352 19,725
Paul Hamlyn 5,099 12.768
City of Culture 30.420
Welcome Back Fund 175,000
Project Costs —Development Fund 12,768
project Costs —SpF Levelling Up Community Club 39,396
158,707 376,878

2023 2022
6 E
Satanas and wages 2,640,951 1.095.659
Sooal secunty costs 150,611 97.731
Pension costs 30,071 18461
Job Retention Scheme Support
Covid SSP Receipts (96)
Net staff costs 3,02L633 1,211,755

Yearandad Yearended
31March 31March
2023 2022
E E
E90.001 —E100.000
E100.001 —E110,000

2023 2022
5 E
Employee benefits ofkey management personnel 492,505 460,668

The average monthly head count during the year was 92
The average number of FTE employees during the period was
2023 2022
Theatre operations 37 34 1
Public engagement 4.4 54
Raising funds
Central Management
and services		 8.3
Average
FTE		 50.4 478
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Group Group Charity Charity
2023 2022 2023 2022
E E E E
Trade debtors 94,151 182,951 78,628 180,546
Amount due from group undertakings 383,491 295,375
Prepayments and accrued income 100,278 72,156 100,278 72,023
Other debtors 544,551 658,302 544,551 658,303
738,980 913,409 1,106,949 1,206,247
14.Credit ors: amounts falling due within one year and beyond one year
Group Group Charity Charity
2023 2022 2023 2022
5 E 5 E
Trade creditors 276,565 918,780 248,425 862,774
Accruals 437,930 947,994 425,053 944,468
Deferred income (note 15) 3,187,224 1,309,582 3,179,867 1,272,082
Deferred income (note 15l beyond one year 56,127 56,127
Other creditors including
taxation
and social security		 127,305 101,313 127,305 101,313
Cornwall Counal Revolwng
Loan		 100,000 100,000
4,185,151 3,277,669 4,136,778 3,180,637

Group Group Charity Charity
2023 2022 2023 2022
E E E E
Balance at1Apnl2022 1,309,582 77,435 1,272,082 77,435
Released to incoming resources (1,309,582) (77,435) (1,272,082) (77,435l
Deferred in the year 3,243,351 1,309,582 3,235,994 1,272,082
Balance at31 March 2023 3,243,351 1,309,582 3,235,994 1,272,082

Restricted Funds Unrestricted Funds 2023
Projects Long term Designated Operations Total
E E E E 6
Tangible assets 8,676,123 8,676,123
Current assets 57,516 432,318 595,000 4,435,344 5,520,177
Current liabilities (299,004) (3,886,7891 (4,185,793)
57,516 8,809,437 595,000 548,554 10,010,506

Restricted Funds Unrestricted Funds 2022
Proiects Long term Designated Operations Total
E E E E E
Tangible assets 9,491,016 9,491,016
Current assets 60,847 873,878 595,000 3.443,834 4,973,559
Current liabibties (388.897) (2,888,772) (3,277,669)
60,847 9,975,997 595,000 555,062 11,186,906

Balance at income Expenditure aaiance at
1april and and 31March
2022 transfers transfers 2023
E E E 5
Group
Unrestricted funds: Designated
Operational Reserve 400,000 400,000
Maintenance & Sinking
Fund		 Reserve 105,000 105,000
Get Creative Reserve 40,000 40,000
Match Funding Reserve 50,000 50,000
Unrestricted funds: Operations
Operations
fund		 555,062 6,829,449 i6,835,957) 548,554
Total unrestricted funds 1,150,062 6,829,449 )6,835,957) 1,143,554
Charity
Unrestricted funds: Designated
Operational Reserve 400,000 400,000
Matntenance 6 Sinking
Fund		 Reserve 105,000 105,000
Get Creative Reserve 40,000 40,000
Match Funding Reserve 50,000 50,000
Unrestricted funds: Operations
Operations
fund		 739,088 6,245,377 )6,283,757) 700,708
Total unrestricted funds 1,334,088 6,245,377 (6,283,757) 1,295,708

Prior year
Balance at Income Expendtture Balance at
1April and and 31March
2021 transfers transfers 2022
E E E 6
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 Reserve 50,000 50,000
Unrestricted funds: Operations
Operations
fund		 453,466 5,030,044 (4,928,448) 555,062
Total unrestricted 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 fr Sinking
Fund		 Reserve 105,000 105,000
Get Creative Reserve 40,000 40,000
Match Funding Reserve 50,000 50,000
Unrestricted funds: Operations
Operations
Fund		 446,636 4,724,418 (4,431,966) 739,088
Total unrestricted funds 696,636 5,069,418 (4,431,966) 1,334,088

Balance at Balance at Income Expenditure Expenditure Balance Balance at
1Apnl and and 31March
2021 transfers transfers 2022
E E E 5
Group and charity
Restricted funds: Projects
Commissioning
Fund		 11,768 11,768
Paul Hamlyn,
Community
Club		 26,413 (12,768) 13,645
Other small funds 3,566 120,436 (98,193) 25,809
National Lottery Heritage
Fund
(Revealing
City Hall)		 138,953 i138,965) (9)
Cultural Compact 6.359 23,000 (19,725) 9,634
Welcome Back Fund 175,000 (175,000)
City of Culture 30,420 (30,420)
48,109 487,809 (475,071l 60,847
Restricted Funds: Long term
Property Trust Capital Fund 2,580,000 2,580,000
Hall for Cornwall Development
Fund		 20,106,151 3,343,663 23,449,814
Growth Deal 3 246,000 (49,249) 196,751
22,932,151 3,343,663 (49,249) 26,226,565
Total restricted funds 22,980,260 3,831,472 (524,320) 26,287,412
.Free Reserves —Group
funds held on 31March 2023, E548,554 were As the HfC Development Fund (at31March 2023) and
estricted and undesignated
funds as disclosed		 in note the Growth Deal 3 Fund relate to assets that have been
Free reserves are that part ofthe charity's unrestricted deducted in arriving at the free reserves above, these
s that are freely available to spend on any of the funds have not been included in the analysis above
ity's purposes At 31March 2023,the charity's free
rves, after designations,
were in surplus		 by E225,338.
2023 2022
Total Funds at31March 10,010,506 11,186,906
Less HfC Development Asset (7,350,000) l7500.000l
Less HfC Development FF&EAssets (1.594,488) (1.750,000l
Less Growth Deal 3 Assets (147,746) i196,994)
Less Other Fixed Assets (40,418) (44,022)
Less Restricted Proiect Grants (57,516) (60.8471
Less Designated Funds (595,000) (595.000)
Less HfC Development Fund Balance (529,246)
225,338 510,797

25.Prior year statement offinan cial activities
Unrestricted Funds Restricted Funds Yearended
Designated Operattons Projects Long term 31March
capital project 2022
Note E E E
Income From:
Donations and legacies 3 55,767 3,343,663 3,399,430
income from chantable
acttvities:
Operation oftheatre and
arts development		 4,425,603 120,436 4,546,039
income from other trading
activities
Commeraal
trading operation		 201,114 201,114
Subsidiary
trading operation		 347,314 347,314
Investment
income		 246 246
Other income 7 367.373 367,373
Tote(Income 5,030,044 487,809 3,343.663 8,861,516
Expenditure on:
Costs ofraising funds
Cost of raising voluntary
income		 76.042 76,042
Subsidiary
trading operation		 6 248,379 248,379
Expenditure
on chantable
activities
Operation oftheatre and arts development 4.259,027 98,193 49.249 4,406,469
Other 376.878 376,878
TotalExpenditure 4,583,448 475,071 49,249 5,107,768
Net(expenditure)/income
forthe year		 9 446.596 12,738 3,294,414 3,753,748
Transfers between
funds		 345.000 l345,000)
Net movement
in funds forthe
year before revaluation		 345.000 101.596 12.738 3,294,414 3,753,748
Revaluation oflong leasehold property (16,250,5681 (16,250,568)
Net movement
in funds
foaowingrevaluation		 345.000 101,596 12,738 l12,956.154) (12,496,820)
Reconciliation ofFunds
Total Funds Brought Forward 250.000 453,466 48,109 22,932,151 23,683.726
Total Funds carried forward 17.18 595,000 555,062 60,847 9,975,997 1L186,906