HALL ,foi'('OKNIVALL THE HALL FOR CORNWALL TRUST (Li mited by Guarantee) Trustees. Annual Report and Financial Statements For the year ended 31 March 2024 Company Registration NumbeT'. 03101443 Charity Registration Nurnber.. 1053028 CONTENTS i).J Administrative and reference information Chair's Report Strategic Report Achievements and Performance 06 13 Financial Review 18 Financial Review 19 . Trustees Annual Report 20 Structure, Governance and management Objectives and Activities Public Benefit Statement 21 22 23 Statement of Trustees. Responsibilities Independent auditors, report Consolidated statement of financial activities '2(J Charity statement of financial activities 30 Consolidated and charity balance sheets Consolidated and charity statement of cash flows Notes to the financial statements THEHALLFORCORMVIALL TRUSTILlmltÈdbyGuaranteelAnnual Rep¢rtandAccounts- Yearended JIMa￿h 2024 02 ADMINISTHATIVE AND HEFEHENCE INFORMATION Name ofcharity: Company Registration Number: Charity Registration Number: Country of Registration: The Hall lor Cornwall TrLJSt 03101443 1053028 England and Wales Governing Instrument: Constitution: Articles of A550ciation Limited Company (Limited by Guarantee) PrincipalAddvess of the Charlty: Hall for Cornwall Back Quay Truro TRI 2LL Registered Address of the Charity and its Subsidiaries: Hall for Cornwall Bèckouay Truro TRI 2LL Web Address of the Charity: www.hallforcornwall.co. uk Charity Trustees.. Lord John Hutton Alan Davey Vinesh Govender Kathryn Ludlow Donna Munday Richard Williams Peter Cox Sarah Preece Laura Smith Petroc Trelawny Auditor: Bishop Fleming LLP Chy Nyverow Newham Road Truro TRI 20P (Chairof Trusleesj (Resigned15 July20241 (Appointed 16June 2023) (Appointed 16June 2023) (Appointed 16 June 2025) (Appointed 16 June 2025) Solicitors. Stephens & 5cown LLP Osprey House Malpas Road Truro TRI IUT The above trustees of the charity constitute directors of the company for the purposes of the Companies Act 2006. No director has any beneficial interest in the charity or the group. All directors are members ol the charity and guarantee to contribute El im the event of a winding up. gurgess Salmon One Glass Wharf Bristol BS2 OZX Executive Management: Julien Boast Julie Caplin-Grey Helen Tiplady David Dodd Bankers: Barclays Bank PIC 20-21 Lemon Street Truro TRI 2NB CEO & Creative Director Deputy CEO & Chiefoperating & Finance Officer Deputy Creative Director Marketing & Communications Director THEHALLFORCORMWALL TRUSTILimhèdbyGuar4nteelAfflnu&lReportandAccwrts- Year¢tlded3LMèrth 2024 CHAIII'S REPORT During December 2023, and at our hugely successful Christmas show, Peter Pan, the Hall for Cornwall team of staff, trustees and volunteers were thrilled to welcome the S00.OOOth audience memberto walk through the doors of our Cornwall Playhouse auditorium. Milestones like this one are a very welcome reminder of how the transformation of our venue has brought enthusiastic theatregoers, many returning regularly throughout theyear. to watch our diversely curated programme of shows. as we describe in our annual report. That achievement of a loyal and engaged audience of ticket-buyers IS just one facet of our cuItLJral partnerships both within our community and across our local and national industry sector. In our venue,. it's also visible in our 200-strong bank ol volunteers,. among cultural organisations, that sense of partnership is embedded In our relationships with our Associate Artists, with nationally recogni5ed companies such as the Royal Shakespeare Company. Rambert Dance. and the Bournemouth Symphony Orchestra, as well as through our anchor partnership with Falmouth University.. Such partnerships have added value to the experience ol visiting Hfc, as with the BSO'5 dementia-friendly'Tea & Cake Concert.. which provided an afternoon of chatting, singing and movement in a totally relaxed manner. They expand the ambition5 and vi510n of our youth group participants In workshops with the RSC and Rambert, describing to our yOLJng people the opportunities and routes to careers within dance and theatre. For emerging artists and playwrights. again the investment ol the RSC within Cornwall. via their lacilitsting of HIC'S work. has been transformational in encouraging ambition5. At'speed dating sessions between Hfc. our sector artists. and Falmouth University participants, contacts have been forged and projects kickstarled. These valued associations are born out of the investments made by public bodies and philanthropic donators in our own redevelopment project. and I wholeheartedly commend the way that these affiliations have organically grown. Peter Pan was a150 a financial milestone lor Cornwall Playhouse Production5 as a producing house. delivering the highest Christmas show ticket revenues and audience footfall ever seen at Hfc, something to continually build on for the future. Our production was led with determination and vision by our in-house producer. Kirsty Cotton. the bedrock of recent Hfc Christmas shows. We. and the whole creative sector who benefited so much from her support and dedication. were devostaled to lose this champion of culture alter a short illness this year. Her immense legacy at HIC. and for the many. many art15t5 she nurtured and encouraged. will continue to have a strong impact over the years to come. The year lo the end of March 2024, as described In these accounts. has seen the conclusion of negotiations with our capital project main contractor and has been a pivotal year in the success of our reopening Hfc looks to the future with our customary grit and gusto, confident in our strategy and vision lo build on our achievements. Lord John Hutton Chair ThEMALLFI)R¢OAIIWALL TRUSTILimitedbyGuaranleelAMualReportandAcctsunts- YearendedJlMArch 2024 04 STRATfGIC REPORT ThEHALLFQRCOV¢NWALL TRusfiLwnftedbyGuatantEelAnnualReportandAccounts-Yeareft4e431March2024 STRATEGIC REPORT ACHIEVEMENTS AND VEIIVOIIMANCE Funders HIC receives revenue grant funding from Arts Council England IACEI awarded from its 2023-26 National Portfolio Organisalion INPOI programme. This lour-year cycle of funding has been announced. subject to application in due course. as being extended through lo the end of the 2027 financial year. We also receive grant funds from our local authority. Cornwall Council. as part of its four-year Culture And Creative Investment programme through to 31 March 2026. We continue to be grateful to our public lunders for our capital redevelopment.. Art5 Council England, Cornwall Cour)ciL the European Regional Development Fund. National Lottery Heritage FLJnd, Cornwall & Isles of Scilly Local Enterprise Partnership, HM Treasury These fund5, alongside Trust & Foundation. philanthropic, and public donations have enabled the successful regeneration of our much-loved Grade Il. building. Our education and outreach work. under the Get Creat1ve banner, receives philanthropic and charitable grants and donations alongside ACE and Cornwall Council funds to deliver its work. During the year 2023-24 work was undertaken supported by the Royal Shakespeare Company IRSCI and the Andrew Lloyd Webber Foundation, while bursary funds to enable young people to participate in our dance and theatre groups regardless of ability to pay. were particularly provided by DHL International. The Pro9rammes Hfc delivered a balanced programme ol commercial. curated and community even15 in our Cornwall Playhouse auditorium acros5 2023-24. Popular West End quality shows, headline comedians. original music, classical performance5, Strictly stars, contemporary dance. and ballet appeared alongside challenging drama and evergreen returning favourite5. At the heart of our programme was our own in-house production of Peter Pèn. through our Cornwall Playhouse Productions by-line. which played to audience numbers beyond oui highest expectations and proved that Hall for Cornwall's Christmas Show has become a cherished must see December event. Audience reaction to our programme is measured through our adoption of the Nel Promoter Score INPSI system. The ability ol our audiences to both score and comment on our offer and the experience ofvisiting us, not only enables us to continually improve our management of the venue but is also a pathway to feedback that helps shape the ambition and quality ol our programme. NPS results provide a powerful tool with which to test our a55umption5 on the range of productions our diverse audience5 are passionate about and empowers our ticket buyers to express that passion directly lo us. As such. NPS scores are examir)ed weekly across our tactical team to listen. develop and evaluate our work with direct audience input, from which a curated balance of high-quality performances across the multi-disciplines presented can arise. Our Net Promoter Score ended the year at an industry-envying high 871100 rate. We continued to deliver our Community Culture Club, principally funded by government Levelling-up SPF fur)ds via the Cornwall & Isles of killy Good Growth Programme, with match-lunding from our own customers donations Iv our 'tickel bank.. alongside a specific Christmas appeal. Other projects were supported by previous receipts of funds from our status as'charity 5uccessor' to the Kneehigh Theatre Company, a restricted fund that helps enable our work with young people and emerging artists. When we discuss our on-going or in-year charitable deliver1es. we recognise and greatly value the funding streams as described above and other. smaller but no less appreciated. receipts of charity funding. THETriILLPORCORNWALL TrUSTILimite6byGuarantee)AYhiual ReportaffldAccoun¢s-Yeaiertd¢d jIMa￿￿ 2024 06 STRATEGIC REPORT A(;11 I P.1 F.11 I;, N'TS IIND I'V'IITr'OllIllAIN(;E CONTINUED We reflect here on a cross-section of our This was a year when our classical programme stsrted multi-faceted and captivating programme to build substantial audiences, with large numbers of commercial, curated and community-led attending an instalment ol the BBC Proms which productions. we were proud to have 5imultaneou51y broadcast by BBC Radio 3. Visits from the Bournemouth Symphony Our audience's appetite lor blockbuster musicals only Orchestra and the WNO'S New Year's Concert are grew hungrier in 2023-24, with a returning Fisherman s always hugely popular, and recitals by the Academy Friends The Musical. which opened the Cornwall ofAncient Music and the Manchester Camerata were Playhouse back in 2021. generating a proper Cornish well-received. We learned, with much sadness. that buzz. and featuring the Duchy s very own Susan our freelance classical programmer Rosemary Gent, Penhaligon in one ol the starring roles. Mamma Mial highly respected industry professional with credits and The BodygLJ3rd proved hot tickets. as did the that Included a major role at the BBC Priims. passed sensitively wrillen and performed Titanic The Musical away over Christmas 2023. Her legacy includes seeing while Truro was full of costumed enthusiasts of The cLassical music on the rise in the Cornwall Playhouse. Rocky Horrorshow. We also welcomed and supported with record audiences allending work by both the other musical work such as the all-male rendition 850 and the WNO and we shall miss her greatly. ol The Mikado. visiting again, having played here previously before our redevelopment. Contemporary dance was well represented by the highly regarded Message In A Bottle and this year's Our other week-long staple, the stage drama, Saw two Rambert production, Death Trap, and ballet fans in their Agatha Christie plays captivating large audiences.. droves welcomed Ukraine's Mergaliyev Classical Ballet The Mousetrap and And Then There Were None. with their production of Swan Lake. Strictly Come The RSC brought us an edgy, contemporarytake on Dancing professionals Aliaz & Janette saw us getting Julius Caesar and The National delivered a high-quality into the Christmas spirit ahead of our own production,. production of Neil Gaiman's The Ocean At The End fellow Strictly cast members Giovanni Pernice, Of The Lane. Attracting excellent notices in the Johannes Radebe. Anton DLJ Beke land friends), Nadiya national press before arriving with us, including for Et Kai and Graziano Di Prima all delighted dance lans. Hfc Associate Artist Alumni Simon Harvey as co-director, Pride & Prejudice Isort Ofl jOyQLJsIy Tribute acts continue to prove auditorium fillers, brought the house down, and Woman In Black left with audiences enthusiastically embracing the music audiencesjudiciously and delightfully unsettled. of bands and singers past, with the likes of Rumours of Fleetwood Mac, the ELO Sxperience. the Bootleg A-list comedians included a very welcome appearance, Beatles. and the Illegal Eagles raising the roof in delayed from previous scheduling by illness. from Rhod celebration of ctassic songs. We also welcomed Gilbert. our annual visit from the hugely popular Jimmy original bands such as The Waterboys, Hawkwind. Carr. and high occupancy performances I,rom Dawn The Hollie5, and an Incredible orchestral visit from French Icurtailed due to injury, with replacement dates Martin Fry and ABC with the Oscar-winning Anne lo follow in 2024-251, Ross Noble, Stewart Lee and Dudley conducting The Lexicon of Love as part Tom Allen among others. Our great friend Edward of our live music offer. Performing on Cornwall's St Robve. as Kernow King. visited for a Comedy & Film Piran's Day to a full house were more local favourites, Night. before coming back to play Captain Hook The Oggymen. in Peter Pan. THIHALL FOR¢C*RMWALL TRUSTILmitedbyGuètanieelAnnual ReportèndAccounts-YtsJrenthd31March20Z4 07 STRATEGIC REPORT AC;Iiiri'F.IiifN'fs ANI) PLIII'OllIll,INC'I CONTINUED We have found increasing enthusiasm for talk5 from We partner with Screen Cornwall annually to host an celebrities and experts. with Professor Brian Cox, interactive conference Crearech. where creativity Sir Oavid Suchet, Lucy Worsley, Sir Ranulph Fiennes. meets technology, engaging both children and industry Ben Fogle and Sir Grayson Perry being just some ol the professionals to inspire riew ways of telling stories. and familiar names enthralling audiences. Sport-orientated driving business growth. Similarly, we had the pleasure conversational content, such as Test Match Special and of hosting Tecwomen CIC s CtrlAIt Del, a summit An Evening with Jeffstelling brought many lirsl-time explorin9 what an accessible and inclusive future looks attendees lo the Cornwall Playhouse. James Martin like, and the role that technology and innovation play cooked up a storm to the delight of culinary enthusiasts in getting us there. and Mbrk 'Billy Bingham regaled audiences with stories of military service. At the heart of our year is, of course, our Cornwall Playhouse Pr(xluctions Christmas Show. with 2023 s Families with younger children continue to be well Peter Pan breaking all previous Hfc records of catered for. being the lulure of theatre audiences. audience numbers and ticket revenue. delighting Dr3gon5 & Mythical Beasts awed and delighted young schools audiences and family outings alike. As part of fans of the fantastical. while The Gruffalo s Child is a our flying rehearsals. we were thrilled to'fly. not only firm favourile. There 5 A Monster In Your Show and Hey 101-year-old Kate but also Woody, aged nine. Duggee delivered great entry point5 into the world of previously a Great Ormond Street Hospital patient. live performance for our yourig visitor5, and the Wizard To massive applause, Woody returned to our flying Of Oz inspired Tin Man gave many a very first laste wires on press night, introduced by Captain Hook with of contemporary dance. Inspiring the next generation a reminder to all that part ol our ticket sales benefited is an ambition that runs through so much of Hfc's work GOSH throLJgh their continuing receipt of Peter Pan on and off stage. royaltie5. The Christmas Show is both ourjoyful celebration of theatre's festive traditions and the financial foundation ol our overall stage programme, and our success in 2023 is testament lo the hard work of our cast. crew and wider team. and the commitment of our in-house producer. Kirsty Cotton. Hfc welcomed c. 257,500 visitors to its Cornwall Playhouse auditorium in respect of shows staged in the year 23-24. Our continued investments in audience development and loyalty have begun lo show promising signs with an average of 44/0 of aLJdiences returning year on year, an increase of 3/ Y-O-Y in our Trips and Treats audience demographic. Al the same time, we reached new audiences wth 53/u of our 23-24 audience having never booked for a show in the Cornwall Playhouse before. As part of the public investment in our redevelopment, and our own commitment to supporting fellow sector organisations and charities. we allocate slot5 in our programme for community hires of our auditoriLJm and feel privileged to showcase local talent. Annually. we host around five Cornish Dance School showcases. giving IhoLJsands ol local youth performers an opportunity to Share their talent and creativity on our stage. One of many highlights in the last year was The Big Dance Company's Story So Far. a poignant docu-dance production with immersive cinematic film and explosive live dances from local performers. We welcomed local musician Will Keating to our stage. who hosted. in true Cornish style. a 'Mass Sing. with primary school children from Camborne. Will had completed a series of workshops in advance ol this event. teaching the children a Series of Cornish folk songs This all led up to a celebratory day ol music in our Playhouse, with the entire auditorium filled with Primary School children. many of whom had never visited us before. singing exuberantly back to him on stage. It was a truly special experience for all. TME114LLFQR¢ORf+wALL TRiIsTILimitedbyGuartn￿elAn￿￿ll ReportandAccowt5-Ye4refidÈd31March2024 08 STRATEGIC REPORT A(',11114.1 F,IifNT% AND PF￿￿,0￿1}IANL'1 CONTINUFD... Get Creative Our Gel Creative educational and outreach delivery learn continues to enrich the lives of our youth theatre and dance participants. not only providing budding actors. dancers and technicians with practical learning, but building on their experience ol creating culture and engaging with experienced artlsts and practitioners. From these engagements. multiple and diverse career pathways blossom and confidence and vision is built. Grateful to the many lunders who have facilitated our work with project grants and bursaries. as noted in our 'funders' section. here we describe work undertaken in the 2023-24 year. All Boys Dance IA8DI has continued our innovative approach lo supporting male-identilying dancers into the dance world in a gale and inclusive way. Will Husbands. one of our support practitioners, played Tootles in our production of Peter Pan and Tim Merrilield and Augus Capel were part ol the flying c￿w. so a trip look place to show the younger lads the men who teach them in action on stage and backstage. Our links Wlth Falmouth University play a parl in ABD, with male dancers from acros5 all three-year groups taking part and supporting the ABD programme as practitioners and performers. young lighting designer5 and projectionists. The young people certainly loved being on our stage and really feel like Hfc is their home. We are keen to make this an annual showcase. Across twelve HIC youth theatre and youth dance companies we regularly worked with c. 250 young people. Schools and Schools Partnerships After a successful two-year partnership with 27 schoo15 land one specialist 5ettingl, we opened up to new Partner School applicants in September. A short application formed the basis lor our selection, asking schools to identify why they wanted to be on the scheme, what benefit it would bring lo the teachers, community. and young people at the school. and why our support was needed. From this recruitment. a broad group 0124 schools are benefiting from the programme and c. 9,125 students were engaged. Grace Murdoch choreographed our Advanced Dancers annual Schools Showcase piece in January. It wa5 a gorgeous choreography that pushed the dancers140 of them in all. from seven schools across Cornwall) to make the closing piece for the Do Your Thing platform. Grace used her inclusive style fusing BSL, spoken word and physical contemporary dance technique. It pushed our dancers out of their comfort zone.. using their voices in contemporary dance is rare. This year. our team identified ways to offer more tailored work within each School setting. One key example of this is 8t The Five Islands Academy on the Isles ol Scilly." during the summer, their lead creative arts teacher visited Hfc to plan their whole school Isecondary and primary) creative art5 week. Our Get Creative department helped devise how they could tackle The Tempest as a whole school production. We provided artists and leaders as well as ideas and starling points. We even shipped costumes and props thanks lo our delivery partners DHL. October's'5torm Babel. prevented our own Leadership Team attending the final prodLJCtion but there was a great audience reported and the young people really made this play their own. For the first lime post Covid. we took our Senior Youth Dancers to London. They had behind the scenes tours and workshops at The Place and Trinity Laban. In additior), they spent two days at Rambert working with dancer Liam Francis, a wonderful teacher who really got the best from the group Feeling inspired they created 3 pop-up performance outside the National Theatre and in Victoria Tower Gardens with the iconic Houses ol Parliament backdrop. These trips are an important component in giving a wide-ranging experier)ce ol cultural opportunities to our senior youth students as they potentially transition Into further education or early-entry cultural sector employment. We launched an inaugural Celebration of Youth festivèl in July 2025. For the first lime since reopening, all our youth companies took lo the stage lo show their talents in what wa5 an opportunity lo showcase their skills and. al the same time. give recognition to the breadth of our Get Creative aclivilie5. Over 300 young people were involved, ranging from All Boys Dance lo THEtrTrALL FOACORNWAkL TRilSTIL￿￿èdbyG￿artTht¢e1A￿rtYèI Rep¢rtandAccount5-Yearended31March2024 09 STRATEGIC REPOR T A(',I Iiri I., Ill r.NT% AND I'I,'III.'OII.11.IN(;L CONTINUED Through our educational programme. Fowey Academy have now gained Arlsmark status, citing HIC intervention a5 a key driver and partnership. All our work experience placements completed Bronze Arts Award aualilications134 young people). and we delivered 319 technical qualifications through the Trinity College Arts Award modular framework. supported by industry specialists Allen & Heath. On our technical training days groLJPS have gained basic experience in rigging lights. setting up microphones. lighting a short performance and running the sound through the main desk. Led by OLJr technical team. the groups undertake a carousel of activities and by the end of the day they mount a mini show with each group operating sound I lighting I performing. Our first cohort also ran the technical services for the RSC schools showcase event in June. Creation Space Our Creation Space grants assist mid-career artists in their research and development of new work. Thisyear we made two awards. lo Grace Murdoch ol Cheap Date Dance and to soundscape innovator Justin Wiggan. Grace was facilitated with funds to develop her Dirty Words project before attending the Edinburgh Fringe. while Justin was supported in developing a suite ol new ideas. inspiring him to onward pitch for two larger scale commissions, one in Cornwall and one internationally. We also made contributions to RedrLJth-based RIFT 5 ambitious international festival development. supporting the company s growth and links to fellow Cornish cultural organisalions. These awards were made possible by the Kneehigh Theatre charity successor fund. Across our schools work we undertook engagements with 15 nursery schools, 157 primary and 34 secondary schools alongside two special educational need school5. RSC- Shakespeare Natlon Shakespeare Nation is run nationwide and is a collaboration between the RSC and its regional theatre parlneis. Hall lor Cornwall has used the project to form an adult community acting company and each year will mount a full-scale Shakespeare production., weekly rehearsals begin in January and a one-off performance takes place in April. The group is open to individuals new to performing. as well as the more seasoned Shakespeare enthusiasts. and usually attracts about 25 parlicipanls per year. Hall lor Cornwall has employed a creative team of freelancers for all productions so far. including.. Alisler O'Loughlin and Miranda Henderson of Prodigal UPG (Directorsl, Sam Colborne (Assistant Director). Marion Harri50n ISet/Costume Designer) and Guy Connelly (Sound Designer). In the 23_24 year, the chosen play was A Midsummer Night s Dream. ToddlerTime We connect with the future generations ol theat￿goerS through our Tuesday Toddler Time hour, where our Get Creative team engage the youngest of our visitors to Hall for Corr)wall with a vibrant mix of stories, music and craft5." these activitie5 are designed lor the Iwo-to-six age group, but it's not unusual lo find their younger brothers and sisters equally as captivated. TheM4LLFORCORNWALL TRVSTILvhittOtsyGuaranteeiAmualleportandAccatsnts-YÈarendÈd 51Mai¢h2024 io STRATEGIC REPORT .i(',Iiip,I'rNIi", N'TS AND I)I,:Hb'OllIllANC'I.4 CONTINUED Artist & Se¢tor Support Hall for Cornwall and its leadership are mindful ol the pivotal position the theatre and its educational outreach and talent development programmes holds within its local community. Hfc exists at the cer)tre of a network ol freelance practitioners in drama and dance. cultural providers, mid-career a55ociate artI5ts, and entrants into the sector. who depend on us lor regulBr and predictable workstream5, Strategic guidance and quality networking opportunities. Additionally. Hall lor Cornwall provides an authoritative voice within the broader cultural sector to encourage inward investment in the arts in Cornwall and to lend ils extensive experience and sector knowledge lo other likeminded organisations. Through our Husa programme. we have delivered creative and cultural activities engaging participants throughout the sector this year. We worked with a cohort of 15 early career Directors through a partnership with the Regional Theatre Young Directors Scheme. The participants experienced workshops exploring the processes of a range of mid-career directors, many of whom were Hfc Associate Artist alumni. Each Director received bespoke coaching. Hfc's team provide support to a range of sector colleagues. Prodigal UPG produced PAR-teee, an open acces5 cultural event on the beach at Par. Hfc CEO Julien Boast, ha5 supported UPG over many years and the event included performances from our youth dance company. Julie Caplin Grey. our Deputy CEO. is mentoring the teams al RIFT - who opened cultural space The Ladder in the former Redruth Library - and at Penryn's Gray's Wharf gallery. This mentoring support 15 funded by our Husa workspace tenants Creative UK as part of their national Creative Industries Growth Programme. We also continued lo assist sector colleague organisalions. such as our supply of consultancy services lo our fellow Cornish NPO cultural organisation Newlyn Art Gallery & The Exchange. a two-site contemporary art gallery in Newlyn and Penzance. in support ol their own back-office function. Via our programme of mastercla55es, networking events and the practical l..15upport, we have supported artists at all levels in their creative careers.. from mid-career associates lo intensive programme participants. Beneficiarie5 again included RITt. Grace Murdoch and Justin Wiggan alongside recent graduates in our New Artists Network. The range ol this programme takes in workshops such as An Introduction to Tax Sell-Assessment with Cathy Waller, Audition Technique for Film & TV with Edward Rowe and Creative Resilience with Rosanna Elliott. We're also providing regular drop-in sessions 'Cuppa Culture. for members in the sector across all disciplines. We ve increased our support for new Writers and new writing in the region in line with the RSC'S 37 Play5 programme and hosted a rehearsed reading in October 2023 01 the selected new works joining the People5 Folio. Nell Turner. a writer from Liskeard we've supported. was on the final shortlist 0150. narrowly missing out on being one of the chosen 37 plays. Building on the successful collaborative venture of hosting a Southwest artists networking session in Edinburgh last year I'Pasties at the Pleasance'l, Hfc and Theatre Royal Plymouth evolved the event and created space for a celebration ol the work of Southwest artists over the summer al the 2023 Fringe with'cream Tea5 in the Courtyard.. We en9aged with 400 artistslpractitioners across the range of described activities. TME MALLFOA¢ORWWALL TRuST1￿MitedbyGUètsmt¢￿An￿￿aLAep0rtandAcC0unt5- Yearended31March2024 STRATEGIC REPORT AC,1111;, 1'14,11 I1,;￿,.r.% AIN'D VLIII,-OllIllANC;E CONTINUED Husa Workspace Our innovative Husa Workspace offer comprises 'boxed' office space and more ad-hoc open plan working, enabling small and developing cultural sector-related organisations to benefit from working within the theatre and having access to further spaces within our building as well as our sector knowledge and our quality networking opportunities. During the year 2023_24 office spaces were occupied by Black Voices Cornwall and Cornwall Pride, alongside WildworksTheatre. TECwomen CIC and Always On Mobile. Ad-hoc desk space benefited colleagues n the creative sector including those working in associated project management and fundraising disciplines. Our business networking event relaunched in the Autumn. Network Hfc gathers a free-range collective ol individuals from business. creative, tech and media. for an informal monthly gel-togelher. The sessions welcome a broad and gender-balanced spectrum of attendees. Each session culminates with a fireside chal with a Cornwall leader - we opened in October with Lord John Hutton and continued in November with Caitlin Gould. founder of Tecwomen CIC. December's event welcomed Falmouth Univer51ty Vice Chancellor, Professor Emma Hunt, while Edward Rowe chatted in January. Netivork HIC will continue to position Hall for Cornwall as both a thought leader lor the region, and the perfect hub for those in Cornwall who seek to maximise our area s potential. Community & Business Hfc coordinated the stage programme for Truro's 'Festive Friday, lights swilch-on event. developing a programme which included an operatic busker ppearing on the same stage as local dance schoo15 and choirs. HIC Associate Artist alumni. Prodigal UPG, presented a Peter Pan-themed piece. while cast members from the HIC Christmas Show made appearances through the evening before Hook and Peter switched on the lights with dignitaries from TrLJro. The collaboration with Truro BID and Pirate FM was strong. with plans forged as early as August. Over 300 performers took lo the stage in front of a crowd of thousands. Access and Engagement In April 2023. we look a compar)y-wide immersive approach to beller serving our Dldeaf community with BSL/Captioning, with all staff learning two basic phrases in British Sign Language in order to welcome 70 members from Cornwall s Deaf Community Centre to watch Fisherman s Friends - The Musical. Staff were able to introduce themselves W1th their name and sign 'the show will begin in live minutes. please follow me to take your seat., Working with the Social Prescribing Network we are pleased to be offering specific trips and classes to targeted health and wellbeing groups. Their diagnosis and treatment can be practical thir)gs like breathing Building on our strong relationship with the Library techniques lor singing that can help with asthma. lung Service, our team look Peter Pan workshops to 10 conditions and general wellbeing, through lo a good libraries - we worked with 535 people over live days dose of laughter and a great night out for others to help with overwhelmir.gly positive feedback We're delighted them feel more positive about life. The Social that now in its second year this relationship fee15 solid Prescribing Network recognise that theatre really is a and supportive. We travelled to Falmouth. Camborne, good medicine and the role we can play in supporting Wadebridge. St Columb. Torpoint, Bodmin. Newquay, individuals needs. We also have a bespoke Dance Hayle. St Agnes and Penzance to cover the whole of 4 Parkinsons class that started in January led by Dr Cornwall. Sophia Hulbert and Inner Ground Dance Company We have one of the few Space To Change facilities in Cornwall, enabling the personal needs of children and adults who need changing and lifting facilities when away from home The room encompasses a wheelchair-accessible toilet with an adult-sized changing bench and hoist. THEHALLFORCOANWALL TRusfiLimitedbyGuaranteÈlAfflnualReportandA¢¢ounts-YearendEd SIMaKh 2024 12 STRATEGIC REPORT AC;Fl Ib,I'FiifNTS ,4ND VLIII,'OH,11,4NCI.4 CONTINUED... We offer 13 designated wheelchair spaces across the auditorium ollering a much wider choice, with two of those available in the circle. We undeisland that some of our customers require assistance to allow them to attend a performance. To ensure this is a possibility, we are pleased to offer a free ticket for an essential companion whenever required. Many of our shows feature accessible performances including Signed IBSLI. Audio Descriptiori, Captioned, and Relaxed performances, as well as Touch Tours taking our visually impaired customers up close and personal with the set During Signed performances, a BSL signer is sitLJated to one side of the stage and signs the entire script for the benefit of our audiences. We ve also used captioning with screens showing the dialogue of the performance for patrons to read the words alongside the show. Induction loops are provided at the Playhouse Bar & Greenroom Cale counters and at Stage Door. The auditorium has a Sennheiser radio frequency system lor assisted listening and audio description services. Visually Impaired customers can use a headset to listen to a full description ol what is happening on stage, what costumes and set looks like, etc. This description is delivered live throughout the show by our Audio Describers. Additionally. Visually Impaired customers can interact with the costumes. sets and props from the show prior to the Audio Described performance to allow them to have a greater understanding of what is on stage. Our'lale comers. screens provide an optx)rtunity for any audience members who might be overwhelmed at any point during a show to watch from a safe environmer)t. Community Culture Club Over the 2023-24 year. our Community Culture Club has continued to grow and we're enabling more lirst-lime audiences lo experience the theatre. including Motionhouse's Nobody. Fisherman 5 Friends The Musical. Juliu5 Caesar. TREE. Hey Duggee. Tin Man, The BodygLJardand PeterPan. Over 2,000 tickets have been distributed to those who might otherwise not have been able to enjoy the power of live theatre. We have also explored transport barriers - since rural isolation and finances present obst¥cles to attendance. Wewere concerned about feedback from people who told us they felt scared and anxious walking lo. and waiting at. the bus station after the show We Irialled having three members of Hfc slafl accompanying patrons to the bus station after a matinee and evening show. Lessons were learned and we musl market the service more overtly when we trial this again. We w111 also expand to the train station when possible. The small number ol customers who used the service after the matinee performance were extremely grateful. Solving transport issues continues to be a project within our Community Culture Club funding. Community Culture Club is funded through to February 2025 via Levelling-up grants. match-funded with our own customer5 Ticket Bank donations. our Christmas appeal and other sources ol donated income. It is our strategic intention to continue lo build on the legacy of the Levelling-up award with an on-going Community Culture Club. funded by a mix ol donated and charitable income. We continue to train stall as Mental Health First Aiders who champion mental wellbeing and we are mindful of any programming that would benefit from the supportive attendance of those additionally trained team members. We've onboarded 250 volunteers representing many areas of our community, enabling us to engage meaningfully with the diverse COLJnty we serve. THÉHALLFQRCORNWAUTrUSTILknrtèdbyGuaranteelAnnual ReporlèndAccounts-YearendeO31March2024 IJ STRATEGIC REPORT AC',Iiir,I:Fl! Il",NTS AN'D PEltFoiirilANCE CONTINUED Cornish Language We continue lo champion use ol the Cornish language throughout our organisalion. Kernewek remains embedded in our drive for wider representation ol our minority language. Coinish translations are included in signage throughout the building and in our mailoul communications that go to 80.000 houses across Cornwall. History £p Heritage During this year we consolidated our previous work around the story and fabric ol our much-loved building, the former Truro City Hall. utilising our lottery-lunded QR-code story points and welcoming new volunteers to oversee our popular 'ope' that links Boscawen St to Lemon and Back Quay via the rear of our Stalls. Conversations with the people of Truro, and the many visitors, who use the ope to traverse between these points are a cherished part ol our audience engagement. as are the many backstage tours that are being booked by myriad community groups. All workshops taught with our youth companies start with basic Cornish spoken as a welcome and hello IDynargh and Dyth Dal We've also developed a range of warm-up games lo encourage the language lo be spoken and not just written down. In July 2023. Redruth-based Hanlerhir performed as the opening band lor headliners Hawkwind. They performed songs in both Kernewek and English lo a near sold-oul auditorium. with much social media commentary about this on the night. THEHALLFORCO8NWAIL TRiISTILimiiedbyGyafanttelAnnuèl Report?ndArEDuntS-Yearended SIMaKh2D24 14 STRATEGIC REPORT FINANCIAL EVIEW The workof the charity is underpinned by ticket sales, fundraising. memberships and sponsorship, with additional income generated from commercial activities of Hfc's subsidiary, which operates bars, Catering and room hire in our building and undertakes ticket selling for third-party venues and producers. Generally, the charity raises over 93Yo of Its annual income in thls way, with lessthan 7% provlded bycore grant funding. The capital redevelopment asset, taken into use during the year 2021-22 continues to have on-going costs written-off against it The main contractor's contract sum remained subject to final agreement during the year and has been accrued to the accounts for 2023-24 at a final total sum of Elg.SM plus associated irrecoverable VAT. Legal and professional fee5 IRIBA Stage 61 during the year have also been written-oll at 31 March 2024,. these cost5 will continue through the 2024-25 year as finishing and snagging works are completed alongside a Christmas Show sponsorship from First Bus and other corporate memberships, while the Hfc membership scheme generated 1200,077 from 4.271 individual memberships during the year. Total grants of £32,801 Irestrictedl have been received from funding organisation5 to support HIC'S arts development and educational programmes. The charity benefited from a gift aid donation of £59,84012023'. £63.9361 representing the total net profit of Its subsidiary company Hall for Cornwall Limited lor the prior financial year. The gifted profits ol the trading subsidiary company have arisen from the revenues of our bars and cafe. corporate sponsorships, third-party ticketing selling. and the provision ol consultancy and mentoring work undertaken for other cultural sector organi5ations. Total net assets (total assets. less current liabilities) and charity funds of £8,177,804 are reported as al 31 March 202412022-23.. £10,010,506). Cash at bank. in hand. and on deposit as current asset investments of the group totals £5,437.73712022-23 E4.316,4661 Hfc's year of activity from l April 2023 to 31 March 2024 has resulted in an unrestricted operational surplus of E636.51512022-23. £6,508 delicitl. while costs and Irar)sfers were recognised and made from designated funds of E55,074. With funds of £1.143.554 beirig brought forward from 2022-23. this leaves £1,724,995 in unrestricted funds to be carried forward into 2024-25. There ha5 been a net decrease in restricted funds over the year of E2.414.142 on the E8,866,953 batance brought forward from 2022-23 and £6,452,811 will be carried forward. This represents the movement on the restricted funds and is largely the accrual of the final anticipated main contractor contract Sum costs and on expensing of further redevelopment costs during the year. Total fund balances of £8,177,80412022-23: EIO,010,5061 will therefore be carried forward lo the next financial year. Investment performance a9aiDst objectives Cash balances. continuing to increase significantly during the year from deferred ticket receipts. delivered interest earnings 01 £121,79912022-23.. £17,088) in an irriproving interest rate environment. Rising interest rates in the year commencing l April 2025 have significantly improved returns from the holding of deferred Income through an investment mix of bank savings and Treasury Reserve via our ommercial bankers. Barclays PLC, with safe nd prudent depositing ol funds at the lorelront ol investment decisions. The charity received E383.359 from its ACE NPO revenue grant, alongside £124.750 from Cornwall Council. The round of NPO funding that commenced in 2022-23 represented a sland still. award. while the Cornwall Council grant dropped from £166.716 in ils previous four-year cycle. A public donation of £481.250 was made lo the capital project. being a significant philanthropic donation and its associated Gift Aid. Corporate sponsorship was recognised in the sum of £SO,000. from a further year of headline sponsorship from DHL International Taxation As a registered charity. The Trust is exempt from corporation tax on its investments and other non-trading income. THEHILLFORCORNWALL TRusfiLimitedbyGuatantselAnnual ReportandAccounl%-YeaTended31Nlarch ?024 STRATEGIC REPORT riiN,IN'C',IAI, HP.I'IEII' CONTINUFD Reserves Poli¢y The Trust recognises Restricted and Unrestricted reserves. Within each category. it further recogni5es sub-division of those reserves lo ensure transparency ol its funds according to the terms ol any restrictions and to ensure adequate reserves for specific purposes. Reserves and calls against them, are monitored al each ol the Trust's meeting5. The Trust's financial statements include the following categories". Unrestricted ￿serveS Designated reserves. allocated by Trustees from free reserves for intended purposes,. Unrestricted funds The trust approaches the building of unrestricted reserves from an eye of prudency and a view lo how such fLJnds will sustain the organisalion in future years and contribute designated funds sel aside lo assist in the achieving of our charitable purpose. The Trust retains a designated Operational Reserve lo ensure that in the event of closure, funds are available to bring an orderly close lo the charity. This fund stood al E400.000 at 31 March 2023 and at 31 March 2024. Additior)ally. we opened the year with a designated fund of E105.000 lor lulure maintenance and sinking fund requirements and our medium-term plans include incremental increases in this fund to future-proof our redevelopment. This fund had charges made to it in 2023-24 of E18.414 with further designations ol £NIL and on 31 March 2024 stood at £86,586. General purpose funds. accumulated surpluses for general purposes Restricted reserves Projects, funding for specific projects delivered with the support of fLJnder5 Long-term funded project li.e. building improvements and other work of a capital nature. restricted capital asset purchases) Our designated match fund reserve, designed to assist Us in bringing future funds to the table. ol E50.000 at 31 March 2023 had £NIL charged against it and stands at £50.000 on 31 March 2024. A designated Get Creative fund of £40,000 has had £36.661 transferred out to balance the final Revealing City Hall project's ￿strIcted fund, in match lor National Lottery Heritage Fund and Cornwall Council investments in this project. The fund on 31 March 2024 stood al £3.339. Restricted funds Funds held in these reserves include the Capital Redevelopment Fund, representing funding generated for the redevelopment project and following the valuation exercise undertaken in thij 2021-22 year for accounting purposes. Other funds in this reserve include amount5 of funding for Hfc's programme ol activities. which is granted with restrictions from funders. Notes 17 and 18 of the financial statements provides an analysis ol the movement on reserves. niEHALLFORCORNWALL TRUSTILwnrtettbyGuatènteelAnnual RÈportaffldActtsunts- Yearenéed31Mèrch 2024 i( STRATEGIC REPORT ININC,I.41, RI,;I'IEII CONTINUED Plans for Future Periods As we enter the 2024-25 financial year. we take confidence in our stage programme through the disparate shows that are already on sale and generating deferred income revenue upon which our investment returns are generated. A full suite of blockbusters and quality work, alongside known lavourites and new visiting companies shows industry confidence in travelling thi5 far west, and we see no lessening of the passion ol Cornish audiences for live cultural entertainment. We will continue lo designate free reserves to our Sinking Fund. ensuring that maintenance issues which arise in the lulure can be addressed in a timely manner while still setting aside funds that will future proof our beloved building for the next generations of Iheatregoeis. The complexities and challenge5 of maintaining and continuously improving a Grade Il. building is not underestimated and the clesignating of funds to this is 3 necessity. Our Community Club will continue post-Levelling-Up fumding. with a mix ol donated and charitable funds deployed for this on-going purpose. We will design this new iteration ol the club during the 2024-25 year. We will extend beyond our Cornwall Playhouse ProductlOn5 Christmas Show in Èrms ol creating our own work by establishing a commissioning fund that can both underpin our own ambitions to produce more in-house. but enable us to partner with other companies to support the creation of touring work in drama and dance. Our bi-monthly programme reforecasting sessions, a vital cog in our budgeting and latest thinking forecasts processes will be augmented with conceptual, fulure-gaz1ng. programming sessions that take us beyond the already known and scheduled shows and instead I ook out into the medium term to continually ieinvent who we want lo be and what we aspire lo present. Al l April 2024. foTthcoming renowned weeklong productions include the likes ol Life Of Pi. Jesu5 Christ. Superstar and Kinky Boots scheduled alongside 2..22 A Ghost Story. Murder Ori The Orient Express and Dear Evan Hansen. One-night appearances, be it retro-tribute heritage music, classical. dance, original bands, comedians, and conversations, are producing high audience numbers and exceptional rates of revisits from our customers. This succes5 generates surpluses for Hfc lo rebuild free reserves following settlement of the capital redevelopment main contractor fee while casting our eye at future investments and prudent designated reserves generation. THEHALLFORCORIIWALL YRusfiLimitedbyGuaraTrkEIAnDual RepQrtèndAE￿￿￿￿lS- Y•arended31MbKh2024 17 STRATEGIC REPORT PIIINCIVAL RISKS AND UNCEHTAINTIES The charity maintalns a Risk Register that is reviewed by theAudit, Rtsk & Finance Committee and included as an agenda item for each Board of Trustees meeting. As the final contract sum for the capital redevelopment is concluded. this removes the current largest. and only'red., risk from our 2023-24 Risk Register. The charity budgets for future year's incomes and expenditures are based on prudent and detailed forecasts and approved by the Board of Trustees with any significant risks highlighted. In the 2024-25 budget setting, the following particular risks were identified". We continue lo be aware of the pressures on local and central government funding of cultural organisations, with high profile reductions and cancellations ol local council s commitments to culture I Irants being well-publicised across England. Our continuing fundings from Arts Council England and Cornwall Council as part of both organisations. four-year funding cycles are noted in this context. Risk that interest rates fall in the period l April 2024 to 31 March 2025, leading to lower Interest revenue on our cash balances than budgeted. Risk that the programme of stage activities with ils associated ticket Income deal retention and ancillary food and beverage sales does not materialise to the level budgeted. Risk that our Christmas Show does not achieve the levels ol sales experienced for our most recent production. or that costs increase beyond the budgeted expenditure estimates. Going Concern The closing out ol the capital redevelopment project and the subsequent negotiations with the main contractor around the final contract sum have been assessed by the trustees as part of the going concern consideration. Though the recognising of future settlement payments as a liability in the 2023-24 account has caused our free reserves fund balance lo become a negative value. the trustees have viewed the cash flow lorecasl of the settlement. the current and next year surpluses delivered and projected, and other reasonable financial mitigations including the available revolving loan and have assessed that the charity has the ability lo settle contractor stage payments as they fall due without recourse to further financial support. The spread ol risk across the work that we present means that no one visiting production can make or break a financial year or leave the theatre at financial risk. Guarantees for shows, where agreed. are determined by our experienced Senior Leadership Team, led by OLJr CEO & Creative Director. and. at highest levels. approved by industry experts among our board of trustees. The Trust's Health and Safety policy was updated foi the venue reupening. in consultation with specialists RB Health & Safely Solutions Ltd. and risks in Health and Safely are a standing item on our Trustee board meeting agendas where the subject 15 reviewed in detail. Internal Health and Safety meetings are held with cr055-departmental attendees on a regular basis. THEHALLFORCORNWALL TRU5TILimitÈdbyGu?rJnteolAnnualRoptsttandA¢¢ounts- Yeafended31marCh2￿4 18 TRUSTEES ANNUAL REPORT The trustees present theirannual report and audited consolldated statements. to be read alongside the Strategic Report. fortheyearended 31 March 2024 which are prepared to meet statutory reporting and disclosure requirements. The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 effective date l January 2019. THEHALLFORCOANWALL TrUSTILin1itedèyGuJran￿ejAnllua1RtportaD￿ACCQUn1s-ye1rt￿￿d3ImarCh2￿￿4 19 TRUSTEES ANNUAL REPORT STRUCTUHE, GOVERNANC AND MANAGEMENT Governing Document Hall lor Cornwall Trust IHfCI is a charitable company limited by guarantee. incorporated in 1995. The charitable company s Articles of Association is the primary governing document." this was last amended in August 2017. The charity also has a wholly owned subsidiary. Cornwall Theatre Productions Limited," Donna Munday and Julien Boast served as directors ol this company during the 2023-24 financial year. Prewously, this company had managed the pre-production of the charity's Christmas show. however, following review and advice. these activities are currently accounted lor in the charity. The charity has a further wholly owned subsidiary. Tickets Cornwall Limited (previously named Box Ollice Cornwall Limitecll,. Donna Munday and Julien Boast served as directors ol this company during the 2023-24 year. This company was dormant throughout the period. Management and Staff The CEO & Creative Director manage5 the day-to-day operations of the charity and, along with the Deputy CEO & Chief Operating & Finance Officer, have delegated authority, within terms of delegation approved by trustees. for operational matters including finance, employrnenL and programming activity. Remuneration of Key Management Personnel The remuneration of the CEO is reviewed and agreed annually by the Nominations and Remuneration sub-committee, in line with cultural sector benchmarking. All other Leadership salaries are reviewed and agreed by the CEO. Appointments and terms ofoffice for Board members The Board may consist of up to 12 Director5 With currently a sole chair. The Board carry out an annual self-assessment exercise, maintain a skills audit and considers succession planning and eflecliveness. Board members serve a lour-year term with the option to renew for a second Nominations lor new Directors are sought from within the Board. and via the open market. based on skills gaps. All new Directors undertake an induction programme Following a recruitment process. four new trustees were added during the 2023-24 year." there were no retirements from the board. Organisational Structure The Board oversee the business ol the charity and is responsible lor the governance and overall management and control of the charity. During the 2023-24 year, the board had three committees". Capital Project. Nominations and Rernuneration. and Audit. Risk and Finance. Trustees, transa¢ti¢ns The trustees are not remunerated lor their work as trustees. From time to time, members of the Board or persons connected with them might enter into transactions with The Trust in the normal COUTse of business ol both partie5. It is the Board s policy that where such transactions exist, they should be declared and approved by the Board and disclosed in the rinancial statements. A Declarations of Interest Policy is in place. and all trustees declare any interest at the start of each Board meeting and related information is kept centrally and updated each year. The declarations of interest register is extended to include all executive managers and any staff who have related party transactions The Board and the Audit, Risk and Finance committee meet qLJarterly. DLJring construction work. the Capital Project Committee met on a four-weekly basis. realigned lo an 'as required. basis post re-opening. The Nominations and Remuneration Committee meet twice a year. The executive leadership team led by CEO & Creative Director, JLJlien Boast, oversees the day-to-day business of the Trust. Related Parties The charity has a wholly owned subsidiary, Hall for Cornwall Limited, Lord John Hutton and Julien Boast were Directors of this company during the 2023-24 financial year. Its trading results for the year lo 31 March 2024 have been incorporated into the consolidated statement of financial activities on page 28. Directors noted the performance of the company during the year and the charity benelitted from a Gift Aid donation of E59.840. In the year ending 31 March 2024 the disclosable transactions are included in the notes to the accounts on pages 32 - 52. THEHALLFORCORNWALL TRuSTILth￿QdbyGVartM￿e)Affinvèl ReportandA¢count5-YebrendedJlMarch 2024 20 TRUSTEES ANNUAL REPORT OBJECTIVES AND ACTIVITIES The main objects of the charity as def Ined by the Articles of Assoclatlon are.. The strategic goals we have set ourselves to deliver this mission are: To promote, maintain, improve, and advance education. particularly by the production ol plays and the encouragement of the Arts inclLJding the arts of drama, ballet, music, singing, literature, sculpture, and painting. To restore and preserve for the benefit of the public, the City Hall. Truro. being a building of historic. architectural. and constructional interest. Achieving excellence in artistic programming while celebrating our physical. historic. and cultural heritsge the history ol Truro and the culture of Cornwall. Developing our audiences and visitor profile lor arts and culture in the region. Developing talent. Becoming entrepreneurial. sustainable. ancj resilient. Developing our new home through a faithful and continuous interprelalion of its Heritage In achieving this we believe that we can attract more people. give our audiences a richer experience and improve our commercial performance, the laller providing the means to invest further in our charitable purposes. To provide facilities for the use ol the inhabitants of Cornwall without distinction ol politicaL religious, or other opinions, including use for meeting5, lectures, and classes and for other forms of rec￿atIon and leisure-time occupation in the interest of social welfare, with the object of improving the conditions of life of said inhabitants. To achieve theseaims. our 10-yearbusinesS plan sets the following mission: To be at the heart of shaping contemporary Cornwall by becominga leading cultural centre for.- performance, participation and the presentation. creation and transmission of ideas. THEMALLFORCORNWALL TRUSTILimitedbyGuèianteelAnnual ReportandAccounts-YearendÈd3LMarth 2024 21 TRUSTEES ANNUAL REPORT PUBLIC BENEFIT STATEMENT In planning the activities and programme for the year, Dlrectors consider the Charity Commission's general guidance. Including the guidance on public benefit and fee charging. Events and programming are planned in order to appeal to a wide-ranging audience, having due regards to the commission'$ 9uldance where relevant. In building our programme. consideration is giver) lo ticket pricing, accessibility. and the broadening of our audiences. We offer. wherever possible. a low-price entry-level ticket, and continue lo welcome lo theatre those who might otherwise feel socially or financially excluded through our Community Culture Club. Though our public benefit outreach work continues to grow. the principal activity of the group and the charity is cenlred on the operation of the Hfc lor the presentation of a wide variety ol performing arts. entertainment, and communityevents. Our programme is enhanced in its ability to deliver top class. West End entertainment through it5 expanded seating capacity. and renewed in its ambition to provide challenging. innovative, and diverse work supported by our Arts Council National Portfolio Organisation status. Through this wide-ranging programming we provide a powerful stimulus to help people of all ages. means, and background enjoy Ihe arts and further their own crealivily Alongside our stage programme. our public benefit is achieved through our provision ol education. arts development and volunteering programmes. We have also developed our schools. partner programme delivering educational activities to schools acr055 Cornwall. Opportunities for engagement were made available through social media and our website. TtrIEMALL FORCORNWALL TRUSTILimite#bYGuaTantee)A￿va1A*pQrtandAcC0Unl￿-Yeare￿dea 51Narch 2024 22 TRUSTEES ANNUAL REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of The Hall for CornwallTrust for the purpose of company law) are responsible lor preparing theTrustees' Annual Report including the Strategic Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accountlng Practlce). Company law requires the trustees to prepare the financial statements lor each financial year. which give a true and lair view of the state of affairs of the charitable company and of the incoming resources and application ol resources, including the income and expenditure. ol the charitable company lor that period. Trustees are responsible for keeping adequate accountin9 records that disclose with reasonable accuracy at any time the financial position ol the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable company and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. In so faras the trustees are aware.. In preparing these financial statements. the trustees are requirecl to.. select suitable accounting policies and then apply them consislenlly." observe the methods and principles in the Charities SORP 2019 IFRS 1021., makejudgemenls and accounting estimates that are reasonable and prudent, • state whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the group and company will continue in operation. there is no relevant audit information of which the charity s auditors are unaware,. and the Iruslees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware ol that information. 8y order of t17e Board.. Hall for Cornwall Back Quay Truro TR12LL 27/Q/A¥ Trustee TMEHILLFORCORNWALL TRUSTllimltedbyGuatantèelAMval ￿e?¢￿tandA¢couThlS- Yearended51MaiEh 2Q24 2.1 INDEPEPI'DENT AUDITOIIS, HEPOIIT to the members of The Hall for Cornwall Trust (Limited by Guarantee) We have audlted the financial statements of The Hall for Cornwau Trust(the'parent charitablecompany'l and its subsidiarles (the'group'l for the year ended 31 March 2024 which comprise the Consolidated and Charity Statement of FlnanclalActivities (Incorporatlng Income and Expenditure Account), the Consolidated Statement of Financlal Position, the Company Statement of Flnancial Position. the Consolidated Statement of Cash Flows and the related notes. including a summary of slgnificant accountin9 policies. The financial reporting framework that ha5 been Concluslons relatin9 to going Concern applied in their preparation is applicable law and United In auditing the financial statement5, we have concluded Kingdom Accounting Standards, including Financial that the Trustees. use of the going concern basis of Reporting Standard 102 'The Financial Reporting accounting in the preparation of the financial Standard applicable in the UK and Republic of Ireland, statements is appropriate. (United Kingdom Generally Accepted Accounting Practice).. Based on theworkwe have performed, we have not identified any material uncertainties relating to events or conditions that, indiv1dually or collectively. may cast significant doubt on the Group s or the parent charitable company'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. In our opinion the financial st3tementS.' give a true and fair view of the state of the Group s and of the parent charitable company's affairs as at 51 March 2024 and of the Group s incoming resources and application of resources. including ils income and expenditure for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006. 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 Auditors. 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 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 inconsislenl 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 misststements. 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 misslalement of this other information, we are required to report that fact. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law Our ￿SponsIbl[lI1es under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are Independent of the Group in accordance with the ethical requirements that are relevant lo our audit ol the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical respoMsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to PTovide a basis for our opinion. THEMALLIORCORMWALL TRUSTILiMitedbyGuaranteelAnnu￿AeportirfdAC￿￿ftt5-y¢ar¢Thded JIMa￿h 2024 24 IN'I)I:,pr.Nl)I,;NT AUDITOII'S REPOHT CONTINUED... Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. In preparing the financial ststements. the Trustees are responsible for assessing the Group s and the parent charitable company 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 lo liquidate the Group or the parent charitable company or to cease operations. or have no realistic alternative but lo do so. the information given in the TrLJStees' Report including the Strategic Report lor the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees. Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Auditor's responsiblllties for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a free from material misstatement. whether due to fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material il. ￿ndiViduallY or in the aggregate. they could reasonably be expected to influence the economic decisior)s ol users taken on the basis of these financial statements. Matters on whichweare requlred to report byexception In the light of our knowledge and understanding ol the charitable company and its environment obtained in the course ol the audit, we have not identified material misstatements in the Trustees Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records. or returns adequate lor our audit have not been received from branche5 not visited by u5,. or the parent charitable company financial statements are not in agreement with the accounting records and returns". or certain disclosures of Trustees, remLJneration specified by law are not made,. or we have not received all the information and explanations we require.lor our audit Irregularities, including fraud, are instances of non-compliance with laws and regulations. We desi9n procedures in Line with our responsibilities. outlined above, to detect material misstatements in respect ol irregularities. including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below". We have considered the nature of the industry and sector. control environment and business performance, We have considered the results of our enquiries of management and the Board about their own identification and assessment of the risk of irregularities,. For any matters identified we have obtained and reviewed the parent charitable company's documentation of their policie5 and procedures relating to,. Identifying, evaluating and complying with laws and regulations whether they were aware ol any instances of non-compliance.. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement. the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible lor the preparation of the financial statements and lor being satisfied that they give a true and lair view. and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misstatement. whether due to fraud or error. THEHALLFORCORNWALL TRU5TILhThitedbyGuaranteèlAnnual RtportaffldAccounlS- YeareDdpdJlMarch2D24 INI)P.I)[4 N! l)I", INT AUDI'I'OH'S RF.POIIT CONTINUED... Detecting and responding lo the risk of fraud and whether they have knowledge ol actual, suspected or alleged fraud, and The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations. We have considered the matters discussed among the audit engagement team, including internal lax specialists, regarding how and where fraud might occur in the financial statements and potential indicators of fraud. Audit response to risks identified As a result of performing the above procedures. we have cut-off of revenue recognition as a key aLJdit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following.. Documenting and validating the control enviTonment for income and debtors and carrying out walklhrough testing.. Undertaking substantive sample-based testing or proof in total calculations on all material Levenue Streams to ensure revenue has been recognised appropriately and accurately". Considering manual income journals as part of our work on fraud risks documented above, Reviewing the financial stslement disclosures and testir)g to Supporting documerntation,. Enquiring of management concerning actual and potential litigation claims,. Performing analytical procedures to identify any unusual or unexpected relationships that may ndicate risks of material misstatement.. Readir)g minutes ol meetings of those charged with governance", and In addressing the risk ol fraud through management overr1de of controls. testing the appropriateness oljournal entries and other adjustments. assessing whether Iheiudgemenls made in making accounting estimates are indicative of a potential bias and evaluating the business rationale ol any significant transactions that are unusual or outside the normal course of business As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area ol risk to be in relation to income recognition. with a particular risk in relation to year-end cut off. In common with all audits under ISAS IUKI we are also required to perform specific procedures to respond to the fisk of management override. We also obtained an understanding ol the legal and regulatory frameworks that the Charitable Group and Company operates in. focusing on provisions ol those law5 and regulations that had a direct effect on the determir)ation of material amount5 and disclosures in the financial statements The key laws and regulations we considered in this context included the Charitie5 SORP IFRS 1021 Accounting and Reporting by Charities and the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. In addition. we have considered provisions of other laws and regulations that do not have a direct eflecl on the financial slalemenls but compliance with which may be fundamental lo the Charitable Group and Company s ability to operate or to avoid d material penalty. These include data protection regulations. health and safely regulations, licensing acts and employment legislation. We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications ol fraud or non-compliance with laws and regulations throughout the audit. THEHALLFQRCQRMWALL TRUSTILimitedtyGu4ranteelAnnualReportandAccounts- Yea¢endÈdJkMarch 2024 26 IN:Drpi",NDI,;NT AUDIT()R'S RI,;I'OHT CONTINUED... Our audit procedures were designed to respond lo risks ol material mis5tatemenl in the financial Statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error. a5 fraud may involve deliberate concealment by, lor example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial Statements. the less likely we would become aware of it. Use of our report This report is made solely to the charitable company s members. as è body. in accordamce 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 lo stale lo them in an Auditors 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 its members, as a body. for our audit work, lor this report. or lor the opinions we have formed. A further description of our responsibilities for the audit ol the financial staternents is located on the Financial Reporting Council s website at.. www.frc.org.uk/3uditorsresponsibilities. This description forms part of our Auditors, Report. Alison Ollver FCA DChA Senior Statutory Auditor for and on behalfof Bishop Fleming LLP Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR12DP {1 I IDII4- THEMALLFORCORNWALL TrUSTILlmltÈdbyGuaranttelAMyal Rep¢rtandA¢¢ouTrt5- Yearended SINaich 2024 27 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating consolidated income and expenditure account) Year ended 31 March 2024 Unrestrlcted Funds De51gnated Operations Restricted Funds Projecis Long term capitalproject Yearended Year ended 31 March Sl March 2024 2023 Note Incorn• From: Donations and legacies Income from charit3ble activitie5.' Operation of Iheatre and arts development Income from other trading actrivities Commercial trading operation Subsidiary trading operation Investment income Other income 60 491.457 491,517 59.447 7.541.567 32.801 7,574.368 5.831.513 241.469 997.917 241.469 997,917 119.S72 277,773 217.757 754.508 119,572 95.761 17.088 154.212 182.012 Total Income 8.996.347 214.813 491.457 9.702.617 7.034.525 Expenditureon: Costs oFr3ising Funds. Cost ol raising voluntary income Subsidiary trading operation Expenditure on charitable activities." Operalion ol theatre and arts development Other 11.329 682.312 11.329 682.312 13.201 552.200 18.414 7.666,191 54.609 2,930.900 10.670.114 7.486.817 17L.563 17L563 158.707 Total Expendlture 18.414 8.359.832 226.172 2.9SO.900 11.535.518 8.210.925 Net lexpendlturelllncome fortheyear 118.4141 636.515 111.3591 12.439.444> 11,832.7021 11.176.400> Transfers between fund5 Net Mo￿￿￿nt infund5 forthe yeav 136.6611 36.661 155.0741 636.515 25.301 12.439.444) U.832,7021 11.176.400> Reconciliation ol Funds Totèl Funds Brought Forward 595.000 548.554 57.516 8.809.437 10.010.506 11.186.906 Total Fundscattled forward 17.18 559.926 1.185.069 82.817 ,369.993 8.177.804 10.019.506 The allocation between funds in 2023 was as folltsws.. Income Expenditure Total Unrestricted 6.815.696 16.835,9571 120.2611 Restricted Projects Restricted - Long Term Funds Total Group 201.692 17.137 1191.2701 11.183.698) 18.210.925) 10.422 11.166.561) 11.176,4001 7,054.525 Fund transfers are netted out In the income and expenditure for the relevant fund. The Statement ol Financial Activities Includes all gain5 and 1055es recDgnised in the year There were no acquisitions or discontinued operations during the years ended 31 March 2024 or 31 March 2023. The notes on pages 32 10 51 form part ol these financial statements THEHALL FORCORNWALL TRuST1￿mile￿bYG￿r￿Trlee)A￿nuJl Repcrtan¢AccouAts- YeèrtndeoJiMar¢h 2024 CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporatin9 incomeand expenditure account) Year ended 31 March 2024 Unrestri¢ted Funds Designated Operations Restrlcted Funds Projects Capital project 2024 2023 Note Income From: Donations and legacies Income from charitable activities." Operation ol Iheatre and art5 development Income from other trading activities Commercial trading operation Investment Income Other income 60 491.457 491.517 59.447 7.541.567 32.801 7.574.368 5.831.513 241.469 179.412 202.261 241.469 179.412 384.273 217.757 81.024 260.712 182.012 Total Income 8.164.770 214,813 49L.457 8.871.039 6.450.454 Expendltureon: Costs of raising funds.. Cost ol raising voluntary Income Expendjtru￿ on charitable activities." Operation of theatre and arts development Other 11.329 11.329 IS.201 18.414 7.875.249 54.609 2.930.900 10.879.172 7.486.817 81 171.563 171.565 158.707 Total Expendlture 18.414 7.875.249 226.172 2.930.900 11.062.064 7.658.725 Net lexpendlturelllncome fortheyear 118.4L41 278.192 111.3591 12.439.444) (2.191.025) 11.208.271) Transfers between funds Net mo¥ement In funds lor the year 136.6611 36.661 155.0741 278.192 25.301 12.439.444) 12,191.0251 11.208.271) Re¢onclllatlon of Funds Total Funds Brought Forward 595.000 700.708 57.516 8.809.437 10.162.660 11.37D.932 Total Fund5caTriad tonyard 1718 539.926 978.900 82.817 6.369.993 7.971.655 10.162.660 The allocation between funds in 2023 was as follows". Income Expenditure Total Unrestricted 6.231.625 16,283.7571 IS2.1321 Restricted Projects Restricted Long Term Funds Total Company 201.692 1191.2701 10.422 L7.L37 6.450.454 11.183.698) 17.654.725) 11.166.56LI 11.208.271) The Statement of Financial Activities inclucles all gains and losses recognised in the year. There were no acquisition5 or discontinued operations within the company during the years. ended 31 March 2024 or 31 March 2023 The notes on pages 32 - 51 form part ol the financial statemenrs. TMtMALLFOACOAt4WAiL TRusfiLimitedbyGuarantee)Annval ReportandAccounts- Yearended 31March 2024 CONSOLIDATED AND CHARITY BALANCE SHEETS A5 at 31 March 2024 Registered Number: 03101443 TheGroup 31March 31 March 2024 2023 The Chaylty 31 March 2024 31 March 2023 Nore Flx•d assets Tangible assets Investrnenls L2 8.776.952 9.132.652 8.769.863 9.123.181 12c 8.776.932 9.132.652 8.769.868 9.123.186 Current assets Inventories 13 11.129 726.330 3,457.757 2.000.000 6.175.196 7.559 738.980 4.316.466 Debtors 718.346 3.193.812 2.000,000 5.912.159 I.L06.949 4.069.304 Cash at bank and in hand Current asset investments 5.063,005 5.176.253 Credltors: amounts falling duewothln oneyear 14 16.774.323) 14.185.151) 16.710.390) 14.136.778) Net currentassets 1599.1271 877.854 1798.2511 1.039,474 Net assets 16 8.177.805 10.010.506 7.971.636 10.162.660 Represented by: Operations fund Designated lunds 1.185.069 539.926 548.554 595.000 978.900 539.926 700.708 595.000 Total unrestricted funds 17 1.724.995 1.143.554 1.518.826 1.295.708 Projects Long term funds 82.817 6.369,994 57.516 8.809.437 82.817 6.369.994 57.516 8.809.457 Total restricted funds 18 6.452,810 8.866.952 6.452.810 8.866.952 Totslfund$ 8.177.805 10.010.506 7.971,636 10.162.660 The Trustees acknowledge their responsibilities lor complying with the requirements ol the Companies Act with respect lo accounting records and preparation of financial statements. The notes on pages 32 10 51 form part ol these financial statements. These financial statements were approved and aulhorised lor issue by the Board ol Trustees Lord John Hutton - Chair of Trustees THÉMALLFORCORNWALL TRIJSTILimitpdtsyGuaranleelAMualReportandAccounts- Yearènded SIMarh2024 30 STATEMENT OF CASH FLOWS Groupand charity Year ended 31 March 2024 The Group 31 March 31 March 2024 2024 The Charity 51 Mar¢h 2024 31 March 2023 Cash flows from operatlng a¢tlvltles 1,026.705 174.453 1.027.963 203.563 Cash Ilows from Investlng actlvltles Interesl income 119.572 124,9011 12.000,0001 17.088 118.0241 119.572 123.0261 (2.000.000) 17.088 118.8121 Purchase ol tangible fixed assets Purchase ol current asset investments Cash Ljsed in invesb'ng activities 11.905.329) 11.1161 11.903.454) 11.7241 Cash used in financing activities loo.000 Increaselldecreasel in cash in the year Cash at the beginning of the year 1878.6261 4.316.365 273.337 4.043.026 1875.4861 4,069.299 201.639 3.867.660 Totsl¢ash and ¢ash ¢quivaknt$ atthe end of theyear 3.457.437 4.516.363 5.195.812 4.069.299 Reconcillatlon of net movement in funds to net cash flow from operating activlties: The Group 2023 The Charity 2023 2024 2024 Net movement in funds 11.852.70• 11,176.4001 (2.191.025) 11.208.272) Add back depreciation charge Deduct interest income shown in Investing activities Decrea5elllncreasel in stock 380.621 376.568 376.345 373.284 1119,5721 15.569) 117.0881 {119.572} 117,0881 9.002 Decreasellincreasel in debtors 12.649 174.992 388.603 99.298 Increase in credilors 2.589.276 807.379 2.575.611 956.141 Net cash provided byoperating activilles at theend oftheyear 1.026.703 174,4S3 1,027.965 203.563 ThEHALLFOR¢ORNWALL TRUSTILimitedbyGuaranleeTr Annval RepOrtandAcco￿7IS- Yeayended 31hlarch 2024 31 NOTES TO THE FINANCIAL STATEMENTS l. Constitution The charity is incorporated as a company limited by guarantee and not having a share capital In the event ol a winding up the 1012023.. 111 registered members are liable to contribute a SLJM not exceeding El per member towards the debts and liabilities of the company and the costs and expenses ol winding up.. 2. Accounting policies The financial statements have been prepared in accordance with applicable accounting Standards and the Companies Act 2006 and follow the Statement of Recommended Practice.. Accounting and Reporting by Charities IFRS 1021. 2.2 Income Income is recognised when the charity has entitlement to the funds. any performance conditions attached have been met. it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether capital or revenLJe grants is recognised when the charity has entitlement to the funds. any performance conditions allached have been met, it Is probable that the income will be received and the amount can be measured reliably and is not deferred. Grants are credited to the statement of financial activities when they a￿ receivable. 2.1 Accounting convention The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. Where the donoT imposed conditions require that the resource is expended in a future accounting period. income is recorded as deferred income at the balance sheet date. Depreciation on assets financed by capital grants are charged against the relevant restricted fund. Interest on funds held on deFX)Sit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the Bank. Income from ticket sales and performance hire is included in incoming resources in the year ir) which the relevant show lakes place. Income received in advance of a show is deferred. Income from Corporate memberships and Theatre Fund fees is taken to the Statement of Financial Activities on receipt. Donations are recognised when notified by the donor or on receipt. whichever is the earlier. These 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 E. Financial statements have been prepared for the charity and to consolidate the group financial statements of its trading subsidiaries." Hall for Cornwall ￿Mited and Cornwall Theatre Productions Limited. These financial statements for the period ended 31 March 2024 are prepared in accordance with FRS 102 and the Charities SORP FRS 102, the Financia Reporting Standard applicable in the UK and Republic ol Ireland. 2.3 Fund accounting Unrestricted funds are available to spend furthering the activities and purpose of the charity Restricted funds are applied to activities for which the funds have specifically been provided. Restricted funds are applied to activitie5 for which the funds have specifically been provided. 2.11 Goin9 Concern The financial statements have been presented on the going concern basis. This assumption ￿lieS upon the continuation of core funding and sufficient capital income in the form of grants ar)d dor)ations consistent with the needs of the redevelopment project currently nearing completion.11 is for these reasons that the accounts have been prepared on a going concern basis. Designated funds are unrestricted funds earmarked by the Trustees for paiticular purp05e5. THEHALLFOACOaNWALLIRUSTILimilodbyGuaiartteelAnnuèl ReportandAcEDUnt5- Yeèiended 31Maich 2024 32 '()Tl(v) I'() TIIE I,-IN'.INC;IAL ST,ITLIllLNI 'TS 2.4 Expendlture Expenditure is recogr)ised or)ce there is a legal or constructive obligation to make a payment to a third party, It is probable that settlement will be required and the amount of the obligation can be measured reliably. 2.9 Inventories Expenditure is classified as either Capital project Inventories are stated at the lower ol cost and development expenditure. or Geneial expenditure estimated Selling price less costs to complete and sell. and is designated as unrestricted or restricted according Cost comprises direct materials and, where applicable, to its related income allocation to those funds. direct labour costs and those overheads that have been Irrecoverable VAT is shown as a separate cost within incurred in bringing the inventories to their present the relevant classification. location and condition. Inventories held for distribution at no or nominal consideration are measured at cost, adjusted where applicable lor any loss of service potentiol 2.8 Investments Investments are slated in the financial statements at cost. Support costs are those that assist the work of the charity bul do not directly represent charitable activities arid include office costs, governance cost5 and administrative payroll costs. They are incurred directly in SLJpport of expenditure on the object5 01 the charily. Where support cost5 cannot be directly attributed to particular headings they have been allocated to cost ol raising funds and expenditure on charitable activities on a basis consistent with use of the resources. At each reporting date. an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profil orlogs. Reversals ol impairment losses are also recognised in profit or loss. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in Support ol the charitable activities. See note 8d. 2.10 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offe￿d. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.5 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required lo be recognised as part ol the cost of inventories or fixed assets. 2.11 Cash Cash al bank and in hand includes cash and short term highly liquid investments with short maturity of up to six months from the date of acquisition or opening of the deposit or similar account. 2.6 Retirement benefits Payments lo defined contribution retirement benefits schemes are charged as an expense as they fall due 2.12 Credltors 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 ol funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised Il their selllement value after allowing for any trade discounts due. 2.7 Tangible fixed assets and depreciation Depreciation is calculated so as lo write off the cost less residual value of tangible fixed assets. initially recognisecj at cost, over their estimated useful lives on a straight line basi5 as follows". Assets in the course ol construction Irrprovements to leasehold property Plant and machinery Musical instruments Computer equipment Computer software Ollice equipment 2/. per annurn ol period ol lease Il shorter 5/. 20/0 per annum 5% per annum 35/. IOO/o per annum 20°% per annurn IOA perannum 2.13 Critlcal accounting estimate$ and areas of Judgement No significantjudgements have had to be made by management in preparing these financial statements. THEHALLFORCORNWALL TRUSTILimitedbyGuaiarnlÈelAnnualRtportandAccwnis- Yearended31 Pla￿h2o?4 J3 'OI'ES TO TIIP, IN.INC;I,11. (YTATI Illl,'NT 3. Donatlons and legacles- analysis by fund type: Unrestrl¢ted Funds Designated Operations RestrlEo NOTLS I'O I'FIF, riNANC',I,.IL S'I'A'I'b.IllF.NTS 12c. Investments- charlty Unlisted investment5 in Subsidiary undertaking5 at cost AtIApril2023and 31M4r¢h 2024 £5 The charity holds the whole ol the issued share capital ol Hall For Cornwall Limited. a company registered in England and Wales (company registration number.. 024997551. The subgidiary company's principal activity 15 to operate the commercial activitie5 at the Hall For Cornwall A further wholly owned subsidiary. Cornwall Theatre Productions Limited. a company registered in England and Wales Icornpany registration number.. 092414791 was registered on 30 September 2014. Ils principal activities is to account lor the research. development and pre-production costs ol in-house productions at the Hall For Cornwall IHICI. Truro. The charity also holds the whole ol the issued share capital of Tickets Cornwall Limited. a company registered in England and Wales (company registration number.. 060783141. This company is dormant All ol the above companies have the same registered office as The Hall For Cornwall Trust. 13. Debtors Gyoup 2024 Group 2023 Charlty 2024 Charity 2023 Trade debtors 189.545 94.151 146.125 78.628 Amount due from group undertakings Prepayfflents and accrued income Other debtors 35.435 383.491 127.764 100.278 127.764 100.278 409,021 544.551 409.021 544.551 726.330 738.980 718.346 1.106.949 14. Credltors: amounts falling due within one year and beyond oneyear Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade creditors 287.208 276,565 250.688 248.425 Accruals 2.799.537 3.372.799 190.194 437.930 3.187.224 2.772.554 5.372.100 425.053 Deferred income Inote 151 3.179.867 Deferred income (note 151 beyond one year Other creditors including taxation and social security Cornwall Council Revolving Loan 56.127 190.194 56.127 124.584 127.305 124.853 127.305 loo.000 loo.000 6.774.523 4.185,151 6.710.390 4.136.778 The charitable company held loan debt at 31 March 2024 01 £NIL131 March 2023." EIOO.0001. During the year. and at 31 March 2023. a revolving loan ol up to E495.000. attracting a 3.21/0 interest rate. was available for the purpose of cashllow within the Capital Project, repayable in lull at 31 December 2026. The balance of the principal loan at 31 March 2024 was NIL131 March 2023.. EIOO.0001. Deferred Income beyond one year represents payments received tickets for show5 that will be performed on l April 2025 or later. Creditors at 51 March 2024 inclucje an accrual lor final settlement costs and associated irrecoverable VAT lor the main contractor lees on the redevelopment project. Trustees are satisfied in the charity'5 ability to adhere to the payment milestone5 Within this agreement. THEHALLFORCORIIWALL TRusfiLimhedbyGuataTrteelAnnuèl ReportèndAtttyJnts- Yearended31Mar¢h2024 44 NOTIS TO TIIE riN.4iNCI,4L %TATI)IINTS 15. Deferred income Group 2024 Group 2023 Charfty 2024 Charity 2023 Balance at l April 2023 Released to incoming resources Deferred in the year 3.243.351 15.243.351) 1.309.582 11.309.582) 3.235.994 {3.235.9941 3.562.294 1.272.082 11.272.082) 5.562.995 3.243,351 3.235.994 Balance at 31 March 2024 3.562.993 3.243.351 3.562.994 3.235.994 Deferred income at 51 March 2024 relates to various forms ol incoming revenues. largely advance ticket sales. for events that have not taken place at the end of the year. 16. Analysls of net assets between funds- Group Current year Restricted Funds Projects Long term Unrestrlcted Funds Designated OperalDns 2024 Total Tangible assets Current assets 8.569,221 232.750 8.569.221 6.581907 16.774.323) 82.817 539,926 5.527.415 Current liabilities 12.431.9771 14.342.346) 82.817 6.369.994 539.926 1,185,069 8.171.805 Prioryear R¢strf¢ted Funds Projects Long term Unre5tri¢ted Funds Designated Operation5 2023 Total Tangible a55etS Current a$5ets 8.676.123 432.318 1299.0041 .676.125 5.520.177 14.185.793) 57.516 595.000 4.435.344 Current liabilities 13.886,7891 57.516 8.809.437 595.000 548.554 10.010.506 TMEHALLFORCOANWALL TrUSTIL￿￿*&bYoyar4n*e1A￿ual ReportandA￿E￿￿nts- Year•nd•d31March2024 I OTfs TO TIII riiNANLIAL STATifiiiNTS 17a. Unrestricted funds Current year Balance at l April 2023 Income and transfer5 Expenditure and transfers Balanc¢ 4t 31 March 2024 Group Unrestricted fund& Designated Operational Reserve Maintenance & Sinking Fund Reserve Get Creative Reserve 400.000 400.000 86.$86 105.000 118,4141 136.6611 40.000 3.539 Match Fund1ng Reserve 50,000 50.000 VnTestTi¢t¢d fund$". Operations Operations fund Totil unrestricted funds S48.554 8.996.347 18.359.832) 1.185.069 1.143.554 8.996.347 18.304.757) 1.724.995 Charity Unrestricted lund& Deslgnated Operational Reserve Maintenance & Sinking Fund Reserve Get Creative Reserve 400,000 400.000 86.586 3.339 105.000 118.4141 40.000 136,6611 Match Funding Reserve 50.000 50.000 Unrestricted lunds: Operatlons Operations fund Total unrestrlcted funds 700.708 8.164.770 17.886.578) 978.900 1.295.708 8.164.770 17.831.5041 1.518.826 THEHIILFOR¢ORNWALL Tru¥fiumitedtsyGuarailtEelAnnual AeporlandAccounts-Yearen¢& 31Marth2024 NOTfQ) Tl) TIIF FIIN'AN(;I,IL ST,iTElI IENTS 17b. Unrestricted funds Prior year Balance at l April 2022 Ineorne and transfers Expenditure and transfers Balance at 31 March 2023 Group Uniestrlcted funds: Deslgnated Operational Reserve Maintenance & Sinking Fund Reserve Get Creative Reserve 400.000 400.000 105,000 105.000 40.000 40.000 Match Funding Reserve 50,000 50,000 Unr¢strlctsd funds: 0￿rationS Operation5 fund Total unrestrlcted funds SS5.062 6.829.449 16.835.957) 548.554 I.ISO.062 6.829.449 16.835.957) 1.143.554 Charlty Unrestrlcted lund& Deslgnated Operational Reserve Maintenance & Sinking Fund Reserve Get Creative Reserve 400.000 400.000 105.000 105.000 40.000 40.000 Match Funding Reserve 50.000 so.000 Un¥estrlcted lunds: Operatlons Operations ftjnd Total unrestrlcted furNIs 739.088 6.245.377 16.283.757 700.708 1.334.088 6.245.377 16.285.757 1.295.708 THIHl4LLFORCORNWALL TRIJSTILimitedbyGuatènteelAnDualRep¢rtandAEEDurt5-Yearended31Maith 2024 47 NOTES TO TIIF FlIN'ANLI,4L STATLNILNTS 18a. Restrlcted funds Current year Balance at l April 2023 Income and transfers Expenditure and transfers Batance at 31 March 2024 Group and Charity Restrlcted lunds: Projects Other small funds 35.158 32.801 144.6091 25.550 National Lottery Heritage Fund (Revealing City Hall) Kneehigh Charity Successor SPF Community Club 136.6611 36.661 51.885 iio,oooi 1171.5651 41.885 7,133 182.012 17.582 57.516 251.474 1226.1721 82.817 Restricted Funds: Long term Property Trust Capital Fund Hall lor Cornwall Development Fund Growth Deal S 8.661.934 491.457 12.881.653) 6.271.739 147.502 149.2481 98.254 8.809.436 491.457 12.930.900) 6.369.994 6.452.810 Total restyicted lunds 8.866.952 742.931 13.157.072> Other Small Funds - Various other smaller funds lor Specific purposes. particularly supported by Royal Shakespeare Cornpany and the Andrew Lloyd Webber Foundation. Growth Deal 3 funding received frorn the Cornwall 151e5 of Scilly LEP to facilitate the purchasing ol specialist streaming and projection equipment to enable a live streaming strand of Hall for Cornwall programming. coupled with a training offer lor emergin9 industry technicians. National Lottery Heritage Fund INLHFI Revealing City Hall is a grant project funded by NLHF and Cornwall Council. with other match funding. enabled creative work SPF Communily Club Is HfC'5 access for all theatre in and out of the venue revealing the heritage and legacy prograrnme. funded by central government Levelling ol the former Truro City H311 builcjing An archive ol image5 Up awards and matched with public donations and nd stories has been curated and local schoo15 have Paul Harlllyn residual grant funds. engaged with HIC on perlormances,journalislic reportage. and creative collection management. Hall for Cornwall Development Fund- lullding received In respect of the refurbishrnent of the theatre. which reopened in October 2021. THEHALLFORCORPIWALL TRUSTILhmiledbyGuarantèÈlAnnual ReportandAccoun¢5-Yparended31M4rch2024 48 NOTLS 'I'O I'FIF I￿.4,￿(1,￿L S'I'ATLIllLNTS 18b. Restricted funds Prior year Balance at IApril 2022 Income and transfers Expenditure and transfers Balance at 51 March 2025 Group and charlty Re$trl¢t¢d fund5: Projects Commissioning Fund Paul Hèmlyn. Community Club Other small funds National Lottery Heritage Fund (Revealing City Hall) Cultural Compact Kneehigh Charity Successor SPF Cornmunity Club 11.768 111.7681 13.645 113.6451 25.809 53.087 143.7381 35.158 46.441 183.0921 136.661) 9.634 11.248 120.8821 51,885 51.885 47,577 140.4431 7.155 60.847 210.238 1213.5691 57.516 Restricted Funds: Long term Hall lor Cornwall Development Fund Growth Deal 3 9.779.246 17.137 11,134,449) 149.2491 8,661.934 147.502 196.751 9.975.997 17,137 11,183.6981 8.809.437 Total restrlcted funds 10.036.844 227.375 11,397.2671 8.866.952 19. Free Reserves- Group Free reserves are that part of the charity's unrestricted funds that are freely available to spend on any of the charity's purpose5. At 31 March 2024. free reserves are calculated at Ell.216.9921 alter deducting restricted funds, fixed assets. and a total of E539.926 of designated unrestricted reserves that may be undesignated by the Trustees. from the total funds ol the group. This negative free reserve5 P051tion ha5 occurred from the booking ol future capital redevelopment final settlerllent payments. Trustees are content that future projected revenues and mitigations will retum this to a P051tive position. 2024 2023 Total Funds at 31 March Less Hfc Developrnent Asset Less HIC Development FF&E Assets Less Growth Deal 3 A55et5 Less Other Fixed Assets Less Restricted Project Grants Less Designated Funds Less HIC Development Fund Balance 8.177.805 (7.200,0001 11.440,6491 198,4971 132.9081 182.8171 1559.9261 10.010.S06 17.350.000) 11.594.488) 1147.7461 140.4181 157.5161 1595.0001 11.216,9921 225.338 THEHALLFORCORNWALL TRusfiLimitedbyGuarantÈelAnffiual RéporlandA¢¢Q￿IS-YealÈThtted 51MarCh2024 49 NO'rv.s 'ro TIIE TrIN,4NI CIAL STATEIIILNTS 20. Related partytransactions The group comprises Hall lor Cornwall Limited. Cornwall Theatre Productions Limited and Tickets Cornwall Limited which are wholly owned subsidiarie5 01 Hall lor Cornwall Trust. In 2016117 under a review of governance It Was agreed that the conflict ol interest register would be reviewed annually as part ol the audit and a declaration of intere5tS published as part of the Financial Statements. The Group ha5 taken advantage ol the exemption available to not d15close transactions and balance5 Wlth members of the same 10070 group in accordance with Section 33.IA ol FRS102 The Board ol Trustees are Ihe ultimate controlling Party ol the above companies. there is no single individual who 15 deemed a Person of Significant Control IPSCI. 21.Commitments Group and charity- operating leases Total commitments under non-cancellable operating leases are as follows.. 2024 2023 Land and bulldlngs Oth¢r Land and buildings Other Operating leases which expires". In the next year In the first to second year In the second to filth year 445 802 802 468 Totalcommltments 445 1224 In addition to the operating leases above. and at the balance Sheet date 31 March 2024, the Group and Charity had entered into contract5 lor future shows bearing gLJarantees of E25.200131 March 2023. E95.5001. 22. Events afterthe balance sheet date There are no post balance sheet events to note. THEHALLFORCORPIWALL TRusfiLimitedbyGuafanleelAnnual RÈportandAc¢wrts- Yearended 51Marth2024 50 NI)TIS TO TIIF FILN,4NL'I,4L ST,iTI,IILNTS 25. Prior year statement of financial activities Unrestrf¢ted Funds Designated Operations Restylcttd Funds Projects Long term capital project Year ended SIMar