Ri/(, HALL FOR CORNWALL THE HALL FOR CORNWALL TRUST ILimited by Guarantee) Trustees. Annual Report and Financial Statements For the year ended 31 March 2025 Ctxnyny ReglStr*iion Numbtf" 03101443 Ch•rfty He9lsir•iion Number 1053028 CONTENTS 03 Administrative and relerence infomwtion Chair's Report 05 Strategic Report Achievements and Performance 06 13 Financial Review 18 Financial Review 19 Trustees Annual Report Structure. Governance and management Objectives and Aciivities Public Benefit Statement 20 21 22 23 Statement of Trustees Responsibiliti 24 Independent auditors. report 28 Consolidated ststement of financial activities 29 Charity statement of financial activities Consotidated and charity balance sheets 31 Consolidated and charity st*ernent of cash flows 32 Notes to the financial statements 02 ADMINISTRATIVE AND REFERENCE INFORMATION N•me of Ch•rity: Company Re9iStYatlon Number Charlty Reglstration Number. Country olRegistr•tion: The Hall for Cornwall Trust 03101443 1053028 England and Wales Governlng Instrument: Constitution: Articles of Association Limited Company (Limited ty Guarantee) Principal Addre￿ of tho Charity. Hall for Cornwau Back Quay Truro TRI 2LL Reg1ster•d Address of the Charity and rts subsldiarles: Hall for Comwall Back Ouay Truro TRI 2LL W¢b Address ofthe Charlty. www hallforcornwall.co.uk Charlty Trustees= Lord John Hutton Alan Davey Auditor. Bishop Fleming Audit Limiied Chy Nyverow Newham Road Truro (Chair ol Trnstees,. Reggned 6 Septeml)er2025J Iwice Chair of Trustee5 from 13 December 2024. Interim Chair of Trustees from 75eptemberZ025) Vinesh Govender Kathryn Ludlow Oonna Munday Richard Williams Peter Cox Sarah Preece Laura Smith Pelroc Tre(awny IRe51gned 15 July 2024J TRI 2DP Solicitors: Stephens & Scown LLP Osprey HoLJSe Malpas Road Truro fRe&9ned SJune 2025) The above trustees ol 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 of the chanty and guarantee lo contribute El In the e￿￿[ of a winding UP. TRI IUT Burgess Salmon One Glass Wharf Bnstol BS2 OZX Executive ManagemenL' Julien Boast Julie Caplin-Grey Hp.len Tiplady Dawd Dodd CEO & Creafive Director Deputy CEO & Chief Operating & Finance Officer Depuly Cre3tive Director Marketsng & Cornmunications Di￿tOr Bankers- Barclays Bank PIC 20-21 Lemon Street Truro TRI 2N8 TMEMALLFQIICOANWALLIWSTILKTrt¢dtyf¥JJv•#ttlthwl A•9m•rt*￿<￿¥ffl- Y•wer•EdJlll•thZ025 03 CHAIR'S REPORT The year to 31 March 2025 produced what Is. by ary ol our industry's standards. an exceptional operational surplus. This is an outcome that has come Irorn a specific focus on commercially astute programming lor the year. which gives us a financial platform from which to develop and refine our Hfc blend of popular. curated and community events in the years ahead. Company-wide. In Whate￿ department cwr colleag￿S worked. we were galvan￿ by the lask of achiewn9 a surplus to elinwnaie any remaining defiots from OUT recent iede¥elopment. so thai could sprin9 forward wrth what Is esseniially a clean balance sheel. as we discuss in the linanc￿l statemenis here This unprecedenied success beloThJs io the whole or9anlsa1￿n In wticular I hi9hlfjhl the progfammers who broughi us shows V•YYtty of ihe Wesi End rtsell. our marketing leam who conlinued to leach new cusromers while buildir¥J on itro loyally and paSs￿n ol oui existing audience. our technical creé4. wtto managed It* requirements of visrting companies. olien wrth vefy demanding ttsrnaround limes from stK)w to thcw. with eypertyse and aplom& our cafe and bèr stalwarts and V￿lcome learn. WI￿ fose to the ￿CaSIon m ffrtjlriple sell-out auditofiums Artsy, as always In tfese opening reff￿rks. I musi say a ￿rtfelI.1hènk ycu lo our vitol cohort ol vc4unieers. the people who realty make our aUd￿nCe eXper￿e so vrnmi Without the volunteer teafft wr ￿ditoriuM *mply woJldn'l fU￿1Th7 While we focused on delivering a posrti¥e gJrplus ouicome. cmjr Gei CreaiNe learn spearheaded our Good Growth-lunded Communjty cultu￿ Club The Inrtiative ensured that C05t. or Indeed preConcept￿r￿ of'who. theat￿ Is'for. woJld not be a bainer io attendance Th15 funded scheme ended on 31 March 2025 bul InThed• trarsforms fftio Ixjr own Hfc Ticket Fund to build on the legacy of this funding In the next ￿ar. Ihank5 10 the succe55 ol these financ￿1 ￿ls. prryjramme contains a greater locus on signilicani e¥ents - withoui k¥sing ihe muycals. dramas. comedians. mus and talks that our aud*nces love We siarted ihe new financol yeaf. t￿y9h looking forward to those Pfoduciions Ihat will surely be talked of in years lo Matthew 8ourne ￿1￿ The Midnighr Bell and The Royal shakespea￿ Company launching Iheii tour ol Harnlet r￿h1 hefe In Comwall. ro highlight just two Innovatrye ano hTr9h-prof￿e parts ol 25-26 prograrnrne Such presitgic¥Js. Iile-enriching events are in DNA. piopelling us Inio ihe future. with the Coinwall Flayhouse as a vital facility al Ihe heart of our community Our Chair of T￿slee$ O*T ihe la￿ three Barcffl Hution of Fume55. siood durirmj September 2025 Lord Hution ioned Hfc as Into Ihe conclu90n ol capital project and we thank him lor his detJicaieO work In steering ihe charity thr(wh that Im￿rtant peri￿ In our hisiory and getting US onlo a sustainable fooling HIC ofien talks of its gnt an(5 gus¢o- nevei tss ih* been more ￿dent than the way ihe team. iogerher wlith our volunleers and trusiees. ha￿ come iogethef to deliver a ￿ar like no other I commeno iMr aCn￿eMentS wn£n Sr￿11 reao abtxrt n the next page5. with prKle and admiraiion Alan Davey CBE Inierim Chaii 04 STRATEGIC REPORT 05 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Funders HIC feceiNts revenue grant fundin9 Ircm Aris Counol England IACEI awarded from its 2023-26 Nat￿n41 Portlolio Organisarion INPOI progfarrme. This Ihree-year cycle ol funding has been announced. subject to applicaiion aPp￿al. as beirwj extended through 10 the en(J ol ihe 26-27 financial year Future NPO schedules afe to be contirmett We also receive grant lund5 Ifom Oyi local aulhoflty. Comwall c(￿ncil. as part of its Icxsi-year Culture And Creative Investmeni progfamme through 10 31 March 2026 Oui educaiion and oulreKtt vloik. under the Gel Creative banner. ieceives philanthropic and chaf1table gfants and donations alongside ACE arKI Cornwall Council lund5 lo deli¥er rtS Wofk Duing Ihe year 2024-25 work wa5 undeftaken svpForted by ihe Royal Shakespeare Company IRSCI and rhe Antarew Lloyd Webber foundaiFon. while ￿rsarY funds io enable young people ro partKipare in our dance Iheat groups. regar(Jless ol atsjlity 10 pay. were parlicularty provided by DHL Inlefnaiional We continue(I to deliver our Cwimunity Culture Club. principally lunded by governmeni ￿ling-up SPF luncjs Vla the Cornwall b 151es ol Scilly G¢x)d Gr(Mth Piogramrne. with match-fuThJng from our own CUSEomers' donarions to OL*f-Ticket Fund.. alongyde a specific Christmas appeal Other projects were supported by previous receipts ol funds Irom oui status a5 charity succe550r to the Kneehigh Theaire Company. a re51ncled lund thal help5 enable our wrth young people and emerging art15ts In dealing V4tyth the Iinal contfact selllernent lor Ouf Still recent capital projecl. cwr proyfamme lor the 2024-25 yeor leaned towards a more commerc5ally focused collectin to our programme Is me35uwed through adoption ol the Net Promoter Score INPSI System The ability ol our audsence5 to t)oth score and comrrent on Qui offer and the experEnce ol v151tJng u5. nor only enable5 US to continually irnPf¢M our management ol the Venue bul 15 0150 a pathway to feedback that helps shape the ambition and qualily ol ouf FWOgfarnff￿ NPS results provide a powerful tool wth whKh lo iesl a55umption5 on the range ol productK)n5 dNerse audiences are pa5510nate al)QLrt and empo￿¢1$ cnjr tjcket buyeTS to express that Pa590n directly 10 U5 As Such. NPS Scores are examine(I ￿teklY ac￿55 our tactical leam to li5len. develop and evaluate our work with eiiect audjence Input. Irorn whrch a curated balance ol high-qualrty perlormances acr055 the mulii-¢1sciplines pre5enied can arise Our Net Promoler Score enOeO the year at an Industry-envying high 891100 rate. up ffom 871100 In the pre¥Fous year When ¥ve ￿￿¢￿$$ on-going or in-yew thairtobte Oeliver¢e5. we recognt5e ana greatly value the lund¢ng Streams as described above and other. snkiller but no less apweciated. receipts of chariiy lurKling 06 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... We reflect I￿r• on a cross-sectlon ol our three packed 5hTh¥5 ￿ March mulll-faceted and captivatlng programme Our clasS￿al and cpera programme fof 24-25 of commercial. curnted and communlty-led continue(J lo Ce￿nI cherisf*d relaiionships wilh ihe productions. Bournemoulh Symphony Orchestra ano Welsh The weeklong musical Is an absolute siapie of the Natsonal Opera. whose New Yeai conceris are a Iirm Cornwall Playttou5e. arKI our programrning ih15 >Ear fixtu￿ in it* dtar*s ol opera buffs We were lyought us someJoyou& eye-catching aiKI deknghied fhaL for the BSO'S visrt In February 2025 auditOr￿M-1il1lng productions A ieimagined arn 18ournemouth Symphony Orchestra Nolthern Lighlsl. visually Impressive Jesus Chrisi 5uperstaff goi Our the orchestra %%ere Iniioduced on stage ty BBC Radio 3 musicals offer &Yay to a great start In May. wilh the and 8BC Prorr6 presentei - ano Hfc Trustee - Peirc alway5 populai nos1a1g￿ ol Gfease lollowng In July T￿la￿rry Deal Evan Hansen. wilh It5 Vrtal contemporaiy Our dance programme has become lan￿uS across the messaging bioughl us a Iw. Y￿n4 Jud￿nce. whde Industry - ana iThJeed contemporary dance Kinky 8oors. leatufing ihe hu9ely popular 'StrKIty' stw schedule Is greally expandett across ihe coming year In Johannes Radebe. and the cult classic Hairspray 24-25 Motionhouse bfought us Srarchiiecis which delivered laniastic ticket sales in our final quartet Oiher aitracted our gr(KJPS market and was very much Well-￿CeIve0 musicals inclucjefj Ihe mus￿31 lans enjoyed. and Jasmin Vardirnon s NOW receNed lavourite. Blood 8rothers. and the 19805 celebratw ol standing cNali¢)ns ar*J Inspired rn￿￿ posl-show Now Thar s What I Call A Musical U15CU55ion Our abAity to l)r4ry contemporary io Our other weeklong ￿arAe genfe LS drama Sv)ce Cornish audience5 ts a key part ol our on-stage and reopening we have discovered a real passK)n for Agatha V•rrkshop ambitjons But we also enioyed the Chrisiie s work among our auc1ler￿e. wrth ths ￿ar s continung poptslarity ol Strictly Come Dancing with Christte otfer. Murder On The Orient Express. piayirg to many of ihe Shows darters. cur￿nt and pasi. ws¢ting Strong numtjers An 01(KerAnd A Geniieman U5 agajn this year to ever pa5Stonate fans And Lord 01 occupied an Augusi slotwhich we ￿Uld have The Dance broughl US 5.861 vlsitors across six shows. previously designatett for rnamtenance work armj alw￿ a hugely PQPLslar p￿e of programming proved that a seasonal or holiday aud*nce can be Our toniemwrary must programme continues to be Irracted lo theatre In Cornwall From fxher dramas a Mr4 ol htgh-quality tritrwiellegacy acts. keeping alive presenied. The Life 01 Pi and 2 22 were particularly the rnugc ol ihose no longer wth US. or Ihose who no well-receivets an(1 W￿ (Jelighled to host fe5Prfted lorrfJer toui. and a growing range of original band5 and plays such as The History 8 pefformers delivering some stand-out moments that We continue to attract househdd name coMed￿n$. a will be taikeo atoul in years ￿ come Ever In demand. significant dfiver ol both new arKt wl-ol-counly h(ynage bands such as R(JmoLtrs OfFleerwood Mac. audiences. Wlth some. such as Jimmy Carr returnirmj the Ille9al Eagles. the UK Pink Royo Experjence. and regulaily to us Others vigtmg the Cornwall F4ayFM)use the ELO Experience coniinue io be audit011LJm-filling lor the fifst lime. afe suie lo become ierufning hot t￿ke1 stM)ws for itr(>se paSS￿nate at)otsr Ihe mu51C lavourites in the lulufe. such is both Ihe appetite f Ihey ve grthvn-up wrth and love The music ol The their work and the leedback received io HIC by the Carpeniers. Frank Sinatra. Whitney Housron. Elvis. The Dubliners and OlPiers sbll ra6e Ihe roof of the Cornwall performers themselves We weie delighte(I to welcome James AcasteT lor a foui-show residency In May and to layhouse Among OUT collection ol curreni bands. we were thnlled wrth Ihe audjo-vrsual least ol PublK have Dawn French ieiurn to US to compiere a run of dates unforlunaiely curtailed In the pfevKwJ5 year Al Service 8roadcasfing. a ouikly soitt-ovi and Mtsrray anLI returnee Sarah Mjllican each performed prestKJths sfow for us to have recewed here. which twice on our siage. whKh also had the likes ofJulon cweaieo a ¥i￿an1 a(in05pheie m ou¥ audilorium. as well Clary. Ru55ell Kane. Ed Gamble. Rhod Gilbeil. Rob as n￿9￿1￿5 boyband favouriies Blue. while Il s always Beckett an¢J Paddy McGuinness trea¢ing it5 boards a pleasure lo welcome back an eclectic mix of music Our comedy progfamme was brilliantly rounde(l-oll ty ihe likes ol Leo Sayer. IOCC. Jason Donovan, The anothet HIC firsl-limer. John 81s1￿p. whopned us fof Le¥tllers. Courtney ￿ne and Midge Ure. 07 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... We expanded our pfogramme ot In conversaiK)n" As always. the beating heart ol our ￿31 Is In iheioy of podcast and Iiieraiy shows. and this strand ol our offer producing ou¢ own Cornsyall PlayhoLtse Productions broughi new antt varied attendees. often creaiing an Christmas ShcN4 December 2025's Jack and the auditofium populaied wilh Ihose who might n 8eanstalh was enthusiastically received across our necessofily have been an HIC-going audwice sctr¥)ots lamity audiences This show buill 011 Ihe previously. wtto we can Inlorm eniertain. and also outstondrng success ol the priol yeèi s Production ol encourage to take a leap Into oui wider ollei In this Peter Pan ¥￿h memorable socval media moments part ol Ouf progfamrne. 8ully the Vampire Slayeff fan5 across the yeai I￿￿sing on the escapades of Jagga ihe weie raucovsly enIhUs￿S[￿ atx)ul the Irrvrnenl arKI C¥¢ngs loi the Banlf MoLin¢aJn Film Fesrival and the Ocean Film Fesfival afe always welcome. again brfftging aud￿nceS wt51de of oui usual theatre cohoits We ore always mindful that Ihe youngei members of our audience are tomorrow s pasgonaie theat￿gOerS The Iitllest visiloTS EO Cornwall Playhouse ￿ere enchanred ty shows such ès The fsger Who Came (o rea. The Very Hurjgry Caterpillar and 81uÉy 5 89 Play. while older children loveo Awlul AurFt We sla9ed 338 performances in 24-25. across 156 distinci Évenrs. only a selection of which we can Caplure in the aL>ove narrarives Individual booke15 reached 55.802. an increase ol IO% over the preYA)us year. ano up Irom 40.288 m 22-23. again (Jerronsiraiing the loyally of our èudlence As well as p￿sentIng commercial and signrf￿an[ shows. Hfc s mindful ol its need io be a cultural hub lor our local community Noi every local CUl￿ra1 grouping wll be susted to a venue of our and Cornwall Is %*ll-served wilh venues ai otfer Capacit￿5. but we ensure an allocats¢Jn of HIC stage tme io enaue local companies to and piesent at scale Among our comfflunrty hires we staged the Cornwall Internat￿nal Male Choral Fesfival and the Mevagissey Male Vtyce Choir. Saw conternporary dance Irom 4 Real Dance. Jason Thoma5. Savvy Stud105 arKI the Cornwall Dance School. welcomed Cornwall"s Women 5 Institure lor ihtTr annual Th*eting an celebiatecl 5t ￿lan.5 Day with the Og9ymen We hoste a Sc￿en Comwall Technical e4ern over two (Jay5. ￿t￿ Industry professionals and sCtK)olch￿￿Ien althe geiiing lo grips wilh cutling-edge technology and partnefe with OUT Iriends Black Voice5 Cornwall for a schools-locused Winorush CelebratK)n d 08 STRATEGIC AEPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... Get Creatlve Our Get Crearive educational aThJ outieach delivery leam continues io enrKh the INes ol our youlh theatre and dance parlicipants. [￿1 only pr(widing bu¢JdirwJ actors. dancer5 an¢Y technKian5 Wlth Pfacfical learning but building on their experience ol creating cuifure ancl tngéging with experienced ar115t5 arxj prac11tio￿￿s From ihese engagemenls. mulliple cweer palhwtys blossom an(J conlidence is bjlt Grateful 10 the rnany lunder5 who have facilitate¢ our work wth project giants and bursaries. a5 noteo 'funLle section. hele bve desciibe work undewtaken In the 24-25 year Our Senior YoJlh Dancers perforrred as pari of the national Uoance programtre al the T￿￿tre Royal Plymouth lo be selectef1 lor the naiional performance in July The 17 dancers had a day lull of Y￿rkshopS and Inspir￿9 lalk& however. and Ihough noi cIK)sen lo go through to the ne￿ rthnd. lelt too deflaled. as they took parl In cyjr own Earge-scale show on 2 August on the Cornwall Playhouse stage A grcwp from Hampshiie were selected io ￿present the SoultMfe5t. In paTtsculaT. *ere delighted 10 Oevise and host so we wished ihem"chons da. IgocAd luck In Kern￿lek) 'Corrmunrty Showcase. evenis wiihin venue. such as the shcmcase in July 2025 which saw a mixlure of All our Youth Theatre anij DarKe Cornpan drama. da￿e anL1 IT¥E musbc performed on our slage performed In our end of e(Yucaii¢)nal yeaf Sh¢)￿ We The performers were from groups we have either piesented new (horeograp￿"e5 arKJ thiee new F4ays supwrted. created Irom scratch or assisied wt acro55 the evening showcases T￿￿1 plays V￿re profesgonal artlsl Inpui to enable ihe coniritsutors. speckilly wntten foc the group by Susan Lay Theresa mèry ol w￿￿rn would never have imagined thernselve5 Pine adapted hef 37 Plays RSC piece. Dozmary Pool. Icy on stage. io experience ihe thrill ol the lights and our Senior Youth Theat￿. a poonani ènd funrry p￿ce entt#JsostK audiencts. t)oul a 13-year-old girl who accjoentsiily staris a Cornish rebellK•n when she linds Excaliburwhle bunking oll schc()I We're VK>rkTrng wirh Theresa io submit this crackef of a play to the NatK)nal Theat ConneciK)ns team. as Fxtys for largecasts ot children are niche ch?￿raPh1es thai V￿ v•U keep In rep all year Finally. Ycung Ccrfnpany presented their Chflstrnas cracker Noh-fwrty. an iiie*rent retelling ol the The Greale5t SW E¥Er Told. with new son95 afKI up-lo-daie pkes added 2024's fesrThe treat. Across len Hfc youlh iheaire and youth dance companies we re9LAarly worke(I wilh c. 250 y￿r￿j people Communlty Cullure Club We completed our Shareo Prosperity Fund ISPFI Co¢)d Growlh lunding cycle. which has enabled Otsthantaged. under rep￿%en1ed. and geogiaphically 1501ated people lo both eXper￿ce live theatre and partKipale In cultural gr￿p5 and events both hefe in the CofnvAII FqtytK)use and Ihrough Hfc-lacilitated prgects across C¢yn¥¥all. ably supfK)iled by Hfc 5 ne1v￿￿k ol cultural Industry freelan￿{S withoul whom such projects coula De iea115eo Schools and Schoots Parlnerships Follcming on Irom our success over the lasi three years ol our pariner5hTp schemes wrth schools. Includirsg ore specK41ist setting. we inviierj renewals and new a¢ditJons to this programme In Septembe¥ In the sctwl year slaii*ng September 2024. we have engageLI a lyoad gfOVP of 21 schools. from which 7.875 students In December. the end of term was celebrated wth performances ty all our yLlJth corroanies O￿T cffle bumpef weekencl. all Ouf youlh groups perfom)ed at Falmouth UnNersity's AMATA theatre and at Hfc - wilh In Ihe spring. broughi Tanglecl Feet'5 cntically Ihe Junior5 ttoing their own versmjn ofJackAnd The cclaimed louring SWI Belongin95 lo Cornish school Beansialk. Iniers perfornry a new piece calledA Very chiloren. perfofming ai Tfuro CathedfaL Helslon Zomthe Chri51rna5 and the Senu5 tacklingA chr￿t￿￿ Cofnrnunrty College. Surnfferc￿rt Academy and the Carol Youth Dance. All Boy5 Dance and all ttr dance group5 perlorrned wrth brand new 09 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... Bthops School in Nevffjuay The p*ce explored le lo unLlerstar*a dilferent routes In lo cafeers In Iherne5 01 glowing up In Ca￿ setiings. spoke to a wide the CrealNe IfKlustfies Th￿ can be Kcesse¢ thi￿9 aud￿nce and received glowing leedback from students sooal medw. online arHJ In print This con50ftium wolk nd teachers 563 children saw the 70-minute show. on talenl de¥eloFrnt 15 funded by Cornwall Council specifically designed io tour io school halls We'Ne a150 as part ol the CCIP and Is linked to our successful New lorged a greaieT link wth English Touring Opera and Artist Netw￿k ano W(Kk Experien￿ pwramme5. look Ihern up on iheir offer of school perfofmances ol The ￿al Stink (their children's opera RSC - Shakespeare Nation about Victorian $ev￿rage Issues) The p￿ce was a Shakespeare Nat￿n Is run natIon￿lJe and is wonderful Inlroduclion to opera lor 202 Y¢￿n9 people collaboration between the RSC and rts regional theoire parinefs Hall lor Cornwall has used the project to lorm We held anolbef Creaiech conleferKe ￿ttt kreen an adult communily acting company. and each year Cornwall. hostirvj o range ol dsgilal companies and will mount a lull-scale Shakespeafe pro(Juclion. kneekly artists By combinin9 schools. artls15. and the publK. ieheafsa15 begsn In Janualy and a one.off perlormance we explored crealmly. new iech anij lh￿kIng big atx)ul takes place In Apnl The group Is open io Individyals IL*lure careers and proiects Our paflnership bwth to perlofming. as viell a5 the more Sea￿fied Screen Cornwall s strong and Inspites new ways ol Shakespeare enthus4451& ano typically atrfacts about 25 telling stor*s arKI drtving tKJsiness grovrth In the a#Jrtal partEipants pei year Hall lor Cc¥nwall has employed a sector Over 200 young people attended Ihis yeat s tive team ol I￿elancers lor all produciions so lar. event. posrtwe feedback from teache inclLJding Aligier O'Loughlirt and Miranda Henderson of Prodigal UPG (Directors). Sam Colborne IAssisi3nl Dsrectoil. Marion Harnson Iseilcosiume Designeil and Guy Connelly (Sc￿n￿ Designer) In the 24-25 yeai. production began on the latest project - a devised p¢ece on one of Shakespeare s iragedies entitled Hamlet Hawk fr(>n a Handsaw (due lo te pefformed on 27 April 20251 In June. we hosteo ihe Windrush Cdebrotion ewent wrth 81ack Voices Cornwall. We had se¥En schools atiend moming Wofkshops from Bosvigo School. Tregolls Acadery. Si Marys Truro. Marlborough. Probus. Archbishop Ben50n and Portreath schools There was o carousel ol activbties. including"RavoJrs of the Caiibbean loxl workshop. theatrt workshops wth Bewnd Face. manga drav*ng arKt gospel singing We hao adtjitjonal schools arrive io watch the afternoon shayings. meaning we V￿rked with 1.017 young pe￿e through the The alterrwn performance fe*ured The Sleelefs (Award winnirq Steel Band Irom Newquayl. arvl a movin9 ano engagiThJ 5h(MT calle(I Farewell Jamaca - folltxiing one lamity's WirKlru5h journey Toddlerfime We conneci wrth Ihe future generations ol thea1￿g0erS through our Tuesday Toodler Tjme hour. where our Get Creative team engage the youngest of Our wsrtofs io Hall lor Cornwall wth a vibrani mix of storFes. music and crafts. these actrvities are designed for rhe two-to-six age grrwp. but It's not unusual to find Ihthr yC￿nger txott￿r5 and ststefs equaity as captivakd. In July. Hfc delivereo end of terrn shcms in a range ol school 5eltings. wrth an army ol ffeeiarKe praciitiorers Husa Artist Support Three whole School" show5 01 Shrek Jni. one Mablda Jnr. and bespoke p￿CeS ol whole sch￿1 engagemeni (a Specially adapted ol OlTher Jeffer s The Day the Cra￿)n5 Quit and Poftreath's Joumey to Spacel helped y5 Increase our targets of working ￿th alm05t 8.000 Y(￿￿9 people over the ￿aT The larnilies connected to the school communitfres are hugely 5upporuve of our school Inter¥enllon5 With 1015 of leedback aljout how brillianl It Is to h&fe HIC on 10 school comrnunrty settings Hall for Comwall and ils leadership a￿ rnindful ol the p¥oial pos11￿n the theatre and It5 eduCat￿nal outreach and iaieni developmenl programmes hold5 wrthin Ils local commLrnity Hfc exJSI5 at the centre of a relwofk ol freelance practi1￿nerS In drama and dance. cullural prtyiders. mid-career aSS￿late art15ts. an(J eniran15 Irito Ihe sector. whu depErKI on us lor Te9ulaf an*J predjclable workslrearn5. Strategic guid￿ce and quality networking opportunities A￿(1111(￿731Iy. Hall Icx Corriwau p￿￿deS an aulhorrtalive }￿lCe wr(hin the bioaoer culiuial sector lo encourage In Collaboral￿n wilh Screen Cwiv4all. Creatp* Kernchy an¢J ASONE we are d￿￿n9 re￿xI1Ces lor io SYRATEGIC BEPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... Inward Inve51rnenl In Ihe arts In CcKnwall and to lend Ils exlenstye experience and sectoi knowledge to other Iikeminded Ofganisaljons Thi￿9￿ our Husa programme. we delNerets creat￿￿ and cuilural activities engaging part¢ctpants throughoul sector this yEaF support These l.ls p￿e(l Invaluat4e foi many artists and helped demystily lun¢Ying 5y5tem and ollered on ihe 9￿￿n￿ support and advKe lof fulure development From a l¢)tal of E20.000 In funds. auocaied fTQrn oui K￿eeh￿h Chaflty Svccessor re5eive5. awarded bursanes ol between EI.000-E2.500 10 Wilhrn Ouf Husa activity (Junng 24-25 ￿nIllY the lollowing supporl and InlerveniKJn aCiMIy. Jennifer Retcher Ichoreogfapherl and Jame5 Stewait Ifilm mokerl Itom Lighlbox Films A bold experimeni nd research perioo exploring'movemenl lor camera. lechniques and ide3s. leadmg up lo a ie51 sM¢)oil proiotype dancers io be 1￿Me￿ at Sterts Our New ATtlst Network deli¥eied a ser￿5 01 se55K￿5 aimed ai eafly cafeer arlisis These have Included an afis lundirKJ $eM￿al V￿Eb Philip Butlerb￿rth Iforn ACE nd arlisi support surge1￿s wilh L￿S Taylor. Sally Knight. Impossible Producing and Ouf Depuly CreatE¥e Difectoi. Helen Tiplatsy We addeo a fwlly OÉveloFod rnodule called 'Head lo Page to Stage, as a dedtated day-long session lo encourage arlisis to gei theii ideas out ol their heads. onto paper In a format ihat can be shared others. to eventually hit ihe srage There were also 'tax lor the tefrif*d' and aU￿rt￿n piact15e se5510ns Scamp Niem2 . development and fesearch peri¢Jd lor DraglAcce59ts1ty & Puppary performance entitled 'When I m (Ad. I'll be n7y Nan. Scamp slaies this project IS tklsed on. 'a story of gender-queefness iold through conversati￿5 at()ui and with my Oeceased Grandma Jos*- raised as one ol Ihree sisters-one being her rrrf)tPier' Writers'Table Writers. Table is a mw¢thly ffeet-up lor V•orking arKI aspiring wriiers to gaiher lor coffee and a calch-up to djscuss wrifing projects. make new contacts. and reale an almosphere of mutual SUPPOfL h05ted n the Hfc Fyayhojse Bar 28 The￿￿ Company. lead artist Belinda Lazenby An RFJD to (ieNtk)p a ne4•4 CornEsh muS￿al Iheaire p*ce Incorporaiing Ccrfnish $7Tyih b legenos. tjrawing ¢)n evidence-L)aseO iesearch and the universal iheme ot ieflerr¢)tKJn Seen He•0 Theatre - Lead afttsts Karen Pil￿. Sarah Lwnsky aThJ Abbott - A TheatrelDancelMusic prqect io ￿￿elOp work wrth people in Cornwall who.ve expeiterKed homelessness Working c0-creat￿Y with Part￿1panIS lo urilock the extraordinary slofie5 01 Old￿ary people In parlneiship vlrth St Petr￿5 Charity Creallon Space The Creation Space project ¢iwards vital 5ee¢ lundmg lor prolessK)nal artjsts and companies baseo in Cornwall to feseaich ano develop ioeas and practKes. and ignite projects at fledgling 51age In JanLAary 2025 we awarded nine bur5aiies. from an inrtk4137 applicaiions. io develop Ideas. new skillset5. gei projects on their leei and suppoii arlists to live and make thwr work In Corrjwall Alonggde the linancwl bursar￿. artisisareawarded up ro fNedtysol rehearsal lime In one ot the Get CteatNe Spaces. aTra two-lttree hours ol specific mentoring. where needed. to develop their project potenlkil this could be creattve mentoring in ihe reheaisal room. Pfoject dewelopmenL developing parlrwships ￿ marketing Sup(￿rI from ihe Get Creaiive ieam Off ihe Wall Aerol Dance Circus - Lead aitls15 Grace Sell¥vood and Charfolte Luke This R&D 15 for o now er￿1 darKe show based Cofnish surf ctsllure in partnership with Nat￿Inal Maritime Museum Cofnwall. The cornpary wanl to eXpl￿e how to use their aerial and harness based dance 5ki11s In fixed line an¢J bungee lo make lamity-friendiy. interactwe. acce55ible work N￿1 ArtrS1 NetV￿rk bursanes - for those within Ihe fiist S yeats of t1￿1 career as a practiyng arti5tlcompany. Unsuccessful applicants were Invired foi a I I feedback session io talk atQut how ￿ Strengthen and develoo subsequent apF4ications. and lor artist de￿lOpment Talo Seaty - early ca￿e1 dance artlsl and producer . Crealion Space has offered Talk? Oedicated time to explore arnl iesearch Ihe rile ol a producer an*J 5TAATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... develop her skillsei and proOucirKJ 'toolbox" dancers140 01 them ￿ all. from seven schools acvJ5S Corrmialll lo make ihe closing piece the Do Your Thrrvj Plaiform Grace used her Jnclu51ve st￿e Iu51ng BSL spoken v4(Yd and ptyycal contemporary dance iechnique Cairin Walker-Booth - an emergiry actor and wyrter This project eniitled'Fruit & Veg Is fccussed on Ihe developmeni of a scripr and RE*0 of a show ihemed on the exper￿rKe5 ol young V¥omen ¥4Drking In Cornwall In Co¥id We SUPPOfi Justin Wiggan io exwrt and tour h15 work Internat￿nallY His new Project Iniernal Garden ollers haptic l>ack massages Irom music generaleo by planls ArK)thef A5soci*e Art15t Alumni, Pfodigal UPG. opened new Coalion Vlorks spKe In Par In May 2025 During consiructw. our Building & Technical Diieclo¥ ollered menloring a5 a LwIldfft￿ expeft ol r￿alIve companies going thfoL4h new twilds. SUPPOfting Iheii dealings wrth quantity wrw>rs arKI conlfactors Other Enygefflent Aclivlties As parl of CFVIC and cultural community suppo¥t prograrnmes V￿ a150 5UPPOrted Re-Engage Donce 4 Paikinson s groups to corne and see shows at the theatre Through the Communily Club scheme. t gNtn these two lifeline gioups Iree tKkets so they can See shryws and have nights lor rnatineesl out tryjethei Thi5 t￿lp$ people connect and find IT￿n￿5 Re-Engage also Siarled a regular yoga groJp in the building tr)0 This will move into our plans lor our 'Lor*tyArts aub" projeci In April. HIC and FaIlr￿th Universty co-hosieo a Comr￿nitY dance p￿tforM with 106 dancers performing from all areas ol Cornwall to a sold-oul uOEnce of 250 The shO￿aSe èt AMATA Included Iraortional Cornish dancers. piofessional dancers esentsng new W￿rk. ovln HIC youlh dance comparty. iccal Uance 5choots and dance films The ning was a huge Success and something well endeavour 10 co-hosi again laier ihs year as a talent d￿elOpment pipelne plafform Roisin McCay-Hines - emerging difectoi and writer - Ihe RbD ol a pl4ry ab¢x¢t Greai Lego Spll called "Adrilt" with locused time In the studio wth key collaboiatofs Hannah Jacobs - dance ailisl Th￿ CreatKJn Space is loi the development ol a dance ihealre p￿ce called Through the Green and by Ihe Blue uses IOUfney5 on public iransForl In Cornwall as a startirrfj point Associate Artlsts Support for Associale Artisls takes many fom% from menroring and gutrttance on sirategic steps ioward5 sustainable lunding rnodets. such as Arts CovrK England NPO applicarK)ns. io tKkettng actNI￿e5 an¢J technical assistance In Redruth. lttis Included suprorting RIFTIThe Laoder with iheir internat￿nal lestival launch In September and Assocole Arlisl Alumni 0-Re9￿n with Iheif sh¢Jw White Horse at the Redruih Regal o-Regbon s outieach programme From The Horses Mouth. Inspirea January SCI￿0￿ showcase. a rwo-¢ay e￿nE based oi Ihe new wrrting proouced ihrojgh the piqect sh￿asIng siories fiom the locality New wrrters h been sugported. and dwectois ha¥e helped io shape the pieces Grace Murooch choreographed cwr Advanced Dancer5 annual Schw15 SFK)wcose p￿e In Ihe spring li was a gorgeous (ho￿09raPhY that wshed the MonrNy dar￿e masterdasses have ddiltred sessions wrth Gecko Theatre s core collal)oratoi. Kal* Lu5by. and Indian choretsjrapher. lshrta Raina. (both ol whom have receniiy moved ro Cornw311l Weve olso Introduced monthly w)rkshops loi actor5 Wlth a voice and *iccent hub led ty Gemma Wnghl. who 15 a vocal coach for the R5C ano guesi lecturef ai Falmouth UnIve￿ty 12 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... Our monthly Scratch Night prograrnme. m partnership Communlty b Buslne with Other Corntsh venues. helps artbsis see when ar#J In Decembef. ￿ once aga*n drove the production ol where Iheii work WC￿1￿ t)est srt and build audiences Truro'5 Festrve Fr¢day ChI￿lmOS Lights Swrtch On who want ￿ supJy)rl new wh)rk. comment on it arKI be commuTrty ￿nI. er*abling Hfc Youth DancefS and a pari ol the Cultu￿ of developing work at an early stage host of olher talented local arir5t5 to pewform on TY¢e pariner venues are AMATA Falmouth Unw9ty. iemForary stsge on Boscawen Sireet by our Ifoni Carn ro Cove. Into Bojmin. IMPossi￿e Prcrfjuong ar#J ooors. oelore ine cas¢ ol Jack Ana rne Beansraik rJr( Miracle Theatre Ihe big re(J button to plunge Ihe city cenire Into a sea of shimmefing le51i¥e lohts to Ihe deiighi of more than 40.000 visitors Th15 el￿ni sees collaboration between Truro Cily Council Tiuro 8usiness Impr¢)vernent District1810I and HIC as we ¥K)rk togethei lo develop Trufos destsnabon staius We en919ed with 400 artistslprxtltioners •cross the r•ng• ol de1c￿b•d •ctl¥ltles. Husa Woikspac¢ Our Innovairve Husa Vlorkspace offer comprffjes 'boxe(J" ollKe space and rnore a(J-hoc open pian working. enabling small and dÉwelopiry cultural sector-relatetj organisations to I)e￿Ill fr(Nn within rhe ihearre and having access io further spaces within oui byikling a5 well a5 our sector knowledge and OUT quality networking opp)riunitie5 During the year 24-25 office spaces were variously occupiea by 81ack VoKes Cornwall and Comwall Pride. alongs￿e Wildwor1¢5 Theatre. TECwomen CIC. Always On Mobile and XGX Al Ltd Ad-hoc desk space benefited colleague5 In the creative sectoi Including. Ih05e working In associated project management and fundraising d15ciplJnes Heritage Backstage lour5 continue to te a poputsr request for members an(J oiher HIC groups lo bcok on to lirKI out more about our history & herrtage This ￿Or. ¥￿ ve expanded this to incluoe some school groups t¢x) - showcasing ihe variousiob roles wiihm the IF￿atre * the same lime as provitting some behints-lfr*-scenes Insights and highlighting the fascinat￿g history of our Grade Il. Iisied l)tsilding Our #Mondaymemory sefies Ccnlinues on crtw socol rnedia channe15 too Each ￿￿k we Share a photograph from years gone by and Invite oui lollowef5 to explore Our dytal heritage collect￿• - which 5howcase5 the breadth an<1 ttepth of ihe stones and histories a5￿)c1aleI within the wa115 Ot Crty Hall 13 STAATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE CONTINUED... Access and En9•g•ffleTrl As an Of9anisation. our aim is lo continue to push to Improve access io Ouf all èuoiences and are open io making things belter We're M)rkin9 wilh groups across Cc*nwall lo efi5u￿ our offer constsniiy Improves and develops. and gwtng our valued ￿lunteer cohort training opportunities to locus their work with us in this area and Indeed. many are particularly Passionate about this elemeni ol itteir ide with ￿S allow them ￿ attend a performance To ensure Ihis Is a possibility. ale pleased to ollei a Iiee ticket lor an es5enth71 companion whenevef required In this yeai. have Oeveloped and launcheo a v*b-booking 00ff￿ lof wheelchair spaces. Many ol S￿>W5 feature accessjble peiformance5 Inclu(Jing BSL Inlerpreled IBSkn"l. Auoto Descript￿n. Capiione£l. and Relaxe(J performances. as well a5 TcAJch TOU￿ takin9 (￿Jr visually impaired cuslomefs UP Dvfing the yeaf. we created a b￿rkIng group of team close an¢J peryJonal ￿fj1h the set Durmg Signed rnembers ffom all of Hfc's departments. viho regularly performances. a 8SLi signei s srtuaied lo one side of rneet to explore fresh Idea5. latest ihinkjng and best Ihe siage and 51gns tre entire script lor the benelrt of practice across access and engagemeni. io ensure ihat our aUd￿nCeS We've also used capiionin9 with screen5 n elhos ol continual Impfovemeni ano awareness In shwng the dialogue ol the peilormance for pairons this viial area ol Ouf vdcoff* tytyides ir* very l)esi lo rea¢J Ihe ¥￿10$ alongside ihe show Induclion l¢)ops experience foi all ol our au￿￿￿e$ are provided at Ihe Playhouse 8af & Gfeenrwm Working Wlth the Social Piescribirwj Network and other Cafe couniers and al Stage 0￿1 The audiiorium has arts antt wellbeing specialr5t& we are pleased to ollei asslsled li5tenin9 (lewces and uliltses the Sennheiser specific trips. classes and CfealNe iniervenrions io Mobleconreth phone app to connect to our sound largeled groups io Improve health and %Yell-bearrfJ We rday Sysiem Use evtdence-base(J 'fNe ways to ￿elIbe1r￿j to gJPPOrt V￿￿allY Impawed cu51omers use a headsei to lisien people alter a diagnosis and fhose w￿h p￿-exISt1n9 to a lull dexription of what IS happening on stage. Conditrons fhrough Inclus¥¥e and accesgbje afls what costlrmes ar¥J set looks like. etc This f1esciiption engagement opportunrties Our Crea1￿ v￿1beIng r5 deltvered INe 1hrc￿gh0UI the show by our Audio Interveniions offer the space to connect wrth oihers. be Desclibers Addrt￿rt31Iy. Visually Impaired CU￿orne*S pliysically active. d￿e{oP new skjlls and knchvledge can Inieraci ￿￿1h Ihe costumes. sets and props I￿rn and be oresenl In the moment. io increase physial the show prior lo Audio Described performance and mental healih and wellbeing Aclivilies Include to allow them to have a greater unOerstanOing ol what breathing fechniques for Singing thai can help wth Is ￿ stage slhma. lung conditon5 and mental healih. seated dance-base(l exercise loi mobility and strenglh. through to a g(￿ d05e of laughter and a great night out lo help reel more Wsifrve aboul Ille The 9x01 Prescribing Network recognise that theatie really IS a 900d medicine and we have a role In sUPPOrting indiwduals needs We also host t*Jlh a beswke DarKe 4 Parkinson5 cla55. led by Di Sophio Hulbeft and Innef Ground Oance Company. and Re-engage workshops for older. Isolated. members of our comrwnity. led by Jenny Cleveriey and Wenoy Wynne We have one ol the few Space To Change fa01￿e5 in Cornwall. enabling the pefsonal needs Ofchil(j￿rt and adults who need changing ano Iifh"r¥J lacdit￿5 when away Irorn home The rcom enccYnpa55es a wheelchair-accesgble iTrler ￿th an adutt-9zed changing bench and hoist We olfer 13 designated wheelcha¥ spaces across the auditorium olleiing a much wider C1￿1ce. wilh two ol tht)5e available In Ihe circle We understancl Ihai some of Our Cysiomeis iequye as*stsnce io Our'iae comers. screens and. for parbojiai shows. our break-wl space. wth comfy bean bags. provioe an QPFoiltsnrty loi audEnce members who mi9hl be o*rwhelmed at ary Font dtsring a show lo waich from a sale erniironrnent Familafisaiion visits In advance ol shows for th¢)se daunted by attending thealfe are w*lcorreO Ear Oefender5. alongssoe stie55 balls, IKlget 11￿CeS and Ot￿r sensory aK15 are availatde. We conlinue to train stafl as Mentsl Health First Aider5 champon mentsl Trhell-being and we are rninolul of any pro9rammfftg thai ￿ults bendil from the supporlThe atiendance of ih05e addilionally irained team members Our Nolunieer cohort. approaching 300 stron9. ￿preSentS marty afeo5 01 oui community. enabling us to engage meaningfully with the dwerse c(xJniy Serve 14 STRATEGIC REPORT FINANCIAL REVIEW The work ol the charlty h underplnnod by tlcket uies. lundralslng. membershlps and sponsorshlp. wlth addttlonal Income generated from comfflerclal actlvltles ol Hfc's subsldlary, whkh operates bars. caterin9 and room hlre In our bulldln9 and undertakes tlcket selling lor thlrd-party venues and producers. Generally, the charlty ralses over 93% of its annual incorne in thi5 way. with less than 7% provlded by core grant funding. The capital iedevel¢Jpmenr asset. taken mto use durffj d￿e￿￿￿t and edUCat￿al programmes the year 2021-22 had rK> luilher cosis v4ritten-off against It In Ihe 2024-25 yeaf and the final costs The chafity benefited liom a gilt aid donation of been conlfacted a5 forecast * £19 SM Further legal £211.89012024 ES9.8401 cepreseniing the total net and profesgonal lees IRIBA 5tsge 61 during the year profit ol ils subsidtary company Hall IOT Cornwall have been wilten-oll ar 31 March 2025." these costs Limiieo ior the financial year The gilled proliis of will continue ihiough the 2025-26 yEar as firnshmg and the trading subsKlwry company have arisen Irom the snagging works are c¢wnpirfe¢J revenues of our bais ano calé, corporate sponsorships, Ihwo-party tKketing sellirwj. and Ihe Provision ol HIC s yeaf ol aclNily fiom l April 2024 to 31 March consullancy menlorjng work undeitaken for other 2025 has resulted in an unrestricleo operaiional sufpius cultural sectcK organ15a1￿n5 of E701.83112023-24 1636.515 surplus1. while transfews were made to designated funds of £50.000 Wrth funcls Totsl net assets (total assets. less current14ibilities) and ol El.724.995 being brought forward from 2023-24. chanty luncls of £8.464.853 are rewr￿￿ as ot 31 March Ehis leaves £2.397.107 In unrestricied funds ro be 2025 (2023-24. E8.177.8041 Cash at banl In hand. carried forward into 2025-26 an¢J on ¢Jeposrt as current a55et Investments of the grwp torals E6.765.59112023-24 £5.437.7371 AddIbcNial￿ at 31 March 2025 £170,000 V4¢5 held as fixed asset lrTrrt￿trnentsl2O23-24 NIL). There has ￿en a nel decrease m reslricleo funds over the year of £385.064 on the E6.452.810 balance brought foiwar¢Y from 2023-24 and £6.067.745 wrtl be carried forward This repiesenis ihe movement Investment performance against objectives on ¢he ¥esificied funds and largely iepresents Cash balonces. continuing to Increase svjnificantly deprecolion on ihe capital redeveloprrent asset Total during the year from defer￿d I￿ket receipis. fund balances ol E8.464.853 (2023-24_ £8.177.8051 will deli¥ere(J mtere5t earning5 of £185.462 12023-24 theiefore be carried forwartt to the nexi financwl year 1119.5721 In a gradL¢al downwaro intefesi raie The charity receiveot £383.206 Irom rts ACE NPO erwironment Inteiest receNables En ihe year revenue granl. alongside £124.750 Irom Cofnwall commerring l April 2024 derive Irom the holdrng ol Council The fcund ol NPO lundirwj commenced deferred incorr* and reserves through an invesimeni In 2022-23 represented a Stand still. aNard. whtle the mix ol pnncipal bank savings and Treasury Reserve vo Cornwall Cotsncil gfant dropped from E166.716 m rts Quf commerc￿1 bankeis. Barclays PLC. ancl funds pievious lour-year cycle aggregated acros5 rnultiple banks via ihe Flagstone IrNestment Managerneni platform Safe and Prudent A public d¢Jnatwi of E12.500 was rnwje to kKk5tart depogting ol funds is ai the lorelroni ol Inveslrneni Hfc 5 Ticket Fund Scheme lof the 2025-26 year. beirKJ a OeogorG single donation and It5 aS5(KwteO Gift Aid. Corpofate sponsorship was reCOgn￿ed in ihe sum or £17.500. being chr￿lMoS Show spor6ofShip Ir(yn Ntmp Airport and other corporate mernber5hip5. vthile the Hfc membership scheme generatert E226.319 from 4.904 Indiwdual membefships dUf￿g Ihe year Total giants ol E13.800 Ireslricledl h4we been feceNed from lunding Ofganisations io supporl Hfc's arts Taxation A5 a registered charity. The Trusi Is eiempi Ifom orpjrathon tax on lis *n¥estmenis and other non-tradiry incorr Reserves P•licy The Tfusi reco9nLses Resiricled and Unre5tfiCted resei¥es W¢lhin each categoly. It lurther recognises 5ub-dNis￿n ol those reserves to ensure transparency of 15 STRATEGIC HEPORT FINANCIAL REVIEW CONTINUED... its lun(Js according lo the terms ol any restr￿t￿nS and to ensure adequale reserves lof specific Pufposes Reserves and calls againsl Ihem. are I￿nI101ed al each ol the Trust s meebngs The Trust 5 financial staren￿ntS include Ihe foliwng categor￿5.. Unreslricted reserves Designaied reserves. allocate*J by Trustees Irom free feserves lor intende¢J wrposes. • General Purpose funds. accumulated surplus for general purposes Resincied reserves Projects. lunding for specifc Ploiecis OelThere(I with the supwrt of lunde15 Unresltkted Tre iiust approaches ihe budding ol unre51ricted reserves from an eye of prudency and a view to how such lunds wll wstain the organisation In future yeais and conlribute dessgnated funds set aside to a5S151 In the athi￿n9 of (￿r chofltable purpose The Trust retains a desi9naied Operational Reserve lo ensure ihat In ihe eveni of cloyjre. lunds a￿ available io brng an orderly dose to the charity This lund stood ai £400.000 ai 31 March 2024 and at 31 March 2025 Addiiwlty. we hold a de51gnated fund lor lulure rna￿tenanCe sinking lund iequirement5 and our fredium-ierm plans include Incremenial Increases in this lund io luture-prool oui iedÈ*elopment This fund had charges made io il In 2024-25 ol NIL123-24 E18.4141 and. with no transler5 In during the year. on 31 March 2025 sto(xl ai £86.586 Long-term lunded project li e tjuildng Improvements and other work of a ca￿tal nalure re51ricled captal assel purcha5e5) (￿r Ileggr￿ted mach fund reser￿ 15 tle51gned lo assist Us In bnnging future funds to the table. and held £50.Ot)O at 31 March 2024 T￿"5 lund had charges made to rt In 2024-25 01 £29.719 to rrwtch-lund our Communrty Culture Club Go(xl Growth fuTrJing. and stands ai £20.281 on 31 March 2025 Restricted lund5 Funds held in these ￿serveS fftclude Ihe Capital Redevelopmeni Fund. rep￿sentIng funding generated lor Ihe redevelopmeni project and following the valuatton exercise undertaken In the 2021-22 year lor accoL&nting purpose5 A designated G• Creative lund ol E3.339 at 31 March 2024. held for ouireach and e(Jucabonal work has had a lurthef E30.000 desTrgnaied in Ehe 2024-25 year The luno on 31 March 2025 stood ai £33.339 Other funds In Ihls reser￿ Ir£lude affh)unts ol lu￿1 lor HIC s prograryne ol aciMl*S. whKh is granted with restriCt￿S from funders A new Sustainabilrty fund was createo In the year, with transfer In ai 31 March 2025 of £20.000 ro be Ueployed In fulure years io suppori en1¥r￿Menta ¥eslience N￿e$ 17 18 01 rhe linancFal statements provides an analyss ol the movemeni on feserves. 16 STHATEGIC REPORT FINANCIAL REVIEW CONTINUED... Pl•ns lor Future Porlods As we enier the 2025-26 financo1)*ar. we lake confidence in our stage prograrnme thr¢xJgh the ¢isparate show5 that are already ￿ sale and generating delerred Income fevenue upon bvhich ¢JJr investment returns are geneialed A lull suite of trtockbusters n# quality work. alongyde kncwn favountes an¢ new visrting companTres shows industry confidence In iravelling this lar wesl. ano see no lessening ol the paSs￿n ol Corn15h aUd￿nCeS foi b¥e culiural enteriatnment We will continue io deggnat free reserves to our Sinking Fund. ensuring thal mainlenance issues which arise In the future can be addfessed In a timely manner while Siill setting aside ltsnos Ihal will luture proof our beloved burtding for the next generations ol IheatregoefS The complexities and challenges of rnaintaining ono continuously Improving a Grade Il. bJil¢Jing 15 not unoerestimated onrt the E1esignating ol funds to ih15 15 a necessity as Is locating tunds to the Su5tainabiliiy Designated Reserve creaied In the 24-25 As we Sdile cwr remaining capilal costs. our stage programme reboiances the emphasis baween commefcial and curated events This o most notalAe In our 25-26 year programme when we will proudly receive and open ihe Royal Shakespeare Company s new iouring production of Harnlel Ihe presentin9 01 which will follow a week ol technical pro¢JuctK>n and mouniing work by the RSC here In the Cornwall Playhouse Bul It Is also refiecteof. for example. during June 2025 wth the mounring of Matthew Bourne 5 ambitlOU5 The Midnwht Bell anrj Ihrough Ockham 5 Razor s groundb￿a￿ln9 OfCUS aLlaplion of Tess dihe D'ubef villes Following cm Irom our SPF-funded CommLtnily Club. our HIC Ticket Fund. supported by J mix ol donated and chan(able funds laU￿￿ett on l ApTIl 2025 by bfryir4J audience members who might otherwise not have been able lo experFence and enjoy theatre to Ihe Ockham s Razor prOduci￿n ol Te55 This new Iteration ol oui access io theaiTe iickels scheme was generou51y kickstarte(J by a particular and generou5 SUPPOfter dOnat￿n foi which fft are very grèteful We v4111 extend beyonL1 our Cornwall Pityl￿use PioductDns Chvistmas Show in terms of CTeatiry ovr own work by esiablr5h1￿ a commissioning fund that can boih undeipin our own ambttsons ic produce more in-house bui enable us to partner witb Oiher companies to suppoyi ihe creation ol touring work In drama and dance Our bi-monrhiy progTarnme feloreca5ting sessbons. a v(¢al cog In our budgeting and latesr thinking torecasis processes will be augmenied with conceptual future-gazing. programming sessK)ns ihat lake us beyond tbe already l(nown ancl scheduled shows and In51ea¢ look out Inlo Ihe medium term to continually reinveni who wanl to be ants what we aspire io pre5eni Alongside these curaleo and $4gniftcani protlucttons. the prograrnme Irom l April 2025 holds lorthcomiThJ renowned weeklong pro¢Juct￿n5 Including the like5 of Chicago. Only Fools & Horses and Six - The Mugcal scheduled alongside such title5 as The Rocky Horr(x Show. Death on the Nile. The Shawshank Redemption and Mid50mmer Murders One-night appearance& be it reiro-lribute herrtage rnu%c. daswcal. Oance. original bands. corned¥ans. and conversalions. ote producing high audEnce numbers and excepttonal raies ol revisits from our custorners Th15 success generates surplvse5 lor HIC to retjuild free re5erve5 follo￿ng 5eltlement of ihe capitsl redevelopment main contiac￿r lee while casltng our eye ai future Invesirnents and prudeni designated reserves generaoon 17 sfRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES The charlty malntalm a Rlsk Reg15ter that Is revlewed by the Audft. Rlsl¢ & Flnance Commotlee and Includ•d as an agenda Item for each Board ol Tvustees m•etlng. Rlsks ol not achlevlng flnanclal budgets are hlghlighted to Trustee5 4$ p•rt of budg•t settln9. The charity budgers lor lulu￿ years. IrKomes and expenditures are based on prudeni and detailed forecasts and appro*d ty the Board of TTUStees wilh any significant risks h*ghlighted In the 2025-26 bLtOget setiing. rhe following parTiaJlar r15k5 ¥4Ere i(Jentifie(J • Rsk that Inteiest ra￿ fall in the period l Aprrt 2025 10 31 Mafch 2026. leading io loNei mtefest re¥enue on our cash balances than budgthed Risk thai the programme of stage activities wrth Ils assoc￿le￿ ticket Income deal relen1￿n and ancillary lood and beverage sales ¢Joes not matefialfje io tl level budgeted All ￿nUeS ab{Y￿ 100 capacrty wll be Impacled by the legislaiive Imthemental￿n ol'maiiyn's Law. tThe Terrofjsm (Protection ol Premisesl Billl which wrll mandate that venues Implement specific salely protocds Thi$ bill a(h￿Ve0 Royal Asseni on 3 Aprd 2025. with an Impiementalh)n period 0124 months befeye coming Into force Ttte fmancial Impact ol the act 5 requirements are not yei fully assimilaled by Ifecled venues and we have noi attempted to pre-empl Ihe5e reqthfemefils In our l>Jdgeiing and lorecasting We continue lo be aware ol Ihe pie5sures on local and central governmeni lunOin9 01 cultural or9￿55at¢on& ￿th profile reductions and cancell*1¢￿5 of local c¢Jyncil s commitrnenis lo culture grant5 being well-wblic15ed acro55 England Our contbnving funLling5 from Arts Council Englan and Cornwall Council 05 part ol both organisations, fou(-￿ar lurKI￿9 cycle5 are r￿le￿ In this context In portcular. Arts C¢wnol England have declaied a pause to thsi next Iwr-year cycle. Inviting NPO organisations to 5ubrrwt an addIt￿naL one-yeaf loll(M-on bid lor 2026-27. wrth the Foienisal ol a further one-year extensi￿ of ihe current NPO cycle Into 2027-28 Risk that our Christmas Show Ooes not achieve the levels ol sales eXper￿nCe¢ lor our most feceni produclion. Of that costs Fncrease bwrmj tl bud9eted expendrture eslimates The 5piead ol rEsk across the work that present means that no one visrtin9 production can make or break a finonctal yfar or leave the Ihealre al linanc*l r15k Guarantees lor shtrtrws. where agreed. are determined by wr experienced Seniof Leadership Team. le(t by Our CEO & Creative DITecior. and. al highesi levels. approved by induslry experts among our trustees We take the risk of105s ol funds or operating abililies Ihrough cyber threats with the utrnOSl ser￿sneSS arKI this 15 maintained as a 'RED' risk on our Risk Reg15te¥ In Ihe year 2025-26 we wll conduct lurttrEr digiial Security and vli-fi wrvey and achthe Cybei Essentials accreditation Our eryiwes are enfolled on cyber training and phishing awarenes5 courses ar*J cyber 5ecurily 15 a regular lopic ol awarene55 (Jiscu5510n5 at slalf tra5ning and meetings The TTU5t"5 Heolth and safety potscy wa5 updated f the venLte reopening. In cO￿Ul10t￿￿ v￿th 5pecw115t5 R8 Health & Safety Solutions Ltd. ano r6ks In Heaiih and Safety are a sianding rtem on our Trustee board meeting agendas where the subject is rewewed In detail Iniernal Health and Safely ￿￿elIngs are held with cross-departmental attendees on a ￿gUlar bays CIt￿ng ol Ihe capital Tedevelopmeni project ano the subsequent negotiation5 Wlth the main contractor orouno the final contract surn have been assessed by the trv5tees as part ol the going concern ons¢deratK)n Thou9h the ￿CognIS¥ng ol lutufe Settlement paymenis as a 143bilrty in the 2023.24 acc￿nI causea c￿1 free reserves fund balance io become a negarNe value. Ihe ifusiees have viewecl the cash flcfvw lorecasi ol ihe seiiiement. the curreni and next yeaT Surpluses deliverefy and projected. and other rea%)nable linancwl mrtigotions Including Ihe ￿a}Iable rew)iwng loèn and hève assessed Ihai the chafity has the abilily to seiile contractor siage payment5 as they tall Oue withoul recourse to further InarKial support The negalive free reserves bala￿e ai 31 fvtsrch 2024 01 £1.216.992 eased to a negaiNe £728.655 ai 31 March 2025 and ihis Is further discusse(I In Note 19 18 TRUSTEES ANNUAL REPORT The trustees present thelr annu•l report and audlted cons0lid•ted statements. to be read atongslde the Strateglc Repo￿ for the year ended 31 March 2025 whkh •re prepared to meet statutory reportlng •nd disclosure qulrements. The Financial Statements comply with the Charities Act 2011. the Companie5 Act 2006. the Artrles of Association. and Reporting by Charities Statement of Recommended Practice applicable to charities preparing Financial Statements in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS1021 effective date l January 2019 19 TRUSTEES ANNUAL REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•rnlng Do¢um•nt T￿* chanty's wholty owned suby'drdry. Cornwall The Hall lof Cornwall Trusi IHICI Is a chariiable Ttreatre Productions Lmite(J. esiablished lo accouni lor cornpary limited by guaranlee. fftcorporated In 1995 Ihe rye-produclion cosls of Its In-house Christmas The charirabie company s Arlicles ol Association Sfthv Cornwall Theai¥e Productions Ltd was dissolved 15 the piimary governing document. th￿ wa5 last on 18 March 2025 The directors al the time of amended In August 2017 dissolutbjn were Julyen Boast arKI Donna Munday. Appointments and lernis ololllce lof Board members Tf* charity has a further wholly owned subsidiary. The 8oard may consist of up 10 12 Direclois ￿th Tickets Corrwall Limited lprew0u￿Y named Box Ollice currently a chair and appointed liom within the board in Cornwall Limited). Cbnna Munday and Julien 8oa51 2024.25. a deputy chair The Board carry out an annual served as directors ol this company during the sell-a5sessmeni exercbse. mainiain a skills audit and 2024-25 yew This company was dormanl IhfOU9hout considefs succesgon plannin9 and elfeciNeness the perLxl 8oafd members serve a f￿¢-￿ar term the oplK to renthy lor a second H￿•9•ment and S¢•ff The CEO & Cteairve Difector manages the Oay"to.day operations of ihe charity ano. along Wlth Ihe Deputy CEO & ch￿ Opefating & Finance Olficer, have delegated authority. wrtFh"n terms ol delegatio pproved by trustees. lor opeyalional mailers Including finance. emplwmenl. and programming activity Rernuneration ol Key Management Personnel remunerat￿ ol the CEO Is revewed and agreed annually by the Nominations and Rernunefalion sub-committee. in line with cultuial sector benchmarking All other Leadership 5alarie5 are arHJ agreed by the CEO Trustees. transactions The trusiees are not remunerakd lor theif work as truslees From lime ￿ time. membeis ol the Boaid or persons connected with them mighi enler Into Iransactions wth The Trust In the noimal course of I￿5&ne$S Ot ￿th oartEs It IS the 8oard s policy thai wheie such transact￿nS exist. they should be (Jeclare(I and approved by the Board ano 0￿CloSed In the financial ￿ateMentS A Declarations ol Interesi Policy Is In pL3ce. arKJ all trusiees declare any tnlerest al Ihe start ol each Board meeting and relaied Information Is kepi centrally and UFrfJated each yeai The declarations of Inieresi register ￿ exien(Sed lo Include all execuirye manageTS and any stall who have related party transactions Nomination5 for new Thiectors are y)ughi frorn within the Boafd. and ¥ia Ihe open market. based on skills gaps AJI new ￿leCtorS undertake an induction progiamme No new trusiees were added during the 2024-25 year. Ihere was one ￿tirement Irom the board Ounn9 ir 2024-25 year Organisational Strncture The Board oversee rhe bus¢ness of the charity and Is responsible for Ihe governance ano overau Manageff￿nI and contrd ot the charrty. During the 2024-25 year. tft board had two commiiiees NominatK)ns RernUnerat￿n. and Audit. Risk and Finance Audit Risk and Finance a150 a55umea the re5pon5ibilities ol the previous Capital Project committee The Board and Ihe Audit. Risk and Fmance c¢>nmrttee rneel quailerly The Nommations ￿ ReM￿laIK Cornrnittee meel 1￿ce a yeai The executive leadership kam led by CEO & Creotv Direclor. Julien Boast. oversees Ihe day-to-dty ￿￿ne$S ol the TnJ5t AeLited Partles The charTty has a wholly owne(15ubgdiary. Hall fc Cornwall Limited. Lofd John Hutlon and Julien 8¢￿St wefe Directors of th￿ compary dunng the 2024_25 IEnancial year Its trading rgsulrs lor year to 31 March 2025 have tseen Incorporaieo Inlo Ihe cOn￿￿KIated statement ol Iinancfal aciivrties on page 28 Direciors noted the perfoimance ol ihe company Ihe sear nd the charrty benefitted from a Gift ￿ ￿c￿l￿n ol E211.890 In ihe ending 31 March 2025 the disc1053ble transacIL￿5 a￿ included in ihe n￿eS io the aCC￿nIS on pages32. 51 20 TAUSTEES ANNUAL AEPOAT OBJECTIVES AND ACTIVITIES m*ln objects ol lh• CharIty￿ dofin•d by the Artkltt olAssoclatlon are: To prorrK)te. maintain. Impiove. ano advance edLtcation. paflKularly by the product￿n ol pl and the enc¢Juragement ol Ihe Afts inclu(Jin9 the arts ol drama. ballet. mUSbC. singing. lrteratU￿. sculpwre. ano painbng Th• rtrat•gk 9o•ls w• ￿¥• ouNlves l• ddfv•r thls mlsslon •rr. h￿ing excellence in aflistic programming while celebraiing our physical. historic. and culiufal herilage - the hisiofy ol Truro and the culture ot cOrrn￿lI Developing audiences and visrtor profile for art5 and cuttuie ￿ ihe re9Tr1 De￿￿Ping talent. Becomn9 enirepreneurwL susiainable. and resilient Developing new home through a lailhful and conlinuous Interpretaiion ol ils tr4erila9e To restore and preserve for the benelii ol the puOIK. the City Hall. Truro. being a lJuild￿g of his￿[￿. architeclural. and con5tructonal Inleresl Ta Pfovide faciknt*s lor the use ol il* lnhats&￿I9 of Cornwall without distinCt￿n of poiiltcal. oli91￿1% or other optnions. Incluoing Use lor meeiing leciures. and classes and lor otf• l¢yms ol recreation and le￿￿re-lime occupation In ihe iflterest ol social welfare. wilh Ihe object of Improéi the condilions ol Ille o15ai(J mhabitants In ach*virKJ Ih15 VE beltve thaf we can attract mcxe people. give our audience5 a richer experience and impfove commeroal performance. the laltef pioviding the means io wwest lurlhei In our Chall￿ble puiposes To •chieve ihese alms. our buslne5S plan sets the followin9 missio11: To be at the heart of 5hapiry contemporary Comwall by becoming a leading cultural centre for. performance. participatson and the presentation. C￿tKIn and transmis&on of ideas. 21 TRUSTEÈSANNUAL REPORT PUBLIC BENEFIT STATEMENT In pl•nnlng the •ctlvltles and pvogramme lor the year. Dlrectors ¢¢)nshl¢r the cha￿tY Commlsslon's general guldance, Includlng the guldance on public beneflt and lee chargln9. Events and programmOn9 are planned In order to appeal to • wlde-ranglng •udience, havlng due regards to the commlsslon's guldance where relevant. In building our programme. consKleratron ts gfftn lo ticket Pficing. accesYb￿rty. anLI Ihe broadenirwj ol our aucliences We offer. FX>s5￿1e. a low-price enlry-lÉwel I￿￿et. and continue to ￿￿(Orne 10 theaire ihose who mlghi otherwise leel SOCLally or Iinanciaily excluded Ihrough our HIC Tickei Funcl Th)ugh cwr publ￿ benefrt +Jutreach work ¢ontinue5 lo grTh. the pri￿1PaI aclrwty ol the gioup and the charity Is cenlcecl on the operatson ol the HIC lor Ihe presental￿n of a wde ¥a1￿Y of perfoimin9 art5. enteriainmenr. and communily e*ents Our ptogramme Is enhanced In ils abrtily lo delwer lop class. West End enteiiainmenl Ihiou9h ils expanded sealing capacity. and rene%*td In Its artirt￿n to PfOVKle challenging. Innov&ive. and diverse work supporieo by our Arts c￿n(lI National Porifolio Of9anisation S￿lUs Thrwgh thrs wide-ranging programming V￿ prowde a wwerful 51imulu5 to help people of all a9es. means. and backgrotsnd eniw the arts and luriher ¢y+m creaiivity Alon951¢e our stage piogramme. oui be￿fil Is achieved through our provision of educalQn. arts development and volunteering programmes We have also developed our 5chwls part progiarnme delivering educational actmties lo schods across Cofnwall Oppofwnilies lor engogemenl ¥%efe matte availa￿e ihrougn 9x￿1 meokl ancl our ￿eDS[e 22 TRUSTEES ANNUAL REPQRT STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are •lso dlrnctors 01 Th• Hall lor ComwaltTrust lor the purpose ol company law) are responslble for preparlng the Trustees. Annual Report Includln9 the 5trate9lc Report and Ilnanclal stat•ments in accordance with appl•cable law and United Kingdom Accountin9 Standanls qUnlt¢d Kingdom Generally Accepted Accountlng PYactk¢). Company law requires the tru51ees lo prepare t financial staiemen15 Iof each lina1￿￿1 year. whKh 91ve a true and lair Y￿W ol the state ol allairs ol the charilable company and ol the Incoming resources and applicalion ol feSOUfces. tncluding It￿ ir￿orne ènd expendilufe. ol the charitsble company for Ihal period In pfeparlng these f￿ancIal$l•¢ernents. the trustees re wuired ¢0" Tn￿ree5 a￿ reswnsibie lor keepng adequate acccLJniing records rhat disclose with reasonable accuracy at ary time the linanc*l posiion ol the chariiable compary and enable ihem to ensure ihai the finanoal $￿teMentS comply wilh the Companies kt 2006 They are also responsible lof saleguarding the asseis ol Ihe chariiable company and hence I iakirwj reasonable steps tor the pre4ention and deiectjon ol Irauo and other iiregularilies In so laras rhe trtssiees ore aware. select suitable accountfjn9 Pol￿￿5 anij then apply Ihem congslenlly. observe ihe methods and twinople5 in the Chantses SORP 2019 IFRS 1021. • makeiudgements and accounThn9 esDmates that afe reasonable and Pfuoeni. state whether ap￿ICable UK Accountirwj Siandard5 ￿￿e been lollowed. subject lo any malerièl departures disclose(l and exFtsined n the fmarKwl statement& and Ibwe 15 rLJ relevant audil Inftyrnation ol which the charity-s auditors are unaware. ènd the trustee5 have iaken all steps that they oughl to have taken to make themselves aware ol any felevant uclit inlornk4tion ano to estab115h Ihat the au¢Jitor Is aware ol that nformation The Trusrees'Annual Re￿rland the Straregic Report was apprO￿Oty order ol rhe BL￿rd0f Trustees. as the company directtrs and soned on irs behalfby prepare ihe financial St￿eMentS on ihe 901 concern ba51s unless Il Is Inappropr￿ale to presume Ibat the group and company wiu continue In operat￿n all fof Cornwall Back Quay Truro TRI 2LL Alon Davty CBE Truslee Date. 190LzD 23 INDEPENDENT AUDITORS, REPORT to the Members of The Hall for Cornwall Trust (Ljmited by Guarantee) Oplnlon We have audlt•d the flnanclal ststements of The Hau lor Cornwall Trust Ithe'p•rent ¢haritabl• company.) and its subsidlaries (the'group,) lor the year ended 31 March 2025 whlch comprlse the Consolldated and Charlty Statement of Flnancial Actlvltles lincorporating Income and Expenditure Account). the Consolidated and Charity Balance Sheets. the Consolldated and Charity Statement of Cash Rows and notes to the linanclal statements. including significant accounting policies. The financial reporting framework that has t)een Conclusions relating to going concern applied In their preparation Is applicable law and United In auditing the financjal stalement5. we have concluded Kingdom Accounting Siandards. including Financial that Ihe trustees use of ihe going concern ba515 of Reporting Standard 102 The Financial Reporting accounting In the preparation of the financial Standaril applicable in the UK and Republr ol Ireland statements is apFxopriate. (United Kingdom Generally Accepted Accounting Practice). Based on the v•ork v•e have performed. we have not Idenlified ary malerial uncertainties relating lo events or condilions Ihal. IndNidually or collectively. may casl gnificant doubl on the group and parent charitable compary s ability to conts.nue as a going concern for a period of at least twelve months from when the financial statements are authorised for 155ue. In our opinion the financial statements.. give a true and fair view of the slate of the group's and parenl charitable company s affairs a5 at 31 March 2025. and of the group's al￿ parent charitable company s Incoming resources and application of resource5. Including Its income and expenditure. for the year then ended". have been Properly prepared in accordance Y￿[h United Kingdom Generally Accepled Accounling Practice". and Our responsibilittes and the responsibilities of the truslee5 y￿th respect to going concern are described in Ihe relevant Sections ol ihis report. Other information The olher Information compr15e5 the Information Incbjded In the trustees. annual report. other than the fi.nancial 5taternents and our auditor s reporl thereon. The Irustees are responsible for the other information. Our opinion on the financial staiements doe5 not cover the other Information and. except to the exlenl otherwise expliciily stated In our report. we do noi exp￿SS ary form of assurance conclusion thereon. have been prepared in accordance with the requirements of the Companies Acl 2006. Basls foropinion We conducied our audit in accordance Internaiional Standards on Aucliling IUKI IISAS IUKII and applicable law Our responsibilities under those standards are further described In ihe auditor responsibilities for Ihe audit of Ihe financial statements section of our report. We are Independent of the group and pareni charitable company In accordance with the ethical requirements that are ￿leVant to our audit of the financial slalements In the UK. Including the FRC'S Ethical Standard. an¢J we have fulfilled our other eihical responsibilities In accordance wth these requirements. We believe that the audit evidence we have oblained is 5ufficieni and appropriate to provide a ba515 for our opinion. Our ￿spOnsibl111Y Is to read the other Informaiion and. In doing so. consider whether the other Information Is materially inconsistent with the financial siatements or our knowledge obtained in the course ol Ihe audii or otherwise appears to be materially missialed. If we Identify such material Incon%stencies or apparent material misstatements. we a￿ required io determine whether this g¢ves rise to a mateTial misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there Is a material misstatemeni of this other Information. we are requifed to feport that fact. We have nothing to report In this regafd ThEHALLFORCOIIIIWAIL Tiiii%fiL$thlQdlryGua*•￿jA￿>rnts&1QVI YewefvJed31MwchZOIS 24 INDEPENDENT AUDITOR'S REPORT CONTINUED... Oplnlons on other rnatt•Ys prexrlbed by thecompanies Act 2006 In our opinion. based on the Y￿rk undertaken in the course of the audit.. the preparalion ol financial siaiement5 that are free from rnatenal mi55taternent. whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern. disclosing. as applicable. matters related to going corbcern and using the going concern basis of accounting unless the trustees either iniend 10 liquidate the group or parent charitable company or to cease operations. or have no realistic alternative bul to do so. the Information given In the trustees. annual report. which Includes the strategic report and the directors report prepared for the purposes Df cornpany law. for the financial year for which the financial 5taternents are prepared Is con&stenl with the financ￿1 statements. and the strategic report and the directors. report included within the iruslees. annual report have been prepared In accordance with applicable legal fequiremenls. Auditor responslbliStl¢s fgr the audlt of the rinanctal statements Our obJectNes are lo obtain reasonable assurance aboul whether the financial statements as a whole are Iree from material misslalemenl. whether due to fraud OT error. and to Issue an auditor s report that Include5 our opinion Reasonable assurance 15 a high levcl of assurance. bul is not a guarantee that an audit conducted In accordance with ISAS IVKI will always delecl a material misslatemenl when it exists. Missialement5 can ar15e from fraud or erfor and are considered material If. Individually or In the aggregate. they could reasonably be expected to Influence the economic decisions of users taken on the ba51s of these finanoal statements. M•tt•rs on whl¢h we •re rwulred to report by ex¢eptlon In the Iighi of the knowledge and understanding of the group and pareni chantable company and Its environment obtaineL1 in the course of Ihe audil. v have noi Identified rnaierial misstaiements In the strate9ic report OT the directors. reporl We have nothing to report in respect of the following matters in relalion to which the Companies Act 2006 requires us lo report to you if. in our opinion" adequate accounts.ng records have not been kept ty the parent charilable company. or retum5 adequate for our audit have not been receNed from branthes not V151ted by u5-. or the parent charitable compary s hnancial statement5 are nol In agreement with Ihe accounting record5 and return5.' or certain disclosures ol trustees remuneration specified by law are not made.. or we have not received all the 1nf0miati￿ and explanations we require for our audit Irregulanties. induding fraud. are Instances of non-Compl￿nCe with law5 and regulation5 We design procedures in line with our ￿SponSibl[l[leS. Outlined above. to detect material misstatements In respect of Ir￿ularl11e5. induding fraud_ The extent to which our procedures are capable of delecting if￿gUlantleS. ncluding fraud Is derailed below. We have con%dered the nature of the industry and sector. control environment and business performance." We have considered the results of OUT enquiries of management and the Board about their own Identification and assessment of the nsk of Irregulanties within the group." We have reviewed the documenlalion of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating In line with documeniaiion Responsibilitie5 of trustees A5 explained more fully In the statement of trustees responsibilitses. the trustees (who are also the directors of the parent charitable company fof Ihe purposes of company lawl are responsible for the preparalion of the financial siaiement5 and for being Satisfied Ihai they give a true and fair view. and for such internal control as ihe trustees determine is necessary to enable 25 INDEPENDENT AUDITOR'S REPORT CONTINUED.. • For any matlers Identified we have oblained and reviewed Ihe parent chantable company s documentation of their polKies and proCedU￿S relating to.. Identifying. evaluatsng and complwng with laws and regulations whether they were aware of any instances of non-cornpknance.. Detecting and responding to the risk of fraud and whether they have knowledge of 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 conSide￿d the matters discussed among the audil engagement team. Including Iniernal lax Specialists. regarding how and where fraud mighl occur in the linancial statements and potential indicators of fraud As a result of perfomiing the above procedures. we have cut-off of revenue recognition as a key audit matier relaied to the potential risk of fraud. Our procedures to respond to risks Identified Included the following.. Documenting and validating the conirol enwfonmeni for income and debtors and carrying oul walkthfough testing, Undertaking substantive sample-ba5ed testing or proof in tolal calculations on all material revenue streams to ensure revenue has been recognised appropnatety and accurately.. Considering manual income Journals as parl of our work on fraud Tisks documented below. Reviewing the financial statement disclosures and le5ting Io Supporting documenlation." Enquiring of management concerning actual and potential liligation claims Performing analytical procedures to Identify any unusual or unexpected reLitionships that rnay Indicale nsks of material misstaiement". Reading minutes of meetings of those char9ed with governance. and In addressing the nsk of fraud through management t￿rnde of controls. testing the appropriaieness of journal entries and other adJuslments.- assessing whether the Judgemenls made in making accounting estimates are indicative of a potential bias and evaluating the business rab"¢)nale of any $19nificant Iransactions that are unusual or outside the normal course of business. As a result of these procedures. ￿￿ have cOn￿dered the opportunities and Incenlives Ihat may ex15t wthin the organisation for fraud and identified Ihe h￿hest area of risk to be In relation lo income recognition. with a particular risk In relation lo year-end cut off. In common with all audil5 under ISAS IUKI we are also required to perform spectfic procedures io respond to the risk of management oNtrnde. We also obtained an understanding ol the legal and regulalory frameworks that the group and parent charitable cornpany operate5 In. focusing on Provissons of those law5 and regutalions that had a direct effect on the determination of material amount5 and di5c105ures in the financial statements The key laws and regulations we considered In this context Included rhe Charities SORP IFRS 1021- Accounting and Reporting ty Charities and Ihe Financol Reporting Standar(J applicable in the UK and Repubbc ol Ireland IFRS 1021. the Companies Act 2006. the Chariknes Act 2011 ano the ierms and conditions aitaching to material grants received by the Group. In addits"on. we have considered provisions of olher laws and regulations that do not have a direct effect on Ihe financial sratements but compliance with which may be fundamental to the gTOUP and pa￿nI charitable compary s ability to operate or to awd a material penalty These include daia proteciion regulations. health and safely regulations. licenyng acts and employmeni legislation. We also communicated relevani laws and regulation5 and potential fraud risks to all engagement team members and remained alerl to ary indications of fraud or non-compliance with law5 and regulations Ihroughout the audit 26 ## INDEPENDENT AUDITOR’S REPORT Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: ## Use of our report This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have Sined www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. ## i Alison Oliver FCA CTA Senior Statutory Auditor for and on behalf of Bishop Fleming Audit Limited Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP Date 6 Octeber 2025 THE HALL FOR CORNWALL TRUST (Limited by Guarantee) Annual Report and Accounts — Year ended 31 March 2025 27 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (In¢orporatlng consoildated Income and ¢xpendlture account) Year ended 31 March 2025 Unrulrfclod Fundj Designaied Operations Aertrfrt•d Fundi Pioiecis Long iemi CWI proRci Ye•rended Ye4r ended JI M•rch 51 March 2015 ZOZ4 Donation5 and le9K*S I￿orne Irorn charitableactMtJe5 Operation ol theatre ar*1 afts de¥ek)w￿l Inc¢>xe Irom othei tradsng acTrwt*5 Cornrnercial Iradiry opefati Subswaiary irading operabon IrNestmeni Incom¢ Other Income 657 491.51? 8.Y)0.862 13.600 .604.062 7.574 368 275J95 L06L•05 5.462 417.014 241469 997.917 119.572 277 773 L061805 185 462 l18.756 298.258 10.233.137 312.058 10.545.195 9.702.617 Ixp•ndliUrn4¥ Cosrs ol raising lunés Cosi ol raisifwj boluntary Income Subsidiafy traying operobon Expentheuoon charirableactmties OpeT8Eion ol iheatwe and arts develoomem Other 81 Is.￿) 727.651 15,1SQ n7.651 11.329 662.312 8.788.505 38.448 355.087 9.UO.059 10.670.114 335.307 171.563 Tolal Expndftw• 9.S31.306 373.754 353.087 10.25•.147 11.535.318 lorth•y•ar 701.831 16L6961 1353.0871 217.04• 11.832.702) Trnnsfets betW4een ILwwJs 150.0001 29.n9 y••r 20.281 6SI.831 131.9775 1353.0871 217.04• 11.832.702] Toui Funds Brcwhi Fcrtwa 539.926 1.195.069 82.817 6.369.993 8J77804 10.010.506 T•lal Fundscanknéforward 17.8 560.207 LI￿900 50.mo 6.016.906 8.464,152 8.177804 The all(Kai￿rt tset*￿ 20Z4 wo5as foiiry*¥S ExptrKJilure Totsi Unrestncod 8.996.347 18.359.832) 636.515 Unrestricied Deggnated Rest¥icied PToiecis Resiricted - Lon9 Tetm Fur#Js Total Group 118.4141 1336.1721 f2.930 9001 Ui.55S.3U) 118.4141 214.813 111.3591 12 439.4441 •52.7011 491.4 9.702.617 Funo Iransrers we nerieo In the inc¢>ne eApenctiIu￿ Iiy tne relevant iuiwj The Cons0bda￿d Staiemeni ol FinwKo1 AcrJwtse5 I￿lU(*S all gain5 and 1055es ￿t￿nISed In ihe>¢ar The notes on pages 52 ￿ 52 lorrn patt ol these Iwwioal sta*n*nts 28 CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporatin9 Income and expendlture account) Year ended 31 March 2025 Designa*a Operatws F¥oects proftct 1025 2024 Donations and le9aC Income Irom chanrableacrmr Operatton ol ihtairt aNI riSL1evets)pmeni Income Irom other fradJngacrMt*s Comrnercsal tradirKJ operat IrNestment Incorne Other Income 657 491,517 8.590.862 13.800 4.604.662 7.574,368 275.595 397.352 226.456 275.595 397.352 524.714 241.469 179.412 384 273 298.258 9.490.922 311058 9.•02.979 8 8n.039 tAp•ndltur•w. Costs olroi&ry funds Cosi ol rassir4J ¥O￿nI￿rY Income Expendituo on ch4ritableacttvtfies Operaiion ol theatre aThJ ar de¥eioprrent Other ISiS0 11.529 8.788.505 38.448 353.087 9.110.039 10.879.172 555.307 171.563 335.307 Tot*1 Exp•ndllwq 8 803.655 373.754 SS3.087 9.530h95 11.062.064 Il•t {•xp•mdltur•VlnEom• far ¢h•T4 687.267 16L6961 1353.087) 272.484 11191.0251 TransfersbetV•EÈn lunds ma¥•mqnt In fvndx lorthi ZO.281 lso.oooi 29.719 20.281 637 267 131.9781 353.087) 2n.484 11191.0251 T￿01 FvThJs 8rovghi Forwaro 539.926 978.900 82.817 6.WJ.993 7.971.635 10.161660 Tot*1 FundJarvSed fornard l718 560.207 L616.167 50.859 6.016.906 8.244.119 7971_635 The alltxatson between luryls 2024 wasas loiiows Toial Unresir5Cted 8.164.m t7.875.2A191 118.4141 1226.1721 278.192 118.4141 IIL3S91 Unresiric*d- Deg9nated Restficied - PrqectS Restricted- Long Terrn FvThJs Toial Company 214.813 491.457 12.930.9001 IZ.439.4441 •.•n.039 .062.0641 The Charily Siatemeni ol IrKludes ail gain5 arwj k)55es recognise(J n tbe year The noies on page5 32 - 52 fomi part of the I￿artIal 51aiemerns 29 CONSOLIDATED AND CHARITY BALANCE SHEETS As at 31 March 2025 R¢9lsteYed Number. 03101443 The Gpoup 31 I4￿h 31 March 2025 2024 Th• Chavlty JIM•tth 2QZS JI March 2024 Fl¥ed assets Tangible asse15 Fixed a55ei Investmenis 124 8.431.655 170.000 8.776.932 .428.864 170.000 8.769.863 Inve5tmÈnts 8.601.655 8.776.952 .59&167 8.769.868 Curr•nt awl¥ Inventorie5 7.281 408.935 4.742.966 2.022.625 7.181.8 11.129 726.330 3 437737 2.000.000 6.175.196 Debtors Cash at bank and In hor J70.708 4,502.368 2.022,625 6.895.701 718.346 3.193.812 2 000 000 5.912.159 Cuirent asset In￿lMentS Cyedlton: amounts lalung due wlthtn oney•ar .M8.609J 16 774.323) .2SO.448) 16.no.3901 Netcun•ntass•ts {U6.80 1599.1271 1554.7471 1798.2311 Not•As¢ts 8.464.853 .177805 0.244.120 7971.636 Represented by: Operaiions fun¢J Designated funds L856.900 560.207 1.185.069 539.926 1.616.167 560.207 978.900 539.926 Toial Un￿$tr￿le(t lurKIs 2J97.107 1.724.995 2.176.574 L518.826 Prqect5 Long term lunds 50.839 6.016.906 82.817 6.369.994 50.839 6.016.906 82.817 6.369.994 Total restricied tunds 18 6.067.745 6.452.810 6￿61.74$ 6.452.810 Tot•lfvnds 8.464.853 8.177805 .244.120 7971.636 The Tiustees aCkno￿edge their respon5ibthi• for ccmptwr•) reqU1￿MentS of the Companies Act with respecl to accounting ￿(Or￿S afKI Pfeparauon of Iinancial sratemenis The notes on page5 32 10 52 fofm part of tr*se financwl stateffws15. These financol State￿￿￿tS ￿ffe apprcwy and authorsed for iswe ty the 8oAr(J ofTfusIpp.s on and were signe(J on Ils behalf by Alan Dovey CBE - In￿rIM Chair ol TTUStees 30 STATEMENT OF CASH FLOWS Group and chaylty Year ended 31 March 2025 Th• Gr￿9 31 M•r¢h 31 March 2025 2024 Th•Ch•rlty JIM•rch 2025 31 March 2024 IJSQ.516 1.026.703 lJ53.642 1.027.963 Cash fl¢Jwslrom Inbystlng •Ctlvltl•s In￿reSt ￿Corne la5.462 (37.92 (170.0001 (1022.6251 2.000.OIYO 119.572 124.90 115.462 lJ7.92n 1170.000) 11022.625) 2.000.O¢YJ 119.572 123.0261 Purchase ol iangible Iixed as5eis Purchase ol flxed asset investments Purchase of Cufrenl asset Invesiments Maiunty ot Curreni asset miestrnents o.000.0001 12.000.0001 Cash used In Investing actml (45.0901 11.905.3291 145.090) 11.903.4541 Cash US￿ In fln•nelng•rtl¥ltles IncTeaselldecreasel m cash In the yeai Cash & the beginning ol the year 1.305.3J2 3.457.7YI 1878.6261 4.316 363 1.300.561 3.193.815 1875.4861 4.069.299 Totalcash and cash equl¥•ients at tho end ol theyear 4.742.966 3.437437 4,502.568 3.193.812 Re¢onci16ation ol net movement In lunds to net cash flow from operating activities: The Grvyp 2024 ThE Charity 2D24 2025 2025 Nei movement in lun(Is 2•7.047 11832.7021 272.482 12.19L0251 ArJ(J back deprec4iK)n charge Deduct Inte￿1 income shown In Irp4esitng actryrf Decrea5elllncreasel In sictk 583.201 380.621 578.925 376.345 I￿5.462? 1119_5721 1185.46Z) 1119.5721 .5691 Decrease ￿ debio 317.595 12.649 347.634 388.603 Increase In crediiThs 544.286 2.589.276 540.058 2.573.611 Nelcash pv•vlded by a￿latIng a¢tfvltl*s atlheondoltheyear 1.350.316 1.026.703 lJ55.642 1.027963 31 NOTES TOTHE FINANCIAL STATEMENTS l. Constltutlon The charity Is Incorporated as a company limited guaraniee and noi havtng a share capital In the ebtnf ol a winding up the 812024 101 fegisteieo members are liable to contribule a surn noi exceediry El per member lowards the debts and1obrfll￿5 ol the company and Ihe costs and expenses of V￿n¢Jit1j UP 2. Accountlng pollcles The IinancKIl sialemen15 hwe been wepared in accordance with applicable accounting slarKJarEJs arKI rhe Companies Aci 2¢XJ6 and follow Ihe Staierrent ol Recommended PraclKe Accounb"ng and Rewrting by Charilies IFRS 1021 2.2 Income Income rs reco9niseO when the charity has entillement lo ihe funds. any performance conditsons atlached h￿e been met. Il Is probable that the income will be received and the am(wnl can be measured reliably Incon* Irom governmenl and other grant5. whether capital or revenue grants is recognised when the chaiily has eniitlement lo the lunos. any peilorrnance corKJrtons aiiached have been met. li t5 probable that the rncome wdl be receivecl and the amount can be measuied relkably and Is noi deferred Granis are c￿￿11ed to the staiement of financial actNilies when they afe tecerrfable 2.1 Accounting convention The charily meels ihe de11nrt￿n ol a publ￿ benelil entily under FRS102 Asseis arKI l￿bIli11es a￿ Iniijally iecognised ai historical cost oi Iransaction value unless otheTWbse St￿ed in the relevant accounbn9 policy notelsl Where the donor ImFosed conditions require thai ihe resource ts expendeo In a future accounting period. Inccrfne Ls iecorrjed as deferfeij I￿orne al the balance sheei date Deprecsètion on assets financed by copital granis a￿ charged against ltre rele4anl resliicled lund Interesi on lunds held on depo&i Is Included whe recewable and tr￿ amouni can be measured reliably ty the charity. ths ts normally upon noiification ol the intÈrÈ%t or tktyatAÈ by Bank These Iinancial ￿ateMen1$ a￿ prepared in ￿erlIn which is the lunc￿Onal currency ol the chanty Monetary amounis in these IJna*K￿l staten*rrts are rounded to the nearesi £ Income from I￿￿et sales antt peilormance hire 15 Ir￿lUde(l in incoming rey)urces In the year In which the relev￿1 shcyw takes place Incorne recei￿￿ In athance ol a show is delerred Income fiom Corporate memberships and Theatre Fund lee5 IS taken to the Statement crf Financol Activitie5 on receipl Financial statemenis have been prepared lor rhe chaniy and to COn501idaie the group financkil siatements ol Ils rrading subsidiaiie5 Hall lof Cofnwall Ljmited aThJ Cornwall TheaTre PfoOuctvJn5 LThiteO Ithssoived L8 March 20251 These financial statement5 lor the period e￿e(j 31 March 2025 are prepoiets in aCCOfOance wtth FRS 102 ano the Chariljes SORP FRS 102. the Financol Reporfing Siondard applicable in the UX and Republ ol Ireland Donations are reccMJniseO when notifsed by Ihe donor ¢y on receipt. whiChe￿￿r Is the earl￿1 2.5 Fund •eetsunting Unrestricted funds a￿ available lo spend furthering the aciMt*s and rAJfFrt)se of the charily Restricied funds are applTred to aClivrtEs for which the funds have specifically been pro￿￿ed RestrKted funds are appl￿ to actNlties lor which the lund5 specilicalty been prowded 2.11 Golng Concern The linancrdl statements have been presented on the going C¢Jncern basts This asstsmptW Telies up the continuation ol Core lundiTrJ and su11K￿nI ca￿{al Income In the lorm ol grants and donations congswii with the ￿d5 ol ihe redevetopment Pwtiect cuT￿nIty nearin9 coMplet￿n The Trustees ￿e Tefftweo budgets and cash Ilow lorecasts for a minÈmum p 0112 months liom the date ol signiThJ these accounts and have a reasonable expectal￿n that the gr￿p has adequaie resources to conbnue wi OperalK￿al existence lor ihe foreseeable lulure 11 ￿ lor IhLS re4750n Ihar the accounts been prepared on ihe goirwj concern tsays Oeg'gnated lurmts we unrestrlcted funds earmafked ty the Trustees lor Pafbcular pu(P05es 32 NOTESTOTHE FINANCIAL STATEMENTS Z.4 Expendtture E¥pendilure Is fecognised once ttrere is a legal or consituctive otAigaiion to make a payment io a ihird party. It Is probable Ihat settlement will be required and the amouni ol iPie oblFgaiion can be rreasured rel￿blY Expenditure Is classified as eithei Capital proiecr ¢evelopment expendilure. or General expendituie and Is designated ès unreslijcled or resrfcled accordifwj lo lis related Income all(Kalion lo Ihose funds Irrecoverable VAT is shcmin as a sepaiate cost ¥•nlhin the relevanr ciassilicatron. 2.8 Investments Fixed asset Investments a￿ a torm ol financ￿1 bnsirument and ao Inrtwlly recogntsed at iheir Iiansaciion and subsequently measured ai lair value at the STatemeni of Fsnancial Position dale. unless Ihe value canrt￿ be measufed relk4t>ly In which case It LS measured al cosl less impaiiment Irrrfwments n wbsKJofies a￿ valued al cost le55 prJn15ed al the seidernenl amount ¢ue alter any Irade d15count offered Prepaymen15 are valued ol the amount piepaid nd ol arry trade discounts due 2.6 Retirement benefrts Payments to c¢elTrned contr1t￿l10n ¢bfemeni benefrts Schemes are charged a5 an expense as iw fall due 2.IICash Cash al tkink arLI rn hand I￿l￿deS cash and short term hTrghly Iiquio Investments with short maturity ol up to months from the date ol acqui51tion or opening ol the deposit or ymrfar acccltnt Cash depo%ted lor lor￿[ perDd5 are classed as lixed investment assels 2.7 Tanglble flxed assets and depTtcl•tlon Depreciation Is calculated so as to write off the co le55 fesjdual value ol tangit4e I￿e￿ a5sels. initsally recognised ai cosi. Over th￿r eslimaieo uselul INes on a straighl line basis as follows Asse15 In ihecoufse of consiruciion 2.12 Credlt¢>rs •nd pro¥lslons Creditors and provjsions ale recognised where the charily ha5 a present obligation resultin9 Irom a past e4tnt that will probably resull in ihe transler ol funds to a thwd party and the arTK>unt due io settte ltte obligat￿n can be measured or esiimaieij reliably Cre(tilors and prov4Sions are normally recognised at their settlerneni value after allowng lof any Iraoe di5c(yJnts ￿￿. Nhl Improwement5 to leasehold property Plant and machinery Musical Instrurnenrs 2% perannumor per￿# ol lease if stxyw 5% - 20% per annum 5% per annum 33% - IOOX per annum 20% per annum IcrA per arywm Compuier equipmeni Comourer software Ollice equipment 2.13 Crltical accountlng esthnates and are•s ol Judgement No sigrmficant Judgements have had to be rnocle ty managerrent In preparing these tnèncial statements 33 NOTES TO THE FINANCIAL STATEMENTS 3. Donations and legacles - analysls by lund type: UTrrnslTkl•d Fwd* Designate¢J Ooetabon5 R•rtrlcl•d Fynds Prqecis Lorvj ieprn Total 1025 Total 2024 PublK donatsons 657 60 657 657 60 Capll•lproJed In¢om¢ European Regional De￿loPMent Fur• Aris Council Ertglathy M¥)r DoNtM)ns Gill Aid ￿ M•pt t)or4t*)ff4 10.182 25 385 000 96.250 491457 Chav 657 657 491.517 4. Income Iroffl charitable •ctfvltl•s Unrnstrlrt•d FuThl• trfcl•d Funds Deygnaie¢J open￿￿5 Projects Lry Tot•1 1025 Total 2024 ogrommeltickei sale5 Theatre Furyl 7.579.651 7.579,651 260.659 6.577 345 233.686 260.639 154 225 154,225 127089 Tickered events Jr#J *orkshops" 88_591 13.800 102.191 128.292 8.082.906 L3.800 .096.706 7.066.412 Art5 Couficil Éngland Naiior¥lPorrlolKI lundry 383.206 J83.206 383.206 Corrwallcouncd raregK Aris granrs 124.750 124,750 124.750 507956 507.956 •.604.662 507956 Char 8.590.862 13.800 7.574 368 ' Incorne I￿rn •15 dert￿￿￿en1 afKI eng•geTh￿l 34 NOTES TO THE FINANCIAL STATEMENTS Income Irom other tradlng actlvltles: 5. Commerclal tradlng operatlons Uhmtrkt•dFufid• De*gnazed Opeiauons R•#Ikt￿ Fund• Proiecis LoThJ tetrn Tat•1 2025 Total 2024 Memt*r*Jsps C4"It ￿•?1 from HMRC L*ting ol Wtykspace 226 519 126.519 19.053 30.223 200.077 17.552 19.053 30.223 23.840 275 595 275.595 241.469 54. Investment Income Th•Gnwp Th•Chthy 2025 2024 2025 2024 8•ik Inte￿$1 ieceTh*able 75.202 91.118 28.455 7S202 68.985 91.118 28.455 Tre65Wy fe5er¥e Flagstone In¥estrnent rnanagement Giii oceipt 10 pareni 68.985 4L275 41.275 211.890 59.840 l85.462 119.572 397.352 179.412 35 NOTES TOTHE FINANCIAL STATEMENTS 6. Subsldlary tradlng operatlons Hall lov C*vnw•U Llmlted 31 Marrh 2025 Covnw•ll Thutve Productlons Llmlt¢d SIM•rth 31 March 2025 2024 31 March 2024 Turnovv Cost ol oy¥atK)ns 1.061.005 1855.551) 997917 1788.7821 1301 W￿l111￿5$1 226.454 209.135 1301 Gilt ala aonèts￿I io pafern Pareni waivet ol detA Balance broughi foiwar(I I2￿90) 159.8401 629,657 1629.657) 10S.MO 56.285 1629.6271 Retair*d m the sut)sKI￿ry 220.145 205.580 1629.6571 Ttte Hall For Comwall Tr￿1 lThe Tw5tl Is the Pafent company ol Iwo whoiiy owned Subs￿lanes(2O24 IPwee) Hall For Cornwall LwThied ￿￿eTtakeS the Trus15 commercial acuwiies whKh wKlude bar and co￿￿1Y4. event hires and 5ponsofship Inclutjed in the cos15 of Ik Hall for Cornwall Lirnited 15 an OCCLbpancy Iicence lee ol É66.500 and a rnana9emeni ree ol £4L200 totalling É107.70012024 £L06.5001 Corrwall Theatre produci1￿$ Limited was established 10 acc¢JJni low the researth. de¥tlopmeni an¢ kWe-pr￿)uc￿0n cox5 01 ary In-*K)use prcrfjuctjons on behalf ol The Trust On consolidatson. the expenditure wa5 cluded In the ¢)peration ol The Hall Cornwall Theatre Prc4luctJons had rKJ actiwty ¢ufing the 24_25 year and was diss¢Jved ￿ 18 Marth 2025. ￿th any pve-produciion C¢)515 n 23_24 and 24_25 t￿ng recognised in the thanty Ticket5 Corrw•all Lrnrted. rematned (lormarn throu9hcAJt the period The result5 of itE 5ubgOianes are con5011¢ja￿d on a Iine-by-line basis In the Group li￿*nO81 statemenis 7. Oth¢r Income Total 2025 Total 2024 DesignaieLI Operatrf)ns Proiecis Lory ierrn Commuiiily Club SPF HIC Ticka Fund 285 758 2•5,758 12.500 182 012 12.$00 Theatre Tax Rebel 116.489 116.489 2.267 92.343 SLtrfry other Inccffte 2.267 3.418 118.756 298.258 417.014 2n773 Charity Mana9emeni L4cence Fees Irom subsisJia*es 107700 107.700 106.5tio Ch•rlty Oth•rIn￿￿• 2Z6.456 298.258 524.714 384 273 36 NOTES TOTHE FINANCIAL STATEMENTS 8. Analysis ol expendltuye on charftabie adivltles 84. The•tr• oper•tk•ns Unrtstrkt•d Funds Designated OperauMs Restrlcted Fundi Ojects Lon9 teim Total 2025 Total 2024 CO￿ d F¥Lyamrne Pro9ramrne sefvices ar4J vse ol prernises Suppoil and Go¥ernance cosis 5.757.777 5.757.777 5.174.656 L621.488 1.6ZL4•• 1.496.967 890.726 890.726 ni.152 Ca￿tal cosis In year Other costs 2.S778l4 30.917 JQ.917 Dtspos* ol sii¥e5frnenrs Depreciation Non-rec(y4erable VAT ' 25.838 353.087 378.925 376.344 162 739 162.739 137 486 Groupt(rtal 8.489.486 353.087 8.•42.575 10.554,420 Ob. Public •ngagem*nt A•strlded Funds Proects Tol•l 2025 Total 2024 Oeggnated o￿laD￿S HIC Youth Erygeme Taleni De¥elopment Pwramn*" Arts devÈi¢oment Heriiage 129.005 21146 188.021 16.X12 55,966 56.235 130.863 150.•63 1.487 99 161 L487 L334 Group•nd ChwStytotsl Tot•1 ¢h•rit•ble expendlture- Group Tot•1 th•tlt•ble *xpendllure. Ch¥rfty 299.019 38.448 557.466 344 752 8.788.505 38_448 3S3.087 9.180,039 10.879.172 8 788 505 38.448 353 087 9.UQ.039 10 879.172 ' Under cultural exerrwiTri HIC Is ab* to lully recots input VAT ' The Ta￿nI Development Prcwjvamme tJelNefS FvolessKJfkil d￿elop￿￿ni opwrluThties to local artists. venues and companies io aevelop a ¥￿Tant perform￿9 ars ecology Jn tsnwall 37 NOTES TO THE FINANCIAL STATEMENTS 8c. Analysls ol progrnmm• Jervle•s Ind ui• vl Pf•mlMs Unrestricted 2024 Maiketsn4 commuTh¢atKryand dgtsl erwemen( 410.592 422.497 362.859 400.651 Pvern15es and Ffont of House team FrMt ol House 347.140 338.412 44LZ59 376.652 L621.4 1478.554 8d. Analyxls ol support cwts UnTe5tncted 2024 2025 Firtrte aTrJ tT ser¥Ke5 Ceniral admirttstr*￿n and Direcwrale HR serTbry¢es 57&9n 250.16• 105.47J L425 425.964 260.141 21092 WoTkspacesupp)rt costs 294 736.038 708.492 Ie. Governartce Costs Unrestiicte(J 2025 2024 21.6•4 24 592 Le9al ￿ prolessKJn* fees Trustees expely￿S Iinc￿dfft9 sollWa￿ cosisj 131,274 36.159 1.729 1.910 154.6•7 62.661 38 NOTES TO THE FINANCIAL STATEMENTS •f. Oth•r th•rl¢able Ktlvlil•s- Reslri¢t•d Funds ects 2024 2025 geci C0515 - Tickei Fuiio PioJe¢i Cosis - SPF Le¥ell￿g Up Community C￿b 2.24• 355,05• 171.563 535.507 171.563 SPF Levelljng Up Community aub L% pwqect. turnjed ty gov@rnrnent l•@iliThJ up lunds and donated match fur*J build5 on the h￿(OnC Paul Hamtyn-lun(JeO Communily Club. making theatre accessible to all This piojecied was completed on 31 March 2025 Ttht Fund Is HIC 5 ￿-h￿Se coniirwation ol the CcYnmuThiy Club funded through public ￿nnai￿nS and HIC own-lunds. to ensure that IPwe afe no barriers to accesgng Iwe perlorna￿e 9. Net Income lor the year is stated after charglng: Grwp 2024 Ch•rlty 2Q25 Charity 2024 2025 Oueratry leases Deplecvat￿n 1.269 3•3201 2.071 1.269 371.925 2.071 580.620 376.344 Audilofs remuneration 24.025 3.270 34 980 18.200 1.767 Oiher 2.121 2.420 39 NOTESTO THE FINANCIAL STATEMENTS 10. St•ff cost5. tnlstee r•muner•tlon •nd expenses and cost ol key managqrnent personnel loa. Stsff colts Z025 2024 Salanesarrtl wages Socol security C0515 Pen*C￿ cosis 2.110.348 11•.531 37.539 L883.727 161992 33.859 Stall costs 2.SJ6.41• 2.079.578 Atl siall are emplo>ws of The Hall F¢x Ctyrwall TrusL costs are rechatged to 5ub51dwry underta￿ng5where I￿an1 Redundancy cosisol £917ao Inc￿￿e0 in ihe year to 31 Match 2025 (2024 INILI A 5v4erance payTfbEni of [30.000 wa5 chaigvd ￿ it c￿niS In the year 10 31 March 202512024 NIL) Eligible siafl are eniolled Into a dellned coninbuf¥on pens¢on scheme The company. ￿ required and has. made employef 5 con1n￿l*￿S In accorylarKe wrth the le¥els sei by the pens￿n5 Aegulator lob. Trustees expens Trustees are noi rernunerated ihaf sefwces bui may claim ￿aSC￿ats1e iravel expenses mcurred io atiend compary busness Durry Eheyeaf 2025 NIL Irusm clarned expenses12024 NIL) IOC. Remuneratlon of th¢ hryhest paid wnploye¢s Ye•r•nd¢d 51M•r¢h 2025 Yearentted 31 Mafch 2024 £70.001 . E80.000 ElOO.001 - 1110.000 £IIO.QOl . E120.000 40 NOTESTOTHE FINANCIAL STATEMENTS Iod. K•y m•n*gernent p¢rsoM The k&y managemern perscffjnel ol Ihe Twst ao the Irusiees and Ihe Sen￿r LeadershipTeam vthich compfises ihe CEO & Creative D1￿Ctor together the Depuiy Chief Executwe & Ch*1 Operaiing 011￿eT. Markeiing 6 8usiness Development Difector and Depuly Cleats+￿ Direcior J(hli(Thty. trffte a￿ a lurther lour ktymanagers Direct(* ol Hfc Projects. Theaire Manager. Techrmcal Manager. and Head ol HR Employment benelits are calculaied including employer s Nl and Pengon cos No Vusiee payn￿1 lor profess￿nal or ￿￿eT 5eMces suppl*d IO Ihe chanty12024 £NIll 1025 2024 Ernployee benelits ot key mana9•rt*rn ow5￿1￿1 5•2.353 530 144 11. Stafl numbers The average rr￿rtihfy couni ¢Junng Iheyew was 132 The average nufflt￿ of FTE employees dunT)g the perod was 2025 2024 439 Publi¢ tngagement Ceniial Managerneni arKI servKes Average FTE 566 47 NOTES TOTHE FINANCIAL STATEMENTS 12a.TangSble Flx•d Ass•ts- Group Plant and Machinery Capiial Musical Growth Deal Plant and Insiiuments equlpmenL Machineiy Compuicr oirice Equipmenl Équlpmonl Long loasehold piopeFIy Flxlurc5 FILilngs Subsldlaiy PL4nL b Equlpment Coit Al l April 2024 Additions 6.097 2.373.181 118.891 246.243 265.031 23.961 7,500,000 10,286 20,162 10.563.852 37.927 20.162 10.601.779 20.159 17.767 282,798 Ai al 51 M•rch 2023 26.256 2.373.181 111.891 246,24J 2J,961 7.500.000 10.286 D•prKl•tlon Ai l April 2024 Charge lor Ihe year At 31 March 2025 1.219 932.532 118.891 147.746 49.249 2418.919 17,940 22.461 300,000 Iso.000 2,057 2.057 13.095 1.786.920 5.841 153,839 4.276 383.201 7,060 1.086. 571 118.891 196.994 266.859 22.461 450.000 4.114 17.371 2.170,12L N•1 •pok V•lu• Al31M•￿h 2Q25 19.196 1.286.810 49.249 15.940 1.500 Y.0S0.000 6,172 .791 8.431.657 At 31 March 2024 4.878 1,440.649 98.497 16.112 1.500 7.200.000 8.229 7.067 8.776.932 Arts Counc11 England and National Heritage Memorial Fund hold a chaige over ihe Pfoperty and oiher assets ol the Trust In accordance with Ihe Capiiol Funding agreemenis Ihai provide lunding tOWaTds ihe redevelopmenl proieci A secon(J charge ln lavour ol AJis Council England was re9isiered in Ihe year 20_21. In respeci of new Capiiol Fun¢Jing Irom ihe 'Xicksiart' funding stream Historically. the Hall lor Cornwall Trust has held all ol Ihe sseis ol the charily ana Ihe group. In the 2021_22 a new EPOS system was procvred and Implemented In the Hall lor Cornwall Lld. a wholly owneo sub51diary company Caoital Plant and Machinery was acouired as part ol the redevelopmeni capiial Pfoiect using lunds received as pari ol that lun(Jlng stream WAU FQI¢Q*II¥JAiL7I11ITILiffl**dbyGuif•nl**l An￿￿114*￿￿11•￿dAECo￿1*1*-V￿1i¥mthttIIM1rcml￿S 42 NOTES TO THE FINANCIAL STATEMENTS 12b. T•nglble Flx•d Assets- Charlty Plant and Capiial Plan[ Machinery and Mach¢nery Mtssical Growih Deal Insirumen15 cqoipmeni Compulor Equipmcnl Ollicc Cawial Equlpmcnl Fede¥elopment Flxiure5 b Flllings Total Cost At l April 2024 A(Jdiiions 6,097 2.373.181 118,891 246.243 265,031 23.961 7.500,000 10,286 10.543,690 37.927 20.159 26.256 17.767 A••t 51 M•veh2025 2.373.181 118.891 246.243 202.798 23.961 7,500.000 10.286 10.581.617 Dopr•cl•tlon Al l April 2024 Chaige loi the year Al 31 Marc* 2025 1.219 5.841 932,532 153.839 118.891 147.746 49 249 248.919 22,461 300.000 2,057 2.057 1,773,825 378.925 17.940 150.000 7.060 1.086.371 118.891 196.994 266.B59 22,461 450.000 4.114 2,152.750 Dook V•lu• At 31 M•ich2015 19.196 1.286.810 49.249 15,940 1.500 7.0S0,000 6.172 8.428.867 Ai 31 March 2024 4.878 1.440.649 98.497 16.112 1.500 7.200.000 8.229 .769.865 Arts Council England and National Heritage Memorial Fund hold a charge over the properly and Other asseis ol ihe Trust In èccordance v411h the Capital Funding agreements that provide lunding lowar(Js the redevelopmeni proieci A Second charge In lavoui ol Aris Council England wa5 reg151ered In Ihe year 20-21, In respeci ol new Capiial Funding from Ihe'Kitkslarl' lunding stream Capital Plant and Machinefy was ocouired as part ol ihe redevelopment capiial proiect using funds received as parl ol ¢hat Ivnding S¢ream M*LklOICOIMWALL TIIJITILimii*dts¥Gvlt•niVvlAMwlR*￿ltlllOl shows performRig alier 31 March 2026 CierJiror5 at 31 March 2025 incilde an ￿cTUal for fmal settlement Costs and as5¢x￿le￿ irnecoverable VAT lor the matn con[rac￿ lees on the redeve10prr￿i ryojeci TrUS￿e5 we sallslied m the ctwliys ability to adhere to the paymeni milesiones wiihin ihisègreemenl 45 NOTES TOTHE FINANCIAL STATEMENTS IS. Deferred Income Group 1025 Group 2034 Charily 2024 2025 8alance ￿ l Awil 2024 Release¢J io incomiThJ ￿SC￿r£t$ Deferred in ihe year J.$62.995 13.562.995) 4.310.645 3.243.351 5.562.9H 3.2J5.994 13.243.55U 3.562.993 15.562.994) 13.235.994) 4.295.362 3.562.294 8aLance at 31 March 2025 4.JIO.645 3.562.993 4.295.562 3.562.994 Deleried tnc¢)me ai 31 March 2025 re&1￿ to ¥arK)us fryms ol re*nues. lèrgety ath1￿Ce ticket sales. for wents that have iaken placeat the end crf the y2ar 16. Analysli ol net ass•ts betw••n funds - Group Curr•nt year Rutrkl•d 1025 T•t•l Iwm oper*￿n$ TaTrJibLe asse Curreni assets 8.037.487 .037.487 7.745.975 (7.514.609) 50.839 560 207 7.134.929 Cuf￿nE liats￿rieS 11020.5811 15.298.029) 50.839 6.016.906 560.207 1.836.900 8.464.855 Prlor y••r 2024 Total PfoJect5 LoThJ ietrn Designated Operaion5 Tangible asse Current assets 8.569.221 232 750 8.569.221 6.582.907 16.774,3251 82.817 539.926 5.527415 Curren¢ liabilbbes 12.431.9771 14 342.3461 82.817 6.369.994 539.926 1.185.069 8.177.805 46 NOTESTO THE FINANCIAL STATEMENTS 17•. Unrestrlcted funds Current year Expendiluie an¢J transleis *lanc• at SIM•rch 2025 IAPIII 20Z4 an tra￿le15 Group Unr•strlct•d fvndl: D•ilgnat•d Opeiaiional Reserve Maintenance & Sinking Fund Resene Gei Creaiive ReserNE 400 000 400,000 •6.M6 86.586 3.339 50.000 33.339 Match Funrjing Reserve SyStainabJlJty Reserve UnrestrkW lunds: Oper•tlons Operations tKJnd T•t•lunr•Itrkt￿ lunds 50.000 129.7191 20.281 20.000 20.000 1.184 069 10.183 137 19.5313061 l.a36.900 L724.995 10.233.137 19.56L.0241 2.397.107 Charlty Unrestrl¢t•d fund&. D•slgn•t•d Operational Reserve Maintenance & Sinking Fund Reseri Get C￿atIve Reserb 400.000 400.000 16.586 86.586 3.339 30.000 53.339 Maich FurMltrrfJ Reserve Sustainabibty Reserve 50.000 29.7191 20.281 20.¢)00 20.000 Operaiwis lund Total unf•slrlcted lunds 978 900 9.440.922 18.803 6551 1.616.167 1_518 826 9.490.922 18.833.373) 2.176.374 47 NOTESTOTHE FINANCIAL STATEMENTS 17b. Unr•strl¢ted lunds Prlor year 8awKe at IAFY 2023 come Expendjluie O•l•nu •1 31 March 2024 tfar)sfe translers Group Unr•slrld•d lund&' D•1l9n•t•d Opevaiirykil Reserve Maintenance & Sinking Fund Reser Gei Creaiive Reser 400 000 400.000 105.000 118.4141 •6.586 3.359 40.000 136.6611 Match Futh1ing Reserve 50.000 50.000 Unrestrkted funds: Operatlons Operaiiofts fund 548.554 8.996.347 18.359.832) 1.185.069 T•)l•l unrMtrkt•d funds 1.143.$54 8.996.347 18.414.9071 1.724.995 Charlty Unreslrlcted fvnds". D￿l9￿•t¢d Operaiional Re5eive Mainienance & Sinking Fund Rese Gei Creative Reser 400.000 400.000 ios.000 118.4141 86,586 5.339 40.000 136.6611 Match FuThSing Reserve 50.000 Unrestrlctod lunds: Operatlons Operations furd T4>t•lunr•strkted 700.708 8.164.no 17 886.5781 978.900 L295 708 8.164 770 17941.6521 1.514.026 48 NOTESTOTHE FINANCIAL STATEMENTS 18a. Restrlcted funds Current year 8aiarKe ai IAwl 2024 Income £xgen(Iilure and ttansleTS 31 M•r 8.4971 132.9081 182.8171 1539.9261 (72•.65¥ 11.216.9921 50 NOTES TOTHE FINANCIAL STATEMENTS 20. Related party transactlons The group compnses Hall f Cornwall Limiied and Tid(ets C￿nwall Lirnited whKh are wholty owned subsidiaiies ol The Hall lor Cornwall Trust A Iullher group membef. Coinwall T￿ea[re PioduCtK)ns Ltd was dissol¥ed m the 24-25 year Boafd of Trustees are i ullwnare con1roll￿g party ol the abc1￿ COry￿n￿. there Is no swwle IndMduJl who Is deemed a PerscKt ot S4niltant c￿1101 Ipsa The Group has ￿ken a¢J¥antage ol ihe exempl1￿ available to rrtx Otxlose transact￿n5 and balances wilh members ol the sème 100% 9roup In accordance Wih Seri￿n 33 IAol FRS102 21.Cofflmitments Group •ndch•rtty-