The Gulldhall Trust Company number: 07519927 Charlty number: 1153358 Company number: 07519927 The Guildhall Trust (A Company Ilmlted by guarantee) Trustees, annual report and Consolldated flnanclal statements For the year ended 31 March 2024 Compass Accountants Llmited Chartered Accountants Venture House The Tanneries East Street Titchfield Hampshire P014 4AR 'ADA70743• 2410812024 COMPANIES HOUSE
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The Gulldhall Trust Company number: 07519927 Contents Page Chairfs Report Trustees, annual report (incorporating the Slrateglc Report) 2-15 Statement of Trustees, responsibilities 16 Audltorfs report to the Trustees 17-19 Statement of finartcial activities 20 Consolldated balance sheet 21 Cash flow statement 22 Note5 to the financlal statements 23-33
The GulldhallTrust Company number: 07519927 Chalr's Report Thls has been a year of some remarkable development at the Gulldhall Trust. Agalnst a backdrop of a cost-of- living crlsls, polltlcal uncertainty at a natlonal level and challenging economic condltlons for many cultural businesses, we've remained true to our buslness model and our work. The Guildhall has contlnued to go frorn strength-tO-5trength, supportlng all those who work w5th us, whilst playing an active role in building local partnerships. Perhaps our biggest challenge has been the development of the Gulldhall, our self-tStled Guildhall Renaissance programme. This yearwork took place to completely refurbish the main basementtollets alongslde a newcreatlve facllity for young people. The Base comprlses of a band rehearsal room, DJ/Acoustic Studio, AV Sulte and lounge. The work has been accompllshed due to slgnificant Investment from Portsmouth Clty Councll, Arts Council England, several trusts and foundations and a sizeable Investment from the Guildhall Trust. l am exclted about the Base's potentlal impact on our youn8 people In Portsmouth and the region. On another positive note we were successful In tenderlng for the White Rock Theatre In Hastings. Our approach Is to IdentSfy venues In locations where we can make a real dlfference to the local community through strong programmlng, a focused approach to learnlng and partlclpatlon which supports local schools and young people, and a progresslve relationship with local authorities and the wlder sector. The White Rock is our second large venue after Portsmouth Guildhall, and we're exclted about Its potentlal. Although profits are reduced from 2023 we were particularly pleased with the 8rowth in gulldhall Income and commercial tradln8 actlvFtles, which enables our or8anisatlon to progress these projects. We recognlse that the sertor has many challenges concernlng fundln8, the impact on our audlences regards to cost of Ilving, and the Immediate concern about our envlronmental impact. We constantly evolve our approach, challenging ourselves to contribute, and to take a lead on these crucial issues faclng todals soclety, We contlnue to work hard on ensurlng the Gulldhall Is one of thls countrls leadlng concert halls and conference venues. We were therefore delighted to see it both shortllsted in this yearfs LIVE Awards, and to receive an award for its conferencing and h05Pltallty at the Busines5 South Award5. We've enjoyed close working tle5 between the Board and senlor management. My fellow trustees have dedicated huge amount of time and effort to the Gulldhall Trustand their 5UPPOrt contlnues to be Invaluable. We continue to diversify, engage and develop as we know our role as trustees is integral to the runnlng of thls organlsatlon. Flnally, a big than1< you to Andy and the team for a very successful year. Their leadership and bellef in all that we and stand for. is a platform for future growth and development. r M Tumer On behalf of the Board of Trustees Date: 81" JVLX IOfLV- Page I
The Guildhall Trust Company number: 07519927 Report of the Trustees (Incorporating the Dlrectorfs report) for the year ended 31 March 2024 The Trustees present their report and the financial statements forthe year ended 31 March 2024. The Trustee5, who are directors of company for the purposes of company law and, who served during the year and up to the date of thls report are set out below. The Trustees have had due regard to the guidance Issued by the Charlty Cornmisslon on Public Benefit. Reference and administrative detalls Trustees Mr M Turner-. Chalr Mr D Murphy Mr B French MrT Keeble Msscox Mr P Gunn MrA Price MsALee Ms P Hamllton Mrmwu MSJ Walters Mr M Harrls Mrc Gilder The executlve team are responslble forthe day-to-day management of the Charltable Company and Its Subsldlary Companies: Executive team Andy Grays (Chief ExecutSvel Rachel Maryan {Chlef Operating Offlcer) Alan Mockford (Director of Flnancel ' Nick Coles (Events Director & Support Services Manager) Kelly Haswell (Head of Marketing) Hayley Reay (Head of Learnlng and Particlpation) Cralg Paterson (Head of Technical & Production) Audit and finance commlttee Adrian pri {Chalr) Marl< Turner Andy Grays Alan Mockford Human resources commlttee Declan Murphy {Chalr} Trevor Keeble Samantha Cox Rachel Maryan Alan Mockford Strategic marketlng commlttee Peter Gunn (Chair) Pamela Hamilton Amir Hussain Mark Waldron Kelly Haswell Andy Grays d8e2
The Guildhall Tiust Company number: 07519927 Report of the Trustees {Incorporating the Dlrectorfs report) for the year ended 31 March 2024 Prlnclpal address and reglstered offlce Portsmouth Gulldhall Gulldhall Square Portsmouth Hampshire POI 2AB Charlty number 1153358 Company number 07519927 Audltors and accountants Compass Accountants Limlted Venture House, The Tanneries East Street Titchfield Hampshire P014 4AR Bankers Barclays Bank 67-69 West Street Fareham Hampshire P016 OAW Page 3
The Guildhall Trust Company number: 07519927 Report of the Trustees (incorporating the Dlrector's report) for the year ended 31 March 2024 Status and Hlstory The Guildhall Trust (formerly Portsrnouth Cultural Trust) is a charity registered In England and Wales and is a not- for-profit company, limited by suarantee, which is registered in England and Wales. The cornpany was Sncorpordted on 7th February 2011 and commenced its operatlons on 1st Aprll 2011. A trading subsidlary, Solent Cultural Enterprises Llmlted, was incorporated on 7 February 2011 as a companv limlted by shares, whose issued share capital Is owned 100% by The Guildhall Trust, The Purpose of the company Is to mangge the assoclate commercial activitles for the sole benefit of the Charlty. A cost sharlng agreement is n place with The Guildhall Trust to ensure that Solent Cultural Enterprises Limited makes fair payment to The Guildhall Trust for any use of Portsmouth Gulldhall and other costs. Solent Cultural Enterprlses Llmltedl prevlously dormant, began tradln8 on 1st Aprll 2017 and all profits are glft-alded to The Guildhall Trust. Solent Cultural Enterprises is a company whose share capltal of £1 is wholly owned by the Gulldhall Trust and Is governed by Its Memordndurn and Artlcles of Assoclation dated 7 February 2011. Company number 07520080. The Hornpipe Theatre Company is a not-for-profit company Ilmlted by guarantee, registered in England and Wales, company no 01644700 and charlty no 285284, and Is 8overned by 5ts Memorandum and Articles of A55oclatlon dated 4 July 1982, and amended by a special resolutlon on 31 August 2017, whlch resolved that The Gulldhall Trust would have the controlllng Interest in Hornpipe Theatre Company. P?ge 4
The Guildhall Trust Company numbei: 07519927 Report of the TNstees (incorporatlng the Dlrectorfs report) for the year ended 31 March 2024 Who We Are and What We l)0 Background The Guildhall Trust was formed in 2011 under its original name the Portsmouth Cultural Trust. The organlsation became a charlty in 2013 delivering a programme of local arts and education opportunltles through people's engagement wlth the Portsmouth Gulldhall and Its programme of concerts and activities. In 2018-19 the trustees and senior management undertook a strateglc review of the organlsation. Thls initiated rebrand and name change to The Gulldhall Trust plus a redefining of core purpose, mission, vision and values. In February 2024 we took over the management of the White Rock Theatre, Hastlngs. Our Core Purpose To dellver in5plrational opportunltles so that people want lo engage with culture and the creative econom¥. Our Vlslon The Guildhall Trust will become a leading cultural organisation which places our communitie5 at the centre of everything we do so that we can inspire, entertaln and transform lives. Our Mlsslon The Guildhall is commltted to Investing our skills and resources so that we can deliver cutrtural and learnlng experlences of the hl8hest quallty whllst becomlng Increaslngly more resillent and sustalnable. Our Values To Educate- to promote the arts and our herltage to support local educatlon through performance and reative particlpation. To Inspl- to contlnue to inspire our communlties through our work and our passion for the arts. To Collaborate-we work and develop partnerships so that we can achleve more together. To Develop- to continue to develop our people so that they can contrlbute more towards oursuccess. To Diversify- to develop and diversifyour offer, thereby engaging with our audience and client base. Page 5
The Guildhall Trust Company number: 07519927 Report of the Trustees (Incorporatlng the Dlrectorfs report) for the year ended 31 March 2024 Rev5ew of the Year The Year In Summary 2301< users and visltors to the Gulldhall en8a8in8 With 727 events. 146k people attended conrtS and ourown events such as Comic Com a record for the venue. 7,254 people attended theatre, comedy and gigs in the Studio, an increase of 8% 45k users attended conferences, meetlngs, dinners and exhibitions, an increase of 5% 19,233 engagements wlth our learning and participation programrne, an increase of 45% Dance Livel in Portsmouth engaged with 71 schools and 3,435 young people aged 8-18, an Increase of 13%. On tour at Blackpool, High Wycombe, Gulldford and Poole schools, 51 schools and 2,496 young people participated, an Increase of 45%. InGome vs net movement comparfson 202tk24 Yèarren'd.,:: :,:, Total Incorne j £2.58m Net (86k) movement £1.37m £2.47m £3.7m £3.9m (138k) 383k £505k £582k Concert hall attendance comparison 2022-.23-. :,,:,.. 2023-24 115,017. 83,621 145,571 145,896 100 141 966 836 1,032 1,096 attendan'G..e;': Concerts and Events Gulldhall A record number of attendees vlslted concerts at the Guildhall. The varlety of concert saw 17 standlng concerts accountlng for an audience of over 32k. For the flrst tSrne we featured our 'Classlcal Series,. 19 concerts across both the maln hall and Lens Studio, welcoming the Orchestra of the age of Enlightenment forthe fSrst tlme. In the Len5 Studio worl<ing with our partner5, Music in the Round, we introduced Sounds of Now, a new platform for musicians creating and exploring the most excitin8 artistic ideas today. We work wlth manyof thls country's leadlng promoters In the fields of muslc, comedy, dance and unlque events. The latter category Included visit frorn Kaleb Cooper, Simon Reeve and Miriam Margolyes. We've been encouraging promoters to Introdu younger artists, this year this include bands such a5 Electric Callboy, Royal Blood and the Lottery Wlnners. One of the highlights of the year at Gulldhall was Noel Gallagherfs High Flylng Birds In March. Page 6
The Guildhall Trust Company number: 07519927 Report of the Trustees (Incorporatlng the Dirertorfs report) for the year ended 31 March 2024 The BSO remaln a focal polnt of our classical programme. They continue to deliver large orchestral concerts of hlgh quality. This year they featured works by Mahler, Smertna and MozarL as well as the highly popular Symphonlc Space. In April'23. we co-promoted the Takedown Festlval, a heavy metal event with headliners Sleep Token and Skindred. Nearly 3,000 attended and enjoyed this event. The Box, our 1,000 standing venue concept, has proven highly popular with regional and national promoters. Several concerts took place In this formation including Reef, Stiff Little Flngers and The Dualeis. The Lens Studio had a busy year, hosting 81 performances wlth 7,294 ticket sales. From bands such a5 Space, folk legend Martin Carthy and acclaimed acoustic guitarist Martin Simpson. Our focus thls past year has been to Increase the number of gl85 In the Lens. We work with partners such as Wemsfest to secure flrst class folk artists, and we continue to encourage local talent such as the excellent blues rock outfit Brave Rival. Our regular Future Folk events Invite local artlsts to showcase thelr talent. Comedy contlnues to prove Immensely popular. We had several sold out shows by Sarah Mllllcan, Jimmy Carr, Paul Smlth and Russell Howard. First tlmers to the Guildhall included Troy Hawke and Jonathan Pie. Severdl comedian5 featured In our Lens Studio programme Sncludin8 Mlke Wozniak, Sophle Duker and Jayde Adams. The White Rock Due to the previous operatorfs lease comln8 to an end, there had been little actlve programmin8 prior to our takeover In February. However, we were able to support our communlty partners, most critlcally the HastlnBS Internatlonal Piano Concerto Cornpetltion and the Hastings Music Festival. The Plano Competition culminated In two performances by the Royal Phllharmonic Orchestra. We were deli8hted that Robert Plant included White Rock on his latesttour and performed at the venue in March. Our Intention Is to return the venue to Its roots, a music/entertalnmentvenue, featuring a wide dlverslty of artlsts and events. A second space, The Sussex Hall, has been converted to a full time studio, and wlll feature programme of music, comedy and much more. We'll work with community partners so thatihey have aC$S and Use of this faclllty. Learning and Participation The Guildhall's Trust investment In learnlng and particlpatlon Is at the heart of our core values and purpose as charity, to deliver inspirational opportunities so that more people want to engage with culture. There is such a rich tapestry of actlvity which spans schools, extracurricular, older people and developing artist work. Some of the highlights from the year are Ilsted below. Implemented The Base youth pilot project, 29 workshops with 137 instances of engagement. 5 Creatlve Career roadshow sessions Introduced Young Creatives to the Lens Studio, holdSng weel(Iy drama classes. Recrulted 10 young people to form the first 'Base' panel. Harbour artist, Thomas Buckley, hosted his own conference, Past Makes Future. Page 7
The Gulldhall Trust Company number: 07519927 Report of the Trustees (Incorporatlng the Directo¢s report) for the year ended 31 March 2024 1,100 young people, from l<ey stage I, attended this yearfs Muslc In the Round IMITRI concert. We worked wlth MITR on We Compose, a key stage 2 concert attended by 500 young people. Urban Vocal Group hosted free weekly singing lessons for young people up to the age of 18. The L & P programme had a record 19,233 engagements. Dance Llvel We contlnue to develop Dance Livel at Portsmouth and on tour in the regions. Every year we see more new schools take part, and a hlgher standard of dance and digital design skills. The dlgital content on the large LED screen produced by each school is both dramatlc, Inventlve and fun. We challenge the schools to create dance whlch Interacts with the screen, and therefore judges get to see a strong and coherent narrdtlve. There is strong demand from Portsmouth and the Solent regSon, thls resulted in an increase from 64 to 71 schools. There is an annual retentlon rate of 88% from schools, some schools chose to participate every otheryear due to the workload and commltment required from teachers, The Dance Llvel team contlnue to support schools wlth workshops and new on-line content so that they have everything avallable to them. The tourwas boosted by 8 £30k grant from Arts Councll almed at supportlng schools to engage wlth the event. A new venue and location were added, Blackpool WlnterGardens, further events took place In Poole, Gulldford and Hlgh Wycombe. The latter two locatlons are buildlng In popularlty and we're plannlng to Increase the number of days for the 2025 tour. We continue to get very posltlve feedback from the puplls, teachers and parents. The team ensure that the Is a colleglal feel to Dance Llvel by hostlng regular teacher brlefSngs and taklng on board feedback throughout the Year. Cornmunlty Events and Exhlbltlo Portsmouth Comlc Com took place In June'23, movlng back 4 weeks due to the Klngs coronatlon In May. We hosted a nurnber of lebrIty Doctor Who actors Includln8 Peter Davldson and Colin Baker, both of whom played the role of the Doctor In the 198LYs. Ourevents tearn created a spectacularJurasslc Park feature, dressing the venue's car park gates to represent the entry to the event. Once again over 7,000 people attended the weekend, and the therne was villains and the multiverse. Hundreds of those attendlng dressed up in cosplay costumes and took part in the cosplay parade. Exhibitions: Our volunteers who run the Portsmouth Muslc Experlence continued to present 'lcons of Rock,, a photographlc exhlbltion featurlng the wonderful work of Barrle Wentzell, one of rock rnuslc's most renown photographers. Barrie worked for Melody Maker between 1965-75 and photographed Elton John, Marc Bolan, Bob Dylan, Rod Stewart and many more. This wonderful exhibition curated by Nlgel and Audrie Grundy captures the fashion of the tirnes and the Impactof the weekly muslc paper. In September Barrle popped overfrom Canada to the Gulldhall and gave a talk on hls work accompanied by musicjoumallsl Chris Welch. Nigel added a new Beatles exhibition to the first floor which recounted their appearance at the Guildhall in 1963. The exhibition was accompanied by a book. Takedown'23 was the rebirth of a heavy metal festlval whlch was In Southampton. Wlth co-promoters Divergent Promotions, we presented a day of heavy metal music across several stages inside the Guildhall and one large Page 8
The Gulldhall Trust Company number.. 07519927 Report of the Trustees (Incorporating the Directorfs report) tor the year ended 31 March 2024 stage outslde. The headliners Sleep Token and Sklndred accompanled by another 20+ acts attracted nearly 2,500 people. Commer¢lal Initlatives The Board recognlse the importance of Beneratlng increased income from commercial actlvlty. The Councll grant to the Gulldhall has been maintalned at £1771< per year for the past 3 years. However, Inflationary pressures to goods and supplies requires us to constsntly review our prlces, our suppliers and to find new sources of income. Our events surpluses rernaln an important source forgrowth and development. Equally, the ieturning strength of the conferenclng, meetlngs and events market has been a key contributor to our financial surplus this year. We hosted 227 events ranging from small meetings to large scale conferences and exhibitions attracting 50,000 people, a 3% increase on the year before. Our cllents Included the Unlverslty of Portsmouth, the annual Shaplng Portsmouth Conference, the Titchfield Boxlng dinner and the News Business Awards. Every December the team create a unique Chrlstmas Party offer, thls yearfs them of clrcus was well received and resulted in 3 sold out evenings and over 1,000 clients. These events prove to be hi8hly valuable to theTrust. IVS also worth recognisin8 the contribution to earnlngs from well-run bars, pre-show dlning and hospStallty and the Introduction of a cashless system, whlch speeds up customer transartions. We wlll shortly be Introducing a new booklng system, IWY, whlch wlll allow cllents to book rooms on-llne. Future Plans The Trustees have supported a slgnlficant amountofdevelopment thos pastyearwhlch Included a strateglc review and Board training. The Board welcomed new members who have added both experlence and youth, and the 4 sub<ommlttees have been acttve, meetlng several tlmes. Our plans are both ambitiOU5 and challengin& To contlnue workin8 towards the Guildhall Renaissance wlthln the next 5-year buslness plan cycle whlch commenced In Aprll 2023. To take Dance Llvel to more regions so that more young people can en8age and benefit from It, To contlnue to dlversify our work so that we can engage wlth more people. To seek new opportunlt5esfor growth and developrnent both In Portsmouth and beyond. Strurture, Governance and Management The Guildhall Trust has a Board of Trustees who meet quarterly. The Board monitors the progress of the Trust, this isachieved through quarterly Board Meetings, regularcontact between the CEO, Head of Finantt and tru5tee5 and the scrutiny by sub-commlttees. The CEO and Head of Finan present the Board with a series of reports coverln8 the business of the Trust. The annual Corporate Plan ertabllshes the Trust's maln objectlves for the year, against a series of I<PI's. The Plan comprises of a series of departmental plans created and owned by senior managers and their team. There are three sub-commlttees each wllh aTrustee Chalr, the relevant senior managernent and a second Trustee. The oldest and most establlshed committee is Audit and Finance. Thls oversees budget setting, reforecastlng, the annual auditand appointmentof auditors. It has a key role ofscrutinisln8the management accountsand assessing Page 9
The Gulldhall Trust Company number.. 07519927 Report of the Trustees (Incorporating the Directorfs report) for the year ended 31 March 2024 the ongoing business rlsk. The Committee recelves reports from the Head of Flnance who slts on the Commlttee along with the CEO. The HR and Nominations Committee normally meets up to four times a year and recelves reports concernlng HR related activity which the management feel warrants thelr advice and attentlon. The Committee seeks to ensure that the Board is diverse and representative. The Chair of this committee recelves recommendatlons concerning POS51ble new trustees, nomlnatlons, meetln8 With them and discussing their merits wlth the Board and Chalr. The Strateglc Marketlng Commlttee comprise5 of experts from both the Trusvs main board and Ivs trdding company board, Solent Cultural Enterprises. The team of experts workwith members of the executive to consider how to strengthen and develop the organisation's market Position and key messaging. The Guildhall Renalssance Commlttee Is a task and flnlsh group worklng In partnershlp wlth Portsmouth Clty Councll to rnonltor and scrutlnlse the works to the Gulldhall. The Commlttee meets regularly taking reports from the CEO and project consultants on current or forthcomlng works. Inductlon and Tralning All newly appolnted Trustees rneetwith the Chair and CEO and follow and induction programme, whlch comprlses 8overnance and responslbllltles of a Trustee. All Trustees are mindful of theSr duty to act solely In the interest of The Guildhall Trustand those members who are cabinet memberslofficers of Portsmouth City Councll understand their duties (under company and charity law) to avoid confllct5 of Interest. The organisatlons, Artlcles contain detalled provlslons for declaring any interests a Trustee has and managing any conflicts that arise from such interests. Solent Cultural Enterprlses Solent Cultural Enterprlses Is controlled, and Is activity ma naged, by The Guildhall Trust. The Flnanclal Statements for Solent Cultural Enterprlses are avallable to view at the offices of The Gulldhall Trust. Hornplpe Theatre Company The Board of Trustees has responslbllity for the 8overnance and adminlstratlon of the Charfty. Page 10
The Guildhall Trust Company number: 07519927 Report of the Trustees (incorporating the Dlrectorfs report) for the year ended 31 March 2024 Flnancial Revlew We are happyto report a surplus of £274k {2023: £806k) forThe Gulldhall Trust's second full year of activity slnce the Pandemic, This includes some major one-time adjustments and income reeognition in the financlal year. We continued to recognise income from further phases of the Renaissance project in the Basement in thls year with the contlnuation of the grant from Arts Council England. With addltlonal fundlng from the Local Authority and other funders, we have secured over 90% of the projecvs budget. We also entered a new ticlfeting partnership with Eventim, which will bring more Income and benefits for the Trust and the Customer over the contracvs duration. The total Incoming resources for the Trust totalled £4.38m {£4.31m 22123} which Is a sllght improvement on the previous year. Below Is a short summary ofthe significant components of our activity: Concert/studlo-The Trust had a stron8 calendar of events over the year with a wlde variety of events. Due to the unprecedented finish to the year, of sell out events not originally antlclpated, meant the last quarter was one of the highest of any quarter. The Trust recelved £264k (£202k 22123) from its Restoratlon Levy whlch fvnds ongolng works wlthlTr Portsmouth Gulldhall over the year and supports specific projects such as the Renai55ance ProJect. ConAerence/Events-Thls area of our business continued wlth a slgnlflcant growth of greater than 20% on the prlor year. Thls is now close to our pre-pandernlc levels which Is helping to drive a promlslng Income stream. Learnlnq & Participatlon - This flnancial year a signlficant amount of actlvlty was undertaken with the key event Dance Livel Whlch once again grew far beyond prevlous years In Portsmouth. The event forthe second year runnlng went on tour whlch flnancSally Is less appeallng but slgnificantly increases our soclal Impact in supportSng young people, The total outgoing resources for the Trust totalled £4.Ilm1£3.49m 21122). Cost5 continued to increase, wlth Mlnimum wage having a big effect on our cost of operatlon. This rneant a requlrement to pass on these costs In an even way to customers and promoters. We have held funds that are speclflcally for the Basement phase of the Renalssance project In a restricted fund, with the directly assoclated spend a8alnst the fund. The net Income/expendlture forthe organlsation was a surplus of £274k1£806k 22/231. This leaves a consolidaled fund value of £1,249k {£975k 22/23) as at 31" March 2024. Golng Concem The Trust's financial p051tion ha5 improved this year, thanks to higher incomes from our new Ticketing partner and strong operating performance. We are confident that the Trust has overcome the uncertainty caused by the Pandemlc. In the next 5 years, we Intend to generate more revenue to support the ongolng Renaissance project whilst malntaining our financial position. Page 11
The Guildhall Trust Company number: 07519927 Report of the Trustees (Incorporating the Directorfs report) for the year ended 31 March 2024 Reserves Pollcy The Guildhall Trust operates in a unlque sector that differentlates itself from not only other Charitable organisations but even organlsations In its sector. The Trust has heavlly relied on its relationshlp wlth the Local Authority to provlde grant funding to subsldlse the cultural actlvity and the ongolng Investment wlthln the Guildhall. Given pressure50n local government and thenational economy Sin its inceptlon,the Trust has needed to raise significantly more income to offset cuts In Its grant fundin8. The Trust also operates with signlflcant cash reserves from events held In the future, so can operate with little to no Free Reserves. The constant turnover of new events Eoing on sale and settlements paid to promoters allows the organisation to continue to operate. With these polnts in mind, Trustees alm to achieve I month of overhead expenditure In Reserve which equates to around £150k. The calculation of the organisations Free Reserve position is below: Total Assets Less Restricted Less Unrestricted Fixed Assets Free Reserves The Free Reserve position as at 31" March 202415 (£4411<1, a posltlon that has reduced from {£186k} over the prlor 12 rnonths. For the last five years the Trust hasvlewed Renalssance (extensive refurblshment and extension of the Gulldhall) as the key to move from havlng negative free reserves to position of balance. The first phase of Ihls project is almost complete wlth the basement, with further phases to be completed overthe next 5 years. Trustees hold the view that In the short to medium term the Free Reserves of the Trust will Improve towards Its tsr8et. Investments Pollcy Under the Memorandum and Articles of Assoclation, the charlty has the power to make any investment that the Board of Trustees sees fit. Remuneratlon and Recrultment Pollcy- Senlor Management The Trust's recruitment pollcy 5tate5 that vacant Posts for management Positions should be externally advertised and thal, where necessary, specialist recrultment agencies should be used, Agencles are verified on the Trust's equal opportunltles priorities and guSdance on renumeraLlon 15 sought by the Trust from those agencles which are best placed to benchmark salarles wlthin specific job roles and industries. Page 12
The Gulldhall Trust Company number: 07519927 Report of the Trustees (Incorporating the Dlrectorfs report) for the year ended 31 March 2024 Auditors The accounts have been audited by Compass Accountants Llmlted. So far as the Trustees are aware, there is no relevant audit information of which the companvs auditors are unaware. Trustees have tal<en all the steps necessary to make themselves aware of any relevant audlt Information and to establish that the company's auditors are aware of that informatlon. Thls report has been prepared in accordance with the small companieg regime under the Companles Act 2006. r M Turner On behalf of the Board of Trustees Date: Page 13
The Guildhall Trust Company number: 07519927 ststement of trustees, responslbllltles for the year ended 31 March 2024 The Trustees (who are also directors of The Guildhall Trust for the purposes of company law) are responsible for preparing the Trustees, Annual Report {includlng the Strategic Report) and the financlal statements In accordance wlth appllcable law and Unlted Kingdom Accountlngstandards (United l<ingdom GenerallyAccepted Accounting Practice). Company law requlres the Trustees to prepare financial statements for each financlal year, whlch glve a true and falr vlew of the state of affalrs of the charltable company and of the Incoming resources and applicatlon of resources, Including the income and expenditure, of the charStable company for that perlod, In preparlng these financial statements, the Trustees are required to,, select sultable accountln8 pollcles and then apply them conslstently. observe the methods and prlnclples In the Charities SORP 2019 IFRS 1021; rnake judgements and estlmates that are reasonable and prudent. state whether appllcable UK Accounting Standards have been followed, subject to any material departures dlsclosed and explalned In the financial statements. prepare the financ5al statements on the golng concern basls unless it Is Inappropriate to presume that the charitable company will continue in operation. The Trustee5 are responslble for keeplng adequate accountlng records that disclose with reasonable accuracy at any tlrne the financial p051tion of the charltable company and enable them to ensure that the flnanclal statements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detettlon of fraud and other ' Irregularltles. r M Turner On behalf of the Board of Trustees Dats: Sl3f 2ol* Page 14
The Gulldhall Trust Company number: 07519927 Independent auditors, report to the members of The Guildhall Trust Oplnlon We have audited the flnancial statements of The Guildhall Trust (the 'parent charitable companV} for the vear ended 31 March 2024 which comprise the Consolidated Statement of Flnancial Activlties, the Consolidated Balance Sheet, the Cash Flow Statement and notes to the financial statements, Including a summary of significant accounting policles, The financial reportlng framework that has been applied In their preparatlon Is applicable law and Unlted Kingdom Accounting Standards, Including Financlal Reportlng Standard 102 The FinonclalReporting Standard applicable In the UK and Republic of Irelond Iunlted Klngdom Generally Accepted Accounting Practice). In our opinion the financlal statements: glve a true and falrvlew of the state of the group'sand parent charltable companls affairs as at 31 March 2024, and of the group's Incomlng resources and applicatlon of resources, includSng Its income and expenditure, for the year then ended. have been properly prepared In accordance wlth Unlted Klngdorn Generally Accepted Accountlng Practice,. and have been prepared in accordance with the requirements of the Companles Act 2006. Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng IUKI IISAS IUI(l) and appllcable law. Our responslblllties under those Standards are further descrlbed In the Auditor's responsibilities for the audit of the flnanclal statements section of our report. We are independent of the harilable companyln accordance with the ethlcal requlrements that are relevantto our audit of the flnanclal statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethlcal responslblllties In accordance wSth these requlrements. We belleve thatthe audit evidence we haveobtalned Is sufficlent and approprlate to provlde a basls for our oplnion. Con¢luslons relatlng to Eolng concern In audlting the financial statements, we have concluded that the trustees, use of the golng concern basls of accounting in the preparatlon of the flnanclal statements is appropriate. Based on the work we have performed. we have not Identified any materlal uncertainties relating to events or condltlons that, Indlvldually or collectlvelyi may cast Sl8nificant doubt on the group's or pant charltable company's abllity to contlnue as a golng concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibllltles of the trustees with respect to going concern are descrlbed In the relevant sections of thls report. Other Informatlon The Trustees are responslble for the other information. The other informatlon cornprises the Informatlon included in theTrustees' annual report, otherthan the financlal statements and our audltorfs reportthereon. Our oplnion on the financial statements does not cover the other informatlon and, except to the extent otherwise explScltly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, In doing so, conslder whether the other Snfomatlon Is materialfy inconsistent with the financial ststements or our knowledge obtained in the audlt or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material mlsstatements, we are requlred to determine whether there is a materlal mlsstatement in the flnanclal statements or a material misstatement of the other Page 15
The Guildhall Trust Company number: 07519927 inft)rmation. If, based on the work we have performed, we conclude that therels a material rnlsstatement of th55 other Information, we are required to report that fact. We have nothlng to report In thls regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our oplnion, based on the work undertaken in the course of the audlt: the information given in the Trustees, report (iricorporating the directors, report) for the financial year for whlch the financlal statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable legal requirements. Matter5 on whlch we are requlred to report by exceptlon In the light of our knowledge and Ljnderstandlng of the group and parent charltable company and its environment obtalned In the course of the audit, we have not identified materlal mlsstatements in the directors, report. We have nothlng to report In respect of the followlng mattsrs In relatSon to whlch the Companies Act 2006 requires us to report to you If, In our oplnlon: adequate accounting records have not been kept by the parentcharltable companyi or returns adequate for our audlt have not been recelved from branches not vlslted by us. or the parent charltable company's financlal statements are not In agreement wlth the accounting records and returns; or certain disclosures of directors, remuneratlon specified by law are not made; or we have not recelved all the Informatlon and explanatlons we require for our audlt; or the Trustees were not entltled to prepare the flnanc5al statements In accordan with the small companles, regime and take advantage of the sm311 companies, exemptlons In preparlng the dlrector report and from the requlrement to prepare a strateglc report. Responslblllties of Trustees As explained more fully in the Trustees, responslbllltles statement set out on page 14, the Trustees (who are also the directors of the charltable company for the purposes of company law) are responslble for the preparation of the flnanclal statements and for being satisfied that they glve a true and falr view, and for such internal control as theTrusteesdetermlne Is necessaryto enable the preparatlon of financial statements that are free from material misstatement, whether due to fraud or error, In preparlng the flnancial staternents. the Trustees are responsible for assesslng the charitable companvs ability to conlinue as a golng concern, dlsclosin& as appllcable, matters related to golng concern and uslng the going concern basls of accounting unless the Trustees either intend to Ilquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles for the audlt of the financial statemènts Our objectives are to obtaln reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs reportthat includes ouroplnlon. Reasonable assurance Isa hl8h level of assurance, but is not a suarantee thatan audit conducted In accordance with ISAS (UK) will always detect a material misstatement when it exists. Mlsstatements can arise frorn fraud or error and are considered material rf, individually or In the aggregate, they could reasonably be expected to Influence the economic decisions of users tal<en on the basls of these financlal statements. Page 16
The Gulldhall Trust Company number: 07519927 Irregularltles, Including fraud, are instances of non-compliance with laws and regulations. We deslg procedures In Ilne with our responsibilities, outlined above, to detect malerial misstatements In respect of irregularities, Including fraud. The extent to whlch our procedures are capable of detecting Irregularities, including fraud Is detalled below: We gained an understanding of the legal and regulatory framework appllcable to the Company and the sector In whlch It operates through discussions wlth mana8ement, sector research, and the applicatlon of relevant audit knowledge and experience We made enquiries of management around actual and potential litigation and claims We made enquiries of management and relevant staff, and desi8ned ouraudit procedures, includlng revlewlng flnancial statement dlsclosures and testing of supportlng documentatlon, to assess compliance wlth appllcable laws and regulations. We focussed on laws and regulatlons whlch could glve rise to material misstaternent In the financlal statements including, but not limited to, the Companies Att2006, thecharlties Act 2011, the Charltles SORP, and the Flnancial Reportin8 Standard 102. We identlfied the risk of material misstatement ofthefinancial statements dueto fraud and designed audlt procedures to respond to the r5sl<. We performed audlt procedures deslgned to address the rlsl< of frauLI arislng from management overrlde of controls, including, but not limited to, testing of Journal entrles and other adjustments, revlewin8 accountlng estimates for evidence of blas, and evaluatlng the business rationale of slgnificant transactions outslde the normal course of business Because of the Inherent Ilmltatlon5 of an audit, there15 3 rlsk that we wlll not detect all irregularlties, Includlng those leading to a material misstaternent in the accounts or non-compliance wlth regulatlDn. Thls risk Increases the more that compllance with a law or regulation is removed from the events and transactions reflected in the accounts, as we will be le55 lil(ely to become aware of Instance5 of non-compliance. The risk Is also greater regarding Irregularities occurring due to fraud rather than error, as fraud involves Intentlonal concealment, forgery, colluslon, omlsslon or mlsrepresentation. A further descrlptSon of our responsibllltles for the audit af the financial staternents Is located on the Flnancial Reportlng Council's website at: www.frc.org.uk/audltor5responsibillties. Thls description forms part of our auditor's report. Us• of our report Thls report is made solely to the charltable companvs rnembers, as a body, in accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we mlght state to the charitable company's members those matters we are required lo state to them in an auditorfs 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 charStable company and the charltable company's members as a body, for our audit work, for this report, orfor the opinions we have foTmed. Kerry Lawrance FCA (Senlor Statutory Audltor) For and on behalf of Compass Accountants, Statutory Auditor Compass Accountants Llmlted Ventuie House, The Tanneries East Street. Tltchfield Hampshlre, P014 4AR Date: [aTh AuGogr 201 Pa8e 17
The Gulldhall Trust Company number: 07519927 Consolidated Statement of flnancial artivities (incorporating the income and expenditure account For the year ended 31 March 2024 Ufflre5trlGted Restrlcted furnds funds 2024 Unrestrlcted Restrlcted Total funds funds 2023 Totsl Notes Income from: Oonatlons and legacles Donatlons Charltable actlvltles Operatlons of the Guildhall Other trading actlvltles Commerclal tradlng operatlons Investment Income Other Income Extraordlnary Income 177,150 483,471 660.621 178,088 499,000 677.088 3 2,697,922 666 2,698,588 2,360,273 17,914 2,378,J87 974,965 18,895 11,560 16,749 974,965 18,895 11,560 16,749 787,212 12,377 25,251 425,000 787.212 12,377 25,251 425,000 Total Income 3,897,241 484,137 4,3BI,378 3,788,201 516,914 4,305,115 Expendlture on: Charitable actlvltles Operatlons of the Gulldhall 6 4,078,303 31,224 4,109,527 3,456,063 31,262 3,487,325 Total expendlture 4,078,303 31,224 4,109.527 3,456,063 31,262 3,487,325 Net 8alnslllossesl on Ir*vestmenls 1,771 1,771 {12,112} 112,112} Net Incomel(expendlture) {179,291) 452,913 273,622 320,026 485,652 805,678 Transfers betw•en funds 728,482 1728,4821 185,116 (185,1161 Net movement In funds 549,191 1275,5691 273.622 505,142 300,536 805,678 Reconclllatlon of funds: Total funds brought forward 656,540 318.471 975,011 151,398 17,935 169,333 Total fund$ carrled forward 1,205,731 42,902 1,248,633 656,540 318,471 975,011 All recognlsed galns and losses are included In the statement of flnanclal activltles The notes on pages 23 to 33 form an Integral part of ihese finantlal statements. Page 18
The Guildhall Trnst Company number: 07519927 Con5011dated Balance Sheet a5 at 31 March 2024 Company number: 07519927 Group 2024 Group 2023 Charlty 2024 Charlty 2023 Notes Flxed assets Tangible assets Investments 12 1,798,035 187,858 842,715 186,087 1,796,362 840,292 1,985,893 1,028,802 1,796,363 840,293 Current assets Stocks Debtors Cash at bank and In hand 14 15 133,105 987,636 1,411,452 75,565 989,546 819,574 133,105 1,076,193 1,245,654 75,565 1,095,141 564,737 2,532,193 1,884,6B5 2,454,952 1,735,443 Credltors: amounts falllng due wlth5n one year 16 13,161,219) 11,938,016) 13,091,709) (L797,7161 Net current assets (629,026) 153,3311 1636,757) 162,2731 Total assets less current Ilabllltles 1,356,867 975,471 1,159,606 778,020 Credltors falllng due after l year 17 {107,916) (107,9161 Provlslons for IlabllStles 1318) 14601 Net assets 1,248,633 975,011 1,051,690 778,020 Funds Unrestrlcted funds Restrlcted funds Non Charltable Tradln8 funds 1,204,345 42,902 1,386 654,546 318,471 1,994 1,008,788 42,902 459,549 318,471 Total funds 18 1,248,633 975,011 1,051,690 778,020 The flnanclal statements have been prepared In accordance wlth the prov151ons appllcable to small companles Subject to the small ¢ompanles' reglme. flnancial statements were approved bythe Board and slgned on its behalfby urner On behalf of the Board of Trustees Date: oirr IOI* The note5 on pages 23 to 33 forni an Integral part ol these flnanclal ststements, Page 19
The Gulldhall Trust Company number: 07519927 Cash flow statement For the year ended 31 March 2024 Group 2024 Group 2023 Cash flows from operating activitles: Net cash PTovlded by (used In) operatlng actlvlties 1,676,156 89,976 Cash flows from Investlng actlvltles: Interest Income Purchase of tanglblÈ flxed assets 18,895 11,103,173) 12,377 1391,243) Net cash piovlded by (used In) Investlng artlvltles {1,084,278) 1378,866) Increa5el(de¢rease) In (ash and Cash equivalents In the year 591,878 1288,890} Cash and cash equivalents at l Aprll 2023 819,574 1,108,464 Cash and cash equlvalents at 31 March 2024 IAII,452 819,574 Net Incomellexpenditure) for thè reportlng perlod Oepreclation and loss on dlsposal of assets Income frorn Investments {Galnsl/losses on Investments {Increa5el/decrease In sto¢k5 Ilncrease)/decrease In debtors Increa5elldecreasel In credltors Increaselldecrease) In lon8 tem Ilabllltles Increaselldecrease) In provislons 273,622 147.853 {18,89s) (1,771) (57,5401 1,910 1,223,203 107,916 1142) 805,678 286,530 {12,3771 12,112 (21,0461 IS19,7061 1461,072) 11431 Net cash provlded by (used In) operatlng activities 1,676,156 89,976 Page 20
The Gulldhall Trust Company number: 07519927 Note5 to the finan¢ial statements Forthe year ended 31 March Z024 Accountlng policies 1.1. Charlty Information The Gulldhall Trust Is a prlvate company Ilmlted by guarantee and Incorporated in En8land and Wales. The reglstered offlce The Portsmouth Gulldhall, Gulldhall Square, Porlsmouth, Hampshlre, POI 2AB. The Gulldhall Trust meets the deflnltlon of a publ1¢ benefit entity under section 34 of FRS 102. Assets and Ilabllltles are initially recognlsed at hlstorical c05t or transaction value, unless otherwlse stated in the relevant accountlnE poIIcy. The princlpal oblectlves of the charlty are detailed In the Trustees report, 1.2. Basls of preparatlon of flnanclal statements The flnanrlal 5talernents have been prepared In accordance wlth Accountlng and Reportlng by Charltles.. Statement of Recommended Practlce applicable to charltles preparlng their accounts In accordan wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 1021 Issued In Ottober 2019, the Flnanclal Reportlng Standard appllcable in the Unlted Klngdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companles Art 2006 and UK Generally Accepted AccountlDg Practlce, The financlal statements have been prepared on a golng concern basls under the hlstorlcal cost conventlon, modlfled to include certaln Items at falr value. The financlal statements are presented Sn sterllng which is the fvnctional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Consolidated tlnanclal statements have been prepared In respect of the charltable company, and Its wholly owned subsldlarles, Solent Cultural Enterprlse Limited (company number 075200801 and Hornplpe Theatre Company Llmlted (a linked charlty of The Gulldhall Trust- charlty number 11533S8-11. The Con5011dated Statement of Financial Actlvltles Includes the results of Solent Cultural Enterprlse Lirnlted, Guildhall Securlty Servlces Llmlted and the Hornpipe Theatre Company Llmited on a line by line basls. The Consolidated Balance Sheet Includes the net assets of the subsidiaries and the Ilnked charlty on a Ilne by Ilne ba51s. Golng concern The flnanclal statements have been prepared on a 8olng concern basls as the trustees belleve that no material uncertainties exist. The trustees have considered the level of funds held and Ihe expected level of income and expenditure for 12 month5 from authori5in8 these flnanclal statements. The budgeted Income and expenditure Is sufflclent wlth the level of reserves for the charlty to be able to contlnue as a goin8 concern.. 1.3. Income Income Is recognlsed when the company has entitlement lo the funds, any performance condltlons attached to the item(5) of Income have been met, It 15 probable that the incorne wlll be received and the amount can be measured reliably. Income from Investments Is Included In the year In whlch It Is feceivable. Legacles are Included when the company Is adv15ed by the personal representative of an estate that payment will be rnade or property transferred and the amount Involved can be quantlfled. Deferred Income relates to Income received in advance for future Èvents and booklngs. Page 21
The Gulldhall Trust Company number: 07519927 Notes to the flnancial statements For the yearended 31 March 2024 1.4. Expendlture Liabilltlès are reco8nlsed as expendlture a5 soon as there is a legal or constructive obligatlon committlng the company to that expenditure, it is probable that a transfer of economlc beneflts w511 be requlred Sn settlement and the amount of the obll8atlon can be measured reliably. Expendlture Is accounted for on an accruals basis and has been classlfied under headings that aggregate all cost related to the category. Where costs cannot be dlrectly attributed to partlcular headin8S they have been allocated to actlvlties on a basls conslstent wlth the use of resources. Governance costs Include those costs Incurred in the governance of the company and Its assets and are primarlly associated with constltutional and statutory requirements. 1.5. Tanglble fl)red aetS and depreclatlon Tanglble fixed assets wlth a c05t or value Breater than £100 ond a useful Ilfe exceedlng one year are ¢apltallsed at hlstorlc cost. Depreciatlon ha5 been provlded at ratés calculated to spread the cost of eath asset over Its expected useful Ilfe as follows: Improvements to property Plant and machlnery Fixlures and flttlngs Computer equlpmenl 25% and IO% stralght Ilne 20% straight line 20% and 12.5% stralght Ilne 33% and 25% stralght Ilne Assets under constructlon are not depreclated. 1.6. Baslc flnanclal Inrtruments The company's financlal assets and Ilabllltles conslst of cash and cash equlvalents, short term Investments, trade and other debtors, trade and other credltors and accrued expense5. The falr value of these Items approximates thelr carrylng value due to thelr short term value. Unless otherwise noted, the company Is not exposed to 51gniflcant Interest, forelgn exchange or credit risks arlslng from these instruments. Term deposlts of less than one year are classlfied as investments wlthin current assets. 1,7. Stocks Stocks are valued at the lower of cost and net reallsable value, after maklng due allowance for obsolete and slow rnovlng Items. 1.8. Fund accounting Unrestrlcted funds can be used In accordance wlth the charitable obJertSves at the discretlon of the trustees. Restricted funds are to be used for speclned purposes as laid down by the donor. Expendlture whlch meets these crlterla is identified to the fund, tO8ether wlth a falr allocation of overheads and support costs. 1.9. Hire purchase and leaslng commltments Renta15 pald under operatln8 leases are charged to the Statement of Flnancial Activities on a strai8ht line basls over the perlod of the lease. 1.10. Pension costs and other post-retirement benefits The company operates a defined contrlbution penslon scheme. The assets of the scheme are held separately frorn those of the company In an Independently admlnlstered fijnd. Contrlbution5 payable to the companvs penslon scheme are charged to the Statement of Financlal ActlvitiE5 In the perlod to which they relate and for theyear to 31 March 2024 totalled £40,50112023: £31,293). 1.11. Terminatlon benefits The group recognlses a Ilablllty for termination benefits at the point where the group is commltted to makin8 the paymÈt)ts In return for employee redundancy. Page 22
The Guildhall TNst Company number: 07519927 Notes to the financial statements For the yearended 31 March 2024 Donatlons and legacies Unrestrfcted Restricted funds funds 2024 Unre5trlcted Restrlcted Total funds funds 2023 Total Donatlons and legacles Portsmouth Clty Councll: Core fundlng Basement fundlng Arts Counc51 England grant Mls¢ellaneous grant Income 150 150 1,088 1,088 177,000 177,000 412,500 412,500 177,000 177,000 499,000 499,000 70,971 70,971 177.150 483,471 660,621 178,088 499,000 677,088 Charitable actlvltles Unrestrlcted Restrlcted funds tunds 2024 Unrestilrted Reslrlcted Total funds funds 2023 Total Operatlons of Ihe Gulldhall: Venue and events Income Studio Leamlng and partlclpatlon Booklng fees Tenants Income Membership income Restoration fee levy 1,571,049 91,285 363,104 311,775 89,125 7,752 263,832 1,571,049 91,285 666 363,770 311,775 89,125 7,752 263,832 1,530,168 81,727 245,688 206,290 88,492 5,370 202,538 1,530,168 81,727 263,602 206,290 88,492 5,370 202,538 17,914 2,697,922 666 2,698,S88 2,360.273 17,914 2,378,187 other tradlng actlvlties Unrestrfcted funds 2024 Unrestrlcted Total fund5 2023 Total Conferences and events Fundraising and 5ponsorshlp 974,965 974.965 783,212 783,212 4,000 974,965 974,965 787,212 787,212 Investment Income Unreslrlcted funds 2024 Unrestrl¢ted Total funds 2023 Total Dlvldends and interest 18,895 18,895 12,377 12,377 Page 23
The Guildhall Trust Company number: 07519927 Notes to the financial ststements For the year ended 31 March 2024 Costs of charitable activities - by fund type Unrestrlcted Restrlrted funds funds 2024 Unrestrlcted Restrlrted Tolal funds funds 2023 Total Operatlons of the Gulldhall 4,078,303 31,224 4,109,527 3,456,063 31,262 3,487,325 Costs of charltable actlvltles - by activlty Actlvltles underta1 dlrectly Governance and 5UPPOrt 1Sts 2024 Total 2023 Total Venue and events Conferences and events Studio Learnlng and particlpation Marketlng Operatlons Facllities Flnance and HR CEO, programmln8 and commerclal Sundry 895,lJOI 549,S70 121,631 226,844 137,567 89,435 334,860 245,732 19,851 44,716 585,961 1,480,962 190,073 739,643 2,600 124,231 219,248 446,092 127,533 265,100 89,435 515,544 383.9S3 19,851 44,716 1,351,375 509,653 107,991 469,120 209,107 47,364 468,212 288,648 18,900 16,955 180,684 138,221 2,665,207 1,444,320 4,109,527 3,487,325 Analys15 of Eovernance and support costs 2024 Total 2023 Total Wages Soclal security Penslons Depreclatlon of tan8lble assets L05s on d15posal of assets Governance costs Auditorf5 remuneration Accountancy fees 1,133,627 117,207 40,501 147,853 942,794 96,292 31,293 131,351 155,179 3,075 2,057 2,975 3,276 1,444,320 1,363,160 Page 24
The Guildhall Trust Company number: 07519927 Note$ to the flnanclal statements For the year ended 31 March 2024 Employees 2024 2023 Employee costs Wages and salarles Soclal securlty Costs Penslon costs 1.661,406 117,207 40,501 1.378,106 96,292 31,293 1.819,114 1,505,691 The average number of employees durlng the year was as follows: 2024 2023 142 137 The number of employees whose employee benefits {excludln8 employer penslon costs) exceeded £60,000 was as follows: 20Z4 2023 £80,001- £90,0(KI Key management personnel The key management personnel of the company comprise the Chlef Executlve Offlcer, General Manager, Head of Technlcal and Support SeNlces, Head of Marketln& Flnante Mana8er, Head of Learnlng & Partlclpatlon and Stage & Technlcal Manager. Employee beneflts recelved by key management personnel total £402,84212023'. £399,149). Trustees No trustees received remuneration durlng the perlod {2023: Nill. No trustees were relmbursed for expense5 In the year12023: No trustees). Page 25
The Gulldhall Trust Company number: 07519927 Notes to the flnanclal statements For the year ended 31 March 2024 10. Income and expenses from tradlng activities of subsidiarles Solent Cultural Enterprlse Llmlted Is a wholly owned trading sub51dlary Incorporated In the Unlted Kingdorn (company number 07520080). A summary of the tradlng results Isshown below: Profit and Loss Account 2024 2023 Turnover Cost of sales 766,614 1450,880) 844,584 1496,6351 Gross Profit Sundry income Overheads 315.734 6,289 1206.704) 115,319 142 347,949 277 1191,6591 156,567 143 Operatlng profit before taxatlon Tax on profft Retalned profit for the perlod Glft ald contributlon to The Gulldhall Trust Retalned proflt/lloss) brought forward 115,461 1116,0691 1,994 156,710 1157,317) 2,601 Retalned proflvlloss) carrled forward Called up Ordlnary Share Capltal 1,386 L994 Capltsl and reserves 1,387 1,995 11. Llnked charlty of The Gulldhall Trust Hornplpe Theatre Company Llrnlted Is a wholly owned tradlng subsldlary and a Ilnked charlty of The Gulldhall Trust. Asummary ofthe rèsults Is shown below: Statement of Flnanclal Actfvltles 2024 2023 Income Expendlture 9,558 110,770) 10,795 123,5881 Net 8alns/(lossesl on investments 1,771 112,1121 Net movement In funds Funds brought forward 559 124,905) 219,903 194,998 Funds carrled forward 195,557 194,998 Balance Sheet 2024 2023 Investments Current assets Current liabilities 187,858 9310 11,6111 186.087 23,551 114,640 Net assets 195,557 194,998 Unrestrlcted funds 195,557 194,998 Total funds 195,557 194,998 Page 26
The Guildhall Trust Company number: 07519927 Notes to the financial ststements For the yearended 31 March 2024 12. Tanglbleflxed assets- Group Assets under ¢onstructlon Improvements to property Plant & machlnery Flxtures & Computer flttlngs equlpment Total Cost or valuatlon At l Aprll 2023 Additions DIsPOsals 353,713 763,198 412,342 39,774 4S7.108 173,122 142,925 36,412 235,914 90,667 1,602,002 1,103,173 At 31 March 2024 1,116,911 452,116 630,230 179,337 326,581 2,705,175 Depreclatlon At l Aprll 2023 aiar8e for the year On dlsposals 262,778 30,772 207,263 76,934 105,808 13,963 183,438 26,184 759,287 147,853 At 31 March 2024 293,550 284,197 119.771 209,622 907,140 Net book values At 31 March 2024 1,116,911 158,566 346,033 59,566 116,959 1,798,035 At 31 March 2023 353,713 149,564 249,845 37,117 52,476 842,715 Tan8lble flxed assets - Charlty Assets under ¢onstructlon Improvements to property Plant & machlnery Flxtures & Computer flttlngs equlprnent Total Cost or valuatlon At l Aprll 2023 Additions Dlsposals 353,713 763,198 412,342 39.774 457,108 173,122 139,176 36,412 234,472 90,667 1,596,811 1,103,173 At 31 March 2024 1,116,911 452,116 630,230 175,588 325,139 2,699,984 Depreciation At l Aprll 2023 Charge for the year On dtsposals 262,778 30,772 207,263 76,934 104,482 13,213 181,996 26,184 756,519 147,103 At 31 March 2024 293,550 284,197 117,695 208,180 903,622 Net book values At 31 March 2024 1.116,911 158,566 346,033 57.893 116,959 1,796,362 At 31 March 2023 353,713 149,564 249,84S 34,694 52,476 840,292 PaEe 27
The Gulldhall Trust Company numher: 07519927 Notes to the financial statements Forthe yearended 31 March 2024 13. Investments - Group Llsted Investments Total Valuatlon At l April 2023 Revaluatlons 186,087 1,771 186,087 1,771 At 31 March 2024 187.858 187,858 Investments are held by the Hornpipe Theatre Company Llmlted. The company holds the share capltal of the followln8 company: Comparty Nature Share % Share Value ol Company name number of buslness da5$ held holdlng share5 Solent Cultural Enterprlse Llmlted 07520080 Associate commerclal actlvltles of Ordinary loo% £1 the parent company 14. Stocks Group 2024 Group 2023 Charlty 2024 Charlty 2023 Stocks 133,105 75,565 133,105 75,565 15. Debtors Group 2024 Group 2023 CharSty 2024 Charlty 2023 Trade debtors Other debtors Prepayments and accrued income Amount owed by group undertakln8S 260,328 131,464 72,782 785,300 185,229 83,651 72,782 764,809 173,899 727,308 725,937 165,027 987,636 989.546 1,076,193 1,095,141 Page 28
The Gulldhall TNst Company number: 07519927 Notes to the financial ststemerts For the year ended 31 March 2024 16. Creditor5: amounts falllng due wlthln one year Group 2024 6fOUP 20Z3 Charlly 2024 Charlty 2023 Trade credltors Other taxes and sodal securlty Other credltors PRS control Deferred Income Accrued expendlture Tlcket Income In advance 629,502 70,887 65,298 29,788 221,830 344,241 1,769,853 29,820 426,150 99,375 32,619 20,686 58,587 124,785 1,174,662 1,152 628,958 413,620 49,083 82,110 65,298 1,746 29,788 20,686 177,544 7,737 341.365 96,003 1,769,853 1,174,662 29,820 1,152 Loans 3,161,219 1.938,016 3,091,709 1,797,716 Deferred Incom¢ Group 2024 Group 2023 Charfty 2024 Charlty 2023 Balance at l Aprll 2023 Amounts released lo In¢omln8 resources Amount5 deferred In year Movement on PRS control 79,273 {50,5201 213,763 9,102 72,005 (56,882) 57,660 6,490 28.423 11,6701 171,477 9,102 22,640 1707} 6,490 Balance as at 31 March 2024 251,618 79,273 207,332 28,423 17. Creditors6 amounts falling due after one year Group 2024 Group 2023 Charlty 2024 Charlty 2023 Loans 107,916 107,916 18. Analysls of net assets between funds Tanglble Investment Net Currenl Flxed Assets Assets Assets Long Term Ilabllltles 2024 Total Unre5trlcted fund5 Restrlcted funds 1,796,362 {679,659) 42,902 1107,916) 1,008,788 42,902 Charity only Llnked tharlty Non<harltable trading funds 1,796,362 {636,7571 7,699 32 1107,916} 1,051,690 195,557 1,386 187,858 (i) 1,673 13181 Total 1,798,035 187,858 (629,0261 1108.2341 1,248.633 Page 29
The Gulldhall Trust Company number: 07519927 Notes to the Ilnanclal statements For the year ended 31 March 2024 Tanglble FIMed Assels Investmenl Net Current Assets Assets 2023 Total Unrestrlcted funds Restrlcted funds 840,292 1380,7441 318,471 459,549 318,471 ChaTIty only Linked charity Non-charltable tradln8 funds 840,292 162,2731 8,910 14281 778,020 194,997 1,994 186,087 2,423 Total 842,715 186,087 (53.7911 975,011 19. Restrlrted funds At l Aprll 2023 Incomlnz Outgolng resources resources Fund At 31 March transfers 2024 Basement Project Urban Vocal Group 313,884 4,587 483,471 666 125,9711 (728,4821 15,2531 42,902 Total 318,471 484,137 131,2241 1728,4821 42,902 At l Aprll 2022 Incomlng Outgoln resources yeUr(e5 Fund Al 31 March transfers 2023 8asement Prolert Urban Vocal Group 6,292 11.643 499,000 17,914 16,2921 1185,116) 124,9701 313,884 4.587 Total 17,935 516,914 {31,2621 1185,116) 318,471 'Ba5ement Project are funds whlch have been set aslde for Improvements to the Basement of the Gulldhall buildin8. Transfers from restricted funds to unrestrlcted fund5 represents the capStallsed cost of assets purchased In the year. 20. Related party transactlons The Guildhall Trust manage5 thB activitles of Its wholly owned subsldlary, Solent Cultural Enterprlse Llmlted, and durin8 the year recharged a fee of £60.00012023: £60,000) for the use of facilitie5 and recharged Salaries totallng £327,730 (2023: £283,351). At 31 March 2024, The Gulldhall Trust wa5 owed £165,014 by the company12023.' E159,8591. Page 30
The Gulldhall Trust Company number: 07519927 Notes to the flnanclal statements Forthe year ended 31 March 2024 21. Flnanclal eommltments The charlty had outstandlng commltmentsforfuture mlnlmum leaso payments undern0nnCellab1e operatln8 leases as follows., 2024 2023 Wlthln one year 4,821 22. Analysls of changes In net debt Group 2024 Group 2023 Charlty 2024 Charlty 2023 Lon8-term borrowings {107,916) {29,820) 1107,9161 129,820) Short-terrn borrowlngs {1,1521 11,1521 1137,736} {1,1521 1137,736) (1,1521 Cash at bank and In hand 1,411,452 819,574 1,245,654 564,737 Total net debt 1,273,716 818,422 1,107,918 563,585 Page 31