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
#129

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 con￿rtS 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 pa￿nt 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 a￿etS 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 ye￿Ur(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 undern0n￿nCellab1e 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