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2020-03-31-accounts

Registered number: 08906735 Charity number: 1156948

THE PIECE HALL TRUST

(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1 - 2
Chairman's statement 3 - 4
Chief Executive's statement 5 - 7
Trustees' report 8 - 17
Independent auditors' report on the financial statements 18 - 20
Consolidated statement of financial activities 21
Consolidated balance sheet 22 - 23
Company balance sheet 24 - 25
Consolidated statement of cash flows 26
Notes to the financial statements 27 - 48

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2020

Trustees R Marsh OBE,DL,Chair
Chair of the Leeds CityRegion LEP,Chair of NP11,ex-partner at PwC
R K Ashworth
Media,marketingand brand specialist workingwith international brands
S Baines MBE
Local Councillor and DeputyLeader of the Conservative Group
N J Chance-Thompson DL
Chief Executive of the Trust and extensive background in regeneration,successful
start-ups,advertising,media,events and culture
L J Crawford
Specialist InsolvencyLawyer
R P Stross
Propertydeveloper and heritage regeneration expert
T J Swift MBE
Local Councillor and Leader of the Council(Labour)
Company registered
number
08906735
Charity registered number
1156948
Registered office
The Piece Hall
Blackledge
Halifax
West Yorkshire
HX1 1RE
Company secretary
S Bullock ACA (appointed 1 December 2019)
Chief executive officer
N J Chance-Thompson DL
Independent auditors
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB

Page 1

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020

Bankers

Lloyds TSB Commercial Street Halifax West Yorkshire HX1 1BB

HSBC 7 Commercial Street Halifax West Yorkshire HX1 1HN

Page 2

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT

FOR THE YEAR ENDED 31 MARCH 2020

Despite living and working in the north for most of my life, the first time I actually visited The Piece Hall was in my role as Chair of the Leeds City Region Local Enterprise Partnership. I was impressed by its scale, the vision driving its regeneration and how up until it was regenerated it was seemingly a hidden gem that should take pride of place in the North’s, if not the nation's crown. I wanted to help make The Piece Hall an International success in any way I could for the people of Calderdale, Yorkshire and the UK as a whole.

So after more than 40 years as a chartered accountant, including being senior partner at PwC in Leeds, and for a time seconded into the Cabinet Office, I was pleased to be asked to become Chair of the Board of Trustees in 2017 just as The Piece Hall was preparing to reopen its doors post-regeneration.

Since that reopening, The Piece Hall has delivered on its promise and has been a catalyst for Calderdale’s resurgence, helping to create a more diverse and vibrant economy, attracting new investments, boosting tourism and inspiring local people by bringing their town’s proud industrial heritage to life for a new generation.

In my role as Chairman of the NP11 group of Local Enterprise Partnerships I regularly see first-hand the importance of levelling up the UK and building on the assets we have in the north to create jobs, economic growth, attract inward investment but above all improve people’s quality of life. The importance of doing so has become particularly important given the economic, social and health impact of the COVID-19 pandemic.

Finances

Thanks to prudent management and Board decisions, The Piece Hall raised 90% of income and funding from its commercial activities and outside bodies such as the National Lottery Heritage Fund and Arts Council England. Total income was £3.21m (compared with £2.40 in 2019).

Following an independent economic assessment, prior to COVID-19, The Piece Hall Trust was found to have generated around £26m for the local economy in the first two years since it reopened – which more than repays the £22m invested into our regeneration. Due to higher operating costs than estimated prior to the regeneration work, there is currently a need for an ongoing – although declining in relative terms – contribution from local people for us to operate. That contribution equates to less than the price of a cup of coffee per household per year and allows us to remain free to enter while providing a tremendous economic benefit and a significant boost to tourism.

But beyond its extraordinary impact locally, The Piece Hall is also an important national and international asset. Its story is that of a global powerhouse of commerce and trade that is now in a position to reimagine and reinvent itself for the 21st century and beyond.

I believe that the past can be used as the currency of the future, and now is the time for The Piece Hall's industrial heritage to inspire growth and renewal as we embark on into the Fourth Industrial Revolution.

Post-COVID recovery

The pandemic has caused significant financial challenges for organisations and businesses of all sizes and sectors. However, thanks to funders including the Department for Culture, Media and Sport, National Lottery Heritage Fund, Arts Council England, Historic England, The Foyle Foundation and Garfield Weston Foundation, who have recognised the importance of The Piece Hall, we are in a strong financial position and ready to help support Calderdale’s post-pandemic recovery.

Many people fear that COVID-19 signals the end of the high street and an accelerated decline of town centres. The Piece Hall provides a blueprint for places across the country for how to leverage their unique local assets and create destinations that people will continue to use, travel to see and enjoy.

Page 3

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

According to research from the NP11 the culture, arts and heritage sector contributes around £4bn a year to the North’s economy, employing tens of thousands of people and attracting investment and skilled workers. So, when we think about grants and funding of places like The Piece Hall, we should look on them for what they are: economic investments.

Of course, in addition to this economic contribution, culture and heritage institutions play an integral role in the health and wellbeing of their communities, providing spaces for people to relax and come together, fostering civic pride and aspiration, sparking creativity and giving people hope for the future. With many months spent apart from loved ones, it is perhaps this element in particular that will be especially important in 2021 and in the years ahead This dual economic and social impact makes culture and heritage destinations like The Piece Hall fundamental to making good on the Government’s “levelling up” commitment.

Governance

The Piece Hall Trust is overseen by an independent board of Trustees. Each Trustee is appointed on merit and brings years of experience across a number of relevant sectors and skills. We have a rigorous and sector leading approach to scrutiny and governance.

I would like to thank my board colleagues for all their efforts over the last year and give special thanks to The Piece Hall’s talented and committed executive team, led by our Chief Executive Officer, Nicky Chance-Thompson DL, who have consistently gone above and beyond to grow our income and put on a truly spectacular programme of events that have wowed visitors from across the world.

As organisations evolve and go through different phases of growth and operating conditions change, they need to ensure they retain the right expertise and skills. Over the coming year we will be strengthening our board further by recruiting new Trustees from a diverse range of backgrounds and skillsets which will be crucial to ensuring that The Piece Hall will continue to thrive.

I am proud of what we have achieved since 2017 and, as we look ahead to a post-pandemic future, I remain confident about the continuing contribution The Piece Hall will play in building a sustainable, resilient future for local people, the region, the UK and the wider world.

Roger Marsh (Mar 29, 2021 09:43 GMT+1)

R March OBE, DL

Date: Mar 29, 2021

Page 4

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHIEF EXECUTIVE'S STATEMENT

FOR THE YEAR ENDED 31 MARCH 2020

The Piece Hall Trust had a strong operational year in 2019-20 which saw us mark our two-year anniversary since the building reopened after its significant transformation. However, the year was not without its challenges with Storm Dennis causing significant flooding and disruption across Calderdale in February 2020 and the unprecedented COVID-19 pandemic forcing our closure – along with most other businesses and cultural destinations – at the start of 2020.

Our board and I see ourselves as custodians of The Piece Hall and its future. As the only surviving 18th Century cloth hall in the world, The Piece Hall has significant cultural and historical value which is important for future generations to understand and enjoy. As a historical building we are unique; people not only visit to admire the architecture, but to enjoy our internationally renowned events, music concerts, art festivals and we are home to over 40 independent shops and food and drink outlets. It is a place at its best when it is alive with the sound of people.

When reading this review, it is worth remembering that when Calderdale Council partnered with the Heritage Lottery Fund, The Garfield Weston Foundation and The Wolfson Foundation in 2014 to transform The Piece Hall, the vision was for it “to become an internationally admired, widely visited and highly successful attraction in its own right...[and] be the key driver in the wider economic regeneration of Halifax and Calderdale.” It is by that measure that our success is judged.

As with any new business which scales up from a standing start, we required significant up-front investment. Our strategy involved hosting large, prestigious events which either broke even or came at a cost, but would enhance our reputation, add to the economy of Calderdale and establish The Piece Hall as a credible international music, events and arts venue. Now that we have proven ourselves and are into our third year of operations, we have established costs for our day-today running and hosting events of different types and scale. We are now transitioning to hosting more events which generate additional income and footfall for our tenants and the wider town and borough, whilst continuing to be a key driver for regeneration and post-pandemic recovery.

The financial year 2019-20 saw The Piece Hall Trust generate £3.21 million of income - an increase of 34% on the previous year and exceeding projections in our business plan. Operating costs totalled £3.96 million, which were in line with our plan.

Importantly, we raised around 90% of income through our own commercial activities and grant funding which is a significantly higher proportion than other, comparable heritage attractions. Sir Laurie Magnus, the Chair of Historic England, has described our business model as “exemplary”.

We also reduced our reliance on funding from Calderdale Council by 42% compared with the previous year. This investment means that Calderdale households can have free access to The Piece Hall for the price of a cup of coffee.

Tourism and events

By March 2020 we had welcomed over 7 million visitors through our doors which was well in excess of what had been predicted in the pre-regeneration plans and our initial business planning. This statistic alone shows how important The Piece Hall is to the economy of Calderdale, Yorkshire and the UK.

According to Calderdale Council’s 2019 Visitor Economy Survey, we played a key role in the 14% increase in tourism experienced in the borough with 84% of visitors to Halifax saying The Piece Hall was the main reason for their visit. In an independent survey conducted by British Polling Council member Survation, 9 out of 10 local people felt that The Piece Hall is important to Halifax’s reputation.

Page 5

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHIEF EXECUTIVE'S STATEMENT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Our iconic courtyard played host to major events throughout the year such as the Tour de Yorkshire, sell-out gigs by some of the biggest names in music, including Elbow and Embrace, and the poignant world premiere of ZARA which told the story of a mother and child fighting against prejudice, and featured a giant mechanical baby and a cast of over 100 actors with learning disabilities. We also held a range of free events, particularly for local people, including family fun days and a wellbeing festival.

Economic impact and regeneration

The tourists we attract and the events we host directly benefit the economy of Halifax and Calderdale through spend in The Piece Hall’s shops and businesses and also through hotel bookings, visits to other local attractions, restaurants, shops and bars. 100% of our commercial units are let to over 40 businesses which have used The Piece Hall as a springboard for their establishment, growth and expansion.

Given the ambitions set for The Piece Hall post-regeneration we commissioned an independent assessment of our economic impact which was carried out by Bradshaw Advisory and Chamberlain Walker; former economists for HM Treasury and Ministry of Housing, Communities and Local Government.

Their report found that in the two years since reopening, we had added close to £26 million to Calderdale’s economy and that for every £1 invested in The Piece Hall £5.30 was returned in economic benefits. The Piece Hall’s regeneration was also largely responsible for boosting footfall in the neighbouring Woolshops Shopping Centre by around 1 million shoppers in the two years since we re-opened.

As part of the report, a representative survey of adults in Yorkshire found that 9 in 10 people think The Piece Hall is important to Halifax’s economy and 7 in 10 people believing it to be important to Yorkshire’s economy.

Our role in the COVID-19 economy recovery

Although this annual review looks back at the 2019-20 financial year, at the time of writing in early 2021 it is impossible not to see the past 12 months through the lens of the COVID-19 pandemic.

By March 2020, we were planning for our biggest summer yet, with a live events programme headlined by award winning musician Nile Rodgers & CHIC. We ended the financial year by closing our gates to support the nation’s efforts to limit the spread of COVID-19.

Like all cultural and heritage organisations, the challenges of the months that followed have tested us like never before. However, everyone involved in running or supporting The Piece Hall can take a great deal of pride in what we have accomplished together, despite difficult circumstances. Thanks to their help, we also stand ready to play a vital role in Calderdale, Yorkshire and the UK’s post-pandemic recovery.

That recovery, of course, has multiple strands: economic growth, physical and mental wellbeing, and social interaction. With our proven, positive economic impact, we can help to create jobs and reduce unemployment levels; with our unique open space and physical asset, we can provide a place for people to enjoy with family and friends. Our outreach and learning work can help to give the next generation the passion for our history and their role in shaping the future.

We know that people are eager to return to The Piece Hall. We are as eager to see people once again stroll across the wonderful courtyard and visit the shops and businesses. As soon as we are able, we will welcome people back.

Page 6

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHIEF EXECUTIVE'S STATEMENT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

None of our work would be possible without our committed employees, volunteers, tenants and valued supporters – in particular the National Lottery Heritage Fund, Arts Council England, the Department of Culture, Media and Sport, the Foyle Foundation, and the Garfield Weston Foundation. At a time of crisis, these funding bodies understood our vision and stepped up to provide advice, support and emergency funding to secure The Piece Hall’s future and ensure that we will be there to help the community get back on its feet.

The Piece Hall isn’t just a building – or even merely a part of our proud history – it is a vital part of the future prosperity of Halifax, Calderdale and the wider region. With our focus on heritage, trade, and culture we have a vital role to play in shaping that future.

The bricks and mortar of this great, historic building need constant attention, but it is people who cement its success. With a collective effort and the ongoing support of visitors and the community, we will continue to develop and deliver a unique experience in one of Europe’s finest attractions.

N Chance-Thompson (Mar 29, 2021 09:44 GMT+1)

N J Chance-Thompson DL

Date: Mar 29, 2021

Page 7

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2020

The Trustees present their annual report together with the audited financial statements of the company for the year 1 April 2019 to 31 March 2020. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

Objectives and aims

The promotion of the following charitable purposes for the public benefit in accordance with the laws of England and Wales:

To promote the conservation, protection and improvement of the physical and natural environment by the following means:

To advance the education of the public of all ages in arts and sciences, particularly performance arts, history, the industrial archaeology and the natural environment by the following means:

Such other charitable objects as the Trust shall from time to time determine.

The re-imagined multi award winning Piece Hall, which is operated by The Piece Hall Trust, an independent charitable trust, is now a place where people can come to eat, drink, shop, work, learn about and enjoy the unique heritage, take part in events and activities, or simply relax and enjoy the space. Throughout the year, The Piece Hall offers different experiences to different audiences. The Piece Hall has fast grown its reputation at a local, regional, national and international level as a world-class destination and along with its tenant community, has been the recipient of many awards.

The Trust delivers a year-round programme of entertainment ranging from large scale music concerts, a vibrant Christmas programme and seasonal food and drink festivals. In addition, the Trust has hosted world class sporting events, sculpture, community-based activities and interesting cultural and heritage-based spectacles and events.

Page 8

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Objectives and activities (continued)

The Piece Hall offers a range of independent shops and food and drink outlets, many of which are expanding and award winning. The Trust now has a waiting list for new tenants and plans to move its current office location to another part of the building to allow new opportunities for interested and ambitious local entrepreneurs.

Given the importance of The Piece Hall as a community asset, the Trust works closely with Calderdale Council, Cultural Destinations, other cultural assets and a range of schools, colleges, universities and community organisations to engage people in the building and its history. With a clear contribution to Calderdale Council's strategic plan for the area, Vision 2024, the range of community and large-scale events has demonstrated tangible links to resilience and kindness that profile the talented and enterprising people of Calderdale who make the Borough so distinctive.

The Piece Hall continues to tell the story of the building, its significance and the people who made it. It uses a range of visitor-focused interpretation, including interactive displays and loans from Calderdale Museums to bring the story of The Piece Hall and the Georgian world to life.

Vision and mission

The Trust's vision for The Piece Hall is to create a world class iconic heritage destination that attracts visitors from across the world, serves the needs of the local community, contributes to the regeneration of the region and the UK whilst preserving and sustaining the integrity and heritage of the building. It has become a new centre for Trade, Heritage and Culture in the heart of Calderdale, designed for today's audiences, retailers and artists, with regional, national and international appeal. The mission of The Piece Hall Trust is to simply protect the past and ensure the future of The Piece Hall.

The strategy that supports the vision is driven by three columns of: Trade, Heritage and Culture all of which are delivered in an integrated way.

Activities

The Piece Hall Trust (28.5 FTE) activities include:

Executive management (3 FTE) - responsibility for delivering the Trust strategy and vision. Managing the Trust functions including HR, Finance, DPS and Governance.

Heritage & Learning (3 FTE) - maintaining three heritage interpretation spaces and delivering an engaging and accessible formal and informal learning programme to a range of audiences.

Event management (3 FTE) - delivering a high-quality year-round cultural programme to animate the space and attract audiences from across the region and beyond.

Marketing & Communications & Social Media (3 FTE) - promoting The Piece Hall as a destination and driving footfall. Facilities Management - (9.5 FTE) Health & safety, protect, secure, maintain and repair The Piece Hall 24 hours a day. Finance Management - (2 FTE) accounting and cost control.

Fundraising - (2 FTE) supporting and securing the sustainable future of The Piece Hall from a variety of funders. Visitor Services – (3 FTE) operating a dedicated heritage exhibition and Box Office within the Visitor Welcome Centre.

Page 9

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Objectives and activities (continued)

Piece Hall Enterprises Ltd (26 FTE) - a Limited company and subsidiary of the Piece Hall Trust is responsible for managing The Trading Rooms Restaurant, Bakery, Blondin's Ice Cream Parlour, The Deli, the Caygill Rooms function space and Gallery.

Public benefit

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Achievements and performance

Achievements and performance

• The Trust Business Plan

The Trust exceeded planned performance for financial year 2019/2020, is currently meeting a refreshed and adapted fiveyear plan created in conjunction with PwC and is on track to deliver to the 2020/2021 forecast despite the challenges faced across all sectors through 2020. The Executive recently secured refreshed Service Level Agreement (“SLA”) with Calderdale Council for the next four years based on the economic performance of The Piece Hall Trust identified in the independent economic report commissioned with Bradshaw and Chamberlain Walker (“Bradshaw Report”), and to reflect more realistic operating costs and requirements given higher than anticipated levels of footfall.

In 2019/2020, 90% of the Trust’s income was generated from commercial activities and contributions from other funders including National Lottery Heritage Fund ("NLHF") and Arts Council England ("ACE"). 8.5% of its income was from Calderdale Council. The business model is considered to be ‘exemplar’ by Historic England as most other national heritage and cultural assets require around 60% public funding, whereas The Piece Hall only requires around 20%.

The Trust continues to seek alternative public funding sources in order to ensure that The Piece Hall remains free to enter for all and can continue to deliver one third of events free of charge.

• Footfall

Footfall has now surpassed 7 million since The Piece Hall transformation project, and for calendar year 2019 footfall was 2.5 million - far exceeding the initial forecasts of 1.6 million per annum. The high levels of footfall have significantly contributed to Halifax and Borough-wide regeneration. A recent report published on the Visitor Economy of Calderdale found tourism was worth just under £400 million - a 14% increase from 2018 – and was the best year ever for the Borough’s visitor economy.

Footfall is measured by IPSOS counters installed at the four gates and is then recalibrated to take into account frequent visitors or those who have entered and left the building. In addition, we compile sales data as a cross-check, and this enables us to provide a more accurate footfall figure. The numbers additionally tally with the increase in footfall that Woolshops have reported, as identified in the Bradshaw report.

Page 10

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Achievements and performance (continued)

• Return on Investment

The Bradshaw Report revealed that The Piece Hall has contributed at least £26 million to the Calderdale economy since reopening in 2017 with a sustained contribution of at least £12 million per annum. The economists, who are ex-Treasury experts and contributed towards the Treasury 'Green Book' that determines if an asset is performing or will be worth investment, have stated that the results are 'extraordinary'. For every £1 spent operating The Piece Hall the return is £5.30 to the Calderdale economy. A good indicator as used by HM Treasury is a return of £2.

Already, the Trust activities have paid back the initial capital investment in the transformation to the Calderdale community.

• Large scale events

The Trust delivers a year-round programme of events (on average 129 events a year) that appeal to a wide range of audiences, with over a third of events being free to enter. Activities range from community focused events and free arts programmes to large scale national and international productions that continue to attract widespread media coverage and visitors from across the world.

Our financial year commenced in April 2019 and included the key events below:

Page 11

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Achievements and performance (continued)

Heritage and learning

The Piece Hall engagement programme has flourished in its third year of activity. We continued to receive support from the National Lottery Heritage Fund and delivered a diverse programme to audiences and participants of all ages. This year saw two impressive sculpture commissions delivered in partnership with Arts Council England, Yorkshire Sculpture Park, Dean Clough and Artworks and emerging artists David Murphy and Alice Irwin. These inspired a wide programme of events and activities. In September 2019 The Piece Hall launched ‘Halifax Stories’, an oral history project that recorded the experiences of British Pakistanis who migrated in the ‘50s and ‘60s to work in the mills across Yorkshire. The schools programme benefitted from continued support from teachers in the surrounding area, and new, seasonal workshops were added to the extensive offer. The Engagement Team worked closely with FE and HE institutions to foster new partnerships and projects exploring Business Studies programmes with Calderdale College and Design with Manchester Metropolitan University. Programmes for adults grew significantly during this period due to high demand and focussed on specialist and heritage crafts. Family activity included live interpretation to bring heritage stories to life, in addition to trails and hands-on workshops. Early Years engagement was extended to include new programmes for the Christmas season as enthusiasm continued to grow.

During the year we welcomed:

The Piece Hall’s operations are enhanced with the help and support of our 60 active volunteers. The volunteers are an integral part of The Piece Hall team and bring to life the history of this former cloth hall through sharing stories and creating a rich visitor experience. There is a wide variety of volunteering roles, including: Heritage Tour Guides, Learning volunteers, Visitor Welcome Volunteers, Oral History Volunteers, Events Volunteers, The Piece Hall Ambassadors and Gallery Volunteers.

The volunteers have also been present at the family, school and adult events that are run across the year and regularly invigilate our gallery space. Throughout March 2020, due to lockdown, the volunteers developed creative activities for families to make at home on The Piece Hall’s learning zone website. They also contributed to the monthly volunteer newsletter and kept in regular contact with one another through a ‘phone buddies’ system.

In August 2020 the Trust began the Development Year of a new funded phase of work supported by NLHF, which is intended to be followed by a three-year period of delivery. Activity will focus on diversifying our audiences, particularly among young people, visitors with disabilities, Black, Asian, Minority Ethnic and Refugee (“BAMER”) communities, people newly arrived in the UK including refugees and asylum seekers and older people experiencing social isolation. The Trust will also focus on supporting our communities to recover from the pandemic, developing creative and practical solutions to nurture relationships and engage.

Page 12

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Achievements and performance (continued)

Information on fundraising activities

The Trust welcomes donations from the public and businesses. The Trust does not use any professional fundraiser or commercial practitioner to carry out activities on its behalf. The Trust is not a participant of a voluntary scheme for regulating fundraising or any voluntary standard of fundraising for the activities carried out on behalf of the charity. Should the charity at some point in the future undertake a specific fundraising campaign or start to generate more income through fundraising, the Trustees may look to sign up to a voluntary fundraising code.

Investment policy

Any funds that are held for immediate cash flow needs are held in cash or short term deposits. Any remaining funds can be held as a medium term investment.

Financial review

Going concern

The financial statements have been prepared on the going concern basis. In line with expected results as per the five-year plan, planned expenditure exceeded income by £749,220 (2019 - £897,624). The unrestricted funds being carried forward are in deficit of £2,154,904 as at 31 March 2020 (2019 - £1,314,140). These start-up costs are covered by the existing loan agreement with Calderdale Council.

Calderdale Council has confirmed its ongoing financial support to the Trust through a Service Level Agreement to reflect more realistic operating requirements necessary for the Trust to continue delivering growth in Halifax and across the wider Borough.

The Trustees have therefore concluded that it is appropriate to continue to use the going concern basis in the preparation of these financial statements.

Reserves policy

It is the intention of the Trustees to maintain unrestricted reserves of at least the value of three months salaries and overhead costs (currently forecast at £700,000). The reserves at the end of the reporting period are (£2,154,904) (2019 - (£1,314,140)), with restricted funds of £301,132 (2019 - £209,588). The reserves figure at the end of the reporting period is in line with projections and the loan secured to cover the start-up costs.

Page 13

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Financial position

The Trust receives funding from Calderdale Council through a Service Level Agreement ("SLA") totalling £2.75 million over seven years. Total revenue funding received from Calderdale Council in 2019-20 was £0.3 million (2019 - £0.5 million).

In the early years of operation, the Trust planned for losses in the form of start-up costs. A £2 million revenue loan was secured ahead of re-opening in 2017 to cover these operating costs and subsequent financial losses. During the year £1.1 million (2019 - £400k) of the revenue loan was received as anticipated in order to cover start-up costs.

The Trust continues to seek funding from trusts and foundations, event sponsors, corporate members, individual members, donations from the public and high net worth individuals.

Principal risks and uncertainties

Ongoing COVID restrictions on visitor attractions, retail, events and hospitality has resulted in reduced consumer confidence in visiting attractions, shopping and eating out. A continued reduced level of footfall will lead to reduced sales in tenant businesses with a potential impact on rental income. There is continued risk of large events being postponed and uncertainty with regards the return of footfall levels to those previously experienced. There is some mitigation through emergency funding and business support measures, but if The Piece Hall Trust is not able to operate at previous commercial levels we may have to reconsider our free to enter model. The events programme is ambitious but in keeping with a world-class attraction, however the staging of outdoor events requires considerable investment. The venue was not equipped with a stage, lighting, or sound system as part of the original transformation project, and therefore equipment must be hired at each event. Like any event model, there is a reliance on ticket sales and sponsorship to break even and generate income. Sponsorship opportunities will grow over time as The Piece Hall builds a sustained event footprint.

The Trust intends to focus efforts on increasing the commercial potential of the building and maximising profits from events. However, more events will not necessarily increase profitability due to the investment required to put them on.

Although The Piece Hall was re-opened to the public on 1st August 2017, the building was incomplete with many areas that could not be rented or used, and there are still some elements of the transformation to be completed and remedied. The Trust is continuing to use its reasonable endeavours to enter into a lease with Calderdale Council.

Structure, governance and management

Governing document

The Piece Hall Trust is a company limited by guarantee governed by its Memorandum and Articles dated 21 February 2014 and as adopted by resolution on 12 October 2015 and 14 June 2018.

It became registered as a charity with the Charity Commission on 7 May 2014, registered number 1156948.

Methods of appointment or election of Trustees

The current Board has a wide range of skills and experience, particularly in commercial business management, building development and regeneration, which has been very appropriate for the setting-up of the Trust and the development programme but the Trustees recognise that differing skills would be needed as the Trust evolved.

The Chair and Chief Executive intend undertaking a Trustee recruitment programme in early 2021.

Page 14

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Structure, governance and management (continued)

Pay policy for senior staff

The Trustees review the remuneration of the CEO, and the CEO and COO review the remuneration of employees on an annual basis. The CEO has requested not to have a pay increase since 2017.

Organisational structure

The Board of Trustees, as set out in the Articles of Association, is to be no fewer than four, with no maximum set and the quorum being four members or one tenth of the total membership, whichever is greater. The full Board of Trustees meets a minimum of 4 times per year and holds away day strategy meetings 2 days per year.

The Trust has established a trading company, Piece Hall Enterprises Limited, a wholly-owned subsidiary of the Trust and a private limited company (no. 09761837).

Matters not reserved for decision by the full Board of Trustees are delegated to topic-specific working groups. The Executive team, led by Chief Executive Nicky Chance-Thompson DL, manages the charity on a day-to-day basis.

Health and safety

Health and safety is extremely important to the Trust, and staff and volunteers have undertaken extensive health and safety, first aid, anti-social behaviour and counter-terrorism training. The Facilities Management team covers a wide range of areas with differing specialisms.

The Trust from time to time also engages specialist health and safety professionals to provide advice on new health and safety requirements, events and special projects and updates on legislation and counter-terrorism.

Plans for future periods

The ongoing COVID pandemic has gone on for longer than anyone anticipated and has continued to severely impact the Heritage, Arts and Hospitality sectors.

During the pandemic, the Trust has had to constantly recalibrate how it operates in the context of a more local and regional visitor offer. This has invariably led to a significant drop in footfall which combined with restrictions has severely impacted income generating activities. The Trust also recognises that consumer confidence will be dented for some time as people learn to adapt to going back to ‘normality’.

The Trust’s three-phase strategy is summarised below:

Preserve the Trust team and plan for recovery

The Trust will need to build up income and continue to operate in a COVID-conscious way, by maintaining additional cleaning and gate monitoring staff. Growth will be slow as consumer confidence isn’t fully restored and there is unlikely to be a huge growth in domestic or international tourism. The Trust will identify trends and adapt its strategy in accordance with its three pillars of heritage, trade and culture.

Work undertaken on the online and virtual offer during 2020 will be continued. Having all tenants engaged online will then be complemented by further investment in a wider Piece Hall digital mainframe acting as a single platform to access a Piece Hall-wide retail offering alongside a comprehensive virtual experience.

Page 15

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Plans for future periods (continued)

The Trust will focus on supporting its communities to recover through targeted community programmes and is planning the return of face-to-face work with the volunteer team. The Trust plans to engage in conversation with its communities about grief, loss and change in the wake of the pandemic, nurturing creative and supportive approaches to build resilience and reduce isolation.

The Trust will continue to focus on reconnecting with schools, education partners and communities. After a year shaped by the pandemic with virtual learning and digital interaction, the team will focus on support, wellbeing and rebuilding relationships.

Implement recovery plans

As the Trust moves from preservation towards renewal and recovery, it is anticipated that its ability to generate income will slowly improve with a focus on commercial resilience i.e. a shift from initial investment towards maintenance of the digital platforms and utilising the audience engagement tools to further support income generation. As confidence returns it is anticipated that a wider programme of both commercial and heritage events will be offered. A diverse and inclusive multi-cultural programme will be an established part of The Piece Hall’s programme and identity, delivered with, by and for Calderdale communities.

Plan for growth

The Trust expects that it commercial performance will once again return a positive GVA contribution to Calderdale and the region.

Members' liability

The liability of the members is limited to a sum not exceeding £10, being the amount that each member undertakes to contribute to the assets of the charity in the event of its being wound up while he, she or they are a member or within one year after he, she or they cease to be a member, for:

Page 16

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, BHP LLP, have indicated their willingness to continue in office. The Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Roger Marsh (Mar 29, 2021 09:43 GMT+1)

R Marsh OBE, DL (Chair of Trustees)

Date: Mar 29, 2021

Page 17

THE PIECE HALL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE PIECE HALL TRUST

Opinion

We have audited the financial statements of The Piece Hall Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 18

THE PIECE HALL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PIECE HALL TRUST (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 19

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PIECE HALL TRUST (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 17, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members and its Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lesley Kendrew (Senior statutory auditor) for and on behalf of

BHP LLP

New Chartford House

Centurion Way Cleckheaton Bradford West Yorkshire BD19 3QB

Date: Mar 29, 2021

Page 20

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2020

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
48,172
2,561,273
245
2,609,690
3,450,454
3,450,454
(840,764)
(1,314,140)
(840,764)
(2,154,904)		 Restricted
funds
2020
£
437,803
164,534
-
602,337
510,793
510,793
91,544
209,588
91,544
301,132		 Total
funds
2020
£
485,975
2,725,807
245
3,212,027
3,961,247
3,961,247
(749,220)
(1,104,552)
(749,220)
(1,853,772)		 Total
funds
2019
£
213,320
2,189,702
1,823
2,404,845
3,302,469
3,302,469
(897,624)
(206,928)
(897,624)
(1,104,552)

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 27 to 48 form part of these financial statements.

Page 21

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

REGISTERED NUMBER: 08906735

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2020

Note
Fixed assets
Tangible assets
10
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
15
Net liabilities excluding pension asset
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 47,765
338,209
90,520
476,494
(528,766)		 2020
£
1,060,408
1,060,408
(52,272)
1,008,136
(2,861,908)
(1,853,772)
(1,853,772)
301,132
(2,154,904)
(1,853,772)		 45,175
183,157
179,506
407,838
(941,155)		 2019
£
1,203,465
1,203,465
(533,317)
670,148
(1,774,700)
(1,104,552)
(1,104,552)
209,588
(1,314,140)
(1,104,552)

Page 22

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2020

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Roger Marsh (Mar 29, 2021 09:43 GMT+1)

N Chance-Thompson (Mar 29, 2021 09:44 GMT+1)

R Marsh OBE, DL N J Chance-Thompson DL

(Chair of Trustees)

Date: Mar 29, 2021

The notes on pages 27 to 48 form part of these financial statements.

Page 23

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

REGISTERED NUMBER: 08906735

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2020

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current assets / liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
15
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 574,963
87,495
662,458
(425,230)		 2020
£
1,043,537
1
1,043,538
237,228
1,280,766
(2,861,908)
(1,581,142)
301,132
(1,882,274)
(1,581,142)		 302,071
128,623
430,694
(817,584)		 2019
£
1,199,633
1
1,199,634
(386,890)
812,744
(1,774,700)
(961,956)
209,588
(1,171,544)
(961,956)

Page 24

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2020

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Roger Marsh (Mar 29, 2021 09:43 GMT+1) N Chance-Thompson (Mar 29, 2021 09:44 GMT+1) R Marsh OBE, DL N J Chance-Thompson DL (Chair of Trustees)

N Chance-Thompson (Mar 29, 2021 09:44 GMT+1)

Date: Mar 29, 2021

The notes on pages 27 to 48 form part of these financial statements.

Page 25

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2020
£
(1,146,183)
-
(28,281)
(28,281)
1,085,478
1,085,478
(88,986)
179,506
90,520		 2019
£
(522,436)
17,140
(763,588)
(746,448)
988,586
988,586
(280,298)
459,804
179,506

The notes on pages 27 to 48 form part of these financial statements

Page 26

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1. General information

The company is a company limited by guarantee domiciled and incorporated in England and Wales. The registered office is Blackledge, Halifax, West Yorkshire, HX1 1RE.

The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Piece Hall Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

The financial statements have been prepared on the going concern basis. In line with expected results as per the five-year plan, planned expenditure exceeded income by £749,220 (2019 - £897,624), The unrestricted funds being carried forward are in deficit of £2,154,904 as at 31 March 2020 (2019 - £1,314,140). These startup costs are covered by the existing loan agreement with Calderdale Metropolitan Borough Council.

Calderdale Council has confirmed its ongoing financial support to the Trust through a Service Level Agreement to reflect more realistic operating requirements necessary for the Trust to continue delivering growth in Halifax and across the wider Borough.

The Trustees have considered the impact of COVID-19 on the Trust’s trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Trustees are confident that they have in place plans to deal with any financial losses that may arise. Such plans include, but are not limited to:

The Trustees have therefore concluded that it is appropriate to continue to use the going concern basis in the preparation of these financial statements.

Page 27

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2. Accounting policies (continued)

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 28

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Page 29

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2. Accounting policies (continued)

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.13 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 30

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2. Accounting policies (continued)

2.14 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations
Grants
Government grants
Total 2019		 Unrestricted
funds
2020
£
48,172
-
-
48,172
49,142		 Restricted
funds
2020
£
-
415,418
22,385
437,803
164,178		 Total
funds
2020
£
48,172
415,418
22,385
485,975
213,320		 Total
funds
2019
£
37,892
175,428
-
213,320

Page 31

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

4. Income from charitable activities

Calderdale Council - Service Level Agreement
Other income
Events income
Heritage & Learning
Rental income
Retail income
Total 2020
Total 2019		 Unrestricted
funds
2020
£
274,000
2,992
542,141
22,361
415,989
1,303,790
2,561,273
2,031,651		 Restricted
funds
2020
£
-
-
-
164,534
-
-
164,534
158,051		 Total
funds
2020
£
274,000
2,992
542,141
186,895
415,989
1,303,790
2,725,807
2,189,702		 Total
funds
2019
£
474,000
228
407,117
165,487
296,751
846,119
2,189,702

5. Investment income

Bank interest receivable
Total 2019		 Unrestricted
funds
2020
£
245
1,823		 Total
funds
2020
£
245
1,823		 Total
funds
2019
£
1,823

Page 32

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

6. Analysis of expenditure by activities

Direct costs
Total 2019		 Activities
undertaken
directly
2020
£
3,961,247
3,302,469		 Total
funds
2020
£
3,961,247
3,302,469		 Total
funds
2019
£
3,302,469

Page 33

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Rates and water
Insurance
Telephone
Printing, postage and stationary
Sundries
Repairs and maintenance
Cleaning
IT Costs
Marketing and publicity
Subscriptions
Training
Electricity
Entertaining
Health and safety
Motor and travel expenses
Recruitment
Events costs
Heritage and learning
Sub-contractor costs
Hire purchase interest payable
Food purchase costs
Governance costs
Total 2019		 Activities
2020
£
1,713,852
171,339
20,738
18,699
9,776
30,875
89,416
64,126
46,189
24,802
111,424
17,336
4,874
101,194
3,922
14,195
12,910
19,547
595,911
54,157
80,196
8,189
504,332
243,248
3,961,247
3,302,469		 Total
funds
2020
£
1,713,852
171,339
20,738
18,699
9,776
30,875
89,416
64,126
46,189
24,802
111,424
17,336
4,874
101,194
3,922
14,195
12,910
19,547
595,911
54,157
80,196
8,189
504,332
243,248
3,961,247
3,302,469		 Total
funds
2019
£
1,422,034
166,233
(3,553)
66,856
29,602
23,946
32,020
74,325
46,322
22,455
114,782
26,623
2,756
96,608
3,821
22,950
13,845
10,008
405,543
50,827
92,099
-
350,168
232,199
3,302,469

Page 34

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

6. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs have risen due to increased overall activity and increase in direct employment consistent with decrease in sub-contractor costs.

Rates and water costs have risen year on year due to previous financial year containing credits relating to the period.

Insurance costs incurred for the financial year were at a comparable level to prior year but have decreased in the accounts due to accrual release.

Sundries costs relate to provisions for doubtful accounts and expenditure accruals.

Event costs and food costs have risen in line with increased activity and income.

Governance costs relate to the ongoing lease and other legal discussions, the need to bring in experts to reforecast the business plan and provide other expertise and support to the Trust.

7. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £8,300 ( 2019 - £8,300 ).

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2020
£
1,567,162
99,407
47,283
1,713,852		 Group
2019
£
1,284,367
102,359
35,308
1,422,034		 Company
2020
£
834,093
49,233
32,692
916,018		 Company
2019
£
789,537
69,171
25,909
884,617

The average number of persons employed by the company during the year was as follows:

Chief Executive
Senior Management Team
Other Staff		 Group
2020
No.
1
5
76
82		 Group
2019
No.
1
5
60
66		 Company
2020
No.
1
5
40
46		 Company
2019
No.
1
5
39
45

Page 35

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

8. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2020 2019
No. No.
In the band £70,001 - £80,000 1 1

The key management personnel of the charity during this financial year have been identified as the Chief Executive and heads of departments for finance, operations, marketing, events, fundraising/development and heritage and learning. The aggregate employment benefits, including employers national insurance and pension contributions, for these key management personnel for the year was £315,451 (2019 - £298,996).

The salaries of key management personnel are set by annual review and confirmed by Trustees.

9. Trustees' remuneration and expenses

During the year ended 31 March 2020, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 March 2020, no Trustee expenses have been incurred (2019 - £NIL) .

One of the Trustees has been paid remuneration or has received other benefits from employment with the charitable company. The Trustee only receives remuneration in respect of services that they provide undertaking the role of Chief executive officer under their contract of employment. As disclosed in the Trustees' Report, permission has been sought and granted by the Charity Commission to employ her in this role.

The value of Trustees' remuneration and other benefits was as follows:

N J Chance-Thompson DL (Chief executive officer and Trustee) Remuneration - £78,600 (2019 - £75,000) (annualised for spread of benefits - £76,200 (2019 - £76,200)) Employer's pension contributions paid - £6,000 (2019 - £6,000)

Page 36

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

10. Tangible fixed assets

Group

Cost or valuation
At 1 April 2019
Additions
At 31 March 2020
Depreciation
At 1 April 2019
Charge for the year
At 31 March 2020
Net book value
At 31 March 2020
At 31 March 2019
Company
Cost or valuation
At 1 April 2019
Additions
At 31 March 2020		 Plant and
machinery
£
25,842
17,961
43,803
13,699
11,312
25,011
18,792
12,143
Plant and
machinery
£
21,459
954
22,413		 Fixtures and
fittings
£
1,224,140
4,259
1,228,399
187,539
132,557
320,096
908,303
1,036,601
Fixtures and
fittings
£
1,224,140
4,259
1,228,399		 Office
equipment
£
2,253
-
2,253
2,253
-
2,253
-
-
Office
equipment
£
2,253
-
2,253		 Computer
equipment
£
258,810
6,062
264,872
104,089
27,470
131,559
133,313
154,721
Computer
equipment
£
258,810
6,062
264,872		 Total
£
1,511,045
28,282
1,539,327
307,580
171,339
478,919
1,060,408
1,203,465
Total
£
1,506,662
11,275
1,517,937

Page 37

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

10. Tangible fixed assets (continued)

Company (continued)

Depreciation
At 1 April 2019
Charge for the year
At 31 March 2020
Net book value
At 31 March 2020
At 31 March 2019		 Plant and
machinery
£
13,148
7,344
20,492
1,921
8,311		 Fixtures and
fittings
£
187,539
132,557
320,096
908,303
1,036,601		 Office
equipment
£
2,253
-
2,253
-
-		 Computer
equipment
£
104,089
27,470
131,559
133,313
154,721		 Total
£
307,029
167,371
474,400
1,043,537
1,199,633

11. Fixed asset investments

company
Cost or valuation
At 1 April 2019
At 31 March 2020
Net book value
At 31 March 2020
At 31 March 2019		 Investments in
subsidiary
companies
£
1
1
1
1

Page 38

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

11. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the company:

Name
Company
number
Piece Hall Enterprises Limited
09761837
The financial results of the subsidiary for the year were:
Name
Income
£
Expenditure
£
Piece Hall Enterprises Limited
1,303,790
(1,436,488)
12.
Stocks
Finished goods and goods for resale
13.
Debtors
Group
Group
2020
2019
£
£
Due within one year
Trade debtors
81,569
134,191
Amounts owed by group undertakings
-
-
Other debtors
1,138
7
Prepayments and accrued income
255,502
48,959
338,209
183,157		 Class of
shares
Ordinary
Profit/(Loss)
for the year
£
(132,698)
Group
2020
£
47,765
Company
2020
£
79,623
238,656
14,245
242,439
574,963		 Holding
100%
Net assets /
(liabilities)
£
(275,293)
Group
2019
£
45,175
Company
2019
£
118,107
122,556
9,039
52,369
302,071

Page 39

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase
contracts
Other creditors
Accruals and deferred income
Deferred income at 1 April 2019
Resources deferred during the year
Amounts released from previous periods
Creditors: Amounts falling due after more than on
Other loans
Net obligations under finance lease and hire
purchase contracts		 Group
2020
£
348,267
94,294
12,792
46,976
26,437
528,766
Group
2020
£
348,358
-
(225,858)
122,500
e year
Group
2020
£
2,845,000
16,908
2,861,908		 Group
2019
£
394,305
69,276
14,521
43,224
419,829
941,155
Group
2019
£
-
348,358
-
348,358
Group
2019
£
1,745,000
29,700
1,774,700		 Company
2020
£
305,537
42,083
12,792
43,676
21,142
425,230
Company
2020
£
348,358
-
(225,858)
122,500
Company
2020
£
2,845,000
16,908
2,861,908		 Company
2019
£
329,318
23,390
14,521
38,893
411,462
817,584
Company
2019
£
-
348,358
-
348,358
Company
2019
£
1,745,000
29,700
1,774,700

15. Creditors: Amounts falling due after more than one year

Page 40

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable other than by instalments Group
2020
£
2,845,000
2,845,000		 Group
2019
£
1,745,000
1,745,000		 Company
2020
£
2,845,000
2,845,000		 Company
2019
£
1,745,000
1,745,000

Other loans are repayable by installments from April 2027 and due for repayment by April 2046. The loans have an interest free period until April 2027 when interest will be charged at the Bank of England's base rate from time to time.

Obligations under finance leases and hire purchase contracts, are repayable by installments and are secured upon the assets to which they relate.

16. Financial instruments

Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Financial assets
Financial assets measured at fair value through
income and expenditure 90,520 179,506 87,495 128,623

Financial assets measured at fair value through income and expenditure comprise of cash at bank and in hand.

Page 41

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

17.
Statement of funds
Statement of funds - current year
Unrestricted funds
General Funds - all funds
Reserves
Restricted funds
Garfield Weston Foundation
Lloyds Bank Foundation
Arts Council
BRP Grant
The Samuel Storey Family Foundation
National Lottery Community Fund
Sir George Martin Trust
CJRS Income
Heritage Learning Fund
Leeds City Region Enterprise Partnership Grant
Total of funds		 Balance at 1
April 2019
£
(1,171,544)
(142,596)
(1,314,140)
200,000
9,588
-
-
-
-
-
-
-
-
209,588
(1,104,552)		 Income
£
1,305,900
1,303,790
2,609,690
-
-
55,022
184,328
30,518
19,800
2,000
22,385
164,534
123,750
602,337
3,212,027		 Expenditure
£
(2,018,481)
(1,431,973)
(3,450,454)
(25,000)
(5,956)
(55,022)
(184,328)
(30,518)
(9,800)
(2,000)
(22,385)
(164,534)
(11,250)
(510,793)
(3,961,247)		 Balance at 31
March 2020
£
(1,884,125)
(270,779)
(2,154,904)
175,000
3,632
-
-
-
10,000
-
-
-
112,500
301,132
(1,853,772)

Page 42

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Garfield Weston Foundation
Lloyds Bank Foundation
BRP Grant
Heritage Learning Fund
Community Foundation Grant
Ernest Cook Grant
D'Oyly Carte Grant
Sculpture Grant
Total of funds		 Balance at
1 April 2018
£
(447,472)
225,000
15,544
-
-
-
-
-
-
240,544
(206,928)		 Income
£
2,082,616
-
-
96,595
142,051
10,000
3,000
3,000
67,583
322,229
2,404,845		 Expenditure
£
(2,949,284)
(25,000)
(5,956)
(96,595)
(142,051)
(10,000)
(3,000)
(3,000)
(67,583)
(353,185)
(3,302,469)		 Balance at
31 March
2019
£
(1,314,140)
200,000
9,588
-
-
-
-
-
-
209,588
(1,104,552)

Page 43

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

17. Statement of funds (continued)

Garfield Weston Foundation

This fund represents grant funding provided by the Foundation towards the capital project. Assets were acquired using this grant and capitalised during the year ended 31 March 2018 and are being depreciated over 10 years.

Lloyds Bank Foundation

This fund represents grant funding received from the Foundation for the purchase of a PA system.

Arts Council England

This fund represents grant funding received to finance ongoing cultural and learning activities.

BRP Grant

Funding from Leeds City Region Business Rates Pool (BRP) funding - Calderdale Metropolitan Borough Council were the applicant and the funds were to support to support eight major cultural events held in The Piece Hall.

The Samuel Storey Family Foundation

This fund represents support for our Heritage Sculpture Programme and delivering a town-wide learning and engagement programme to accompany our sculpture commission and exhibition.

National Lottery Community Fund

Funding from the National Lottery Community Fund to support The Piece Hall Community & Wellbeing Festival and deliver a full weekend of activity that brings people together from all walks of life to improve their physical and mental health and wellbeing and explore what they have in common.

Sir George Martin Trust Grant

This fund represents support for our Heritage Sculpture Programme and delivering a town-wide learning and engagement programme to accompany our sculpture commission and exhibition.

CJRS Income

This relates to grants receivable from the Government to cover a proportion of the salaries of furloughed staff.

Heritage Learning Fund

This relates to funding from the National Lottery Heritage Fund to support our ongoing programme of heritage learning, engagement and interpretation activities.

Leeds City Region Enterprise Partnership (LEP)

This fund relates to a grant received towards the business growth.

Page 44

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

18. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
General funds
Restricted funds		 Balance at 1
April 2019
£
(1,314,140)
209,588
(1,104,552)
Balance at
1 April 2018
£
(447,472)
240,544
(206,928)		 Income
£
2,609,690
602,337
3,212,027
Income
£
2,082,616
322,229
2,404,845		 Expenditure
£
(3,450,454)
(510,793)
(3,961,247)
Expenditure
£
(2,949,284)
(353,185)
(3,302,469)		 Balance at 31
March 2020
£
(2,154,904)
301,132
(1,853,772)
Balance at
31 March
2019
£
(1,314,140)
209,588
(1,104,552)

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2020
£
1,060,408
175,362
(528,766)
(2,861,908)
(2,154,904)		 Restricted
funds
2020
£
-
301,132
-
-
301,132		 Total
funds
2020
£
1,060,408
476,494
(528,766)
(2,861,908)
(1,853,772)

Page 45

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2019
£
1,203,465
198,250
(941,155)
(1,774,700)
(1,314,140)		 Restricted
funds
2019
£
-
209,588
-
-
209,588		 Total
funds
2019
£
1,203,465
407,838
(941,155)
(1,774,700)
(1,104,552)

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on the sale of fixed assets
Increase in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 Group
2020
£
(749,220)
171,339
-
(2,590)
(172,674)
(393,038)
(1,146,183)		 Group
2019
£
(897,624)
166,232
16,312
(9,182)
(186,768)
388,594
(522,436)

Page 46

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

21. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2020
£
90,520
90,520		 Group
2019
£
179,506
179,506

22. Analysis of changes in net debt

Cash at bank and in hand
Debt due after 1 year
Finance leases		 At 1 April
2019
£
179,506
(1,745,000)
(44,221)
(1,609,715)		 Cash flows
£
(88,986)
(1,100,000)
14,521
(1,174,465)		 At 31 March
2020
£
90,520
(2,845,000
(29,700
(2,784,180

23. Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £47,283 (2019 - £35,308). Contributions totalling £11,703 (2019 - £8,425) were payable to the fund at the balance sheet date and are included in creditors.

24. Operating lease commitments

At 31 March 2020 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2020
£
24,069
37,563
61,632		 Group
2019
£
14,073
15,492
29,565		 Company
2020
£
24,069
37,563
61,632		 Company
2019
£
14,073
15,492
29,565

Page 47

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

25. Related party transactions

During the year, the charitable group had the following transactions with related parties:

Joseph Chance

During the year the charitable company charged rent of £9,818 (2019 - £9,759) to Joseph Chance. At 31 March 2020, the charitable company was owed £8,696 (2019 - £812) from Joseph Chance. The outstanding balance was due to ongoing negotiation regarding defective utilities within the unit. This has been resolved following the year end with the balance of £1,954 to be paid. Joseph Chance is a related party by virtue of being the spouse of N J Chance-Thompson DL.

Halifax Culture Hub

During the year the charitable company charged for recovery of ticket sales and salaries of £270,623 (2019 - £221,047) and purchases of £17,166 (2019 - £23,570) to/from Halifax Culture Hub. At 31 March 2020, the charitable company was owed £11,070 (2019 - £6,008) and owed £1,691 (2019 - £2,898) from/to Halifax Culture Hub. Halifax Culture Hub was set up as a limited company under the first phase of Calderdale Cultural Destinations project in order to facilitate a shared Box Office. The Piece Hall and Square Chapel are the two shared platform partners and director organisations. Halifax Culture Hub is a related party by virtue of NJ Chance-Thompson DL's directorship.

Halifax Bid Limited

During the year the charitable company was charged purchases of £89 (2019 - £720) from Halifax Bid Limited. At 31 March 2020, the charitable company owed £nil (2019 - £720) to Halifax Bid Limited. Halifax Bid Limited is a related party by virtue of T J Swift MBE's directorship.

Page 48