2025-09-29-accounts

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Registered number: 08906735 Charity number: 1156948

THE PIECE HALL TRUST

(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 SEPTEMBER 2025

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Chairman's statement	2-3
Chief Executive's statement	4 - 6
Trustees' report	7 - 26
Independent auditor's report on the financial statements	27 - 30
Consolidated statement of financial activities	31
Consolidated balance sheet	32 - 33
Charity balance sheet	34 - 35
Consolidated statement of cash flows	36
Notes to the financial statements	37 - 60

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 SEPTEMBER 2025

Trustees	Sir R Marsh OBE,DL(resigned 26 February2025)
	O E Robinson MBE,Chair(appointed 26 February2025)
	N J Ali BEM
	S Aslam MBE
	T Smith(resigned 26 February2025)
	Councillor T J Swift MBE(resigned 20 May2026)
	N J Chance-Thompson MBE,DL
	J Palmer
	Councillor H Blagbrough(resigned 20 May2026)
	M I Jaffar(appointed 26 February2025)
	J Thornton(appointed 22 April 2026)
	B Bond(appointed 22 April 2026)
	D Dunkley (appointed 22 April 2026)
Company registered number 08906735 Charity registered number 1156948 Registered office The Piece Hall Blackledge Halifax West Yorkshire HX1 1RE Company secretary T Wilcox Chief executive officer N J Chance-Thompson MBE, DL Independent auditor Sumer Auditco Limited Accountants New Chartford House Centurion Way Cleckheaton Bradford BD19 3QB Bankers Lloyds TSB Commercial Street Halifax West Yorkshire HX1 1BB HSBC 7 Commercial Street Halifax West Yorkshire HX1 1HN

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT

FOR THE YEAR ENDED 29 SEPTEMBER 2025

This year at The Piece Hall has been truly special. As the newly appointed Chair, I have had the privilege of stepping into this role at a time of renewed energy, pride, and possibility — and I want to say how grateful I am for the welcome, the support, and the sheer passion that surrounds this extraordinary place.

We celebrated eight years since reopening and an incredible milestone of 19 million visitors, every one of them bringing their own story, their own excitement, and their own connection to The Piece Hall. This is what makes our courtyard feel so alive; it belongs to everyone.

It has also been a year of genuine progress behind the scenes. Thanks to the skill and dedication of our CEO Nicky ChanceThompson and her staff team, the Trustees, volunteers, and tenants, we achieved a successful financial turnaround. This stability has given us room to breathe, to plan with confidence, and to dream bigger again. It means we can keep The Piece Hall open, thriving, and ambitious for years to come — something I know matters deeply to our community.

A Year Full of Cultural Magic

The cultural life of The Piece Hall has never felt richer. Our programme this year has been an integral aspect of the legacy of The Piece Hall story, led by a strong team united in its endeavour to maintain and highlight top quality arts, to celebrate diversity, excellence and ambition, in all that we deliver. From Martyn Ware’s extraordinary soundscapes to the beautiful Humari Aawaz exhibition celebrating the South Asian community in Calderdale, we’ve seen art spark conversations and memories.

Live at The Piece Hall reached new heights this year, with our biggest season ever and audiences travelling from 53 countries to be part of it. Whether it was preshow dining, our new welfare space, after-show celebrations, or simply dancing together under the stars, these moments reminded us just how powerful shared experiences can be. And partnerships like our work with Mencap on Gig Buddies show how music truly brings people together.

A Place Where People Grow

The Piece Hall Academy continues to be one of the most inspiring parts of our work. Seeing young people grow in confidence, perform on stage, get hands-on industry experience, and even secure their first record deals has been extraordinary. These are the artists, producers, and creatives of tomorrow — and we are proud to be part of their journeys.

A Home for Independent Business

Our traders bring heart and character to every corner of The Piece Hall. This year we welcomed new tenants, launched new outlets, and hosted our most successful festive market season yet. From charity fashion shows to TV appearances, our businesses shone brightly, and we are committed to supporting their growth every step of the way.

A Community Space in the Truest Sense

What makes The Piece Hall so special is the way it brings people together. This year we hosted everything from heritage festivals, LGBTQ+ history sessions and family craft days to charity walks, emergency service celebrations and even our first two-day motor show. The courtyard has once again proven itself to be one of the most welcoming, inclusive public spaces in the country.

Honouring Our Past, Celebrating Our Future

Whether through heritage tours, VE Day celebrations, or the unexpected discovery of a time capsule, we have stayed connected to the extraordinary history of this building. National awards and recognition — including the Nordoff Robbins “Most Inspirational Venue” award and the Muddy Stilettoes Art and Culture Award plus a nomination in the Yorkshire Tourism Awards and two further nominations in the Live Awards are a reminder that what happens at The Piece Hall is felt, admired and acknowledged far beyond Calderdale.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

Looking Forward with Heart and Hope

As we look to the future, we do so with a sense of warmth, optimism, and shared purpose. We want to keep building on the incredible momentum of this year, reaching more people, supporting more young talent, deepening our partnerships, and bringing even more unforgettable experiences to this iconic place.

Most importantly, we want The Piece Hall to continue being what it has always been — a place where everyone feels welcome, where creativity flourishes, and where community is truly at the heart of everything we do.

Thank you to everyone who has supported us this year — our staff, tenants, Trustees, volunteers, partners, artists, audiences, and of course, the people of Calderdale. Your passion, your pride, and your love for The Piece Hall make this beautiful place what it is.

Here’s to another year of inspiration, togetherness, and possibility.

~~...................................~~ Signer ID: D5N7GZXB7S... ........................ Orphy Robinson MBE

Date: 26/06/2026 GMT

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHIEF EXECUTIVE'S STATEMENT FOR THE YEAR ENDED 29 SEPTEMBER 2025

The last 12 months has been a period of intense hard work which has yielded results. We have been decisive, focused and dug in and I’m incredibly proud to say we have turned the organisation from losses, caused by unprecedented economic conditions, to surplus in the space of a year.

As we move forward with new purpose, I would first like to reflect on the original purpose of restoring The Piece Hall. In 2014 a Charitable Trust was set up with a mandate to operate the Piece Hall as a non-profit making entity. This was a deliberate move to ensure that The Piece Hall did not become overly commercialised or become privately owned and potentially inaccessible to a wide range of people.

It was recognised by Calderdale MBC and The Piece Hall Trust that though The Piece Hall could be an effective catalyst to the Borough’s regeneration, it would not make profits for some years – if at all – due to the size and scale of operation required and that there was a desire from the Council and the Trust Board for the building to remain free to enter for as long as possible.

To provide some context to this, there are not many heritage or cultural assets in the UK that are able to be profit making or break even and remain free to enter. From research carried out in the sector by Bradshaw, it was revealed that many heritage and cultural assets can and do make losses. The important factor is that the asset creates a return on investment to the Borough rather than the entity that operates it.

We have also seen some incredibly encouraging long-range results with an independent report estimating The Piece Hall has contributed £680 million in economic impact over the last decade, and projections it will continue to bring an ongoing boost of around £90m per year into the region.

My sincere thanks to everyone who has helped make this happen: our new Chair Orphy Robinson MBE has been a tower of support and inspiration, bringing vision, passion and bold perspectives; our refreshed Board of Trustees have delivered first rate guidance and governance and the wider staff team have all gone above and beyond, diligently adapting and evolving to deliver our revised business model.

My thanks also to our partners Calderdale Council (CMBC) and The National Lottery Heritage Fund (NLHF) who recognise the immense value of not only this building, but the organisation and its ethos. Their vital funding allows us to keep this unique asset of global significance not only open and free to enter for all, but thriving, flourishing and providing sustenance for so many people in so many ways.

Despite the many recent challenges we have faced, commercial activity and funding secured by The Piece Hall Trust during this period made up 90% of our total income with just 10% from our existing CMBC funding agreements (falling to 5% from 1 April 2026). The majority of cultural and heritage assets operate a funding model with around 60 percent private income versus 40 percent public funding which is why The Piece Hall’s business model has considered “exemplar” by Historic England.

Recognising the business has changed since the pandemic forever, our much-improved position is down to a series of recalibrations made by myself and the Board making savings across the business on various contracts including utilities and insurance thanks to contract renegotiations and other efficiencies.

2025 saw our biggest Live at The Piece Hall series to date. The team delivered a record breaking 36 shows with 185k tickets sold generating improved profits. This was complemented by the introduction of a vital Restoration Levy on all tickets bought to help fund the maintenance and refurbishment of this historic building which brought in more than £143k in the financial year.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHIEF EXECUTIVE'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 29 SEPTEMBER 2025

Welcoming yet more global superstars like The Corrs, Gary Barlow, Leon Bridges, Texas and Paul Heaton to the Courtyard created yet more pinch me moments for myself and the team. We also experimented with a series of seated shows. Our “Courtyard Theatre” saw us host UK rock royalty in the form of Squeeze and Roger Daltry, international singing sensation Anastacia plus classical icons Il Divo.

Our footfall since opening in 2017 hit a phenomenal 19 million at the end of this accounting period. Unsurprisingly, considering the expanded summer programme, the busiest month was July which saw 15 world class live music events, and a recorded footfall of 360,920.

Always looking for innovative ways to increase revenue, our flagship restaurant The Trading Rooms was transformed into a club space on New Year’s Eve 2024 hosting our Patron Graeme Park. This proved so successful that we built on this in 2025 with a Northern Soul Night on the 28th December and Graeme Park returned on New Year's Eve 2025.

This year saw an upgrade to our market offer. Markets are in the DNA of the people of Calderdale and have always been hugely popular at The Piece Hall. Rather than being competition for our independent tenants, they tell us, in reality, they also feel the business benefit of increased footfall and more shoppers in the Courtyard.

Under the guidance of our highly skilled Chief Operating Officer Claire Bradshaw, a revitalised letting strategy has seen an increase in tenants. Her reinvigorated approach delivered improved occupancy rates which peaked at 95% in the summer, my sincerest thanks for her diligence, tenacity and sheer hard work.

The Trust has benefited significantly by the addition of new Financial Director Claire Waspe, who has provided increased financial stability and governance as well as improved stability for the organisation.

The Piece Hall Academy has gone from strength to strength, with the past 12 months seeing some significant milestones for students. These have included the release of the first single produced as part of our Piece Hall Academy masterclasses, the first publishing deal for Academy band The Caymans and the introduction of work experience placements on every single LATPH show. My deepest gratitude to Events, Programming and Academy Director Aaron Casserly Stewart who, alongside his extensive knowledge, skill and experience has poured his heart and soul into training and supporting the next generation of creatives, with concrete and life changing opportunities delivered for so many local young people. And we are only just getting started.

We have taken time to reflect this year; we have refocused and refreshed our vision of what The Piece Hall is and aims to be. At the core of everything we do are three unwavering commitments: heart - a deep care for people, place, and purpose; advocacy - giving a voice to the under-represented, championing creativity, equity, and local ambition on a national and global stage and innovation - pushing boundaries and evolving how heritage, culture, and community connect.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHIEF EXECUTIVE'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 29 SEPTEMBER 2025

While I am hugely proud of the entire team’s support, output and commitment this year, and incredibly pleased that our recalibration has led to increased profits in this reporting period, we are far from complacent. While unprecedented economic conditions prevail The Piece Hall, like many other businesses and organisations, will continue to be subject to hits, losses and wins; we will bask in the sunshine, dance in the rain and weather the storms, but though all changeable conditions I am fully confident that we will remain consistent in our dedication and ability to keep on delivering for the people of Calderdale.

Signer ID: ZSVOSMUKOK... ~~.......................................~~ ......... N J Chance-Thompson MBE, DL

Date: 26/06/2026 GMT

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 29 SEPTEMBER 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the period ended 29 September 2025. 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 Charity 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:

(a) the acquisition, preservation, maintenance, and protection of The Piece Hall as a building of historic, cultural, architectural, constructional or scientific interest which exhibits craftsmanship worthy of preservation; and

(b) the promotion of public access to The Piece Hall and public knowledge, appreciation and understanding of the architectural, constructional, scientific and craft features thereof.

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:

(a) the preservation, maintenance, operation and protection of the physical environment of The Piece Hall and its setting in Halifax and Calderdale;

(b) research, dissemination and exhibition of material to educate the public on the heritage of The Piece Hall;

(c) creating employment and economic opportunities through the management, running and maintenance of The Piece Hall by providing services for the public; and

(d) procuring and delivering events for the community including public performances and displays of art and creating and managing the facilities to do so.

Such other charitable objectives as The Trust shall from time to time determine.

The Piece Hall is the most important heritage building in Calderdale and often considered – after York Minster – the most important in Yorkshire.

As the only surviving Georgian cloth hall in the world it is an asset of global importance. Featured in Historic England’s Top 10 Most Significant Heritage Buildings for Trade and Commerce it has been referred to by them as Britain’s ‘most important secular building’.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Objectives and activities (continued)

The re-imagined Piece Hall has been operated as a multi-award-winning heritage, retail and cultural destination since August 2017 by The Piece Hall Trust (TPHT) which seeks to use ‘profit for purpose’.

Harnessing The Piece Hall’s unique heritage and embracing its international history of commerce, The Trust has created a place people are fiercely proud of where they can eat, drink, meet, shop, work, learn, grow, experience culture, or simply relax and enjoy the beauty of the space.

The Piece Hall’s courtyard is home to a thriving and hardworking tenant business community who operate a range of independent stores, bars and cafes, drawing shoppers and customers from near and far.

The Piece Hall continues to tell the story of the building, its historical significance and those who constructed and used it. It brings the history of The Piece Hall and the Georgian world to life using a range of visitor-focused interpretations, including heritage tours, interactive displays and loans from Calderdale Museums.

The Piece Hall has an ever-growing reputation for delivering a varied year-round programme of world class entertainment to diverse audiences. Events range from the flagship summer series of large-scale music concerts “TK Maxx presents Live at The Piece Hall”, to vibrant summer and Christmas programmes, community activities and seasonal markets. In addition, the organisation hosts events, art exhibitions and has played host to a number of fascinating cultural and heritage-based spectacles.

The original aim of The Piece Hall’s transformation was for the site to become the key driver for regeneration in Calderdale; it continues to deliver. A new report calculates The Piece Hall has added around £680 million to the local economy in the ten years since the Trust was formed in 2015.

Given the importance of The Piece Hall as a community and economic asset, TPHT works closely with Calderdale Metropolitan Borough Council (“CMBC”). As well as its economic benefits, CMBC recognises the important role The Piece Hall plays in reducing inequalities and increasing wellbeing, adding to Calderdale’s sense of togetherness and inclusion by holding a range of welcoming events and activities for all communities, bringing people together, celebrating diversity and championing inclusion.

We remain incredibly grateful to the National Lottery Heritage Fund for their continued support.

 Vision

The Trust’s vision for The Piece Hall is to make sure this unique site thrives as a world class, accessible, heritage destination attracting visitors from across the globe while serving the needs of the local community. It will continue to spearhead the ongoing regeneration of Calderdale and the wider region while its stewardship ensures the preservation of the building for the benefit and enjoyment of future generations.

With the four strategic pillars of heritage, trade, culture and community The Trust places heart, advocacy and innovation at the core of everything it does. This unique space in the heart of Calderdale, is designed for today's audiences, retailers and artists, with regional, national and international appeal. The aim was always and remains not to make a significant surplus for the organisation but instead to benefit the people and Borough of Calderdale.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Objectives and activities (continued)

Strategic Pillars

Heritage

The Trust will steward The Piece Hall as a living landmark for future generations while reflecting the contemporary identity of Halifax and Calderdale in everything it offers.

It uses history to inform imagination and frame new possibilities.

Recognising its position as a significant global asset and its potential for global impact we will project the building’s history increasing its reach and elevating the concept of “local roots to global routes”.

Trade

The Trust embraces The Piece Hall’s local and international history of commerce in the broadest sense. It champions the site’s heritage as a marketplace for trading both goods and good ideas.

The Trust prioritises and champions local brands and entrepreneurial spirit, while acknowledging, valuing and capitalising on its huge potential for global reach.

Culture

The Trust invests in The Piece Hall as a dynamic cultural platform, championing artistic risk-taking, dialogue, and diversity.

It aims to be a beacon for inclusive participation in culture in all its forms.

Community

The Trust’s centres equity, welcome, and wellbeing in everything it does, The Trust aims to empower people across Halifax and Calderdale through shared experiences.

A key ambition is the continuation of the fostering of local pride while simultaneously opening pathways to global collaboration.

Vision Statement

“The Piece Hall is a living landmark. Rooted in history, powered by people, it is a sanctuary where all are welcome, creativity thrives, and lives are transformed through culture, connection and realising collective possibilities. The Piece Hall connects Halifax and Calderdale to the world - today, tomorrow and beyond.”

 Delivery of Vision

The average number of full-time equivalent persons (FTE), including senior management, employed during this accounting period was lower than the previous reporting period of 70.1 FTE, and was as follows:

TPHT (29.5 FTE) which delivers the vision under the following strands:

Executive Management (4.6 FTE) - responsibility and support for delivering TPHT strategy and vision with management responsibility for TPHT functions including Operations, Communications, HR, Finance, Commercial Strategy and Governance.

Heritage & Visitor Services (2.5 FTE) - maintaining the visitor centre, customer experience, three heritage interpretation spaces and delivering an engaging and accessible formal and informal learning programme to a range of audiences including school and FE programmes.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Objectives and activities (continued)

Commercial & Events management (1.9 FTE) - delivering a high-quality year-round cultural programme to animate the space and attract audiences from across the region and beyond.

Communications & Engagement (3.5 FTE) - promoting The Piece Hall as a destination and driving footfall.

Facilities Management (13.3 FTE) - Health & Safety protect, secure, maintain and repair The Piece Hall 24 hours a day.

Finance Management (2.7 FTE) - accounting and cost control.

HR & Governance (1 FTE) - human resources management ensuring employees are treated fairly, consistently, and in compliance with the law.

Piece Hall Enterprises Limited (32.6 FTE) - a Limited company and subsidiary of TPHT, it is responsible for managing and operating hospitality outlets including all meetings & conference facilities.

 Public benefit

TPHT has referred to the Charity Commission's general guidance on public benefit when reviewing its aim and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives it has set.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance

 Achievements and performance

Financial Performance

In the year ending 29 September 2025 TPHT made a surplus of £357k. This is a strong turnaround from the restated loss of £758k in the 18-month period ending 29 September 2024.

Despite the surplus of £357k, TPHT has a residual unrestricted funds reserve deficit at 29 September 2025 of £2.6m which it is committed to repaying in the medium to long term, as conditions allow.

Over the last 12 months the Board and Senior Management Team have strived to grow revenue and drive cost efficiencies throughout the Trust to strengthen its financial position.

Measures taken in the financial year to improve this position include:

Introduction of the Restoration Levy on ticket sales from November 2024, generating £143k in the financial year
A reinvigorated letting programme as a vibrant hub for local businesses.
Review of efficiencies to streamline commercial operations and drive revenue growth
An increase in the number of gigs to 36 and closer working with Live Nation to improve net income generated from Live at The Piece Hall series
Renegotiated insurance and electricity contracts generating significant savings

Calderdale Counil is the only core public funder of The Piece Hall. The Council’s support has been generous (£450k in the financial year). In the 2024/2025 financial year we have also been kindly supported by the National Lottery Heritage Fund and received £750k of project funding.

The macro economic climate continues to be challenging with the minimum wage and National Insurance increases in April 2025 and increased inflation. This proves a challenge particularly to our food and beverage outlets; circumstances which are not unique to The Piece Hall as evidenced by the number of restaurants and bars currently closing.

During the 2024/2025 financial year commercial activity and funding secured by The Piece Hall Trust accounted for 90% of total income with the remaining 10% coming from existing Calderdale Council funding agreements. This maintains and improves the pre-pandemic position of operating a business model considered to be “exemplar” by Historic England. For context, a large majority of cultural and heritage assets operate at 60/40 in terms of the split between public funding and private income.

TPHT continues to seek alternative funding sources to ensure that The Piece Hall remains financially sustainable and to ensure the building will continue to deliver its mission to serve the people of Calderdale and its economy.

Footfall

Footfall at The Piece Hall is measured by counters monitored by RetailNext which are installed at the five entry and exit points, the box office and the museum and heritage spaces, which is then recalibrated to take into account frequent visitors or those who have entered and left the building.

During this accounting period from the beginning of October 2024 to the end of September 2025 footfall at The Piece Hall was just under 2.5 million at 2,411,508.

This took the total number of visitors since building reopened in 2017 to just over 19 million reaching 19,041,926.

The busiest month during this time frame was July 2025 when footfall was recorded at 360,920.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

This consistently strong footfall continues to significantly contribute to the ongoing regeneration of Halifax and the wider Calderdale Borough.

The 2024 STEAM Report, commissioned by Calderdale Council from Global Tourism Solutions (UK) Ltd on Calderdale’s visitor economy reveals the Borough had 7.851 million visitors that year (up 3.7% from 7.571 million in 2023) and concluded that the overall economic impact of the visitor economy in 2024 was £649.65 million, up 8.3% from £600.03 million in 2023.

Occupancy

The Piece Hall welcomed a number of new tenants during this reporting period. Two current tenants expanded their business portfolios taking on second units with a similar but distinct offer.

Summer 2025 saw unit occupancy peak at around 95%.

Return on Investment to Calderdale

In its Visitor Economy Strategy for 2024-2029 Calderdale Council states its main goal is to attract more and longer visits to boost the local economy and create more jobs, keeping Calderdale competitive and attractive, while preserving its culture and environment.

The Piece Hall is helping it to deliver on all these aims.

This is evidenced by The Piece Hall’s latest economic impact report undertaken by, Counterculture in August and September 2025.

Their analysis combined The Piece Hall’s own data with regional and national benchmarks derived from ONS and Visit Britain data for the average value of spend by different types of visit.

The assessment, using a standard Treasury Green Book compliant methodology demonstrates that the economic impact is now significant and rising in real terms due to:

a sustained increase in visitor numbers resulting in increased spend across the site and the wider town centre;
• a major increase in large scale live ticketed events which draw audiences from across the north of England and result in significant revenue increases for hotels, restaurants, bars, transport operators and retailers in Halifax.

It is estimated that The Piece Hall has contributed £680m in economic impact in total between 2015-2025 with approximately £90m per year projected to impact Calderdale now and into the future. That’s an annual economic benefit of £426 for every resident of Calderdale.

This relates to the economic value of spend that The Piece Hall has either directly incurred (on its own staff and suppliers) or indirectly stimulated in the wider economy (through secondary spend by staff and supply chain and spend by visitors).

This figure does not include wider social and economic benefits of improved health and wellbeing, local pride, national reputation, and so on to which The Piece Hall is also likely to have contributed significantly.

This report updates the 2019 Economic Impact Report from Bradshaw and Chamberlain Walker Economics.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

CMBC recognises that The Piece Hall continues to help Calderdale and its communities thrive, and as such is continuing to invest in this unique destination until 31 March 2031, having recently signed a new 5 year Service Level Agreement.

The council recognises the important role The Piece Hall plays in reducing inequalities and increasing wellbeing. As a freeto-enter venue, The Piece Hall can be enjoyed by everyone, even with the increasing cost of living. It also helps to boost skills by providing a successful heritage and learning programme for local schools.

The Piece Hall adds to Calderdale’s sense of togetherness and inclusion by holding a range of welcoming events and activities for all communities, bringing people together and celebrating diversity.

Awards

The Piece Hall was the proud recipient of two big awards during this period. In March 2025 it was named Inspirational Venue of the Year over 2,000 capacity at the Northern Music Awards. The award is described as paying homage to the Northern venues which showcase both developing artists and global superstars.

It was also named the national winner of Best Arts, Culture & Theatre at The Muddy Stilettos Awards 2025, after winner the regional gong for Yorkshire. These are described as the most coveted awards for independent lifestyle businesses across 35 counties in the UK.

The Piece Hall also won The 2025 Yorkshire Post Tourism Awards for best event for Live at The Piece Hall and secured the Backstage Brilliance Award at the 2025 Live Awards.

Major Events, Activities, Projects and Programmes

TPHT hosts an outstanding year-round arts, culture and community events programme. This includes large scale live music shows, seasonal festivities and celebrations, makers markets, visual arts exhibitions, and inclusive participation projects, which all help bring the building to life and keep it alive.

The combination of these activities supports and strengthens the four strategic pillars of TPHT vision: heritage, culture, trade and community.

Live at The Piece Hall 2025

Working alongside co-promoters Cuffe and Taylor, 2025 saw The Piece Hall’s biggest summer season to date with a total of 36 live shows from global artists. This was an increase from 34 shows in 2024 and more gigs than any other outdoor series in the UK.

As well as providing an income source for the Trust, Live at The Piece Hall (LATPH) brings a huge boost to the local economy. Many local businesses continued to report big increases to trade with taxi firms and pubs extra busy and restaurants and hotels fully booked on and around gig nights.

With a continuing sponsorship deal with retailer TK Maxx, 185,000 tickets were sold, a new box office record, with gig goers travelling from as far afield as America, Brazil, India and Australia.

The diverse line-up included headline shows from Deftones, Nile Rodgers & CHIC, Simple Minds, Smashing Pumpkins, Texas, Roger Daltrey, Anastacia, Paul Heaton, Leon Bridges, Pendulum, Faithless and Gary Barlow – plus many more.

Support artists included The K’s, Gotts Street Park, Sports Team and Ellur, highlighting the venue’s commitment to celebrating emerging talent.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

This year cemented the proof that The Piece Hall programme has created an entirely new world class live music scene in Halifax which does not cannibalise artists’ usual touring plans; artists can sell out in Manchester, Liverpool and Leeds and also play to a 6,000-strong capacity crowd in Halifax.

As well as attracting external investment and spend into Calderdale, the series is key to keeping audiences and spend in the Borough, as music fans no longer need to travel outside it to see many of their favourite artists.

On site for each show is a six-strong event control team, 80 freelance security staff; 13 medics; 12 house crew and event staff from co-promoters Cuffe and Taylor.

Committed to supporting local business, 11 of the 13 key equipment suppliers were from Yorkshire. And local grassroots venues were supported by our ground-breaking scheme allowing all ticket buyers to directly donate to the Music Venue Trust’s Pipeline Investment Fund (PIF).

2025 was a year of great innovation; the height of the stage was raised improving sightlines for ALL customers, be they situated in the courtyard, VIP or on the accessibility platform. More complex lighting rigs were accommodated together with a rear-stage video wall and upgraded visual offering.

New audio solutions were created with an improved noise modelling and management plan, guaranteeing not only the best possible sound for attendees but ensuring audio from concerts did not adversely impact neighbouring residents and businesses.

This season also saw the creation of a stunning new backstage area with the temporary use of the neighbouring Square Chapel building delivering one of the best ‘Artist Village’ experiences in the UK.

Nine dressing rooms were lavishly furnished, allowing headline and support artists and their teams optimum spaces to both relax and work garnering unanimous praise from the visiting parties.

As the venue is fully on the grid, using green energy, additional power supplies were able to be installed to accommodate tour buses without resorting to generators.

Customer, artist and staff safety, as always, was the key priority and this season saw the continued use of enhanced security provisions including knife arches/metal detectors. The team is continuing to future proof the entry system and began trialling improved technology towards the end of the run.

The VIP offering was revamped for 2025 with the creation of a dedicated ‘Live at Lounge’ bar and viewing area on the venue’s stunning balcony. This included a ‘Hall of Fame-themed’ space celebrating the great artists who have already graced the stage at The Piece Hall.

LATPH is the proud recipient of the Attitude Is Everything Silver Award, which recognises commitment to providing the best possible experience for those with physical and mental health conditions. The venue built on this achievement in 2025 by re-siting the access platform to give more space and a better customer experience, offering a new drink service on the platform and by having dedicated queues at merchandise and bars for accessible ticket holders. British Sign Language (BSL) signers were at all 36 shows.

This year also saw the implementation of increased welfare support with the engagement of Event Wellbeing, who provided a safe and calming space for those needing emotional rather than medical support, with a listening ear plus sensory equipment such as fidget toys and ear defenders.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

Artist endorsements:

GARY BARLOW: “What an incredible venue – please, please let us come back and play here again!” NILE RODGERS: “We love it here. We’ve done five shows here now. It's like our second home – there’s something about this venue; I just can't explain it.”

ANASTACIA : “I love it... I need to come back, like tomorrow!”

CHINO MORENO (DEFTONES): “Glorius – best crowd in Europe.”

ANDREA CORR (THE CORRS): “What a stunning venue and an incredible place to play on a summer’s evening.” BILLY BRAGG: “It's up there with the most impressive venues I’ve ever played. Looking at pictures it’s like a Mediterranean piazza and now I’m here it’s just incredible.”

PAUL HEATON: “This is a beautiful abode you have here – you should be proud of it.”

JIM GLENNIE (JAMES): "Amazing, it's the best venue – it's fantastic. We’ve played here several times now. It's a beautiful building but it sounds great too and the crowd are right on top of you. There are a lot of people, but everyone feels so close."

PETE DOHERTY: “It’s spectacular. When I walked off the tour bus it was like walking into an Italian piazza, but in Halifax – it’s grand.”

NUNO BETTENCOURT (EXTREME): “This is an incredible venue – probably the most beautiful we’ve played.” JOSH TESKEY (THE TESKEY BROTHERS): “What a special venue. Walking out with that backdrop. It’s beautiful. It’s a magical place to play.”

 Calendar of Heritage, Culture and Community Events

OCTOBER 2024

Adventures in the Electroverse, an Exhibition by Martyn Ware

Fresh from its world premiere at The World Trade Center in New York, a fully immersive, multi-sensory art and 3D sound installation by renowned Yorkshire electronic music pioneer Martyn Ware opened in October. The free to enter exhibition ran for a month and included a free Q&A session with the Heaven 17 star hosted by BBC 6 Music’s Chris Hawkins.

16 volunteers gave 90 hours of their time after attending a briefing session with Martyn so they could fully engage with visitors and explain all about this innovative experience.

Halloween Trail and Creepy Crafts

The Halloween Trail, designed by the Vistor Experience Team, saw more than 1000 children search the building for letters to make a Harry Potter phrase alongside a free trick or treat experience encouraging families to visit all retailers. Free arts and crafts were also available in the Learning Studio where a team of more than 10 volunteers supported Piece Hall staff to facilitate over 40 hours of Halloween fun.

NOVEMBER 2024

Christmas Markets

November and December saw The Piece Hall’s biggest markets to date with six long weekends of festive shopping. The Courtyard hosted 50 stalls with local produce and gifts from the very best local artisan makers, plus a vintage carousel and helter-skelter.

During the markets The Piece Hall welcomed iconic brand Hallmark cards to one of its units for a special Christmas pop-up celebrating the history of the greetings card alongside crafting, shopping and poetry experiences. It was the first time this kind of commercial opportunity had been explored.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

The Piece Hall also partnered with Halifax BID to co-host the Christmas ‘Starlight Parade’. After travelling through Halifax illuminating the town centre, a selection of the huge light up puppet creations visited The Piece Hall to wow the crowds. Volunteers worked as courtyard ambassadors during the markets, enhancing the visitor experience with a warm welcome, guidance and heritage information.

DECEMBER 2024

Christmas Trail and Free Festive Crafting

Hundreds of children took part in the Christmas Trail and free festive family activities all designed by the inhouse team. 10 volunteers supported on delivering 50 hours of festive arts and crafts.

The Calderdale Lighthouse Big Wrap

This yearly event saw internal and external volunteers come together to support this Christmas appeal. A marathon wrapa-thon was held preparing donated presents for children who otherwise would not receive a gift.

FEBRUARY 2025

The Piece Hall Academy’s First Single Release

The first single produced as part of The Piece Hall Academy was released on all major streaming platforms. The energetic rock-pop track called City Lights was created at Calderdale college during a unique masterclass with multi-platinum-selling American musician and producer Erik “Blu2th” Griggs where the students aged 16-18 were given a remarkable insight into how today’s music industry works, creating an original track from scratch to release. The final piece was unveiled at a special Listening Party at the Piece Hall on Friday 28 February. The event also included live performances from Academy band The Caymans, who contributed to the single.

LQBTQ+ History Month – Pride Flag Celebration Seminar

During LGBTQ+ history month The Piece Hall created a number of short films for social media hearing from local people about what the rainbow flag means to them. It also hosted an illuminating free event in collaboration with the Gilbert Baker Foundation, the organisation which works to extend the legacy of flag creator Gilbert Baker, promoting its history, impact on the world and educating future generations about the flag. The event in the Caygill was an educational presentation live streamed from New York.

Half Term Tractor Trail

February half term saw a ‘Tractor Takeover’ in the courtyard. This popular rally showcasing vintage tractors and farm vehicles was loved by children and enthusiasts alike providing a fun learning experience and attracting 20,000 visitors over the weekend.

More than 200 children took part in the accompanying Tractor Trail and free and subsidised arts and crafts where young people could build their own tractor, have their faces painted and make badges. These community and family actives were supported by five volunteers, giving in excess of 20 hours of their time.

'Streetlights' Art Exhibition

An exhibition was held in conjunction with The Light Group, a faith-based community support and addiction recovery service. 'Streetlights' in The Piece Hall Gallery brought together watercolours of local landmarks produced by some of the service users alongside CEO and Homeless Street Pastor Dave Fawcett's powerful photo series 'Across the Pond', exploring homelessness across the UK and America. The free art show ran from 28 February until 2 March.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

APRIL 2025

Exhibition Launch - It’s Always Ourselves We Find In The Sea

A captivating and thought-provoking sound and art installation by music producer and internationally renowned sound artist Martyn Ware opened at The Piece Hall.

Fresh from its world premiere in Venice It’s Always Ourselves We Find In The Sea explored how the power of water binds all of humanity together. Sponsored by Monitor Audio the experience offered a free to enter 30-minute meditative sound journey in an atmospheric setting in The Piece Hall Gallery.

Anne Lister Birthday Week and Flower Laying

Once again, The Piece Hall came together with LGBTQI+ community and visitors from all over the world to mark the birthday of Anne Lister. A celebration ceremony and flower laying were held at the sculpture of Anne Lister in the Courtyard with a speech from CEO Nicky Chance-Thompson MBE DL FRSA. Choirs from local schools Ryburn Valley High and Brooksbank High brought something extra special to the occasion. The Piece Hall also supported the Anne Lister Birthday Week team with its sessions and bespoke heritage tours linked to Anne’s story.

Family Easter Hunt

More than 700 children took part in The Piece Hall’s Easter Trail, having fun exploring the building while driving footfall and dwell time for families.

The trail concluded in the Learning Studio where almost 200 children had their faces painted and enjoyed badge making and seasonal crafting. 12 volunteers supported on the trail donating more than 100 hours of their time.

Replicar Rally

A spectacular two-day motor show was held in the courtyard to celebrate tenant Replicar’s 40th anniversary at The Piece Hall. The much-loved shop for model car enthusiasts has had a presence on the site since 1985. This free event offered a unique opportunity to get up close with an impressive array of vehicles while celebrating a milestone anniversary for a treasured Piece Hall retailer helping to attract around 23,000 visitors over the weekend.

International Day of Dance

On Sunday 28 April The Piece Hall celebrated the global art of dance in honour of World Dance Day. The free to enter vibrant all-day event attracted a footfall of almost 6,000 and showcased a diverse range of styles from street dance to salsa, ballet to jazz and line dancing to traditional Indian movement. There were performances to watch from local dance troops and community groups plus to chance to learn new skills and join in throughout the day.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

MAY 2025

VE Weekend Celebrations

The first bank holiday weekend in May saw The Piece Hall join the rest of the nation to mark the 80th anniversary of the end of World War 2.

The Courtyard was decked out in red, white and blue with flags aloft and featured a whole host of celebrations, including musical performances, markets, food and drink and all relating to this momentous era.

A ration book themed trail with VE day related crafts took place around The Piece Hall and in the Learning Studio for families to enjoy. The Piece Hall was featured on GMTV as one of the key location for national celebrations.

JUNE 2025

Live at The Piece Hall (June - August 2025 see above for full details)

During June, July and August The Piece Hall transforms into a world class music venue welcoming almost 190,000 people through its doors from all over the world to experience the joy of seeing their favourite artists live. The volunteer team provided extensive support throughout the entire series helping out with everything from queue busting, wrist banding, escorting and a whole lot more.

AUGUST 2025

Yorkshire Day

The Piece Hall celebrated eight years since reopening after the refurbishment with family activities and crafting in the Learning Studio supported by Visitor Experience Team and three volunteers.

SEPTEMBER 2025

Anne Lister Memorial Weekend and Flower Laying

Honouring the iconic lesbian diarist on the anniversary of her passing, The Piece Hall welcomed the local LGBTQ+ community and facilitated the laying of flowers at the Anne Lister sculpture in remembrance.

West Yorkshire Fire and Rescue Service Day

The Courtyard played host to the annual West Yorkshire Fire and Rescue Long Service Awards Ceremony. 40 fire service staff were formally recognised for a combined 890 years of dedication to local communities.

To complement the event there was a public facing family fun day with vehicle and equipment displays where visitors could meet the crews and watch demonstrations alongside a performance from the West Yorkshire Fire Service Band. The Piece Hall created a fire safety along with firefighting themed crafts in the Learning Studio supported by three volunteers.

Overgate Hospice Midnight Walk

The Piece Hall hosted the start and finish line for Overgate Hospice’s midnight walk. This annual fundraising event saw walkers complete a 10-mile route through the streets of Calderdale to raise money for the hospice's care services. This year saw a record-breaking amount of cash raised.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

The Piece Hall Academy

The Piece Hall Academy exists to support the development of the next generation of creatives and live events industry professionals by offering a variety of free to access training courses and mentorships to upskill young people, increasing job opportunities and creating sustainable careers in music, performance, recording, production and live events.

The Academy continued to expand this year offering even more young people in Calderdale unique opportunities and initiating a number of new developments.

The academy extended its roster of visiting mentors and tutors to include some stella music industry names; Nile Rodgers, Jerry Barnes (Chic/Roberta Flack), Gary Powell (The Libertines), Jaz Kayser (Lennie Kravitz, Jorja Smith), Ida Neilsen (Prince/New Power Generation) Ellur, Kansley & Lidert (West End musical theatre writers), Sonny Johnson and Chris Hawkins (BBC Radio 6 Music) will join Erik “Blu2th” Griggs (Dr Dre’s Aftermath Productions) to help facilitate future training and experience.

Work started to add Musical Theatre to the existing Academy strands of Music Production, Songwriting and Engineering; Live Events; and Artist Development. The Academy also started the process of implementing Level 3 accreditation on all relevant courses in partnership with Calderdale College.

October 2024 saw a free two-week events training course in conjunction with the Academy of Live Technology (ALTEC). Funded by WYCA the “Live Events Skills Bootcamps” train young people for a career in one of the fastest growing industries in the UK with introductions to sound engineering, lighting design and operation, rigging and stage design and event safety and management. Graduates then had the opportunity for work experience or employment on The Piece Hall’s live events. Live at The Piece Hall 2025 saw placements for this cohort on every one of the 36 gigs. These experiences show how the summer series is a springboard for opportunity, creating a lasting legacy with real impact.

Testimonial from Josh, a Live Events Skills Bootcamp graduate:

“It’s brought me out of my comfort zone for definite. It’s given me a lot of opportunities to seek employment. I’ve gained a lot of valuable skills from it as well. I can’t believe I’m standing here (on the stage) I’m just fortunate enough The Piece Hall have given me the opportunity”.

Alongside the more formal courses The Piece Hall Academy offered music industry work experience on a number of shows for students in Years 10–13 through its partnership with Calderdale Music, Calderdale College, and Roland UK. Placements this year included single day opportunities for young people aged 14 -18 where students were able to experience the many roles involved in staging a major production shadowing staff at shows by Busted, Gary Barlow, Faithless, The Libertines, Nile Rodgers & CHIC, Simple Minds and Texas.

There were two significant firsts in this period for the Academy. November 2024 saw Academy band The Caymans sign their first publishing deal after being discovered by multi-platinum-selling American musician and producer Erik Blu2th Griggs during his masterclass for The Piece Hall Academy at Calderdale College.

Then February 2025 saw the release on all major streaming platforms of the very first single produced by Academy students during that masterclass. Erick gave the students aged 16-18 a remarkable insight into how today’s music industry works. Through interactive and practical sessions, the class learned the process from creating a track to getting a mix ready to share with a record label or artist. The energetic rock-pop track called ‘City Lights’ was the result, and launched with a listening party in the Courtyard, alongside a performance from The Caymans who had been involved in creating the track.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

The Piece Hall Teen Advisory Board

Conscious of a potential gap in its provision for and connection with local teenagers and young people, in February 2025 The Piece launched its Teen Advisory Board.

Adults and younger children are well catered for with multiple activities and events throughout the year, but it was felt there was a disconnect with the teenage community.

Recruitment started for around 15 young people aged between 14 and 19 with initial interview and meetings held. The Piece Hall aims to make sure there is representation from all communities in the area, giving this often-sidelined demographic a voice and a place at the table. The first introductory meeting was held in April for the 17 successful candidates. The project is continuing.

Round up of achievements from Heritage, Community and Visitor Experience Team

Alongside the preservation and promotion of this unique heritage asset, a constituent component of The Piece Hall Trusts’ is to engage with the local community and support learning.

During this period it welcomed nearly 700 pupils from local educational settings to take part in various educational workshops, including the famous ‘We’re Going on a Cloth Hunt’ where children learn all about the cloth making process in 1779, plus the newly adapted ‘Medieval to Modern Merchant’ programme, catering to all ages and supporting the national curriculum.

August saw The Piece Hall try something new with the creation of a summer school holiday club. Designed by the Visitor Experience team, the days featured activities, games and crafts centred around a different theme each day. This proved to be such a success it will become a regular feature of the summer programme.

The Piece Hall’s ever popular family trails were extended this year to include a tractor and a fire safety trail complementing the courtyard event programme. These were in addition to the established Christmas, Easter and Halloween trails and provided low-cost family entertainment as well as driving footfall into our resident retailers.

 Volunteers

The Piece Hall has an amazing team of loyal and committed volunteers who are fantastic ambassadors for the organisation and support the Visitors Experience Team in many ways. On a weekly basis they provide a warm and helpful welcome in The Courtyard and work in The Piece Hall Story in the Visitor Centre every week welcoming both national and international visitors.

The team of highly experienced volunteer heritage guides conducted more than 68 Heritage Tours and over 21 coach party tours, which included tourists from all over the world. They deliver the compelling story of The Piece Hall’s heritage from 1779 until the present day with skill, warmth and humour.

The volunteers team also assist in the school workshops, family trails, free crafting sessions, live music events for 3 months over the summer and many other ad hoc events, exhibitions and activities.

This year the volunteers have taken part in knowledge exchanges, visiting other volunteer heavy and volunteer led organisations and in return welcoming them to The Piece Hall to share experiences and best practice. The Piece Hall also started a fresh round of volunteer recruitment, to add to the existing team.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Achievements and performance (continued)

 Information on fundraising activities

TPHT welcomes donations from the public and businesses. It does not use any professional fundraiser or commercial practitioner to carry out activities on its behalf. TPHT 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 at the Bank. 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 with a surplus (including depreciation) in the financial year of £356,700 (2024 restated – deficit of £758,451).

The unrestricted funds being carried forward are in deficit of £2,602,272 as of 29 September 2025 (2024 restated - deficit of £2,978,117).

The current SLA agreement with Calderdale Council ended on the 31 March 2026 and a new 5 year agreement of £225k per year has been agreed. Forecasts for 2025/2026 are showing a small surplus for the financial year.

The trustees have reviewed budgets, management information, and cashflow forecasts for the period to September 2027. They are satisfied that the charity and the company have sufficient resources to continue operating for the foreseeable future and have prepared the financial statements on a going concern basis. No material uncertainties have been identified that would cast significant doubt on this assessment.

 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 £840,000). The reserves at the end of the reporting period are (£2,507,667) (2024 restated - (£2,754,867)), with restricted funds of £94,605 (2024 - £113,750).

 Financial position

TPHT has received funding from Calderdale Council through SLAs totaling £2.75m over seven years, this agreement ended in March 2024, and a two-year agreement commenced in April 2024. Total revenue funding received from CMBC in 202425 was £450k (2024 - £803k). The SLA figure has been confirmed at £225k per annum from 1 April 2026 for a period of five years.

In the early years of operation, TPHT planned for losses in the form of start-up costs. A £2m revenue loan was secured ahead of re-opening in 2017 to cover these operating costs and subsequent financial losses.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Total loan funding received in 2024-2025 was £245k (2024 - £650k).

TPHT continues to seek funding from trusts and foundations, event sponsors, corporate members, individual members, donations from the public and high net worth individuals, as well as striving to increase commercial income.

 Principal risks and uncertainties

In common with many heritage sites in Yorkshire and across the county, TPHT faces significant financial challenges due to the nature of a Grade 1 listed building; ongoing economic uncertainty adds to this challenge.

The Trust is reliant on commercial income through the food and beverage outlets, the Live at The Piece Hall summer series of concerts, tenant rental income, memberships, and other national funding or sponsorship which we are continuing to seek to ensure long-term survival.

The annual increase in national minimum wage and the need to maintain appropriate salary differentials in addition to the reduction in the National Insurance threshold is a significant ongoing risk to the operations of the Trust and has added £150k to the annual payroll cost.

The events programme is ambitious 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 in the transformation project, and while some investment has been made thanks to DCMS funding, equipment must be hired in at each event.

Like any events business model, there is a risk from reliance on ticket sales and sponsorship to break even and generate income.

Our earning potential from events is limited due to a finite number of opportunities available to fully maximise the openair courtyard as a result of the Pennine weather. Unlike other heritage sites The Piece Hall does not have its own car park which deprives it of a significant source of potential income. As a consequence of these factors, The Piece Hall will always require a degree of public investment to sustain it financially.

Other risks arise from wider economic uncertainty and the potential impact on visitor spend and ongoing cost inflation.

Structure, governance and management

 Governing document

TPHT 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

A new chair was appointed in February 2025 along with one new trustee. Three further trustees have since been appointed. The Board refresh has added a wide range of relevant skills and experience, especially in partnerships and commercial business management, media, events, culture, commerce, marketing and fundraising.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Structure, governance and management (continued)

Nicola Chance-Thompson MBE DL was appointed as Chief Executive on 19 April 2017 and permission was sought and granted from the Charity Commission to allow her to also continue at a Trustee given her director responsibilities within Piece Hall Enterprises Limited.

 Pay policy for senior staff

The Trustees review the remuneration of the CEO and the wider staff team on an annual basis.

 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.

TPHT has a trading company, Piece Hall Enterprises Limited, a wholly-owned subsidiary of TPHT 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 CEO Nicky Chance-Thompson MBE DL, manages the charity on a day-to-day basis.

 Health and safety

Health and safety is extremely important to TPHT, and staff and volunteers have undertaken extensive health and safety, first aid, anti-social behaviour, discrimination in the workplace (harassment and bullying), safeguarding and counterterrorism training. The Facilities Management team covers a wide range of areas with differing specialisms.

TPHT works closely with relevant authorities, and 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.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Structure, governance and management (continued)

 Plans for future periods

TPHT continues to focus efforts on increasing the commercial potential of the building and maximising profits from events and other income opportunities. This is reflected in the Board’s newly drafted five-year business plan.

The original aspiration was for TPHT to become self-sufficient on a 5-10 year time frame, but once the building was actually operational, it was clear that this would not be possible due to much higher than forecast operating costs (for example energy, security and maintenance) that were not accounted for in the original plans. That is despite THPT’s approach being referred to as ‘exemplar’ by Historic England. The vision set for The Piece Hall - and hence TPHT - is far broader than that of a purely commercial organisation. For example, no commercially run organisation would run a programme of heritage and learning with local schools nor would they run so many community events like celebrations of Eid, Christmas and Pride unless they were charging the organisers and attendees a fee.

It is well understood by TPHT that every penny counts when deploying public money and every penny earned from the commercial activities of the Trust is reinvested back into the building and in developing future events and community activities.

Longer term, TPHT will continue to contribute to the economy of Halifax and Calderdale by:

Raising awareness of The Piece Hall at a regional, national and international level in conjunction with NLHF, ACE and Historic England;
Driving heritage tourism with other cultural and heritage assets;
Improving the commercial performance of all activities and implementing a revised commercial strategy;
Continuing the successful partnership with Cuffe & Taylor and other cultural events; and securing sponsorship
• Driving memberships;
Continued development of The Piece Hall Academy delivering opportunities within the arts sector for the local community.

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 it 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:

payment of the charity's debts and liabilities incurred before he, she or they cease to be a member;
payment of the costs, charges and expenses of winding up; and
adjustment of the rights of the contributories among themselves.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity 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 Charity 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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

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

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

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

Signer ID: D5N7GZXB7S... ~~.............................~~ ................... O E Robinson MBE (Chair of trustees)

Date: 26/06/2026 GMT

Page 26

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS 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 29 September 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements, including 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:

give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 29 September 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PIECE HALL TRUST

Other information

The other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent 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.

Page 28

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

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

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

Auditor 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 auditor’s 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Signer ID: S7I882WVPX... Lesley Kendrew (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants Statutory Auditor New Chartford House Centurion Way Cleckheaton Bradford BD19 3QB

Date: 27/06/2026 GMT

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

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

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Note Income from: Donations and memberships 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income Expenditure on: Raising funds 8 Charitable activities 8 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2025 £ 383,945 982,290 3,002,506 2,751 4,371,492 - 3,995,647 3,995,647 375,845 (2,978,117) 375,845 (2,602,272)	Restricted funds 2025 £ 31,528 750,000 - - 781,528 - 800,673 800,673 (19,145) 113,750 (19,145) 94,605	Total funds (12 months) 2025 £ 415,473 1,732,290 3,002,506 2,751 5,153,020 - 4,796,320 4,796,320 356,700 (2,864,367) 356,700 (2,507,667)	As restated Total funds (18 months) 2024 £ 348,272 2,686,568 7,963,888 374 10,999,102 27,747 11,729,806 11,757,553 (758,451) (2,105,916) (758,451) (2,864,367)

The Consolidated statement of financial activities includes all gains and losses recognised in the period. All incoming resources and resources expended derive from continuing activities.

The notes on pages 37 to 60 form part of these financial statements.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

REGISTERED NUMBER: 08906735

CONSOLIDATED BALANCE SHEET

AS AT 29 SEPTEMBER 2025

Note Fixed assets Tangible assets 12 Current assets Stocks 14 Debtors 15 Cash at bank and in hand 23 Current liabilities Creditors: amounts falling due within one year 16 Net current assets / liabilites Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Total net liabilities Charity funds Restricted funds 19 Unrestricted funds 19 Total funds	33,401 607,910 1,009,355 1,650,666 (1,160,665)	2025 £ 556,837 556,837 490,001 1,046,838 (3,554,505) (2,507,667) 94,605 (2,602,272) (2,507,667)	28,005 823,931 314,036 1,165,972 (1,354,812)	As restated 2024 £ 764,473 764,473 (188,840) 575,633 (3,440,000) (2,864,367) 113,750 (2,978,117) (2,864,367)

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 29 SEPTEMBER 2025

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:

Signer ID: D5N7GZXB7S................................................... O E Robinson MBE (Chair of Trustees)

Date: 26/06/2026 GMT

The notes on pages 37 to 60 form part of these financial statements.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

REGISTERED NUMBER: 08906735

CHARITY BALANCE SHEET

AS AT 29 SEPTEMBER 2025

Note Fixed assets Tangible assets 12 Investments 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 16 Net current assets / liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Total net liabilities Charity funds Restricted funds 19 Unrestricted funds 19 Total funds	10,560 218,036 487,397 715,993 (726,008)	2025 £ 420,394 1 420,395 (10,015) 410,380 (3,164,505)	285 502,857 59,950 563,092 (1,185,038)	As restated 2024 £ 570,609 1 570,610 (621,946) (51,336) (2,920,000) (2,971,336) 113,750 (3,085,086) (2,971,336)
		(2,754,125)
		94,605 (2,848,730)
		(2,754,125)

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 29 SEPTEMBER 2025

The Charity's net movement in funds for the year was £ 217,211 (2024 - £(999,293)) .

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:

Signer ID: D5N7GZXB7S...

O E Robinson MBE (Chair of Trustees)

Date: 26/06/2026 GMT

The notes on pages 37 to 60 form part of these financial statements.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

Cash flows from operating activities Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of tangible fixed assets Proceeds from the disposal of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Cash inflows from new borrowing Repayments of borrowing Repayments of finance leases 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	2025 £ 667,933 (89,765) 3,979 (85,786) 244,505 (130,000) (1,333) 113,172 695,319 314,036 1,009,355	As restated 2024 £ (676,994) (57,285) - (57,285) 650,000 - (4,000) 646,000 (88,279) 402,315 314,036

The notes on pages 37 to 60 form part of these financial statements

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

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 2019), 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.

The financial statements cover a 12 month period ended 29 September 2025. The comparative amounts (including related notes) are presented for an 18 month period to 29 September 2024.

2.2 Going concern

The financial statements have been prepared on the going concern basis with a surplus (including depreciation) in the financial year of £356,700 (2024 restated – deficit of £758,451)

The unrestricted funds being carried forward are in deficit of £2,602,272 as of 29 September 2025 (2024 restated - deficit of £2,978,117).

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity 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 Charity 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 Charity, 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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 Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity 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.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

2. Accounting policies (continued)

2.3 Income (continued)

Revenue is recognised when Piece Hall Enterprises Limited transfers goods or services to a customer and obtains the right to consideration in exchange for its performance, in accordance with FRS 102. Revenue is measured at the fair value of the consideration receivable, net of discounts, rebates, VAT and other sales taxes.

Where Piece Hall Enterprises Limited participates in shows or events delivered in collaboration with third parties and is entitled to a share of net profits rather than gross receipts, revenue is recognised only to the extent of the Company’s contractual share of the net proceeds from the event. Revenue from such arrangements is recognised when the Company has satisfied its performance obligations and its right to consideration is established. This is typically when the outcome of the event has been determined and the profit share has been agreed or is capable of reliable measurement based on information provided by the third party.

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. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity 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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives.

All expenditure is inclusive of irrecoverable VAT.

2.5 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.

2.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

2. Accounting policies (continued)

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 Charity 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:

Plant and machinery	- Straight line over 3-5 years
Fixtures and fittings	- Straight line over 3,5 or 10 years
Office equipment	- Straight line over 5 years
Computer equipment	- Straight line over 3-10 years

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.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

2. Accounting policies (continued)

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 Charity 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.

As permitted by paragraph 34.90 of FRS 102, Concessionary Loans are initially recognised at the amount received or paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment.

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.

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 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

Page 41

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

2. Accounting policies (continued)

2.16 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.

2.17 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. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There were no estimates and assumptions identified that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations and memberships

Donations and memberships Grants Total 2024	Unrestricted funds 2025 £ 383,945 - 383,945 323,772	Restricted funds 2025 £ - 31,528 31,528 24,500	Total funds 2025 £ 383,945 31,528 415,473 348,272	Total funds 2024 £ 323,772 24,500 348,272

Page 42

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

5. Income from charitable activities

Calderdale Council - Service Level Agreement Other income Events income Heritage & Learning Rental income Retail income *Total 2025* Total 2024 as restated	Unrestricted funds 2025 £ 450,000 491 - 31,229 491,179 9,391 982,290 2,043,968	Restricted funds 2025 £ - - - 750,000 - - 750,000 642,600	Total funds 2025 £ 450,000 491 - 781,229 491,179 9,391 1,732,290 2,686,568	As restated Total funds 2024 £ 802,566 67,455 485,328 703,155 602,748 25,316 2,686,568

6. Income from other trading activities

Income from fundraising events

Other trading activities Total 2024 as restated	Unrestricted funds 2025 £ 3,002,506 7,963,888	Total funds 2025 £ 3,002,506 7,963,888	As restated Total funds 2024 £ 7,963,888

Income generated by Piece Hall Enterprises Limited was previously recorded as Charitable Activities Income and have been reclassified to Other Trading Activites Income. These changes affect presentation only and do not impact total income or funds.

Page 43

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

7. Investment income

Bank interest received Total 2024 Analysis of expenditure by activities Direct costs	Unrestricted funds 2025 £ 2,751 374 Activities undertaken directly 2025 £ 4,796,320	Total funds 2025 £ 2,751 374 Total funds (12 months) 2025 £ 4,796,320	Total funds 2024 £ 374
			As restated Total funds (18 months) 2024 £ 11,729,806

8. Analysis of expenditure by activities

Page 44

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs Depreciation Insurance Postage and stationery Sundries Movement on bad debt provision Repairs and maintenance Cleaning IT costs Marketing and publicity Subscriptions Recruitment and training Utilities Health and safety Entertaining, motor and travel expenses Events costs Heritage and education Sub-contractor costs Exceptional items Purchases Legal and professional fees Bank and finance charges Governance costs	Total funds (12 months) 2025 £ 2,231,749 256,869 180,981 9,832 67,092 44,833 78,294 161,652 67,467 5,778 14,578 10,196 382,074 21,871 38,283 523,933 1,191 14,999 - 449,332 157,766 58,040 19,510 4,796,320	As restated Total funds (18 months) 2024 £ 4,184,101 387,128 (1,846) 64,609 150,783 40,730 164,565 240,606 91,590 58,035 68,368 32,260 607,135 17,558 37,410 3,581,934 5,076 38,885 2,620 1,498,680 316,094 123,091 20,394 11,729,806

The board reviewed the 2024 expenditure headings and has reclassified some of the items previously allocated to governance costs into bank and finance charges and legal and professional fees. Some of the items previously allocated to sundries have been reclassified into movement on bad debt provision and into a few other more relevant cost categories.

Page 45

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

9. Auditor's remuneration

- The auditor's remuneration amounts to an auditor fee of £23,440 (2024 £26,275) , and accounts preparation and corporation tax compliance fees of £3,310 ( 2024 - £3,500 ).

10. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group (12 months) 2025 £ 1,989,951 189,387 52,411	Group (18 months) 2024 £ 3,833,592 287,812 90,444	Charity (12 months) 2025 £ 1,066,710 108,166 33,304	Charity (18 months) 2024 £ 1,877,638 165,213 51,237
	2,231,749	4,211,848	1,208,180	2,094,088

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

Chief Executive Senior Management Team Other Staff	Group 2025 No. 1 4 58 63	Group 2024 No. 1 9 109 119	Charity 2025 No. 1 4 25 30	Charity 2024 No. 1 9 32
				42

The senior management team of the Charity has been identified as the Chief Executive, Chief Operating Officer, Finance Director and Events, Programming and Academy Director. This is updated from previous years which also included Heads of Department.

Page 46

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

10. Staff costs (continued)

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

	Group	Group
	2025	2024
	No.	No.
In the band £60,001 - £70,000	-	2
In the band £80,001 - £90,000	1	-
In the band £100,001 - £110,000	1	-
In the band £110,001 - £120,000	-	1

The key management personnel of the charity during this financial period have been identified as the Chief Executive and heads of departments for finance, operations, marketing, events and heritage and learning. The aggregate employment benefits, including employers national insurance and pension contributions, for these key management personnel for the period was £554,121 (2024 - 18 month period - £873,736).

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

11. Trustees' remuneration and expenses

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 MBE, DL (Chief Executive Officer and Trustee)

Remuneration - £105,000 (2024 - 18 month period - £166,750 [annualised at £111,167])

Employer's pension contributions paid - £8,400 (2024 - 18 month period - £12,200 [annualised at £8,133])

During the year ended 29 September 2025, expenses totalling £ 2,042 were reimbursed or paid directly to 3 Trustees (2024 - £NIL ).

Page 47

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

12. Tangible fixed assets

Group

*Cost or valuation* At 30 September 2024 Additions Disposals At 29 September 2025 *Depreciation* At 30 September 2024 Charge for the year On disposals At 29 September 2025 *Net book value* At 29 September 2025 At 29 September 2024	Plant and machinery £ 413,659 23,035 (41,426) 395,268 195,638 62,272 (20,037) 237,873 157,395 218,021	Fixtures and fittings £ 1,462,759 - (27,346) 1,435,413 977,004 148,292 (8,204) 1,117,092 318,321 485,755	Office equipment £ 31,043 - - 31,043 14,152 5,529 - 19,681 11,362 16,891	Computer equipment £ 306,541 66,730 - 373,271 262,735 40,777 - 303,512 69,759 43,806	Total £ 2,214,002 89,765 (68,772) 2,234,995 1,449,529 256,870 (28,241) 1,678,158 556,837 764,473

Page 48

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

12. Tangible fixed assets (continued)

Group (continued)

Charity

*Cost or valuation* At 30 September 2024 Additions Disposals At 29 September 2025 *Depreciation* At 30 September 2024 Charge for the year On disposals At 29 September 2025 *Net book value* At 29 September 2025 At 29 September 2024	Plant and machinery £ 60,481 9,397 (8,000) 61,878 36,324 6,602 (2,000) 40,926 20,952 24,157	Fixtures and fittings £ 1,462,759 - (27,346) 1,435,413 977,004 148,292 (8,204) 1,117,092 318,321 485,755	Office equipment £ 31,043 - - 31,043 14,152 5,529 - 19,681 11,362 16,891	Computer equipment £ 306,541 66,730 - 373,271 262,735 40,777 - 303,512 69,759 43,806	Total £ 1,860,824 76,127 (35,346) 1,901,605 1,290,215 201,200 (10,204) 1,481,211 420,394 570,609

Page 49

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

13. Fixed asset investments

*Charity* *Cost or valuation* At 30 September 2024 At 29 September 2025 *Net book value* At 29 September 2025 At 29 September 2024	Investments in subsidiary companies £ 1
	1
	1
	1

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

	Name		Company	Class of	Holding
			number	shares
	Piece Hall Enterprises Limited		09761837	Ordinary	100%
	The financial results of the subsidiary for the year were:
	Name	Income	Expenditure	Profit/(Loss)	Net assets /
		£	£	for the year	(liabilities)
				£	£
	Piece Hall Enterprises Limited	2,668,677	1,954,188	714,489	243,796
14.	Stocks
		Group	Group	Charity	Charity
		2025	2024	2025	2024
		£	£	£	£
	Finished goods and goods for resale	33,401	28,005	10,560	285

Page 50

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

15. Debtors

*Due within one year* Trade debtors Other debtors Prepayments and accrued income	Group 2025 £ 68,423 8,449 531,038	Group 2024 £ 65,583 116,965 641,383	Charity 2025 £ 15,531 7,952 194,553	Charity 2024 £ 12,392 115,465 375,000
	607,910	823,931	218,036	502,857

16. Creditors: Amounts falling due within one year

Group 2025 £ 130,000 218,783 - 259,408 - 66,018 486,456	Group As restated 2024 £ 130,000 490,980 - 373,604 1,333 60,034 298,861	Charity 2025 £ - 117,295 75,547 39,040 - 64,985 429,141	Charity As restated 2024 £ - 198,499 636,201 100,035 1,333 40,776 208,194
1,160,665	1,354,812	726,008	1,185,038
Group 2025 £ 127,373 315,100 (127,373)	Group As restated 2024 £ 128,121 127,373 (128,121)	Charity 2025 £ 109,500 311,196 (109,500)	Charity As restated 2024 £ 128,121 109,500 (128,121)
315,100	127,373	311,196	109,500

Deferred income comprises grant monies and membership fees received in advance of the period to which they relate.

Page 51

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

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

	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£	£	£	£
Other loans	3,554,505	3,440,000	3,164,505	2,920,000

Of the total £3,554,505, £390,000 relates to a loan received in 2024; this is being paid in 5 annual instalments that commenced in the financial year.

The remaining £3,164,505 are concessionary loans which are repayable by instalments 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.

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

Page 52

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

18. Prior year adjustments

During the current financial year, the charitable group reviewed its accounting treatment for annual membership subscriptions. It was identified that, in prior periods, membership income had been recognised in full at the point of receipt, rather than being deferred and recognised over the period to which the membership relates. In accordance with the Charities SORP (FRS 102) such income should be recognised on a time apportioned basis, with the unearned portion recorded as deferred income at the reporting date.

The prior year financial statements have been restated to reflect this revised treatment by:

adjusting income recognised in the period to reflect only the portion earned during that period, a reduction of £58k which reflects the amended brought forward and carried forward amounts; and
recognising a deferred income balance of £109.5k at the year end.

The impact of this restatement is to reduce income reported in the earlier period and to recognise a corresponding liability for deferred income, with no impact on overall cash balances. This adjustment relates solely to the timing of income recognition between accounting periods.

Also during the current financial year the accounting treatment for costs and recharges for events delivered in collaboration with third parties was reviewed. These are now accounted for separately within other trading activity income and direct costs. The impact of this restatement has no effect on the profit for the period.

Changes to the statement of financial position

Changes to the statement of financial position
	Adjustment
	£
Net liabilities	-
	=======
	Adjustment
Charity funds	£
Total funds	-
	=======
Changes to the statement of financial activities
	Adjustment
Period ended 29 September 2024	£
Other trading activity income	1,710,616
Direct costs	(1,710,616)
	_
Net movement in funds	-
	=======

Page 53

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

19. Statement of funds

Statement of funds - current year

*Unrestricted funds* General Funds Reserves *Restricted funds* Garfield Weston Foundation Leeds City Region Enterprise Partnership Grant Arts Council England Community Foundation for Calderdale Leeds City Council National Lottery Heritage Fund *Total of funds*	Balance at 30 September 2024 £ (3,082,424) 104,307 (2,978,117) 62,500 47,250 - 4,000 - - 113,750 (2,864,367)	Income £ 1,368,986 3,002,506 4,371,492 - - 1,500 - 30,028 750,000 781,528 5,153,020	Expenditure £ (1,707,630) (2,288,017) (3,995,647) (25,000) (13,500) (1,500) (4,000) (6,673) (750,000) (800,673) (4,796,320)	Transfers in/out £ 575,000 (575,000) - - - - - - - - -	Balance at 29 September 2025 £ (2,846,068) 243,796 (2,602,272) 37,500 33,750 - - 23,355 - 94,605 (2,507,667)

Page 54

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

19. Statement of funds (continued)

Statement of funds - prior year

*Unrestricted funds* General Funds Reserves *Restricted funds* Garfield Weston Foundation Leeds City Region Enterprise Partnership Grant Community Foundation for Calderdale National Lottery Heritage Fund *Total of funds*	Balance at 1 April 2023 £ (2,095,784) (126,132) (2,221,916) 100,000 67,500 - - 167,500 (2,054,416)	As restated Income £ 2,316,614 6,253,272 8,569,886 - - 24,500 642,600 667,100 9,236,986	Expenditure £ (3,821,254) (5,504,833) (9,326,087) (37,500) (20,250) (20,500) (642,600) (720,850) (10,046,937)	Transfers in/out £ 518,000 (518,000) - - - - - - -	Balance at 29 September 2024 £ (3,082,424) 104,307 (2,978,117) 62,500 47,250 4,000 - 113,750 (2,864,367)

Page 55

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

19. Statement of funds (continued)

Garfield Weston Foundation

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

Leeds City Region Enterprise Partnership Grant

The fund relates to a grant received towards the business growth, specifically relating to the restaurant fit out works and the creation of 31 jobs.

Community Foundation for Calderdale

Funds for the promotion of Calderdale and cultural activities within the area and events held at the Piece Hall to mark the King's Coronation and use of the screen to show the 67th Eurovision Song Contest; a free event for hundreds of local people.

Leeds City Council

This fund relates to a Digital Grant received from Leeds City Council for an IT upgrade carried out in February 2025 which is being depreciated over 5 years.

National Lottery Heritage Fund

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

Arts Council England

Funding to bring the unique work of Sophie Ryder comprising of her world renowned giant sculptures to The Piece Hall.

20. Summary of funds

Summary of funds - current year

General funds Restricted funds	Balance at 30 September 2024 £ (2,978,117) 113,750 (2,864,367)	Income £ 4,371,492 781,528 5,153,020	Expenditure £ (3,995,647) (800,673) (4,796,320)	Transfers in/out £ - - -	Balance at 29 September 2025 £ (2,602,272) 94,605 (2,507,667)

Page 56

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

20. Summary of funds (continued)

Summary of funds - prior year

					Balance at
					29
	Balance at	As restated		Transfers	September
	1 April 2023	Income	Expenditure	in/out	2024
	£	£	£	£	£
General funds	(2,221,916)	8,569,886	(9,326,087)	-	(2,978,117)
Restricted funds	167,500	667,100	(720,850)	-	113,750
	(2,054,416)	9,236,986	(10,046,937)	-	(2,864,367)

Analysis of net assets between funds
Analysis of net assets between funds - current year
			Unrestricted	Restricted	Total
			funds	funds	funds
			2025	2025	2025
			£	£	£
Tangible fixed assets			519,337	37,500	556,837
Current assets			1,593,561	57,105	1,650,666
Creditors due within one year			(1,160,665)	-	(1,160,665)
Creditors due in more than one year			(3,554,505)	-	(3,554,505)
*Total*			(2,602,272)	94,605	(2,507,667)

21. Analysis of net assets between funds

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year *Total*	Unrestricted funds 2024 £ 764,473 1,052,222 (1,354,812) (3,440,000) (2,978,117)	Restricted funds 2024 £ - 113,750 - - 113,750	Total funds 2024 £ 764,473 1,165,972 (1,354,812) (3,440,000) (2,864,367)

Page 57

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

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

Net income/expenditure for the year (as per Statement of Financial Activities) *Adjustments for:* Depreciation charges Loss on the sale of fixed assets (Increase)/decrease in stocks Decrease/(increase) in debtors (Decrease)/increase in creditors *Net cash provided by/(used in) operating activities*	Group 2025 £ 356,700 256,870 36,552 (5,396) 216,021 (192,814)	Group As restated 2024 £ (758,451)
		387,128 - 25,777 (437,713) 106,265
	667,933	(676,994)

23. Analysis of cash and cash equivalents

Cash in hand *Total cash and cash equivalents*	Group 2025 £ 1,009,355	Group 2024 £ 314,036
	1,009,355	314,036

Page 58

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

24. Analysis of changes in net debt

Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases	At 30 September 2024 £ 314,036 (130,000) (3,440,000) (1,333) (3,257,297)	Cash flows £ 695,319 - (114,505) 1,333 582,147	At 29 September 2025 £ 1,009,355 (130,000) (3,554,505) - (2,675,150)

25. 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 £52,411 (2024 18 months - £90,444). Contributions totalling £9,502 (2024 - £9,903) were payable to the fund at the balance sheet date and are included in creditors.

26. Operating lease commitments

At 29 September 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

			Group	Group	Charity	Charity
			2025	2024	2025	2024
			£	£	£	£
Not later than	1	year	2,864	5,222	2,864	5,222

The charity also occupies The Piece Hall, Halifax under a 125-year lease granted by The Borough Council of Calderdale, commencing 1 August 2017. The lease is held at a peppercorn rent. The lease forms a key asset supporting the charity’s purposes, as it enables the charity to deliver its charitable objectives through the stewardship and activation of the site. The charity’s ability to generate income from commercial, cultural and community activities at The Piece Hall is inherently linked to its rights and responsibilities under this lease. As such, the lease is considered fundamental to the ongoing operations and long-term strategy of the charity.

Page 59

Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2025

27. Related party transactions

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

Halifax Bid Limited

During the period the charitable group was charged purchases of £2,009 (2024 - £1,741) from Halifax Bid Limited. At 29 September 2025, the charitable group owed £nil (2024 - £1,856) to Halifax Bid Limited. Halifax Bid Limited is a related party by virtue of Councillor T J Swift MBE's directorship.

A BID is a Business Improvement District. This mechanism is part of the government’s long-term strategy to encourage partnership working between a Local Authority and the business community. A BID is a defined area within which rate-paying businesses decide on new improvements to help transform their area and then vote to agree the investment. This money is then ring-fenced to provide the improvements agreed through the development of the BID strategy.

Counterculture Partnership LLP

During the period the charitable group was charged purchases of £63,664 (2024 - £nil) from Counterculture Partnership LLP (Counterculture) for financial, governance, fundraising, commercial and general business advice, as well as for an economic impact assessment. At 29 September 2025, the charitable group owed £3,300 (2024 - £nil) to Counterculture. Counterculture is a related party by virtue of MI Jaffar being a trustee of The Piece Hall Trust and a non-equity partner at Counterculture.

Counterculture was appointed as a supplier to The Piece Hall prior to MI Jaffar’s appointment as a trustee of The Piece Hall Trust. He plays no role in the management of Counterculture’s work for The Piece Hall or in discussions related to the firm’s appointment, remuneration and performance. MI Jaffar does not receive any financial benefit, either indirectly or directly, as a result of Counterculture’s supply of services to The Piece Hall Trust.

The Piece Hall Enterprises Limited

The Piece Hall Trust also receives gift aided profits from Piece Hall Enterprises Limited which are eliminated on consolidation. During the year Piece Hall Enterprises Limited donated profits of £575,000 (2024 18 months: £518,000) to The Piece Hall Trust.

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Document ID: 3072e029077e61fbb7b90de8a374a658e6eec32e5a33153c690b24b0550ace5e

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CONTENTS

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT

A Year Full of Cultural Magic

A Place Where People Grow

A Home for Independent Business

A Community Space in the Truest Sense

Honouring Our Past, Celebrating Our Future

THE PIECE HALL TRUST

Looking Forward with Heart and Hope

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT

Objectives and activities

 Objectives and aims

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

Objectives and activities (continued)

 Vision

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Objectives and activities (continued)

Strategic Pillars

Heritage

Trade

Culture

Community

Vision Statement

 Delivery of Vision

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Objectives and activities (continued)

 Public benefit

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Achievements and performance

 Achievements and performance

Financial Performance

Footfall

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Achievements and performance (continued)

Occupancy

Return on Investment to Calderdale

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Achievements and performance (continued)

Awards

Major Events, Activities, Projects and Programmes

Live at The Piece Hall 2025

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Achievements and performance (continued)

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Achievements and performance (continued)

Artist endorsements:

 Calendar of Heritage, Culture and Community Events

OCTOBER 2024

Adventures in the Electroverse, an Exhibition by Martyn Ware

Halloween Trail and Creepy Crafts

NOVEMBER 2024

Christmas Markets

THE PIECE HALL TRUST

(A Company Limited by Guarantee)

Achievements and performance (continued)

DECEMBER 2024