MINACK
THEATRE
The Minack Theatre Trust CIO
(Registered Chority Number 7 766799)
Trustees. Report and Financial Statements
31 December 2024
The Minack Theatre Trust CIO
A Charitable Incorporaiecl OrcJani5ation vJith a reglstered charity No.. l 166799
Regisiered in England & Wale5, Princi p31 Office.. Mi inack Theatre, PorthcLiriio, Penzance, Cornwall. TRI 9 6JU

CONTENTS
Poge
Trustees, report
Reference and administrative details
Structure, governance and management
Objectives and activities
Review of achievements and public benefit for the year
10
Financial review and results for the year
Reserves policy
17
Fundraising policy
18
Investment policy
18
Plans for future years
19
Statement of Trustees, responsibilities
21
Statement of disclosure to auditor
22
Auditors, report
23
Consolidated statement of financial activities
27
Charity statement of financial activities
28
Consolidated and charity balance sheets
29
Consolidated and charity cash flows
30
Notes to the financial statements
31
2024 Season
47

TRUSTEES. REPORT
For the year to 3 7 December 2024
The trustees are pleased to present their report together with the audited consolidated financial
statements of The Minack Theatre Trust CIO {"the Minack") for the year to 31 December 2024 and
can confirm that the latter comply with the requirements of the Charities SORP 2019.
The financial statements have been prepared in accordance with the accounting policies set out in
note I to the financial statements and comply with the Charities Act 2011 and "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)."
References in these financial statements to "the charity" include The Minack Theatre Trust CIO or its
predecessor The Minack Theatre Trust (charity number 271483), depending on the context.

Reference and Administrative Details
Registered name
Charity registration number
The Minack Theatre Trust CIO
1166799
Trustees
st
The Trustees at 31 December 2024
Mr C. J. F. Sinclair
Mr C. M Haynes
Mr M. J. Iles
Mr M. L. Moore KC
Mr J. M. Sinclair
Mr R. J. Sinclair
Mrs E. R. Smith
There are no committees or subcommittees of the Trustees.
Officers
Secretary
Mr J. M. Sinclair
Senior Management Team
Director
Ms R. J. Thomas (appointed 1 June 2024)
Ms Z. M. Curnow (resigned 30 April 2024)
Mr S. J. Hutchings
Mr J. Brolly
Ms L. R. Manning
Ms M. K. Hall
Production Manager
Associate Director
Visitor Experience Manager
Business Support Manager
The principal and operating address of the charity: The Minack Theatre,
Porthcurno, Penzance, Cornwall TR19 6JU.
www.minack.com

Bankers
Lloyds Bank plc.
PO Box 8, Market House,
Penzance,
Cornwall TR18 2TN.
Cazenove Capital Management,
1 London Wall Place,
London Wall
London EC2Y SAU.
Auditors
RRL LLP
Peat House,
Newham Road,
Truro,
Cornwall TR12DP.
Solicitors
Tozers
Broadwalk House,
Southernhay West,
Exeter,
Devon EX1 1 UA

Structure. Governance and Management
Governing instrument
The charity, which is a Charitable Incorporated Organisation, is governed by its Constitution dated
27 April 2016 as amended on 24 August 2023.
Recruitment and induction of trustees
Following a skills audit, trustees are sought whose skills, knowledge and experience are relevant to
the administration of the charity and complement the skills of the existing trustees.
New trustees must be appointed by resolution at a properly convened meeting of the charity
trustees. Trustees on appointment are given-.
A copy of the Charity Commission's publication "The Essential Trustee: What you need to
know"
A copy of the charity's current constitution.
A copy of the charity's latest Trustees, Annual Report and Financial Statements.
A copy of the minutes of recent meetings.
They are then given a tour of the Minack and meet the senior management team.
Organisation
The trustees formulate policy. The Secretary is responsible for the administration of the charity-
Operational control 15 delegated to the Director. The rest of the senior management team report
to the Director.
Related parties
The Minack Theatre Limited (Company Registration Number 03833428) is a wholly owned trading
subsidiary of The Minack Theatre Trust CIO. See Notes 3 and 10 to the financial Statements for a
synopsis of its results.
Minack Productions Limited (Company Registration Number 13798938) is a wholly owned trading
subsidiary of The Minack Theatre Trust CIO. See Note 10 to the financial statements for a synopsls
of its results.

Risk Management
The trustees have assessed the major risks to which the charity is currently exposed, in particular
those relating to its finances and its operations (including health and safety) and they are satisfied
that systems are in place to monitor and mitigate the charity's exposure to such risks. They are also
satisfied that a robust procedure is in place for identifying and evaluating the risks associated with
new area5 of activity.
The risk management action plan is reviewed in February/March each year. The most significant
risks following the 2025 review are:
Accidents due to the hazardous nature of the site.
Compromise of IT systems or data.
Loss of cash deposits.
Concerns over the stability of Maunsell's Hill - the public highway used to access the Minack.
Heritage Asset
The trustees consider that the open-air theatre is a 'heritage asset, as described in FRS102.
The theatre itself was built during the 1930s by Rowena Cade, the founder. Since the Minack Theatre
Trust was originally founded in 1976, repairs have been carried out.
In the opinion of the trustees, reliable information on historic cost or valuation is not available for
the theatre. This is due to the lack of information available concerning purchase and building cost
and the lack of comparable market values given the uniqueness and location of the theatre itself.
Additionally, any valuation would involve costs that are likely to be excessive and unproductive.
The theatre itself is therefore not reported as an asset on the balance sheet, other than recent
improvements to the theatre which are reported at cost.

Objectives & Activities
Charitable objects
The formal objects of The Minack Theatre Trust CIO are'to educate the public in the dramatic and
operatic arts and to further the development of public appreciation and taste in those arts
These formal objects translate into three core objectives, which are to:
Engage the public through creative performance and the living and visual arts embodied in
the Minack Theatre.
Enhance people's lives through the shared experience of live performance and of visiting the
Minack Theatre.
Inspire people by the remarkable story of Rowena Cade, and young people especially
through active participation in creative activities.
The trustees are granted wide powers to achieve these objects, which are set out in the
Constitution. Inter alia these relate to-
Borrowing money
Buying, leasing or hiring propety
Selling, leasing or otherwise disposing of propety
Employing and remunerating staff
Depositing or investing funds

Aims and intended impact
The aims of the charity are to..
Programme a wide range of theatre and other events to engage a diverse audience and enable
active community participation while maintaining standards of excellence.
Provide a wide range of creative opportunities, to inspire people, particularly Cornish children
and students, to learn and develop all skills associated with live performances.
Educate visitors about Rowena Cade, her story and that of the Minack. Inspire them through
creative presentation of exhibitions, live narration and digital interpretation.
Develop and nurture the natural environment of the Minack, especially the garden, to enhance
the experience of visiting the theatre and inspire people through its unique balance of natural
and human art.
Provide sustainable, modern facilities for audiences, visitors, staff and performers that are
suitable to the unique environment of the Minack and reflect its status as an attraction of
international repute.
6. Develop and support an outstanding team of versatile people to ensure visitors, performing
companies and participants enjoy a life enhancing experience at the Minack.
7. Develop retail and catering strategies to meet the reasonable expectations of visitors given the
nature of the site and generate funds to support aims 1 to 6.
8. Generate sufficient funds through core activities to achieve aims 1 to 6 in a viable manner for
the very long term.
Objectives for the year
The objectives for the year were to continue working towards achievement of the charity's aims.
Strategies to achieve the year's objectives
Create a varied and engaging programme of live performance to attract a large and diverse
audience.
Build on our educational and outreach programme to engage young people, especially those
in hard to reach communities.
Continue to develop methods to communicate the story of Rowena Cade and enhance the
profile of the Minack Theatre.
Maintain robust policies for capital expenditure and financial management.

Principal activities of the year
The principal activities of the charity are to..
Put on theatre performances, music and comedy events throughout the year, and a
programme of storytelling performances in the school holidays.
Provide a comprehensive participatory programme offering opportunities for local children,
the wider local community and visitors to Cornwall to learn and develop skills associated with
the performing arts and theatre in particular.
Open the Minack throughout the year for visitors to explore the theatre and garden, and to
learn about Rowena Cade and how she created the Minack.
Theatre revenue mostly comes from renting the theatre to successive production companies, ticket
sales for the Minack's own productions, booking charges and subscriptions from Members.
Visitors pay for admission to the site where, in the Exhibition Centre and through access to live
interpretation and an audio app, they learn how Rowena Cade, the founder of the charity, came to
build her remarkable theatre and how her work is being carried forward today.
A café, shop and takeaway outlets provide souvenirs and catering for all visitors, sold through a
subsidiary limited company which covenants any profits back to the charity.
Auditors
A resolution to re-appoint RRL LLP as auditors will be proposed at the next trustees. meeting.

Review of Achievements & Public Benefit for 2024
The trustees have referred to the Charity Commission's general guidance on public benefit when
reviewing the aims and objectives and in planning future activities.
215,793 people visited the Minack in 2024 (including show audiences), 4.0% more than budgeted
and 1.6Y. higher than the 212,431 who visited in 2023. The shows performed to 620/0 capacity
(against 61 % capacity in 2023). 2,299 tickets (2023.. 4,394) had to be refunded for twelve (2023
nineteen) cancelled performances as the weather significantly disrupted the experience for
audiences. The trustees were grateful for the decreased level of cancellations given the poor
weather over Easter 2024.
The trustees are committed to taking seriously their responsibility to visitors, the local community
and other stakeholders.
The achievements and public benefits that the Minack provided in 2024 against the aims of the
charity include-
Programme a wide range of theatre and other events to engage a diverse audience
and enable active community participation while maintaining standards of excellence.
During 2024 we programmed 251 performances including 27 storytelling shows for children
and families. Of our main programme, 79 performances included community or non-
professional players, 56 involved children, young people or students and over 80 gave
employment to Cornwall-based professional companies or performers.
b. We staged 3 Minack productions and co-productions:
6 young people age 7 to 12 from across Cornwall took principal roles in the Minack
production of Carrie's War, with performances throughout the Easter holidays.
b. A re-mount of the successful John Nicholson inspired adaptation from 2023, The
Massive Tragedy of Madame Bovary was a co-production with Cornwall-based Ha
Hum Ah Theatre.
Following its success in recent years, David Wood's adaptation of The Lighthouse
Keeper's Lunch was performed for the third time at the Minack. Directed by John
Brolly this production featured a cast of talented local children age 7 to 11 as part of
the Festival of the Sea.
c. We welcomed back 11 of our regular vislting companies along with Kidz R Us for the first
time in nine years. The overall quality of productions across the season was strong and after
some debate, we awarded the Minack Trophy for the best visiting production to the The
Mitre Players for their production of Young Frankenstein.
d. The one-night music programme continued through 2024, with over 13,000 people in total
watching a range of events from brass band to world music. The partnership with The
Cornish Bank events venue, started in 2023, continued to be a huge success bringing
different musical genres to the Minack stage as well as different local audiences.
10

Our audience in 2024 came from all parts of the UK, though the largest proportion were
from the south-west and London. There were a small number of overseas visitors.
f. 91,014 people attended a performance at the Minack during 2024 (2023: 93,789). 13% of
our audience for performances were aged under 16 (rising to 42¥0 for storytelling shows)
and we issued 757 free tickets to carers accompanying people with access needs.
g. While ticket prices varied by event, £10 tickets were available for all performances.
Provide a wide range of creative opportunities to inspire people, particularly Cornish
children and students. to learn and develop all skills associated with live
performances.
In 2024 we continued our educational programme providing creative opportunities and
activities for young people across Cornwall.
b. The Minack Acting and Musical Theatre Academies continued to provide opportunities for
young people to develop their skills, including workshops with established professionals in
the sector. Our Acting Academy students all achieved either Merit or Distinction in Trinity
Acting exams.
c. Students of the Musical Theatre Academy took part in Show Tunes of the Sea alongside two
professional West-End stars and the Acting Academy students performed The Light Burns
Blue at the Minack and in two other venues across Cornwall.
d. Our Emerging Writers scheme in collaboration with The Writer's Block saw 4 new plays
commissioned after working with 6 writers. We also ran a Writing for the Stage scheme
with 15 participants over 8 weeks.
e. In September we auditioned entrants for both Academies and have been able to maintain
more than 24 places in each with an extended offer for the older students in the groups to
support their progression to the next stage of their education.
f. We worked again with Cornwall Music Service Trust to produce the song cycle Operation
Kernow (written by John BrolSy and Patrick Bailey). This brought together over 300 students
from schools across Cornwall and the Cornwall Youth Chamber Choir.
g. We created a successful education programme for Shakespeare week, based on A
Midsummer Nights Dream or As You Like It. This was offered to schools throughout
Cornwall resulting in 647 children from 22 schools experiencing a workshop based on the
play all within one week.
h. We worked with students from 29 schools across west Cornwall (not including those who
participated in Shakespeare Week) plus the Isles of Scilly and delivered a total of 8,857
student hours of engagement.
We continued our outreach work to engage hard to reach children in deprived areas.
Working with Crabwalkers, Trelya and Learn 2 we delivered over 1,380 student hours of

engagement. We also continued to support Creativity Club, a weekly arts club for children
age 7 to 11, based in The Centre, Newlyn.
j. We ran a series of four 'Play in a Day, workshops which were free to the public, enabling
people to enjoy a creative experience without the commitment of our more in-depth
programmes. While most of these were offered to specific age ranges of young people, one
provided an opportunity for those 16+ to participate.
k. We staged a joint production of Footloose with the British Theatre Academy in October. 20
Cornish students aged 12 to 17 joined a similar size group from across the south east to
rehearse and present Footloose at the Minack during October half term week. 7 of the
students taking principal or dancer roles also went to London to rehearse for a week over
the summer holidays.
l. The Rising Stars group, formed in late 2022, continues to go from strength to strength. This
group meets weekly in Penzance and is open to anyone age 7 to 14. Over 50 young people
staged Aladdin Junior in February 2024 at St John's Hall in Penzance. The auditions for
Motilda Junior, being staged in February 2025 proved even more popular with 58 in the cast
and 66 on the waiting list. For those children on the waiting list a Matilda Play in a Day was
held so that they could still enjoy the creative experience on a smaller scale.
Educate vi51tors about Rowena Cade. her story and that of the Minack. Inspire them
through creative presentation of exhibitions. live narration and digital interpretation.
a. We ran a series of four guided tours to tell people the story of the Minack in a variety of
imaginative ways, from the story of Billy Rawlings and Miss Cade to an interactive race
against time to celebrate the birthday of Miss Cade whilst exploring the history of the
Minack. These tours proved popular and were delivered to a total of 740 people
throughout the year.
b. We continued to offer a digital audio tour, downloadable onto a mobile phone for people
to use to view the theatre at their own pace.
Develop and nurture the natural environment of the Minack. especially the garden. to
enhance the experience of visiting the theatre and inspire people through its unique
balance of natural and human art.
Throughout 2024 our garden team continued to work to make the Minack garden more
accessible and appealing to the public, remodelling paths to create easier access and
putting particular emphasis on keeping pathways clear and bedding areas weeded and
trimmed.
b. We are delighted to still be part of the Great Gardens of Cornwall group during 2024. This
invitation is testament to the hard work of Jeff Rowe and Claire Batten, Head Gardeners
over the last four years.
c. The garden team continued to deliver the plan for the garden to enable plants to thrive and
to give a better viewing experience to the public. This includes grouping plants in the same

area, so it is easier to see the differences within plant families such as Eryngiums (Sea Holly)
and Agapanthus.
d. In more exposed areas where high levels of damage occur, they continue to use hardy
annuals and annual bedding plants that are a cheaper alternative.
e. They have also continued to plant more hardy perennials, which suffer less damage as they
are dormant in the harsher winter months. This also reduces the necessity to replace plants
in spring.
f. The turf on the well-used grassed seating was renewed as usual in the autumn of 2024
ready for 2025.
g. The Minack was awarded Plastic Free status during 2021 as part of Planet PK'S bid for the
village to be designated Plastic Free and has continued to operate with minimal use of
single use plastic products.
Provide sustainable. modern facilities for audiences. visitors. staff and performers
that are suitable to the unique environment of the Minack and reflect its status as an
attraction of international repute.
The Estate Management Strategy is now in place. This is a framework withiri which the
buildings and grounds can be developed in order to accommodate the medium to long
term strategic aims of the Minack as a theatre and a visitor destination.
b. Work was progressed on the replacement strategy for parts of the theatre that were
highlighted on the structural report in 2023. The overall aim is to protect Rowena Cade'5
original work which dates from 1932 to the late 1970s. Work will be carried out to replace
the iconic features of the Minack stage and auditorium during 2025 and 2026.
The Visitor Centre was open for 2024 having been fully refurbished and re-equipped in
2023. The space provides a café for visitors that complements the unique environment of
the Minack along with a retail space. The café has proved very popular during 2024 with
over 16,500 covers throughout the year. It also doubles up as a takeaway outlet during the
summer season.
Develop and support an outstanding team of versatile people to ensure visitors.
performing companies and participants enjoy a life enhancing experience at the
Minack.
The Minack is one of the area's biggest employers Wlth a total wage and salary bill of
£1,264,471 in 2024 (2023.. £7,095,930).
b. The Minack employed So people year-round and 69 people during the height of the
performing season.
In 2024, all staff over the age of 21 were paid the 'Real Living Wage, (£12.00 per hour) as
determined by the Living Wage Foundation and were offered flexible working. Over 85 1 of
staff live in the rural area to the west of Penzance. From 1 January 2025 the minimum wage
for all staff over the age of 21 will be £12.50 per hour.
13

d. Staff training through the year focussed on training in operational aspects such as first aid,
safeguarding, fire safety and terrorism awareness. Some members of the team undertook
mental health first aid training to be able to support colleagues and visitors in certain
situations. The Technical Manager also completed his rope access and working at height
course. Going into 2025 there is a focus on Equality, Diversity and Inclusion and
Accessibility training.
Over 150 freelance practitioners were engaged on Minack productions and the education
programme during the year. Over 82¥0 of these are based in Cornwall. We recognise the
challenges for people working on short term contracts and always work to treat them fairly,
offering paid development opportunities and being conscious to ensure planning time is
factored into contract arrangements.
Develop retail and catering strategies to meet the reasonable expectations of visitors
given the nature of the site and generate funds to support aims 1 to 6.
The opening of the Visitor Centre has allowed us to return to the café offering for visitors as
well as having the takeaway options in the summer season and during performances. The
café spend per head was £1.34 and the takeaway spend per head £1.02 which meant that
overall the spend per head achieved on catering was £2.37, a significant increase on 2023's
£1.66.
The focus in 2025 is on being able to meet the expectations of the visitors at different
times, particularly focusing on the varying requirements of audiences to daytime visitors.
The Minack continued to source almost all goods for resale from within the Cornish
economy and continued to minimise use of single use plastics within this area of operation.
The retail spend per head was £0.45 which was comparable with £0.44 in 2023.
Generate sufficient funds through core activities to achieve aims 1 to 6 in a viable
manner for the very long term.
Unlike most theatres in the UK, the Minack depends almost exclusively on earned income.
In 2024, de5Plte a planned investment in the event programme and education programme
we still achieved a surplus to maintain our ongoing programmes and help protect the
historic fabric of the Minack Theatre.
In 2024 the Minack made a direct annual contribution to the Cornish economy of over £2m.
It attracted 215,793 visitors, of whom 90% had home addresses Outside Cornwall. The
majority of these visited as part of their holiday in Cornwall, staying locally and spending at
other businesses on their way to and from the theatre. Looking specifically at theatre
audiences, excluding storytelling, 75Yo of the audience had home addresses outside of
Cornwall.
Wherever possible, the Minack sources goods and services from within Cornwall. Over the
last twenty years, using Cornish companies, it has completed building projects costing more
than £2,000,000.
14

Financial review and results for the year
The detailed results are set out on pages 27 to 46 and show the net movement in funds for
the year for the group was a surplus of £81,363 (surplus of £78,897 in 2023).
Income from the theatre performances (including Theatre Tax Reliefj was £723,442 against
£1,071,939 in 2023 (see note 2 on page 35). Expenditure on Minack productions decreased
from £645,267 in 2023 to £238,925. Apportioning a share of the overhead cost of operating
the theatre and visitor centre, on the basis of the percentage of visitor5 who watch a
performance, shows the theatre programme cost £134,607 {2023.' cost £250,700). See note 6
on page 39.
The expenditure associated with staging productions, including research and development,
producing, running and closure of productions were made through Minack Productions
Limited. Minack Productions Limited plans to claim a payable tax credit (Theatre Tax Relief)
for its productions, pursuant to Part 15C of the Corporation Tax Act 2009 of £37,680 (2023..
£7 74,570).
The education programme cost £190,569 in direct costs (2023.. £780,694) however there were
an additional £102,151 in wages and salaries attributable to this programme (2023.- £84,548)
and £13,805 of overhead costs. The programme generated £81,722 of income. The net cost
of education therefore was £224,803 (2023.. £228, 746). This cost has been drawn from the
designated reserve to support education projects.
Visitor admissions totalled £1,051,122 (2023.. £986,589). Apportioning a share of the overhead
cost of operating the theatre on the basis of the percentage who visit rather than see a
performance, shows a net income from visitors of £251,459 (2023.. contribution £256,633).
During 2024, £179,266 (2023.. £750,998) was spent on repairs and £71,303 (2023.. £407,482)
on capital items.
Expenditure on projects costing more than £5,000:
New pillars for the winter entrance gate: £6,456
New canvas for the band tent: £24,368
Replacement of kitchen oven in Pol Minack: £5,386
New café ventilation system: £6,521
Replacement of yellow lines and new speed bump in car park: £7,243
The charity's wholly-owned subsidiary The Minack Theatre Limited generated a net income of
£23,338 (2023.. £3 7,206) on trade through its café, takeaway outlets and retail shop. The
company made a loss on ordinary activities of £621 (2023.. profit £6,606). From 1" January
2024 all catering and retail activities were transferred from The Minack Theatre Trust CIO to
The Minack Theatre Limited.

The trustees confirm the availability of assets to fulfil the obligations of the charity without
recourse to borrowing.
The trustees do not believe that any material difference that may exist between the book
values and actLtal values of assets has any material effect on the ongoing activities of the CIO.
Voluntary income totalled £23,328 (2023.. £75,922). This heading covers the income from the
"Members" subscriptions of £21,516 (2023.. £73,039) and donations of £1,812 (2023.. £2,883).
The trustees thank all the many donors who have helped the Minack over the years. Without
the funds raised in that way, they would be able to do considerably less to improve the
Minack.
The trustees thank all the staff for the continued success of the Minack in the face of our
traditional challenges such as the weather, and particularly for their adaptability following the
introduction of the refreshed café space and a new Director.
16

Reserves policy
This policy and the reserves held were reviewed in preparing these accounts in accordance with the
commitment made by Trustees in the notes to the 2023 accounts.
The reserves retained in cash and cash equivalents at the year-end are required to provide security
for the sustaining of the charity's activities at an undiminished level in the event of a material
adverse change, and, more specifically to:
Fund routine seasonal commitments which will continue to run at a high level. A net cash
outflow of over £325,000 can be experienced in the winter. £250,000 has been designated to
cover this winter cash outflow. This has been increased from the previous £150,000 to take
account of inflationary rises and specifically employment cost increases over the past six
years.
Withstand the financial consequences of a significant reduction in visitors, for example due to
a season of particularly poor weather, or due to enforced closure arising from an event
outside the Minack's control. A 20Yo reduction in visitors with no associated reduction in
expenditure could see a reduction of cash inflow of about £387,500. The amount designated
to mitigate this risk remains at £400,000.
Fund unexpected repairs particularly those relating to the construction work carried out by
Rowena Cade the founder between 1932 and the late 19705. This reserve has been adjusted
from £500,000 to £575,000 to take account of the construction cost inflation from 2021 to
2025. In part, this reflects the speed with which unexpected repairs might have to be
undertaken to protect both visitors and the season of performances.
Subsidise three years of the education ('Taking Part,) programme and associated Minack
productions at £225,000 per year to enable the progratnme to be maintained: £675,000. This
has been adjusted from the previous £200,000 level to take account of the Minack
productions in colder months and the risk of bad weather associated with this.
The remaining general reserve, after those designated in a. to d. above, 15 modest at £423,023
given the overall Size and dependencies of the charity and the reliance on our own resources.
The total reserves also provide for a capital reserve equating to the written down value of the fixed
assets, recognising that these assets are not readily convertible into cash. This reserve is currently
£2,442,484.
The charity'5 reserves and its income are used in pursuance of its objectives as set out above.
17

Fundraising policy
The charity does not carry out any formal fundraising activity or engage any professional or
commercial fundraisers. Therefore the charity does not:
subscribe to any fundraising standards or schemes for fundraising regulation
carry out any monitoring of fundraising activities
receive any complaints about fundraising activity
have any need to protect vulnerable people and other members of the public from
inappropriate behaviour connected with fundraising activities.
Occasionally members of the public make donations which are accounted for through the charity's
financial management systems.
Investment policy
The trustees are entitled to place funds in any kind of investments that they see fit.
The current policy of the trustees is to hold surplus funds on short term investments and deposlts,
applying the income generated to charitable purposes for which the funds are intended.
The trustees recognise that a higher level of return could be obtained by placing funds in riskier
equity or other investments. This Is outside the parameters of the current investment policy.
Investments generated £100,757 (2023.. £75,665) interest receivable for the year. This reflects the
higher Bank of England base rate in 2024.
18

Plans for future years
Events and Visitors
A season of productions will run from early April until early November with a short additional
season in December.
This will include Minack productions, co-productions and visiting productions of theatre and
musicals, plus a programme of one or two night events mainly of music and comedy.
Minack productions will include:
1. A new musical production of Mermaid of Zennor, written by John Brolly and Ben Sutcliffe.
2. A production of Zoe Cooper's adaptation of Jane Austen's novel Northanger Abbey.
3. A co-production with Ha-Hum-Ah of a brand new play written by Ben Kernow, Making a
Killing.
There will be storytelling events in the school holidays, and a programme of appearances by Mark
Harandon telling the history of the Minack through the eyes of Rowena Cade's gardener, Billy
Rawlings. There will also be opportunities for visitors to learn more about aspects of the Minack
through a series of tours, including a garden tour.
Improving accessibility to the full experience of the theatre for all visitors remains a priority.
Taktng Part
Having worked with over 8,000 young people during 2024 the education and participatory
programme has gone from strength to the strength since the pandemic. The aim for 2025 is to
continue to provide opportunities to inspire people to take part in performances.
Work with West Cornwall schools will include opportunities to take part in Shakespeare Festivals,
regular performance skills workshops for all age groups and a developing programme to support
delivery of theatre and music skills within the schools. During 2025, 20 sessions will be delivered to
Cornish state schools throughout Shakespeare week in March.
There are performance opportunities planned for Cornish young people through the Minack Youth
Theatre programme.
13 young people age 9 to 11 from across Cornwall are taking principal and ensemble roles in
the Minack production of Mermaid of Zennor, scheduled to perform in April 2025.
2) The members of the Acting Academy will perform Pearl of Wisdom written by Tamara
Stidwell (discovered through the Emerging Writer's scheme) at the Minack and on a short
tour in July 2025.
3) The members of the Musical Theatre Academy will perform a showcase in July 2025.
4)
Over 200 west Cornwall school children will take to the stage as singers, dancers, actors and
musicians to perform Cornish A venger5, written by John Brolly.
19

5)
Rising Stars will continue to offer west Cornwall children the chance to perform in a musical
theatre show in Penzance. Matilda Junior will be performed in February 2025 at St Johns Hall,
Penzance.
In addition, there are many education projects planned including continuing the Minack's out-
reach project in the Treneere Estate, Penzance. This area is one of the most deprived
neighbourhoods in Cornwall.
The Crabwalkers project will continue during 2025, a group that works with children who have
experienced trauma/adversity/loss, most of them have experienced more than one of these. They
use theatre techniques as tools for coping, as well as to increase their confidence and empower
them to talk about their feelings.
The Creativity Club is another project that has grown through 2024 and will continue into 2025.
This is based at the Centre in Newlyn. Again, this group works with another area of deprivation.
There is a high percentage of children from this area who have close relatives working in the
fishing industry. There are also children who attend this group who are refugees.
The Education Team will produce at least four "plays in a day" during the year, subject to any repair
work required on the main parts of the stage as part of the estates plan.
There will be further implementation of the Arts Award programme to accredit young people's
efforts, and the continuation of programmes to support playwrights of all ages in partnership with
Kernow Education Arts Partnership (KEAP).
All the education activity will be directly funded by the charity and remain free of charge to
participants.
Additional Plans
All visitor5 will continue to be encouraged to book their visit in advance in order to control
numbers, giving a less congested experience in the theatre and on the Surrounding road network.
In order to try and encourage this further, pricing has been adjusted for 2025 for advance and on
the gate tickets, making it cheaper to book in advance than paying on arrival.
In addition to routine repairs and maintenance, there will be a programme of capital projects
including ongoing improvements to the sound and lighting systems and continued development
of the garden.
20

Statement of Trustees, responsibilities
The trustees 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).
Law applicable to charities in England and Wales requires the trustees to prepare financial
statements for each financial year. The financial statements are required by law to give a true and
fair view of the state of affairs of the charity and group, and of the financial activities of the charity
for that year.
In preparing those financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently,.
observe the methods and principles in the Charities SORP,.
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards 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 charity will continue in operation.
The trustees are required to act in accordance with the Constitution of the charity, within the
framework of charity law. They are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the charity and the group
and to enable them to ensure that the financial statements comply with the Charities Act 2011.
They are also responsible for taking such steps as are reasonably open to them to safeguard the
assets of the charity and to prevent and detect fraud and other irregularities.
21

Statement of disclosure to auditor
So far as the trustees are aware, there is no relevant audit information of which the charity's
auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought
to have taken as trustees in order to make themselves aware of all relevant audit information and
to establish that the charity's auditors are aware of that information.
By order of the trustees:_
M. J. Iles
For and on behalf of the trustees
The Minack Theatre,
Porthcurno,
Penzance,
Cornwall TR19 6JU.
29 May 2025
22

INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEES OF THE MINACK THEATRE TRUST CIO
Opinion
We have audited the financial statements of The Minack Theatre Trust CIO (the 'parent charity,) and
its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the
consolidated and charity statement of financial activities, the consolidated and charity balance
sheets, the consolidated and charity 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'5 and parent charity's affairs as at 31
December 2024, 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 Charities Act 2011.
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's responsibilities for the audit of the financial statements section of our report. We are
independent of the group and parent charity 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 trustee5' 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's or
parent charity'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.
23

Our responsibilities and the responsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
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 contained within the trustees report. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities
(Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with
the trustees, report,. or
sufficient accounting records have not been kept; or
the parent charity's financial statements are not in agreement with the accounting records
and returns," or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement set out on page 21, the trustees
are responsible for the preparation of the financial statements and for being satisfied that they give
a true and fair view, and for such internal control as the trustees determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group's and
parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to
24

going concern and using the going concern basis of accounting unless the trustees either intend to
liquidate the group or the parent charity or to cease operations, or have no realistic alternative but
to do so.
Auditor's responsibilities for the audit of the financial
statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in
accordance with the Act and relevant regulations made or having effect thereunder.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibilities, outlined above. to detect material
misstatements in respect of irregularitie5, including fraud.
As part of our audit work, we obtained an understanding of the legal and regulatory frameworks
applicable to the charity and the sector in which they operate. We determined that the laws and
regulations that were most significant were those that have a direct impact on the preparation of
the financial statements such as the Charities Act 2011, and compliance with the Charities
Statement of Recommended Practice. In addition, we have considered provisions of other laws and
regulations that do not have a direct effect on the financial statements but compliance with which
may be fundamental to the Charity's ability to operate or to avoid a material penalty. These include
data protection regulations, health and safety regulations, licensing acts, food safety legislation and
employment legislation. The specific procedures for this engagement and the extent to which
these are capable of detecting irregularitie5, including fraud is detailed below:
Review of the disclosures in the financial statements and testing to supporting documentation
to assess compliance with provisions of relevant laws and regulations described as having a
direct effect on the financial statements,.
Enquiries of management concerning actual and potential litigation and claims,.
Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risk5 of material misstatement due to fraud,.
Reviewing minutes of trustee meetings and correspondence with regulators;
Performing audit work in connection with the risk of management override of controls,
including testing journal entries for reasonableness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting
estimates for potential bias.
We also communicate relevant identified laws and regulations and potential fraud risk to all
engagement team members and remain alert to any indications of fraud or non-compliance with
laws and regulations throughout the audit.
25

Our audit approach also considered the opportunities and incentives that may exist within the
charity for fraud and identified the greatest potential for fraud being in respect of cut off and
completion risk around revenue recognition. Under ISA (UK) we are also required to undertake
procedures to respond to the risk of management override of controls. Our procedures included
the following:
Undertaking transactional testing on revenue,.
Performing cut off testing on revenue,.
Performing reconciliation work between box office system and accounting software to
consider completeness of revenue,.
Auditing the risk of management override of controls, including through testing journal entries
and other adjustments for appropriateness, and evaluating the business rationale for
significant transactions outside the normal course of business-
Reviewing estimates and judgements made in the accounts for any indication of bias and
challenged assumptions used by management in making estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all
irregularities, including those leading to a material misstatement in the financial statements or non-
compliance with regulation. This risk increases the more that compliance with a law or regulation
is removed from the events and transactions reflected in the financial statements, as we will be less
likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error, as fraud involves intentional concealment,
forgery, collusion, omission or misrepresentation.
A further description of our responsibilities 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 charity's trustees, as a body, in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that
we might state to the charity's trustees 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 charity and the charity's trustees as a body, for
our audit work, for this report, or for the opinions we have formed.
QQL LLF
Peot House
Newham Road
TRURO
Cornwall
TR7 2DP
RRL LLP (Statutory Auditor)
8/?/tS
RRL LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for
appointment as auditor of a company under section 1212 of the Companies Act 2006.
26

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
incorporating the income & expenditure account for theyear ended 37 December 2024
2024
Total
2023
Total
Unrestricted Restricted
Income and endowments from:
Note
Voluntary income
Donations, legacies and Friends, subscriptions
Choritable activities
Income from theatre
Minack productions
Visiting companies
Education income
Booking charges
Visitor admissions
Catering and retail
23,328
23,328
15,922
1&6
275,595
410,167
79,130
121,185
1,051,122
797
275,595
410,167
79,130
121,185
1,051,122
797
645,617
311,752
45,517
112,042
986,589
368,165
1,937,996
1,937,996
2,469,682
Other trading activities
Commercial trading operations
Investment income
592,325
592,325
68,786
100,757
100,757
75,665
Other
Theatre Tax Relief reclaim
37,680
37,680
114,570
Total
2,692,086
2,692,086
2,744,625
Expenditure on=
Raising fvnds
Commercial trading operations
Charitable activities
Minack productions
Education projects
Operating the Theatre & Visitor
Centre
564,776
564,776
33,839
2,5&6
1,2,5&6
1,5,6&7
238,925
190,569
1,616,453
238,925
190,569
1,616,453
645,267
180,694
1,865,934
2,045,947
2,045,947
2,691,895
Total
2,610,723
2,610,723
2,725,734
Net income
81,363
81,363
18,891
Transfers between funds
Net movement in funds
81,363
81,363
18,891
Total funds brought forward
4,684,144
4,684,144
4,665,253
Total funds carried forward
19
4,765,507
4,765,507
4,684,144
The group has no recognised gains or losses in the year other than the net income as shown above. All
Income and expenditure relates to unrestricted tunds.
27

CHARITY STATEMENT OF FINANCIAL ACTIVITIES
incorporating the income & expenditure account for the year ended 3 7 December 2024
2024
Total
2023
Total
Unrestricted Restricted
Income and endowments from:
Note
Voluntary income
Donations, legacies and Friends, su bscriptions
Charitable activities
Income from theatre
Minack productions
Visiting companies
Education income
Booking charges
Visitor admissions
Catering and retail
23,328
23,328
15,922
1&6
275,595
410,167
79,130
121,185
1.051,122
797
275,595
410,167
79,130
121,185
1,051,122
797
645,617
311,752
45,517
112,042
986,589
368,165
1,937,996
1,937,996
2,469,682
Other troding artivities
Commercial trading operations
Investment income
23,959
23,959
24,600
100,757
100,757
82,271
Total
2,086,040
2,086,040
2,592,475
Expenditure on:
Charitable artivities
Minack productions
Education projects
Operating the Theatre & Visitor
Centre
2,5&6
205,409
1,2,5&6
190,569
1,5,6&7 1,608,078
205,409
190,569
1,608,078
535,629
180.694
1,857,261
2,004,056
2,004,056
2,573,584
Total
2,004,056
2,004,056
2,573,584
Net income
81,984
81,984
18,891
Transfers between funds
Net movement in funds
81,984
81,984
18,891
Total funds brought forward
4,684,144
4,684,144
4,665,253
Total funds carried forward
19
4,766,128
4,766,128
4,684,144
There were no acquisitions or discontinued activities in the year to 31 December 2024 or the year to 31 December
2023. The charity has no recognised gains or1055es in the year other than the net income as shown above. All income
and expenditure relates to unrestricted fund5.
28

CONSOLIDATED AND CHARITY BALANCE SHEETS
at 37 December 2024
The Group
2024
The Charity
2024
2023
2023
Fixed assets
Tangible assets
Investments
Note
2,442,484 2,514,194
2,442,484
2,514,194
10
2,442,484 2,514,194
2,442,486
2,514,196
Current assets
Stocks
Debtors
Short term investments
Short term deposits
Cash in hand and at bank
1&11
12
21,609
25,057
109,925
182,821
533,577 1,021,707
1,812,332 1,070,048
116,701
77,308
8,133
246,572
1,021,707
1,070,048
24,511
184,996
533,577
1,812,332
55,623
2,594,144 2,376,941
2,586,528
2,370,971
Creditors
Amounts falling due within one year
13
1271,121) (206,991)
(262,886)
{201,023)
Net current assets
2,323,023 2,169,950
2,323,642
2,169,948
Total assets les5 current liabilities
15
4,765,507 4,684,144
4,766,128
4,684,144
Funds
U nrestricted
Designated
Capital reseNe
General
1&19
1,900,000
1,650,000
1&19 2.442,484 2,514.194
1&19
423,023
519,950
1,900,000
2,442,484
423,644
1,650,000
2,514,194
519,950
Total funds
19
4,765,507 4,684,144
4,766,128
4,684,144
These financial statements were approved and authorised for issue by the trustees on 29 May 2025.
M. J. Iles
For and on behalf of the Trustees
29

CONSOLIDATED STATEMENT OF CASH FLOWS AND
CHARITY STATEMENT OF CASH FLOWS
for the year ended 3 7 December 2024
The Group
2024
The Charity
2024
2023
2023
Cash flow from operating activitles
264,093
{30,203)
255,812
{59,089)
Cash flow from investing activities
Investment income
100,757
75,665
100,757
82,271
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed assets
{71,303)
(401,4821
171,303}
{401,482)
29,454
(325,81n
29,454
(319.211)
Net change in cash and cash equivalents
293,S47
(356,020)
285,266
1378,3001
Cash and cash equivalents at start of the year
2,169,063
2,525,083
2,116,266
2,494,566
Cash and cash equivalents at end of the year
2,462,610
2,169,063
2,401,532
2,116,266
Reconciliation of net income to cash flow from operating activities
The Group
2024
The Charity
2024
2023
2023
Net income for the year
Adjusted f or.
Fixed asset depreciation
Loss on the sale of fixed assets
Investment income
Movement in stock
Movement in debtors
Movement in creditors
81,363
18,891
81,984
18,891
143,013
109,355
12,028
{75,665)
1,811
(44,6401
(51,9831
143,013
109,355
12,028
{82,271)
1,188
(67,050)
(51,2301
1100,75n
3,448
72,896
64,130
(100,7571
8,133
61,576
61,863
Cash f low f rom operating activities
264,093
130,203)
255,812
159,089)
30

NOTES
(forming part of the financial statements)
Summary of significant accounting policies
7. 7 General information and basis of preparation
The Minack Theatre Trust CIO is a charitable incorporated organisation, registered in
England. The address of the registered office is given in the charity information on page 3
of these financial statements. The nature of the charity's operations and principal activities
are outlined on pages 7 to 9.
The charity constitutes a public benefit entity as defined by FRS 102. The financial
statements have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their financial
statements in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted
Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost
convention. The financial statements are presented in sterling which is the functional
currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements
are set out below. These policies have been consistently applied to all years presented
unless otherwise stated.
7.2 Consolidation
The consolidated financial statements incorporate the income and expenditure of The
Minack Theatre Limited, and Minack Productions Limited, the charity's subsidiary
undertakings on a line by line basis.
7.3 Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of
the general objectives of the charity and which have not been designated for other
purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for
particular purposes. The aim and use of each designated fund is set out in the Reserves
Policy on page 17.
7.4 Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the
charity is legally entitled to the income after any performance conditions have been met,
the amount can be measured reliably, and it Is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the
settlement date in writing. If there are conditions attached to the donation and this requires
a level of performance before entitlement can be obtained, then income is deferred until
those conditions are fully met or the fulfilment of those conditions 15 Wlthin the control of
the charity and it is probable that they will be fulfilled.
31

Donated facilities and donated professional services are recognised in income at their fair
value when their economic benefit is probable, it can be measured reliably, and the charity
has control over the item. Fair value is determined on the basis of the value of the gift to
the charity. For example, the amount the charity would be willing to pay in the open market
for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP
(FRS 102). The charity does not utilise the services of volunteers in its operational activities.
Investment income is earned through holding assets for investment purposes. It includes
interest. Interest income is accrued on a time basis, by reference to the effective interest
rate applicable.
Other income includes gains on disposals of tangible fixed assets and an amount
equivalent to Minack Productions Limited's corporation tax reclaim under Theatre Tax
Relief.
7.5 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under
headings that aggregate all costs related to the category. Expenditure is recognised where
there is a legal or constructive obligation to make payments to third parties, it is probable
that the settlement will be required, and the amount of the obligation can be measured
reliably. It is categorised under the following headings.
Costs of raising funds includes the costs of the commercial trading operations-
Expenditure on charitable activities includes cost of Minack Productions, operating the
Theatre and Visitor Centre and governance costs; and
Other expenditure represents those iteTllS not falling into the categories above.
Irrecoverable VAT is separately identified in charitable expenditure.
7.6 Support costs allocotion
Support costs are those that asslst the work of the charity but do not directly represent
charitable activities and include office costs, governance costs and administrative payroll
Costs. They are incurred directly in sUPPOrt of expenditure on the objects of the charity.
Where support Costs cannot be directly attributed to particular headings they have been
allocated to cost of raising funds and expenditure on charitable activities on a basis
consistent with use of the resources.
7. 7 Intangible assets
Intangible a55ets are amortised on a straight-line basis over their useful lives.
32

7.8 Tangible [￿ed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and
accumulated impairment losses. Cost includes costs directly attributable to making the
asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost,
less estimated residual value, of each asset on a systematic basis over its expected useful
life as fol lows..
Freehold land
Freehold buildings
Plant and machinery
Fixtures and fittings
Straight line depreciation over 50 years
Straight line depreciation over 3, 4 or 7 years
Straight line depreciation over 3, 4 or 7 years
7.9 Heritage assets
Where information on the cost or valuation of heritage assets is not available or the cost of
providing such information significantly Ou￿e[ghS any benefit to the users of the financial
statements then heritage assets are not recognised on the balance sheet.
7. 70 Investments
Current asset investments are short term highly liquid investments and are held at fair
value. These include cash on deposit and cash equivalents with a maturity of less than one
year.
7. 7 7 Stocks
Stocks are stated at the lower of cost and estimated selling price. Provision is made for
damaged, obsolete and slow-moving stock where appropriate.
7. 72 Debtors and creditors receivable /payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one
year are recorded at transaction price. Any losses arising from impairment are recognised
in expenditure.
7. 73 Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be
impaired at each balance sheet date. If such indication exists, the recoverable amount of
the asset, or the asset's cash generating unit, is estimated and compared to the carrying
amount. Where the carrying amount exceeds its recoverable amount, an impairment Ioss is
recognised in the Statement of Financial Activities.
7. 14 Provisions
Provision5 are recognised when the charity has an obligation at the balance sheet date as a
result of a past event, it Is probable that an outflow of economic benefits will be required in
settlement and the amount can be reliably estimated.
7. 75 Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of
the lease term and the expected useful life of the asset. Minimum lease payments are
apportioned between the finance charge and the reduction of the outstanding lease
33

liability using the effective interest method. The related obligations, net of future finance
charges, are included in creditors.
Rentals payable and receivable under operating leases are charged to the SOFA on a
straight line basis over the period of the lease.
7. 76 Employee benefits
When employees have rendered service to the charity, short-term employee benefits to
which the employees are entitled are recognised at the undiscounted amount expected to
be paid in exchange for that service.
The charity operates a defined contribution plan for the benefit of its employees.
Contributions are expensed as they become payable.
7. 77 Tax
The Minack is a registered charity and is exempt from corporation tax.
7. 78 Going concern
The financial statements have been prepared on a going concern basis as the trustees
believe that no material uncertainties exist. The trustees have considered the level of funds
held and the expected level of income and expenditure for 12 months from authorising
these financial statements. The budgeted income and expenditure is sufficient with the
level of reserves for the charity to be able to continue as a going concern.
7. 79 Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies. the trustees are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities
that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the year in which the estimate is revised where the revision only affects that
year, or in the year of the revision and future years where the revision affects both current
and future years.
34

Income from theatre
2. 7 Income
2024
2023
Rental income due to Minack Theatre Trust CIO
410,167
311,752
Minack productions income (see note 2.2)
313,275
760,187
723,442
1,071,939
2.2 Minack Productions
2024
2023
Minack productions income
Minack Productions Limited Theatre Tax Relief reclaim
Storytelling income
131,655
37,680
143,940
518,042
114,570
127,575
313,275
760,187
Minack productions expenditure
Storytelling expenditure
(225,425}
(13,5001
(625,326)
(19,941)
{238,925)
(645,267)
Net Minack productions income
74,350
114,920
2.3 Net income from theatre and productions
2024
2023
Rental income due to Minack Theatre Trust CIO
410,167
311,752
Net income from Minack productions (see note 2.2)
74,350
114,920
484,517
426,672
35

Other trading activities
This represents income from the sale of goods conducted throLtgh its subsidiary The
Minack Theatre Limited. From 1 January 2024 all catering and retail activities were
transferred from The Minack Theatre Trust CIO to The Minack Theatre Limited (see also
note 10).
2024
2023
Turnover
Cost of sales
592,325
(232,878)
68,786
(33,8391
Gross profit
359,447
34,947
Staff costs
Administrative costs and interest payable
Governance
(307,636}
(24,262)
(4,211)
(641)
(3,100)
Net income from trading
23,338
31,206
Net income in the year for the group
Stated ofter chargcng
2024
2023
Auditors, remuneration audit
Auditors, remuneration other services
Depreciation
Loss on the disposal of fixed assets
13,918
1,700
143,013
12,245
1,600
109,355
12,028
36

Analysis of charitable expenditure
Cost of operating the Theatre, Education Programme & Visitor Centre
The Group
2024
Total
2023
Total
Theatre
Education
Visitors
Purchases
Visitor tou r costs
Wages
252,753
Salaries
51,555
Printing and stationery
2,178
Promoting the Theatre's activitie: 19.910
Repairs and maintenance
75,608
Light, heat, rates and water
20,703
Insurance
13,788
Motor and travel
1,402
Telephone and postage
1,083
Sanitation
20,640
Miscellaneous
9,736
Bank charges
317
Credit & debit card charges
41,147
VAT (Unrecovered Input Tax)
6,223
Depreciation
60,317
Loss on disposal of fixed assets
159,933
29,381
760,785
201,630
5,300
38,458
150,998
41,822
26,029
4,275
3,675
41,147
30,814
3,883
71,714
31,698
109,355
12,028
28,504
346,188
70,612
2,863
26,158
99,334
27,200
18,115
1,841
1,424
27,116
12.793
436
22,156
8,531
79,246
28,504
653,599
160,660
5,166
47,207
179,266
49,087
32,692
3,323
2,569
48,936
23,085
753
63,303
14,754
143,013
54,658
38,493
125
1,139
4,324
1,184
789
80
62
1,180
556
3,450
577,360
106,040
772.517
1,455,917
1,722,925
Management & administration
Salarie5
Professional fees
Trustee expenses
Miscellaneous
Governance (note 7)
47,900
7,087
768
9,000
405
65,653
9,311
1,008
2,073
8,654
122,553
16,803
1,820
3,742
15,618
113,265
14,847
626
1,579
6,587
90
377
426
13,845
63,921
9,916
86,699
160,536
143,009
641,281
115,956
859,216
1,616,453
1,865,934
Costs are directly allocated where possible and where not, they are allocated based on a
proportion of visitor numbers acros5 the three areas of activity.
37

Analysis of charitable expenditure (continued)
Cost of operating the Theatre, Education Programme & Visitor Centre
The Charity
2024
Total
2023
Total
Theatre
Education
Visitors
Purchases
Visitor tour costs
Wages
252,753
Salaiies
51,555
Printing and stationery
2,178
Promoting the Theatre's activitie., 19,910
Repairs and maintenance
75,246
Light, heat, rates and water
20,703
Insurance
13,788
Motor and travel
1,402
Telephone and postage
1,083
Sanitation
20,640
Miscellaneous
9,736
Bank charges
218
Credit & debit card charges
41,147
VAT (Unrecovered Input Tax)
6,223
Depreciation
60,317
Loss on disposal of fixed assets
159,933
29,381
760,785
201,630
5,300
38,458
150,669
41,822
26.029
4,275
3,665
41,147
30,814
3,044
71,614
31,698
109,355
12,028
28,504
346,188
70,612
2,863
26,158
99,334
27,200
18,115
1,841
1,424
27,116
12,793
299
22,156
8,531
79,246
28,504
653,599
160,660
5,166
47,207
178,904
49,087
32,692
3,323
2,569
48,936
23,085
517
63,303
14,754
143,013
54,658
38,493
125
1,139
4,324
1,184
789
80
62
1,180
556
3,450
576,899
106,040
772,380
1,455,319
1,721,647
Management & administration
Salaries
Professional fees
Trustee expenses
Miscellaneous
Governance (note 7)
47,900
7,087
768
1,579
3,307
9,000
405
65,653
9,311
1,008
2,073
4,345
122,553
16.803
1,820
3,742
7,841
113,265
14,847
626
426
6,450
90
189
60,641
9,728
82,390
152,759
135,614
637,540
115,768
854,770
1,608,078
1,857,261
Costs are directly allocated where possible and where not, they are allocated based on a
proportion of visitor numbers across the three area5 of activity.
38

Net income by charitable activity
The Group
2024
Total
2023
Total
Theatre
Education
Visitors
Note
Direct income
Booking charges Minack events
Booking charges external events
Catering and retail
685,762
45,328
13,712
797
79,130
2,592
1,051,122
59,553
1,816,014
107,473
13,712
797
1,989,475
98,230
13,812
368,165
745,599
81,722
1,110,675
1,937,996
2,469,682
Direct Expenditure
Charitable Expenditure
1238,9251
1641,2811
{190,569)
{115,956)
{429,4941
{859,216) {1,616,453)
1825,9611
{1,865,9341
1880,206)
(306,525)
(859,216) (2,045,947)
(2,691,895)
Net income/(expenditure) by activity (134,607)
(224,803}
251,459
1107,9511
1222,213)
The Charity
2024
Total
2023
Total
Theatre
Education
Visitors
Note
Direct income
Booking charges Minack events
Booking charges external events
Catering and retail
685,762
45,328
13,712
797
79,130
2,592
1,051,122
59,553
1,816,014
107,473
13,712
797
1,989,475
98,230
13,812
368,165
745,599
81,722
1,110,675
1,937,996
2,469,682
Direct Expenditure
Charitable Expenditure
(205,409)
1637,5401
{190,569)
(115.768)
{395,978)
(854,770) (1,608,078)
1716,3231
{1,857,2611
{842,949)
(306,337)
(854,770) (2,004,056)
(2,573,584)
Net income/lexpenditure) by activity
197,3501
1224,615)
255,905
{66,060J
1103,902)
Governance costs
The Group
2024
The Charity
2024
2023
2023
Auditor's remuneration
15,618
13,845
7,841
6,450
15,618
13,845
7,841
6,450
39

Staff costs and numbers
The average number of employees in the 2024 season was 69 (2023.. 64) and 50 (2023." 46)
out of season. There were no employees whose total remuneration fell above £60,000
du ring the reporting year (2023." one employee between £70,000 and £80,000).
2024
2023
Wages and salaries
Social security costs
Pension costs
1,140,399
86,099
37,973
991,505
71,469
32,956
1,264,471
1,095,930
The charity contributes to a defined contribution pension scheme. The pension cost
charge for the year represents contributions payable by the charity to the fund and
amounted to £37,973 (2023.. £32,956). There was £3,873 outstanding contribution at the
year-end (2023.. £563).
The total employee benefits of key management personnel for the group was £266,801
(2023." £256,530).
Tangible fixed assets
(the Group and the Charity)
Land
Buildings
Fixtures
Fittings
Total
Cost
At 1 January 2024
Additions
Disposals
3,001,703
21,616
700.235
49,687
{2,295)
3,701,938
71,303
(2,295)
At 31 December 2024
3,023,319
747,627
3,770,946
Depreciation
At 1 January 2024
Disposals
Charge for the year
770,684
417,060
(2,295)
84,872
1,187,744
{2,2951
143,013
58,141
At 31 December 2024
828,825
499,637
1,328,462
Net book value
At 31 December 2024
2,194,494
247,990
2,442,484
At 31 December 2023
2,231,019
283,175
2,514,194
40

All the tangible fixed assets are used for direct charitable purposes. Only those with a
value of £500 or more are capitalised. Included in land and buildings is land with a net
book value of £157,254 which has not been depreciated.
The charity maintains the open-air Minack Theatre which was acquired in 1976 when the
landowner and founder gifted the theatre at no cost to the original charitable Trust.
There have been no acquisitions or disposals of heritage assets during the last five years.
The charity does not plan to dispose of the theatre as it is central to the objects of the
charity.
The charity aims to maintain the condition of the theatre in a steady state of repair. Any
repair work is charged to the Statement of Financial Activities in the year it is incurred. Any
significant improvement work is included as a fixed asset addition.
Access to the theatre is obtained by purchasing a ticket for a performance or for a visit.
10. Investments
The Group
2024
The Charity
2024
2023
2023
100% investment in The Minack Theatre Limited and
Minack Productions Limited, companies incorporated in
England and Wales
At 31st December 2023 and 31st December 2024
A summary of the trading results of The Minack Theatre Limited is shown below:_
2024
2023
Turnover
Cost of sale5 and administrative expenses
Interest payable
Amount gifted to the charity
592,325
(592,279)
(667)
68,786
161,580)
(600)
16,606)
Retained in the subsidiary
(621)
Cu rrent assets and liabilities of the su bsidiary were=
Current assets
Creditors: amounts due within one year
35,490
(36,1101
29,843
{29,842)
Total net a55ets
(620)
Aggregate share capital and reserves
(620)
41

From 1" January 2024 all catering and retail activities were transferred from The Minack
Theatre Trust CIO to The Minack Theatre Limited.
A summary of the trading results of Minack Productions Limited is shown below:_
2024
2023
Turnover
Cost of sales and administrative expenses
Taxation
178,017
(215,697)
37,680
503,713
{618,283)
114,570
Retained in the subsidiary
Cu rrent assets and liabilities of the subsidiary were:
Current assets
Creditors: amounts due within one year
100,396
(100,395)
173,306
(173,305)
Total net assets
Aggregate share capital and reserves
The above companies, registered offices are The Minack Theatre, Porthcurno, Penzance TR19
6JU.
Stocks
The Group
2024
The Charity
2024
2023
2023
Goods for resale
21,609
25,057
8,133
21,609
25,057
8,133
42

12. Debtors
The Group
2024
The Charity
2024
2023
2023
Accrued income and prepayments
Other debtors
Amount due from Minack Productions Limited
Amount due from Minack Theatre Limited
101,551
8,374
178,813
4,008
48,352
8,374
96,988
31,282
46,948
4,008
169,010
26,606
109,925
182,821
184,996
246,572
13. Creditors
Amounts falling due within oneyear
The Group
2024
The Charity
2024
2023
2023
Trade creditors
Taxation and social security
Other creditors
Amount due to Minack Produrtions Limited
Amount due to Minack Theatre Limited
Accruals and deferred income
53.862
12,150
35,588
18,279
13,521
22,464
53,127
12,150
35,588
18,144
13,521
22,464
487
169,521
152,727
162,021
146.407
271,121
206,991
262,886
201,023
14. Deferred income
The Group
2024
The Charity
2024
2023
2023
Brought forward
Amount released to income
Amount deferred in year
125,866
149,044)
61,840
114,773
(44,4661
55,559
125,866
149,0441
61,840
114,773
{44,466)
55,559
Carried forward
138,662
125,866
138,662
125,866
Deferred income comprises advanced ticket sales, unexpired gift vouchers and Members,
subscriptions for the following financial year.
43

15. Analysis of group net assets between funds
st
As at 31 December 2024
Unrestricted
fund
Restricted
fund
2024
Total
2023
Tangible fixed assets
Net current a55ets
2,442,484
2,323,023
2,442,484
2,323,023
2,514,194
2,169,950
At 31 December 2024
4,765,507
4,765,507
4,684,144
16. Financial commitments
At 31 December 2024, total commitment5 under non-cancellable operating leases were as
follows..
The Group
2024
The Charity
2024
2022
2023
Operating leases commitments
Payable within one year
Payable within one to two years
Payable within two to five years
659
659
329
659
659
988
659
659
659
988
659
329
1,647
2,306
1,647
2,306
17. Taxation
The Minack Theatre Trust CIO is a registered charity and the results of it5 normal activities
are not liable to Corporation Tax.
18. Related party transactions
The trustees received no remuneration. Six incurred a total of £1,820 travel expenses that
were reim bursed (2023.. two incurred £626).
The wife of a trustee received £590 (2023." £2,776) for providing accommodation to actors
and performers in the year. No amounts were outstanding as at 31 December 2024 (2023."
£ni4.
A member of the key management personnel received £7,880 (2023.. £6,664 for directing
and writing fees and £4,500 (2023.. £5,500) for storytelling fees in the year. No amounts
were outstanding as at 31 December 2024 (2023.. £ni4.
The wife of a key member of the management personnel received £nil (2023.. £420) for
providing accommodation to actors and performers in the year. No amounts were
outstanding as at 31 December 2024 (2023.. £nil).
44

19. Movement in funds
The Group
Balance
at l Jan
2024
Incoming
Resource
Resources
Expended
Balance
at 31 Dec
2024
Transfers
Unrestricted
Designated
Winter cash outflow
Losses from reduced visitors
Unexpected repairs
Education & productions
150,000
400,000
500,000
600,000
100,000
250,000
400,000
575,000
675,000
75,000
299,803
{224,8031
Capital reserve
2,514,194
171,710)
2,442,484
General
519,950
2,692,086
{2,385,920)
(403,093)
423,023
4,684,144
2,692,086
12,610,723)
4,765,507
The Group
Balance
at 1 Jan
2023
Incoming
Resou rce
Balance
at 31 Dec
2023
Resources
Expended
Transfers
Unrestricted
Designated
Winter cash outflow
Losses from reduced visitor
Unexpected repair5
Education & productions
150,000
400,000
500,000
600,000
150,000
400,000
500,000
600,000
-228,146
228,146
Capital reserve
2,234,095
280,099
2,514,194
General
781,158
2.744,625
-2,497.588
-508,245
519,950
4,665,253
2,744,625
-2,725,734
4,684,144
The Charity
Bala nce
at1Jan
2024
Incoming
Resource
Resources
Expended
Balance
at 31 Dec
2024
Transfers
Unrestricted
Designated
Winter cash outflow
Losses from reduced visitors
Unexpected repair5
Education & productions
150,000
400,000
500,000
600,000
100.000
250,000
400,000
575,000
675,000
75,000
299,615
1224,6151
Capital reserve
2,514,194
(71,710)
2,441484
General
519,950
2,086.040
(1,779,441)
(402,905)
423,644
4,684,144
2,086,040
(2,004,056)
4,766,128
45

The Charity
Balance
at1 Jan
Incoming
Resource
Resou rces
Expended
Balance
at 31 Dec
2023
Transfers
2023
Unrestricted
Designated
Winter cash outflow
Losses from reduced visitor<
Unexpected repairs
Education & productions
150,000
400,000
soo,000
600,000
150,000
400,000
500,000
600,000
-227,438
227,438
Capital reserve
2,234,095
280,099
2,514,194
General
781,158
2,592,475
-2,346,146
-507,537
519,950
4,665,253
2,592,475
-2,573,584
4,684,144
The capital reserve equates to the written down value of tangible fixed assets.
20. Auditors Liability
For the year ended 31 December 2024, the charity entered into a liability limitation
agreement with its auditors, the principal terms of which limit the liability of the auditors
to £5,000,000 to relation to their responsibilities as auditors of the charity- The date this
was agreed by the charity was 16 March 2025.
46

Theatre Shows 2024
Dates
Production
Author / Composer
Company
February 16-
17
Aladdin in St John's Hall,
Penzance
Disney
Rising Stars (Minack
Education)
March 29 to
April 12
From the novel by Nina
Bawden, adapted by
Emma Reeves
Minack Productions
Limited
Carrie's War
April 15-16
l Found My Horn
Adapted from the novel
by Jasper Rees
Jonathan Guy Lewis
April 23 to
May16
The Massive Tragedy of
Madame Bovary
Minack Productions
Limited and Ha Hum
Ah Theatre
John Nicholson
May 4-6
Joseph and his
Technicolour Dreamcoat
Andrew Lloyd
Webber/Tim Rice
Kidz R Us
May 19-22
Doctor Faustus
Christopher Marlowe and Carnon Downs
Colin Teevan
Drama Group
May 27-31
Little Shop of Horrors
Alan Menken and
Howard Ashman
Redruth Amateur
Operatic Society
Trust
June 3-6
Love Riot
Hannah Mulder
Miracle Theatre
June 9-13
Adolf and Winston
Living Spit
Livi ng Spit
June 17-21
Sense and Sensibility The
Musical
Jeffrey Haddow and Neal
Hampton
Surrey Opera
June 24-27
The Adventures of Doctor
Dolittle
Adapted by Oliver Gray
from the books by Hugh Illyria
Lofting
July 1-4
As You Like It
Shakespeare
Duke's Theatre
Company
July 8-11
London Assurance
Dion Boucicault (revised
by Richard Bean)
Global Theatre
Productions
47

Dates
Production
Author / Composer
Company
Minack Theatre and
Cornwall Music
Service Trust
July 15-16
Operation Kernow
John Brolly
July 17-18
The Light Burns Blue
Silva Semerciyan
Minack Acting
Academy
July 22-25
Loves Labours Lost
Shakespeare
Stamford Shoestring
Theatre
July 29 to
August 2
John Kander and Fred
Ebb
British Theatre
Academy
The Rink
August 5-8
The French Lieutenant's
Woman
John Fowles, adapted by Brighton Little
Mark Healy
Theatre
August 12-16 Young Frankenstein
Mel Brooks and Thomas
Meehan
The Mitre Players
August 19-22 Wendy and Peter Pan
Ella Hickson
Hertfordshire Players
Adapted by Lisa Evans
from the novel by
Daphne du Maurier
August 26-29 Jamaica Inn
Guildburys Theatre
Company
September 1-
The Lighthouse Keeper's
Lunch
Minack Productions
Limited
David Wood
September 2-
Show Tune5 of the Sea
n/a
Minack Musical
Theatre Academy
September
18-21
WS Gilbert and Sir Arthur
Sullivan
Cambridge University
Gilbert and Sullivan
Society
Pirates of Penzance
September 25
to October 5
Duffy
Rebecca Mordan
Scary Little Girls
Stage adaptation by
Dean Pitchford and
Walter Bobbie
November 1-2 Footloose
Brit15h Theatre
Academy & Minack
December 20-
21
Adapted by David Mynne
from original Charles
Dickens
A Christmas Carol
David Mynne
48

Music and Comedy Events 2024
Dates
April 18-19
May 10
May 23-24
June 1-2
Group
A Blaze of Feather
Show of Hands
The Fisherman's Friends
Songs for Explorers
The Moulettes
Rioghnach Connolly and Honeyfeet
Lanterns on the Lake
Dry Cleaning
Cosmo Sheldrake
This Flight Tonight
Florence Adooni
Ishamel Ensemble
Doug Allen
Daisy Rickman
Tete a Tete- The Boatswains Mate
Gillian Burke
The Oggymen
Henry Normal and Nigel Planer
Seth Lakeman
Symphoni Kernow
Porthleven Town Band
Roo Panes
Mad Dog Mccrea and Jolly Roger
Singalong Minack, Really Lovely Projects
Pendeen Silver Band
June 7
June 28
July 5
July12
July 19
July 26
August 9
August 27
September 1
September 9
September 10/12
September 11
September 11
September 12
September 13
September 14/15
September 27
September 30
October 4
October 12
December 15
49