MINACK
THEATRE
The Minack Theatre Trust CIO
(Registered Charity Number 7 766799)
l i i.i,i L,1,:
Trustees, Report and Financial Statements
31 December 2025
The Minack Theatre Trust CIO
A Charitable Incorporated Organisation ￿v1th a registerect chai iiy INO.. 1166799
Registered in England & Wales, Principal Office.. Minack Theatre, Porthcurno, Penzance. Coinwall. TRI 9 6JU

CONTENTS
Page
Trustees. report
Reference and administrative details
Structure, governance and management
Objectives and activities
Review of achievement5 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 f lows
30
Notes to the financial statements
31
2025 Season
48

TRUSTEES. REPORT
For the year to 3 7 December 2025
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 2025 and
can conf irm 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 1 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
account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102) leffective 1 January 20191.
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
The Trustees at 31, December 2025
Mr C. J. F. Sinclair
Mr C. M Hayne5
Mr C. R George (appointed 1 June 20251
Mr M. J. Iles (retired 31 May 20251
Mr M. L Moore KC
Mrj. M. Sinclair
Mr R. J. Sinclair
Mrs E. R. Smith
There are no committees or subcommittees of the Trustees.
Officers
Secretary
Mrj. M. Sinclair
Senior Management Team
Director
Production Manager
Associate Director
Visitor Experience Manager
Business Support Manager
Ms R. J. Thomas
Mr S. J. Hutchings
Mrj. Brolly
Ms L. R. Manning
Ms M. K. Hall {resigned 21 December 20251
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 Tru5tees' 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.
Organi5ation
The trustees formulate policy. The Secretary is responsible for the administration of the charity.
Operational control is delegated to the Director. The rest of the senior management tearn report
to the Director.
Related parties
The Minack Theatre Limited (Company Registration Number 038334281 is a wholly owned trading
subsidiary of The Minack Theatre Trust CIO. See Notes 3 and 11 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 11 to the f inancial statements for a synopsis
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 areas of activity.
The risk management action plan is reviewed in February/March each year. The most significant
risks following the 2026 review are..
Accidents due to the hazardou5 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 acces5 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
improvement5 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 property
Selling, leasing or otherwise disposing of property
Employing and remunerating staff
Depositing or investing funds

Alms 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 Minacl 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 reèsonable 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 companie5, 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.
Auditor5
A resolution to re-appoint RRL LLP as auditors was proposed at the trustees. meeting on 15
March 2026.
th

Review of Achievements & Public Benefit for 2025
The trustees have referred to the Charity Commission's general guidance on public benefit when
reviewing the aims and objectives and in planning future artivities.
214,067 people visited the Minack in 2025 {including show audiences}, 9.8% more than budgeted
but 0.8% lower than the 215,793 who visited in 2024. The shows performed to 73% capacity
(against 62Wo capacity in 20241. 2,582 ticket512024.' 2,299) had to be refunded for eight (2024..
twelve) cancelled performances as the weather significantly disrupted the experience for audiences.
Whilst the number of cancelled performances was lower, the average audience5 booked were
much higher with three of the cancellations in August and September equating to 1,491 of the
totsl refunded tickets.
The trustees are committed to taking seriously their responsibility to V151tors, the local community
and other stakeholders.
The achievements and public benefits that the Minack provided in 2025 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 2025 we programmed 224 performances including 27 storytelling shows for children
and families. Of our main programme, 77 performances included community or non-
professional players, 45 involved children, young people or students and over 90 gave
employment to Cornwall-based professional companies or performers.
b. We staged 3 Minack productions and co-productions..
a. 13 young people age 9 to 12 from across Cornwall formed the Minack Youth
Theatre to take part in the Minack production of Mermaid Ofzennor, with
perforrnances throughout the Easter holidays. Written by John Brolly and
composed by Ben Sutcliffe this musical tale of a classic Cornish story featured two
local professional actors and saw members of the Minack Youth Theatre also take
principal roles.
b. A Zoe Cooper adaptation of the Jane Austen novel NorthangerAbbey featuring
three professional adult actors and a local creative team.
A co-production with Ha Hum Ah of a play written by Ben Kernow. Making a Killing,
inspired by the diaries of a 16 century hangman, is a tale of justice, corruption and
survival in a world disturbingly like our own.
c. We welcomed back 13 of our regular visiting companies along with Winchester Players and
Pirates of the Carabina for the first time in eight years. We also welcomed Le Navet Bete for
the first time. The overall quality of productions across the season was strong and after
some debate, we awarded the Minack Trophy for the best visiting production jointly to the
The British Theatre Academy for thèir production of The Who s Tommy and Bodkin Theatre
Company for their production of Miss Benson's Beetle.
10

d. The one-night music programme continued through 2025, with over 13,000 people in total
watching a range of events from bra55 band to world music. The partnership with The
Cornish Bank events venue, started in 2023, continued to be a success bringing different
musical genres to the Minack stage as well as different local audiences.
Our audience in 2025 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. 92,683 people attended a performance at the Minack during 202512024.. 91,0141. 12% of
our audience for performances were aged under 16, rising to 41 % for storytelling shows
and we issued 1,053 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 creatlve opportunities to inspire people, particularly Cornish
children and students. to learn and develop all skills associated with live
performances.
In 2025 we continued our educational programme providing creative opportunities and
activities for young people across Cornwall.
b. The Minack Acting and MLJsical Theatre Academies continued to provide opportunities for
young people to develop their skills, including workshops with established professiona15 in
the sector. Our Acting Academy students all achieved either Merit or Distinction in Trinity
Acting exams.
Students of the Musical Theatre Academy took part in Smash Hits Irom the Stage and the
Acting Academy students performed Pearl o'wisdom at the Minack and in seven other
venues across Cornwall.
d. 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 stsge of their education.
We worked again with Cornwall MLJSIC Service Trust to produce the song cycle Cornish
Avengers (written by John Brolly and Patrick Bailey). This brought together over 250
students from schoo15 across Cornwall and the Cornwall Youth Chamber Choir.
f. We created a succe55ful education programme for Shakespeare week, based on Hamlet,
Macbeth or Twelfth Night. This was offered to schools throughout Cornwall resulting in 649
children from 20 schools experiencing a workshop based on the play all within one week.
We also successfully created two Shakespeare Festivals involving 249 children performing
on the Minack stage.
g. We worked with students from 20 schoo15 across west Cornwall (not including those who
participated in Shakespeare Weekl plus the Isles of Scilly and delivered a total of 8,176
student hours of engagement.

h. We continued our outreach work to engage hard to reach children in deprived areas.
Working with Crabwalkers and Trelya we delivered over 950 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, delivering over 280 student hours of engagement.
We ran a series of three '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.
We staged a joint production of We Will Rock You Young@Partwith the British Theatre
Academy in October half term week. 25 Cornish students aged 12 to 17 joined a similar
size group from across the south east to rehearse and present the show over four
performances. Several of the students taking principal roles are members of our Academies
demonstrating the talent development of this area of the Taking Part programme.
k. 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 Matilda Junior in February 2025 at St John's Hall in Penzance. The auditions for
Moano Jr, being staged in February 2026 proved even more popular with over 70 in the
cast. For those children on the waiting list for Rising Stars a Moana PIGY in a DGY was held
so that they could still enjoy the creative experience on a smaller scale.
Educate visitors about Rowena Cade. her story and that of the Minack Inspire them
through creative presentation of exhibitions. live narration and digital interpretation.
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 476 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 2025 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 2025. This
invitation is testament to the hard work of Jeff Rowe and Claire Batten, Head Gardeners
over the last five 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
12

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 lower grassed seating was refreshed through the winter of 2025
with patches of artificial turf on the most worn areas. Thi5 allowed the lower terraces to
remain open throughout the winter rather than be closed off to the public, providing a
better experience and acce55 to customers. The upper terraces were returfed during late
2025 ready for the next season.
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 5UStainable. modern facilities for audiences. ViSTtors. Staff and performers
that are suitable to the unique environment of the Minack and reflect it5 5tatU5 as an
attrartion of international repute.
There is an Estate Management Strategy in place that is reviewed at least twice a year by
Trustees. This is a framework within which the buildings and ground5 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's
original work which dates from 1932 to the late 19705. Work was carried out during 2025
to repair the Juliet Balcony and further work will be carried out to replace the iconic features
of the Minack stage and auditorium during 2026 and 2027.
The Visitor Centre reopened in 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 continued to be very popular during 2025
with 16,880 covers throughout the year12024.' 16, 776). It also doubles up as a takeaway
outlet during the summer season.
Develop and sUPPOrt an outstanding team of versatile people to ensure visitor5.
performing companies and participants enjoy a life enhancing experience at the
Minack.
The Minack is one of the area's biggest employers with a total wage and salary bi15 of
£1,331,548 in 202512024.. £7.264,4771.
13

The Minack employed an average of 62 people year-round. There was an average of 69
people during the height of the performing season and an average of 55 people during the
non-performing season.
In 2025, over 85% of staff live in the rural area to the west of Penzance. From 1 January
2026 the minimum wage for all staff over the age of 21 will be £13.00 per hour.
Staff training through the year focussed on training in operational aspects such a5 first aid,
safeguarding and accessibility. Going into 2026 there is a focu5 on Equality, Diversity and
Inclusion, including Neurodiversity. The Technical Manager and some of the grounds team
will also complete their working at height course including rope access.
Over 80% of the freelance practitioners engaged on Minack productions and the education
programme during the year are based in Cornwall. We recognise the challenge5 for people
working on short term contracts and always work to treat them fairly, offering paid
development opportunities and being careful to ensure planning time is factored into
contract arrangements.
Develop retail and catering strategies to meet the reasonable expectation5 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 performance5. The
café spend per head was £1.39 and the takeaway spend per head £1.20 which meant that
overall the spend per head achieved on catering wa5 £2.59, an increase on 2024's £2.37.
The focus in 2026 is on continuing being able to meet the expectations of the vi51tors 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 53 which was comparable with £0.45 in 2024.
Generate sufficient funds through core activities to achieve aims 1 to 6 in a viable
manner for the very long term.
Unlike m05t theatres in the UK, the Minack depends almost exclusively on earned income.
In 2025, despite 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 2025 the Minack made a direct annual contribution to the Cornish economy of over £2m.
It attracted 214,067 visitor5, of whom 900k 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, over 70% of the audience had home addre55es outside of
Coinwall.
14

Wherever possible, the Minack sources goods and services frorn within Cornwall. Over the
last twenty years, using Cornish companies, it has completed building projects costing more
than £2,000,000.
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 £343,612 (surplus of £87,363 in 2024).
Income from the theatre performances (including Theatre Tax Relien was £846,074 against
£723,442 in 202415ee note 2 on page 35). Expenditure on Minack productions decreased
from £238,925 in 2024 to £186,229. Apportioning a share of the overhead cost of operating
the theatre and visitor centre, on the basis of the percentage of visitors who watch a
performance, shows the theatre programme made a Surplus of £27,439 (2024.. cost£734,607).
See note 6 on page 39.
The expenditure associated with staging productions, including research and development,
producing, running and closure of prodLJCtions were made through Minack Productions
Limited. Minack Productions Limited plans to claim a payable tax credit (Theatre Tax Reliefj
for its productions. pursuant to Part 15C of the Corporation Tax Act 2009 of £24,223 {2034.'
£37,680).
The education programme cost £162,378 in direct costs12024.' £790,569) however there were
an additional £104,997 in wages and salaries attributable to this programme12024.. £702, 157)
and £10,055 of overhead costs. The programme generated £74,725 of income. The net cost
of education therefore wa5 £202,70512024.' £224,803). This cost has been drawn from the
designated reserve to support education projects.
Visitor admissions totalled £1,142,294 (2024.. £7,05 7, 722). 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 frotn visitors of £340,626 {2024.' contribution
£257,459J.
During 2025, £149,799 (2024.. £779,266) was spent on repairs and £127,819 (2024.. £77,303)
on capital items.
ExpenditLJre on projects costing more than £5,000:
Reinstatement of the Juliet Balcony.. £9,800
Solar thermal panels on the toilet block.. £7,706
New website.. £50,400
New lighting.. £24,600
Lighting desk.- £9,765
The charity's wholly-owned subsidiary The Minack Theatre Limited generated a net income of
£24,122 (2024.. £25,338) on trade through its café, takeaway outlets and retail shop. The
company made a profit on ordinary activities of £83012024.-1055 £62 7). 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 obligation5 of the charity without
recourse to borrowing.
The trustees do not believe that any material difference that may exist between the book
values and actual values of assets has any material effect on the ongoing activities of the CIO.
Voluntary income totalled £34,559 (2024.. £23,328). This heading covers the income from the
"Members" subscriptions of £33,699 (2024.. 27,576) and donations of £860 (2024.. £7,872).
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.
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 retsined 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 was increased in 2024 from the previous £150,000 to
take account of inflationary rises and specifically ernployment C05t increases over the past six
years. No further increase is made in 2025.
Withstand the financial consequences of a significant reduction in visitors, for exarnple 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 1970s. This reserve was adjusted in
2024 accounts from £500,000 to £575,000 to take account of the construction cost inflation
from 2021 to 2025. In parL 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'l programme and associated Minack
productions at £225,000 per year to enable the programme to be maintained.. £675,000.
The remaining general reserve, after those designated in a. to d. above, is £790,011. Given the
overall size and dependencies of the charity and the reliance on our own resources this general
reserve is modest. There are also planned capital works at the end of 2025 and into 2026 that will
utilise funds from this general reserve.
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
£2,419,108.
The charity's reserves and its income are used in pursuance of its objertives as set out above.
17

Fundraising policy
The charity does not carry out any formal fundraising activity or engage any professional or
commercial fLJndraisers. 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 deposits,
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 £87,324 (2024.. £700, 757) interest receivable for the year. This reflects the
loweririg of the Bank of England base rate in 2025.
18

Plans for future years
Events and Visitor5
A season of productions will run from early April until early October with a short additional season
in December.
Thi5 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 inc5ude:
1. A musical production of Giants, written by John Brolly and Ben Sutcliffe.
2. A re-visit of the co-production with Ha-Hum-Ah of the new play written by Ben Kernow,
Making a Killing, at the end of its Spring tour.
3. A production of David Wood and Michelle Morigon's adaptation of the novel Goodnight
Mister Tom.
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 311 visitors remains a priority-
Taking Part
Having worked with over 5,000 young people during 2025 the education and participatory
programrlle continues to provide an outstanding opportunity for local children to access creative
opportunities in the arts and at the Minack. The aim for 2026 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 2026, 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.
1)
15 young people age 9 to 12 from across Cornwall are taking principal and ensemble roles in
the Minack production of Giants, scheduled to perform in April 2026.
21
The members of the Acting Academy will perform Animol Form written by George Orwell at
the Minack and on a short tour in July 2026.
31
The members of the Musical Theatre Academy will perform a musical medley in July 2026.
19

41
Over 200 west Cornwall school children will take to the stage as singers, dancers, actors and
musicians to perform Bal Govenek, written by John Brolly.
5)
Rising Stars will continue to offer west Cornwall children the chance to perform in a musical
theatre show in Penzance. Moana Junior will be performed in February 2026 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 2026, 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 Minack Adventurers (formally Creativity Clubl is another project that ha5 continued to run
successfully at the Centre in Newlyn through 2025 and will continue into 2026. 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. It has been so successful that the same project is being established at The
Nancherrow Youth Centre in St Just in 2026. 282 hours of creative activity were delivered at The
Centre in 2025.
The Education Team will produce at least four 'plays in a day" during the year, subjert to any repair
work required on the main parts of the stage as part of the estates plan.
There will be an extension to the Minack Adventurers at the Minack (formally the Arts Award)
summer 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 IKEAPI.
All the education activity will be directly funded by the charity and remain free of charge to
participants.
Additional Plans
All visitors will continue to be encouraged to book their vi51t in advance in order to control
numbers, giving a less congested experience in the theatre and on the surrounding road network.
The pricing strategy, making it cheaper to book in advance than paying on arrival, will continue
into 2026.
In addition to routine repairs and maintenance, there will be a programme of capital project5
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 unle55 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 Charitie5 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=_
J. M. Sinclair
For and on behalf of the trustees
The Minack Theatre,
Porthcurno,
Penzance,
Cornwall TR19 6JU.
24 June 2026
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'l for the year ended 31 December 2025 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 15 applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 The Financial Reporting Stondard applicable in the UK ond
Republic of Irelond (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 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 Charitie5 Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK))
and applicable law. Our responsibilities under those standards are further described in the
Auditorfs 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 financi215tatements in the UK, including the FRC'5 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
foi our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees. use of the going concem
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 authori5ed 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 50, consider whether the other
information 15 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 facL
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 tru5tees' 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 f ree 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 Ljsing 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
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
guarèntee that an audit conducted in accordance with ISAS {UKI 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 Ljsers 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 irregularities, including fraud.
As part of our audit worl 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 irregularities, including fraud is detailed below..
Review of the disclosures in the financial statements and testing to supporting docLJmentation
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 risks of material misstatement due to fraud,-
Reviewing minutes of trustee meetings and correspondence with regulators,.
Performing audit work in connertion 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 regulation5 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 IUKI we are also required to undertake
procedures to respond to the risk of management override of controls. Our procedLJres 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 increase5 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 responsibilitie5 is available on the Financial Reporting Council's website
at.. httPs.'//www.frc.org.uk/auditorsrespon5ibilities 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 50 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
Peat House
Newharn Rood
TRURO
Cornwoll
TR7 2DP
RRL LLP (Statutory Auditor)
RRL LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for
appointment as auditor of a company under sertion 1212 of the Companies Act 2006.
26

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
incorporoting the income & expenditure account fvr theyear ended 31 December 2025
2025
Total
2024
Total
Income and endowment5 from:
Voluntory intome
Donations, legacies and Friends, subscriptions
Charitable acttvities
Income from theotre
Minack productions
Visiting companies
Education income
Booking charges
Visitor admissions
Catering and retail
Unrestricted Restrirted
Note
34,559
34.559
23,328
1&6
347,067
474,784
72,193
148,279
1,142,294
431
347,067
474,784
72,193
148,279
1.141294
431
275,595
410,167
79,130
121,185
1,051,122
797
2,185,048
Other troding attivitie5
Comrnercial trading operations
Investment income
2,185,048
1.937,996
658,787
658,787
592,325
87,324
87,324
100,757
Other
Theatre Tax Relief reclaim
24,223
24,223
37,680
Total
2,989,941
2,989,941
Expenditure on=
R¢7iStng funds
Commercial trading operations
CharEtable act£v(tie5
Minack production5
Education projects
Operating the Theatre & Visitor
Centre
2,692,086
630,245
630,245
564,776
2.5&6
1,2,5&6
1.5,6&7
186,229
162,378
1,667,477
186,229
162,378
1,667,477
238,925
190,569
1,616,453
2,016,084
1016,084
2,045,947
Total
2,646,329
2,646,329
2,610,723
Net income
343,612
343,612
81,363
Transfers between funds
Net movement in funds
343,612
343,612
81,363
Total funds brought forward
4.765,507
4,765,507
4,684,144
Total funds carried forward
20
5,109,119
5,109,119
4,765,507
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 funds.
27

CHARITY STATEMENT OF FINANCIAL ACTIVITIES
incorporating the income & expenditure account for the yeur ended 3 7 December 2025
2025
Total
2024
Total
Unrestricted Restricted
Income and endowments from:
Note
Voluntory income
Donations, legacies and Friends, subscriptions
Charitoble octivities
Income from theatre
Minack productions
Visiting companies
Education income
Booking charges
Visitor admissions
Catering and retail
34,559
34,559
23,328
1&6
347,067
474,784
72,193
148,279
1,142,294
431
347,067
474,784
72,193
148,279
1,142,294
431
275,595
410.167
79,130
121,185
1,051,122
797
2,185,048
2,185,048
1,937,996
Other trading octivities
Commercial trading operations
23,292
23,292
23,959
Investment income
87,533
87,533
100,757
Total
2,330,432
2,330,432
2,086,040
Expenditure on:
Charitable activit¢es
Minack productions
2,5&6
166,344
Education projects
1,2,5&6
162,378
Operating the Theatre & Visitor Centre 1,5,6&7 1,658,719
166,344
162,378
1.658,719
205,409
190,569
1,608,078
1,987,441
1,987,441
2,004,056
Total
1,987,441
1,987,441
2,004,056
Net income
342.991
342,991
81,984
Transfers between funds
Net movement in funds
342,991
342,991
81,984
Total funds brought forward
4,766,128
4,766,128
4,684,144
Total funds carried forward
20
5,109,119
5,109,119
4,766,128
There were no acquisitions or discontynued ac£iMties ill the year to 31 December 2025 or che year to 31 December
2024. The charity ha5 no recognised gains or losses In the year other than the net income as shown above. All income
and expenditure relite5 to unrestricted funds.
28

CONSOLIDATED AND CHARITY BALANCE SHEETS
at 3 7 December 2025
The Group
2025
The Charity
2025
2024
2024
Fixed assets
Intangible assets
Tangible assets
Investments
Note
49,560
2,369,548 1442,484
49,560
2,369,548
10
2,442,484
2.419.108 1442,484
2,419,110
2,442.486
Current assets
Stoc
Debtors
Short term investments
Short term deposits
Cash in hand and at bank
1&12
13
61,180
89,355
554,069
2.136,288
103,802
21,609
109,925
533,577
1,812,332
116,701
151,041
554,069
2,136,288
87,902
184,996
533,577
1,812,332
55,623
2.944,694 2,594,144
2,929,300
2,586,528
Creditors
Amounts falling due within one year
14
1254,6831 1271.1211
(239,291)
1262,8861
Net current assets
1690,011 2,323.023
2,690,009
1323,642
Total asset5 les5 current Ilabilities
16
5,109,119 4.765,507
5,109,119
4,766,128
Funds
Unrestricted
Designated
Capital reseNe
General
1&20 1,900,OCQ 1.900,000
1&20 2,419,108 2,442,484
1&20
790,011
423.023
1,900,000
2.419,108
790,011
1,900,000
2,442,484
423,644
Total funds
20
5,109,119 4,765,507
5,109,119
4,766,128
These financial statements were approved and authorised for issue by the trustees on 24 June
2026.
J. M. Sinclair
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 2025
The Group
2025
The Charity
2025
2024
2024
Cash flow from operating activitles
372,044
264,093
417,013
255.812
Cash flow from investing actlvities
Investment income
87,324
100,757
87,533
100,757
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from disposal of tangible fixed assets
177,4191
150,4001
171,3031
177,4191
150.4001
171,3031
140,495)
29,454
140,2861
29,454
Net change in cash and cash equlvalents
331,549
293,547
376,727
285,266
Cash and cash equivalents at start of the year
2,462,610
2,169,063
2,401,532
1116,266
Cash and cash equivalents at end of the year
2,794,159
2,462,610
2,778,259
2,401,532
Reconciliation of net income to cash flow from operating activities
The Group
2025
The Charity
2025
2024
2024
Net income for the year
Adjusted f or:
Fixed asset dep￿cIatIon and amortisation
Loss on the sale of fixed assets
Investment income
Movement in stock
Movement in debtors
Movement in creditor5
343,612
81,363
342,991
81,984
151,195
143,013
151,195
143,013
187,3241
139,5711
20,570
116,4381
1100,7571
3,448
72,896
64,130
187.5331
1100,7571
8,133
61,576
61,863
33,955
123,59SI
Cash flow from operating activities
372,044
264,093
417,013
255,812
30

NOTES
(forming part of the financial statements)
Summary of significant accounting policies
7. 7 General information ond bGSiS 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 f inancial 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 I reland IFRS 1021, 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 15 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 Consolidotion
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 basi5.
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 is within 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 service5. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP
IFRS 1021. 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 recognit£on
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 amoLJnt of the obligation can be measured
reliably. It is categorised under the following headings..
Costs of raising funds includes the cost5 of the commercial trading operations,.
Expenditure on charitable activities includes c05t of Minack Productions, operating the
Theatre and Visltor Centre and governance costs,. and
Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is separately identified in charitable expenditure.
7.6 Support costs ollocat£on
Support Costs are those that assist 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 SLJPPOrt 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.
1. 7 Intongible assets
Intangible assets are amortised on a straight-line basis over their useful lives.
Website
Straight line depreciation over 5 years
32

7.8 Tangible [Ixed ossets
Tangible and intangible fixed assets are stated at cost lor deemed costl less accumulated
depreciation/amortisation 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 follows..
Freehold land
Freehold buildings
Plant and machinery
Fixtures and fittings
Straight line depreciation over 50 years
Straight line depreciation between 3 and 7 years
Straight line depreciation between 3 and 7 years
7.9 Heritoge assets
Where information on the cost or valuation of heritage assets is not available or the cost of
providing such information significantly outweighs 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 L7nd creditors receivable /payable within oneyeor
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. 13 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 amourTrt 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 loss is
recognised in the Statement of Financial Activities.
7. 74 Provisions
Provisions 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 ère charged to the SOFA on a
Straight line basis over the period of the lease.
7. 76 Employee benefits
When employees have rendered setvice 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 def1ned 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. 18 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.
1. 79 Judgements and key source5 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 asset5 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
a55umptions 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 afferts 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
2025
2024
Rental income due to Minack Theatre Trust CIO
474.784
410,167
Minack productions income (see note 2.21
371,290
313,275
846,074
723,442
2.2 Minack Productions
2025
2024
Minack productions income
Minack Productions Limited Theatre Tax Relief reclaim
Storytelling income
185,208
24,223
161.859
131,655
37,680
143,940
371,290
313,275
Minack productions expenditure
Storytelling expenditure
1170,7291
115,5001
1225,4251
113,5001
1186,2291
1238,9251
Net Minack productions income
185,061
74,350
2.3 Net income from theatre ond productions
2025
2024
Rental income due to Minack Theatre TTUSt CIO
474,784
410.167
Net income from Minack productions {see note 2.21
185,061
74.350
659,845
484,517
35

Other trading activities
This represents income from the sale of goods conducted through its subsidiary The
Minack Theatre Limited.
2025
2024
Tumover
Cost of sales
658,787
1278,1521
592,325
1232,8781
Gross profit
380,635
359,447
Staff costs
Administrative cost5 and interest payable
Governance
1333,7261
118.3671
14,4201
1307,6361
124,2621
14,2111
Net income from trading
24,122
23,338
Net income in the year for the group
Stated ofter charging
2025
2024
Auditors. remuneration audit
Auditors, remuneration other services
Depreciation and amortisation
16,012
1,800
151,195
13,918
1,700
143,013
36

Analysis of charitable expenditure
Cost of operating the Theatre. Education Programme & Visitor Centre
The Group
2025
Total
2024
Total
Theatre
Education
Visitor5
Visitor tour costs
Wages
265,432
Salaries
58,309
Printing and stationery
2,850
Promoting the Theatre's activitie: 21,319
Repairs and maintenance
64,746
Light, heat, rates and water
20,834
Insurance
15,984
Motor and travel
1,335
Telephone and postage
459
Sanitation
23,769
Miscellaneous
10.266
Bank charge5
438
Credit & debit card charges
44,461
VAT (Unrecovered Input Tax)
10,819
Depreciation
65,349
28,803
349,677
77,294
3,626
27,121
82,365
26,503
20,334
1.698
586
30,237
13,060
577
23,941
14,212
83,133
28,803
670,459
174,802
6,594
49,325
149,799
48,202
36,982
3,088
1,064
54,993
23,752
1,015
68,402
25,031
151,195
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
55,350
39,199
118
885
2,688
865
664
55
19
987
426
2,713
606,370
103,969
783,167
Management & administration
Salaries
Professional fees
Trustee expenses
Miscellaneous
Governance (note 71
1,493,506
1,455,917
55,080
7,168
122
325
7,699
10,448
298
73,013
9,119
156
412
9.794
138,541
16,585
283
750
17.812
122,553
16,803
1.820
3,742
1S,618
13
319
70,394
11,083
92,494
173,971
160,536
676,764
115,052
875,661
1.667,477
1,616,453
Costs are directly allocated where possible and where not, they are allocated based on a
proportion of visitor numbers across the three areas of activity.
37

Analysis of charitable expenditure (continued)
Cost of operating the Theatre. Education Programme & Visitor Centre
The Charity
2025
Total
2024
Total
Theatre
Education
Visitors
Visitor tour costs
Wages
265,432
Salaries
58.309
Printing and stationery
2,850
Promoting the Theatre's activitie: 21,319
Repairs and maintenance
64,384
Light, heat, rates and water
20.834
Insurance
15,984
Motor and travel
1,335
Telephone and postage
459
Sanitation
23,769
Miscellaneous
10,266
Bank charges
383
Credit & debit card charges
44,461
VAT (Unrecovered Input Tax)
10,819
Depreciation
65,349
28,803
349,677
77,294
3.626
27,121
82,311
26,503
20,334
1,698
586
30,237
13,060
505
23,941
14,212
83,133
28,803
670,459
174,802
6,594
49,325
149,383
48,202
36,982
3,088
1.064
54,993
23,752
888
68,402
25,031
151,195
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
55,350
39,199
118
885
2.688
865
664
55
19
987
426
2,713
605,953
103,969
783,041
1,492,963
1,455,319
Managernent 24 administration
Salaries
Professional fees
Trustee expenses
Miscellaneous
Governance {note
55,080
7,168
122
325
4,148
10,448
298
73,013
9,119
156
412
5,277
138,541
16,585
283
750
9,597
122,553
16,803
1,820
3,742
7,841
13
172
66.843
10,936
87,977
165,756
152,759
672,796
114,905
871,018
1,658,719
1,608,078
Costs are directly allocated where possible and where not, they are allocated based on a
proportion of visitor numbers across the three areas of activity.
38

Net income by charitable activity
The Group
2025
Total
2024
Total
Theatre
Education
Visltor5
Note
Direct income
Booking charges Minack events
Booking charges external events
Catering and retail
821,851
60,999
7,151
431
72,193
2,532
1,142,294
77,597
2,036,338
141,128
7,151
431
1,816,014
107,473
13,712
797
890,432
74,725
1,219,891
2,185,048
1,937,996
Direct Expenditure
Charitable Expenditure
1186,2291
1676,7641
1162,3781
1115,0521
1348,6071
11.667,4771
1429,4941
11.616,4531
1875,6611
1862,9931
1277,4301
1875,6611
12,016,084)
12,045,94n
Net income/lexpenditurel by activity
27,439
1202,7051
344,230
168,964
1107,9511
The Charity
2025
Total
2024
Total
Theatre
Education
Visitors
Note
Direct income
Booking charges Minack events
Booking charges external events
Catering and retail
821,851
60,999
7,151
431
72,193
2,532
1,142,294
77,597
2,036,338
141,128
7,151
431
1.816,014
107,473
13,712
797
890,432
74,725
1.219,891
2,185,048
1,937,996
Direct Expenditure
Charitable Expenditure
1166,3441
1672,7961
{162,3781
1114,9051
1328,7221
11,658.7191
1395,9781
11,608,078)
1871,0181
1839,1401
1277,2831
1871,0181 11,987.4411
12,004,056)
Net income/lexpenditurel by activity
51,292
1202,5581
348,873
197,607
166,0601
Governance costs
The Group
2025
The Charity
2025
2024
2024
Auditor's remuneration
17,813
15,618
9,597
7,841
17,813
15,618
9,597
7.841
39

Staff costs and numbers
The average number of employees in the 2025 season was 69 (2024.. 69) and 55 (2024.. 50)
out of season. There was one employee whose total remuneration fell bebNeen £80,001
and £90,000 during the reporting year12024.- no employees).
2025
2024
Wages and salaries
Social security costs
Pension costs
1,184,657
105,969
40,922
1,140,399
86,099
37,973
1,331,548
1,264,471
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 £40,922 {2024.' £37,973). There was £3,718 outstanding contribution at the
year-end12024'. £3,873).
The total employee benefits of key management personnel for the group was £288,426
12024.. £266,801).
Intangible fixed assets
(the Group and the Charity)
Cost
Website
Total
At 1 January 2025
Addition5
50,400
50,400
Disposals
At 31 December 2025
50,400
50,400
Depreciation
At 1 January 2025
Disposals
Charge for the year
840
At 31 December 2025
840
840
Net book value
At 31 December 2025
49,560
49,560
At 31 December 2024
40

10. Tangible fixed assets
(the Group and the ChL7rityJ
Cost
At l January 2025
Additions
Disposals
Land &
Buildings
Fixtures &
Fittings
Total
3.023,319
31,321
747,627
46,098
123,593)
3,770.946
77,419
123,5931
At 31 December 2025
3.054,640
770,132
3,824,772
Depreciation
At l January 2025
Disposals
Charge for the year
828,825
499,637
123.5931
88,573
1,328,462
(23,5931
150,35S
61,782
At 31 December 2025
890.607
564,617
1,455,224
Net book value
At 31 December 2025
2.164,033
205,515
2,369,548
At 31 December 2024
2,194,494
247.990
2,442,484
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 building5 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 c05t 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 maintsin 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.
41

11. Investments
The Group
2025
The Charity
2025
2024
2024
100% investment in The Minack Theatre Limited and
Minack Pmductions Limited, companies incorporated in
England and Wales
At 31 December 2024 and 31 December 2025
A summary of the trading results of The Minack Theatre Limited is shown below:_
2025
2024
Turnover
Cost of sales and administrative expenses
Interest payable
Amount gifted to the charity
658,787
1657.9571
592,325
{592.2791
1667)
12091
Retained in the subsidiary
621
16211
Current assets and liabilities of the subsidiary were=
Current assets
Creditors.- amounts due within one year
74,656
174,6551
35,490
136,1101
Total net assets
16201
AggTegate share capital and reserves
16201
A summary of the trading results of Minack Productions Limited is shown below'.-
42

2025
2024
Turnover
Cost of sales and administrative expenses
Taxation
151,190
1175,4131
24,223
178,017
1215,6971
37,680
Retained in the subsidiary
Current assets and liabilities of the subsidiary were..
Current a55ets
Creditors.. arnounts due within one year
41,624
141,6231
100,396
(100,395)
Total net asset5
Aggregate share capital and reserves
The above companies, registered offices are The Minack Theatre, Porthcurno, Penzance TR19
6JU.
12. Stocks
The Group
2025
The Charity
2025
2024
2024
Good5 for resale
61,180
21.609
61.180
21,609
13. Debtors
rhe Group
2025
rhe Charity
2025
2024
2024
Accrued income and prepayments
Other debtors
Amount due from Minack Productions Limited
Amount due from Minack Theatre Limited
89,355
101,551
8,374
50,425
48,352
8,374
96,988
31,282
33,075
67,541
89,355
109,925
151,041
184,996
43

14. Creditors
Amounts fall£ng due within oneyear
The Group
2025
The Charity
2025
2024
2024
Trade creditors
Taxation and social Security
Other creditors
Accruals and deferred income
31,664
14,724
43,406
164,889
53,862
12,150
35,588
169,521
24,172
14,724
43,406
156,989
53,127
12,150
35,588
162,021
254,683
271,121
239,291
262,886
15. Deferred income
The Group
2025
The Charity
2025
2024
2024
Brought forward
Amount released to income
Amount deferred in year
138,662
{61,6431
54,830
125,866
149,0441
61.840
138,662
161,6431
54,830
125,866
149,0441
61,840
Carried fotward
131,849
138,662
131.849
138,662
Deferred income comprises advanced ticket sales, unexpired gift vouchers and Members,
subscriptions for the following financial year.
16. Analysis of group net assets between funds
A5 at 31, December 2025
Unrestricted
fund
Restricted
fund
2025
Total
2024
Intangible fixed assets
Tangible fixed assets
Net current assets
49,560
2,369,548
2,690,011
49,560
2,369,548
2,690,011
2,442,484
2,323,023
At 31 December 2025
5,109,119
5,109.119
4.765,507
17. Financial commitments
At 31 December 2025, total commitments under non-cancellable operating leases were as
follows..
The Group
2025
The Charlty
2025
2024
2024
Operating leases commitments
Payable within one year
Payable within one to two years
Payable within two to five years
659
329
659
659
329
659
329
659
659
329
988
1,647
988
1,647

18. Taxation
The Minack Theatre Trust CIO is a registered charity and the results of its normal activities
are not liable to Corporation Tax.
19. Related party transaction5
The trustees received no remuneration. Two incurred a total of £283 travel expenses that
were reimbursed (2024.. s£x incurred £7,820).
No payments were made to connected parties of a trustee in 202512024.. £590) for
providing accommodation to actors and performers in the year. No amounts were
outstanding as at 31 December 2025 (2024.. £nill.
A member of the key management personnel received £13,48012024.' £7,880) for directing
and writing fees. £979 for freelance workshop fees (2024.. £nil) and £5,00012024.- £4,500)
for storytelling fees in the year. There was an outstanding balance of £500 as at 31
December 202512024.. £niO.
A close family member of key management personnel received £15,04012024.' £75,974) for
directing fees and expenses in the year.
20. Movement in funds
The Group
Balance
Incoming
Resource
atljan
Resources
Expended
Balance
at 31 Dec
2025
Transfers
2025
Unrestricted
Designated
Winter cash outflow
Losses from red(Jced visitors
Unexpected repairs
Education & productions
250,000
400,000
575.000
675,￿)0
250,000
400.000
575,000
675,000
1202,7051
202,705
Capital reserve
2,442,484
123,3761
2,419,108
General
423,023
2,989,941
12,443,624)
1179,3291
790,011
4,765.507
2,989,941
12,646,329)
5,109,119
45

The Group
Balance
at11an
2024
Incoming
Resource
Balance
at 31 Dec
2024
ResoLJrces
Expended
Transfers
Unrestricted
Designated
Winter cash outflow
Losses from reduced visitors
Unexpected repairs
Education & produrtions
150,(K)O
400,(h)O
500,000
600,000
100,(K)O
250,000
4(Kl,000
575,000
675,000
75,(M)O
299,803
1224,8031
Capital reserve
1514,194
171,7101
2,442,484
General
519,950
2,692,086
12,385,920)
1403,0931
423,023
4,684, 144
2,692,086
12,610,723)
4,765,507
The Charity
Balance
at l Jan
Incoming
Resource
Resources
Balance
at 31 Dec
2025
Transfers
2025
Expended
Unrestricked
Designated
Winter cash outflow
Los5e5 from reduced visitors
Unexpected repairs
Education & productions
250,000
400,0(K)
575.000
675.000
250,000
400,000
575,000
675,000
1202,5581
202,558
Capital reserve
1441484
123,3761
2,419,108
General
423,644
2,330,432
11,784,8831
1179,1821
790,011
4,766,128
2,330,432
11,987,441)
5,109,119
The Charity
Balance
at 1 Jan
Incoming
Resource
Balance
at 31 Dec
2024
Resources
Expended
Transfers
2024
Unrestricted
Oe5ignated
Winter cash outflow
Losses from reduced visitors
Unexpected repairs
Education & productions
150,000
400,000
soo,000
600,000
100,0
250,000
400,000
575,000
675,000
75,OCM)
299,61S
1224,6151
Capital reserve
2,514,194
(71,7101
2,442,484
General
519,950
2,086,040
11,779,4411
1402,9051
423,644
4,684,144
2.086.040
12,004,056)
4,766,128
The capital reserve equates to the written down va5ue of tangible fixed assets.
46

21. Auditors Liability
For the year ended 31 December 2025, the charity entered into a liability limitation
agreernent 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 8, June 2026.
47

Theatre Shows 2025
Date5
Production
Author / Composer
Company
February 20-
21
Matilda Jr in St John's Hall,
Penzance
Rising Stars (Minack
Education)
April 7-20
The Mermaid of Zennor
John Brolly/Ben Sutcliffe
Minack Productions
Limited
Adapted by David Mynne
and Simon Harvey from
original by Bram Stoker
Adapted by Zoe Cooper
from the novel by Jane
Austen
April 8-18
Dracula, The Vampyr
David Mynne
April 30 to
May15
Minack Productions
Limited
Northanger Abbey
Alain Boublil, Claude-
Michel Schonberg, with
lyrics by Herbert
Kretzmer
Helston Theatre
Company, Redruth
AMPS, St Austell AOS
& Truro AODS
May 25-30
Les Misérables
June 2-5
Treasure Island
Adapted by Le Navet
Le Navet Bete
Adapted by Bill Scott
from original by William
Shakespeare
June 9-12
Twelfth Night
Miracle Theatre
June 16-19
Counterweight
n/a
Pirates of the
Carabina
Adapted by Oliver Gray
from the books by
Kenneth Grahame
June 24-27
The Wind in the Willows
Alain Boublil, Claude-
Michel
Schonberg, Richard
Maltbyjr. & John
Dempsey
Goodall Brothers from
the works of PG
Wodehouse
June 30 to
July 3
The Pirate Queen
SEDOS
July 7-10
Jeeves and Wooster in
Perfect Nonsense
Newport Playgoers
Society
Minack Musical
Theatre Academy
and Rising Stars
July 12-13
Smash Hits from the Stage n/a
48

Date5
Production
Author / Comp05er
Company
Minack Theatre and
Cornwall Music
Service Trust
July 14-15
Cornish Avenger5
John Brolly
July 16-17
Pearl owisdom
Tamara Rosenwyn
Minack Acting
Academy
July 21-24
Midsummer Nights Dream William Shakespeare
ovo
Adapted by Simon
Stephens from the novel
by Mark Haddon
Adapted by Lee Hall
from the original by Marc
Norman & Tom
Stoppard
July 28-31
The Curious Incident of the
Dog in the Night-time
Next Stage Theatre
Company
August 4-8
Shattered
Windscreen Theatre
Company
Shakespeare in Love
August 11-15 The Who's Tommy
Pete Townshend
British Theatre
Academy
August 18-21
Hamlet
William Shakespeare
Winchester Players
August 31 to
September 4
Adapted by Ben Oldfield
from the novel by Rachel
Joyce
Bodkin Theatre
Company
Miss Benson's Beetle
September 8-
Macbeth
William Shakespeare
The Duke's Theatre
Company
Adapted by Steven
Canny and John
Nicho150n from the
original by Sir Arthur
Conan-Doyle
September
15-18
The Hound of the
Baskervilles
Romsey AODS
September 24
October 9
Minack Productions
Limited and Ha Hum
Ah
Makin9 8 Killing
Ben Kernow
Ortober 31
November 1
We Will Rock You..
Young@Part
Queen and Ben Elton
British Theatre
Academy & Minack
December 21-
22
Adapted by David Mynne
from original Charles
Dickens
A Christmas Carol
David Mynne
49

Music and Comedy Events 2025
Dates
April 11
April 23
April 24-25
May9
May 16
May 19-20
June 6
June 13
Group
3 Daft Monkeys
Kathryn Roberts and Sean Lakeman
The Fisherman's Friends
HOWL
Penguin Café Orchestra
Seth Lakeman
The Magic Numbers
BC Camp1ight
Scott Matthews
Love, Actually
Cara Dillon
Vieux Farka Touré
Ustad Noor Bakhsh
July 4
July 18
July 25
August 1
August 22
August 29
September 5
September 12
September 19
September 20-21
October 3
Katy J Pearson
Patrick Wolf
Seasick Steve
Bess Atwell by Candlelight
Band of His Majesty's Royal Marines Plymouth - Proms
Leskyn Kernow
50