$\textbf{The hour hand moves too}$
Just for completeness I'll include a solution along that line of reasoning.
Set at noon, the initial angle is $0^c$, which makes the computation quite easy.
After $t$ minutes the angle covered by the minute hand is $t \cdot \dfrac{2\pi}{60}=\dfrac{t\pi}{30}$
Note that this is the displacement from the 12 mark. This is necessary to be able to compute the required angle.
After $t$ minutes which is $\dfrac{t}{60}$ hours which is $\dfrac{t}{60} \cdot \dfrac1{12}$ of that whole clock face meaning the hour hand is meant to displace by an angle of:
$\dfrac{t}{60} \cdot \dfrac1{12} \cdot 2\pi=\dfrac{t\pi}{360}$
So the displacement of the minute hand from the hour hand given by a time t:
$=\dfrac{t\pi}{30}-\dfrac{t\pi}{360}=\dfrac{11t\pi}{360}$
The area function to be used, as you correctly gave is:
$\dfrac{r^2}2 \times \theta=\dfrac{5^2}{2} \times \dfrac{11t\pi}{360}=\dfrac{55t\pi}{144}$
Hope I haven't spoiled the ending too much.