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2021-03-31-accounts

Registered number: 07739274 Charity number: 1145989

HQ THEATRES TRUST

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

HQ THEATRES TRUST (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5
Statement of financial activities 6
Income and expenditure account 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 22

HQ THEATRES TRUST (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 27 MARCH 2021

Trustees Sir H H Panter (appointed 27 March 2021)
Dame R A Squire (appointed 27 March 2021)
N J Thomas (resigned 27 March 2021)
A Schmidt (appointed 27 March 2021)
A Hill (appointed 27 March 2021)
D Nicholls (resigned 27 March 2021)
J H Seelig OBE (resigned 1 December 2021)
J Stalker (resigned 1 December 2021)
H J Enright (appointed 27 March 2021)
Company registered
number 07739274
Charity registered
number 1145989
Registered office Ashcombe Court
Woolsack Way
Godalming
England
GU7 1LQ

Page 1

HQ THEATRES TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE PERIOD ENDED 27 MARCH 2021

The trustees present their annual report together with the financial statements of the charity for the period 1 April 2020 to 27 March 2021. The annual report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

HQ Theatres Trust provides performing arts education and creative learning activities in theatres and concert halls managed by HQ Theatres & Hospitality Limited (HQT&H).

The object of the Trust is to advance the education and appreciation of the public in the arts in all forms and in associated theatrical activities, with a particular focus on, but not limited to, children and young people.

b. Strategies for achieving objectives

Objectives of the Trust will be achieved through performances (e.g. youth theatre productions, schools outreach programmes and youth drama workshops) as well as creative activities for adults and elderly people (e.g. dementia friendly film screenings, community choirs) and other means as the Trust may determine to best fulfil and forward its charitable objectives.

c. Activities undertaken to achieve objectives

HQ Theatres Trust will continue to support a range of arts educational and outreach activities with the aim of increasing public engagement in the arts.

The established nationwide programme of summer youth projects will continue. The Trust will continue to identify and pursue additional venues and opportunities to further education in the arts. New initiatives will be trialled in the existing venues to bring arts educational projects to new audiences.

d. Post balance sheet events

The trustees complied with Government ruling and all venues remained closed for business in the year to March 2021 as a result of the coronavirus pandemic. All remaining shows, events, creative learning, youth and charitable projects across the Trust estate were either cancelled, or re-scheduled into 2021 or 2022 where space was available. Although hopeful of remobilising early in the new financial year we were unable to re-open until later in July/August and September 2021. In order to mitigate the financial impact on the Trust, the trustees have taken advantage of government support where available.

Page 2

HQ THEATRES TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 27 MARCH 2021

Achievements and performance

a. Review of activities

The venues remained closed for the period to 27 March 2021 and unfortunately almost all events, creative learning, youth and charitable projects across the Trust estate were either cancelled, or re-scheduled into 2021 or 2022 where space was available. Some very limited online workshops were organised from the White Rock theatre but otherwise there were no activities during the year.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees have considered the risks and opportunities facing the Trust and have identified the level of net current asset reserve it would be prudent to maintain. This level was set at circa £35,000 for 2020/21 and takes account of the requirements of future investments and risk management of increased levels of business. At the end of 2021, the company is meeting this target level.

As at 27 March 2021, there were unrestricted reserves of £334,522 (2020: £55,054) and £2,250 restricted reserves (2020: £2,250). The unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. The restricted reserves are designated for funding specific projects as deemed by the donor.

c. Principal funding

The principal funding sources of the Trust were from local authority grants and from ticket sales for Summer Youth Project productions and the primary expenditure was on delivering arts and education projects which is in line with the key objectives of the Trust.

Structure, governance and management

a. Constitution

HQ Theatres Trust is a charitable company limited by guarantee, with a registered charity number 1145989. The Trust’s governing document is the Memorandum and Articles of Association.

b. Methods of appointment or election of trustees

New Trustees are invited to join the board on the basis of their knowledge of, and association with, HQ Theatres & Hospitality Limited, or for their technical expertise in fields which will assist in the furtherance of the objectives of the Trust. New Trustees may be appointed by Trustees and members in accordance with the Trust's Article of Association.

HQ Theatres & Hospitality Limited has the right to appoint and remove the Trustees.

Page 3

(A company limited by guarantee)

HQ THEATRES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 27 MARCH 2021

Structure, governance and management (continued)

The Trust is governed by a Board of Trustees which is responsible for setting the strategic direction of the Trust and for establishing policy. The Trustees meet as often as required for the operation of the Trust.

d. Related party relationships

The Trustees and the related parties of its sole member HQ Theatres & Hospitality Limited have been identified as related parties of the Trust. A list of all related party transactions can be found in Note 17 of these financial statements.

e. Financial risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Statement of trustees' responsibilities

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

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

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

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

A Schmidt

Date: 20/12/2021

Page 4

(A company limited by guarantee)

HQ THEATRES TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 27 MARCH 2021

Independent examiner's report to the trustees of HQ Theatres Trust ('the charity')

I report to the charity trustees on my examination of the accounts of the charity for the period ended 27 March 2021.

Responsibilities and basis of report

As the trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.

Signed: Dated: 21/12/2021

Page 5

HQ THEATRES TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 27 MARCH 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2021
£
185,049
-
185,049
185,049
185,049
-
2,250
-
2,250		 Unrestricted
funds
2021
£
418,840
10,757
429,597
150,129
150,129
279,468
55,054
279,468
334,522		 Total
funds
2021
£
603,889
10,757
614,646
335,178
335,178
279,468
57,304
279,468
336,772		 Total
funds
2020
£
351,821
528,658
880,479
874,086
874,086
6,393
50,911
6,393
57,304

The Statement of financial activities includes all gains and losses recognised in the period.

The notes on pages 10 to 22 form part of these financial statements.

Page 6

HQ THEATRES TRUST

(A company limited by guarantee)

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 27 MARCH 2021

Gross income in the reporting period
Less: Total expenditure
Net income for the reporting period		 Total funds
2021
£
614,646
(335,178)
279,468		 Total funds
2020
£
880,479
(874,086)
6,393

The notes on pages 10 to 22 form part of these financial statements.

Page 7

HQ THEATRES TRUST (A company limited by guarantee) REGISTERED NUMBER: 07739274

BALANCE SHEET AS AT 27 MARCH 2021

Note
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Total funds		 694,088
54,297
748,385
(411,613)		 27 March
2021
£
336,772
336,772
336,772
2,250
334,522
336,772		 774,170
80,409
854,579
(797,275)		 31 March
2020
£
57,304
57,304
57,304
2,250
55,054
57,304

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

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

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

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

A Schmidt

Date: 20/12/2021

The notes on pages 10 to 22 form part of these financial statements.

Page 8

HQ THEATRES TRUST

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 27 MARCH 2021

Cash flows from operating activities
Net cash used in operating activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 2021
£
(26,112)
(26,112)
80,409
54,297		 2020
£
(2,518)
(2,518)
82,927
80,409

The notes on pages 10 to 22 form part of these financial statements

Page 9

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

1. General information

The principal objective of the Trust is to advance the education and appreciation of the public in the arts in all forms and in associated theatrical activities, including but not limited to, children and young people.

HQ Theatres Trust is a private company limited by guarantee and is registered in England and Wales. The address of its principal place of business is 33 Southampton Street, London, WC2E 7HE.

The figures disclosed in these financial statements represent the period ended 27 March 2021. The comparative amounts presented in the financial statements are therefore not entirely comparable.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

2.2 Company status

The Trust is a private company limited by guarantee, incorporated under the Companies Act 2006 and is registered with the Charity Commission under the Charities Act 2011. The company's sole member is HQ Theatres & Hospitality Limited.

2.3 Fund accounting

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

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

Page 10

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

2. Accounting policies (continued)

2.4 Income

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

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends of the Trust is not recognised.

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

2.5 Expenditure

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

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

All expenditure is inclusive of irrecoverable VAT.

2.6 Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

2.7 Grants receivable

Grants are credited to the statement of financial activities incorporating income and expenditure account as the related expenditure is incurred.

2.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Page 11

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

2. Accounting policies (continued)

2.9 Debtors

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

2.10 Cash at bank and in hand

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

2.11 Liabilities and provisions

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

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

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

2.12 Financial instruments

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

2.13 Pensions

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

Page 12

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

3. Income from donations and legacies

Grants
Government grants		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
-
185,049
418,840
185,049
418,840		 Total
funds
2021
£
-
603,889
603,889

During the period the charity received £146,649 (2020 - £NIL) of restricted income under the Coronavirus Job Retention Scheme, a government grant that allows employers to place staff on temporary leave and claim the cost of up to 80% of employees’ payroll cost. There are no unfulfilled conditions or other contingencies attached to the grant.

Grants
Government grants		 Restricted
funds
2020
£
4,720
-
4,720		 Unrestricted
funds
2020
£
17,368
329,733
347,101		 Total
funds
2020
£
22,088
329,733
351,821

4. Income from charitable activities

Education
Education		 Unrestricted
funds
2021
£
10,757
Unrestricted
funds
2020
£
528,658		 Total
funds
2021
£
10,757
Total
funds
2020
£
528,658

Page 13

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

5. Analysis of expenditure on charitable activities

Summary by fund type

Provision of education
Provision of education
Analysis of expenditure by activities
Provision of education
Provision of education		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
185,049
150,129
Restricted
funds
2020
Unrestricted
funds
2020
£
£
4,860
869,226
Activities
undertaken
directly
2021
Support
costs
2021
£
£
(11,059)
346,237
Activities
undertaken
directly
2020
Support
costs
2020
£
£
501,919
372,167		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
185,049
150,129
Restricted
funds
2020
Unrestricted
funds
2020
£
£
4,860
869,226
Activities
undertaken
directly
2021
Support
costs
2021
£
£
(11,059)
346,237
Activities
undertaken
directly
2020
Support
costs
2020
£
£
501,919
372,167		 Total
funds
2021
£
335,178
Unrestricted
funds
2020
£
869,226
Support
costs
2021
£
346,237
Support
costs
2020
£
372,167		 Total
funds
2020
£
874,086
Total
funds
2021
£
335,178
Total
funds
2020
£
874,086

6. Analysis of expenditure by activities

Page 14

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Administration costs
Governance costs
Staff costs
Administration costs
Governance costs		 Education
2021
£
182,940
76,342
86,955
346,237
Education
2020
£
225,856
132,811
13,500
372,167		 Total
funds
2021
£
182,940
76,342
86,955
346,237
Total
funds
2020
£
225,856
132,811
13,500
372,167

7. Independent examiner's remuneration

Independent examiner's remuneration was borne by a fellow subsidiary undertaking.

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
174,694
8,656
(410)
182,940		 2020
£
203,493
17,735
4,628
225,856

Page 15

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

8. Staff costs (continued)

The average number of persons employed by the charity during the period was as follows:

2021 2020
No. No.
Employees 10 10

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the Trust comprise the Trustees. The total employee benefits of the key management personnel of the Trust were £NIL (2020 - £NIL).

9. Trustees' remuneration and expenses

During the period, no trustees received any remuneration or other benefits (2020 - £NIL).

During the period ended 27 March 2021, no trustee expenses have been incurred (2020 - £NIL).

10. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Grants receivable		 27 March
2021
£
-
683,544
-
-
10,544
694,088		 31 March
2020
£
119
748,349
12,102
13,600
-
774,170

Page 16

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

11. Creditors: amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 27 March
2021
£
840
257,783
2,926
12,207
137,857
411,613
27 March
2021
£
54,297		 31 March
2020
£
5,574
636,944
4,136
2,925
147,696
797,275
31 March
2020
£
80,409

12. Financial instruments

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

Page 17

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

13. Statement of funds

Statement of funds - current period

Unrestricted funds
General Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds
Statement of funds - prior period
Unrestricted funds
General funds - all funds
Other general funds
Restricted funds
Restricted funds - all funds
Total of funds		 Balance at
1 April
2020
£
55,054
2,250
57,304
Balance at
1 April 2019
£
48,521
-
48,521
2,390
50,911		 Income
£
429,597
185,049
614,646

Page 18

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

14. Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted Restricted Restricted Unrestricte Unrestricte Total Total
funds d funds funds
27 March 27 March 27 March
2021 2021 2021
£ £ £
Current assets 2,250 746,135 748,385
Creditors due within one year - (411,613) (411,613)
Total 2,250 334,522 336,772
Analysis of net assets between funds - prior period
Restricted Unrestricted Total
funds funds funds
31 March 31 March 31 March
2020 2020 2020
£ £ £
Current assets 2,250 852,330 854,580
Creditors due within one year - (797,276) (797,276)
Total 2,250 55,054 57,304
15. Reconciliation of net movement in funds to net cash flow from operating activities
27 March 31 March
2021 2020
£ £
Net income for the period (as per Statement of Financial Activities) 279,468 6,393
Adjustments for:
Decrease/(increase) in debtors 80,082 (107,506)
Increase/(decrease) in creditors (472,617) 98,595
Net cash used in operating activities (113,067) (2,518)

Page 19

HQ THEATRES TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

16. Analysis of cash and cash equivalents

27 March 31 March
2021 2020
£ £
Cash in hand 54,297 80,409
At 1 April At 27 March
2020 Cash flows 2021
£ £
£
Cash at bank and in hand 80,409 (26,112) 54,297

17. Pension commitments

Contributions payable by the Trust to the pension scheme for the year amounted to £5,208 (2020 - £4,628). At the balance sheet date contributions of £470 were outstanding (2020 - £2,840).

Page 20

HQ THEATRES TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

18. Related party transactions

During the year under review the following transactions took place with related parties:

The Trust made the following sales to related party companies:

The Trust made the following purchases from related party companies:

The following management charges were charged to the Trust:

Page 21

(A company limited by guarantee)

HQ THEATRES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 MARCH 2021

19. Controlling party

The sole member of the charity is HQ Theatres & Hospitality Limited, a company registered in England and Wales, The ultimate parent company of the sole member is HQ Theatres & Hospitality Holdings Limited, a company registered in England and Wales.

HQ Theatres & Hospitality Holdings Limited prepares group financial statements, copies of which can be obtained at Aschombe Court, Woolsack Way, Godalming, GU7 1LQ.

Barings Asset-Based Income Fund (US), LP is considered the ultimate controlling party by virtue of its majority shareholding in Trafalgar Entertainment Group Limited.

Page 22