Company registration number: 07739274 Charity registration number: 1145989
## Trafalgar Entertainment Trust
formerly known as
HQ Theatres Trust
(A company limited by guarantee)
Annual Report and Unaudited Financial Statements
for the period from 28 March 2021 to 26 March 2022
## **Trafalgar Entertainment Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 7|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Statement of Cash Flows|11|
|Notes to the Financial Statements|12 to 22|
## **Trafalgar Entertainment Trust**
## **Reference and Administrative Details**
## **Trustees**
H J Enright A Hill Dame R A Squire K S H Gartzke (appointed 2 December 2022) J K Nicholls (appointed 2 December 2022) Sir H H Panter (resigned 2 December 2022) A Schmidt (resigned 2 December 2022) D F Nicholls (resigned 4 August 2021) J H Seelig (resigned 1 December 2021) J R P Stalker (resigned 1 December 2021) N J Thomas (resigned 4 August 2021)
**Registered Office** Ashcombe Court Woolsack Way Godalming GU7 1LQ **Business Address** 12th Floor, Export House 5 Henry Plaza Victoria Way Woking GU21 6QX **Company Registration Number** 07739274 **Charity Registration Number** 1145989 **Bankers** HSBC UK Bank Plc 69 Pall Mall London SW1Y 5EY Coutts & Co. 440 Strand London WC2R 0QS
Page 1
## **Trafalgar Entertainment Trust**
## **Trustees' Report**
The trustees present their annual report together with the financial statements of the Trust for the period 28 March 2021 to 26 March 2022. 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 the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).
As the Trust 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**
Trafalgar Entertainment Trust ("the Trust") provides performing arts education and creative learning activities in theatres and concert halls managed by Trafalgar UK Theatres Holdings Limited (formerly HQ Theatres & Hospitality Limited).
The object of the Trust is to advance the education and appreciation of the public in the arts in all forms and in the 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 screening and community choirs) and other means as the Trust may determine to best fulfill and forward its charitable objectives.
## **c. Activities undertaken to achieve objectives**
Trafalgar Entertainment 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.
Page 2
## **Trafalgar Entertainment Trust**
## **Trustees' Report**
## **Achievements and performance**
## **Review of activities**
The venues remained closed until August 2021 and unfortunately almost all events, creative learning, youth and charitable projects across the Trust estate were cancelled or re-scheduled.
From January to August 2021 some limited online workshops were organised by our Head of Creative Learning, including setting up an online Youth Theatre for approximately 80 participants aged 4-18, which developed into an online learning programme during May to July 2021. We also produced an online family show and interactive workshop ‘The History of Everything’ during the February 2021 half term and in August 2021 produced a scaled down Summer Youth Project in the White Rock Theatre Studio of ‘Matilda JR’. We were one of the first groups in the UK to perform this title with 7 sold out performances.
Once the creative learning managers were able to return to venue in person, we slowly re-started classes and other community activities that gathered momentum at the start of financial year 2022.
The Trustees have complied with the Charities Commission guidance in relation to public benefit.
## **Financial review**
## **Going Concern**
After making appropriate enquiries, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operation 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.
## **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 the year, the Trust is meeting this target.
As at 26 March 2022, there were unrestricted funds of £401,888 (27 March 2021: £334,522) and a surplus of £95,206 of restricted funds (27 March 2021: surplus of £2,250). The unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the Trust which have not been designated for other purposes. The restricted reserves are designated for funding specific projects as deemed by the donor.
## **Principal funding**
The principal funding sources of the Trust were from local authority grants and from ticket sales for Summer Youth Project productions. The primary expenditure was on delivering arts and education projects which is in line with the key objectives of the Trust.
Page 3
## **Trafalgar Entertainment Trust**
## **Trustees' Report**
## **Vision and strategy statement**
## **Who we are**
Trafalgar Entertainment Trust is the charitable and fundraising arm of Trafalgar Entertainment Group Limited, an international live entertainment business with interests in theatre production, venues, ticketing, live streaming of content and performing arts education.
The charity’s principal objective is to advance the education and appreciation of the arts in all forms, in particular among young people.
The charity provides access to the arts by offering a wide range of creative and participatory activities that are responsive to the needs of the diverse communities we serve. The charity is committed to ensuring that its activities are accessible to everyone regardless of age, ability, gender, race or socio-economic background.
The charity uses Trafalgar Entertainment’s creative resources - people, buildings and content - to develop the next generation of arts practitioners and their audiences.
Founded in August 2011 and regulated by the Charity Commission. The Charity is listed in the Central Register of Charities as Registered Charity Number 1145989.
## **Principal Objective as stated in the Articles**
To advance the education and appreciation of the public in the arts in all forms and in associated theatrical activities, in particular among children and young people, through the provision of workshops, performances and by such other means as the charity trustees may determine.
## **Vision - what we will do**
We will offer a wide range of creative experiences to widen access to the arts, providing lifelong learning opportunities for all.
We will use creative learning programmes to bring communities together, celebrating diversity, reducing isolation and exclusion and contributing to individuals’ well-being and resilience.
We will offer young people opportunities to participate in the arts and nurture their individual creative talent, developing their confidence and skills.
We will preserve our arts heritage - both buildings and content - while developing the next generation of arts practitioners and their audiences in order to create a sustainable future for the arts.
We will grow a network of supporters, donors and partners who share our vision to develop our work for the benefit of the communities we serve.
Page 4
## **Trafalgar Entertainment Trust**
## **Trustees' Report**
## **Values - the principles that guide our work**
Creativity | Collaboration | Excellence | Respect
- We believe that the arts enrich lives and should be open to all.
- We believe that the arts bring people together, providing a means to connect individuals and cultures.
- We believe that the arts benefit from nurturing the creativity of a diverse group of individuals and that opening up training and educational opportunities will result in a more vibrant, relevant and sustainable arts sector.
- We aim for excellence in everything we do.
## **Our objectives**
- We will open up access to the arts by developing projects that reflect the diversity of our community and engage people of all abilities, ages, genders, races and socio-economic backgrounds
- We will provide creative learning programmes that are responsive to the communities we serve, including in areas such as health and social care, aiming to reduce isolation and exclusion and contribute to well-being and social cohesion.
- We will provide training opportunities that empower and support individuals, giving them the means to develop within the professional arts sector and offering opportunities for them to succeed.
- We will develop initiatives to preserve and widen access to Trafalgar Entertainment’s heritage buildings using them as an educational resource.
- We will work in partnership with agencies that share our vision to develop skills, benefit communities and open up our industry.
- We will use the following activities to achieve these objectives:
- Show and building focussed creative learning programmes that reflect the theatre’s role in its community
- Participatory programmes
- Work-related learning, training and apprenticeships
- Bursaries, scholarships and subsidised ticketing schemes
- Activities that preserve Trafalgar Entertainment’s heritage buildings for the benefit of future generations
- Special projects and events in partnership with local authorities, Primary Health Care Authorities and other organisations
- Fundraising
We will continue to consolidate and develop robust governance for the Trust, producing a business plan for the first three years of operation and a strong brand. We will bring together creative learning activities across Trafalgar Entertainment to ensure that programmes reflect Trust’s objectives. We will strengthen relationships with current funders and research new sources of funding, building programmes that respond to local needs and priorities.
## **Structure, governance and management**
## **a. Constitution**
Trafalgar Theatres Trust is a charitable company limited by guarantee, with a registered charity number 1145989. The Trust's governing documents are the Memorandum and Articles of Association.
Page 5
## **Trafalgar Entertainment Trust**
## **Trustees' Report**
## **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, Trafalgar UK Theatres Holdings 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 Articles of Association.
Trafalgar UK Theatres Holdings Limited has the right to appoint and remove trustees.
## **c. Organisation structure and decision-making policies**
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 Trafalgar UK Theatres Holdings Limited have been identified as related parties of the Trust. A list of all related party transactions can be found in Note 15 of these financial statements.
## **e. Financial risk management**
The trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operation and finances of the Trust, 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 Trafalgar Entertainment Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
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 charitable company 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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 6
## **Trafalgar Entertainment Trust**
## **Trustees' Report**
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the Trust on ...21.02.23............... and signed on its behalf by:
......................................... Dame R A Squire Trustee
Page 7
## **Trafalgar Entertainment Trust**
## **Independent Examiner's Report to the trustees of Trafalgar Entertainment Trust**
I report to the charity trustees on my examination of the accounts of the Trust for the period ended 26 March 2022 which are set out on pages 9 to 22.
## **Responsibilities and basis of report**
As the charity trustees of the Trust (and also 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 Trust 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 your Trust’s accounts as 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 Trust 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 Institute of Chartered Accountants in England and Wales, 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 that in any material respect:
- (1) accounting records were not kept in respect of the Trust 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.
.............................................. A J Temlett CA ACA CTA ICAEW Azets Audit Services Limited Chartered Accountants Ashcombe Court, Woolsack Way Godalming Surrey, GU7 1LQ
Date:.............................
Page 8
## **Trafalgar Entertainment Trust**
## **Statement of Financial Activities for the Period from 28 March 2021 to 26 March 2022**
|**Note**
**Income and Endowments 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 movemement in funds
Total funds carried forward
13
**Note**
**Income and Endowments 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
13|**Restricted**
**funds**
**£**
28,328
149,845
178,173
(85,217)
(85,217)
92,956
2,250
92,956
95,206
**Restricted**
**funds**
**£**
185,049
-
185,049
(185,049)
(185,049)
-
2,250
-
2,250|**Unrestricted**
**funds**
**£**
329,584
-
329,584
(262,218)
(262,218)
67,366
334,522
67,366
401,888
**Unrestricted**
**funds**
**£**
418,840
10,757
429,597
(150,129)
(150,129)
279,468
55,054
279,468
334,522|**Total**
**Period to**
**26 March**
**2022**
**£**
357,912
149,845|
|---|---|---|---|
||||507,757|
||||(347,435)|
||||(347,435)|
||||160,322|
||||336,772
160,322|
||||497,094|
||||**Total**
**27 March**
**2021**
**£**
603,889
10,757|
||||614,646|
||||(335,178)|
||||(335,178)|
||||279,468|
||||57,304
279,468|
||||336,772|
All of the Trust's activities derive from continuing operations during the above two periods.
Page 9
## **Trafalgar Entertainment Trust**
## **(Registration number: 07739274) Balance Sheet as at 26 March 2022**
|**Note**
**Current assets**
Debtors
11
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
12
**Net assets**
**Funds of the charity:**
Restricted funds
Unrestricted funds
**Total funds**
13|**26 March**
**2022**
**£**
1,150,590
67,082
1,217,672
(720,578)
497,094
95,206
401,888
497,094|**27 March**
**2021**
**£**
694,088
54,297|
|---|---|---|
|||748,385
(411,613)|
|||336,772|
|||2,250
334,522|
|||336,772|
The Trust was entitled to exemption from audit under section 477 of the Companies Act 2006.
The trustees have not required the company to 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 perparation 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 on pages 9 to 22 were approved by the trustees, and authorised for issue on ....21.02.23.......... and signed on their behalf by:
.........................................
Dame R A Squire - Trustee Company registration number: 07739274 Charity registration number: 1145989
Page 10
## **Trafalgar Entertainment Trust**
## **Statement of Cash Flows for the Period from 28 March 2021 to 26 March 2022**
|**Note**
**Cash flows from operating activities**
Net cash provided by (used in) operating activities
**Change in cash and cash equivalents in the period**
15
Cash and cash equivalents at the start of the period
**Cash and cash equivalents at the end of the period**
16|**26 March**
**2022**
**£**
12,785
12,785
54,297
67,082|**27 March**
**2021**
**£**
(26,112)|
|---|---|---|
|||(26,112)
80,409|
|||54,297|
All of the cash flows are derived from continuing operations during the above two periods.
Page 11
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **1 General information**
Traflagar Entertainment Trust, incorporated in England and Wales, is a company limited by guarantee and consequently does not have share capital.
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.
The address of its registered office is: Ashcombe Court Woolsack Way Godalming GU7 1LQ
## **2 Accounting policies**
## **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 Practise 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.
Trafalgar Entertainment 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 notes.
## **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 Trafalgar UK Theatres Holdings Limited.
## **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 Trust 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 Trust 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 notes to the financial statements.
Page 12
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **Income**
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donated services or facilities are recognised when the Trust 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 Trust 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 value of the gift to the Trust which is the amount the Trust 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.
## **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 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 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 Trust's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **Going concern**
After making appropriate enquiries, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeabe 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.
## **Grants receivable**
Grants are credited to the statement of financial activities incorporating income and expenditure account as the related expenditure is incurred.
## **Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the Bank.
Page 13
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **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 discount due.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term higly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **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 Trust 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.
## **Financial instruments**
The Trust 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.
## **Pensions**
The Trust 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 14
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **3 Income from donations and legacies**
|Government grants|**Restricted**
**funds**
**£**
28,328
28,328|**Unrestricted**
**funds**
**£**
329,584
329,584|**Total funds**
**26 March**
**2022**
**£**
357,912|
|---|---|---|---|
||||357,912|
During the period the Trust recieved £28,328 (Period to 27 March 2021 - £146,649) of restricted income under the Coronavirus Job Retention Scheme, a government grant that allows employers to place staff on temporary leave and claim the costs of up to 80% of employees' payroll cost. There are no unfulfilled conditions or other contingencies attached to the grant.
|Government grants|**Restricted**
**funds**
**£**
185,049
185,049|**Unrestricted**
**funds**
**£**
418,840
418,840|**Total funds**
**27 March**
**2021**
**£**
603,889|
|---|---|---|---|
||||603,889|
## **4 Income from charitable activities**
|Education
Education
**5**
**Analysis of expenditure on charitable activities**
**Restricted**
**funds**
**£**
Provision of education
85,217|**Restricted**
**funds**
**£**
149,845
**Unrestricted**
**funds**
**£**
10,757
**Unrestricted**
**funds**
**£**
262,218|**Total funds**
**26 March**
**2022**
**£**
149,845|
|---|---|---|
|||**Total funds**
**27 March**
**2021**
**£**
10,757|
|||**Total funds**
**26 March**
**2022**
**£**
347,435|
Page 15
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
|Provision of education
**6**
**Analysis of expenditure by activities**
Provision of education
Provision of education
**Analysis of support costs**
Staff costs
Administration costs
Governance costs|**Restricted**
**funds**
**£**
185,049
**Activities**
**undertaken**
**directly**
**£**
56,889
**Activities**
**undertaken**
**directly**
**£**
(11,059)|**Unrestricted**
**funds**
**£**
150,129
**Support costs**
**£**
290,546
**Support costs**
**£**
346,237
**Total**
**26 March**
**2022**
**£**
222,119
68,427
-
290,546|**Total funds**
**27 March**
**2021**
**£**
335,178|
|---|---|---|---|
||||**Total funds**
**26 March**
**2022**
**£**
347,435|
||||**Total funds**
**27 March**
**2021**
**£**
335,178|
||||**Total**
**27 March**
**2021**
**£**
182,940
76,342
86,955|
||||346,237|
## **7 Independent examiner's remuneration**
Independent examiner's remuneration was borne by a fellow subsidiary undertaking.
Page 16
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **8 Staff costs**
The aggregate payroll costs were as follows:
|Wages and salaries
Social security costs
Pension costs|**Total**
**26 March**
**2022**
**£**
199,418
18,142
4,559
222,119|**Total**
**27 March**
**2021**
**£**
174,694
8,656
(410)|
|---|---|---|
|||182,940|
The average number of persons employed by the Trust during the period was as follows:
|Employees|**26 March**
**2022**
**No**
9|**27 March**
**2021**
**No**
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 (period to 27 March 2021 - £nil).
## **9 Trustees' remuneration and expenses**
During the period, no trustees received any remuneration or other benfits (period to 27 March 2021 - £nil).
During the period ended 26 March 2022, no trustee expenses have been incurred (period to 27 March 2021 - £nil).
## **10 Taxation**
The Trust is a registered charity and is therefore exempt from taxation.
Page 17
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **11 Debtors**
|**11 Debtors**|||
|---|---|---|
|Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
Other debtors|**26 March**
**2022**
**£**
398,768
718,009
6,766
27,047
1,150,590|**27 March**
**2021**
**£**
-
683,544
-
10,544|
|||694,088|
## **12 Creditors: amounts falling due within one year**
|**12 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|**26 March**
**2022**
**£**
333,932
212,693
14,961
14,950
144,042
720,578|**27 March**
**2021**
**£**
840
257,783
2,926
12,207
137,857|
|||411,613|
Page 18
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **13 Statement of funds**
|**Current period**
**Unrestricted funds**
General funds - all funds
**Restricted funds**
Restricted funds - all funds
**Total funds**
**Prior period**
**Unrestricted funds**
General funds - all funds
**Restricted funds**
Restricted funds - all funds
**Total funds**|**Balance at**
**28 March**
**2021**
**£**
334,522
2,250
336,772
**Balance at 1**
**April 2020**
**£**
55,054
2,250
57,304|**Income**
**£**
329,584
178,173
507,757
**Income**
**£**
429,597
185,049
614,646|**Expenditure**
**£**
(262,218)
(85,217)
(347,435)
**Expenditure**
**£**
(150,129)
(185,049)
(335,178)|**Balance at**
**26 March**
**2022**
**£**
401,888
95,206|
|---|---|---|---|---|
|||||497,094|
|||||**Balance at 27**
**March 2021**
**£**
334,522
2,250|
|||||336,772|
Page 19
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **14 Analysis of net assets between funds**
## **Current period**
|Current assets
Creditors due within one year
Total net assets
**Prior period**
Current assets
Creditors due within one year
Total net assets|**Restricted**
**funds**
**26 March**
**2022**
**£**
95,206
-
95,206
**Restricted**
**funds**
**27 March**
**2021**
**£**
2,250
-
2,250|**Unrestricted**
**funds**
**26 March 2022**
**£**
1,122,466
(720,578)
401,888
**Unrestricted**
**funds**
**27 March**
**2021**
**£**
746,135
(411,613)
334,522|**Total funds**
**26 March**
**2022**
**£**
1,217,672
(720,578)|
|---|---|---|---|
||||497,094|
||||**Total funds**
**27 March**
**2021**
**£**
748,385
(411,613)|
||||336,772|
## **15 Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income from the period (as per Statement of Financial Activities)
**Adjustments for:**
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by (used in) operating activities**|**26 March**
**2022**
**£**
160,322
(456,502)
308,965
12,785|**27 March**
**2021**
**£**
279,468|
|---|---|---|
|||80,082
(472,617)|
|||(113,067)|
Page 20
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
## **16 Analysis of cash and cash equivalents**
|**16 Analysis of cash and cash equivalents**||||
|---|---|---|---|
|Cash in hand
Cash at bank and in hand|**At 28 March**
**2021**
**£**
54,297|**26 March**
**2022**
**£**
67,082
**Cash flows**
**£**
12,785|**27 March**
**2021**
**£**
54,297|
||||**At 26 March**
**2022**
**£**
67,082|
## **17 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:
- Trafalgar UK Theatres Hayes Limited - £599 (Mar 2021: £nil)
- Trafalgar UK Theatres Bromley Limited - £19,926 (Mar 2021: £1,170)
- Trafalgar UK Theatres Guildford Limited - £2,314 (Mar 2021: £nil)
- Trafalgar UK Theatres Crewe Limited - £1,708 (Mar 2021: £180)
- Trafalgar UK Theatres Dartford Limited - £nil (Mar 2021: -£216)
- Trafalgar UK Theatres Southend Limited - £3,567 (Mar 2021: £6,440)
- Trafalgar UK Theatres Hastings Limited - £29,103 (Mar 2021: £11,963)
- Trafalgar UK Theatres High Wycombe Limited - £nil (Mar 2021: £5,000)
The Trust received the following recharges from related party companies:
- Trafalgar UK Theatres Hayes Limited - £1,035 (Mar 2021: £nil)
- Trafalgar UK Theatres Bromley Limited - £13,000 (Mar 2021: -£7,905)
- Trafalgar UK Theatres Guildford Limited - £1,252 (Mar 2021: -£544)
- Trafalgar UK Theatres Crewe Limited - £3,240 (Mar 2021: -£593)
- Trafalgar UK Theatres Dartford Limited - £2,120 (Mar 2021: -£2,525)
- Trafalgar UK Theatres Southend Limited - £5,884 (Mar 2021: -£3,415)
- Trafalgar UK Theatres Hastings Limited - £29,262 (Mar 2021: £5,823)
- Trafalgar UK Theatres High Wycombe Limited - £1,084 (Mar 2021: £79,429)
- Trafalgar UK Theatres Swindon Limited - £nil (Mar 2021: -£3,329)
At the balance sheet date the following balances were owed to group undertakings:
- Trafalgar UK Theatres Hayes Limited - £38,617 (Mar 2021: £38,457)
- HQ Hospitality Limited - £56,898 (Mar 2021: £56,898)
- Trafalgar UK Theatres Southend Limited - £57,275 (Mar 2021: £54,957)
- Trafalgar UK Theatres High Wycombe Limited - £59,903 (Mar 2021: £55,819)
Page 21
## **Trafalgar Entertainment Trust**
## **Notes to the Financial Statements for the Period from 28 March 2021 to 26 March 2022**
At the balance sheet date the following balances were owed by group undertakings:
- Trafalgar UK Theatres Bromley Limited - £38,850 (Mar 2021: -£59,056)
- Trafalgar UK Theatres Limited - £38,348 (Mar 2021: £51,652)
- Trafalgar UK Theatres Guildford Limited - £42,345 (Mar 2021: -£41,283)
- Trafalgar UK Theatres Crewe Limited - £288,177 (Mar 2021: -£290,308)
- Trafalgar UK Theatres Dartford Limited - £243,016 (Mar 2021: -£245,137)
- Trafalgar UK Theatres Cardiff Limited - £20,370 (Mar 2021: £nil)
- Trafalgar UK Theatres Hastings Limited - £15,216 (Mar 2021: -£16,073)
- Trafalgar UK Theatres Swindon Limited - £31,687 (Mar 2021: -£31,687)
## **18 Pension commitments**
Contributions payable by the Trust to the pension scheme for the year amounted to £4,559 (period to 27 March 2021: £5,208). At the balance sheet date contributions of £1,191 were outstanding (period to 27 March 2021: £470).
## **19 Ultimate parent undertaking and controlling party**
The sole member of the Trust is Trafalgar UK Theatres Holdings Limited.
Trafalgar Entertainment Group Limited heads the smallest and largest Group that produces publicly available consolidated financial statements incorporating the Trust. These financial statements are available from Companies House. Its registered office is Aschombe Court, Woolsack Way, Godalming, GU7 1LQ.
The ultimate controlling party is Barings Asset-Based Income Fund (US) LP, by virtue of its 80.14% holding in the issued share capital of Trafalgar Entertainment Group Limited.
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