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2024-07-31-accounts

Charity Number: 1187251

Company Number: 12132379

Troubadour Trust

2023 Annual Report (1[st] Aug 2023 – 31[st] Jul 2024)

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Charity Number 1187251 Country of Registration England & Wales

Registered Office and Operational Address

62 Shaftesbury Avenue London United Kingdom W1D6LT Tel: 02075509880 Website: www.troubadourtrust.org

Trustees

Aaron Ross Chairman - Trustee Perrin Baker Trustee Nigel Andrew Davies Trustee Karrie Anne Bran Trustee

Bankers

Metro Bank One Southampton Row London WC1B 5AH Tel: 0345 0808500

Solicitors

Bates Wells & Braithwaite London LLP 10 Queen Street Place London EC4R1BE Coy No. OC325522 Tel: +44 (0) 20 7551 7777

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Troubadour Trust

Troubadour Trust is a registered charity that creates opportunities to discover and explore theatre by delivering innovative projects for all ages that are tailored to communities local to Troubadour Theatres venues. It provides participatory projects based on the shows in the theatres, non-production-based workshops and activities, learning programmes for schools and free space for local organisations.

Troubadour Trust was founded on the belief that theatre and arts education should be accessible to all and is inspired by the work of Oliver Royds and Tristan Baker, Olivier Award winning theatre producers and joint founders and CEOs of Troubadour Theatres. Following on from their success at King’s Cross Theatre, which attracted over 1 million visitors in just 2 years and was named The Stage’s Theatre Building of the Year 2017, Troubadour Theatres are now opening new, state-of-the-art entertainment spaces, in some of London’s most vibrant neighbourhoods.

Contents

Foreword from the Chair of Trustees

1. Our Aims & Objectives

  1. Trust Partnerships & Beneficiaries

  2. Troubadour Trust Management

  3. 2023 & Looking Forward

  4. Financial Report

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Foreword from the Chair of Trustees:

I am pleased to report that the Board of Trustees has agreed to develop a new strategy that will allow the Troubadour Trust to resume its charitable activities, following a period of financial recovery and renewed stability.

As previously outlined, the Covid-19 pandemic and its prolonged impact placed the Trust in a challenging financial position, primarily due to the suspension of funds from the Ticket Levy. In response, the Trustees made the prudent decision to pause all charitable operations to safeguard the long-term viability of the Trust.

Thanks to the success of Disney’s Newsies at Troubadour Wembley Park Theatre, and the exciting upcoming launch of Starlight Express—set to run from June 2024—the Trust’s financial outlook is now secure and positive.

The Board of Trustees, in close consultation with the Founders, is currently working to define a renewed operational strategy. This includes a reassessment of the Trust’s objectives and the careful planning of future employment structures to support our charitable mission.

Our intention is to adopt a phased approach to recruitment, ensuring that Ticket Levy funds are primarily directed toward meaningful programmes and opportunities for beneficiaries, rather than being absorbed by overhead costs. To this end, we are actively seeking partnerships with local charities and CICs whose missions closely align with our own, and who are well placed to deliver impact on our behalf.

I look forward to sharing full details of our new strategic direction and delivery plans in the Troubadour Trust’s 2024 Annual Report.

Aaron Ross

Chair of Trustees, Troubadour Trust

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Our Aims & Objectives:

Aiming to be diverse, disruptive & extraordinary, Troubadour Trust, an arts and education charity, is all about opportunity, learning, accessibility and inspiring arts in the local community.

With learning and engagement programmes for schools, teachers, local groups and those who can’t easily access theatre we provide subsidised tickets, a friendly and inclusive environment and a community engagement programme based around the productions and venues of Troubadour Theatres in Wembley, White City and previously at Kings Cross.

We also acknowledge and celebrate the varying skills that go into making theatre and so recognise and support emerging talent, especially in backstage and technical roles.

We believe everyone has a place at a Troubadour Theatre - watching or creating the show.

The objects of the charity are, for the public benefit: the advancement of education in all subjects but particularly in the arts and culture; and to further or benefit the residents of areas local to Troubadour Theatres Limited with the objective of improving the conditions of life for the residents.

Our current Community Engagement Programme includes, but is not limited to:

1.1. Delivering on our Aims in 2023:

As per the situation outlined in the Chair of Trustee’s Foreword the Trust activities had been put on hold until the company became financially viable and until the Board of Trustees deemed it responsible to resume Charitable activities. As a result, the Trust in 2023 has not delivered upon its Aims and Objectives however, as outlined in the Foreword, the future is looking positive and a new strategy is afoot.

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Trust Partnerships & Beneficiaries:

The Troubadour Trust are proud to be supported by Troubadour Theatres who specialise in the creation of temporary and semi-permanent theatre venues – utilising spaces which would otherwise be empty, derelict or unused. Troubadour have been creating, designing, building and running temporary venues across the world for nearly ten years. The ambition is to transform local areas into vibrant cultural hubs, creating modern, sociable spaces which showcase the best of theatre and offer audiences a great night out.

Troubadour Theatres will continue to donate 50p from each theatre ticket sold in their venues to the Troubadour Trust in order to help enable the Trust to develop and deliver projects and opportunities for new audiences.

“We are proud that Troubadour Trust is continuing our vision of bringing theatre to all. The productions we bring to areas of regeneration are a potential springboard for an exciting programme of education, engagement and empowerment.”

Tristan Baker & Oliver Royds - CEOs and Founders of Troubadour Theatres

1.2. Ticket schemes for the local community:

The Troubadour Trust believes that subsidised tickets should be part of a wider engagement programme, rather than a one off give away.

Once the Troubadour Trust is in a position to resume its operations it looks forward to sharing examples of schemes that will build upon the previous successful schemes presented in 2019/20.

1.3. Arts Based Community Engagement Projects for Local Schools, Community Groups and Families:

There are two tiers of how this can be achieved, either through workshops with themes around the shows in the venue or non-production specific workshops.

Once the Troubadour Trust manages to resume its operations it looks forward to sharing more examples of Arts Based Community Engagement Projects that will build upon the previous successful projects presented in its 2019/20 Annual Report.

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“We are so pleased to be able to offer young people from the Borough of Brent the opportunity to see War Horse. This play is not only a beloved and enduring story, but it is also an extraordinary piece of theatre, combining puppetry, music, design and stagecraft seamlessly.”

Alice King-Farlow, Director of Learning at the National Theatre

1.4. Facilitating Courses Across All Departments to Train the Next Generation of Theatre Makers and Talent

Troubadour Trust recognises the importance of training in order to welcome the next generation to all areas of the industry including front of house and back of house. This begins with recruitment in the theatres and extends to the provision of training courses.

Troubadour Theatres has previously offered training positions across all departments to women at risk and women with experience of the criminal justice system (including former offenders and young women at risk of offending). With many of these individuals moving up to leadership positions, we remain keen to give a platform to the voices of young women and help shape the cultural leaders of tomorrow.

1.5. Creating Sustained & Meaningful Partnerships

The Troubadour Trust remain committed to managing a successful, established, long term collaboration. This was achieved in 2019/20 by creating sustained and meaningful partnerships with local businesses, schools, community groups and residents. These interactions embedded us into the local community as well as providing opportunities to its residents.

Once the Troubadour Trust manages to resume its operations it looks forward to sharing more examples of Meaningful Partnerships that will build upon the previous successful partnerships presented in its 2019/20 Annual Report.

The Trust has a deep understanding of the relationships required when building and operating a large theatre. At King’s Cross we successfully developed relationships with local councils, the London Fire Brigade, the Metropolitan Police, CBRE, Network Rail, Google, Argent LLP, King’s Cross Estates and over 50 different local businesses.

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“Working with Troubadour Trust on No Man's Land was absolutely fantastic. We have run a few holiday projects with our young people already and this definitely stood out as being the most rich in content. From start to finish they provided us with a connection to the National Theatre and incredible cast led workshops. Troubadour was incredibly

easy to work with and accommodating to who our young people are.”

Natalyia Kharina, Unique Community

1.6. Providing Space for the Local Community for Meetings, Conferences and Workshops

Once the Troubadour Trust re-starts its activities the agreement to have access and use to Troubadour Theatres venues for Local Community activities will remain.

The Community Hires and Events system in place will ask that organisations meet the following criteria:

2. Troubadour Trust Management

2.1. Trustees

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2.2. Management

2.3. Advisors

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and running large-scale temporary theatres having built 8 commercial theatres since 2009.

3. 2023 & Looking Forward

Despite all activities being on hold over this unprecedented period, with the successful run of a few shows providing the levy from the ticket sales, the Trust is no longer in financial deficit and will soon be able to launch into the next chapter. As such the Trustee’s (supported by Troubadour Theatres) believe they will soon be in a position to consider re-starting the Trust activities at the back end of 2023 or early in 2024 when they believe there will be greater financial security and as a result remain determined to build upon the incredible work that was achieved in the Trusts inaugural year.

4. Financial Report

Summary: In this Financial Year (FY) the Trust received £28,931 of incoming resources unrestricted funds against £2,537 of support and governance costs. The Trust will carry forward into the new FY a surplus of £43,889 in unrestricted funds. There were no restricted funds carried forward at the balance sheet date.

See Financial Report below for further information.

Small Company Exemptions

This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.

Aaron Ross

Chair of Trustees, Troubadour Trust date ** ** ****

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Independent Examiner's Report to the Trustees of Troubadour Trust

I report on the accounts of the charity for the year ended 31 July 2024, which are set out on pages 22 to 32.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

ꞏ examine the accounts under section 145 of the 2011 Act;

ꞏ follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and

ꞏ state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention

  1. which gives me reasonable cause to believe that in, any material respect, the requirements: ꞏ to keep accounting records in accordance with section 386 of the Companies Act 2006; and

ꞏ to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Graham Berry FCCA Breckman & Company Limited Chartered Certified Accountants

49 South Molton Street London W1K 5LH

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Troubadour Trust

(Limited by Guarantee)

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 July 2024

Unrestricted
funds
Notes
£
Income and endowments from:
2
Donations and legacies - page 13
28,931
Total
28,931
Expenditure on:
Charitable activities:
Arts/education - page 14
2,537
Total
2,537
Net movement in funds:
Net income
3
26,394
Reconciliation of funds:
Total funds brought forward
17,495
Total funds carried forward
11,
43,889		 2024
Unrestricted
Total
funds
£
£
28,931
107,729
28,931
107,729
2,537
2,537
2,537
2,537
26,394
105,192
17,495
87,697
43,889
17,495		 2023
Total
£
107,729
107,729
2,537
2,537
105,192
)
(87,697
17,495

The notes on pages 17 to 21 form an integral part of these financial statements.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

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Troubadour Trust

(Limited by Guarantee)

Year ended 31 July 2024

Income from donations and legacies
Donations
Levy income		 2024
£
28,931
28,931		 2023
£
107,729
107,729

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Troubadour Trust

(Limited by Guarantee)

Year ended 31 July 2024

Expenditure on charitable activities
Arts/educational costs
Support costs - page 15
Governance costs - page 15		 2024
£
437
2,100
2,537		 2023
£
437
2,100
2,537

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Troubadour Trust

(Limited by Guarantee)

Year ended 31 July
2024
£
Support and governance costs
Support costs
Office overheads
Insurance
421
Professional/financial
Bank charges
16
Governance costs
Accountancy/consultancy
2,100		 2020
£
421
16
437
2,100
2,537		 2023
£
437
-
2,100		 £
437
-
437
2,100
2,537

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Troubadour Trust

(Limited by Guarantee)

Balance Sheet 31 July 2024

Notes
Fixed assets
Investments
7
Current assets
Debtors
8
Cash at bank and in hand
Liabilities
Creditors: amounts falling
due within one year
9
Net current assets
Total assets less current
liabilities
The funds of the charity
Unrestricted funds
11
- General fund		 2024
£
28,495
17,493
45,988
)
(2,100		 £
1
43,888
43,889
43,889		 2023
£
19,391
203
19,594
)
(2,100		 £
1
17,494
17,495
17,495

For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

ꞏ The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

ꞏ The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on and signed on its behalf by

Aaron Ross Chair of Trustees

The notes on pages 17 to 21 form an integral part of these financial statements.

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Troubadour Trust

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

1. Accounting policies

1.1. Basis of preparing the financial statements

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), and the Companies Act 2006.

The charity 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 note(s).

1.2. Group financial statements

The company and its subsidiary comprise a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group financial statements.

The financial statements present information about it as an individual undertaking and not about its group.

1.3. Preparation of the accounts on a going concern basis.

The company is dependent on the continued support of its ultimate parent undertaking. The trustees believe that the company will continue to receive this support and accordingly consider that it is appropriate to prepare the financial statements on the going concern basis.

1.4. Fund accounting

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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Troubadour Trust

(Limited by Guarantee)

Notes to the Financial Statements

for the year ended 31 July 2024

1.5. Incoming resources

All incoming resources are included in the Statement of Financial Activities when:

- Donations and legacies

Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:

- Charitable activities

Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

1.6. Expenditure

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:

- Charitable activities

Arts/eductaional costs - costs incurred inrunning the arts and education programme in the year.

- Support costs

The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs.

- Governance costs

Costs associated with the constitutional and statutory requirements of the charity.

1.7. Investments

Fixed asset investments are stated at cost less provision for diminution in value.

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Troubadour Trust

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

1.8. Debtors

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

1.9. 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.

1.10. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.11. 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.

1.12. Significant Accounting Estimates and Judgements

In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually.

2. Incoming resources

The total incoming resources for the year have been derived from the principal activity undertaken wholly in the UK.

3.

Net income/(expenditure) for the year is 2024 2023
stated after charging: £ £
Independent examiners fees
- independent examination 2,100 2,100

4. Trustees' emoluments and reimbursed expenses

The trustees received no remuneration during the year.

The aggregated amount reimbursed to trustees during the year was £nil.

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Troubadour Trust

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

5. Staff costs and numbers

During the year the company had no employees

The trustees were not paid or reimbursed for expenses during the year.

6. Corporation taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

7. Fixed Asset Investments

Subsidiary Total
Undertakings
Shares
£ £
1 August 2023 /
31 July 2023 1 1

Shares in group undertaking - at cost £1.

The company owns 100% of the share capital of Troubadour Trading Subsidiary Limited, a private company limited by shares which is registered in EW - England and Wales, registered number 12294337.

The principal activity of Troubadour Trading Subsidiary Limited is theatre production. The total capital and reserves at the balance sheet date were £1 and the result for the year ended 30 November 2023 was £nil (30 Novemnber 2022 £nil).

8. Debtors 2024 2023
£ £
Amounts owed by group undertakings 28,495 19,391

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Troubadour Trust

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

9.

Creditors: amounts falling due 2024 2023
within one year £ £
Accruals 2,100 2,100

10. Limited by guarantee

The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 July 2024 there were 4 members.

11. Unrestricted funds Brought Incoming Outgoing Carried
forward resources resources forward
£ £ £ £
General fund 17,495 28,931 )
(2,537		 43,889
12. Analysis of net assets between funds
General Total
funds
£ £
Fund balances at 31 March 2024
are represented by:
Investments 1 1
Net current assets 43,888 43,888
43,889 43,889

13. Ultimate parent undertaking

Troubadour Trust is controlled by Troubadour Theatres Ltd by a right to appoint directors. Trubadour Theatres Limited is a private company limited by shares registered in EW - England and Wales, registered number 10898810.

The registered office of Troubadour Theatres Ltd is Troubadour Wembley Park Theatre, 3 Fulton Road, Wembley HA9 0SP. The principal activity is theatre production.

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