Docusign Envelope ID: 300C07B8-A081-881C-8348-21809383FC0D 

**Charity Number: 1187251 Company Number: 12132379** 

## **Troubadour Trust 2024 Annual Report** 

(1[st ] Aug 2024 – 31[st ] Jul 2025) 


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Charity Number 1187251 Company Number 12132379 Country of Registration England & Wales 

## **Registered Office and Operational Address** 

62 Shaftesbury Avenue London United Kingdom W1D 6LT 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** 

2. **Trust Partnerships & Beneficiaries** 

3. **Fresh Arts Partnership** 

4. **Troubadour Trust Management** 

5. **2024 & Looking Forward** 

6. **Financial Report** 

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## **Foreword from the Chair of Trustees:** 

In our 2023 Annual Report, I committed to sharing the full details of our new strategic direction in this 2024 report. However, whilst the Board of Trustees and Founders have been working diligently throughout the year to develop a renewed strategy, we are not yet in a position to share it in full. 

Whilst the Trust’s outward activity levels were more limited during the year, significant work has taken place behind the scenes to strengthen our foundations, develop future plans, and position the organisation for long term growth and impact. 

Financially, the continued success of _Starlight Express_ at Troubadour Wembley Park Theatre, which opened in June 2024 and is set to run for a minimum of two years, has continued to generate valuable Ticket Levy income for the Trust. As with last year, we have deliberately focused on building and protecting these funds so that, when we are ready to launch our new strategy, we have the financial foundation necessary to deliver meaningful and sustained impact rather than short term activity. 

That said, this year has also marked the Trust’s first significant programmatic steps since the pandemic period. Through a carefully selected partnership with Fresh Arts CIC, a Wembley based arts organisation with deep roots in the Borough of Brent, we have begun delivering once again against our core mission. 

The breadth and quality of the work Fresh Arts has delivered on our behalf, and in genuine partnership with us, has been truly heartening. More than 800 children have been reached through school workshops, hundreds more through holiday creative clubs, and a growing cohort of young people are now being supported into creative careers. I am proud that the Trust is once again making a tangible difference within the communities surrounding our venues. 

Our phased approach, directing Ticket Levy funds into impact through trusted local partners rather than building internal overhead prematurely, continues to serve us well. I look forward to sharing our full strategic vision with stakeholders in due course, and to reporting on an expanding programme of activity in the year ahead. 

## **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: 

- Ticket schemes for the local community with a focus on bringing young, diverse audiences to the theatre. 

- The provision of arts-based community engagement projects for local schools, community groups and families. 

- Facilitating courses across all departments to train the next generation of theatre makers and creative talent. 

- Creating sustained & meaningful partnerships. 

- Providing space for the local community. 

## **Delivering on our Aims in 2024:** 

This year marks a positive milestone for the Trust: for the first time since the pandemic, we have delivered meaningful programmatic activity directly benefiting the communities surrounding our venues. Through our partnership with Fresh Arts CIC, the Trust has begun to fulfil its core aims - bringing arts education and engagement opportunities to children, young people and families across the London Borough of Brent who would otherwise be unable to access them. 

Further detail on the activities delivered is set out in the Fresh Arts Partnership section below. The Trust also continues to benefit from the Ticket Levy generated by Starlight Express at Troubadour Wembley Park Theatre, enabling us to build the financial platform required for our next phase of strategic activity. 

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## **Trust Partnerships & Beneficiaries:** 

The Troubadour Trust is 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** 

## **Starlight Express at Troubadour Wembley Park Theatre:** 

The year saw the highly anticipated opening of Starlight Express at Troubadour Wembley Park Theatre in June 2024. This landmark production, one of the most technically ambitious theatrical spectacles to tour the UK, has drawn audiences from across London and beyond, and has continued to generate significant Ticket Levy income for the Trust. The production is contracted to run for a minimum of two years, providing the Trust with a stable and predictable income stream as we develop and execute our charitable strategy. 

The 50p Ticket Levy from every ticket sold at Troubadour Wembley Park Theatre flows directly to the Trust, building the reserves that will underpin a sustained and ambitious programme of community engagement, arts education and opportunity for local beneficiaries. 

## **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 giveaway. As the Trust develops its strategic plan, it will aim to establish a formalised ticket scheme, in partnership with local schools, community groups and families, giving priority access to productions at Troubadour Wembley Park Theatre including Starlight Express. 

Through our Fresh Arts partnership, a number of children and young people from the Borough of Brent were supported to attend performances of Starlight Express during the year, providing a first-time theatre experience for many. 

## **Arts Based Community Engagement Projects for Local Schools, Community Groups and Families:** 

This year has seen the Trust resume meaningful delivery through our partnership with Fresh Arts CIC. Full details of the Fresh Arts programme are set out in the dedicated section below. The Trust looks forward to continuing to build upon this work in 2025, expanding both the breadth and depth of its arts-based community engagement activity. 

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## **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. 

Through the Fresh Arts Young Producers programme, a cohort of 18–25 year olds have been supported to develop skills across producing, theatre management and the wider creative industries, with direct access to Troubadour Theatres’ professional team. 

## **Creating Sustained & Meaningful Partnerships:** 

Our partnership with Fresh Arts CIC exemplifies the Trust’s commitment to working with established, trusted local organisations whose missions closely align with our own. Fresh Arts has deep roots in the Borough of Brent and an impressive track record of widening access to the arts for children and young people from working class, migrant, Black and other diverse backgrounds. This is precisely the kind of sustained, community-embedded partnership that the Trust was designed to foster and support. 

## **Providing Space for the Local Community for Meetings, Conferences and Workshops:** 

The agreement to provide access to and use of Troubadour Theatres venues for local community activities remains in place. As the Trust’s activities expand, the use of these spaces as a community resource will be an important part of our offer. 

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## **Fresh Arts Partnership:** 

One of the key achievements of this year has been the establishment of the Troubadour Trust’s partnership with Fresh Arts CIC - a community interest company founded in 2009 by Davinia and Pierre Khan in the London Borough of Brent. 

Fresh Arts was founded in response to a recognised lack of opportunity for children and young people from working class, migrant, Black and other diverse backgrounds to participate in the arts. As its founders observed, these children and young people were not having the same access to arts training (in theatre, dance, music and art) as their peers, and this lack of access was directly contributing to a lack of diversity in the arts sector. Since 2009, Fresh Arts has worked with state primary schools in Brent and beyond to improve this. 

The alignment between Fresh Arts’ mission and the Troubadour Trust’s own aims and objectives is extremely strongl. Both organisations believe in the transformative power of the arts, in the importance of making theatre and creative opportunity accessible to all, and in the particular value of embedding this work in the communities surrounding our venues. 

## **The Programme Delivered:** 

With the support of an initial investment of £15,000 from the Troubadour Trust, Fresh Arts has delivered a wide and impressive range of activities during this period, reaching hundreds of children, young people and families across the Borough of Brent. 

- **School Workshops:** 20 arts-based workshops delivered in primary schools across Brent, reaching over 800 children. These workshops bring professional arts practitioners directly into school settings, providing arts education experiences that are otherwise out of reach for many pupils. 

- **School Holiday Creative Clubs:** 200 children per week supported to participate in creative holiday clubs during school holiday periods. This activity specifically targets children who, due to socioeconomic challenges, would otherwise have no access to creative activities during school holidays. 

- **Working in Theatre Panel:** A Q&A panel session with 50 local residents of varying ages, providing the opportunity to ask questions of professional theatre practitioners including members of the Troubadour Theatres team. Panellists included Rowley Gregg (COO, Troubadour Theatres), Tiannah Viechweg (Deputy Theatre Manager, Troubadour), Ash Benzaiten (Head of Group Operations, Troubadour), and Timmika Ramsay (Actress and Facilitator, Fresh Arts). This initiative supports young people to understand pathways into creative careers from an early age. 

- **Masterclasses:** Professional masterclasses delivered in Musical Theatre, Orchestral Music, Dance and Audition Technique, with further sessions planned in Singing & Songwriting and Content Creation. These masterclasses give young people direct access to professional arts training. 

- **Orchestral Music Workshop:** A dedicated orchestral music workshop exposing young people to classical instruments and ensemble performance. 

- **Trips and Theatre Visits:** Young people supported to attend a variety of cultural trips and performances - including visits to Troubadour Wembley Park Theatre and performances of Starlight Express, as well as When Santa Came Down the Chimney, Fireside Tales and the Bubble Planet Exhibition. For many participants, these were firsttime theatre and cultural experiences. 

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- **Young Producers Programme:** A programme supporting three young people aged 18– 25 to produce their own fully funded events. The 2024–25 cohort supported the development of three distinct productions: More Than Hair, an immersive performance exploring the relationship young Black people have with natural hair and identity (produced by Heaven Baxter); Paradise Villa, a scripted three-hander exploring reality television and influence (produced by Alex Ansdell, accepted onto the Royal Court Writers’ Group); and Shakespeare - Life, Loss and Legacy: A Lecture Recital, combining classical song and spoken monologue (produced by Maximilian Catalano, performed by graduates of the Guildhall School of Music and Drama). 

## **Looking Ahead with Fresh Arts:** 

The Troubadour Trust has confirmed its commitment to the ongoing partnership with Fresh Arts by selecting Option 2 (the Silver Programme) for the next phase of funding, at £20,000 per annum. This will support an expanded programme including: 

- Two part-time theatre placements for young people aged 18–25 in the new Fresh Arts community theatre space in Wembley. 

- Two theatre training courses for young people in lighting, sound and set design. 

- Continuation of the Masterclass Programme, delivering 6 masterclasses for 11–14 and 15–17 year olds. 

- 10 primary school arts access workshops. 

- Clear pathways into theatre and the creative industries for 16–25 year olds. 

- Incubator, rehearsal and showcase space for young creatives in Brent. 

- Funded opportunities for 3 young producers aged 18–25. 

Fresh Arts is also in the process of launching a 66-seat community and youth theatre in Wembley, which will serve as a creative hub for young people and a base for much of this programme. The Troubadour Trust is proud to be a partner in building this new and important resource for the community. 

This programme will continue to roll into the 2025–2026 year, and the Trust looks forward to reporting on its expanded impact in due course. 

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## **Troubadour Trust Management** 

## **Trustees** 

**Aaron Ross – Trustee:** Is Managing Director of Vix Technology, global transport ticketing provider. Former chair of the Princess Diana Award and United World Colleges he has a passion for youth advocacy and enterprise. 

**Perrin Baker – Trustee:** is a Founder at Yala Capital, a company championing the next generation of British Founders. In addition he is also a Founder of The Wild Company, a company pioneering a new era of natural capitalism to achieve sustainable growth and create lasting impact both in the UK and beyond. Previously, Perrin was a Senior Manager Banking & Head of FinTech UK at Google, and an Angel investor. He brings with him a wealth of experience in developing, funding and evaluating social impact investments at a global scale. A lover of and an active investor in the arts, he also founded the viral glee group the Adam Street Singers. 

**Nigel Andrew Davies – Trustee:** Is a leading entertainment lawyer at Ince with an unparalleled working knowledge of the industry working with talent, technology creators, content owners and distributors, brands and sponsors, promoters and venues. He is steeped in charitable work including having co-run Versus Cancer in Manchester and is currently closely integrated into several charities. 

**Karrie Bran – Trustee:** Is the Founder and CEO of The Kagency, an international, one-stopshop for corporate clients sourcing locations, immersive events and brokering artistic talent in the US and UK. Clients include American Express, Condé Nast, Jimmy Choo and Nike, record labels promoting artists Duran Duran, John Legend, Depeche Mode and Cher. For over a decade she has been active with a number of charities including Breast Treatment Task Force initiating round-ups at restaurants and luxury brand donations. 

## **Management** 

The Trust currently has no directly employed staff. The Board of Trustees continues to oversee the Trust’s affairs directly, with support from Troubadour Theatres. The recruitment of a Senior Management team remains under consideration as the Trust’s strategy and programme of activities develops, with the Trustees committed to ensuring that Ticket Levy funds are directed primarily towards charitable impact rather than administrative overhead in the early stages of growth. 

## **Advisors** 

**Tristan Baker – CEO & Founder of Troubadour Theatres:** Tristan is an Olivier Award winning theatre producer and The Stage has named him as one of the most influential people working in the theatre industry. 

**Oliver Royds – CEO & Founder of Troubadour Theatres:** Oliver is an Olivier Award-winning West End & Broadway Theatre and Film Producer. He specialises in building and running largescale temporary theatres having built 8 commercial theatres since 2009. 

**Rowley Gregg – COO of Troubadour Theatres:** Previously CEO and Co-Founder of the charity Remembered, encouraging future generations to remember and understand the sacrifices made by Service personnel through the delivery of both national and international projects. 

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## **2024 & Looking Forward** 

The 2024–2025 year has been one of meaningful progress for the Troubadour Trust. After a prolonged period of financial recovery and strategic pause, the Trust has taken its first significant steps back into programmatic delivery, with results that demonstrate both the power of our model and the depth of need in our local communities. 

The ongoing success of Starlight Express at Troubadour Wembley Park Theatre has been central to this. As a landmark production with a committed multi-year run, it has provided the Trust with the financial stability needed to plan with confidence. The Ticket Levy from every ticket sold continues to build our reserves, and those reserves are now being put to work in the community. 

Through our partnership with Fresh Arts CIC, we have reached over 800 children through school workshops, supported 200 children per week through holiday creative clubs, hosted a Working in Theatre panel for 50 local residents, delivered professional masterclasses in multiple disciplines, enabled theatre trips including to Starlight Express, and supported three young producers aged 18–25 to bring their own work to life. This is a genuine and significant return to the charitable mission that sits at the heart of the Troubadour Trust. 

Looking ahead, the Trust is committed to building on this momentum. The Board of Trustees continues to develop the new strategic framework that will guide our activities for the coming years, and we expect to be in a position to share this fully in the near future. Our partnership with Fresh Arts will continue to expand and we are actively exploring additional partnerships and opportunities that align with our charitable objectives. 

The Trustees remain deeply grateful to Troubadour Theatres, to our advisors, to our partners at Fresh Arts, and to all those who continue to support the Trust’s mission. The Trustees look forward to expanding the Trust’s impact in the years ahead. 

## **Financial Report** 

Summary: In this Financial Year (FY) the Trust received £167,531 of incoming resources unrestricted funds against £16,946 of expenditure. The Trust made a surplus in the year of £150,585 and will carry forward into the new FY an accumulated surplus of £194,474 in unrestricted funds. There were no restricted funds carried forward at the balance sheet date. 

See Financial Report below for further information. 

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## **Reserves policy** 

The trustees define free reserves as unrestricted funds that are available to spend, excluding the charity's investment in its trading subsidiary. At 31 July 2025 the charity held unrestricted funds of £194,474, all of which are free reserves on that definition. There were no restricted funds. 

Substantially all of these reserves are represented by amounts due from Troubadour Theatres Limited in respect of the Ticket Levy, rather than by cash at bank. The trustees have obtained confirmation from Troubadour Theatres Limited that these amounts will be settled as required to meet the charity's commitments as they fall due. The trustees keep the recoverability of this balance under review. 

The charity's income comes from a single source, the 50p Ticket Levy on tickets sold at Troubadour Theatres venues, and is currently dependent on the run of one production at one venue. The trustees consider it prudent to hold reserves at a level that allows committed programme funding and the charity's governance costs to be met for at least twelve months in the event that levy income stops. On current commitments that is approximately £22,000. 

Reserves are held above that level deliberately. The trustees are developing a new strategic framework and intend to commit funds to a multi-year programme of community engagement and arts education rather than to short term activity. Holding funds now allows the charity to make credible multi-year commitments to delivery partners. The trustees expect to designate funds for specific programmes once the strategy is approved, and to report on that in the next annual report. 

The trustees review this policy annually. 

## **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 29 July 2026 

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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 2025, which are set out on pages 14 to 24. 

## **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: 

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

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

- 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: 

   - to keep accounting records in accordance with section 386 of the Companies Act 2006; and 

· 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 

2. 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 

29 July 2026 

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## **Troubadour Trust** 

## **(Limited by Guarantee)** 

## **Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 July 2025** 

|**Unrestricted**<br>**funds**<br>**Notes**<br>**£**<br>**Income and endowments from:**<br>**2**<br>Donations and legacies - page 15<br>167,531<br>**Total**<br>167,531<br>**Expenditure on:**<br>Charitable activities:<br>Arts/education - page 16<br>16,946<br>**Total**<br>16,946<br>**Net movement in funds:**<br>**Net income**<br>**3**<br>150,585<br>**Reconciliation of funds:**<br>**Total funds brought forward**<br>43,889<br>**Total funds carried forward**<br>**11**<br>194,474|**2025**<br>**Unrestricted**<br>**Total**<br>**funds**<br>**£**<br>**£**<br>167,531<br>28,931<br>167,531<br>28,931<br>16,946<br>2,537<br>16,946<br>2,537<br>150,585<br>26,394<br>43,889<br>17,495<br>194,474<br>43,889|**2024**<br>**Total**<br>**£**<br>28,931|
|---|---|---|
|||28,931|
|||2,537|
|||2,537|
|||26,394<br>17,495|
|||43,889|



The notes on pages 19 to 24 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 2025** 

|**Income from donations and legacies**<br>**Donations**<br>Levy income|**2025**<br>**£**<br>167,531<br>167,531|**2024**<br>**£**<br>28,931|
|---|---|---|
|||28,931|



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## **Troubadour Trust** 

## **(Limited by Guarantee)** 

**Year ended 31 July 2025** 

|**Expenditure on charitable activities**<br>**Arts/educational costs**<br>Direct costs - Arts programme<br>Support costs - page 17<br>Governance costs - page 17|**2025**<br>**£**<br>15,000<br>15,000<br>)<br>(154<br>2,100<br>16,946|**2024**<br>**£**<br>-|
|---|---|---|
|||-<br>437<br>2,100|
|||2,537|



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## **Troubadour Trust** 

## **(Limited by Guarantee)** 

**Year ended 31 July 2020** 

|**Support and governance costs**<br>**Support costs**<br>**Office overheads**<br>Insurance<br>**Administration costs**<br>Office costs / sundries<br>**Professional/financial**<br>Bank charges<br>**Governance costs**<br>Accountancy/consultancy|**2025**<br>**£**<br>133<br>)<br>(287<br>-<br>2,100|**£**<br>133<br>)<br>(287<br>-<br>)<br>(154<br>2,100<br>1,946|**2024**<br>**£**<br>421<br>-<br>16<br>2,100|**£**<br>421<br>-<br>16|
|---|---|---|---|---|
|||||437<br>2,100|
|||||2,537|



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## **Troubadour Trust** 

## **(Limited by Guarantee)** 

|**Notes**<br>**Fixed assets**<br>Investments<br>**7**<br>**Current assets**<br>Debtors<br>**8**<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling<br>due within one year<br>**9**<br>**Net current assets**<br>**Total assets less current**<br>**liabilities**<br>**The funds of the charity**<br>Unrestricted funds<br>**11**<br>- General fund|**Balance Sheet**<br>**31 July 2025**<br>**2025**<br>**£**<br>196,314<br>2,359<br>198,673<br>)<br>(4,200|**£**<br>1<br>194,473<br>194,474<br>194,474|**2024**<br>**£**<br>28,495<br>17,493<br>45,988<br>)<br>(2,100|**£**<br>1<br>43,888|
|---|---|---|---|---|
|||||43,889|
|||||43,889|



For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors' responsibilities: 

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

· 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 29 July 2026 and signed on its behalf by 


## **Aaron Ross Chair of Trustees** 

The notes on pages 19 to 24 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 2025** 

## **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 have written confirmation from the Troubadour Theatres directors that the levy balance will be settled as required to meet the Trust's commitments. The trustees 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: 

- Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. 

- Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

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

19 



Docusign Envelope ID: 300C07B8-A081-881C-8348-21809383FC0D 

## **Troubadour Trust** 

## **(Limited by Guarantee)** 

## **Notes to the Financial Statements** 

## **for the year ended 31 July 2025** 

## **1.5. Incoming resources** 

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

- the charity is legally entitled to the funds 

- any performance conditions attached to the income have been met or are fully within the control of the charity 

- there is sufficient certainty that receipt of the income is considered probable 

- the amount can be reliably measured 

## **- Donations and legacies** 

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

- when donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods 

- when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met. 

## **- 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: 

- there is a legal or constructive obligation to make a payment 

- it is probable that settlement will be required 

- the amount of the obligation can be measured reliably 

## **- 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 arts/educational 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. 

## **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. 

20 



Docusign Envelope ID: 300C07B8-A081-881C-8348-21809383FC0D 

## **Troubadour Trust** 

## **(Limited by Guarantee)** 

## **Notes to the Financial Statements for the year ended 31 July 2025** 

## **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 for the year is**|**2025**|**2024**|
|---|---|---|---|
||**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. 

21 



Docusign Envelope ID: 300C07B8-A081-881C-8348-21809383FC0D 

## **Troubadour Trust** 

**(Limited by Guarantee)** 

## **Notes to the Financial Statements for the year ended 31 July 2025** 

## **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 2024 /||||
|31 July 2025|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 31 July 2025 was £nil (31 July 2024 £nil). 

|**8.**<br>**Debtors**<br>Trade debtors<br>Amounts owed by group undertakings|**2025**<br>**£**<br>167,531<br>28,783<br>196,314|**2024**<br>**£**<br>-<br>28,495|
|---|---|---|
|||28,495|



22 



Docusign Envelope ID: 300C07B8-A081-881C-8348-21809383FC0D 

## **Troubadour Trust** 

## **(Limited by Guarantee)** 

## **Notes to the Financial Statements for the year ended 31 July 2025** 

|**9.**<br>**Creditors: amounts falling due**<br>**within one year**<br>Trade creditors<br>Accruals|**2025**<br>**£**<br>2,100<br>2,100<br>4,200|**2024**<br>**£**<br>-<br>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 2025 there were 4 members. 

|**11.**|**Unrestricted funds**|**Brought**|**Incoming**|**Outgoing**|**Carried**|
|---|---|---|---|---|---|
|||**forward**|**resources**|**resources**|**forward**|
|||**£**|**£**|**£**|**£**|
||General fund|43,889|167,531|)<br>(16,946|194,474|



## **12. Analysis of net assets between funds** 

|**General**<br>**funds**<br>**£**<br>Fund balances at 31 July 2025<br>are represented by:<br>Investments<br>1<br>Net current assets<br>194,473<br>194,474|**Total**<br>**£**<br>1<br>194,473|
|---|---|
||194,474|



23 



Docusign Envelope ID: 300C07B8-A081-881C-8348-21809383FC0D 

## **Troubadour Trust** 

**(Limited by Guarantee)** 

**Notes to the Financial Statements for the year ended 31 July 2025** 

## **13. Ultimate parent undertaking** 

Troubadour Trust is controlled by Troubadour Theatres Ltd by a right to appoint directors. Troubadour Theatres Ltd 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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