Lloyd Dorfman is a trustee of the Dorfman Foundation and a trustee of the National Theatre. In 2010/11, the Foundation pledged a leadership gift of £10m for the NT Future project. During the period £2.7m (2014: £2.9m) was paid to the National Theatre, being the final instalment of the gift. Lloyd Dorfman is also the Founder, President and a major shareholder of Travelex, sponsors of the National Theatre £15 Travelex season. During the year, 7 Trustees attended the National Theatre’s Fast Forward gala, a fundraising event specifically for NT Future. These Trustees donated a total of £34,200 in addition to the cost of their tickets. The National has a limited power to enter into transactions with its Trustees. This power is in its governing document, the Memorandum of Association, and it is limited by conditions which protect the interests of the National as a charity. See Note 23 for details of transactions with subsidiaries. OPERATING COMMITMENTS: GROUP AND COMPANY At 29 March 2015 the National was committed under non-cancellable operating leases to make the following payments during the next year: 2015 2014 £m £m Property leases which expire within one to two years 0.1 0.3 Property leases which expire within two to five years - - Property lease commitments relate to lease contracts for the rental of properties at Kennington Park, London SW9. SUBSIDIARIES & ARRANGEMENTS All subsidiaries have coterminous year ends with the parent company. As at 29 March 2015, The National had an interest in the following subsidiary undertakings and joint arrangements: Organisation Country of Nature of Class of Issued Share Parent Consolidation Name Incorporation Business share capital Capital company Method held interest Royal National UK Trading Ordinary 2 x £1 Ord 100% Yes Theatre activities Shares (Line-by-line) Enterprise Limited National UK Commercial Ordinary 2 x £1 Ord 100% Yes Theatre exploitation of Shares (Line-by-line) Productions productions Limited National UK Commercial Ordinary 1 x £1 Ord 100% Yes Theatre exploitation of (Line-by-line) Staging productions Limited+ National US Commercial Ordinary 2 x $1 Ord 100% Yes Theatre exploitation of Shares (Line-by-line) America LLC* productions NT War Horse US Commercial N/A N/A 55.35% Yes LP* exploitation of (Indirect (Proportionate) productions holding)
Lloyd Dorfman is a trustee of the Dorfman Foundation and a trustee of the National Theatre. In 2010/11, the Foundation pledged a leadership gift of £10m for the NT Future project. During the period £2.7m (2014: £2.9m) was paid to the National Theatre, being the final instalment of the gift. Lloyd Dorfman is also the Founder, President and a major shareholder of Travelex, sponsors of the National Theatre £15 Travelex season. During the year, 7 Trustees attended the National Theatre’s Fast Forward gala, a fundraising event specifically for NT Future. These Trustees donated a total of £34,200 in addition to the cost of their tickets. The National has a limited power to enter into transactions with its Trustees. This power is in its governing document, the Memorandum of Association, and it is limited by conditions which protect the interests of the National as a charity. See Note 23 for details of transactions with subsidiaries. OPERATING COMMITMENTS: GROUP AND COMPANY At 29 March 2015 the National was committed under non-cancellable operating leases to make the following payments during the next year: 2015 2014 £m £m Property leases which expire within one to two years 0.1 0.3 Property leases which expire within two to five years - - Property lease commitments relate to lease contracts for the rental of properties at Kennington Park, London SW9. SUBSIDIARIES & ARRANGEMENTS All subsidiaries have coterminous year ends with the parent company. As at 29 March 2015, The National had an interest in the following subsidiary undertakings and joint arrangements: Organisation Name Country of Incorporation Nature of Business Class of share capital held Issued Share Capital Parent company interest Consolidation Method Royal National Theatre Enterprise Limited UK Trading activities Ordinary 2 x £1 Ord Shares 100% Yes (Line-by-line) National Theatre Productions Limited UK Commercial exploitation of productions Ordinary 2 x £1 Ord Shares 100% Yes (Line-by-line) National Theatre Staging Limited+ UK Commercial exploitation of productions Ordinary 1 x £1 Ord 100% Yes (Line-by-line) National Theatre America LLC* US Commercial exploitation of productions Ordinary 2 x $1 Ord Shares 100% Yes (Line-by-line) NT War Horse LP* US Commercial exploitation of productions N/A N/A 55.35% (Indirect holding) Yes (Proportionate)
National-Theatre-Financial-Statements-2014-15.docx