Tue, 24 Mar 2020 | ADMINISTRATION
The Square Chapel Trust and its subsidiary Square Trading Ltd have appointed administrators from Mazars LLP following a funding shortfall.
The trust operates as an arts centre in Halifax, West Yorkshire, providing film, theatre, music and workshops, among other cultural offerings, also operating a café and bar.
Despite attracting around 100,000 visitors per year, the trust has been forced to appoint Patrick Lannagan and Conrad Pearson of Mazars as joint administrators, which Lannagan outlining the trust’s financial difficulties:
“The Trust has suffered a funding shortfall in the current financial year which has caused significant cash flow difficulties, leaving the Trust and its subsidiary with no option but to enter Administration.”
“Subsequent to the decision to enter Administration the facilities closed to the public from 17th March for the foreseeable future in response to the Government’s latest advice on COVID-19.”
According to the trust’s most recent financial report, from the year ending March 31 2019, it generated net income of over £347,000 from a total of 1,254 events and had total income of £1.6 million, including income from grants and donations and charitable activities.
Its net assets at the time amounted to just over £6.3 million, down from £10.1 million the year prior, and it employed an average of 63 employees on a monthly basis.
The trust operates from a grade-II listed 18th century chapel, acquired for just £25 in 1988 and opened as a £6.6 million arts centre in June 2017. The café and bar is situated in a new extension to the building.
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