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2024-03-31-accounts

Charity registration number 1145989

Company registration number 07739274 (England and Wales)

TRAFALGAR ENTERTAINMENT TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2024

TRAFALGAR ENTERTAINMENT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees H J Enright A Hill Dame R A Squire K S H Gartzke J K Nicholls Charity number 1145989 Company number 07739274 Principal address 12th Floor, Export House 5 Henry Plaza Victora Way Woking GU21 6QX Registered office Ashcombe Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ Independent examiner Alex Temlett CA ACA CTA Azets Ashcombe Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ

TRAFALGAR ENTERTAINMENT TRUST

CONTENTS

Page
Trustees report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Statement of cash flows 8
Notes to the financial statements 9 - 17

TRAFALGAR ENTERTAINMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 MARCH 2024

The trustees present their annual report together with the financial statements of the Trust for the period 2 April 2023 to 30 March 2024. 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 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).

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.

Achievements and performance

Review of activities

From April 2023 to March 2024, Creative Learning performances and activity in the venues continued to gain momentum and surpass prior year levels in terms of participation, audience numbers and sessions delivered. Summer Youth Projects saw an increase in young people auditioning to participate, with our Guildford and Crewe venues producing them for the first time. 706 participants took part in the Summer Youth Projects and West End Experiences with 652 performers and 54 technical placements made. The performances attracted over 8,500 audience attendees in addition to funding and sponsorship of £43,502. These projects also helped the Trust hire 43 freelancers to assist in the projects. Additionally, audition workshops intended to widen access to the projects to people who usually wouldn’t take part in the project that had been piloted the previous year was extended across multiple venues. A second Creative Learning Annual Report was produced illustrating the impact and content of all activity delivered across the venues with 169 performances produced attracting just short of 30,000 audience members and creating over 1,900 sessions delivered.

Financial review

During the current financial year, a number of contracts between the Trust, Trafalgar UK Theatres Holdings Limited subsidiaries and councils were reviewed. During this process it was concluded that there were certain contracts that were not in line with the objectives and strategy of the Trust and as such were best placed within other subsidiaries to drive growth within those areas. As such income and expenditure in relation to these activities are included in 2023 however not included in the results of 2024. In 2023 income of £448,376 was generated from core trust activity resulting in a 9% increase in funding year on year.

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 foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Reserves policy

As at 30 March 2024, there were unrestricted funds of £290,292 (1 April 2023: £491,158) and a surplus of £1,865 of restricted funds (1 April 2023: 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 specified by the donor.

TRAFALGAR ENTERTAINMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

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.

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. 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 socioeconomic 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.

Values - the principles that guide our work

Creativity - Collaboration - Excellence - Respect

TRAFALGAR ENTERTAINMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

Our objectives

• 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 continue to consolidate and develop robust governance for the Trust, producing a business plan for the next three years of operation and a strong brand. We will bring together creative learning activities across Trafalgar Entertainment to ensure that programmes reflect the 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 Entertainment Trust is a charitable company limited by guarantee, with registered charity number 1145989. The Trust's governing documents are the Memorandum and Articles of Association. H J Enright

A Hill Dame R A Squire K S H Gartzke J K Nicholls R N Morgan (Resigned 23 July 2024)

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.

The Trust's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The Trust's current policy concerning the payment of trade creditors is to:

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.

TRAFALGAR ENTERTAINMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 MARCH 2024

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 12 of these financial statements.

Funds held as custodian trustee

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.

The Trustees report was approved by the Board of Trustees.

Dame R A Squire

13 December 2024

TRAFALGAR ENTERTAINMENT TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF TRAFALGAR ENTERTAINMENT TRUST

I report to the Trustees on my examination of the financial statements of Trafalgar Entertainment Trust (the Charity) for the year ended 30 March 2024.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity’s 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 the Institute of Chartered Accountants in England and Wales (ICAEW), 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:

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 financial statements to be reached.

A J Temlett CA ACA CTA Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ United Kingdom

Dated: 13 December 2024

TRAFALGAR ENTERTAINMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 MARCH 2024

Unrestricted
Restricted
Total
Unrestricted
Restricted
funds
funds
funds
funds
2024
2024
2024
2023
2023
Notes
£
£
£
£
£
Income from:
Donations and
legacies
2
9,985
29,792
39,777
354,128
2,368
Charitable activities
3
447,479
-
447,479
431,421
-
Total income
457,464
29,792
487,256
785,549
2,368
Expenditure on:
Charitable activities
4
658,330
30,177
688,507
789,235
2,368
Net expenditure for the
year/
Net movement in funds
(200,866)
(385)
(201,251)
(3,686)
-
Total funds brought forward
491,158
2,250
493,408
494,844
2,250
Total funds carried
forward
290,292
1,865
292,157
491,158
2,250		 Total
2023
£
356,496
431,421
787,917
791,603
(3,686)
497,094
493,408

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

TRAFALGAR ENTERTAINMENT TRUST

BALANCE SHEET

AS AT 30 MARCH 2024

Notes
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within
one year
10
Net current assets
Income funds
Restricted funds
Unrestricted funds		 2024
£
£
476,222
79,041
555,263
(263,106)
292,157
1,865
290,292
292,157		 2023
£
£
1,195,545
44,627
1,240,172
(746,764)
493,408
2,250
491,158
493,408		 2023
£
£
1,195,545
44,627
1,240,172
(746,764)
493,408
2,250
491,158
493,408
2,250
491,158
493,408

The company is entitled to the exemption from the audit requirement, contained in section 477 of the Companies Act 2006, for the year ended 30 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 13 December 2024

Dame R A Squire Trustee

Company registration number 07739274

TRAFALGAR ENTERTAINMENT TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 MARCH 2024

2024
Notes
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
14
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors payable
within one year		 2023
£
£
£
34,534
(22,575)
-
-
-
-
34,534
(22,575)
44,507
67,082
79,041
44,507
79,041
44,627
-
(120)

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2024

1 Accounting policies

Charity information

Trafalgar Entertainment Trust, incorporated in England and Wales, is a company limited by guarantee and consequently does not have share capital.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

After making appropriate enquiries, the Trustees have reasonably concluded that current and future sources of funding or support will be more than adequate for the charitable company’s needs for at least the next 12 months. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

1.3 Charitable funds

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 the notes to the financial statements.

1.4 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.

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

1 Accounting policies

(Continued)

1.5 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.

1.6 Cash and cash equivalents

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.

1.7 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.

1.8 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.

1.9 Creditors

Trade and other creditors are recognised at the settlement amount after any trade discount received. Accruals are valued at the amount accrued net of any trade discount received.

1.10 Pensions

The Trust operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Trust to the fund in respect of the period.

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Sponsorship income
5,791
29,792
Government grants
4,194
-
9,985
29,792		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
35,583
-
-
4,194
354,128
2,368
39,777
354,128
2,368		 Total
2023
£
-
356,496
356,496

Income relating to specific contract types not aligned with principal activities of the Trust are included in 2023 however are not included in 2024 as they were transferred to other areas of the Trafalgar UK Theatres Holdings Limited subsidiaries. In 2023 income of £448,376 was generated from core trust activity resulting in an 9% increase in funding year on year.

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

3 Charitable income
Provision of
Provision of
education
education
2024 2023
£ £
Education 447,479 431,421
4 Charitable expenditure
Provision of
Provision of
education education
2024 2023
£ £
Activities undertaken directly 201,893 380,394
Share of support costs (see note 5) 477,364 407,209
Share of governance costs (see note 5) 9,250 4,000
688,507 791,603
Analysis by fund
Unrestricted funds 658,330 789,235
Restricted funds 30,177 2,368
688,507 791,603

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

5 Support costs

Staff costs
Rates
Insurance
Light and heat
Bank charges
Other support costs
Entertainment
Travel and subsistence
Professional fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
559,019
-
1,249
-
(64,476)
-
(19,976)
-
51
-
796
-
(500)
-
1,201
-
-
9,250
477,364
9,250
477,364
9,250		 2024
£
559,019
1,249
(64,476)
(19,976)
51
796
(500)
1,201
9,250
486,614
486,614		 Support
costs
Governance
costs
£
£
265,879
-
60,606
-
39,147
-
33,188
-
1,025
-
4,753
-
638
-
1,973
-
-
4,000
407,209
4,000
407,209
4,000		 2023
£
265,879
60,606
39,147
33,188
1,025
4,753
638
1,973
4,000
411,209
411,209

Governance costs includes independent examination fees of £4,850 (2023: £4,400).

During the year accruals of £68,396 were released following agreement with a third-party supplier to waive long outstanding expenses incurred that were never invoiced. Expenditure relating to specific contract types not aligned with principal activities of the Trust are included in 2023 however are not included in 2024 as they were transferred to other areas of the Trafalgar UK Theatres Holdings Limited subsidiaries.

6 Trustees

Trustees' remuneration and expenses

During the period, no trustees received any remuneration or other benefits (period to 1 April 2023 - £nil). During the period ended 30 March 2024, no trustee expenses have been incurred (period to 1 April 2023 - £nil).

7 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
10 10

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

7
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2024
2023
£
£
525,300
241,239
25,941
19,875
7,778
4,765
559,019
265,879		 (Continued)
2024
2023
£
£
525,300
241,239
25,941
19,875
7,778
4,765
559,019
265,879
265,879

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 1 April 2023 - £nil).

There were no employees whose annual remuneration was more than £60,000.

8 Taxation

The Trust is a registered charity and is therefore exempt from taxation.

9 Debtors

Amounts falling due within one year:
Trade debtors
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income		 2024
£
177,317
250,345
21,160
27,400
476,222		 2023
£
426,074
768,471
-
1,000
1,195,545

At 30 March 2024 £nil (1 April 2023 - £nil) of the prepayments and accrued income related to restricted funds.

10 Creditors: amounts falling due within one year

Notes
Bank overdrafts
Other taxation and social security
Trade creditors
Amounts owed to fellow group undertakings
Other creditors
Accruals and deferred income		 2024
£
-
5,461
132,572
109,794
2,168
13,111
263,106		 2023
£
120
68,009
110,970
412,883
2,752
152,030
746,764

At 30 March 2024 £1,493 (1 April 2023 - £5,569) of the accruals and deferred income related to restricted funds.

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

11
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Fund balances at 30
March 2024 are
represented by:
Current assets/(liabilities)
290,292
1,865
290,292
1,865		 Total Unrestricted
funds
Restricted
funds
2024
2023
2023
£
£
£
292,157
491,158
2,250
292,157
491,158
2,250		 Total
2023
£
493,408
493,408

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

12 Related party transactions

During the year under review the following transactions took place with related parties:

The Trust made the following sales to group undertakings: - Trafalgar UK Theatres Hayes Limited - £16,127 (Apr 2023: £21,874)

At the balance sheet date the following balances were owed to group undertakings: - Trafalgar UK Theatres Hayes Limited - £nil (Apr 2023: £49,047)

TRAFALGAR ENTERTAINMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2024

13 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.

14
Cash generated from operations
2024
£
Deficit for the year
(201,251)
Movements in working capital:
Decrease/(increase) in debtors
719,323
(Decrease)/increase in creditors
(483,538)
Cash generated from/(absorbed by) operations
34,534		 2023
£
(3,686)
(44,955)
26,066
(22,575)