2025-03-31-accounts

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Wormwood Scrubs Charitable Trust Trustee’s Annual Report and Financial Statements for the year ended 31 March 2025

WSCT Chair’s Foreword .................................................................................................................. 3 A Summary of the Year ................................................................................................................... 4 Charitable Objectives and Trust Activities ....................................................................................... 6 Public Benefit ................................................................................................................................... 6 Grant Fundraising ............................................................................................................................ 7 Community engagement and co-production .................................................................................... 7 High Speed 2 (HS2) and the Wormwood Scrubs Charitable Trust .................................................. 8 Kensington Aldridge Academy 2 Site (KAA2) .................................................................................. 9 WSCT Accomplishments and Events in 2024/25 ............................................................................. 9 Grounds Maintenance and Site Management................................................................................ 10 Financial Review ............................................................................................................................ 12 Plans for future periods .................................................................................................................. 13 Reserves and Treasury Management Policy ................................................................................. 14 Risk Management .......................................................................................................................... 17 Statement of Trustee’s Responsibilities in respect of the Trustee’s Annual Report and the financial statements ..................................................................................................................................... 21 Independent Auditor’s Report to the Trustee ................................................................................. 22 Reference and Administrative details ............................................................................................ 26 STATEMENT OF ACCOUNTS ...................................................................................................... 27 Notes to the Accounts .................................................................................................................... 30

WSCT Chair’s Foreword

I’m delighted to share this year’s Annual Report for the Wormwood Scrubs Charitable Trust.

Wormwood Scrubs does a huge amount of work for our community. It’s a vital stretch of green space in a fast-moving city, a vast, open space that somehow manages to feel personal. Its magic is that it offers different things to different people, providing whatever they need from it that day.

For some, it’s the daily dog walk and a hello to familiar faces. For others it’s Parkrun, football with friends, or somewhere their children can run around for hours without anyone needing to book a slot or buy a ticket. For many of us, it’s simply a place to breathe and clear your head in a space of tranquillity.

That’s why the Trust’s job is so vital; we’re here to protect the Scrubs for exercise and recreation, for everyone, in perpetuity - but we’re also here to hold the line on what makes it special: openness, access, and the feeling that it belongs to every single one of us.

2024/25 has been a year of real progress. We retained our Green Flag accreditation, and we reached a major milestone by approving the final design of the Alternative Ecological Mitigation (AEM) Masterplan - the long-term programme of works that will help protect and improve the Scrubs as construction continues around us.

We also designated the Wormwood Scrubs Meadow as a Local Nature Reserve, which is a big step in giving extra protection to one of the most ecologically important parts of the Scrubs.

We also delivered the first year of a free outdoor learning programme for local children - the sort of brilliant programme that reminds us of the power of green spaces to uplift our community.

I also want to say a huge thank you to our wonderful volunteers across the year. The Scrubs has always been a community space, and it’s genuinely looked after by the community too. This year alone, more than 1,200 volunteers gave their time across 168 sessions, adding up to over a massive 5,000 hours of support being given.

This is the difference between a space being simply open, and a space being cared for. Volunteers helped plant 450 trees, manage scrubland, lay woodchip on forest paths, and do the muddy but essential work that keeps the Scrubs welcoming for everyone.

I’m immeasurably grateful to everyone who has shown up and got their hands dirty this year - a reminder that the Scrubs doesn’t just belong to all of us in principle - it belongs to all of us in practice. Financially, the Trust remains in a strong position, reporting a surplus of £713,601 in 2024/25, giving us the stability to plan well and invest properly.

Next year is about delivery and looking to the future: starting the AEM works, continuing to improve facilities and access for everyone, and strengthening how we engage, including plans for a dedicated WSCT website and longer-term business planning. Wormwood Scrubs is a genuinely special part of London, and I’m grateful for everyone who’s shown their support this year. I’m so proud of what we’ve achieved, and looking forward to what we’ll do next year.

With very best wishes,

Alex

A Summary of the Year

The Wormwood Scrubs Charitable Trust (WSCT) acts as the steward, freeholder and management authority for this valued area of open space in West London. The WSCT estate sits across 2 planning authorities. That of; The Old Oak and Park Royal Development Corporation (OPDC) to the north, and the London Borough of Hammersmith and Fulham to the south. Amid developments locally and nationally, 2024/25 saw several significant projects and milestones for the charity, including:

Approving the final design of the Alternative Ecological Mitigation (AEM) Masterplan.
Retaining our Green Flag accreditation.
Delivering the first year of a free outdoor learning programme for local children.
Embedding citizen’s science into the Trust’s stewardship of the open space.
Designating the Wormwood Scrubs Meadow as a ‘Local Nature Reserve’.
Delivering a financial surplus of £713,601, due to some deferred expenditure.
Maintaining grounds and maintenance management of the Scrubs in preservation of the Trust’s charitable objective.
Facilitating over 5000 hours of voluntary support to maintain the open space.
Conducting extensive habitat management programmes, including planting 450 trees and 60m of wildlife hedges.
Through partnership with the Thames Valley Harriers, celebrating the success of their Senior Women’s team becoming the National 6-stage road relay champions, along with the club winning the Southern Athletics League (SAL) and maintaining the National Athletics League (NAL) title for a fourth consecutive year.
Sending three home grown athletes to compete in the 2024 Paris Olympics.

WSCT Mission and the Estate

WSCT maintains responsibility for 76.8 hectares of open, green space and associated assets in West London. This is one of the largest areas of Metropolitan Open Land in London and has been held in Trust as a public open space since ratification of the Wormwood Scrubs Act 1879. The act defines the charitable objectives of the Trust as holding the Scrubs – ‘for the purpose of exercise and recreation for the inhabitants of the metropolis, in perpetuity.’ (Wormwood Scrubs Act, 1879).

WSCT maintains stewardship of the estate in line with the objectives stated above. In March 2025, the WSCT management committee decided to build upon those tenets by approving a set of strategic themes for the organisation, which will guide the development of a long-term business plan. Those 5 themes are:

1. Ensuring sustainable access to recreation and exercise.

2. Preserving and enhancing the ecology of Wormwood Scrubs.

3. Fostering health and educational outcomes through community engagement.

4. Improving facilities and maintaining assets.

5. Delivering financial security.

The Scrubs is the largest open space in the London Borough of Hammersmith and Fulham and borders the London Borough of Ealing to the west and the Royal Borough of Kensington and Chelsea to the east and the London Borough of Brent to the north. As a destination green space, which has grown in popularity since COVID, the Scrubs regularly hosts substantial numbers of users from around the locale and further afield.

The Scrubs retains a multitude of ecological features, including some rare, legally protected, and notable species. Habitats include woodland (plantation), scrub, grassland and wildflower meadows. Among those features are areas designated as ‘Sites of Importance for Nature Conservation’ and ‘Local Nature Reserves,’ including Braybrook Woods, Martin Bell's Wood, and the Central Woodland Copse. The Scrubs hosts several animal species including common lizards, slow worms, approximately 100 recorded species of bird, and 23 species of butterfly. There are also approximately 250 native plant species which make up one sixth of UK native flora.

The WSCT estate also includes: 2 outdoor gym areas, 2 children’s play areas, a pony riding centre, an athletics stadium, numerous grass sports pitches, grounds maintenance and green waste processing depot, a BMX cycling track and a temporary secondary school site.

Governance, Management and Structure

The London Borough of Hammersmith and Fulham (the Council) is the sole corporate trustee to the Trust. Responsibility for the management of the Trust rests with the Wormwood Scrubs Charitable Trust Committee (Trust Committee) which is constituted under the Council’s constitution. The Committee is charged with managing all the affairs of the Trust, giving strategic direction, and ensuring it achieves its charitable objectives. ‘The Scrubs’ is subject to a charitable trust, established by the 1879 act, amended by a scheme of the Charity Commission dated in 2002.

Under the Council’s constitution, the Committee consists of three appointed Councillors; the Committee may also co-opt non-voting independent members. The Committee members for 2024/25 were: Councillors Alex Sanderson (Chair), Bora Kwon and Dominic Stanton. There were also two non-voting co-opted members, Sir Stephen Waley Cohen and Faye Thomas, both of whom are also trustees of the Friends of Wormwood Scrubs.

The Council's Standards Committee provides advice and training for Councillors. Under the constitution, Councillors are required to accept a personal responsibility to take up such opportunities for training and development that may be provided by the Council to better carry out their duties as effective members.

As part of the trustee induction process, once elected, voting members are required to sign a council code of conduct as part of their declaration of acceptance. Non-voting co-opted members are required to send written acknowledgement of their acceptance of the committee terms of reference, along with attending their first meeting and accepting their nomination among the board.

The Trust has several related party transactions with the Council. These include the routine grounds maintenance contract, a contribution from the Trust towards the Linford Christie stadium and the provision of managerial, financial and legal services by the Council. This resulted in total expenditure of £484,003 in 2024/25 by the Trust to the Council.

Daily management of the Trust estate is undertaken by the Trust Manager, who is the sole dedicated employee, with senior support provided by the Assistant Director for Parks and Highways and the Director of Public Realm. The Committee’s scheme of delegation provides tiers of financial delegation enacted by the Committee Chair and senior officers. For 2024/25, the de facto Chief Executive of the Trust was Sharon Lea, the Council’s Chief Executive. The Council’s Executive Director - Finance and Corporate Services, Sukvinder Kalsi, was the Trust’s de facto Chief Finance officer.

Charitable Objectives and Trust Activities

The Trust seeks to encourage sporting and recreational use of the Scrubs through the provision and maintenance of an environment that is conducive to its objective. The Trust is not corporately linked with the prison located nearby but maintains a relationship with the institution.

The Linford Christie stadium is situated on the Scrubs and was built by the Greater London Council when that body was responsible for the Scrubs. The stadium is operated by the Council, and the Trust makes an annual contribution to its running costs. The stadium hosts several seasonal athletics events, regular sports bookings for schools and community sports clubs and several community events. The stadium is also home to Thames Valley Harriers Athletics Club, Kensington Dragons Football club, London Sports Youth Baseball and the free weekly 5km Park Run, all of which are run as charitable entities.

Wormwood Scrubs open space also maintains several sports pitches available to users including soccer pitches, Gaelic football, baseball, cricket and cross-country facilities.

The recreational element of WSCT provision includes but is not limited to maintenance of amenity areas for walkers, both with and without dogs. A model aircraft flying zone, one of the only such areas in London, two outdoor gym facilities, two children’s play areas, a BMX cycling track, a pony riding centre for disabled children, seasonal eco-volunteering activities, an outdoor learning education programme for local children, seasonal community events and maintenance of access to open space for users of the Scrubs.

The Trust’s main financial provision relates to the maintenance of the Scrubs itself. Since 6 May 2008, Idverde UK (which acquired Quadron Services Ltd in 2016) has provided a grounds maintenance service at Wormwood Scrubs following a procurement exercise run by the Council. A new 5-year contract for the Scrubs, with an option of a further five years, was awarded to Idverde UK beginning in February 2022 following a further procurement exercise run by the council. In maintaining this contract, the Trust has ensured the continuation of a site-management regime which facilitates the achievement of the Trust’s charitable objectives.

Public Benefit

The Trustee has paid due regard to the Charity Commission's public benefit guidance in preparing its annual report. The Trust delivers public benefit in meeting its charitable objective of holding the land in trust in accordance with the 1879 Act.

The Trustee has referred to the Charity Commission’s guidance on the public benefit when deciding the activities the charity should undertake. The charity provides public benefit by maintaining an environment to enable sporting and recreational use by the public.

Grant Fundraising

During the financial year 2024/25, The Trust did not secure any new external grant funding. The Trust did however award a £47,000 grant to the Kensington Dragons Football Club to support the re-development of all-weather sports pitches at the Linford Christie outdoor sports stadium. The Trust’s total contribution to that scheme stands at £250,000. The remaining £203,000 contribution was paid in 2025/26. The total cost of the programme is £1,416,320 with £218,400 contributed by LBHF Council and £947,920 provided by the football club.

- Community engagement and co production

WSCT continues to engage with local groups and stakeholders. In 2024/25, the Trust issued landowner’s permission to several individuals and community organisations to deliver ecomanagement works, research projects and children’s activities. These included:

hosting Operation Centaur, an organisation specialising in the use of shire horses as a traditional method of meadow management,
permitting the West London Bird Ringing Group to conduct bird ringing sessions on the Scrubs. These sessions aim to catch and tag birds to track their behaviours and breeding patterns, allowing the Trust to better understand how to maintain habitats for the benefit of local wildlife,
granting permission to The Conservation Volunteers to use the Scrubs as a host location for corporate volunteers,
commissioning an outdoor learning programme for local primary school aged children, which has been continued in 2025/26.

WSCT continues to work closely with the Friends of Wormwood Scrubs (FoWWS) and two members of its trustee board, who are co-opted onto the WSCT Committee as non-voting members. Regular contact has been maintained with the FoWWS throughout the year and periodic meetings to discuss operational matters take place every 6 months. The Trust continues to welcome the valuable contribution made by the FoWWS and their continued commitment to ensuring the Scrubs is maintained for the purpose of the Trust’s charitable objectives.

In partnership with the Friends of Wormwood Scrubs and RSPB, the Trust has enacted a citizens science programme to monitor ecological habitats hosted on the Scrubs. ‘Scrubs Watch’ involves users of all ages and backgrounds photographing flora and fauna, uploading their content to a digital platform and specifying the location of that photo. This information is filtered by our Ecology Advisor, added to a master database and used to track habitat health. This programme will continue throughout the AEM Masterplan implementation period, further underpinning the role of the local community in ensuring habitats on the Scrubs are enhanced, protected and monitored.

In 2024/25, the Trust commenced co-production of accessibility enhancements across the WSCT estate. Over 50 identified stakeholders have engaged in proposals to improve pedestrian access for less able people, while improving the overall offer of recreation and exercise on the estate.

High Speed 2 (HS2) and the Wormwood Scrubs Charitable Trust

HS2/WSCT Alternative Ecological Mitigation (AEM) Masterplan Works

The agreement between HS2 and the Council dated 20 October 2016 secured £3,885,657 for alternative ecological mitigation (AEM) Masterplan works on the Wormwood Scrubs open space. This agreement was established to offset the impact of the station construction on the local environment. Station works are due to continue until approximately 2033. The AEM Masterplan was agreed as an alternative to the ecological mitigation within the HS2 Bill and forms an appendix to the agreement.

On establishing the AEM agreement, Land Use Consultants (LUC) were recruited via a competitive tendering exercise and have since collated information on the significance and use of the Scrubs. This information has formed the basis of consultation exercises undertaken to develop the principles of ecological mitigation, improved access and long-term management. LUC have developed several iterations of the Masterplan, taking user feedback into account and amending plans accordingly.

Incorporating feedback generated through additional consultation conducted by the London Development Trust, WSCT submitted a planning application to the OPDC, which was later withdrawn due to an objection upheld by Sport England relating to the reorientation of a Gaelic Football pitch. The scheme was then amended, with a final version approved by the Trust committee in March 2024.

HS2 have been engaged throughout this process and remain a constructive, supportive partner to the Trust’s ambition of stewarding the Scrubs in the interest of public benefit.

HS2 Bill – Compulsory Purchase Orders (CPO)

In 2020/21, HS2 served preliminary notices of compulsory purchase for three areas of Wormwood Scrubs open space. These comprise:

An area of 14.04 square metres (sqm), adjacent to Old Oak Common Lane (OOCL) to accommodate the realignment of OOCL and footpath. Once the work has been completed this would form part of the highway under the responsibility of the London Borough of Ealing.
The Under Track Crossing (UTX) site, comprising 2,429.81 sqm of land to allow for further utility diversion works, enabling construction of the station.
A 756.48 sqm area of subsoil directly parallel to the north of the UTX site.

Through various interactions with HS2, the Trust has sought confirmation on the future ownership of these plots of land. The Trust maintains its desire, in line with charity law, that all vested plots of land be returned to the Trust, in lieu of a compensation claim to the Secretary of State. In 2024/25, these discussions culminated in an agreement in principle on the application of Crichel Down Rules and the limitation period for compensation relating to land under CPO. This agreement protects the Trust from paying a materially higher valuation for the cost of land, if HS2 decide the land is surplus to requirements, while allowing the Trust to submit a compensation claim to HS2 until 2036. The agreement is likely to be signed in 2025/26, once the Trust has received outstanding fees from HS2

Ltd. WSCT maintains the desire to re-patriate land governed by the Wormwood Scrubs Act 1879 for its perpetual use for the inhabitants of the metropolis.

Kensington Aldridge Academy 2 Site (KAA2)

The Kensington Aldridge Academy is located very close to Grenfell Tower in North Kensington. In the aftermath of the fire in June 2017, it was apparent that the school could not operate from that site. The Department for Education (DfE) had identified the old, redgra military training area on the Scrubs, adjacent to Scrubs Lane as a suitable site for the temporary school buildings and set about seeking the permission of the Trust, the OPDC as planning authority and the Ministry of Defence to use the site.

Temporary structures were installed over the summer of 2017, and the school was ready for occupation in September. The Academy pays the Trust a suitable market rent which is greater than the income it would normally receive by renting out the area for short term uses, such as lorry parking for trade shows at Olympia.

The Academy site remained in situ throughout the financial year. 2024/25 will be the final full year of occupation on this site, as the Department for Education have decided to begin decommissioning the site in 2025/26.

WSCT Accomplishments and Events in 2024/25

Sport and Recreation

The WSCT estate maintains eight full size 11-a-side football pitches, three junior nine-a-side pitches, two junior seven-a-side pitches and two junior five-a-side pitches. In addition, there are two Gaelic football pitches, seasonal baseball pitches, a non-turf cricket wicket and a football pitch in the central area of the athletics track which is the home pitch of the Kensington Dragons Football Club (KDFC) senior team. The Linford Christie Outdoor Sports Centre (LCOSC) facility is the home of Thames Valley Harriers Athletics (TVH) Club, who host several regional and national athletics events throughout the year. WSCT maintains close partnerships with both clubs operating on the estate and continue to enhance opportunities for local people through sports and exercise.

Throughout the year, WSCT, LBHF Council and KDFC have partnered to improve the facilities at LCOSC. A programme of improvements was agreed during the year and includes – 1. The demolition and replacement of the old changing room block, with temporary changing facilities. 2. Re-developing the all-weather artificial sports pitches. 3. Re-surfacing the eight lane 400m athletics tracks. Of these three schemes, only the first was completed during 2024/25, with the remaining projects to be completed the following year.

In March 2024, the WSCT management committee approved the final version of an ecological masterplan, with funding secured from HS2 Ltd. A competitive procurement exercise has since been underway, with works expected to commence in February 2026. A 12–15-month capital work programme will then be complimented with a 10-year management and maintenance plan, aimed at supporting healthy habitats and cultivating native species.

WSCT commissioned an outdoor learning programme on Wormwood Scrubs, in partnership with Urbanwise London, Old Oak Primary school and LBHF Family Hubs. These free weekly sessions

are designed to give children and parents access to Forest School accredited practitioners who run structured activities in designated areas, throughout the year. The Trust aims to secure financial support from local partners to ensure this programme is embedded as a regular feature of site activities.

Upon extensive consultation and in partnership with the LBHF Ecology team, Natural England, RSPB and the Friends of Wormwood Scrubs, the Trust successfully designated the Western Meadow area as a Local Nature Reserve (LNR). This designation offers an additional level of legal protection to the species calling this area home. LNR status also supports a different style of management and maintenance. Users are still able to access this area year-round. The Trust encourages dog walkers to ensure dogs are kept on leads within bird nesting season (March – September).

2024/25 saw over 5000 hours of volunteer work dedicated to supporting the Scrubs. 1224 volunteers attended 168 sessions. Highlights of those sessions include - 450 trees planted, 1.5 hectares of scrub land managed, 60m of newly planted hedging and 1500m of woodchip laid on forest paths. Through the idverde/RSPB contract, corporate and community volunteer groups continue to contribute towards the success of ecological management on the Scrubs. These efforts have contributed towards the Trust maintaining its Green Flag accreditation for a further year.

Across the year, WSCT estate hosted several sporting and recreational events, the highlights of which include:

London Sports Junior Baseball League.
British Athletics League meetings.
Weekly ParkRun free 5K run/walk.
London School Athletics Association Cross-Country Championships.
South of England Athletics Association Cross-County Relays.
Kensington Dragons Men’s 1[st] XI fixtures.
Fulham Irish GAA Men’s fixtures.
Multiple school sports events.
Friends of Wormwood Scrubs annual dog show.
Eid in the Park.
Several corporate volunteering event days.
Dawn Chorus walks.

Grounds Maintenance and Site Management

Routine and non-routine grounds maintenance continue to form the largest proportion of Trust expenditure. Officers and the contractor, idverde UK, have worked hard over the last year to ensure the grounds are maintained to an acceptable standard. This work is reflected in the maintenance of Green Flag status. The contract includes several regular tasks undertaken on a routine and reactive basis scheduled below. The current grounds maintenance contract has been in place since February 2022. Performance of the contract has been steady, with monthly meetings held to maintain standards and manage improvements.

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----- Start of picture text -----
Scope of Grounds Maintenance Activity
Maintenance of all grass pitches including within Linford Christie Stadium
Grass cutting all non-pitch areas across the site including play areas and dog area
Strimming across the site and Linford Christie Stadium
Maintaining grass path access through scrub areas allowing access to nature
Pruning and maintenance of hedges and access routes through copses and woodlands
Maintaining and pruning of all shrub bed areas
Low-level tree works and reporting defects and further action required
Inspecting daily three on-site play areas reporting defects and further action required
Attending to vandalised or damaged equipment, facilities or surfaces
Emptying of litter/dog waste bins
Cleansing hard surfaces across the site including within the Linford Christie Stadium
Treating of Japanese Knotweed and Giant Hogweed
Cleansing and sweeping synthetic pitch areas within Linford Christie Stadium
Litter picking across the site including within the Linford Christie Stadium
Leaf clearance across parts of the site (leaves in woodland areas are left as mulch)
Undertaking scrub and bramble management works outside of ground nesting bird
season
Attending to fly tips and clearance after illegal encampments
Liaising with site and facility users and borough Law Enforcement Team
Assisting in the preparation of sporting and recreational events
Assisting with Volunteer initiatives
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The Scrubs is an extremely popular site attracting a diverse range of users from dog walkers to model aircraft flyers; from ornithologists to those wanting a quiet walk. Movement data ascertained through a digital mapping platform indicates the popularity of certain access routes. This information has been fed to our grounds maintenance contractor and local law enforcement for the purpose of strategic patrols and ensuring adherence to Park byelaws.

Community Safety and Security

The Scrubs continued to be patrolled by the Borough’s uniformed Law Enforcement Team (LET), which was established in April 2021, after restructuring and relaunching the former parks police team. Minor infringements were recorded throughout the year, with no major crimes reported. Most incidents involved anti-social behaviour, to which the team were able to respond with dispersal orders and fixed penalty notices.

In 2024/25, LET officers engaged several non-compliant dog walking companies to amend their practices in line with the borough-wide public space protection order on responsible dog walking. These interactions have resulted in several fixed penalty notices issued, along with 2 community protection notices to consistently non-compliant businesses.

In addition to the above, LET officers have conducted regular weapons sweeps, attended and cleared 9 fly-tipping incidents, cleared 7 illegal encampments with sign-posting advice deployed as necessary, conducted 124 anti-social behaviour patrols to high-risk areas, removed 9 abandoned vehicles and conducted over 830 high visibility patrols.

Security improvements such as vehicle height and width restrictions and an electric traffic management system have contributed towards a heightened level of safety and security on the WSCT estate.

Financial Review

The Trust is reporting a surplus of £713,601 in 2024/25. This is £782,829 more than budget due to significantly lower than expected costs and additional income. Some of the expenditure has been deferred to 2025/26.

The main reason for the surplus is the continued income received from the Kensington Aldridge Academy 2 site (KAA2), for their continued occupation of the site, which was £364,497 in 2024/25 along with planned maintenance expenditure being delayed until 2025/26. However, it should be noted that the KAA2 site licence will end in November 2025.

A summary of the Trust’s financial position, together with the historical position, is below:

Summary of Financial Position	2024/25	2023/24	2022/23	2021/22	2020/21
	£	£	£	£	£
Total IncomingResources	1,542,467	1,496,682	1,256,862	1,170,121	1,002,080
Total Resources Expended	(828,866)	(821,335)	(830,036)	(1,077,529)	(953,096)
Net outgoing (-)/Incoming resources	713,601	675,347	426,826	92,592	48,984

Total funds brought forward	7,133,142	6,457,795	6,030,969	5,938,378	5,889,393
Total funds carried forward	7,846,743	7,133,142	6,457,795	6,030,970	5,938,378

General unrestricted income funds	2,846,742	2,133,141	1,457,794	1,030,969	938,377

Within total funds brought forward of £7,133,142, the Trust has fixed asset funds of £5,000,001 relating to the valuation of the car park and tangible fixed assets in their existing use. The remaining, unrestricted income funds are solely used for the specific purposes of the Trust. These total £2,846,742 as of 31 March 2025 (see the Statement of Accounts note 5), an increase of £713,601 during 2024/25.

This 2024/25 surplus of £713,601 exceeded the net expenditure budget of £69,228 by £782,829 mainly due to planned investment / infrastructure spend being pushed back to 2025/26. The main income sources were:

The KAA2 site license to occupy.
Pay & Display (cashless parking) income from the Wormwood Scrubs car park.
Licence income for the Hospital’s use of the other car park.
Additional income was also achieved from filming, the Pony Centre, utilities licensing and external grant funding.

Expenditure incurred by the Trust is in line with the objectives of the Trust.

The Linford Christie stadium is operated by the Council and the Council has, historically, borne most of the expenditure associated with its operation. The Trust however contributes to the Linford Christie stadium (together with other sports facilities located on the Trust grounds) to promote its objectives to support exercise and recreation. The approved 2024/25 contribution was £63,000.

Plans for future periods

The Trust’s approved budget for 2025/26 takes account of investment items carried forward from 2024/25 (including contributions to Linford Christie Stadium, both directly and via the Kensington Dragons agreement). Therefore, a deficit budget (£401,947) was set. The Trust’s healthy reserves position of £2,846,742 facilitated this decision to draw down from reserves.

The latest 2025/26 forecast predicts a £489,989 deficit, which is £88,042 worse than budgeted, due to the loss in KAA income from December 2025 onwards. The Hammersmith Hospital car park license and pay and display parking income will cover costs, while income from the Kensington Aldridge Academy (KAA2) licence is expected to be remain in place until November 2025. That license was the main reason for the Trust’s increase in unrestricted funds from 2017/18 to 2024/25. Since February 2022 decreased grounds maintenance costs, following contract re-tender, has also made significant contributions to the improved financial position. This position is expected to remain until 2026/27.

The Committee is determined to bring the financial performance of the Trust to breakeven or better over the longer-term. This will however need to be balanced against the Trust’s core objectives. The Trust is keen to ensure that any development around the site does not threaten its integrity. The Trust Manager is tasked with producing and implementing an agreed development plan. A contribution to the Council’s programme of capital expenditure has been agreed by the Trust, with particular focus paid to addressing maintenance issues at the Linford Christie Stadium.

From 2025/26, the Trust and the Council hope to achieve the following improvements on the WSCT estate:

Implementing the AEM Masterplan capital works.
Re-surfacing the 8 lane 400m athletics track, associated field events and upgrade the floodlights to more efficient LEDs.
Re-surfacing and re-orienting the layout of all-weather sports pitches at Linford Christie stadium.
Delivering an outdoor learning programme on Wormwood Scrubs open space.
Co-producing a network of accessible footpaths and signage across agreed locations on the estate.
Adding more play equipment and securing the Braybrook play area.
Re-surfacing the Multi-Use Games Area (MUGA), behind the Old Oak Community Centre.
- Producing a dedicated WSCT website.
Establishing plans to develop an ecology centre on the WSCT estate.
Developing a 3-5 year business plan for the Trust.

The Trust is seeking ways to ensure steady progress towards continual financial improvement through normal activities. To secure this stable financial position, the Trust is working on optimising the use of its assets. It is also beginning to solicit funds from: corporate organisations, trusts and foundations, and institutional bodies. Co-producing outcomes will

form a major component of these plans, with due consideration paid to the needs of our stakeholders and the development of the wider public realm.

The Trust aims to maintain an effective Grounds Maintenance (GM) regime. The current contract is due to expire in February 2027. Continuous monitoring and appraisal of performance will form the basis of whether an extension provision is agreed. In line with Council ambitions to be ‘ruthlessly financially efficient’, penalties for non-compliance will be enacted in line with the performance metrics and agreed deduction protocols.

Future contract delivery will be closely monitored and subject to regular review. This will be managed through the regular management reports to the Committee. Following the delivery of the AEM capital improvements, these will be managed through a 10-year revenue maintenance programme dovetailed with the existing grounds maintenance contract.

Reserves and Treasury Management Policy

Definition of Reserves

The Charity Commission has provided a specific definition for “reserves” as “that part of a charity’s unrestricted funds that is freely available to spend on any of the charity’s purposes. This definition excludes restricted income funds and endowment funds, although holding such funds may influence a charity’s reserves policy. Reserves will also normally exclude tangible fixed assets held for the charity’s use and amounts designated for essential future spending.”

This definition is intended to provide the charity with a way of identifying those reserves that are readily available in relatively liquid form if required by the charity. The free reserves of WSCT for which a policy is needed are represented by unrestricted general funds of the charity and exclude both the fixed asset revaluation reserve and funds that have been designated by the trustee to meet future planned expenditure.

It is recognised that charities are under a general duty to apply charity funds within a reasonable time of their receipt although there are no such requirements in WSCT’s governing documents. Similarly, whilst the Charity Commission requirements only require consideration of free reserves, it would be inappropriate to not apply restricted funds within a reasonable time period. For WSCT, this is not relevant as restricted funds represent funds set aside for major projects which will be utilised during the timeframe of the relevant project.

Legal Authority to hold reserves

The Charity Commission has identified that all charities have legal authority to hold reserves. Specifically, they state: “Trustees of every charity must ensure that the charity’s funds are used appropriately, prudently, lawfully and in accordance with the charity’s purposes for the public benefit. The general principle of trust law is that funds received as income should be spent within a reasonable period of receipt.

The holding of reserves will be authorised either by using an express or implied power to hold reserves. The trustee is justified in exercising its power to hold income reserves, whether express or implied only if, in its considered view, it is necessary in the charity’s best interests.” For WSCT, there is no explicit legal authority to hold reserves set out in its governing documents, but the implied authority is deemed sufficient. Specifically, the charity has no need to formally accumulate reserves.

Why does WSCT hold free reserves?

The charity is required to consider what level of reserves it is appropriate for the charity to hold in order to demonstrate appropriate financial management, stewardship and sustainability. The trustee wishes to do this to provide assurance to all the charity’s stakeholders that the charity is being managed in a prudent manner for the best interests of its beneficiaries. The trustee also wants to provide confidence that there is a strong justification for the reserves held by the charity, and that they wish to be open and transparent on all aspects concerning the charity’s reserves policy. In doing this WSCT has considered the following areas.

Working Capital

Any organisation needs working capital to allow it to meet its liabilities as they arise – this is a key going concern requirement. Cash or other liquid assets are required to meet normal operating expenditure. For WSCT, its cashflow is strong due to the profile of its incoming resources at regular intervals throughout the year.

Financial risk management

All charities are subject to a wide range of risks, many of which have financial implications. “Rainy day” funds are appropriate to be held as mitigation against the effect of such risks. WSCT has a formalised approach to risk management which identifies major risks that it faces, assesses their severity in terms of impact and likelihood, and identifies mitigating actions.

For example, to cover the annual grounds maintenance contract, non-routine maintenance, and employee costs, WSCT is reliant on 2 main sources of unrestricted income – pay & display parking and the Hammersmith Hospital car park license fee. If one or both income sources are significantly reduced or even lost, the charity may need to cover 6-12 months of core operating expenditure while it restructures its operations and seeks to reduce costs.

The financial risks that are mitigated by the holding of reserves include:

• Variability of income – pay & display parking income based on sensitivity analysis of activity levels and condition of car park, termination of existing license agreement, investment income projections based on market rates

• Variability of expenditure – non-routine maintenance of the Scrubs can be hard to predict but the amounts are not usually significant, other areas of expenditure are relatively “fixed” such as the grounds maintenance contract and staff costs, relatively low likelihood of significant unplanned expenditure

• Risks noted in risk register (page 18) – those identified as high or medium risk that have financial significance.

Future development

As part of their strategic planning, the charity Trustee should also consider the need for funds to develop their charity’s activities or to consider new opportunities to assist their beneficiaries. A designated fund has already been set up for future capital maintenance works including the longterm maintenance of the AEM Masterplan and the contribution towards the refurbishment of the

Linford Christie stadium. An additional £600,000 has been transferred to this fund from ‘Free’ reserves in 2024/25.

Analysis of WSCT Unrestricted Income Funds (Reserves) balances at 31[st] March 2025

The comparison between the target and actual level of reserves at the end of the 2024-25 financial year is outlined below:

Unrestricted income funds @ 31st March 2025

£ 'Free' reserves 846,742.00 Designated funds - Capital maintenance works 2,000,000.00 Total 2,846,742.00

Target range based on average total expenditure between 2021-22 and 2025-26 (forecasted) 'Free' reserves target (lower) - 6 months 486,676.40 'Free' reserves target (upper) - 12 months 973,352.80

The level of 'free' reserves was £846,742 at 31st March 2025 which is within the target range. The plan is to keep 'Free' reserves within the target range (6-12 months) and then designate any surplus funds to future capital programme works. This programme will include access improvement works, developing on-site facilities, the AEM Masterplan maintenance costs beyond the initial 10-year period and an ongoing contribution to the Linford Christie Stadium.

Reserves policy and Going Concern considerations

The charity’s policy for reserves is linked to and part of its formal consideration of the charity’s going concern presumption. An appropriate level of reserves underlies the forecasts and cashflow projections that are used by the committee to confirm that WSCT is a going concern and is able to meet its liabilities as they arise.

At the year end, the reserves policy, actual reserves held, and future business planning forecasts are used to confirm the going concern principle applies for at least 12 months from the date that the statutory accounts are approved by the committee.

When does the charity consider its reserves policy?

Monitoring and oversight of the reserves held by the charity is undertaken throughout the year. This is achieved through quarterly management accounts, cashflow monitoring and regular financial forecasts. At least on an annual basis the reserves policy is reviewed formally by the trustee as part of its strategic and business planning process.

Treasury Management

The Trust’s cash balances are managed by the Council and held in short-term, liquid deposit accounts. The Council’s Treasury Management Strategy governing the investment policy was adopted by the Council in February 2025. The Committee report can be found on the Council’s website at the following location:

Treasury Management Strategy Statement 2025/26

Risk Management

The Trustee has a risk management strategy which comprises:

An annual review of the risks the charity may face.
Establishment of plans to mitigate those risks identified.
Implementation of steps designed to minimise any potential impact on the charity should those risks materialise.

The work has identified only a few risks, and the situation is being monitored. A key element in the management of risk is managing income and expenditure and setting a reserves policy with regular review by the Committee. The full schedule of risks is set out overleaf.

Risk Assessment Schedule 2024/25

Risk Index No.	AREA OF RISK	IMPACT OF RISK	SEVERITY High/Medium/ Low	POTENTIAL High/medium /Low	VALUATION	COMMENT	Risk Owner(s)	Mitigations
001	High Speed 2 Railway and the development of Old Oak	Adverse impacts on the ecology of the Scrubs and the charitable objectives of the Trust	High	Medium	May not be a financial loss	Trust is engaging with HS2 and TFL and the Old Oak Development Corporation to agree outcomes that do not adversely impact and futureproof the space.	Trust Manager.	AEM agreement, including ecologial capital works and 10-year managementplan.
002	Pay and Display income level	Fluctuation of income levels, linked to poor maintenance of facilities.	Medium	Medium	Potential loss of income.	Usage fluctuates. The introduction of cashless parking has significantly reduced the theft risk.	Trust Manager, LBHF Parking Enforcement Department.	Ensure prioritisation of capital investment into the car park for 2025/26
003	Hammersmith Hospital Trust car park income	The licensing agreement with Hammersmith Hospital Trust has a three month notice period with a possible impact on the level of income.	High	Medium	Potential loss of income.	The hospital relies on the car park. The Trust has been successful in securing increased income from this source in recent years.	Trust Manager, LBHF Corporate Finance Department.	Assess the viability of a long-term lease, or a 6-month notice period.
004	Condition – Wormwood Scrubs car park	Wormwood Scrubs car park requires investigation into the drainage system, as it is underperforming.	High	Low	Significant expenditure.	If investigations indicate that work is required, the current sinking fund held in accordance with the license to the hospital could be used to fund the works.	Trust Manager, Imperial College Healthcare Trust.	Work with Hammersmith Hospital to identify the extent of damage and draw down on the sinking fund to conduct repairs.
005	Insurance claims against Trust	Liability of trust in case of personal injury claims.	Low	Low	Possible liability of Trust in case of insurance claim.	Wormwood Scrubs would be covered by the Council’s insurance.	LBHF Parks and Open Spaces, Bi-borough (LBHF/RBKC) insurance department.	Ensure the public realm of the WSCT estate is legally compliant

Risk Index No.	AREA OF RISK	IMPACT OF RISK	SEVERITY High/Medium/ Low	POTENTIAL High/medium /Low	VALUATION	COMMENT	Risk Owner(s)	Mitigations
006	Safety of Artillery Wall	Cost of demolition, collapse could possibly lead to damage or liability of Trust.	Medium	Medium	Cost of demolition or insurance claims.	The condition of the wall is being monitored.	LBHF Facilities Management Department. Staff at the Linford Christie Stadium. Trust Manager.	Maintain the fencing on the western side, until a long-term solution is secured.
007	Costs of Operating Linford Christie Stadium	Contribution by the Trust varies according to the trading conditions for the stadium	High	Medium	Expenditure could be significant	In some years, this contribution has been small, but it is volatile. The financial performance of the stadium is monitored closely. The contribution of the Trust towards capital improvements will make a significant difference in mitigating future risk.	Trust Manager. LBHF Corporate Finance Department.	Capital improvements will drive the financial viability of the site. WSCT Manager will continue to monitor sports bookings to accurate income forecasts, which will affect the level of contribution.
008	Fraud and financial irregularities	May cast doubt over the Trust’s ability to continue as a going concern	High	Low	Cost could be significant	Accounts are independently audited annually.	LBHF Corporate Finance Department.	Continue to adhere to policies and procedures and work with independent auditors to analyse financial risks.
009	Park Lodge tenanted building	Building condition is deteriorating, with major subsidence and structural issues.	High	High	Significant expenditure	WSCT are working with HS2 and local partners to assess options for the space, including demolition and re- patriation to open space. The tenant has vacated the property.	Trust Manager. LBHF Facilities Management Department.	Continue to monitor the state of the building and manage the surrounding vegetation.

Risk Index No.	AREA OF RISK	IMPACT OF RISK	SEVERITY High/Medium/ Low	POTENTIAL High/medium /Low	VALUATION	COMMENT	Risk Owner(s)	Mitigations
010	Grounds maintenance depot building	Very poor building condition, damp and mould issues, along with other structural problems.	High	High	Significant expenditure	This depot is used by the borough- wide grounds maintenance contractor. WSCT working with the Council and the contractor to demolish and replace with temporary welfare facilities.	Trust Manager. GM Contractor. LBHF Facilities Management Department. LBHF Parks and Open Spaces Department.	Develop a re- development plan with the Council and the GM Contractor.

Statement of Trustee’s Responsibilities in respect of the Trustee’s Annual Report and the financial statements

The charity trustee is responsible for preparing a trustee’s annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustee to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustee is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. It is also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Disclosure of Information to Auditors

The Trustee who held office at the date of approval of this Trustee’s Report confirms that, so far as it is aware, there is no relevant audit information of which the charity’s auditor is unaware; and the Trustee has taken all steps that ought to have been taken as a trustee to make itself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

Auditors

The Trustee appointed MHA during the year to undertake the audit of accounts in this year. The Independent auditor’s report to the Trustee of Wormwood Scrubs Charitable Trust follows on page 22.

For and on Behalf of Wormwood Scrubs Charitable Trust Signed

Name: Mark Raisbeck

Date: 23 January 2026

Independent Auditor’s Report to the Trustee

Opinion

We have audited the financial statements of Wormwood Scrubs Charitable Trust (the ‘Charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Charity’s affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and,
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Trustee’s assessment of the entity’s ability to continue to adopt the going concern basis of accounting included critical reviews of budgets and forecasts provided.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor’s Report thereon. The Trustee is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Trustee’s Report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustee

As explained more fully in the Statement of Trustee’s Responsibilities, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of staff to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: frc.org.uk/auditorsresponsibilities . This description forms part of our Auditor’s Report.

Use of our report

This report is made solely to the Charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustee those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustee, as a body, for our audit work, for this report, or for the opinions we have formed.

Me

MHA Statutory Auditor

London, United Kingdon

Date: 28/01/2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Reference and Administrative details

Charity Name and Number

Charity Correspondent

Trustee

Email Address

Governing Document

Objects

Area of Benefit

Area of Operation

Registration History

Auditor Details

Wormwood Scrubs Charitable Trust, Registration No. 1033705

Sukvinder Kalsi Director for Finance Wormwood Scrubs Charitable Trust Hammersmith Town Hall King Street W6 9JU

The Council of the London Borough of Hammersmith & Fulham

sukvinder.kalsi@lbhf.gov.uk

Wormwood Scrubs Act 1879 As Amended by Scheme of The Charity Commissioners Dated 25 March 2002.

For recreational use as set out in the Wormwood Scrubs Act 1879

Wormwood Scrubs and West London. (Area prescribed by Governing Document)

Greater London – Hammersmith and Fulham

23 Feb 1994 Registered

MHA

6th Floor, 2 London Wall Place London EC2Y 5AU

STATEMENT OF ACCOUNTS

Wormwood Scrubs Charitable Trust

Statement of Financial Activities (incorporating an income and expenditure account) for Year ended 31 March 2025

	Unrestricted funds	Restricted funds	Total funds	Total funds
Income and Expenditure	2024/25	2024/25	2024/25	2023/24
	£ £ £ £ 420,544 - 420,544 385,986 462,327 - 462,327 438,757 392,420 - 392,420 379,796 126,633 - 126,633 86,065 - 140,544 140,544 206,078
Income and endowments from:
Income from Charitable activities: Pay and Display Parking Meters Hammersmith Hospital Car Park Licence Other trading activities Income from Investments Income from donations and grants
Total Income and endowments	1,401,924	140,544	1,542,468	1,496,682
	(64,931) - (64,931) (65,817) (47,672) - (47,672) - (145,275) - (145,275) (127,661) (364,308) - (364,308) (370,583) (62,143) - (62,143) (60,350) (3,994) - (3,994) (5,100) - (140,544) (140,544) (191,823)
Expenditure on:
Charitable activities: Contribution to Linford Christie Stadium Contributions to other organisations Non Routine Maintenance of Wormwood Scrubs Routine Grounds Maintenance of Wormwood Scrubs Staff costs and employee benefits Surveys, studies and subscriptions Charitable expenditure
Total Expenditure	(688,323)	(140,544)	(828,867)	(821,335)

Net income/(expenditure)	713,601	-	713,601	675,347
	7,133,142 - 7,133,142 6,457,795
Reconciliation of Funds
Total funds brought forward
Total funds carried forward	7,846,743	-	7,846,743	7,133,142

All activities other than those disclosed in Notes 4 and 5 are unrestricted.

Wormwood Scrubs Charitable Trust PT

	Wormwood Scrubs Charitable Trust ~~PT~~	Wormwood Scrubs Charitable Trust ~~PT~~	Wormwood Scrubs Charitable Trust ~~PT~~	Wormwood Scrubs Charitable Trust ~~PT~~
	Balance Sheet as at 31 March 2025 ~~Pd~~
			2024/25	2023/24
			£	£
Notes	Fixed Assets ~~PT~~
11	Tangible Assets		5,000,001	5,000,001
	Total Fixed Assets 5,000,001 5,000,001 ~~	~~
	Add: Current Assets ~~PT~~
	Cash in Bank		2,660,098	1,898,222
12	Debtors		284,697	270,978
	Total Current Assets 2,944,795 2,169,200 ~~(	~~
	Less: Liabilities ~~PT~~
13	Creditors: Amounts falling due within one year		(98,053)	(36,059)
	Total Liabilities (98,053) (36,059) ~~	~~
	Total Net Assets and Liabilities		7,846,743	7,133,142
			£	£
5	The funds of the charity: ~~PT~~
	Unrestricted Reserves:
	Unrestricted income funds		(2,846,742)	(2,133,141)
	Revaluation reserve		(5,000,001)	(5,000,001)
	Total Charity Funds		(7,846,743)	(7,133,142)

Approved by the trustee on 23 January 2026 and signed on their behalf by:

Mark Raisbeck Director of Public Realm

Wormwood Scrubs Charitable Trust

==> picture [461 x 307] intentionally omitted <==

----- Start of picture text -----
Notes Statement of Cash Flows for Year ended 31 March 2025
2024/25 2023/24
£ £
Cash flows from operating activities:
14 Net cash flow from operating activities 635,243 593,118
Cash flows from investing activities:
Dividends, interest and rents from investments 126,633 86,065
Net cash provided by investing activities 126,633 86,065
Change in cash and cash equivalents in the reporting
761,876 679,183
period
Cash and cash equivalents at the beginning of the reporting
1,898,222 1,219,039
period
Cash and cash equivalents at the end of the reporting
2,660,098 1,898,222
period
----- End of picture text -----

Wormwood Scrubs Charitable Trust	Wormwood Scrubs Charitable Trust	Wormwood Scrubs Charitable Trust	Wormwood Scrubs Charitable Trust

Analysis of Net Debt for Year ended 31 March 2025
Cash at bank and in hand
	At 1 April 2024	Cashflows	At 31 March 2025
	£ £ £ 1,898,222 761,876 2,660,098

Notes to the Accounts

(1) Statement of Accounting Policies

(i) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) revised October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trust constitutes a public benefit entity as defined by FRS 102.

In preparing the accounts, the trustee has considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required relating to the previous year’s accounts. The functional currency is £ sterling.

The trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They therefore continue to accept the going concern basis of accounting in preparing the financial statements. There were not any material uncertainties in arriving at this conclusion.

(ii) Accounting Concept

The accounts have been prepared on an accrual’s basis. That is, on the basis of income being due and expenditure being payable in the related financial year. Figures in the accounts are rounded to the nearest pound (£).

(iii) Fixed Assets, revaluation and depreciation

The Trust has ownership of land, passed under the Wormwood Scrubs Act 1879 for the perpetual use of the inhabitants of London for exercise and recreation. Due to the restrictions on the use of the land and its disposal, it is included in the balance sheet at a fair value at the point of donation. As there are no records of this value a nominal value of £1 is used. This is in line with FRS102. The car park is held at historic value. This was initially established by a valuation in 2004 which has been used as "deemed cost" on transition to FRS 102, though the Trust does not operate a policy of revaluation. Depreciation has not been charged to tangible fixed assets (the land or the car park) as these are considered to have an indefinite useful economic life. The trustee is not aware of any indication that an impairment has occurred. Further exploration of land interest is included within areas of significant judgement and estimates.

Whilst the Trust undertakes improvement works on the various elements of infrastructure assets on the Wormwood Scrubs, it is deemed that the Council has the ultimate risks and rewards of ownership of the relevant assets. As such, the cost of those improvements is not capitalised and is expensed in the year it is incurred.

(iv) Income Recognition and Incoming Resources

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 income receivable can be measured reliably. Material income for the Trust includes Pay and Display parking fees and filming income, that would be recognised this way. The Trust acts independently to attract funding. Whilst the funding is received under the name of the corporate Trustee (London Borough of Hammersmith and Fulham), the income is wholly in control of the Trust and is therefore recognised as income within the Financial Statements.

The Trust has a licensing agreement with Hammersmith Hospital NHS Trust (HHT), for the use of a limited number of parking spaces within the car park, making use of surplus capacity. The trustee considers that the arrangement is consistent with the Trust's objectives, as the arrangement can be terminated at any time.

(v) Expenditure Recognition and Resources Expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

(vi) Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned proportional to the expenditure on a particular activity. The allocation of support and governance costs is analysed in note 7.

(vii) Financial Instruments

The Trust holds only basic financial instruments, comprising cash, trade debtors and trade creditors. These are measured as follows:

Financial instrument	Measurement on initial recognition
Cash	Cash held
Debtors – including trade debtors and loans receivable (trade accounts and notes receivable)	Settlement amount after any trade discounts (provided normal credit terms apply) or amount advanced by the Trust
Creditors – including trade creditors and loans payable (trade accounts and notes payable)	Settlement amount after any trade discounts (provided normal credit terms apply) or amount advanced to the Trust

viii) Areas of significant judgements and estimates

Accounting for land interests and associated economic flows

The land interests at the Scrubs are complex and governed by the Wormwood Scrubs Act 1879 (hereafter “the Act”). Under the Act the land at Wormwood Scrubs is held in trust for “the perpetual use thereof by the inhabitants of the metropolis for exercise and recreation.” The Act identified the Metropolitan Board of Works, and successor bodies, as trustee. Through various local authority re-organisations and subsequent provisions, the London Borough of Hammersmith and Fulham (LBHF) is the current successor body and is sole trustee of the Wormwood Scrubs Charitable Trust.

The land registry records ownership of the land in the name of “The Mayor and Burgesses of Hammersmith and Fulham.” Under the Act, the Scrubs can be reserved for military training (giving the Ministry of Defence certain rights over the land) but outside of this they are reserved for recreational use for the public. This right for the public to enjoy the Scrubs is protected in perpetuity and cannot be taken, nor the land sold, unless the area “ceases to be used by the citizens of London.”

Under the Act, the ability to maintain and improve land rests with the administering authority (i.e. the trustee) and there have been further clarifications in subsequent agreements and memoranda. The MoD cannot build permanent structures on the Scrubs; however, the MoD must also consent to any development by the administering authority.

It is the judgement of the trustee that the land at Wormwood Scrubs is controlled by the Trust by virtue of the Wormwood Scrubs Act and as such the land interests at the Scrubs are accounted for within the Trust’s accounts. Any reference in title to LBHF is

deemed to be as the trustee of the Trust, not the Council. Under the provisions of the Act, the Trust is judged to be responsible for, and controls the benefit of, the land both in terms of public access for recreation and economic benefits with respect to any income that might be generated relating to the assets.

Other judgements

There is inevitably a degree of estimation uncertainty relating to accounting estimates and judgements.

The Trust has estimated that application of the governance costs is proportional to level of expenditure on 3 charitable activities.

The Trust’s policy is not to revalue assets, however, should an impairment indicator come to light assets would be subject to impairment. This is a matter of judgement and as stated, the Trustee is not aware of any indication that an impairment has occurred in 2024/25.

ix) Reserves

The reserves of the Trust are unrestricted under FRS102 insofar as they are not restricted to any particular activity, however the Trust considers the revaluation reserve to be an unusable reserve with regard to decision making given the inherent restrictions placed on asset disposal under the Wormwood Scrubs Act 1879.

(2) Income from Other Trading Activities

Filming income Other Fees and Charges Other rental income*	2024/25	2023/24
	£ £ 8,777 1,509 - 7,768 383,643 370,519
	392,420 379,796

*Other rental income predominantly relates to the Kensington Aldridge Academy (KAA) 2 site lease. KAA pays the Trust a suitable market rent for use of an old gravelled military training area in the Scrubs. Total lease income recognised in the 2024/25 accounts is £364,497 (£349,644 in 2023/24). Future minimum receipts associated with the lease due within one year are £91,944 (£89,040 in 2023/24).

Other rental income also includes rental income for a piece of land which, in previous years, was received annually. Following a new rental agreement signed in March 2018, the Trust received rental in advance in 2018/19. The total money received relating to future years was £6,360 (£10,077 in 2023/24) and this has been recorded as Deferred Income on the Trust's Balance sheet. Rent earned from the pony centre and park lodge are also included within other rental income.

(3) Income from investments

Interest is calculated on an average cash position for the year and is included in the accounts at year end. The interest rate used is the average rate earned on deposits during the financial year, which increased from 4.947% in 2023/24 to 5.218% in 2024/25.

(4) Income from donations and grants

The restricted income from donations and grants in 2024/25 relates solely to the HS2 Funding Agreement as set out in the table below.

2024/25 2023/24 Income from grants £ £ GLA Growth Funding for Access Improvements - 5,601 Urban Tree Challenge Fund (UTCF) - 8,654 HS2 Funding Agreement for Ecological Mitigation for Wormwood Scrubs 140,544 191,823 140,544 206,078	2024/25	2023/24

(5) Fund Structure

The Trust's Funds comprise:

2024/25

Fund name	Fund				Fund balances carried forward
	balances	Income	Expenditure	Transfers
	brought forward

	£	£	£	£	£

General Unrestricted Reserves - 'Free reserves'	733,141	1,401,924	(688,323)	(600,000)	846,742
General Unrestricted Reserves - Designated funds	1,400,000	-	-	600,000	2,000,000
Fixed Asset Revaluation Reserves	5,000,001	-	-	-	5,000,001
Restricted Funds - HS2 Funding Agreement for Ecological Mitigation	-	140,544	(140,544)	-	-
Total funds	7,133,142	1,542,468	(828,867)	-	7,846,743

2023/24

Fund name	Fund balances brought forward	Income	Expenditure	Transfers	Fund balances carried forward
	£	£	£	£	£
General Unrestricted Reserves - 'Free reserves'	1,457,794	1,290,604	(615,257)	(1,400,000)	733,141
General Unrestricted Reserves - Designated funds	-	-	-	1,400,000	1,400,000
Fixed Asset Revaluation Reserves	5,000,001	-	-	-	5,000,001
Restricted Funds - HS2 Funding Agreement for Ecological Mitigation	-	191,823	(191,823)	-	-
Restricted Funds - Urban Tree ChallengeFund (UTCF)	-	8,654	(8,654)	-	-
Restricted Funds - GLA Funding for Access Improvements	-	5,601	(5,601)	-	-
Total funds	6,457,795	1,496,682	(821,335)	-	7,133,142

Unrestricted funds are solely used for the specific purpose of the Trust. Income and Expenditure which meets this criteria is credited/charged to this fund, together with a fair allocation of management and support costs, as recharged by LBHF. The 'Free reserves' element of General Unrestricted Reserves is held to mitigate against risks around variability in the Trust's income and expenditure in the short term as well as other risks set out in the risk register. The Designated Funds element of General Unrestricted Reserves totalling £2m at the end of 2024/25 is earmarked for future planned maintenance works as outlined in the Reserves policy within the Trustee’s report. £1.1m is projected to be spent by the end of the 2025/26 financial year with the timing of the expenditure of the remaining balance still to be confirmed. The grant set out in Note 4 and its associated expenditure is deemed restricted as shown in the SOFA. However, the impact on reserves is immaterial because attributable expenditure is met by funding.

The Trust considers the revaluation reserve to be an unusable reserve with regard to decision making given the inherent restrictions placed on asset disposal under the Wormwood Scrubs Act 1879.

(6) Charitable activities

Resources expended on charitable activities comprise all the resources applied by the charity in undertaking its work to meet its charitable objectives. The Trust's objectives and work are detailed in the Trustee’s Annual Report. Support Costs are wholly and exclusively represented by "Governance Costs" which are set out in Note 7.

(7) Governance costs

The Governance costs associated with the Trust are allocated to each of the Charitable Activities (as per FRS102), as a percentage of the gross expenditure.

The resources expended that relate to the governance of the Trust consist of the following: Financial Administration and Support fees - these costs result from the statutory requirement to prepare accounts. Also included are the costs of the time spent liaising and meeting with auditors, and attending closing of account meetings. Legal Fees - In the management of the Trust during the year legal advice was required. This was provided by Legal Services of LBHF and the charges were based on a staff time basis. Audit Fees (in accordance with statutory independent audit requirements).	2024/25	2023/24
	£ £ (3,600) (4,536) (1,789) (8,107) (11,700) (11,500)
	(17,089) (24,143)

Allocation of the Governance costs:

Activity Contribution to Linford Christie Stadium Non Routine Maintenance of Wormwood Scrubs Routine Grounds Maintenance of Wormwood Scrubs	2024/25	2023/24
	£ £ (1,932) (2,823) (4,321) (5,426) (10,836) (15,894)
	(17,089) (24,143)

(8) Contribution to Linford Christie Stadium

The Charity contributes to the up-keep of an athletic stadium located on the Trust grounds, not as a cost apportionment exercise but in furtherance of the objectives of the Trust to support recreation. Linford Christie Stadium is managed by the Place Department.

In 2024/25 a contribution of £63,000 (£63,000 in 2023/24) was made to the Linford Christie Stadium. A proportion of governance costs is also added to this figure.

(9) Grounds Maintenance

The grounds maintenance work undertaken at Wormwood Scrubs is undertaken by the Council's external contractor under a Grounds Maintenance contract that was tendered in 2022 for a period of 10 years, with a break clause after 5 years. The award of this contract was considered in the best interest of both the Council and the Trust. Until 2001/02 the Trust was not in a position to fund the entire cost of the works and until this point, the Council only received a contribution. Since this time, the Trust has funded the full cost of grounds maintenance costs at Wormwood Scrubs. Grounds Maintenance services are currently provided by the Environment Department of the Council. The continuation of these services is periodically approved by Cabinet Members. The current Contract started on 1st February 2022.

Routine Grounds Maintenance is undertaken in accordance with a series of schedules that form part of the contract. The fixed element of the contract has increased from £338,863 in 2023/24 to £353,471 in 2024/25. This figure includes an agreed client fee to cover staff costs of the Council's Parks team. A proportion of governance costs are also included in this figure.

Non-routine Grounds Maintenance is typically identified and commissioned on behalf of the Trust by the contractor. The costs in 2024/25 (£145,275) were higher than in 2023/24 (£127,661). This is mainly due to the cost of the Artillery Lane resurfacing in 2024/25.

The Council's Audit Committee formally approved the continuation of the service provided by the Environment Department in June 2009.

(10) Staff Costs

The Trust's staff costs and employee benefits for 2024/25 are set out below:

Wages and salaries Social security costs	2024/25	2023/24
	£ £ (55,710) (54,135) (6,433) (6,215)
	(62,143) (60,350)

The average head count (number of staff employed) for the Trust was 1 in 2024/25 (1 in 2023/24). There were no employees who received employee benefits of more than £60,000. The Trust manager is employed and paid by the London Borough of Hammersmith and Fulham.

(11) Tangible Assets

The Trust's Land and Buildings include an Athletics Stadium, Pony Centre, three-bedroom cottage and single storey parks depot, all of which are valued as a nominal £1 due to the restrictions placed on the use of the land and its disposal.

The Athletics Stadium was built in 1961 under the Greater London Council (GLC) and prior to the creation of the London Borough of Hammersmith and Fulham, who are now responsible for administering the Trust. There is no available documentation to demonstrate that approval has been gained by the Secretary of State for Defence.

The Pony Centre was given approval to be built by the Secretary of State for Defence.

The car park is included in the accounts at historic cost in line with FRS102. The value included is £5,000,000. To establish a proxy for historic cost the asset was valued on the 31st March 2004 and this has been treated as deemed cost on transition to FRS 102. The Trust does not operate a policy of revaluation.

The car park is classified as a functional tangible fixed asset as the use of this land is considered as consistent with the charity's objectives.

The Trust does not depreciate its assets as they are all either without a determinable finite useful life (i.e. land) or of a nominal value (i.e. £1).

(12) Debtors

Where revenue have been recognised but cash has not been received, a debtor for the relevant amount is recorded in the Balance Sheet. Where the exact amount of a debtor was not known at the time of closing the accounts then an estimated amount has been used.

2024/25 2023/24 £ £ Trade debtors 205,791 187,943 Prepayments and accrued income 78,906 83,035 Total 284,697 270,978	2024/25	2023/24

(13) Creditors

Where expenditure have been recognised but cash has not been paid, a creditor for the relevant amount is recorded in the Balance Sheet. Where the exact amount of a creditor was not known at the time of closing the accounts then an estimated amount has been used.

Accruals and deferred income Of which: Deferred income Brought forward balance Released in the year Year end balance	2024/25	2023/24
	£ £ (98,053) (36,059)
	2024/25	2023/24
	£ £ (10,077) (13,523) 3,717 3,446
	(6,360) (10,077)

Deferred income comprises of rental income received in previous years to be recognised over several accounting periods.

(14) Net Cash Flow from operating Activities

Net income/(expenditure) for the reporting period (as per the statement of financial activities) Adjustments for: Dividends, interest and rents from investments (Increase) in debtors (Decrease) in creditors and deferred income *Net cash provided by (used in) operating activities*	2024/25	2023/24
	£ £ 713,601 675,347 (126,633) (86,065) (13,719) 1,130 61,994 2,706
	635,243 593,118

Cash funds are held by the Council on behalf of the Trust.

(15) Related Party Transactions

The Council of London Borough of Hammersmith and Fulham (LBHF) is the trustee of the Trust. Most expenditure transactions of the Trust are with LBHF and therefore fall under the definition of related party transactions. However, as stated this does not conflict with the Trust's ability to meet its objectives.

==> picture [556 x 303] intentionally omitted <==

----- Start of picture text -----
2024/25 2023/24
a) London Borough of Hammersmith and Fulham as
£ £
transacting party
- LBHF as contractor to the Trust
Environment Department for the provision of Routine
(353,471) (345,702)
Grounds Maintenance of Wormwood Scrubs (Ref Note 9)
- LBHF as recipient of contribution
Contribution to Linford Christie Stadium (Ref Note 8) (63,000) (63,000)
- LBHF as provider of administration and management
support to the Trust
Environment Department for management & financial
(65,743) (65,997)
administration services of Wormwood Scrubs
Legal Services for the provision of legal advice required in
(1,789) (8,107)
the management of Wormwood Scrubs
(484,003) (482,806)
- -
Amounts due to or from related parties:
----- End of picture text -----

(16) Trustee Remuneration, Benefits and Expenses

The Charities SORP (FRS 102) requires all trustees (or people connected with the charity) remuneration, benefits and expenses to be disclosed, regardless of size. There has been no remuneration, other benefit or expense payments to trustees, or people connected with the charity.

(17) External Audit Costs

The Trust has incurred the following costs in relation to the audit of the Statement of Accounts and statutory inspections provided by the Trust's external auditors:

Fees payable to the External Auditor with regard to external audit services carried out by the appointed auditor for the year	2024/25	2023/24
	£ £ (11,700) (11,500)
	(11,700) (11,500)

TABLE OF CONTENTS

WSCT Chair’s Foreword

A Summary of the Year

WSCT Mission and the Estate

Governance, Management and Structure

Charitable Objectives and Trust Activities

Public Benefit

Grant Fundraising

- Community engagement and co production

High Speed 2 (HS2) and the Wormwood Scrubs Charitable Trust

HS2/WSCT Alternative Ecological Mitigation (AEM) Masterplan Works

HS2 Bill – Compulsory Purchase Orders (CPO)

Kensington Aldridge Academy 2 Site (KAA2)

WSCT Accomplishments and Events in 2024/25

Sport and Recreation

Grounds Maintenance and Site Management

Community Safety and Security

Financial Review

Plans for future periods

Reserves and Treasury Management Policy

Definition of Reserves

Legal Authority to hold reserves

Why does WSCT hold free reserves?

Working Capital

Financial risk management

Future development

Analysis of WSCT Unrestricted Income Funds (Reserves) balances at 31[st] March 2025

Unrestricted income funds @ 31st March 2025

Reserves policy and Going Concern considerations

When does the charity consider its reserves policy?

Treasury Management

Risk Management

Risk Assessment Schedule 2024/25

Statement of Trustee’s Responsibilities in respect of the Trustee’s Annual Report and the financial statements

Disclosure of Information to Auditors

Auditors

For and on Behalf of Wormwood Scrubs Charitable Trust Signed

Independent Auditor’s Report to the Trustee

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Matters on which we are required to report by exception

Responsibilities of Trustee

Auditor’s responsibilities for the audit of the financial statements

Use of our report

Me

Reference and Administrative details

Charity Name and Number

Charity Correspondent

Trustee

Email Address

Governing Document

Objects

Area of Benefit

Area of Operation

Registration History

Auditor Details

MHA

Wormwood Scrubs Charitable Trust

Statement of Financial Activities (incorporating an income and expenditure account) for Year ended 31 March 2025

Wormwood Scrubs Charitable Trust ~~PT~~

Approved by the trustee on 23 January 2026 and signed on their behalf by:

Wormwood Scrubs Charitable Trust

Notes to the Accounts

(1) Statement of Accounting Policies

(i) Basis of preparation and assessment of going concern

(ii) Accounting Concept

(iii) Fixed Assets, revaluation and depreciation

(iv) Income Recognition and Incoming Resources

(v) Expenditure Recognition and Resources Expended

(vi) Allocation of support and governance costs

(vii) Financial Instruments

viii) Areas of significant judgements and estimates

Accounting for land interests and associated economic flows

Other judgements

ix) Reserves

(2) Income from Other Trading Activities

(3) Income from investments

Wormwood Scrubs Charitable Trust PT