PADDINGTON DEVELOPMENT TRUST GROUP (a company limited by guarantee and its subsidiary) GROUI? ANNUAL REPORT AND fiNANCIAL STATF.MF.NTS YEAR INDID 31 MARCH 2025 BOYDELL & CO Chartered AcLowII'ants 146B Chi%wiik Higli Izoad LL)IiLI()n W4 IPU Charity iiumber: 1080882 Company number: 03652559
PADDINGTON DEvELOPmEr[ TRUST GROUP CONI'Ewrs Group information Tru,stees' and directors, report 2-14 In¢lependent auLlitors' report 16-19 Con.solidaleLI statL'ment of finanLial activities 20 Con%olidatecl balancL' shL'et 21 ConsolidatL'LI statemp.nt of cash flows NotLlS t() thL' linancicil st<ltLmL'ntS
PADDINGTON DEVELOPMENT TRUST GROUP Grou Inforntstion I'IIUSI EFS/DIRLcfoRS Grace Reid Di)ug Shaw (Chair) (Treasiirer) Mona Adam Aikaterini Ale.xiou Robi Dutta Arinola Edeh Thie.nhuony, Nguyen Rajiv Sinha l im Ti)dhunteT Stephen Winningharn CHIFF EXF.cu'fTVL OFf,ICER AND GROUP COMI'ANY SEci£f.I"ARY Graham Collins BANKERS Bank of Scotland 38 St Andrew &iiidro F.clinburgh El12 2YI< AUDI'I'OI 13c)yLIL'II & Co Chai'tc're(l AcLOLintclnts 14613 Chiswick I libylI R()aLI Lond()n W4 IPU SOI.ILI'I OIIS Riis.41'.11-C()okL' 2 [)utney I liIl L()nclon SW15 6AB Rki.GISI'F.IZED CHARIYY NUMBER.. 1118088,3 COMPANY RF.GISTRATION NUMBER.. 07652559
PADDINGTON DEVELOPMENT TRUST GROUP
TRUSTEES, AND DIRECTORS, REPORT
OB
ECTS OF THE CHARITY
The Charitable Group is a private company limitL'(I by guarcintL'e with one trading
subsicliary, PDT GJ Trading Limited. Its objects are the promi)tion f()r tlie public beiiefit of
urban or rural rL'generation in areas of social and economic deprivatioii (aiid iii particular
within tlie Lond()n Borough of the City of WestminstL'r).
PADDINGTON DEVELOPMENT TRUST GROUP {a company limited by guarantee
and its trading subsidiary)
l. Paddington Development Trust Gi'oup (PDT) is a registereLI Charity aiid n()t-foi'"profit
conimuiiity-based Regeiier£iti()n Gi'()up witli s()cio-L'coiiornic objectives. It has been aiid
will coiitiniiL' to be activL,ly engclged iii thL' economic, enviroiimental, and social
i'egL'i)eration of tlie Nortli WestniinstLsr ancl widei. Central Lond()n area. It lias fivL' core
valiiL'.s'. sharii)g re.%ources; cominiiiiity L'llipowL'rniL'nt,. fiiiaiicial self-sufficieiicy.
L'nvii'()iimental %ustainability aiiLI L'L]ual oppi)I'tuiiitie.% and sc)cial jiistice f()r all
c()mmiinitie%. PDI. is c()mmitteLI to tin equit
PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEES, AND DIRECTORS, REPORT CONTINUED REPORT FROM THE CHAIR AND TRUSTEES Executive Summary - Headlines PDT has continueLI to deliver a wide range of projects, prograrnme.s and service.s across North I'aLlclington over the past year. All our work is designecl with our Iocal cornmunities, ancl all ()ur pr()jects positively impact on the health and wellbeing c)f chiILfreni young people and adults across the 1lTea. Our Climate Champion programme has seen over 3000 locaI residents, ac.cess or engage in cliinilte projects" supported by 21 newly recruite.d Climate Ch ¢impions. The. project's commitment is to ensure that learning, joy, and engagement with the e.nvirorniient are iiot privilLges reSL.ed (or the wL'althy. Through parine.rsliips with respectea organi.%ations such as Masoii and fifth, tht. Natural Hisl()ry Musc'.um, and the Royal Parks, the project continues to briny (Jxciting ¢ind hisyh-profile opp()rtunities Ic) the local cornmunity aiid is seeing people. bene.fii fi'()m L'nga&Tin&x with their neighbourh()oas cinLI greening for the first tirne. Our team of 80 volunlL'e.r Community and Maternity Health Champions mc't cincl engagoa with OVLJr 11,001) iiillivicliial rLJsidL'nts brivin&y up t() 7,001) hourts (If theii. timc tc) support their nL)ighboui'.%, family (md friÉ)nd.s. PDT is now rL'spon%ible f()r clelivering thi,5 pri)grriiiiniL' acrcis ,111 four N()i'tli PcidLlingtC)11 WcifLl%. WL. arL' curre.ntly <iwaitin&y a full e.valuatinn fundL'd through Public Hc'.alth. Oui. li,mployment and Training teanis havL' clc'liverL'LI some L'xce.Ili'.nt woi'k cincl IN)th tL'am have sup)ported PiL)()plc.. to m()vc,. forw<ird with thL)ir IIVL'S ihr()ug'li gclinin&y ciualifiLciti()ns c)r mpl()yinL'iit ()ppc)rtuiiitiL'S thus imiii'()vin& tho'ir L*()n()mic rL)silii'niL,. 41)1) indiviiluals WL'I'L, engycl&TrLid with this yL'¢ir aiid 28 of i.hem securL'cI c'.mpl()ymc'.nt. r()r l.hil remaindcir, ti'aiiiin&i voluntL)(Jflll&T oppurEunitlL)s and supp()J'l was proviclc,.di ¢)11 supi?orting PL)()pIL' to llnpr()vL' thL'ir wellbc'ing. Grand Junctloll LC)ntiniiL)S to clelivL)r a plienoinenal c.oinmunity-l)ased prog,r¢imme for au (iges alon&rsiLle a wiclc. i'cill&yL' C)f fabiil()u% c()nLL)rt.s, eve.nts ancl produclion%. In total 36,342 pe()ple Ccim('. tlii'ough our Ll()c)rs clt GJ of which 11,465 attenLled our cultural programme and nearly 8,()01) acce%SL'd c)ui' commLuiity progi'iimme. Grand Juncti()n's pi'c)gTaiiime enables young anLI old and <1 huge cultural Llivei"sity of people. to access drama, music, art cind exercise in a safe. Lommunity Spclce. The Stowe Centre ha.s seLn a return l() full u.sage cifter the closurL Lluring CoviLI and we now as busy as we. ever wei'L) now oI)er<1ling under an agrLJeLI SLA with the City Council providini) hire. SPIlCL tc) local resiLlents and c.ommiinity nrganisatic)ns <ili)ngside ti pe.rmcinent home. to key voIuntaiy secl()r oi'gaiiisaEi()ns providing much nLaeLled se.rvicps. Community Health and WeIlbeing Workers This innovcitive pr()ject brought over Irom Brazil and funded by our local GP Federation is already impacting c)n people's Iives, .siipporting people to take up vaccinatic)ns, screenings and reducing visits to A&E.
PADDINGTON DEVELOPMENT TRUST GROUP TIIUSTEES, AND DIREcfoRS' REPORT conNuED REPORT FROM TIIE CHAIR AND TRUSTEES Introduction Despite conttnuing financial pressures post covid and the cost-of-living crisis, including significant increases in our utility and staffing costs, PDT has managed to maiiitain aIl it&> services to some degree or another. We have workecl alongside many colleagues iii the City Council's Public HealtlTr, Environment, Culture and Einployment teams aiid with health colleagues in Churcli Street, improving lives and outcomes for our citizens. This is our last year with Neil Johnstoii at tlTre helm as founding CEO extraordiiiaire. NTeil will liave retired by the publication of this report and our accounts. We cannot tliank hiin enough for all his time and dedication to the charity ad to the wider Padcliiigton Community. He will bL' an extremely liard act to follow, and his blood shall flow througli the veiiis of PDT for a very loiig timc to come. We will also be saying goodbyo to Amal KL,dira, who has acted as our Chief Fiiiance Officer alongsille Ncil since tlie beginniiig in 1998. a full 27 years of service. Amal has provided a steady liancl to our fiiiaiices through go()d tirnes aiid bad aiiLI WL. sli¢l11 truly miss lier. Climate Champions Onc of our newe.st project.s is ()ur Climate Champioiis work wliicli hcis rL'ally clevL,loped froiy) bcgiruiiiig this year. This repc)rt caimot do justice to the liuge ciinount OE work Llelivcred by L()la ove.r the course of the year, but some liigh Llghts are as follows. At the begyiiiiiing of the year d[uSsion werL> about wliat a Climate Chanipioii would be and do. By tlie eiicl of tliis year, we have ali army of 21 active climate cliampioii% and a huge ainount of climate activitie8 being widertakeii across tlic 3 Nortli Paddiiigt()n wards covered by the project. Our champions coine from all over the world aiid brllig a huge amount of passioii and experience that they are now sliai'ing with their wider commuiiity. Activities liave llTrcluded creating an urb] nature reserve, natureliood watcIi, atteiiding a large iiumber of COiT)munity and school events aiid supporting a pled clean-up of the canal. ResiLleiits have been introduced to a wide. range of climaEe-orieiited informatioiTr includ iiig food production and healthy eating, warm liome.s and insulatioii and planting and greening. 'fhe champioiis and project h¢ive worked successf ul ly and closely aloiigside the Lity Council's climate team. The team has adopted the canal side between Grand Junction and Meanwliile Gardeiis from the Canal and River I rust and is launching a new lecture series in collaboration witli Mason and Fifth. This series wilI cover speaker fees, travel, and accommodation costs bringing accessible, high quality education opportrunities to North PaddÉngton.
PADDINGTON DEVELOPMEwf TRUST GROUP TRUSTEES, AND DIRECTORS, REPORT CONTIIVUED We have achieved a huge amount in our first year of delivery as the figures below demoiistrate. Individual residents engcigL,d clcri)ss Harrow Roacl, Westbourne and Queen's Park - .3,451 ActivL, climate Champions recriiited and traiiied - 21 (target was 10) 6 Climate/Environmeiital Campaigiis incliicliiig: _ The Cliniiipioiis Cookbook wlierL' we collectL,d seasonal recipes fi'om local residents, blL'nding cultural exchange with healthier aiid more siistainable eating habits. The ongoing Ntn's Siijfip Sjioi? which enables families tv exchaiige cliildrL'n's clotEiing, promoting rL'iise and rL,duciiig waste. TIIL. Commuiiitji Cln5srooin which supports home ediicateLI cliillqreii with a curricLIILim focused ()n sustainability. NntiAre-Hood Wfitcli wliich sL'eks to ensure that access to lia[re is iiot i'estricted by gL'osyrapliy, iiicome, or expLrtise. Nfiliire JflÉ7r org¢inise(l iii parthL)rship with Westb()urne CornniLinity Chaiiipi()n.s aiid featuring tliL' Gi'eL¥ii DL>eii TribL', wh() sp()kL' about SLlStainability diiriiigy RamaLlaii. Community Health and Wellbeing Workers (CHTrVWS) Starting iii April 2024 ancl fuiided by Ceiitral l.OllLloii l-IeaItlicare witli NF4£ GP funding, PDI. successfully recruited a 12 strong group of wonderful pe()pIe t() se.rvc as Commuiiity HealtEI and Wellbeing Workers, affectioiiately kniowii as QliewiLs, in Churcli Street ward. Bascd oli tlie Brazilian Primary F.ILalthcare In()LqL,I, eaLlI Chewy works witli ci speLific illentified cohort of 120 liouscliolds pr()vidiiig key primary Eiealth care su pport cirounLI vacciiiatioii%, GP clPPOllltments, screeninsrs aiicl aiiy thing else the resideiit Jieeds. Our Cliewies have secured much press coveragc and are alre.ady se.eing improvL'nient% in Iiealtli outcomes for thcir coliort of resiclents. Data £i'om the pr()ject is stiIl L?LIiII&T collated alid most of the work on tlie grc)uiid comnieiiced in Jaiiuciry 2025. Data froin Jaiiuary to August 2025 sliows eacli Chewy averciged 117.8 visits to tlieir liousehold8 with 887 Iiouseliolds witli 2,643 residents beilig in tlie active populcltion of tliose visited. In additioii to door knockuig aiid rneeting witli tlieir farnilies, the Chewies aIso have delivered a iiuniber of otlier ac.tivities as follows". Coffee morniiisys. Twice weekly siiice J]uarY with 157 residents atteiid iiig. LLuich ancl lorlrii sessions at Lilestone street community hub - 7 sessions held with 127 people attendlllg. Open Iftar event- 150 residents attended Surnnier mini- OIympics with 300 residents attendiiib Key to the success of this project is the relatioiiships that are built be.tween tlie Chewie and their families leading to real change.s iii beliaviour anLI healtli and wellbeiiig outcomes. Despite its extraorclinary success and popularity, tliis project's Iong-term funding is insectu'e, and the longevity of the project is uncertain. With the newly announced 10- year liealth pl1 and its focus oli prevention, we will do all we can to secure a future for tliis amazing project and the amaziiig team who deliver it.
PADDINGTON DEVELOPMEKf TRUST GROUP TRUSTEES, AND DIRECTORS, REPORT CorINuED Community Health and Maternity Champions Westbourne and Church Street PDT has been delivering Community and Maternity Champions projects for over 10 years now in Queen's l)clrk, Westbourne and Church Street. Mid-year this year, we were asked to take on the Harrow Road Champions frorn their previous provider. then successfully tendered for this work and secured a contract, so now we cover our full North Paddingtoii area. Queen's Park. Harrow Road, Cornniunity and Materiiity Champiojis are voluiiteers rccruited from tlie local cominunity who are trained and supported to deliver health and wellbeing projects, events aiid llTrEormation scssions to their wider comrnunities. They do tliis guideLq by Project LEads who recruit, train, support and supervise the work of tlie volunteer champioiis tlirougliout theii" tiine witli us. Iii addition to working witli volunteers, we havL) also participated in supportiiTrg a iiumber of apprentices. The cliaiiipions Llelivei. a liuge amount of wi)rk and undertake a largc ainowit of training. This yecir ch¢lmpioiis have supported the Llelivery of pareiit and baby drop- ins, breast-fL*ding support to iiew mums at St Marys Fl()spital, inforiiiatic)n and support during meiital health week, fooLI aLlvice and support duriiig RcimaLlan, wiiiter hcaltli iirforinatioii aiicl cidvice, atteiidcince at food and 8uiiimer festivals, Iftar celebratioiis, choirs, eiivironmental and cliinate. actioii ]d cl wliole lot inoi'e. In adclitioii to all tliis, LEiampions also Lindertake l)ublic Health Ccimp?ciigiis - .%preaLling vital public liealth inEormatic)n clcross our iieiglibourhc)OLqs, desibniL.d to koLp people .safe aiid well iii thL'ir h()mes. Ali evaluation of the fLiII p?rogramine, inclLidiiig I)DT'.% contribution is due to report soon, but previ()us evaluatioiis liave sliown the geiiuine. irnpaLt oli wellbeiiig aiid hc'alth improveineiit that the projLlCts deliver. Grand Junction @ Mary Magdalene's Church This year 's delivery froin Grid Juiiction lias been as ecIectic, engagllig aiid busy as ever. Tlie cliurcli Trd cominLlllity space coiitinue to eiiable us to provicqe a large anLI successful free community programiiie of arts, Inusic, lieritage aiid greening for chilLlren, youn& people and adults. This is equalled by our ainazingly diverse offer of artists aiid performances from around tlie world bringing rnusic aiid perform)ceS enjoyed by an e.ver-gi"owing audieiice froin the loca I tvea (d beyond. The teain clt Gi"aiid Junction have worked extremely hard throughout tlie year. 'fhis year we set up) our trc1ding arm as our ticketed anLI drinks sale.s exceedcd the VAI, threshold. "fhis has MeTrt extra work for the finance staff ensuriiig that we record all sales and purchases accordingly.
PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEES, AND DIREcfoRS' REPORT CONTINUED Grand Junction O Mary Magdalene's Church (continued) "rhe cliildren, families and youth programmes at Grand Jwiction have all further developed and included funding from Westmlllster Children's Services for the first time. We hosted 200 young people's activities and events this year including our Junction Juniors, Dance for Girls, Young Actors and our Junior Climate Cliainpions alongsidc Baby Sign and Sing, Baby Massage and our ever-popular Art Party run with Happy Liz/y. 3,000 young people benefited froin our programme this year. Our Commuiiities ProgTamme has also growii in popularity and saw us providtng 456 separate community activities, pei"formances and festival.s. Our programme included Chair Yoga, Language Café, Community Art, kniit and Stitch, Zumbcl and our GJ Commuiiity Choir. All our commuiiity projects are free to usc, aiid our amazing team go the extra mile to reach out into tlie community and brtng people into our woiiderful space. Our Heritage Programine is as stroiigT as ever, witli two building tours per mi)ntli, plus tlie addition of four new walkiiig tours, all conducted by our excelIcnt team of trained voluiiteer guides. Tlii.s ycar we also liosted 62 tickc'ted events whicli included 47 concerts, 1 coincLIy niglit, 4 the.atre perForinaiicL'S and 5 family sli()ws (wliich hacl 10 pcrforinances betweeii them). In totcil 36,342 pei)plL canie through our doors at G] of whicli 11,465 atteiiLqed our cultural progi'aimmL and iiearly 8,000 accesscd ()ur community iirograinine. lii cidditioii to i)ur own prograinme of clCtivitlLS cind pei'formanLes we continue to Iiirc out thL, buildiiig for weildings, celebrations, fasliion sli()ws, confereiicL's aiid a liost ()f otlier uses - all bringiiig iii much iieedeLI iiicome to support tlie running of tlie buillling ,la our other woi"k. Survey% From 2024 sliow that 48 % of geiicral visitors are etlinically diverse, rising to 86 /. for coiniiiLmity events ani1 festivals, 65 /. for talks, ancl 55 / for family show. T'he local area lias a population with 61 % of Black, Asian, and otlier etluiic groups; we are perforining well lll term5 of eiigyaging local people wlio have beeii liistoi"iLalIy underrepresented (anLI still are) as arts and heritage ciudieiices and partiCip1ts. 90 % of tlie. local scliool chilclreii attending our family theatre shows reported that it was tlieir first live theatre experieiice.. 27 % of visitors surveyed reportecl it was their first time attendiiig a cultural space., and 51 % that tliey h£lcI attended otlier arts and cultural spaces only oiice. a year. Vi%itoi's t() GJ are surveyed about Lheir visits to our pe.r(orrnances. 94Yo surveyea reported thal the.y had v.njoyed their vi.sit and 96Y. that the.y had found the space welc.omin&T and Iriendly. Reflec ting ()ur commitment to provicling a platform fc)r underrepre.sentLd artists, ancl striving to refle.ct the cc)mmunittes wh() live nearbyi 86% surveyed reported that the event hcicl &Triven them a new perspective on art, herila&ye, oi. culturL. One visitor cornnionted 'Beautiful, creative and welcc)ming. Reaching oiit for the community. It sooEhes ffty souI, stimulates niy creativity, improves iiiy health and wellbeing"
PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEIS, AND DIRECTORS, REPORT CONTINUED Economic Development: Employment, Enterprise and Training Another year of strong performance and growth for Economic Development with securing major fLmding to sustain and expand services, maintained high-quality provision recognised by Ofsted and awarding bodies, and delivered positive outcomes for hundreds of resideiits. Tlils has year's growth aiid achievement for Economic Development despitc continuing chal lenges in the wider ecoiiomic environnient, we successfully secured significant fuiiding streams to Strcngthen our impact and ensure the sustainability of our services. Our commitment to supporting those inost disadvantaged in tlie labour market remaiiis at the heart of what we do. Witli stroiig foundations iii place, we look forward to building oli these successes iii 2025/ 26. During the finciiicial year, PDT Employment secured four major pr()grammes: The National Lottery Community Fund (TNLCF): £1,684,144 over tliree years to cojitinue the SWIE T project (2024-2027), siipportiiig ccoiioniically iiiactive womeii into employmeiit. Westminster City Council - North Paddington Opportunities Project (N-POP): £200,()00 for i)ne year, focused on SLipportiiig resiLlents inti) wc)rk aiid de.liveriiis threc, einployinLllIt fairs iii North Westminster. Greater London Authority - Skills Bootcamp: £69,999 over niiie moiiths to deliver barista traiiiing iii liospitality, providing SUcvantcL.d job interviews aiid P¢lthways iiito empl()yineiit. Department for Work and Pensions - 50+ Programme: £52,0(10 to support olLIL'r j()bsL'ekers (50+) iiito employment througli tailored work.%hops and one-to-one support, All pi'ogranimes were aligiied with our mis%ion: to eiiable unemployed and ecoiiiimically inactive residents, particularly those from under-represeiited commwiities to secure sustainable employment. 2024/25 Employment Outcomes Total reciched: l otal engaged: EconomictilIy iiiactive: Unemployed.. Progressed into employment: Global mcijority participants: ParEicipants with health conditions". FeinciIe participaiits: 589 421 122 2n 359 101 349 These results highlight our cominitment to inclusion, with strong represeiitation of women, people fiom tlie global majority, and individuals facing health challeiiges.
PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEES, AND DIREcfoRS' REPORT CorINuED Activities & Interventions Workshops and Training: Digital literacy, workplace accredited courses, employability, wellbein& fiiTrancial workshops Job Coaching: l-to-l career support and mock interviews Employer Engagement: employer partners offering employability support, attendance at Job fairs, Insight days, sharing job vacancies, eniployer mentoring and employer visits. Wrap-Around Support: Childcare assistaiice, tr]SPOrt voucEiers, DBS checks, participant IDS, tools of traLle etc. The PDT Eniployment supported 421 jobseekers facllig barriers to employment in West and Central Loiidon. Tlvough tailored skills traiiiiiig, job coacliing, aiid employer partiierships, we achieved: 2024/25 Employment Outcomes 'rotal i'eaclied: Total eiigaged: Economically intictive: UiiLinployed.. Progressed into einploymeiit: Global liic1jority P<irticipaiits: Pai"ticipants with heciltli conditioiis: FemalL P¢irticipants: 589 421 122 2n 359 101 349 Participant overall confidence: 85 % reporteLI iiicreased confideiice and Inotivation. Increased knowledge of employment access: 97% of participants sliowed improved knowledge oli where and how to access ernployrnent and traiiiiiig oppiortuiiities. Wliicli includes an awareness of local employment services, underStldIng trainiiig patliways and access to job search platforms Confidence in applying skills newly acquired skills toward employment and training: Pa rticipaiits expres.sed Higher self-assurance in job search strategies, Williiigncss to apply for roles aiid readiiiess to piirsue relevant training Case Studies RB - Career Restart After a period of grief Trd a &trap in eniployment following reLliindtincy, RB dec.ided to mclke a fresli start. She iliscovered tIie SWEE'I'2 project by chance c1nd was warinly welconicd by support team member FJ. Assigned to adviser ND, RB hall in-deptli sessioii discussing her past work, cducatioii, and the irnpact of bereavemcnt oli her confidence and growth.
io. PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEES, AND DIRECTOIIS, REPORT CONTINUED RB - Career Restart (continued) Together, they created an action plan, and RB was invited to a one-day Leade.rship course. She actively participated and left feeling empowered with new tools and insights. Motivated, RB applied for an admin roIe at her local GP surgery before her next IAG session. She Wcis quickly offered an iiitervicw and booked mock interview practice with ND. I'liey worked oli Mlaging nerves, using the STAR technique, and refiiiing her reSpo1eS. ND evcn found the top 10 uiterview quest101 for GP admiiiistrators to lielp her prepare. RB aced tlie interview and shared the good news with the team. On the eve of her first day, she's already tIiinking aheacl about training and progrLssion, possibly into Nlqs roles. lii her words." "Ojie tlillig I know in my life is, you have to try, aiiLI you'll get sc)iiiething or somewhere." James (24) - First Job & Promotion JainLS, 24, had never lield a job and struggled with cTrnxiety. TIOll8h tlie SWEET2 project, lie coiiipleteLI a L U.%tomer servicc. course tliat helpeLI build Elis coiifidence ]d skills. 50017 aFter, Jaincs securcLI a r()le at a retail cliaiii. With coiisistcnt supiport aiid growiiig self-belief, he thrived in the role aiicl, just six moiitlis later, was promoted tu Team Leader. His j()uriiey shows how thc, right Slipport and upportunity can lead to real pro8ress- even for tliose startiiig from scratcli. Employer Quotes: Qiiote l.. 'Tlie ijrosrniiiine prL'ynrt.'d ciiiididatc's bettc'r tliaii trLiditioiial recriii tiiie.Iit. Tlieji 'Ye tiioliE?ati Ll llllLI rc,linble. Quote 2.. "W<, Iioye to l?e iiizpnlv(,d iii iiiore of tlies('..[nir.s. Participant Quotes: Qiiote l.. "Befor('. Iliis progi'niiiiiie, I lind nlino.4k giiien lip oil firidi17S iijork. With the Erfii71ing nnd siiiyiyort, l iiof oiilii got ll job l?11 I gniii('Il tIIL' (".oiifiilL'tire fo plfiii foi. Iiiii fji tiire. Qiioti, 2.. '1'ni 50 fli¢iiikfiil for tli( iyrojLc-t. Il hlis IIL,Iped 171C .Sfe ii?Iint l L'iiii do llF7d tiin¢l(' nie bc.liet?e in iiiji self cigilin. 151ill linv(. a lol to do, bi£ t I fL'L,l i-( adJi for Ilic,. ftitiirL, Iiiid I'iii ('XiitL'¢l ko SL'É. ILihiit's nL'xt.
ii. PADDINGTON DEVELOPMENT TRUST GROUP TRUSTIES, AND DIRECfORS' REPORT COPfflNUED The Stowe Centre In January of this year, we signed a new 10-year Iease for the Stowe Centre, alongside a grant agreement and SLA for 10 years. The Elding provided through the grant allows us to pay rent for the first time since entering the new building in 2(K)7. Along.side the rent, we are now responsible for nearly all iiiternal rnaintenaiice needs of thc building, and the graiit goes someway to enable us to cover these costs. We have entered into a relationship with BGIS, a major facilities management Cotnpany, wlio are providing us witli state-of-the-art facilities rnanagement to ensure we are running the building in liiie with all FIealtli ld Safety requirements ld that our M&E is fuIly maiiitaiiied. 13GIS are cliarging us on a not-for-profit basis as part of their wid er CSR obligations, ld we are veiy grateful for their assistance. We also now have solar paiiels provided a small percciitage of our electricity thank to the City Council's Net Zero strategy aiid are currently having air source heat puinps iiistalled to rLplcice our ageiiig boilers. Tlie costs of running the Stowe centrc remain extremely high anLI we have sadly had to iiicrease our charges, whilst tryinbT to remain as competitivc and community f()cusscd as we caii. CitiLeiis Advice aiid the Advocacy Project c.ontrinue to be loiig-terin tenaiits and OIiL Westminster j()illL,d us as teiiaiits. of our gri)uiid floor office this year. AIc)ngside our own usage for our He.ad Office, Traiiiiiig, F.rnploymeiit and Coinniunity Clicimpioii uses, WL have coiitiiiuecl to liave ci large nurrtbLr of local orhTaiiisati()iis, cliurclies, Inc)sques, aiid local residents liire oiir liall aiid Ineeting rooms for a wicle rciiigc, of L'veiits, meetiiigs and parties. Duriiig 2024/2025 we had over 7,600 people sisn in our reception rcsyister. Tlie liall wa.s hired ()ver 90 times for parties ld CL,lebration.% and 49 differeiit local organisatioiis hired rooms or tlie hall for meetiiigs or training SL'ssions. Conclusion We are iinmeiisely proud of all we liave acliieved this year. None of it would h1c Ve beeii possible without the commitment of our teaIns, tlie dedication of our voluiTrteers, and tlie coiitinued support of our fuiiclers aiid partners. As always, none OE our achievcinents wouId be possible without the ama7.ing h¢ird work aiid clL.dication of our wonderful staff team. On behalf of the BoarLI of Trustee.s, I wish to say a huge thtink you to everyone for all their efforts. Grace Reid - Chair of Trustees
12. PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEES, AND DIREcfoRS' REPORT COFalNUEDJ STRATEGIC REPORT PDT operates a sound financic11 accounting cind monitoring systc'm utilising Sage software and ci bLispoke cu.stomer Managemeiit System. It incliides an in-liouse Accountant, 7(1 2 FinancL OfficL'rs. The c()mpany hils dLvelopecl fiiiancial systL'mS Wlth it.s baiikers and operates oiiline Internet banking. It appoiiitL,d external H11 support in 2023/ 24. All publicly contracted pi'()jects arc, iiiternally and L'xterncTrlly rn()nitored, extc'rnally aiidited aiid evaluated. FUNDRAISING PDT Fundraisinby is coiiducted in sh'ict coiiipliance LleterminLd by term.s aiid conclitions of fuLider.8 ancl c()mmissioner'.% cliiL) dilisyence. It raise.s its fuiids tlirough senior maiiagcrs applicati()ns to opeii tL)ndL'rs ()perateLI by public 4ect()r comniissii)ners, gyi'ant applicatioiis, establisliL'LI Ti'LlSts anLI FoLIIILlatl()IlSi ¢l1)d doiiatioiis fr()m wetilthy iiiLlividLials aiid coi'porcitioii%. It Lltili.SL'S support aiid aLlvicL, fr()m pr()fessi()nal flindi'aisers woi'kinhy lyi this coiitext. All funils raiseLI cil'e i'c'p()rteLI to PDT Ti'iistL'L'S cinLI are SLibject to i'igL)roiis moiiitoriiigy anLI auclit of Iiutput5 clllLI ()Iitc()Inc'.% as iclentifiL.d in eacli applicatii)ii for flind%. PD'F lias ii()t I'L'ceivL,d aiiy CL)mplciints rL)l¢ltiiig t() its fuiillrciising activitie% iii 2024/2025 01, at aiiy point iii it% yL'<1rs of i)per¢i ti()iis, POLICIES REVIEW PD'f c()iiLliictL'LI a p()licy rL'ViL)w in 2024 iiiv()Iviii&r ali LipLlatLi of till exi.stiiih policiLbS anLI tlie crL'ation ()f iiLlW Stciff aiiil ()rgillliS¢ltional p()IAciL's iiicluilinbF Equal Oppoi'tuJiitiL'S aii(I Safeguardii)g policies. PDT b¢l4QS It% EO aiiil SafL'griiarLling pnliciL's oli tlie rL,levant statut()ry reciiiirements. All HR p()licies arL' iiow reviL'wed ¢lllLI appi'ovecl aiiiiually witli thL' support of OLir HR compaiiy Worknc'.st. New aiicl revisL(I policies are foLincl in OLir Staff Handbook. PD'I, siipp()rts positive actioii at the local level. PDT recogTIIiSL'S that this is a critical issiie In coiitetnporai'y society aiid will L'nsiire that its policy ()f positivL' iiicliisii)ii is reflectL'LI thr()Lighoiit tlie orbyaiiisatioii. It will also sL'c,k to cictiiiely proin()tL' the intL'rests of miii()rity' Cul]reS aiid will j<)iii othei's in iM¢ikiiig SLlI-e tliis liappeiis iii a fair, just, aiid eqiiitable maiiiiL'r. RESERVES POLICY It is the pc)licy of thL' Cliarity Eo maintciill Lini'estricteLI fLinds, wliicli cifL' the free rLSL'rves of tl)e Charity, at a level which L'qLlcltes tc) approximatc'ly four months, LiiirestrictL'd expenditure. This proviLlc's siiFficient flinds to c()ver mcliiagement, administration, ancl support costs ancl to respond to investmLnt opportunittes an(1 emergL'ncy applicati()iis for grants, which arise from time to time. Unrestricted fuiids were maintaiiied at this level throiighoiit the year.
13. PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEES, AND DIRECTORS, REPORT cowrINUED STRATEGIC REPORT CONTINUED RISK MANAGEMENT The TrustL'es consider the various significant ri%ks to whicli the Charity may bL' exposL,d, pai'ticularly those grant contracts and premisL).s of thL, Charity, and arc, conficleiit tliey have appropi'iate systems in place to niitigatc, these risks as outlined below: A higli risk of l()ss of fuiiding for oiir CHWPV pi'oject at thi, end of next fiiiancial year. Mitigation: The B()ard i.s fLilly apprisL,d of this risk and mea%ui'es are iii place to pi'otect tliL' organisatioii h'om l().ss of fuiids lip to anLI including the, need t() niiike i'edillidaiicie.s if iiecc'ssary. Risk: Poteiitial l()ng-term closure of Grand Juiiction arising from loss of eariied trtiLliiibY incomL, froin rL'nt ai)Il liirL'. MitibTati()n: Witli support from thL,1411'itagye Lottery Fuiid, GraiitS} Iiiicl Lloiiati()iis GJ lias InclXilliiSL'LI its. funclr¢iisiiig potL'lltl¢l1 t() LqL'veli)p iiew rL'veiiiiL' Streanis from cultui'al <lllLI InLTSiC evL'nt.% 111 cidiliti()n t() I'('..SLiinpti()ii ()( liospitality <lll(I liii'L' activitiL's. The SilCCL'.%S ()( SLibstc111tial f illiLlrai%iiibl clctivities for GJ i)vei' thL, last yL'cif lind rLgLilai' C¢ishflow mciiiaLyL.)iiIL'nt initigcltes tlie i'i.sk. I'IIL, B()ai'cl c()iisiclers risk ()( GJ Inli&7 terim clo%LlI'e tobe20/. GOINC CONCLRN AND FINANCIAL RLVI 'IIIL, ' I rii4lee.% a rL' Silti%fic'il that l)D'I' is ¢7 g,oin8 c()ncL)rn ancl dLmoiistr¢lte.s a mL'Lliuin-tL'rni sti'atL'y,y foi. exiiansion of its ethos anLI services. '1lie Chclrity's total coiisoliLlatecl inioine was L3,190,042 in 2025 (2024.. L3,226,380). Donatii)ns to the. valiie ()f £170,523 were. rLceived of whic h £116,775 Larriid I'e%li'iLtion (111 LIS<lY,e (2024: L309,449). Rental inc()nie from other ti'ading activities y,enerated L312,878 ui 2025 (21124.. £441),570) and tracliiig inL()me froni its siil?siiliary PDT GJ Tradllly, Limited Mra4 £275,118 {2024: £154,128) and L)¢ink iii tcrest was £6,358 in the year (2024.. £nil). li)tal ilirecl charitable exp)enditLii'e TriayabIe was £3,29.3,851 in 21125 (20?4.. L3,442,296) CIS Set oiit in n()le 7 to the Flllcincial Stcilenieiits. GovLJfiicince cind support Li).%ts were £356,7?l in 21125 (21124: L361,681). As a re.4Lilt, the Qharity produLed a defiLIt of £103,809 in 2025 (2(124: Lleficit of 1215,9-16) M,hicli was charged lo gL)neral fund4 (2094.. chargeLI to general funds). Ihe Trustees reEain a level of cash (L)enLral funds) sufficient lo meet expenditLiTe coninTrilment aiid In£iiiage the Lash flow reciiiirLment for the f()resLecibIe fiiture. Capital re.serve.s (totral funds) al'e currentty £493,880 (2024.. £5C)7,689). 'Ihe Triistees review tliis policy on an annual basis.
14.
PADDINGTON DEVELOPME[ TRUST GROUP
TRUSTEES, AND DIRECTORS, REPORT
CONTINUED
The Trustees/Directors wh() served during the year were as follows:
Grace Reid
Doug Shaw
(Chair)
(Treasurer - app()inted 31 July 2025)
Mona Adic m
Aikaterini Alexiou
Robi Dutta
Arinola Ldeh
Thienhuong Nguye.n
Rajiv Sinha
'1 im ToLlhunter
Stephen Winniiigham
(appointed 7 Jlc nuary 2025)
Comelius Sanwo
(Treasurei. resigiied .31 July 2025)
s'rATEMEN'f OF TRUSTF,E.S' AND DIIIF.CTORS' RL.SPONSIBILI'IIF.S
Ci)mFiany law rL'quires the 'l'ru.stee.s to prL'F)arL' fiiiancial %tatem('.nts foj, c'acli financ.ial ye¢ir which
givL' a truL' anLI fciir viijw of the state of affairs c)f the C()mpTraiiy <lnd of tliL' re.siilt of thL, Company
foi. tliat pc rioLI. In kire.p)arinL tlic)si fiii<inc'ial statee.nÈ$, thL' I'riisteL'.% {wlio clr(: al%() th(,. LlirL'.It()rs ()f
thL ili£iritciblL' i ompciny foi- the purpi()ses of Lonipany law) aro. rLqLiirLcl to..
SL'liict siiitable IlCLI)iintiriL Pl)IicLL'S <ind theii apply tliem consisLeiitly
makL' juclgeme.nt% aiiLI estinicltes that Ic I'l i'easoiicilile
15. PADDINGTON DEVELOPMENT TRUST GROUP TRUSTEES, AND DIRFCTORS, IIEI)ORT CONfINUED STATf.MENT OF'I'RUSTEkS' AND DIRicfoRS' Rf.SPONSIBILI"IIES (CONtINUED) r.ach OF tlie piei'sojis wlio is cl I'i'iistee at tlie ililte of aiipi'ovcil of tliis i'eFioi't coiifii'iiis tliat, so Fill. as e£iclI 'l-i'ii.gtee. 15 <lM'ili'e, tliei'e is 110 L'elevaiit auclit iiifoi'iiiation of wliicli tlie. C.l)ai'il)I'S ciiiiliLoi- i UIl<lHT{Il'i, aiicl tlie. 'l-I'iisleos liclVL tcikeii all Ilic slep.$ 11)cil' tliey oiiglit tu liilvc IfikeIi Ils .1 riistees iii Ul-Llei' lo i)iake IlieiiisLlves ¢lll'arL) OE aiiy k'ilLJVclllt clLiilit iiili)I'lllcilioii clllil to estiililisli tliilt IliL' C_l)cll'itJr'£ Ir ii¢litOl' is Ic M'ai'L uf tliclt iiiloL'AllciLiDII. -I'lie Bucli'cl iiiiilei'lakes L'Lgiilai' Skills aiiiflits iii ol'der to ILleiilify gclps. Poteiitial ts'iistees <l1'L tlieii iLloiitifieLI aiiiq ¢ll?PIOclclieLI. All FTri'osiieclive tL'iislees £ll'e iiiteiviewLil by tlie Cliciil. ciiid CLO M,IIo Ilieii iiiake I'LL(TriiuiieiiLl<il'ioii.s to tlie fiill Ijoill'cl. Tlie l?D'I' Bocli'il 'l'i'ustees l)avL tlie oveiiltl legal i'espoiisiL)ility foi. tlie Clia I'lly iiicliidii)g Ilie geiiL'i',Il conh'ol aiid Liiaiicigeiiieiit of tlio aLliiiii)ish'attoii of tlie. C.licll'ity. TIIP. oi'8cllll.Siil'ioii licls cl SL'IIIOI. Ill¢ltTragL'iiieiit te(1111 leil by Ilie cr,0 wlio t<ike Él<ly tl) (la5F I'L?SPQLisibilil'y fot. <111 cispieLts of opiel'atioiial (l('.liveiy of IliL Cli¢li'il}T'S iiyol'k siii)i)nt'tpcl l)y clll sro. iJi)'I"s Depiity CEO is i'espoii.silile. foi. I-IR clllLI eiisLlI'itig tliiil PDT'S Fi()IiciLS ill'e reviL)weil oil a i'LgyiilaL' I)£iSiS by tlie IIo<ll'LI. N41)st uf PDI"s I I'lislees lii)ve. sigi)ificilllt exFiei'ieiice of .8ci'viiig oil ai¢ll'i ty LIo¢ll'cls. I",oi' tliose iiLSKI tn tIiL I'olt! tl'iiiiiiIig i)I'oviclL'(I by NC.VO 1.8 off(JL'eil. All .1 i'u,stccs ()ii Ippoiiil-iiioiit cllL' iSSLILcI M'illi iiif()riii<ili()11 rel¢ltiil8 to tl)e lii.%lor)I nf tlii, Cliclt'ily clllcl i){)iiitc'(I t<) ils p)oIicio.s clllLI pi'()CCLIL?i'es. 'I'i'i15tec5 cll'c tils() isf iicLI M'i Ili cl copy of 'l'liL Ls.seiilicil 'J'i'iisloc" iiifoi'iiicltTnii Iii'OVlilLLI l)y IIiL, Qli¢ll'ily Loiiiiiii.ssioii. Oli lil.. lie Q<ll'il of .1, Gi'43ce Re C".liclii' of 'l"J'ii%te.v. l)tlLILlii)grl'yii l)evel()i)l))I'.iil 'fi'Li%I CIl'C)IIP) 'I'IIL St()M'e Ceiili'e, 2J8 I4¢ll'J'l)M? 11()clLI, I,(iiiil()ii W2 51."$ 2025
16. INDEPENDE1[ AUDITORS REPORT TO THE MEMBERS OF PADDINGTON DEVELOPMENT TRUST GROUP Opinion We have audited the finanii(il statements of Paddington Development Trnst (the 'charitable parent company, and its subsidiary the "group") for the year ended 31 March 2025, which comprise the Consolillated Staternent of Financial Activities, the Consolidated and I'arent Balance Sheet. the Consoliilated ancl Parent Statement ()[ Cash Flowsi cind rLlated n()les, inLluding a summary i)f ignificanl accoiinting policies. The fin1c nciaI reporting frarnework that has been applied in the preparation of the group financial statements is applicable law anLI United Kingcl()m Accounting Stanclards, including Financiiil Reporting St]dard 102 1111. Fiiiancial l<eFI?rliiig Stiindllrd api71icfible En tli UK lln(I l<epiiblic of Irc'lapid (United Kiiigd()m Generally AccepteLI Accounting Practice). In our opinion, the financial statements: givL' a true and fair vieMT of the stal'e ()f the grc)up and pareiit company's faIrS at 31 Mcirch 2025 anLI of tliL group's incoming rL'sources and applications of resources, including its income. and expLncliture, for the. yL'ar thL'n endecl,. have bL'e.n pr()pe.i'ly prL'pared in accorLlance wilh United Kingdom CLinerally Acc.eptL'd Accouiil'ing Practice. and have lieen p?I'L'parL'LI in clLcofLlancLI Wlth die Ci)mFianies Ac'.t 211116, Basis for opinion We LC)nLfliictL'LI ()ur aiiLflit in acL()fLflaiice with IntLsrnati()nal StandarLls on Aiicliling UK (ISA.s {UK)} anLI akiF?IicciblL' law. Our i'esp)()nsibililies iinLler thosLS Stanclai'ds al'e fiirthL)r (le.scrilK'LI in the ALiditors' risE)01i4il)ililie% for the c1uilit i)f i.hL, lin<UILicil stiil"e.mL¥nls SL'Ction ()f our rep()rt. We cifL) jiicIL'piencle.iit of ihL group anLI parLiit c()iiii)any in accorclance with thL' ethical rLyuifL'inent% Ihclt arLb relevclllt to c)ur aiidit of the lincincial st<ltL)iiient.% in thL' UK, incluLliny thL' r,RC's I,'thiLcil StanLlarLI T'r()Vision% AvailaL)le. f()r Audils ol Sinall r,nlitie%, and we liavL. fulfilleLI our othL)r ethiial rL'spoiisibililieis in aLÉ".ordanLL' Wltli thL.%L' fLILiuiremL'nts. Wc, I,lIeVe Ihat tlie ¢iuclit eviLlencL) we havL) obtlcineLI 1.4 sufficiL'nl and ¢ippr()pri¢ltc'. to pr()viclL' a basi.s for ()ur opinion. Concliisions relating to going concern In aiiditiiiL tlie financial stateinL)nts, we have concludeLI that tlie triislees, iise of the going concern basis OF accounting in the FirL'pai'atii)n of the finanLial .%latements is abTrpi'opriate. Based ()n the w'ork we lilc ve perfoi'ined, we hcive not iLlentifieLI any Tnaterial uncertcllllties relating to eve.nt5 01. c()niliti0115 that, lliLlividiially or collectively, may cast signi(icant cl()ubt on tlie cliaritcible coini)any's Ic l)ility t() continue as c1 goingv c()iicern for a period of at least twelve m()nths from wlien tlie. finaiicial statements are aiithoriseLI for issue. ir responsiL)ilities anLI Ihe respiinsibilities of the direclors Wlth respec.t to goiniy LonLen] are desLI'ibeLI in the relcvant %ec.Eions of thi4 rLporE. Other information The TTUStee.s are responsible f()r the ()ther information. The other inFormalTon Lompri8es the infoi'niatioii incliidecl in the Triistee_s, aniiual report, cither than the Einancial shlemeiits and our auclitc)rs' repi)rt Elierei)n. Oiir ()piinion on l.he fiiicincial statements cloes not cover the other information ic nd, aLLept to the extent i)therwise e.xplicitIy stclte.d in our rep(Irt, tliat we do not exkiress any form of assurance conclusion Ehereon. The only chiinge is to reler to group ancl parent company financial statements.
17. PADDINGTON DEVELOPMENT TRUST GROUP INDEPENDEwf AUDrroRS REPORT TO TFIE MEMBERS CONTINUED Other information (continued) In c()nnection with i)ur audit of the financial statements, our responsibiliiy is to read the ()ther inforniation and. in doing so, consider whether the other inforniation is materialIy inci)nsistent with the financial statements or our knowledge obtainecl in the auclit or ()therwise appears to be materially misstated. If we iclentify siich material inc.onsistencie8 or apparont milteri1c I misstatoments, we are reciuirecl to determine wliLther there is a mclterial mtsstate.ment in the financial statements or a material mis%latemL)nt ()f the other infoiThation. If, baseil i)n the work we have performoLI, we conclude tliat there. is a material misstiltement of this other infoTmation, we are rLquifLLI to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the c.ompanies Act 21K)6 In our opiiiion, ba%e.d on the work undertaken in the course of the audit: the information given in tlie 'l'riisteL).s' report (incorporating the. strategic report cinLI the dire.ctors' rL'pi)rt) for the. financi<il ye¢ir f()r NK,hicli ihe finanLl<il statL'LnL'nts are prL'pared is LonsistL'nt witli the financial statLSinL)nts; ancl the stratL)SYLL rep()rt anil tIiL' Llireit()rs' rep()rt havL' been prepareLI in accorLlcincL) Wlth applicable logal rL'L]uirL'ments. Matters on which we are reqiiired to report by exceptioii lii thc. light c)f c)iir knowlL'Llbye cinLI iiJiclL)r.4landin&y of the bir()iip and Pcll'(Illt Lc)Inpany ciiid thL'ir o.nvir()ninL'iiI olitc1ineLI in tIiL' L()ufsL' ()E l.he 1£ iiclit, MrL' have n()L iclentifiL'LI mati)I'lcil misstcltL'nie.JitS U) the strategic J'ei?()rt n()i' the clire.ct()r.4' rep)()rt. We havl, ni)l.1)inT Io i'L'port in J'e.SPLYt ()[ Ilie f()Ilowing niattL'rs in rellc tic)n to which thc Con)F)aniL's Act 2()116 rL'Liuires us I'o J'L'POJ't t<) you if, in oiii. 01)iiiion: ,IdL'LIu<ltci acc()uiitiiig reLc)rcls h<lVLI 11()I beL'ii ke.p)t by thL' P¢ll'ent L()Inpany i)r rL'Iiirns <lLlequ<lte. for yoiir audit havL' not bL)()n rL'cL'ivecl fi'uni braiiihL's not visiteil by us,. or thL' pai'ent company Financial stalements are not in cigrL)ement wilh the acLounting riL()rLls ancl returiis,. or ce.rtaiii clisclosures of ilirectors, reniuneratioii %pecifieil by law al'e not maile,. or we have not receivecl all the infoi'mclti()ii aiid explaiicilions we rL)ciuire f()r our auLlit,' ancl the trustees were not entitleil to prep<ire tlie finanLial statements in accordaiice with ilie small comF?anies re.gime ciiiLI lake advantage ()f ihe small ci)n)panies' exemplii)ns in preparing the tru5tees'anLI Ltirectors, i'ep()rl and froni the reLiiiiremeiit to pi'epare a 5ti'ategic rep)ort. Ilesponsibilities of Trustees and Directors As e.xplaineil m()ie Fiilly lll the Stalement of Triistees, and Direct()r%' Ilesponsibilitie_s qet oiit on liciye 12, the 'l rusl'ees (wli() Ilre also the Llirect()rs of the parent ci)mpaiiy for the F)ui'P05es o( Ll)mpany law) are respi)n.sible for the preparation of the (ilicincial statements £ind for being 4al'isFied tliat they give a true anLI fÉlLr view, cillLI fi)r such intLrnal contr()l as the Trustees determine is necessary to encible the preparLltion ()E finanLial state.ments that are (ree fr(Im material mtsstatement, whe.IhcT duL to friTrud or error. In preparing tlie. financial .stcltements. the Trustees (ire responsible for assessing the group aiid Pcirent comi)any's ability to coiitinue as gc)ing conLLrn, Llisclo8ing, as applicablL, matters related to g()ing concern and using the going concern ba.sis of accouiiting unless the Triisteos intenil eilher to Iiqliidate the groiip or parent oomp)any or to cease operations, or have no i'ealistic altei'iiative biit to do so.
18.
PADDINGTON DEVELOPMENT TRUST GROUP
INDEPENDF.NT AUDITORS REPORT TO TFIE MEMBERS
CONTINUED
Auditors, responsibilities for the audit of the financial statements
Our objectives are to obtain reasc)nable as.4uranco about whether the financial statemenL4 a.s a whole
are free from material misstalement, whether due to fraud or erroT, and to issue an auditors, rep()rt
iat includes our opinion. Recl,S()nable assurance is a high lL)vel of assurance, but is n()t a guarantee
that an auclil conductecl in accorclance with ISAS (UK) will always detect a niaterial mis%tale.rnent
wlien it exisLs.
Misstatements C¢m arise from fi'aiid or errL)r anil are lonsicle.red inatericil if,
indiviclually or in the. aggregate, they Lould recl%()nably be expected to infiuence the economic
decision.s ()f users taken on the ba%is of these linancial stalements.
A further LlesLription of our responsibiIities for the audit of the financial statemenLs i.s locatLd on the
Finanlial Reporttng Council's website at.. www.frc.or
auditorsre5
f()rms part of our auclitc)rs' rLport.
)nsibilities. This description
F,xtent to which the audit was considered capable of detecting irregularities, Including fraud
IrrL'gulcll'itiL'S, including frauLI, are instanLes of non-c()mi)liancL with laws and rL'xulatioiis.
desigji procL'if ures in line with our i'Lispon%ibilitiis, outlinL'LI abovL', lo di,tL)cL matL'fi
Ic).
PADDINGTON DEVEI.OPMENTTRUST GROUP
INDEPINDINT AUDITOR.S IIFPORT TO T14E lEmBERs
CONTINUED
Exteiit to wliich tlie iiudit W£l.s coiisidered capic ble of detecting ii'regliliritie$, ijicliidiiig li'aiid
(cuntiliiied)
QoLILILiIIL' C)11 tIIc' IlPllI'()iiriatL'IIL.ss nf lllclllclbYL)iiieiiL's use ()f Ilie gcinig ioiii('.I'ii lJi151S ()[ ¢lccoiiiiliiig
Iiid, L)clSeil Lili tlie. ciiiilit o.vidoiirL obtiiiiielq, wlielEier (l Illcilei'ial iiiicertili]ilv exisls rLlcltL'(I to eveJitS
oi, coiiditi01i5 tli<il ill<l}T C¢lSt 5igiiiliiaiit 1loLibt oil tlie gi'()iii) or pai'eIit COilll)Illl}Y'S cibilily lo c.oiitiiiue
as a goiEig COiiCLI'li. If coliiliide tli<lt Illc1tQ.I'lcl1 iiiicei'tciiiil}T exisl's, MIL. ai'Li fLLIIIiI'L'(I lo cli'rllll
,Itteiition iii OUJ. ¢111Lliloi s I'epioi't to Ilie i'el<1tCcl disllosiii-es iii tliL fiiiaiicial sl'll leiiieLILs Di., if SLICII
(lisclosLlt'es ai'c,. lllilLleiiiiilte, to iiiodiFy oiii, opiiiioii. Oiir LoiicIIislOIIS Ill-e b<iseLI oli t]ie clllclit
evi(leiice oLilcillied iipi to tlie clati) OF oiii. aiiclitol S I'LPOL't. I loMievLI', fiitiire eveIitS Ol. iOL)Llilioiis
Illcly CclUSe tlie &? IOLl&I (If pai'e.iit Culllpillly tc) CLcise I'o coiittniie cls a goiiig coiicei'ii.
EviiliiatL) tIIL OVLI'all E)R-LsLiiitilti()11, 5tl'LIL ILII'L. illlLI I".niiti'.iil ol tlie ILllcllliicil stateiiiLJJIts,
iiicliicliiig tIiL cli.4closLlI'es, aiid whLlliei' die fiiitlllLial st¢ltL'iiieiils repi-e.£ei)t tlie iiiicqei'l)Fjiig
'<IIIS<lCtIOllS 1£ IILI L veiils Èli a ill¢)IIIILr tlicl l iicI)iL¥ve.g fic il F)I'os('.Iilatinii.
OLitaii) .siiffir.ieiit Illll?I'C)Ell'jclt(¥ au¢4it CVlL4eiice i'cgcTri'Lliiip, tIIL, Eiii(Illll¢il iiiFc)i'lllcltic)i) of ilic
Lintitii'.s oi. L)IlSlllLSS activilic.5 Trl'illiiii IIIL? bJl'()111) to L'X¥)i'e,ss clll ()l)Illlllli ()]) tli(' kyi'()iipi fiiiaiici<il
Stcl tL]I]el1ts. We ¢ll'L' I'o.siioJisiblL) f()L tlic dii'eLli()1i, 8111)ei'visioJi ai)Il F)e.i'f()I'i)iaiic(I nf Ilie
Jl'C)11 ¢lLILlit, WLJ I'oillLllJ) soIL,ly i'espiuiisible for oui. ciiiLlit ()kljllj{111.
WL"_ LOIIIIIILllliQcilL' willi tlii)%cs rliill'gL'(l ivitli ii()IlL'I-Iliiiif.I'. l-L'gT¢ll'il ji)g,
IIIL)Iiir rJlliL'.i' iiiallL'I'.s, Ilie
Il¢]IIIIL'II scoEILI ¢iiiLI liiiiiiig of IIiLJ <iiiilit rlllLI sis?iiiFic<lllt rlllLlil fiiicliiig,.s, iiicliiLliiig, <lliy sigiiifici)Ilt
de.liciencies iii iii tLt-Il¢il Lciiilt'(Il Ilicil Ml ¥
L iLILiilify (liii'iii8 oiii, ciiiilit.
Use o( c)iir i-ei)ui't
'I'lii5 1'L'POI't is Ill<lLI(1 s()ILly t() 11)ft. cliciriL(Ilil('. I'i)IllPlrllly'.S IIIL'I]IIILL',s, c) l)OLIJ', iii ¢lLLC)J'(IclllCC Il'ItII
Ll)cll)t('.1' .3 OF Pa I't .16 c)f tli(.. C.c)Illb)cllliLS AI"l 2(11)C). Oiii. illiclit ii'oi'k lias beeii li ii(IL'I'l¢ikeii .SD Ili¢lt rL)
iiiiylil- skite to IIiL clicli'ilcil)Ic c()illl)cllly'S iiieiiibL'i's tli()SL' Illil ttL'i's M'e Ciri.. I'(.ciiiii'()(I lo .41¢l lo. In Il)oiii 111 Ii 11
cIIILlit()I S I'L'I)Ol't ¢lllLq Foi. tin olli(.I' p)Iii'i)ose. 'I'o IIiL' fiillo..£t i'xl('.Iil' i)ei'iiiitl(.'(I l)}1 l¢lW, li'L ilo iiol
20. PADDINGTON DEVELOPMENT TRUST GROUP CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCO FOR'fHE YEAR ENDED 31 MARQH 2025 Note Unrestricted Restricted Total funds Funds 2025 Total Funds 2024 Income Donations Charitable activittes Other activities InvestrnenLs 53,748 525,617 587,996 6,358 116,775 1,899,5£I8 170,523 2,425,165 587,996 6,358 309,449 2,.322,233 594,698 Total 1,173,719 2,016,.323 .3,1(l,042 3,226,380 Expenditure Charittible activitiÉ)s 1,171,776 2,122,075 q,293,851 3,442,296 'I'otal 1,171,776 2,122,075 .3,298,851 3,442,296 Net income /(expenditure) (105,752) (103,809) (215,916) "rratisFe.I' bLtWL'L'ii FLiiiLIs (105,752) 105,752 Net movenient in funds (101,809) (I().1,809) (215,91() Ileconciliation of funds f,unLI balaiice.s broiight fc)I'w'aril 597,689 5CJ7,689 813,6U5 Fiind balaiices LarrieLI forward 493,880 493,880 597,689 The notes on the Following pages Eonn part of these financial statements.
PADDINGTON DEVELOPMENTTRUST GROUP CONSOLIDA"fkD BALANCE SHEEI. AI. 31 MARC.H 2025 Note Group 2025 Gi'oup clic11.ity CliarAIy 2024 2025 2024 Lxf.F) A&£}."1.5 15 16 11,026 9,009 11,026 100 ),OOL) loo IiivestlllL)IIts 11,026 9,009 11,12() 9,109 CUIIRf.NT Assf.TS De.liti)I's CcisII cil Li¢)iik illlLI iii liri1i11 17 .170,586 180,400 996,241 858,120 215,376 924,781 755',104 1,166,827 1,0.38,520 1,1()11,357 .1,014,637 CREI)ITORS: AMOUNT£ F,AI.I.INC, I.)UE-, WI I'I-IIN Q)NL Yr.Al< 18 (CI03,973) (.107,444} (597,5(13) (283,661) Nf.'I' CUl<l<F;, NT A£%T;."rs J(?2,85L 7.31,1176 562,854 730,976 'I'o'rAL A*I,:'15 1.1,'5S CURIIF,;N'I' LIAIIII,I'I'II,:% 573,8811 740,1185 571,8bll 740,085 CIIL,I)I'I'()IIS.. AMOIJN Ib I,'ALLING i)ur. IN MC)RF, TIIAN ONI,: YI,:AII '18a (80,01)11) 1142,IC)6) {80,000} {14? '19()) 'IOI'AL NI'I. A551,;15 49.3,880 5C)7,(}89 £I9.3,8tio 597,Ci119 CAJ?I-I"AI. ANr) riL,SI.,:IIVI.;S Uiii'esli'icle.cl fiiLlils - &TreiiLI'al FIiiiLIs Uiiies1'1'icte¢l fLiiicI - IlLSibllllc tc..d f LiiicI.8 Re4tl'iL tecl Iiiiii15 i() 19 19 ,451,880 140,000 1157,()89 140,000 ,353,880 457,()89 140,000 140,000 'I'o'rAL FUNI)£ 49,3,880 597,6S9 493,880 5C)7,689 "riie Elllilticial slilleiiiciits l)clVL LIL'L'II 111-V.i?ai'LLI lll clCCOI'daLICLJ Ii'illi tlIL sp)ecirl1 yirovisiot15 I'elatiiig lo SJ)l<ill c()iiipaiiiLJS wilhiii Pai'l 15 of tlie Cniiii)(11)ies Act 200(). Api)i'oveLI aiiil LiuIIIi)L'LSLLI Flii, iSSllL, b}r tlie Boic I'L4 of 'l'i'iisLees 1)ii Ilio. ir L)cliclLf by.. 2U25 <lllLI sigiied 011 Gi'iice. ReiLI Cliair of I rustees Tlie iiotes oil tlie folloThFllig P¢ibYLS foi'lii &)<ll't of tliese liiiaiicial sli¢ teiiiLiIIs.
22. PADDINGTON DEVELOPMENf TRUST GROUP STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARC.H 2025 Note Group 2025 Group Charity Charity 2024 2025 2024 Net casli infiow/ (outfI()w) from operating activities 21a 137,455 (112,823) 166,011 (212,739) Investing activities Interest inconiL Purchase of fixed assets I'urchase ()f inve%lme.nts 6,358 (5,692) (2,1164) 6,.358 (5,692) (2,064) (ioo) NLt cash innow from investing activitles 138,121 (114,887) 166,677 {214,903) Iinanc.11ig activities IntL)fL)St paiLI L()n8-tc'rni l()an finanL.e NLJI cash iiiflow/(outflow) fr()m financ-.ing aLlivitie.s ITicreiisc/ (diLrL'a%L') in ca%h 1c llLI Ccish eL]uivalents 178,1?1 (114,887) 166,677 (214,903) Casli ancl cash LqUiVcilL'iits at l Api'il 2(124 21b 858,120 97.3,007 758,104 97.1,(K)7 Cash anil cash equivalents at.31 Marcli 2025 21I? 996,241 858,120 924,781 758,104 The notes on the following pages form part of these financial statements.
23. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 I. ACCOUNTING POLICIES Statutory information Paddington Develoyiment 'fru.%t is a private cc)mpany limitecl by guarimtee, domiclled in F,ngland and Wales, aiid with a Companies Hou.se. registration number 03652559, anLI a registerecl charity (numl)er 1080883). lThe rLgistereLI office is Tlie Stowe Centre, 258 Harrow Road, Lciiid()n, W2 5F.S. statement of compliance The financial stateinents have been prepared in accorLlance with AcL(iuntiny and ReprtI1}g by Cliaritie.%.' Ststement of Rec()mmendLLf Practice applicable to charities preparing theij. accounts in accordance with the Financial Rc'poi'tiiig Stanclaril appllcable iii the UK (F,RS 102) (effective l January 2019) - (Chcirilies SORI) {r,RS I(12)), the Financial I£L'porEiiig StanLl£lra applicable in the UK (FI£S 102) ia the C()Inpanies Act 2006. 'IhL)re werL' no material departures from the stanilard. Paclcliiigton DLIvL,lopment 'l'rust mL)Lils the. dL'finilion of a public. benefit L'iitity under I,'IS 111? Assets and liabilitie.s arLJ initially rec()giiise.Ll at historical c<).4t or tran5actL()ii valiie un]Li.4% ()therwise statL'LI in the i'L'IL'vant aLL()iinting poliLy note{s). I'hL' f inanLlcil 4laLenientS cifL' F)re.piarL'LI in stei'liiiy, whiLli is thL, functioiial curre.nLy of thL' Ll)Inp)any. 'Ilie TTllSt('.L'S havLI i'LIViL)Myeil thL' Cliai'ity'.% financial ii{).sit'ion to ensurcs it is appr()Firi<il'L l() proLIuLLS the acLount% on cl LY{)llig c.()nce.rn bil.%l%. Groiip financial statemcnts T]iL (in¢iJicial stat(:menls Lciiis()liilate thL) fL)SLIIts of thL' charity anil it% wholly ()wno.d siibsiiliai'y Pl)'L' GJ Tracling I.iniite¢l ()1) a line by line basis. A st)p)arale Si<ilo.ment of 14inlc 111.l<il ActivitlL)s and JnL()me ¢illil l.',xpenLliturLI Acc()Lint f()r the. cliarity have. not bLL'n pi'e.senteil bL'i.ause tIiL .1 rust lia.% takon advantage of tlie L)XL)mption aEforileLI by section 408 of the Companies Act 21)06. Ilie trustiL's/ ilireLt()r.% hcive aiiproved the omissi()n of the comF)any's inLliviclLial income and expeiiditlire accoiint in aLCC)rdaiice witli section 414(1) frc)m tlie company's annu<il accoiints. Income recognition Ite1115 c)F incoiiiL al'e recognised in the fiiiancial statements. when all of the foll()wing crileria are met: the. Charity lias entitlement t() Ihe funds; any perfornianoe conLlitions hcive. been inet or are fully within the control of tlie ChariLy,' there is su fficient Lertainty tliat reLeiF)t OF tlie Èncome is LonsiclereLI probable,. aiicl Ilie amount can be me<15ureLI re.ITaLIly. Contrtic.l inoome is rLcogLiiseLI ci8 the Charity earns the right to LollsiLler£lti()n thr()ugh the pei'f()J'inance ol its serviLes. Govci'iiiiient grcintS (ire rec() any c()nclilions attaching to nised on thL pei'forni£inLe m()clel, H'lien the chai'ity has complieLI with e grant ciiid the grant will be i'eceivecl. Expenditure recosnition Expendihire is recognised once there is a legal or constriictive obligation to make payment to a thiril party, it is probable that settlement will be requireil and the amoiint can be measiired reIiably.
24.
PADDINGTON DEVELOPMENT TRUST GROUP
NOI"ES TO THE HNANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAIICH 2025
cowrINUED
I. ACCOUNTING POLICIES
continued
Expenditure recognition (continued)
Expenditure is classified unLler the following activity heaLlings:
costs OF raisiiig funcls which comprise tliose Costs associated with attracttn
exp)eniliture on charitable. activities M,hiLh comprÉses the cost.s of running t
services for the Charity's benefiLiaries.
ene.ral donationsi clnd
e vari()ii% acl"ivities cind
xpenditure includes those costs of a Llirect nature which can be all(Kated to 11 specific activity. It also
inclLILles inilirecl costs, inclucliiig govemance ciists that Lflo not relate tc) a spectfic aLtivity but al'e
neiessary t() siiy)port theni. Suppoi't costs al'e aliportionecl to ecich ciclivity on tlie Liasis c)f stciff tinie.
Basic financial instruments
Other LIL,btors are recogniseLI lllltially at transaction priLL, ILi%s atlributal?le transacti()n c(Ists. OthL)r
crc'ditors <ifL) re.Logni%*L)d initially ¢lt traiisaction priie plu% attribu tablL, transaLtioii c()sts. Sub%L'L]UL'nt to
initiiil recogniti()n tliL'y are inLiasLired at amortl%LILI c.ost L15Lng, the. e.ffeLtivLi inlerest iiiL'th()cl, less ciny
inipciirmL'iiL. lossLi% in thc. case of trcide. Llelit(Ir4. If thL) ¢11'rangLmenl c(Iii.%titu tes a financing trcill%<lCti()ii,
fi)r (sxaniplc. if paymL)nt is dc'ferreLt bL'yoiid iiormal IiuslllL).SS terrns, IhL'n it is mecl.suro.Ll at tliL prL).sent
valuL) ()( futLiJ'L' PciylliL)iils ilisLciunte.Il ¢lt Ic n)cli'ket rcltL' of iJish'umLinL. lor a sijniliif LleL)t in.%LrumL'nl.
Cash and cash equivalents
Cci%h and Ltish LXILiivaILints coiiipri8e Lasli balcinLe.% anLI l)aJik clLpi)%i ts.
Fund accounting
Unri.stricL('.d bYLillL'f¢il fiinds cire tli()SL' fu nils M,hich c1ri: ErL'L,ly availablL' foi. use in further
25. PADDINGTON DEVELOPMENf TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED l. ACCOUt4triNG POLICIES continued Judgements and key sources of estimation uncertainty In the application of the Charity's accounting poIicies, the Trustees are required to make jULlgeinents, e%tiniates and assuniptions ab()ut the. carryiiig amount of assets (ind liabilities that are not reaLlily apparent fr()ni other sources. The estimcltes and 1( SSOLiateol a55umptiiin5 are bci%eil ()n hi.sloriLal experiLince and other factors tliat arL) consiLlered to relL3vant. Actual rosults may Lliffer from these estimates. The estimate.s Ic ncl iinderlying assuinptions are reviewed on ali ongoing basis. Revisi()n.s t() acLounting estimates are reLogiiise.d in the peri()d in which the estim<ile. is reviseLI where tEie revision affec.ts only that period, or in the periocl of the revision ancl fure periods where tlie revision affects boih current and future periods. The Triistees do not Lonsider there to be any estimates OT judgements that are critical to the finaiicial statL'nients. 2. FINANCIAL FERIORMANCE OF'I'HL CHARITY 'IIILI ccinsolidatL'cI stcltL'inL'nt ()E Einancial activitiL)s inclLILles thp. results of the charity's wholly ownL)Ll sub.4idiary which was inL()rFiorcil'L'd by thL, I?ciLILlingt()n l)LIVL,l()p)mL)nl '1 i'u%l on 24 1",ebruary 21)23, anLI whiLh ()pL'i'ale.s Llie. Llay to Llay i-iiniiinLy of Gi'anLI Jiinction, (i venuL, fc)r cirt.%, cuLturLi aiiLI cc)rnmuni(y ba%L'LI <lt St M<iry Mlc gLlele.ne. ChurLh in I'addiiiyt()n. I'IILI 4Limii)ary finclllclcil pTrL'rf()i'mclllCL of ilie Lhai'ity aI()nLI Is.. 2025 2024 Income Ain()unt gift aiilc'cl from subsicliary Lompany 3,123,088 66,954 3,072,328 65,458 3,190,042 1,177,786 F.xpenilitLire on cliaritable activities (3,293,851) (3,35.3,702) Ne.l (e.xpendittire)/ incoine (103,809) (215,916) Total fLinds brouglit forward 597,689 81.3,605 'l()lal Iiinds carried forwarcl 493,8811 597,68L) Repi'esentecl by: RLStriLtecl (unds UnrestricteLI fLincls 493,880 597,689 "fotal funds 493,880 597,689
26. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 CONTINUED 3. DONATIONS CURRENf YEAR Unrestricted I",unds 2025 Restricted Funds 202.5 Total Funds 2025 Total Funds 2024 DonatL()ns (') 53,748 116,775 170,523 30CJ,449 (') inLluclea in resti'ictLd donati()ns is £iiil from the Foyle Foundati()n (2024: £5,000). 3. DONATIONS PRIOR YEAR Unrestsicted l.iinds 2024 Restricted Funds 2024 Total l unds 2024 Total l unds 2023 Donations (') 2,672 806,777 309,449 .818,247 (') inLluclL'LI in restriLted Ll()nations is £5,000 from tlie l.i)yle F.ounda ti()n (2(124: £10,000). 4. INCOME I',110M CHARITAIILF. ACTIVITILS CURRENT YEAR Unrestyicted b'unds 2025 Ilestricted Funds 2025 I'otal Fund5 2025 'I'otal Fuiids 2024 DWP Women 50+ GLA Bootcamp Big L()ttery Fund (Biiitding Better Opp()rtunities) F lamiiiersmith & Fiilliaiii Council L?2,233 F4SFA (Adult Ecluc<lti()ii) '1 ri-boroiigh Public Health 'llie I leritage Lottery F,iiiiil (SMM) WCC - Other Grants Central L()ndon I lealth Lare. (NHS) Other (ees and c(IntribLItii)Iis GT,A (Good w()rk f()r (ill) Arts Council Englcincl BIL) T Dttcry BSCF clucation aiid Skills iinding AgLJlILy (EsfA) 22,8,37 53,789 53,789 411,684 411,684 222,?3.3 182,384 1.3,296 35(),859 119,754 42,C).38 477,0911 J.15,886 295,799 51)2,862 477,090 115,886 462,466 502,362 113,880 166,667 22.3,280 102,245 2611,91.9 57,174 26,,30.3 113,880 5?5,617 1,899,548 2,425,165 2,322,23.3
27. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS roR THE YEAR ENDED 31 MARCH 2025 CONTINUED 4. INCOME FROM CHARITABI.E ACTIVITIES PRIOR YEAR Unrestricted Funds 2024 Restricted Funds 2024 Total Total Funds 2023 2024 t)WP Kickstart Sb GJ.A Mayor's Academies Big Lvttery 14ullLI (F3uilding Better Opportunities) F,ducatioii aiid Skills Fiinding Ageiicy (Esf,A) GI.A {G()()d w()rk for <lll) I lamrnersii)ith & bulliani Council 182,884 rsr,A (Adult fcluccilion) 13,296 'I'ri-li()rougli Public Hc'alth Bisi Lc)ttL)ry LISCb 'rhe I Ieritagye l.()ttLiry r,unLI (SMM) WCC - Olhe.i' Gi'<lllt.% Central Li)iiil()ii l.lealth Care (NJ IS) Ai'ts Couiicil r,'nglciiiiA lo.es ¢illLI Lolltribulions 34,553 421,351 694,784 694,784 81,415 81,415 577,54.3 1,218,208 559,185 260,L)19 260,919 182,384 13,296 351),859 9,671 292,515 .350,859 119,754 IIC),754 136,123 223,28() 236,123 223,?80 57,174 102,245 102,245 96,3(11 5,34,048 1,788,1145 2,322,23. ,3,427,246 5. INC.OML FROM OTIIER ACTIVITIE.S CURRF,NT YLAR Unrestricted Funds Ilestricted Funds Total Fiinds Total Funds 2025 312,878 2025 202.5 312,878 2024 440,570 Rental incoine Tlie wholly owneL1 tralling %Libsicliary I)D'I' GJ "Frailing LimiteLI was iniory)i)rateLI in the United KiiibJLloni (compiany niimL)er 14686737) on 24 Februaiy 2023 an(1 transfers it% cThllucl1 profits to the charity under the HMRC-agreed gift aid SLheme. J)[)'r GJ Trailing LimiteLI oper<lte% the. GranLI JiinctAI)i) a I St Mary Magdalene Churih ni l)clLldington T.ondon, which operates a iiew comMiltY arts 1£ ncl ciillLire venLie (se.e note 16 bclow).
PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED 5. INCOME FROM OI'HER AcfiviTIES CURRENT YEAR CONTINUED 'Ihe %ummciry financial performance ()f the subsidiary is: 2025 2024 Turnover C()st of ,%ales 275,118 (208,161) 154,128 (88,670) Net profit Arnounts gifted to the Charity 66,954 {66,954) 65,458 (65,458) Retained in the subsidiary The assL'ts anLI liabilities of the subsicliary were: Cui'rL)Ilt assets Current li<ibilitie.s Non-current liabilitlL)S 72,272 (72,172) 119,341 (89,?41) (30,000) Total nLt a.s%L'ts ioo 100 10() 100 5. INCOME FROM OTFIER ACI'IVITII.S I)RIOR YF.AR Unrestricted Funds 2024 Restricted r,unds 2024 Total Funds 2024 Total Fcinds 2023 Rental inLome 335,326 11)5,244 440,570 412,54 6. INVESTMENf INCOME Unrestricted Funds 2025 Restricted Total Funds 2025 'rotal lunds 2024 2025 Bit nk inte.rest Funds 2024 Fiinds 2023 2024 2024 Bank interest
29. PADDINGTON DEVELOPMENT TRUST GROUP NOTES 'I"O TFIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONfiNUED 7. EXPENDITUIIL ON CFIAIIITABLE AcfIvITIES Direct Costs CURRENT YEAR Support Costs Total 202.5 Total 2024 Stowe Community Centre Skills anLI Traiiiing Centre (GLA) Community Champi()ns Big l.ottery Fund (BBOj Grand Junction Esf,A Mayor's Academies FSFA Community Grant (EQUIP) ChurLh StrL)et NLiighbourhood Centre Emi)loyment (T)WP Kickstart) 374,856 256,315 923,466 644,928 7.37,565 48,990 423,846 289,813 1,(144,153 729,213 598,439 327,270 499,882 650,985 14,167 881,750 1,067,483 759 120,687 84,285 69,261 Total 2,C)37,110 356,721 .3,298,851 3,442,296 7. EXPENDITURE ON QHARITABLE ACTIVITIES Direct PRIOR YIAII Support Costs 'rotal 21)24 'I'otal 2023 T,'sr,A C()mmiiiiity Granl (l.iQUII) ChLifi h £treet Neighb()urhc)ClLI CL)ntrL' l-;mp)l()ymenL (I)WI) KiLkstai't) r..SfA May()r'% AcaLlemios St()WL, Cc)mniuiiity Centi'c.. Skills cinLI'I'r<iinin&y CentrL' (GLA) C()minunity Champi()n Big LcilLery Fuiicl (13BO) GrclnLI Junctioii 759 759 1,201,457 28,229 327,507 250,573 668,336 .181,68() 632,594 607,111 )51),723 2C)I C)67 445,L)60 580,763 14,167 7L)6,276 116,761) 1,067,483 327,27() 4()9,882 650,985 14,167 881,750 53,L)22 70,222 85,474 'I'c)tal 3,080,615 361,681 3,442,296 4,09,3,613 8. ANALYSIS OF DIREcf COSTS Total 202.5 Total 2024 Wage.% tind .salciries Tuition Eees cind consultancy Premises/ofEioe Losts Youtli aiiLI Lommunity supp()I t events Losts Grancl JunLtion expeiiLlitiii'e l)roLFramme parLners costs/grants payable lo institutt(Ins Olher ilirect costs 1,664,110 146,652 406,028 21.3,89.8 2(18,391 217,227 80,829 1,399,.323 197,528 387,322 492,?J4 88,670 460,805 54,683 2,937,130 3,080,615
30. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE HNANCIAL STATEMENTS 1.011 THE YEAR ENDED 31 MARCH 2025 CONTINUFD 9. ANALYSIS OF SUPPORT COSTS 2025 2024 Staff Cos Insurance and bcink charges Sundry Staff adniinistration (recruitmeiit) offic.e c()%t Sub%criptions Printing, statioiiery and computer coiisumables Communication costs Travel LL'gal and professional fee% Gove.rnance co.%t.s (ni)te 10) Depreiiati()n - funiitUi'L' ancl L'quiF)ment C()nsiiltaniy Communily I?r()jL'Lt (F()()abcink) 279,783 7,276 275,230 3,969 7,200 6,000 6,000 5,655 5,722 4,108 8,266 24,725 2,823 3,522 13,799 5,247 20,000 .356,721 .361,681 10. GOVERNANCL. COSTS 2025 2()24 Sta f f Losls AiiLlil'c)i'%' ri'muner<ltion AiiLlitors' i'emuiiei'<il"ioii iirior yL)cir 14,725 111,o()o 14,486 tl,51)0 813 24,725 11. NET INCOM EXPENDITURE 2025 2024 Net income/ (expendil'iire.) for the year is statLd after charging: T)epre.(-iatii)n 12. TIIUSI'EIS, RF,MUNERATION AND LXI'INSES 'I'he 'l'rii%tees neither reLeived nor waiveLI ciny emoRiimentS Lluring thL year (2024.. £nil). No expenses were reimbiirseiq to "I'riisle.e% Lluring thL year (2024.. £nil).
31. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR T14E YEAR ENDED 31 MARCH 2025 CONTINUED 13. 5"I'AFF COSTS 2025 2024 Salaries and Wciges Social security costs l ensi(In costs 1,730,037 148,354 80,227 1,491,9(1,3 133,611 1,958,618 1,689,039 There w'as no employee whose emolunients as defined for taxatton puryose.% am()unte.d to over £60,000 tn eithei. year, other than the Lhief F,xecutivL Officer wlio eariied £74,688 (?024: £72,51.3), tlie Chief binancial OfficLir who eariied £69,624 (2024: £64,285 and the HoaLfl of C()nti'act niaiiagement wh() eai'ned £60,166 (2024.. £64,244). T]ie total key management personnel compensation ainouiitLLI to £285,175 (2024: £293,008). -Ihe averagL' nuinber of eniiiloyees, calculaleLI oli a Eull-tiinLI L'L]uivalent basis, ani¢ lysL'a by function wa%: 2025 Number 46 2024 Nuniber 44 L)irc'.c.l i-haritalilL) activitie s MaiiilgC'illL'nt anLI aclminisl'ration 51 49 14. 'fAXATION The chariLIl?lo. Lompiciny is exempt (roin corporation tax on its LliaritablL) aclivilies c.arriecl out cluriiig Ilie yL'ar. 15. '1'ANGIBLE FIXED ASSLTS- CHARIIry ALSO COMPRISING TIIAT OF'fHF. GROUI, Office equipment and furnlture COST At l ApTri'il 2024 Addition5 76,057 5,692 At 31 M&irch 2024 81,749 DEPRECIATION At l April 20?4 Charge. foi. the year 67,048 .3,675 At %] March 2025 70,713 NET BOOK VALUE At.31 March 2025 11,026 At.31 March 2024 9,009
32. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE HNANCIAL STATEMENTS F,OR THE YEAR ENDED 31 MARCH 2025 CONTINUED 16. INVESTMENrs The oharity holds 100 share% ()f £1 each in its wholly ()wne(I traLling subsidiary cc)mpany l)L) I. GJ Tracling LimiteLI which was incorpoi'atoLI In the United Kingdom on 24 February 2023. These are the only share.s allottLd, called up and fully paid. 'Ilie aclivitie.s anLI results of this company is suinmarisecl in n()te 5 abovL. 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Group Charity 2024 2025 Charity 2024 Government grants duL Amounts OWL'LI by subsiLliary Oiher debtors PrL'payments 102,310 176,687 102,110 68,161 611,459 4,646 157,362 95,458 63,630 4,646 3,713 3,713 17n,586 180,400 235,576 256,5.13 18. C.RF.DITOIIS: AMOUNTS r.ALLING DUE WITHIN ONE YF.AR Group 2()25 Groiip 2024 Charlty Qharity 2025 2024 Tr£lLlc' LrL'IlAlors Gi'ants p?ay¢ibl(: Accruals ancl clL,fL'rrL'd incom(: OthLir taxi)s anil social sLcurity Other credit()rs 22,768 56,943 6(),157 ?0,000 .35.1,984 11)5,581 12,897 141,697 64,148 66,157 355,C)88 12,897 1.75,855 20,000 106,581 75,179 603,973 307,444 597,50.3 283,661 18a. CIILDITOR5: AMouKfs FALLINC DUE IN GREATEII THAN ONE YEAR Group 2025 Group 2024 Charity Charity 2025 2024 Other c.reditors 811,()IK) 14? 396 80,000 142,396 Other creLlitors c.omprise tw() Luise.c.iired loans (2024: three unsecurecl 101£ ns), whtcEi are interest ETee and repayable between twoi rnd six years (2024: two and seven years).
33. PADDINGTON DEVELOPMEf4rf TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED 19. CONSOLIDATED STATEMENT OF FUNDS CURREFif YEAR Atl ApriI 2024 Income L4xpendituro Transfers At 31 March 2025 Restricted funds Gl.A Bootcamp Big Lottery Fund (BuilLling Better Opportunities) F,SFA (Allult ELlucatioii) 'I'i'i-borough Public I le.alth D()ncitions - CharitablL' Trusts ancl 14oundations Wcstmin%tL)r City Council - Other graiits ThL, Fle.ritagyL' L()tte.I'y Fund (SMM) e.ntral Lonclon HL'alth CarL' (NI IS) 53,78C) (5.3,789) 411,684 42,C).38 477,090 (411,684) (42,938) (477,119()) 116,775 (116,775) 295,799 115,886 51)2,.3()2 (401,551) (115,886) (502,3()2) 105,752 T()tal re.strictL'LI funds 2,(IIC),328 (2,122,075) 105,752 UiirL'stricteLI fiinds GenL)ral funLIs DL'sigynatL'LI funil ro.Llund<lllLy Losts 457,689 1,17.3,719 (1,171,776) (105,752) .353,880 140,11(11) 140,0011 Total iinr('.striLtL'cI fiiiids 597,689 1,173,71C) 11,171,776) (105,752) 4C)3,880 I'otal fuiicls 5C)7,689 .3,190,042 13,293,851) 493,880 l)etails of the purp()se of each fund cali lie f()IlllLI in Ehe Trustees Annual Rep)()rl.
PADDINGTON DEVELOPMETrTf TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED 19. CONSOLIDAI'ED STATEMENf OF FUNDS PRIOR YEAR At l April 202.3 Income Lxpenditure Transfers At.31 March 2024 Restricted funds F.duccition anLI Skills bunding Ageiicy (LSFA) Big T.ottery Fund {(Iluililing Be.tter Opporlunitie.s) 'rri-b()rough Public Heal th I)WP kickstart FSF GLA Mayor's Academies GT.A Good W()rk for All Donations - CharitablL, 'frusts and bounilation. 'rhe. Heritage Lottery liund Centr¢il T.()niloii 14e.altli C1c re (NHS) Arts C()Iincil r.ii&ylcinLI GrcillLfl Jiincli(In rLint & Lollc".L.)%Si()n 81,415 ,350,859 (81,415) (350,859) 694,784 2611,919 {694,784) (26(1,919) 306,777 119,754 223,282 57,174 105,242 (,306,777) (119,7541 (22.3,282) (57,174) (121,41)0) 16,158 Ti)tcil rL).%trric.tL'cI fiinLIs 2,201),211C) 12,216,364) 16,158 Uiire%triiteLI futlLIs Ge.IlL'f<il fLinil8 l)Lisigi)dtea lunLI rL,diiiidancy cost% 67,8,605 1,(126,174 11,225,1)72) (16,158) 457,689 140,0011 1411,OUO Total Lini'ests'icted funcls 813,605 1,026,174 (1,225,932) (16,158) 597,689 l otal funds 813,605 3,2?(?,380 (3,442,296) 597,689
35. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOII TFIE YEAR ENDED 31 MARCH 2025 CONfINUED 20. ANALYSIS OI,, CONSOLIDATED NEI. ASSETS BETWEENFUNDS Total Total Group Group 2025 2024 cuRREr YEAR Total Total Funds Funds 2025 2024 Unrestricted Restricted Tcingible fixecl assets Investments Cash at bank othe.r current assets Curreiit liabilities Long-tei'in liabilities 11,026 11,026 9,009 11,026 100 996,241 858,120 924,781 170,586 180,400 235,576 (-) (603,973) (307,444) (597,5(L8) (283,661) (80,0(10) (80,000) (142,396 (80,OIN)) {142,396) 9,009 100 758,104 916,241 171),586 (603,973) 80,OUO 493,880 493,880 597,689 49.3,880 597,689 ANALYSIS OF CONSOI.IDAI'ID NET ASSE"rs BETWEEN I',UNDS Tutal Total Group Group 2024 2022 PRIOR YEAR 'rotal Funds 2024 Total Unrestricted Restricted 2023 lanyible. fixiil a%.set% InvL)StniL)nts Ca%lic 1 t bank Otlie.i' ciTI'rLJlIt asse.ts Curi-l'nt liabiIitiL)8 l.()niY_tLirm li<ibAlitlL)S ),ouc) 9,1109 ),948 9,01)9 .1 01) 715,724 858,12U 97.3,U117 758,104 180,401) 973,1107 180,400 379,118 ?56,533 (307,444) 379,118 (-) (31)7,444) 14(11,072) (283,661) (41)1,1172) (-) (14? .396) (142,.396} {147,396) (142,896) (147,396) 597,689 597,689 81.3,605 597,689 9,948 142,.3CJ6 81.3,605 21. NOTES TO THE C.ONSOLIDATED SI'ATEMENf 01." CASHFLOWS Ileconciliation of deficit sur Ius to nct cash inflow from o 2025 Group eratin activities: 2024 2025 2024 Group Charity Charity (11).3,809) (215,916) (10.8,809) (215,916) Net {Lle.ficit) f()i' the year Ad listments to recoiiLile 1lLfiLIt for Llie to net Lash flow froni o )eratiii activitiLs: l)epire.ciati()n of i?Icint anLI eoiiiipinent Bank llilerest reLeiveLI Wc)rkin ca itr11 movements... DecrL'ase/{inci'e£ise) in Llebtors Increase/ (decrease) in creLlitors 3,675 (6,358) (6,.1} 9%14 234,1.33 198,718 20,957 122,585 (98,628) 251,546 (122,411) Net cash infloM,/{ou tflow) (rom operating activities 137,455 (112,823) 166,011 (212,739)
36. PADDINGTON DEVELOPMENT TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 I¥IARCH 2025 COTrU'INUED 21. NOTES TO THE CONSOI,IDATED STATEML.Nr OF CASHFLOWS CONTINUED b. Cash and cash e uivalents: 2025 2024 Cash at bank ]d in hand 996,241 858,120 Chan e in net cash: At l Ai)rtl 20?4 858,121) RecIassificatioii Cash-flow. At 31 Marcli 2025 138,121 996,241 (107,-3CJ6) T,L)ans falltng clue in Iess tlian ear L.oan.% f<il liny, IliiL' in iiiorL than (107,3C)6) (142,396) 107,196 (45,01)()) (80,IN)O) TOTAI, NLT CASH 715,724 93,121 808,845 d. Ma or non-cash transactions: 'IhL're. wore ni) majc)r non-c.ash trans<lCti()ns t() L4i.sclosi, (2024.. iione.). 22. COMPANY SI'ATUS The parent comp?any is a rLgisterecl charity ciiid private coni?any liiiiited by gu¢iraiitee anil cloes not have a share CclP)Ital. Every iiiembLJr is liiiblL3 t() p)ay an aniouiit ()f up) to £1 to meet the liciLijlities ()F the compi<iiiy in tlie event tliat it 1.5 woiincl up ()r it beLomes insolvent. 23. REI,ATED PARTY TRANSACTIONS f)uring the yLar the Qliarity enterecl into no trcill.4actions, ii) the ordinary course ()f biisiness, 'ith otlier relateLI parlies w'ith the exceplion of remunerati()ii paid to it% employee% (qee note 12 above). 24. 1'EN.SION COMMII'MLNTS Ihe company operates a defined contribulion pen.sion sche.me, the PD'I. T.imitecl Gi'OUPI I)ersonal Pension Scheme wilh The People's Pension, for all employees. 'Ihe assets of the scheme are held separately from those of the company in an independently administered fiind. At the balance sheet date, unpaid contribiitions of £12,897 (20?4: £13,297) were due to the funLI.
37. PADDINGTON DEVELOPMENf TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED 25. OPERATING LEASE COMMITMFNTS - CHARITY THE GROUP ALSO COMPRISING THAI. OF At the balaiice %heet date, the. Charity haa the f()llowing total future minimum lease payments unLler non-c.anLelIcible. operating leases f()r each of the following periods: Land and Buildings 2025 2024 Within ()ne year After one year but within five years GreatL'r thali five year 17,227 17,227 26,831 13 17 44,077 44,071 "niL' Cliarity enlerLILI into a 25-yecir le<lSC' ()n 28 July 2017 with thL, St Mary MagLlalenL' Church in PaLlilingTt()n c)ii an cinnual Ll le.asL'. 26. LON'I'INGEN'I. LIABILITIES At 31 March 20?5, thL' Cliarity had n() Lontinbyent licibilities. 27. OFF BALANCE SHI.ET ARRANGEMEwrs Olhei. than the operating lease commilniisnts disili)qed in note 25 tliere. arLi iio malericil nff- b£il¢lJlLL) .%heet ¢?rrcingL)ments tc) IliSLIosL. 28. EVENTS SINCE I'HI 11A1..ANCE SIIEF.'I' DA'I'E There are no events on which to report. 29. FINANCIAL INSTRUMENTS The Charily has li() i)the.r FinanLial iThstrurnents than basic fllianci£il instruments.