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2023-03-31-accounts

Registered number: 06368610 Charity number: 1125536

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Trustees' report and financial statements

for the year ended 31 March 2023

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Contents

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report on the financial statements 7 - 10
Consolidated statement of financial activities 11
Consolidated balance sheet 12
Company balance sheet 13
Consolidated statement of cash flows 14
Notes to the financial statements 15 - 37

CARNIVAL VILLAGE TRUST (A company limited by guarantee)

Reference and administrative details of the Company, its Trustees and advisers for the year ended 31 March 2023

Trustees Mr I Comfort
Ms M Genis
Mr A Wong
Ms I Douglas-Walker
Mr A Edwards
Ms Levi Naidu Mitchell
Ms Laila Shah
Ms Yevette Philbert (resigned 8 June 2022)
Ms Leila Jones (appointed 10 January 2024)
Ms Elise Brown (appointed 10 January 2024)
Company registered
number
06368610
Charity registered
number
1125536
Registered office
34-35 Powis Square
London
W11 2AY
Chief executive officer
Matthew Phillip
Independent auditors
Xeinadin Audit Limited
Chartered Accountants
Statutory Auditor
Becket House
36 Old Jewry
London
EC2R 8DD

Page 1

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Trustees' report for the year ended 31 March 2023

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2022 to 31 March 2023. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objects of the Trust as set out in its governing document are to advance the Arts to the benefit of the public by but not limited to providing arts and community venues to facilitate activities such as but not limited to, Carnival Arts and combined arts to include dance, theatre, music, exhibitions, workshops and classes.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Charity Aims

The Trustees have complied with their duty in respect of the public benefit requirement as set out in the Charities Act 2011. The charity currently provides direct access to the arts both within the local community and for audiences at the Tabernacle and Yaa Centre. Among others, the following are the main aims delivered by the Trust during this period:

  1. To operate and manage two vibrant, inclusive venues: the Tabernacle and the Yaa Centre.

  2. Work with its partners and other carnival artists and organisations to deliver a variety of Carnival Arts based activities

  3. Provide annual grants to support the work Ebony Steelband Trust and Mangrove Community Carnival Arts CIC.

  4. Promote and host an eclectic programme of carnival arts, arts events in dance, music, film, theatre, exhibitions, workshops and classes

  5. Promote and host a series of arts-based workshops

  6. Promote the space for hire to statutory, community and private organisations

  7. Liaise with other cultural organisations on the delivery of collaborative artistic events and activities

  8. Provide space to users on a hire basis thus ensuring the financial viability of the Trust.

Page 2

CARNIVAL VILLAGE TRUST (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 March 2023

Achievements and performance

a. Achievements and performance

During the period of these accounts, the Trust through its buildings the Tabernacle (a multidisciplinary arts centre); and the Yaa Centre (a carnival arts development centre) have provided activities for the local community. Its subsidiary company, Tabernacle W11 Ltd, has supported a range of external hires. This has enabled the group to have financial stability while fulfilling its aims and objectives.

The Trust’s subsidiary company, Notting Hill Carnival Ltd made a succesfull return to the streets of Notting Hill folling a two year hiatus due to the Covid-19 pandemic. It continued to promote and develop carnival arts. In association with its parent company, it took the stage at Opera Holland Park for four evenings celebrating steel pan, Calypso and Soca for a successful third year in a row. Panorama the national steelband competition and showcase had a capacity audience that generated much-needed funding for the steelband’s involved.

b. Key performance indicators

The Trusts partners continue to deliver excellence within the carnival and combined arts sector. Both Steelbands nurture new talent by hosting weekly steelpan lesson at The Tabernacle and Yaa Centre for children and adults alike. The home- grown talent fostered in the pan yards at the Trust venues ensures that each year players join their Trinidadian counterparts and join bands in Trinidad to compete in the International Panorama Championships.

Financial review

a. Going concern

The Trust's core funding is as a National Portfolio Organisation (“NPO”) with Arts Council England (“ACE”). The Royal Borough of Kensington and Chelsea also continued with its support of the Trust and the Tabernacle. The Arts Council funding has recently been extended till 31st March 2027 and the Royal Borough of Kensington and Chelsea and preparing an agreement to extend its funding for a further 5 years till 2028

The Trust monitors its cash flows very carefully and has prepared projections, which show that the Trust will continue to have sufficient resources to meet its liabilities as they fall due over the next twelve months.

The Trustees believe that having considered the matters above it is appropriate for the financial statements to be prepared on a going concern basis.

Page 3

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 March 2023

b. Reserves policy

The trustees have considered the need for reserves in light of the main risks to the organisation and its subsidiaries. The charity is dependent on two main sources of income: grants and traded services. Traded services are delivered primarily through TabernacleW11 Ltd, the charity’s wholly owned subsidiary. All profits from traded activities are gift aided to the charity. Tabernacle has put in place a flexible staffing structure, which ensures that it can reduce or increase staffing as needed. The charity’s other subsidiary, Notting Hill Carnival Ltd is funded through a number of grants. Many services are delivered through contractors. This provides flexibility to adapt to situations as they arise. The charity is dependant primarily on its grant from the Arts Council. Should this or any other grant cease, the charity would be given sufficient notice to allow it to adjust its workforce and activities to ensure it remained financially viable. Having assessed the risks, the trustees consider that the structures that they have put in place in the charity and its subsidiaries mitigates against the need for significant reserves. Nevertheless, the trustees are keen to build reserves in order that they are not placed in a difficult financial position should unexpected costs arise. The trustees are seeking to build a reserve that is equivalent to 8% of its turnover which currently equates to approximately £250k for the group. Free reserves, which are defined as unrestricted reserves less fixed assets, at 31st March 2023 amounted to £1��,�3�� It is anticipated that the target level can be achieved over the next two years.

Structure, governance and management

The Trust is a company limited by guarantee and a registered charity. It is governed by its Memorandum and Articles of Association ("'the Articles"). The Trust has two trading subsidiaries, TabernacleW11 Ltd and Notting Hill Carnival Ltd ( collectively the Group). Each subsidiary has independent directors.

The Trustees of the Trust are the only Members of the Trust.

The following organisations (who are founding members) each have the right to appoint one Trustee known as a Nominee Trustee:

The minimum number of Trustees is four. Any person, who is willing to act as a Trustee and is permitted by law and the Articles to do so, may be appointed to be a Trustee by special resolution.

The Trust’s board is diverse by ethnicity, gender and age.

The Trustees have received legal and financial advice throughout the year that supports their statutory and accountable responsibilities. The Board meets at least five times each year to receive the management accounts and update from the Chief Executive on current, past and future activities.

Trustees are not entitled to receive any payments of money or other material benefit from the Trust except in reasonable out-of-pocket expenses or any liabilities.

Page 4

CARNIVAL VILLAGE TRUST (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 March 2023

Structure, governance and management (continued)

a. Trading subsidiaries

The Trust is the sole shareholder of TabernacleW11 Ltd ("TW11'), a company set up to manage its trading activities at the Tabernacle and Notting Hill Carnival Ltd (“NHC”) set up as a vehicle to manage the Notting Hill Carnival. TW11 continues to manage the Tabernacle, including the provision of catering, food and beverage services. All profits from TW11 are gift aided to the Trust to support its charitable objects.

The Trust has reviewed the operation of its trading subsidiaries with a view to reporting more clearly on its charitable and non-charitable activities. In addition, it has considered how best to share services across the Group to be more economic, efficient and effective and has restructured its staffing structure to support this.

Location and activity

The Trust holds two separate long-term leases; a twenty-year lease from the Royal Borough of Kensington and Chelsea with waived rent on the Tabernacle and a thirty-year lease from the City of Westminster at peppercorn rent on the Yaa Centre.

b. Risk

The organisation reviews the risks it faces on a regular basis and takes steps to mitigate these as far as is practical. It maintains a central risk log for the Trust and its subsidiaries which sets out risk mitigation strategies.

The fraud committed by a former employee identified a significant financial risk to the Trust and its subsidiaries. During the course of the year and despite the challenging circumstances, the Trust has been able to repay all funds owed to HMRC. It has issued court proceedings against the former employee and its accountants at the time and a settlement agreement was reached with the accountants and funds were received during this year as detailed in note 1� to the accounts�

Notting Hill Carnival is the largest street event in the world and presents its own significant risks. The Trust has taken steps to mitigate these risks by the setting up of a subsidiary company as a vehicle to manage this aspect of its work.

c. Information on fundraising practices

The Trust derives its income from grant funding from a range of funders and from the traded activities in relation to food and beverage at the Tabernacle and hire of spaces at both the Tabernacle and Yaa centre. This aspect of fundraising is incorporated into the Trust’s business plan.

The Trust does not engage professional fundraisers and does not engage in collections or appeals. The Trust is aware of the Fundraising Code of Practice and how and when it applies to its fundraising.

Notting Hill Carnival Ltd secures additional funding and support through sponsorship. Funding from key strategic partners was also maintained through agreements with the Royal Borough of Kensington and Chelsea, the City of Westminster and the Greater London Authority.

Page 5

CARNIVAL VILLAGE TRUST (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 March 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Xeinadin Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr I Comfort Director Date: 31 January 2024

Page 6

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Independent auditors' report to the Members of Carnival Village Trust

Opinion

We have audited the financial statements of Carnival Village Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated 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:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 7

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Independent auditors' report to the Members of Carnival Village Trust (continued)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine 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 Trustees are responsible for assessing the Group's and the parent charitable company'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 Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Independent auditors' report to the Members of Carnival Village Trust (continued)

Auditors' responsibilities for the audit of the financial statements

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 auditors' 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:

We design and implement procedures designed to allow us to:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 9

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Independent auditors' report to the Members of Carnival Village Trust (continued)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Hazel Day BSc FCA DChA (senior statutory auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants Statutory Auditor Becket House 36 Old Jewry London EC2R 8DD

31 January 2024

Page 10

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) for the year ended 31 March 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
9
Total expenditure
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Exceptional items
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
254,331
1,367,860
1,260,231
713
111,517
2,994,652
2,275,387
1,052,220
3,327,607
(332,955)
345,522
12,567
2,226,758
12,567
2,239,325		 Restricted
funds
2023
£
-
-
-
-
66,637
66,637
-
-
-
66,637
-
66,637
-
66,637
66,637		 Total
funds
2023
£
254,331
1,367,860
1,260,231
713
178,154
3,061,289
2,275,387
1,052,220
3,327,607
(266,318)
345,522
79,204
2,226,758
79,204
2,305,962		 Total
funds
2022
£
126,703
1,711,497
36,970
230
701,636
2,577,036
1,328,938
1,159,509
2,488,447
88,589
-
88,589
2,138,169
88,589
2,226,758

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

The notes on pages 15 to 37 form part of these financial statements.

Page 11

CARNIVAL VILLAGE TRUST (A company limited by guarantee) Registered number: 06368610

Consolidated balance sheet
as at 31 March 2023
2023
Note
£
Fixed assets
Tangible assets
15
2,060,591
2,060,591
Current assets
Stocks
17
54,364
Debtors
18
120,884
Cash at bank and in hand
374,272
549,520
Creditors: amounts falling due within one
year
19
(277,285)
Net current assets
272,235
Total assets less current liabilities
2,332,826
Creditors: amounts falling due after more
than one year
20
(26,864)
Total net assets
2,305,962
Charity funds
Restricted funds:
Restricted funds
21
66,637
Unrestricted funds
21
2,239,325
Total funds
2,305,962		 52,326
153,565
233,449
439,340
(306,755)		 2022
£
2,130,117
2,130,117
132,585
2,262,702
(35,944)
2,226,758
-
2,226,758
2,226,758

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr I Comfort Director Date: 31 January 2024

The notes on pages 15 to 37 form part of these financial statements.

Page 12

CARNIVAL VILLAGE TRUST (A company limited by guarantee) Registered number: 06368610

Company balance sheet as at 31 March 2023

Note
Fixed assets
15
16
17
18
19
21
Tangible assets
Investments
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one
year
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Unrestricted funds
Total funds		 48,364
317,242
61,958
427,564
(182,328)		 2023
£
2,032,612
2
2,032,614
245,236
2,277,850
2,277,850
2,277,850
2,277,850		 49,986
218,047
131,316
399,349
(170,788)		 2022
£
2,104,717
2
2,104,719
228,561
2,333,280
2,333,280
2,333,280
2,333,280

Total funds

The Company's net movement in funds for the year was £ (105,189) (2022 - £(177,455)) .

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr I Comfort Director Date: 31 January 2024

Page 13

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Consolidated statement of cash flows for the year ended 31 March 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 15 to 37 form part of these financial statements		 2023
£
254,055
(104,152)
(104,152)
(9,080)
(9,080)
140,823
233,449
374,272		 2022
£
234,156
(143,164)
(143,164)
-
-
90,992
142,457
233,449

Page 14

CARNIVAL VILLAGE TRUST (A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

1. General information

Carnival Village Trust is a charity limited by guarantee, which is incorporated in England and Wales.

The group's registered office is 34-35 Powis Square, London, W11 2AY.

The charitable activities of the group is to advance the Arts to the benefit of the public by, but not limited to providing arts and community venues to facilitate activities such as but not limited to, Carnival Arts and combined arts to include dance, theatre, music, exhibitions, workshops and classes.

2. Accounting policies

2.1 Basis of preparation of financial statements

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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Carnival Village Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.

The Trustees have reviewed the budgets and associated cash flows for a period of twelve months from the date of the approval of the financial statements. Based on these projections the Trustees feel the Trust will be able to meet its liabilities as they fall due and to continue as a going concern.

On this basis the Trustees consider it appropriate to prepare the Financial Statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the Company was unable to continue as a going concern.

Page 15

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Revenue from Sale of goods and rendering of services - Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 16

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company are recognised as income in the period in which it becomes receivable on an accruals basis and recognised immediately in profit and loss.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 17

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

2. Accounting policies (continued)

2.7 Foreign currency translation

Functional and presentational currency

The Charity's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property - Over the lifetime of the lease
Fixtures and fittings - 25% reducing balance
Office equipment - 25% reducing balance
Computer equipment - 25% reducing balance

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 18

CARNIVAL VILLAGE TRUST (A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

2. Accounting policies (continued)

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

2.14 Pensions

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

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 19

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the assets and note 2.7 for the useful economic lives of the assets.

4. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
254,331
Total 2022
126,703		 Total
funds
2023
£
254,331
126,703		 Total
funds
2022
£
126,703

5. Income from charitable activities

Unrestricted
funds
2023
£
Arts Programme
1,367,860
Total 2022
1,711,497		 Total
funds
2023
£
1,367,860
1,711,497		 Total
funds
2022
£
1,711,497

Page 20

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

6. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2023
£
Fundraising
108,087
Total 2022
3,505
Income from non charitable trading activities
Unrestricted
funds
2023
£
Sales
540,076
Rent receivable
276,821
Other income
335,247
Trading income
-
1,152,144
Total 2022
33,465		 Total
funds
2023
£
108,087
3,505
Total
funds
2023
£
540,076
276,821
335,247
-
1,152,144
33,465		 Total
funds
2022
£
3,505
Total
funds
2022
£
25
-
31,500
1,940
33,465

Other income includes business rate relief from RBKC of £29,491 in respect of Community Centre and Premises, Talbot Tabernacle.

7. Investment income

Unrestricted
funds
2023
£
Investment income
713
Total 2022
230		 Total
funds
2023
£
713
230		 Total
funds
2022
£
230

Page 21

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

8. Analysis of grants

Grants to Total Total
Institutions funds funds
2023 2023 2022
£ £ £
Grants, Arts Programme 20,000 20,000 -

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Arts Programme
1,052,220
Total 2022
1,159,509		 Total
2023
£
1,052,220
1,159,509		 Total
2022
£
1,159,509

10. Analysis of expenditure by activities

Arts Programme
Total 2022		 Activities
undertaken
directly
2023
£
175,391
171,962		 Grant
funding of
activities
2023
£
20,000
-		 Support
costs
2023
£
856,829
987,547		 Total
funds
2023
£
1,052,220
1,159,509		 Total
funds
2022
£
1,159,509

Page 22

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

Grants payable
Carnival Arts Projects
Total 2022		 Arts
Programme
2023
£
63,943
111,448
175,391
171,962		 Total
funds
2023
£
63,943
111,448
175,391
171,962		 Total
funds
2022
£
100,550
71,412
171,962

Page 23

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Arts
Programme
2023
£
Staff costs
371,616
Depreciation
163,317
Hire of equipment
29,612
Rates and water
39,273
Light and heat
75,219
Repairs and maintenance
16,525
Premises costs
16,656
Sundry expenses
1,519
Travel and subsistence
692
Legal and professional
18,127
Telephone
6,206
Printing, postage and stationery
32
Computer running costs
59
Cleaning
40,777
Advertising
419
Bad debt expense
12,877
Subscriptions
-
Irrecoverable VAT
48,853
Fundraising expense
6,050
Governance costs
9,000
856,829
Total 2022
987,547
11.
Auditors' remuneration
Fees payable to Xeinadin Audit Limited for the audit of the Company's
annual accounts
Fees payable to Xeinadin Audit Limited and its associates in respect of:
The auditing of accounts of subsidiaries of the company
All non-audit services not included above		 Total
funds
2023
£
371,616
163,317
29,612
39,273
75,219
16,525
16,656
1,519
692
18,127
6,206
32
59
40,777
419
12,877
-
48,853
6,050
9,000
856,829
987,547
2023
£
9,000
5,500
41,261		 Total
funds
2022
£
387,154
261,830
30,149
101,832
60,312
17,855
21,196
2,474
13,508
34,273
5,384
2,597
2,137
35,319
2,247
-
280
-
-
9,000
987,547
2022
£
9,000
5,500
43,641

Page 24

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2023
£
693,085
53,261
8,843
755,189		 Group
2022
£
669,242
48,738
8,840
726,820		 Company
2023
£
326,038
31,604
5,411
363,053		 Company
2022
£
306,546
30,093
5,684
342,323

The average number of persons employed by the Company during the year was as follows:

Administrative staff
Support staff		 Group
2023
No.
11
39
50		 Group
2022
No.
11
43
54		 Company
2023
No.
11
1
12		 Company
2022
No.
11
1
12

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £80,001 - £90,000

Group Group
2023 2022
No. No.
1 1

The Key management personnel of the charity comprise the trustees and the senior management team as listed on page 1. Total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the charity was £��,��5 (2022 - £93,564).

Page 25

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .

14. Exceptional items

Settlement income
Legal fees on settlement		 2023
£
(540,000)
194,478
(345,522)		 2022
£
-
-
-

The above exceptional item relate to settlement fund of £540k received by Carnival Village Trust and Tabernacle W11 Limited in relation to dispute with their former auditors and accountants, for acting negligently and in breach of contract in failing to detect and inform the entities in relation to alleged thefts and frauds carried out by former finance manager.

Page 26

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

15. Tangible fixed assets

Group

Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£
4,559,524
14,174
-
4,573,698
2,556,372
118,666
-
2,675,038
1,898,660
2,003,152		 Plant and
machinery
£
13,284
120
-
13,404
3,321
2,521
-
5,842
7,562
9,963		 Fixtures and
fittings
£
255,836
76,918
-
332,754
203,173
32,395
-
235,568
97,186
52,663		 Office
equipment
£
240,465
12,940
(4,361)
249,044
176,126
19,320
(3,585)
191,861
57,183
64,339		 Total
£
5,069,109
104,152
(4,361)
5,168,900
2,938,992
172,902
(3,585)
3,108,309
2,060,591
2,130,117

Page 27

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

15. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£
4,559,524
14,174
4,573,698
2,556,372
118,666
2,675,038
1,898,660
2,003,152		 Plant and
machinery
£
13,284
120
13,404
3,321
2,521
5,842
7,562
9,963		 Fixtures and
fittings
£
255,836
76,918
332,754
203,173
32,395
235,568
97,186
52,663		 Computer
equipment
£
176,398
-
176,398
137,459
9,735
147,194
29,204
38,939		 Total
£
5,005,042
91,212
5,096,254
2,900,325
163,317
3,063,642
2,032,612
2,104,717

Page 28

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

16. Fixed asset investments

Company
Cost or valuation
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Investments
in
subsidiary
companies
£
2
2
2
2

17. Stocks

Stocks
18.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2023
£
54,364
Group
2023
£
69,316
-
23,253
28,315
120,884		 Group
2022
£
52,326
Group
2022
£
107,682
-
29,050
16,833
153,565		 Company
2023
£
48,364
Company
2023
£
22,827
277,736
13,625
3,054
317,242		 Company
2022
£
49,986
Company
2022
£
10,942
189,616
8,646
8,843
218,047

Page 29

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

19. Creditors: Amounts falling due within one year

Bank loans
Payments received on account
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Pensions payable
Other creditors
Accruals and deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 March 2023		 Group
2023
£
10,000
-
159,299
-
24,008
1,073
7,349
75,556
277,285
Group
2023
£
18,500
24,347
(18,500)
24,347		 Group
2022
£
10,000
4,710
81,098
-
30,261
1,491
104,852
74,343
306,755
Group
2022
£
26,675
18,500
(26,675)
18,500		 Company
2023
£
-
-
91,885
50,549
9,206
757
-
29,931
182,328
Company
2023
£
18,500
9,054
(18,500)
9,054		 Company
2022
£
-
-
34,638
-
8,770
1,151
93,331
32,898
170,788
Company
2022
£
23,875
18,500
(23,875)
18,500

Page 30

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

20. Creditors: Amounts falling due after more than one year

Bank loans
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years		 Group
2023
£
26,864		 Group
2022
£
35,944
Group
2023
£
10,000
16,864		 Company
2022
£
-
Group
2022
£
10,000
25,944

Included within bank loans is a bounce back loan made available as part of the UK Government Coronavirus support scheme. The loan is guaranteed by the UK Government under BBLS. The loan attracts interest at a rate of 2.50% and is repayable by 60 monthly instalments of £833.33. The final repayment is due in October 2026.

Page 31

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

21. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 Exceptional 31 March
April 2022 Income Expenditure items 2023
£ £ £ £ £
Unrestricted funds
General Funds 2,226,758 2,994,652 (3,327,607) 345,522 2,239,325
Restricted funds
GLUE Programmes - 66,637 - - 66,637
Total of funds 2,226,758 3,061,289 (3,327,607) 345,522 2,305,962
Statement of funds - prior year
Balance at
Balance at 31 March
1 April 2021 Income Expenditure 2022
£ £ £ £
Unrestricted funds
General Funds 2,138,169 2,577,036 (2,488,447) 2,226,758

22. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2022
£
2,226,758
-
2,226,758		 Income
£
2,994,652
66,637
3,061,289		 Expenditure
£
(3,327,607)
-
(3,327,607)		 Exceptional
items
£
345,522
-
345,522		 Balance at
31 March
2023
£
2,239,325
66,637
2,305,962

Page 32

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

22. Summary of funds (continued)

Summary of funds - prior year

Balance at
Balance at 31 March
1 April 2021 Income Expenditure 2022
£ £ £ £
General funds 2,138,169 2,577,036 (2,488,447) 2,226,758

23. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
2,060,591
Current assets
482,883
Creditors due within one year
(277,285)
Creditors due in more than one year
(26,864)
Total
2,239,325
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
£
-
66,637
-
-
66,637
Unrestricted
funds
2022
£
2,130,117
439,340
(306,755)
(35,944)
2,226,758		 Total
funds
2023
£
2,060,591
549,520
(277,285)
(26,864)
2,305,962
Total
funds
2022
£
2,130,117
439,340
(306,755)
(35,944)
2,226,758

Page 33

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Decrease in debtors
Decrease in creditors
Exceptional items
Net cash provided by operating activities
25.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
26.
Analysis of changes in net debt
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 of Financial
At 1 April
2022
£
233,449
(11,557)
(35,944)
185,948		 Group
2023
£
(266,318)
172,902
776
(2,038)
7,424
(4,213)
345,522
254,055
Group
2023
£
374,272
374,272
Cash flows
£
140,823
418
9,080
150,321		 Group
2022
£
88,589
270,296
524
2,737
50,247
(178,237)
-
234,156
Group
2022
£
233,449
233,449
At 31 March
2023
£
374,272
(11,139)
(26,864)
336,269

Page 34

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

��� Pension commitments

The Company operates a defined contributions pension scheme. The expense recognised in year was £�,��3 (2022: £8,840), and the balance due payable at the balance sheet date is £1,073 (2022: £1,491), and this is included in other creditors.

��� Operating lease commitments

At 31 March 2023 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2023
£
30,732
81,952
112,684		 Group
2022
£
16,263
24,405
40,668		 Company
2023
£
30,732
81,952
112,684		 Company
2022
£
16,263
24,405
40,668

The following lease payments have been recognised as an expense in the statement of financial activities:

Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Operating lease rentals 26,012 14,451 26,012 14,451

Page 35

CARNIVAL VILLAGE TRUST (A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

29. Related party transactions

The company has taken advantage of exemption, under terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Ebony Steelband Trust

A company in which Ian Comfort is a director. In the year £37,309 (2022 - £12,491) was paid to the Ebony Steelband Trust in respect of their Steelband performance at the annual carnival. £Nil (2022 - £114) was received from the Ebony Steelband Trust. At the year end, the amount owed was £nil (2022 - £nil).

Mangrove Carnival Arts C.I.C

A company in which Alan Edwards is a director. During the year £48,250 (2022 - £18,000) was paid to Mangrove for providing musical entertainment in the form of a Steelband at the annual Carnival. During the year income of £Nil (2022: £6,602) was received. There were no amounts outstanding as at 31 March 2023 or 2022.

Lin Kam Art Ltd

A company owned by Linett Anne Kamala. During the year £1,000 (2022 - £2,000) was paid to Lin Kam Art in respect of its provision of the decorative art backdrop for the online broadcast of Carnival. At the end of the year, the amount owed was £Nil (2022 - £nil).

Paddington Arts

A company in which Ansel Wong is a director. During the year £Nil (2022 - £200) was paid to Paddington Arts in respect of performances organised for the Panorama performance organised for the annual carnival. There were no amounts outstanding as at 31 March 2023 or 2022.

Page 36

CARNIVAL VILLAGE TRUST

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2023

30. Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Holding Included in Included in
number consolidation
Tabernacle W11 Ltd 07506117 100% Yes
Notting Hill Carnival Ltd 11138258 100% Yes
The financial results of the subsidiaries for the year were:
Names Income Expenditure Profit/(Loss) Net
£ £ / Surplus/ assets/(liabi
(Deficit) for lities)
the year £
£
Tabernacle W11 Ltd 1,365,896 (1,062,771) 303,125 236,489
Notting Hill Carnival Ltd 1,243,235 (1,411,726) (168,491) (208,375)

The financial results of the subsidiaries for the year were:

Page 37