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← Carnival Village Trust

2024-03-31-accounts

Charity number: 1125536

Registered number: 06368610

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ian Thomas Comfort
Elise Anita Bernadette Brown (Appointed 10 January 2024)
Alan Edwards
Mary Venetia Genis
Leila Gwendolen Jones (Appointed 10 January 2024)
Levi Naidu Mitchell
Laila Shah
Ansel Wong
Louise Sterling Jackman (Appointed 12 February 2025)
Imani Douglas Walker (Resigned 17 January 2024)
Chief executive officer Matthew Phillip
Charity number (England and Wales) 1125536
Company number 06368610
Registered office The Tabernacle
34-35 Powis Square
London
W11 2AY
Auditor Millet Accountants Ltd,
Beyond Aldgate Tower
2 Leman Street
Aldgate
E18 FA

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Trustee's report 1 - 5
Independent auditor's report 6 - 8
Consolidated statement of financial activities 9
Consolidated balance sheet 10
Company balance sheet 11
Consolidated statement of cash flows 12
Notes to the financial statements 13 - 27

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Trustees’ report FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2023 to 31 March 2024. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and 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 (PВ2)'.

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:

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Trustees’ report

FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

a. Achievements and performance

Carnival Village Trust (CVT) has continued to make significant strides in advancing its mission to support and promote the art, culture, and heritage of Carnival arts in the UK. Over the past year, the Trust successfully delivered a range of artistic and educational programmes that engaged diverse communities, fostered cultural expression, and nurtured creative talent. Notably, CVT facilitated the production and support of major public events including Notting Hill Carnival-related activities, ensuring representation and visibility for African-Caribbean culture in one of Europe's largest street festivals.

In addition to public programming, CVT expanded its community outreach and education initiatives, offering workshops, training schemes, and mentoring opportunities to emerging artists, particularly within underrepresented groups. Through strategic partnerships with schools, arts organisations, and cultural institutions, the Trust has helped build sustainable pathways for young people to engage in the creative industries. CVT’s stewardship of The Tabernacle as a community and cultural hub has also seen increased local engagement, with the venue hosting performances, exhibitions, and collaborative projects that reflect the vibrant spirit of Carnival arts. These achievements underscore CVT’s pivotal role in preserving and evolving Carnival traditions while creating accessible cultural opportunities for all.

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 lessons 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

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 been extended till 31st March 2027 and the Royal Borough of Kensington and Chelsea have extended its funding 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.

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 2024 amounted to £146,389. It anticipated that the target level can be achieved over the next two years.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Trustees’ report FOR THE YEAR ENDED 31 MARCH 2024

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.

The trustees who served during the year and up to the date of signature of the financial statements were: Ian Thomas Comfort Elise Anita Bernadette Brown (Appointed 10 January 2024) Alan Edwards Mary Venetia Genis Leila Gwendolen Jones (Appointed 10 January 2024) Levi Naidu Mitchell Laila Shah Ansel Wong Imani Douglas Walker (Resigned 17 January 2024) Louise Sterling Jackman (Appointed 12 February 2025)

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Trustees’ report FOR THE YEAR ENDED 31 MARCH 2024

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 group 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.

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.

Statement of 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).

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Trustees’ report

FOR THE YEAR ENDED 31 MARCH 2024

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, Millet Accountants Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

The report was approved by the Board of Trustees.

.............................. Ian Thomas Comfort

07 Jul 2025

Date: .............................................

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR'S REPORT

TO THE OF CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

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 2024 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements, 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 Auditor’s 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 UK, including the FRC’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 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 ’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 with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE OF CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

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 directors

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.

Auditor's 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:

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE OF CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

We design and implement procedures designed to allow us to:

1.Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

2.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

3.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors.

4.Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

5.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Andrew Millet BA MBA FCA (senior statutory auditor)

For and on behalf of Millet Accountants Ltd Chartered Accountants and Statutory Auditors Beyond Aldgate Tower 2 Leman Street London E1 8FA

07 Jul 2025

Date: .........................

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Consolidated Statement of financial activities (incorporating income and expenditure account)

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
2024
Notes
£
Income and endowments from:
Donations and legacies
3
244,000
Charitable activities
4
2,060,305
Other trading activities
5
983,033
Investments
6
1,265
Other income
184,155
Total income
3,472,758
Expenditure on:
Raising funds
3,138,292
Charitable activities
7
685,490
Total expenditure
3,823,782
Net expenditure
(351,024)
Other recognised gains and losses:
Exceptional items
12
-
Net movement in funds
(351,024)
Reconciliation of funds:
Funds brought forward
2,305,962
Net movement in funds
(351,024)
Prior year adjustment
123,632
Funds carried forward
2,078,570		 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

The consolidated statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 27 form part of the financial statements

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Consolidated balance sheet

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 1,932,181 2,060,591
Current assets
Stocks 15 53,378 54,364
Debtors 16 335,315 120,884
Cash at bank and in hand 254,320 374,272
643,013 549,520
Creditors: amounts falling due within 18
one year (480,791) (277,285)
Net current assets 162,222 272,235
Total assets less current liabilities 2,094,403 2,332,826
Creditors: amounts falling due after
more than one year 19 (15,833) (26,864)
Net assets 2,078,570 2,305,962
The funds of the
Restricted income funds - 66,637
Unrestricted funds 20 2,078,570 2,239,325
2,078,570 2,305,962

The notes on pages 13 to 27 form part of the financial statements

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

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

07 Jul 2025

These financial statements were approved by the Trustees on…….

.............................. Ian Thomas Comfort Director Date............07 Jul 2025

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

Company balance sheet

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 1,887,357 2,032,612
Investment 14 2 2
1,887,359 2,032,614
Current assets
Stock 15 47,378 48,364
Debtos 16 326,014 317,242
Cash at bank and in hand 182,802 61,958
556,193 427,564
Creditors: amounts falling due within 18 (266,818) (182,328)
one year
Net current assets 289,375 245,236
Total assets less current liabilities 2,176,734 2,277,850
Total net assets 2,176,734 2,277,850
Charity funds 2,176,734 2,277,850
2,176,734 2,277,850

The notes on pages 13 to 27 form part of the financial statements

The Company's net movement in funds for the year was £(101,116) (2023 - £(105,189)).

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

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

07 Jul 2025

The financial statements were approved by the on .........................

.............................. Ian Thomas Comfort Director 07 Jul 2025 Date............

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
26
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of borrowings
Payment of finance leases obligations
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
2023
£
£
£
£
(73,388)
254,055
(35,997)
(104,152)
1,265
-
(34,732)
(104,152)
(11,031)
(9,080)
(801)
-
(11,832)
(9,080)
(119,952)
140,823
374,272
233,449
254,320
374,272

The notes on pages 13 to 27 form part of the financial statements

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity 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.

1.1 Accounting convention

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 undertakings. 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.

1.2 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.

1.3 Charitable funds

Unrestricted funds are available by the Company and the Group for use at the discretion of the in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Company.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.4 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.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total 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.

1.6 Tangible fixed assets

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.

Leasehold land and buildings Over the lifetime of the lease
Plant and equipment 25% reducing balance
Fixtures and fittings 25% reducing balance
Computers 25% reducing balance
Motor vehicles 25% reducing balance
Office Equipment 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset 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.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

1.13 Foreign exchange

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 nonmonetary 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'.

1.14 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.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

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.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 244,000 254,331
4 Income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Arts Programme 2,060,305 1,367,860
5 Income from other trading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising events - 108,087

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5 Income from other trading activities (Continued)
Income from non charitable trading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Sales & Rental Income 826,995 816,897
Other income 156,038 335,247
983,033 1,152,144
6 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 1,265 713
7 Expenditure on charitable activities
Unrestricted Total
funds
2024 2023
£ £
Direct costs
Grants payable 46,000 63,943
Carnival Arts Projects - 111,448
Grant funding of activities - 20,000
46,000 195,391
Share of support and governance costs (see note 8)
Support Cost 639,490 856,829
685,490 1,052,220

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities

Staff costs
Depreciation
Hire of equipment
Rates and water
Light and heat
Repairs and maintenance
Premises costs
Sundry expenses
Travel and subsistence
Legal and professional
Telephone
Printing, postage and stationery
Computer running costs
Cleaning
Advertising
Bad debt expense
Irrecoverable VAT
Fundraising expense
Governance
9
Auditors' remuneration
The fees paid to Millet Accountants Ltd
Fees payable for the audit of the charity's financial statements
Fees payable to the charity's auditor:
- for other assurance services
- for auditing of accounts of subsidiaries of the company		 2024
£
54,788
152,155
9,647
9,777
99,725
28,280
-
-
11,491
10,473
9,876
4,280
-
29,381
72,210
103,147
22,940
5,720
15,600
639,490
2024
£
25,050
5,950
9,000		 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
2023
£
9,000
41,261
5,500

10 Trustees' remuneration and expenses

None of the trustees (or any persons connected with them) received any remuneration or benefits from the during the year.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
In the band £80,001 - £90,000
In the band £90,000 - £100,0000		 Group
2024
40
Group
2024
795,136
57,346
11,697
864,179		 Group
Company
Company
2023
2024
2023
50
9
12
Group
Company
Company
2023
2024
2023
693,085
341,919
326,038
53,261
28,712
31,604
8,843
6,194
5,411
755,189
376,825
363,053
Group
Group
2024
2023
-
1
1
-		 Group
Company
Company
2023
2024
2023
50
9
12
Group
Company
Company
2023
2024
2023
693,085
341,919
326,038
53,261
28,712
31,604
8,843
6,194
5,411
755,189
376,825
363,053
Group
Group
2024
2023
-
1
1
-
363,053
Group
2023
1
-

Remuneration of key management personnel

The Key management personnel of the charity comprise the trustees and the senior management team as listed on page 1. The 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 £111,975 (2023 :£84,795)

12 Exceptional items

Unrestricted Total
2024 2023
£ £
Settlement income - (540,000)
Legal fees on settlement - 194,478
- (345,522)

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.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13
Tangible fixed assets
Group
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation and
impairment
At 1 April 2023
Depreciation charged in the
year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Tangible fixed assets
Company
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation and
impairment
At 1 April 2023
Depreciation charged in the
year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023		 Leasehold
land and
buildings
£
4,573,698
2,167
4,575,865
2,675,038
118,666
2,793,704
1,782,161
1,898,660
Leasehold
land and
buildings
£
4,573,698
-
4,573,698
2,675,038
118,666
2,793,704
1,779,994
1,898,660		 Plant and
equipment
Fixtures and
fittings
£
£
13,404
359,718
6,900
-
20,304
359,718
5,842
254,866
1,891
26,213
7,733
281,079
12,571
78,639
7,562
104,852
Plant and
equipment
Fixtures and
fittings
£
£
13,404
332,754
6,900
-
20,304
332,754
5,842
235,568
1,891
24,297
7,733
259,865
12,571
72,889
7,562
97,186		 Motor
vehicles
£
-
20,750
20,750
-
3,458
3,458
17,292
-
Office
Equipment
£
176,398
-
176,398
147,194
7,301
154,495
21,903
29,204		 Office
Equipment
£
222,080
6,180
228,260
172,563
14,179
186,742
41,518
49,517
Total
£
5,096,254
6,900
5,103,154
2,769,254
137,553
2,906,807
2,196,347
2,032,612		 Total
£
5,168,900
35,997
5,204,897
3,108,309
164,407
3,272,716
1,932,181
2,060,591

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Fixed asset investments

Cost or valuation
Amount of share capital ie £1 each
Carrying amount
At 31 March 2024
At 31 March 2023
Each investment is a 100% holding
15
Stock
Stock
16
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income
17
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 Notting Hill
Carnival Limited
TabernacleW11
Limited
Total
£
£
£
1
1
2
1
1
2
1
1
2
Group
Group
Company
Company
2024
2023
2024
2023
53,378
54,364
47,378
48,364
Group
Group
Company
Company
2024
2023
2024
2023
119,880
69,316
75,477
22,827
250,188
277,736
191,618
23,253
13,625
23,817
28,315
349
3,054
335,315
120,884
326,014
317,242
2024
2023
£
£
25,833
36,864
10,000
10,000
15,833
26,864		 Total
£
2
2
2
317,242
2023
£
36,864
10,000
26,864

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.

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Creditors: amounts falling due within one year

Group
Group
2024
2023
Bank loans
10,000
10,000
Other taxation and social security
31,998
24,008
Pension payable
2,347
1,073
Trade creditors
358,968
159,299
Amounts owed to fellow group undertakings
Other creditors
17,560
7,349
Accruals and deferred income
59,918
75,556
480,791
277,285
Creditors: amounts falling due after more than one year
Notes
Bank loans
17		 Company
2024
-
184,138
-
46,569
-
9,834
26,277
266,818
2024
£
15,833		 Company
2023
-
9,206
757
91,885
50,549
29,931
182,328
2023
£
26,864

19 Creditors: amounts falling due after more than one year

20 Unrestricted funds

Current year:
General funds
Restricted funds
Previous year:
General funds
Restricted funds		 At 1 April
2023
Incoming
resources
Resources
expended
Prior year
adjustment
Gains and
losses
At 31 March
2024
£
£
£
£
£
£
2,239,325
3,472,758
(3,757,145)
123,632
-
2,078,570
66,637
-
(66,637)
-
-
-
2,305,962
3,472,758
(3,823,782)
123,632
2,078,570
At 1 April
2023
Incoming
resources
Resources
expended
Transfers
Exceptional
Item
At 31 March
2023
2,226,758
2,994,652
(3,327,607)
-
345,522
2,239,325
-
-
-
-
-
-
-
66,637
-
-
-
66,637
2,226,758
3,061,289
(3,327,607)
-
345,522
2,305,962		 At 1 April
2023
Incoming
resources
Resources
expended
Prior year
adjustment
Gains and
losses
At 31 March
2024
£
£
£
£
£
£
2,239,325
3,472,758
(3,757,145)
123,632
-
2,078,570
66,637
-
(66,637)
-
-
-
2,305,962
3,472,758
(3,823,782)
123,632
2,078,570
At 1 April
2023
Incoming
resources
Resources
expended
Transfers
Exceptional
Item
At 31 March
2023
2,226,758
2,994,652
(3,327,607)
-
345,522
2,239,325
-
-
-
-
-
-
-
66,637
-
-
-
66,637
2,226,758
3,061,289
(3,327,607)
-
345,522
2,305,962
2,305,962

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 March 2024:
Tangible assets
1,932,181
Current assets/(liabilities)
162,222
Long term liabilities
(15,833)
2,078,570
Unrestricted
funds
2023
£
At 31 March 2023:
Tangible assets
2,060,591
Current assets/(liabilities)
205,598
Long term liabilities
(26,864)
2,239,325		 Material
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
Material
Restricted
Endowment
funds
funds
funds
2023
2023
2023
£
£
£
-
-
-
-
66,637
-
-
-
-
-
66,637
-		 Total
2024
£
1,932,181
162,222
(15,833)
2,078,570
Total
2023
£
2,060,591
272,235
(26,864)
2,305,962

22 Pension commitments

The Company operates a defined contributions pension scheme. The expense recognised in year was £11,697 (2023: £8,843), and the balance due payable at the balance sheet date is £2,347 (2023: £1,073), and this is included in other creditors.

23 Operating lease commitments

At 31 March 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Within one year
Between two and five years		 Group
2024
27,272
53,982
81,254		 Group
2023
30,732
81,952
112,684		 Company
2024
27,272
53,982
81,254		 Company
2023
30,732
81,952
112,684

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Operating lease commitments

(Continued)

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

Operating lease rentals Group
2024
31,430
31,430		 Group
Company
Company
2023
2024
2023
26,012
31,430
26,012
26,012
31,430
26,012		 Group
Company
Company
2023
2024
2023
26,012
31,430
26,012
26,012
31,430
26,012
26,012

24 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 Steelbrand Trust

A company in which Ian Comfort is a director. In the year £26,000 (2023 : £37,309) was paid to the Ebony Steelband Trust in respect of their Steelband performance at the annual carnival. £Nil (2023- £Nil) was received from the Ebony Steelband Trust. At the year end, the amount owed was £Nil (2023 - £Nil)

Lin Kam Art Ltd

A company owed by Linett Anne Kamala. During the year £Nil (2023 - £1,000) was paid to Lin Kam Art Ltd in respect of its provision of the decorative art backdrop for the online broadcast of Carnival. There were no amounts outstanding as at 31 March 2024 or 2023

Mangrove Carnival Arts C.I.C

A company in which Alan Edwards is a director. During the year £25,900 (2023 - £48,250) was paid to Mangrove Carnival Arts C.I.C for providing Musicial entertainment in the form of of a Steelband at the annual Carnival. During the year income of £nil was received. There were no amount outstanding as at 31 March 2024 or 2023

25 Principal subsidiaries

Name of undertaking Company number
Holding		 Included in Consolidation
Tabernacle W11 Ltd 07506117 100% Yes
Notting Hill Carnival Ltd 11138258 100% Yes

CARNIVAL VILLAGE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

25 Principal subsidiaries

(Continued)

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Income Expenditure Profit/(Loss) Net assets/liabilities
£ £ £ £
Tabernacle W11 Ltd 868,253 1,103,622 (235,369) 80,547
Notting Hill Carnival Ltd 1,831,004 1,801,340 29,664 (178,711)
26
Cash (absorbed by)/generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Exceptional items
(Gain)/loss on disposal of tangible fixed assets
Unrealised currency gains
Depreciation and impairment of tangible fixed assets
Bad debts
Movements in working capital:
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash (absorbed by)/generated from operations
27
Analysis of changes in net funds
At 1 April 2023
£
Cash at bank and in hand
374,272
Loans falling due within one year
(11,139)
Loans falling due after more than one year
(26,864)
336,269		 2024
£
(351,028)
(464)
-
-
(67)
164,407
110,767
986
(214,431)
216,442
(73,388)
Cash flowsAt 31
£
(119,952)
(1,139)
(11,031)
(132,122)		 2023
£
(266,318)
345,522
776
-
172,902
-
(2,038)
7,424
(4,213)
254,055
March 2024
£
254,320
(10,000)
(15,833)
228,487

SIGNATURE CERTIFICATE

Document

Name CVT final accounts V3 2024.pdf Creator Andrew Millet (andrew@millet.org.uk) Date 07 July 2025 10:55:40 UTC Identifier 45f985d4-e3d7-45a5-95df-b41c2999ee8a

Signers

ian@nhcarnival.org

E-mail ian@nhcarnival.org Signed 07 July 2025 15:45:46 UTC IP address 81.128.213.5

Andrew Millet

E-mail andrew@millet.org.uk Signed 07 July 2025 17:22:35 UTC IP address 31.55.144.73