England and Wales 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 2025 $AEIEL8 2911212025 COMPANIES HOUSE A10
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CARNIVAL VILLAGE TRUST CONTENTS Page Reference and administrative details of the Company. Its lrnstees and advlsors Trustees, report Independent auditors, report on thè financial statements Consolidated statement of financial activities 10 Consolldated balance sheel Company balance sheot 12 Consolidated slalement of ¢a$h flows 13 Note$ lo Ihe flnanclal statements 14-33
CARNIVAL VILLAGE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees lan Thomas Comfort Alan Edwards Mary Venelia Genis Levi Naidu Mitchell Laila Shah Ansel Wong Elise Anita Berndaetle Brown Leila Gwendolen Jones Company registered number 06368610 Charlty registered number 1125536 Reglslered offlce The Taberna¢le 34-35 Powis Square London W112AY Chlef ex•cutlve offlcer Matthew Philllp Indopendent audltors Millet Accounlanls Ltd Beyond Aldgate Tower 2 Leman Slre8t London E18FA Page 1
CARNIVAL VILLAGE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report logether with the audited financial slalements of the Carnival Village Trust for Ihe year 1 April 2024 to 31 March 2025. The annual report serves th8 purposes of both a trustees. report and a dlrectors. report under company law. The trustees confirm that the annual report and flnanclal 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 Recomrnended Praclico (SORP) applicable to charities preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 20191. Since Ihe 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 undèr the Companies Act 2006 (Strategic Report and Direclors, Report) Regulations 2013 has been omitted. Objectives and actlvltlej Pollcles and objectlves The objects of the trust as sel out in its governing document are lo advance the Arts to the benefit of the public by, bul not limited lo, providing arts and community venues lo facililale aclivities such as bul not limited to, Carnival Arts and combined arts to include dance. Ih8alre. music, exhibitions, workshops and classes. In setting objectives and planning for activities, the trustees have given due consideration lo general guidance publSshed by th8 Charity Commlssion relating to public benefit, including the guidance 'Public benefit.. running a charity {P821'. b. Charity aims The trustees have complied with their duty in respect of the public benefit requirement as sel out in the Charities Act 2011, The charity currèntly provides direct access to the art5 bolh within the local community and for audi8nces al the Tabernacle and Yaa Centre. Among others, the following are th8 main aims delivered by the trust during this period.. To op8rate and manage two vibrant. inclusive venues.. th& T8bernacle and the Yaa Cenlre. Work with ils partners and other carnival artists and organisalions lo deliver a variety of Carnival Arts based aclivilies Provide annual grants to support the work Ebony Steelband Trust and Mangrove Community Carnival Arts cic. Promote and host an eclectic programrne of camival arts, arts events in dance, music, film. Ih8alre.exhibilions, workshops and classes Promote and hosl a series of arts-based workshops Promole the space for hire lo statulory, community and private organisations Liaise with other cultural organisations on the delivery of collaborative artistic evènts and activities Provide space lo users on a hire basis thus ensuring the financial viability of th8 trust. Achievements and perfomiance . Achievements and performance Carnival Village Trust (CITh) has continued to make significanl strides in advancing its mission, lo support and pr¢)mote the art, culture, and herita9e of Carnival arts in the UK. Ov8r th8 past year, the trust successfully delivered a range of artistic and educational programmes Ihal engaged diverse communities, fostered cultural expression, and nurtured creative lalenl. Notably, CVT facilitated the production and support of major public events including Nolling Hill Carnival-related aclivilies, ensuring represenlalion and visibility for African- Caribbean culture in one of Europe's largest street festivals. Page 2
CARNIVAL VILLAGE TRUST TRUSTEES. REPORT {CONTSNUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performancè {continuedl a. Achlevements and perforniance (¢ontinued) In addition to public programming, CVT expanded ils community outreach and educalion inillalives, offering workshops, Iraining sch8mes. and menloring OPPOrtunilies lo emerging artists, particularly within underrepresented groups. Through strategic partnerships wilh schools. arts organisalions, and cultural institutions, the trust has helped build sustainable palhways for young people to engage in the creative Induslrl8s. cvr's stewardship of The Tabernacle as a community and cultural hub has also seen Increased local engagement, with the venue hosting performances, exhibilions, and collaborative projects that reflect the vibrant spirit of Carnival 8rts. These achievemenls underscore CVT'S pivotal role in preserving and evolving Carnlval Iradilions 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 Sleelbands nurture new talent by hosting weekly sleelpan lessons al The TabemaGle and Yaa Centr8 for children and adulls alike. The home- grown lalenl fostered in the pan yards at the Irusl venues ensures that each year players join their Trinidadian counterparts and join bands in Trinidad to compete in the International Panorama Champlonshlps. Flnanclal revlew a. Golng concom The Irusl's core funding Is as a NalSonal Portfollo Organisallon ("NPO"I wlth Arts Council England I-ACE"). The Royal 8orough of Kensington and Chelsea also continued with ils support of the trust and the Tabernacle. The Arts Council funding has been extended until 31 March 2027 and Ihe Royal Borough of Kensinglon and Chelsea have extended ils funding untll 2028. The Irusl monitors ils cash flows very carefully and has prepared projections, which show that the trust will conlinue lo have sufficient resources lo meet its liabilitiès as thèy fall due over th8 next twelve months, The trvslees believe that having considered the matters above it is appropriate for the financlal statements to be prepared on 8 going concern basis. b. Reserv08 poIIcy The trustees have considered Ihe need for reseeS in light of the main risks lo Ihe organSsalion and Ils subsidiaries. The charity is dependenl on two main sources of income.. grants and Iraded services. Traded services are delivered primarily through Tabernacl8W11 Ltd. Ihe charivs 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 il can reduce or increase staffing as needed. The charills other subsidiary, Notting Hill Carnival Ltd is fundeij through a number of grants. Many services are delivered through conlraclors. This provides flexibility to adapt to situations as they arise, The charity is dependant primarily on ils grant from the Arts Council. Should thls or any other grant cease, the charity would be given sufficient notice lo allow il to adjust ils workforce and aclivilies lo ensure it remained financially viable. Having assessed the risks, the trustees Consider that the structures Ihal they have put In place in the charity and ils subsidiaries mi1Sgates against the need for signifficanl reserves. Nevertheless, the trustees are keen to build reserves in order that they are not placed in a difficuSt financial position should unexpected costs arise. The Iruslees are seeking to build a reserve that is equivalenl lo 8% of it5 turnover which currently. equates lo approximately £270k for the group. Free reserves. which are defined as unreslricted reserves less fixed assels, al 31 March 2025 amounted to £178,552. 11 anlicipaled that the target level can be achieved over the next fv40 years. Page 3
CARNIVAL VILLAGE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governanee and managemènt a. Constitutlon The trust Is a company limited by guarantee and a reglstered charity. It is governed by its Memorandum and Articles of Association I"Ih8 Arti¢les"}. The trust has tsvo trading subsidlaries. TabernacleW11 Ltd and Notllng 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 Nomlnee Trustee.. Association of Calypsonians and Soca Artists Ebony Steelband Trust Mangrove Community Y2K The minlmum number of Iru51ees Is four. Any person, who is willlng io act as a Iruslee and Is permllt8d by law and the Articles lo do so, may be appointed lo be a trustee by special resolution. The Irust'3 board is diversè by ethnicity, gender and age. The trustees have received legal and financial advice throughout the year that supports their statutory and accountable responsibilllies. The Board meets al least flve times each year lo receive the management accounls and update from the Chief Executiv8 on current, past and future activities. Trustees ar8 not enlilled to recelve any payments of money or other malerlal benefll from the trust except In reasonable out-of-pockel expenses or any liabilit18S. The Iruslees who served during th8 year and up lo the dale of Signature of the financial statements werè. lan Thomas Comfort Alan Edwards Mary Venella Genls Levi Nai¢Ju Mitchell Laila Shah Ansel Wong Elise Anita Berndaelle Brown Leila Gwendolen Jones b. Tradlng subsldlarles The trust is the sole shareholder of Tab8rnacleW11 Ltd I"TW11'1, a company set up lo manage Its trading activitles al the Tabemacle and Nottlng Hill Carnival Ltd ("NHC") set up as a vehicle to manage the Nolling Hlll Carnival. TW11 continues to manage the Tabernacle, including the provision of c8lerin9, food and beverage services. All profits from TW11 are gift aided lo the trust lo support ils charitable objects. The trust has reviewed the operation of ils trading subsidiaries with a view lo reporting more clearly on ils charitable and non-charilable activities. In additlon, it has considered how best to share services across the group to b8 more economic, efficient and effective and has r8Struclured its staffing stru¢tLtre lo support this. Locallon and actlvlty The trust holds two separate long-term leases,. a Iwenty-year lease from the Royal Borough of Kensington and Chelsea with waivèd rent on the Tabemacl8 and a thirty-year leas8 from thè City ol Weslminsler al peppercorn rent on the Yaa C8ntre. Page 4
CARNIVAL VILLAGE TRUST TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management (continued) . Risk The group reviews the risks it faces on a regular basis and takes steps to miligale these as far as is practical. It maintains a central risk log for the trust and its subsidiaries which sets out rlsk mitigation slralegies. Nolling Hill Carnival is the largest street event in the world and presents Ils own significant risks. The trust has taken sleps to miligale these risks by the settin9 up of a subsidiary company as a vehicle to manage this aspect of ils work. d. Informallon on fundralslng practl¢e$ The trust derives Its income from grant funding from a range of funders and from Ihe traded aclivilies In relallon to food and beverage at the Tabernacle and hire of spaces al both the Tabernacle and Yaa cenlre. This aspect of fundraising is incorporated into the Irusl's business plan. The trust does not èngage professional fundraisers and does not en9age In collections or appèals. The trust is aware of the Fundraising Code of Pra¢li¢e and how and when it applies lo ils fundraising. Nolting Hill Carnival Ltd secures additional funding and support through sponsorship. Funding from k8y strategic partners was also maintained through agreements with the Royal Borough of Kensington and Ch8lsea, the City of Westminster and the Greater London Aulhorlty. Slatamont of Trust••s' ro$ponslbllltl•a The Irusl&es {who are also the direclofs of the company for the purposes of company lawl are responsible for preparing the Trustees, report and th8 financial slalemenls in accordance with applicable law and United Kingdom Accountlng Standards {Unlted Klngdom Generally Accepted Accounting Practica}. Compsny law requSres the Iruslees lo prepare financial $18t8menls for each financial year. Under company law. the trustees musl not approve the financlal slalements unless they are salisfled that they give a true and fair vSew of the stale of affairs of the group and ihe company and of their incoming resources and appllcalion of resources, including Ihelr income and expendilufe, fof that period. In preparing these financial stalem8nts, the Iruslees are requirfrd to.. select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP IFRS 102); make judgements and accounting 8stimales that are reasonable and prudénl,. stale whether applicable UK Accounts'ng St8ndards IFRS 1021 have b88n followed. subJe¢t lo any material departures disclosed and explained in the financial statemenls; prepare the financial slalemenls on the going Concern basis un18ss It is inappropriate lo presume that the group will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the group and the companys transactions and disclose wilh reasonable accuracy al any time the financial position of the group and the company and enable them to ensure that the financial slalemen15 comply with the Companies Act 2006. They are a150 responsible for safeguarding the assels of the group and the ¢ompany and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularitses. Page S
CARNIVAL VILLAGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Dlsclosure of Information to auditors Each of Ihe persons who are IrLJStees al the lime whèn this Trustees. report is approved has Confirmed that.. so far as that trustee is aware, there is no relevant audit information of which Ihe charitable group's auditors are unaware, and Ihal trustee has taken all the steps thal ought lo have been taken as a trustee in order lo be aware of any relevant audlt information and to establish that thé charitable group's audilors are aware of that information. Auditors The auditors, Millet Accountants Ltd, have indicated their willingness to continue in offi¢8. The d8Slgnaled trustees will propose a motion reappointing the auditors at a meeting of the Irusl8es. Approved by order ol the rnembers of the board of trustees and signed on their behalf by.. lan Thomas Comfort {Ch8ir of Trusleesl Date.. 23 Dec 2025 Page 6
CARNIVAL VILLAGE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CARNIVAL VILLAGE TRUST Opinion We have audited the financial statements of Carnival Village Tnjst (the 'parent charilable company) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated slatomenl of financial aclivilies. the consolidated balance sheet, th8 company balance sheet, the consolidated slalement of cash flows and the related notes. including a summary of signifieanl accounting policies. The financial reporting framework that has been applied in their preparallon is applicable law. In our opinion the financial statements: give a true and fair view of the slate of the group's and of the parent charitable companys affairs as al 31 March 2025 and of the group's incoming resources and application of resources. including ils income and expenditure for the year Ih8n ended: have been properly prepared in accordan¢e wilh Unlled Kingdom Generally Accèpted Accounting Practice., and have been prepared in accordance wllh th8 requir8ments of the Companles Act 2006. Basls for oplnlon We conducted our audlt in accordance with International Standards on Audillng (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 th8 ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom, including the Flnancial Reportin9 Councll's Elhical Standard, and we havè fulfilled our other éthical responsibilitiès in accordance with these requirements. W8 believe that the audit evidence we have obtained is sufficient and appropriatè lo provide a basis for our opinion. Concluslons relatlng to golng ¢oncern In auditing the financial stalemenls, we have concluded that the trustees, use of Ihe going concem basss of accounting in the preparation of the financl81 statements is appropriale. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condillons that. Indivldually or colle¢lively, may cast significant doubl on the group's or the parent charSlable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililies of the Iruste8s with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the infomiation included in the annual rep¢)rt other than the financial statements and our 8udilors' report Ihereon. The Iruslees are responsible for the other Informalion conlained wilhln the annual report. Our opinion on the financial stslemenls does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsSbility is lo read the other information and. in doing so, consider whether Ihe other information is materially inconsistent wilh the financial statements or our knowledge obtained in the course of the audit. or otherwis8 appears lo be malerially misstated. If w8 identify such ma18rial inconsistencies or apparent malerial misslatemenls, we are required lo determine whether this gives rise to a material misstatement in Ihe finan¢ial statements themselves. If, based on Ihe 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 lo report in this regard. Page 7
CARNIVAL VILLAGE TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CARNIVAL VILLAGE TRUST (CONTINUED) Opinlon on other matters prescribed by the Compani05 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given In Ihe trustees. report for the financlal year for whlch the financlal statements are prepared is consistent with the financial slalements. the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by èxcèptlon In the light of our knowledge and understanding of the charilable company 8nd ils environment obtained in the course of the audit. we have nol identifiad mal8rial misstatements In the Irusl88s' r8POrt. We hav8 nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report lo you if. In our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not vislled by us., or the parent charitable company financial statements are not in agreement with the accounling records and returns., or cerlain disclosures of trusleos, remuneration specified by law are not made., or we have not received all the informats'on and explanations we require for our audit. the truslees were nol entitled to prepare the financial slatem@nls in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing Ihe Iruslees. report and from the requirement lo prepare a strategic report. Responslbllltles of trustees As explained more fully in the trustees. responsibilities slalemenl, the tfustees (who are also the directors of the ¢harilab18 company for the purposes of company lawl are responsible for the preparation of the financial statemenls and for belng satisfled that Ihay give a true and fair view. and for such internal control as the Irusle85 determine is necessary to enable the preparation of financial statements that are free Irom material misstatement, whether due to fraud or error. In preparing the financial statemenls, the truslees are responslble for assessing the group's and the parent charitable ¢ompanVs ability lo continue as a going concern, disclosing, as applicable, matters felaled to going concern and using the going concèrn basis of a¢¢ounting unless the Iruslée$ èither intènd lo liquidaté the group or the pafenl charitabl8 cofflpany or to cease operations, or have no realistic allernative bul to do so. Auditors. responsibllitles lor the audlt of th• fSn•nclal statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misslalement, whether due lo fraud or error, and to issue an auditors, report thal Includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit ¢ondu¢ted in accordance with ISAS (UK) will always delect a material misstatement when il exists. Missl8lemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be axpected lo influence the economic declsions of users takèn on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Page 8
CARNIVAL VILLAGE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CARNIVAL VILLAGE TRUST (CONTINUED) Auditors. responsibilities for the audit of the financlal statements Icontinuedl We design and implement procedures designed to allow us to: 1. Identify and assess the risk of material misstalemenl of the financial slatemenls, whelher due lo fraud or error. design and perform audit procedures responsive to thos8 risks, and obtain 8udil evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delecbng a material misstalement resvlting 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 understandlng of internal control relevanl lo the audil in order to design audit procedures that are appropriate in the circumstances, bul not for the purposes of expressing an opinion on the effectiveness of the ompany's inlemal control. 3. Evaluate the approprialeness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by Ihe trustees. 4. Conclude on Ihe appropriateness of the trusle8S' US8 of the going concèrn basis of accounllng and. based on the audit evidenc8 obtained, whether a material uncertainty exists related lo event or conditions that may cast significant doubt on the companvs ability to conlinue as a going concern. If we Conclude Ihal a material uncertainty exists. we are required lo draw allenlion in our auditors report lo the related disclosure in Ihe flnancial statements or, if such disGlosures are inadequate to modify our opinion. Our conclusions are based on the audit evldence obtalned up lo the date of our auditor's report. However, future events or condlllons may cause Ihe company to cease lo continue as a going concern. 5. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial slatements represent the underlylng Irensactions and events In a manner that achieves fair presentation. A further descrlplion of our responsibililles for the audit of the financial statements Is located on the Financial Reporting Council's website al.. www.frc.or .ukJa dilorsres Thls description forms part ol our auditors, report. Use of our report This report is made solely lo thé charitabl8 CoMpanS memb8rs. 8S 8 body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has be8n undertaken so that we might stale lo the charitable companls members those mallers we are required lo slatè lo thèm in an auditors, report and for no oth8r purpose. To the fullest exlent permilled by law. we do not accept or assuffle responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Mlllet BA MBA FCA {8enlor Statutory auditor) For and on behalf of Millet Accountants Ltd Chartered Accountants and Statutory Audilors Beyond Aldgale Tower 2 Leman Street London E18FA Date: 23 Dec 2025 Page 9
CARNIVAL VILLAGE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 UnrestrScted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activitles 244,IX)O 2,060,305 983,033 1.265 184,155 2.148,879 1.023,135 3,382 189,398 2.148.879 1,023,135 3,382 189,398 Other trading activities Investments Other Income Total Incom• 3,364,794 3,364,794 3,472,758 Expendilure on: Raising fLJnds Charitable activities 1,846,483 1,601,745 1,846,483 1,601,745 2,331.520 1,492.262 Total exp8ndltur• 3,448,228 3,448,228 3.823,782 Nel movement In fund8 (83,4341 {83,434) (351,0241 Réeonelllatlon of funds: Total funds brought forward as previously staled Prior year adjustment 2,078,570 2,078,570 2.305,962 123,632 Total funds brought forward as reslated Nel rnovemenl in funds 2,078,570 (83,434> 2,078,570 (83,434) 2,429,594 (351,024} Total funds carried loard 1,995,136 1,995,136 2,078,570 The consolidated statement of financial acllvities Includes all galns and losses recognised in the year. All Income and expenditure derlve from conllnulng acllvllles. The notes on pages 14 to 31 form part of Ihe financial statements. Page 10
CARNIVAL VILLAGE TRUST REGISTERED NUMBER: 06368610 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Not¢ Fixed assets Tangible assets Current assets 12 1,816,584 1,932,181 Stocks Debtors Cash at bank and in hand 14 53,378 171,301 365,747 53,378 335,315 254.320 15 590,426 643.013 Currènt liabilities Creditors.. amounts falling due within one year 16 1406,5541 {480,791 > Net current a$sgts 183,872 162,222 Total assets les8 current Ilabllltles 2,000,456 2,094,403 Creditors.. amounts falling due after more than one year 17 (5,320) {15,833) Total net assets 1,995.136 2,078,570 Charity funds Unrestricted funds 18 1,995,136 2,078.570 Total funds 1,995,136 2,078,570 The trustees ackno%Medge their responsibililias for complying with the rgqulremenls of the Act with respgGt to accounting records and preparation of financial slalemenls. These financial $tat8menls have beèn prepared In accordance wllh the provisions applicable to comp8nles subject to the small companies regima. The financial slalements were approved and aulhorised for issue by the trustees and signed on their behalf by.. JOK/ lan Thomas Comfort Chair of Irustees Date: 23 Dec 2025 The notes on pages 14 to 33 form part of these financial slatemenls. Page11
CARNIVAL VILLAGE TRUST REGISTERED NUMBER: 06368610 COMPANY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed assets Tangible assets Investments 12 13 1,781,235 1,887,357 1,781,237 1,887,359 Current assets Slocks Debtors Cash al bank and in hand 14 15 47,378 161,607 293,568 47,378 326.014 182,802 502,553 556.194 Curr•nt liabllltias Creditors.. amounts falling due wllhin one year 16 (427,708) (266,818) Not current assets 74,845 289.376 Total assets less current Ilabllllles 1.856,082 2,176.735 Tolal not agsats 1,856.082 2,176,735 Charlty fund¥ Unreslricled funds 18 1,856,082 2.176.735 Total funds 1,856,082 2.176,735 The company's nel movement in funds for the year was (£320,653) (2024.. (£101,116)). The trusl8&s acknowledge Ihelr r8sponsiblllties for complying with tho raquiramenls of the Act with respect to accounting records and preparation of financial statements. These financial slalements have been prepared in accordance with the provisions applicable to companies subject to the small companies reglme. The financial slalemenls were approved and aulhorised for issue by the Iruslees and slgned on their behalf by.. lan Thomas Comfort Chair of trustees Dale.. 23 Dec 2025 The notes on pages 14 10 33 form part of these financial statements. Page 12
CARNIVAL VILLAGE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Nel ¢a$h from/{used in) operating aGtlvilles 283,270 (73,388) Ca8h flows from invesllng activities Purchase of tangible fixed assets Investment income received (164,7121 3,382 (35,997) 1.265 Net ¢ash used In investlng actlvitlès (161,3301 134.732) Cash flows from flnanclng a¢tlvltl8s Repayment of borrowings Payment of finance leases obligatlons (10,513> 111,031} (8011 Net Cash used In flnanclng acllvltles (10,5131 (11,832) Change in ¢ash and'cash equlvalents in the year Cash and cash equivalents al the beginnlng of Ihe year 111,427 {119,952) 374,272 254,320 Cash and ¢a8h èqulvJl6nt8 at tho end of tho yaar 365,747 254,320 The notes on pages 14 to 33 form part of these flnanclal slatoments Page 13
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies 1.1 Charity information Carnival Village Tiust is a charity limited by guaranlee, which is incorporated in England and Wales. The group's registered offiGe is 34-35 Powis Square, London, W11 2AY. The charitable activllies of the group is to advance the Arts to the benefit of the public by, but not limited to providing arts and community venues lo facilitate activities such as but not limited to, Carnival Arts and combine(l arts to include dance, Ihealre, music, exhibitions, workshops and classes. 1.2 Accountlng ¢onventlon The financial stalements have been prepared in aG¢ordance with the Charitl8s SORP (FRS 1021 Accounllng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordan¢e with the Financial Reporting Standard applicable In the UK and Rapublic of Ireland {FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Rèpublic of Irèland IFRS 1021 and the Companies Act 2006. Carnival Village Trust meels the definition of a public benefit entity under FRS 102. Assets and li8bililies are initially recognised al historical cost or Iransacllon value unless olhèrwise slated in the relevant accounling policy. Tha consolidated statement of flnanclal activS1ias (SOFA} and consolidated balance sheet consolldale the financial slalements of the group and ils subsidiary undertakings. The results of the subsidiary are Gonsolidaled 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 ils own statement of financlal acilvities In these financial statements. The financial statements are prepared In sterfing, which is the functional currency of the charity. Monètary amounts in these financial slalements are rounded to the nearest £. The following principal accounting policies have been applied: 1.3 Golng eoncorn The truste8s assess whether Ihe use ol golng concern Is approprlate l.e. whether there are any material uncertainties related lo events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Iruslees make this ass8ssm8nt in respect of a period of al least one year from the dale of aulhorisalion for issue of the financial slalements. The trustees have reviewed the budgets and associated cash flows for a perlod of e1ve months from the dale of the approval of the financial slatemenls. Based on these projections Ihe Iruslees feel the Irusl will be able to meet its liabilities as they fall due and to conlinue as a golng concern. On thi$ basis the trust88s consld8r 11 appropriate to pr8pare thé Financial Statements on a going concern basis. Accordingly, these financial statements do not include any adjuslmenls to the carrying amounts and classification of assets and liabilities that may arise rf the company was unable to ¢ontinue as a going concern. Pagè 14
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.4 Charltablo funds Unreslricled funds are available by the company and the group for use at the discretion of the in furtherance of th8ir charitable objectives. R8slrict8d funds ar& sublect lo specific nditionS 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 lo the financial slalements. Endowment funds 8re subject lo specific conditions by donors that the capital musl be maintained by the company. 1.5 Incorn• All income Is recognlsed once the company has entitlement to the income, it is probable that the Income wlll be fe¢eived and the amount of Income re¢8lV8ble can be measured reliably. The recognition of income from legac18s Is d8pendènl on eslablishing enlillement, the probability of receipt and the ability lo estimate with sufflcient accuracy the amount receivable. Evidence of enlillemenl lo a legacy exists when the company has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valld will and the death of the benefactor) 8nd th8 executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when il is probable that il will be received and Ihe fair value of the amount recelvable, whlch will generally b8 the expected cash amount to be dislrlbuled to the company, can b6 r8llably measured. Grants are included in the consolidat8d slalement of financial activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the balance sheet. Where income is receSved in advance of entitlement ol receipt. Ils recognition is deferred and Included in creditors as deferred income. Where enlltlement occurs before income is received, the income is accnjed. Gifts In klnd donated for distribullon are included al valuallon and recognised as income wh8n Ih8y are distributed to the projects. Gilts 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 il is impractical lo rneasure this reli8bly, in which case the cost of the item lo the Llonor should be used. The gain is recognlsed as income Irom donations and a correspondin9 amount Is inclLJded in the appropriate fixed asset class and depreGialed over the useful economlc life in accordance wilh Ihe companys accounting policies. On receipt. donaled professional services and facilities are recogn15ed on the basis of the value of the 91ft lo the company which Is Ihe amount it would have been willing to pay lo obtain servlces or facilities of equivalent economic benefit on the open mark81,' a corresponding amount is then reco9nised in expenditure in the period of receipt. Revenue from Sale ol goods and rendering of services - Revenue is recognised to the exlenl that it is probable that the economic benefits will flow to the company and the rev8nue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. excluding discounts, rebates. value added lax and other sales taxes. Income tax recoverable In relation to Investment Income Is recognised at the time the Investment Income18 receivable. Other income is recognised In Ihe period In which it is receivable and to the extent the goods have been provided or on completion of the service. Page 15
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) Income (continued) Cash donations are rècognised on rec&ipl. Other donations are recognis8d once the has been notified of the donalion, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. L8gacies 8re recognised on receipl or otherwis8 if the has be8n notified of an impending dislribulion, the amount Is known, and receipt is expecleo. If the amount is nol known. the legacy is Irealed as a Contingent asset. 1.6 Exponditure Expendlture Ss recognlsed once there Is a legal or conslructlve obllgallon to transfer economSc benefit to a third party, il Is probable that a transfer of economlc benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure Is classified by a¢livily. The ¢osls of each actsvity are made up of Ihe total of direct costs and shared costs, including support costs involved in undertaking each activity. Direcl costs attributablè lo a singlè activity af8 allocated directly lo that activity. Shared costs whlch ¢ontrlbule lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basls consislenl with Ihe use of resources. Central staff costs are allocated on the basis of lime spenl, and depreciation charges allocated on the portion of the asset's use. Expendllure on charitable activilies is Incurred on directly undertaklng the aclivllles which further the group's objectives, a$ w611 as any associated support costs. Grants payable are charged in the year when the offèr is made except in those cases where the offer Is condlllonal, such grants belng recognlsed as expenditure when the conditions allaching are fulfilled. Grants offered subje¢l lo conditions which have not been mel al the year end are noted as a commitment, bul not accrued as expendilure. All expendilure is inclusive of irrecoverable VAT. 1.7 Tanglble tixed assets and depreclatlon Tangible fixed assets costing £1,000 or more are capilalised and recognised when future economic benefits are probable and thè 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 lixed assets are measured al cost less accumulated depre¢iation and any a¢cumulaled impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be Included In the measuTemenl of cost. Page 16
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountin9 policles (continu•d} 1.7 Tanglble fixed assets and d8pr•clation (¢ontinu•dl Deprecialion is charged so as to allocate the cosl of tangible fixed assets less their residual valu8 over their estimated useful lives. on a reducing balance basis. Depreclation Is char9ed so as to allocate the cost of langlble flxe(l assets less their residual value over their estimated useful lives. on a redLJcing balance basis. Long-temi leasehold property Plant and machlnery Motor vehicles Fixtures and fittings Office equipment Computers Over the lifetime of thè lease 25% reducing balance 250/0 reducing balance 25% reducing balance 25% reducing balance 25 10 reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrylng value of the asset, and Is recognised in the consolidated slalemenl of financial activities. 1.8 Flxed asset Investments Fixed asset investments are a form of financial instrLJment and are initially recognised al their Iransaclion cost and subsequently measured at fair value al the balance sheet date, unless Ihe value cannot be measured rellably In whlch ca88 il Is measured at cosl less impairment. Investment galns and losses, whether realised or unrealised, arè combined and presented as 'Gainsl(Lossgsl on investments, in the consolidaled statement of financial activilies, Investments In subsidlarles are valued al cost less provislon for Impalrment. 1.9 Impolrment of Ilxèd assets Al each reporting end date, the revi8w8 the earrylng amounts of its tangible assets to determine whether there is any indicatlon 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). 1.10 Investmontg Fixed asset Investments are a form of financlal Instrument and are initially racognisèd 8t their transaction cost and subseouently measured at fair value at the Balance sheet dale. unless the value cannot be measured reliably In which case it is measured 81 cost less impairment. Investment gains and losses. whether realised or unrealised. are combined and presented as 'GainsllLossesl on Investments, in Ihe Consolidated slalemenl of financial aGtivili8S. Investments in subsidiaries are valued al cost less provision for impairment. 1.11 Stocks Stocks are valued al Ihe lower of cost and net realisable value after making due allowance for obsolete and slow-movin9 Stock5. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Nel realisable value is the eslimaled selling price less all estimated cosls of completion and costs to be incurred in marketing, selling and dislribulion. Page 17
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies Icontlnued) 1.12 Cash and cash equlvalents Cash and cash equiva18nls includ8 cash in hand, deposits held at call with banks, other short-term liquid investments with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowlngs in current liabilities. 1.13 Flnanclal Instrument$ The has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'oiher Financial Instruments Issues, of FRS 102 to 811 of its financial instruments. Financial instruments are recognised In th8 consolSdaled balance sheet when the becomes party lo the contractual provisions of the instrument. Financial assets and Ilabllilies are offset. with the net amounls presented In the flnanclal slatemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intenlion lo sellle on a net basis or lo realise the asset and setlle the liability simultaneously. BasSc flnan¢lal assets Basic flnancial assets, whSch Include debloTs and cash and bank balances, are Initlally measured al transaction price including transaction costs and are subsequently carried at amorlised cost using the effective interest method unless the arrangement conslitules a financing Iransaclion, where the transacllon is measured at the present value of the future receipts di5counled al a market rate ol Interest. Financial assets classified as receivable within one year are not amortlsed. Basi¢ financlal liabilities Basic financial liabilities, including creditors and bank loans are Initially recognised al transaction price unless the arrangement constitutes a financing transaction. whére the debt instrument 15 measured al the present value of the future payments discounted al a m8rkel rate of interest. Financial liabllilies classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, using the 8ffecliv8 Interest rate method. Trade ¢redilors are obligations lo pay for goods or seNl¢es that have been acquired in the ordinary course of operallons from suppliers. Amounts payable are classlfied as current liabilities if payment is due within one year or less. If not, Ihey are presented as non-currenl liabilities. Trade creditors are recognised inltially at transaction prlce and subsequently measured al amortised ¢ost uslng the effective Interest method. Derècognitlon of financlal Ilabilitles Financial liabilities are derecognised when the gioup's contractual obllgatlons expire or are discharged or cancelled. Pa9e 18
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles {continued 1.14 Employoe benoflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services èrè received. Terminallon benefits are recognised immediately as an expense when the group is demonstrably committed lo lemilnale the employment of an employ88 or lo provide termination benefits. The group operatès a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year. 1.15 Forelgn ¢xchange Funcllonal and prosentstlonal currency The Charit$ functional and presenlalional currency Is G8P. Transactlons and balances Foreign currency transactions are Iranslaled into the functional currency using the spot exchange rates al the dates of thè transactlons. At each period end foreSgn currency monetary items are Iranslated uslng the closing rate. Nonmonelary items measured al historical cosl 8re translal8d using the exchange rale al the date ol the transaction and nonmonelary Items measured al lair value are measured using the exchange rale when falr value was detèrminéd. Forelgn exchange gains and losses resltiting from the setllemenl of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of flnanclal actlvllles except when deferred In olher comprehensive inoom8 as qualifying cash flow hedges. For&ign exchange gains and losses that relate to borrowings and cash and cash equivalenls are presented in the consolidated sl8ternenl of comprehensive income within 'finance income or costs,. All other forelgn exchange gains and losses are presented In the consolidated statement of flnanclal activities wilhln 'olhgr operating income.. 1.16 Inlerest rec8ivabla Interest on funds held on deposll Is Included when recelvable and the amount can be measured reliably by the group; this S normally upon notification of the interest paid or payable by the inslilulion wlth whom Ihe funds are deposited. Page 19
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMEP4TS FOR THE YEAR ENDED 31 MARCH 202S Critical accounting ostimates and areas of judgement Estimates and judgments are continually evaluated and are based on hislorical experience and other factors, including expeclations of future evenls that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The company makes estimates and assurnptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causlng 8 material adjustment to th8 TryIng amounts of assets and liabilities wilhin the next financlal year are discussed below. Critical areas of judgement.. Uselul 8conornic lives of tangible assèts The annual depr8ciallon charge for tangible assets is sensilivg 10 changes in the eslirnaled useful economic lives and residual values of thè assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary lo refle¢l current estlmales. based on technological advancemenl. fuluTe Inveslmenls, ¢conomic ulillsation and the physical condition of the assels. See note 12 for Ihe carryin9 amount of the assets and note 1.7 for Ihe useful economic lives of the assets. Income from donatlons and legacles Unrestricted funds 2025 Total fund$ 2025 Oonations Unrestrlcted funds 2024 Total funds 2024 Donations 244.000 244.000 Income from charltable actlvltles Unre3trScted fund$ 2025 Tolal funds 2025 Arts programme 2.148,879 2,148,879 Page 20
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Icontinuod) Unrestricted funds 2024 Total funds 2024 Arts programme 2.060,305 2,060,305 Income from other Irading actlvlll•8 Incomo from non charltable trading actlvlties Unreslrlcled funds 2025 Total fundi 2025 Sales & rental income Other income 797,329 225,806 797,329 225,806 1,023,135 1,023,135 Unre$trl¢ted funds 2024 Total funds 2024 Sales & rental Income Other income 826,995 156,038 826,995 156,038 983,033 983,033 Incorne from Investments Unrèstrlcted funds 2025 Total funds 2025 Interest receivable 3,382 3,382 Page 21
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Incomo from inveslment61¢ontinued) Unrestri¢ted funds 2024 Total funds 2024 Interest receivable 1,265 1,265 Analysis of expénditure on charitable activities Summary by fund type Unrestricted funds 2025 Total 2025 Grants payable Support cosls 32,020 1,S69,725 32.020 1,569,725 1.601,745 1,601.745 Unrostrlcted funds 2024 Tolal 2024 Grants payable Support costs 46.000 1,446,262 46.000 1,446.262 1.492,262 1.492,262 Anatysis of expenditure by activities Grant fundSng of actSvitias 2025 Support costs Total funds 2025 2025 Grants payable Support costs 32.020 32.020 1,569.725 1.569,725 32,020 1,569,725 1,601,745 Page 22
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by a¢tiviti08 {conlinued) Anatysls of support costs Support costs 2025 Total funds 2025 Staff costs Deprecialion Fundraising expense Rates and water Light and heal Advertising Telephone Travel and subsislen¢e Hire of equipment Repairs and maintenance Governancè Legal and profession81 Cleaning 814,515 280,309 3,393 8,287 162.481 127.738 14.191 1,408 29.511 21.409 28,689 26,951 50,843 814,515 280,309 3,393 8,287 162,481 127,738 14,191 1,408 29,511 21.409 28,689 26,951 50,843 1,569,725 1,569,725 Page 23
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expondituro by activities Icontinuod) Analysis of support costs (continued) Restatod Support cosls 2024 Total funds 2024 Slaff costs Depreciation Fundraising expense Rates and water Light and heat Advertlslng Telephone Printing, postage and slalionery Travel and subslstence Hire of equipment Repairs and maintenance Governance Legal and professional Irrecoverable VAT Bad debt expense Cleaning 861.560 152,155 5,720 9,777 99,725 72,210 9,876 4,280 11,491 9,647 28.280 15.600 10.473 22,940 103.147 29,381 861.560 152,155 5.720 9.777 99,725 72.210 9.876 4,280 11,491 9,647 28,280 15,600 10.473 22,940 103,147 29.381 1,446,262 1,446.262 Audllors. remuneratlon 202S 2024 The fe8s paid to Millet Accountanls Ltd Fees payable lor the audll ol the charitys financlal slat8m8nls Fees payable to the charitls auditor in respect of: for other assurance services for auditing of accounts of subsidiaries of the company 10,000 25,050 5,950 9.000 14.500 10. Trustees, remuneration and expenses Nonè of the trustees (or any persons connected with them) recelved any remuneration or benefits from the during the year. Page 24
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Staff costs Group 2025 Group 2024 Company 2025 Company 2024 Wages and salaries Social security Costs Other pension Costs 750,734 51,895 11.044 795,136 57,346 11,697 259,733 19,166 4,491 341.919 28,712 6,194 813.673 864,179 283,390 376,825 The average number of persons employed by the company during the year was as follows: Group 2025 Group 2024 Company 2025 No. Company 2024 No. Employees 45 40 The number of employe8s whose employee benefits (excluding employer pension Costs) exceeded £60.000 was.. Group 2025 No. Group 2024 No. In the band £80,001- £90,000 In the band £90,001- £100,000 Remuneralion of key management personnol The Key management personnel of the charity comprise the Irustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insuran¢e contributions) received by key management personnel for their services lo the charlty was £89,910 {2024'. £111,975). Pag8 25
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MIRCH 2025 12. Tanglbl• Ibxed a85•ts Group Leasehold land and bulldlng1 Plant and •qulpffl•nt Motor Flxtur•• and v•hlel•* orfic• •gulpm•nt OAt orvaluatlon At 1 Apnl 2024 Addiuons Transl8r5 betsveen ¢la$$ 4,575,86S 20,304 2Q,750 359,718 157,771 2.167 228,260 6,941 5,204.897 104.712 12,1671 At 31 M8reh 2025 4,573.698 20.3Q4 20.750 519.656 235,201 5,369,609 D•pr•¢l•tltsn At 1 April 2024 Charge lor Ihe ar 2,793,704 228,685 7,733 3.142 3,458 4,323 281,07 33,349 186,742 10,810 3,272,716 280.309 Al 31 March 2025 3.022.389 10.875 7,781 314,428 197.552 3,553.025 book valu• At 31 March 2025 1,551.309 9,429 12.969 205.228 37,649 1,816,584 AI 31 MBrch 2024 1,782,161 12,571 17,292 78,639 41,518 1,932.181 Paga 28
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tangibl• fixod assots (continued) Company Leasehold land and buildlngs Plant and Fixtures and equipment flttings Offico equlpment Total Cost or valuatlon At 1 April 2024 Additions 4,573,698 20,304 332,754 157,771 176,398 4,780 5,103,154 162,551 Al 31 March 2025 4,573,698 20,304 490,525 181,178 5,265,705 Depreclatlon Al 1 April 2024 Charge for the year 2.793,704 228,685 7,733 3,142 259.865 31,370 154,495 5,476 3,215,797 268,673 At 31 March 2025 3,022,389 10,875 291,235 159,971 3,484,470 Not book value At 31 March 2025 1.551,309 9.429 199.290 21,207 1,781,235 At 31 March 2024 1,779,994 12,571 72,889 21,903 1,887,357 13. Flxod as8è1 Inve$tmgnts Investments subsldlary companles Company Cost or valuatlon Al 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 Mar¢h 2024 Page 27
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Fixed asset investments (continued) Subsldlary undertaklngs The followlng were subsldiary undertakings of the company.. Name Regislered offlce Prlnclpal actlvlty Trading Trading Class of shares Ordinary Ordlnary Holdlng Notting Hill Carnival Limited TabernacleW11 Llmiled 100.19 100% 1- The Tabernacle, 34-35 Powis Square. London, W112AY The aggregate capital and reseNes and the result for the year of subsidiaries.. Name Income Expendltur• Profit I (Loss) 314.195 (75.0971 Net assets Notting Hill Carnival Llmited TabernacleW11 Limited 1,751,916 837,786 1,437,721 912,883 135,484 5,450 14. Sto¢k6 Group 2025 Group 2024 Company 2025 Company 2024 Stock 53,378 53.378 47,378 47,378 15. Debtors Group 2025 Group 2024 Company 2025 Company 2024 Due wlthln one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Tax re¢overable 108,473 119,880 4.700 140,264 16,643 75,477 250,188 28.753 20,664 13,411 191,618 23,817 349 171,301 335,315 161,607 326,014 Page 28
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Creditors: Amounts falling due within one year Group 2025 Group 2024 Company 2025 Company 2024 Bank loans 10.000 45,573 10,000 358,968 Trade credilors Amounts owed to group undertaklngs Other taxation and social security Pension fund loan payable Other creditors Accruals and deferred income 13,006 155,112 3,572 883 9,835 245,500 46,569 7,413 3.945 61.216 278.407 31,998 2,347 17.560 59,918 184,138 9,834 26,277 406,554 480,791 427,708 266,818 17. Creditors.. Amounts falllng duo aftèr more Ihan oné y•ar Group 2025 Group 2024 Bank loans 5,320 15.833 Included within the above are amounts falling due as follows; Group 2025 Group 2024 Between one and two years Bank loans 5,320 10.000 Between two and flve years Bank loans 5.833 Included within bank loans is a bounce back loan made available as part ol the UK Government Coionavirus support scheme. The loan is guaranteed by the UK Government under BBLS. The loan attracts inlerest at a rate of 2.500/0 and is repayable by 60 monthly instalmenls of £833.33. The final repayment is due in October 2026. Page 29
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statement of funds Statement of funds - current year Balance al 31 March 2025 Balancè at 1 Aprll 2024 Income resources Resources expended Unrestrlcted funds General funds 2,078,570 3,364,794 13,448,228> 1,995,136 Statement of funds . prlor year As rèstated Balanco at 1 Aprll 2023 Balance at 31 March 2024 Incomo resour¢gs Resources Prlor yèaT ¢xpended adjustment Unrnstrlctod lund8 General fund8 2,239,325 3.472,758 13,757.145) 123,632 2,078,570 Restrlcted fund8 Restricted funds 66.637 166,6371 Total of funds 2,305,962 3,472,758 (3.823,782) 123,632 2.078,570 19. Analysls of n•1 asset8 betw••n fund8 Analy818 of nel assèts between funds- current year Unrestrlcted funds 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 1,816,584 1.816,584 590,426 590,426 (406,554) (406,554) 15,320> 15.320) Tolal 1.995.136 1.995.136 Page 30
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of net assots betwèèn funds (continued> Analysls of net assets between funds - prior year Unrestrlcted funds 2024 Total funds 2024 Tangible fixed assets Current assels Creditors due within one year Creditors dué in mor8 than one year 1,932,181 643,013 1480,7911 (1 5.8331 1,932,181 643,013 {480,791) (15,833) Total 2.078,570 2,078,570 20. Pension commltments Thg company op8rat8s a deflned conlribullons penslon scheme. The expense re¢ognlsed in year was £11,044 (2024. £11,697}, and the balance due payable al the balance sheet date is £3,945 (2024- £2,347), and this is included in other credilors. 21. Operatlng lease commltmenls Al 31 March 2025 the group and the company had commitments to make lulure minlmum lease payments under non-cancellable operating leases as follows.. Group 2025 Group 2024 Company 2025 Company 2024 Not later than 1 year Later than 1 year and not later than S years 27.272 16.479 27,272 53,982 27,272 16,479 27,272 53.982 43.751 81,254 43.751 81.254 The following lease payments have been recognised as an expense in the statement of financlal aclivilies.. Group 2025 Company 2025 Operating lease rentals 37.503 37.503 Page 31
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Relatod party transacllons The company has taken advantage of exemption, under terms of Financial Reporting Standard 102 ' The Flnancial Reportlng Standard appllcable in the UK and Republic of Ireland,. not to dis¢lose related party transactions with wholly owned subsidiarres within thé group. Transactions between group enlit18s which have been eliminated on consolidation are not disclosed within the finan¢ial slatemenls. Ebony Steelbrand Trust A company in which lan Comfort IS 8 director. In the year £36,720 (2024.. £26,000) was paid to the Ebony Sleelband Trust in respect of their Sleelband pèrfomiance at the annual camlval. £Nil12024.' £Nill was re¢aived from the Ebony Sleelband Trust. Al the year end. the amount owèd was £2,500 {2024'. £Nil). Mangrov• Carnlval Arts C.l.C A company in which Alan Edwards is a director. During th8 year £8,740 (2024-. £25,900) was paid lo Mangrove Carnival Arts C.I,C for providing Musici81 enlert8inmenl in the form of of a Steelb8nd at the annual Carnival. During the y8ar income of £nil was received. Thére were no amount outstanding as al 31 March 2025 or 2024. 23. ReconGlllatlon of n•t movom•nt In funds to net ¢ash flow from oporatlng actlvltles Group 2025 Group 2024 Nel 8xp8ndilure for the ye8r (as per statement of financial activities) {83,434) (351,024) Adjustments for: Depreciation charges D8cre8se in stocks Decreasel(increasel in debtors {d8crease)1Sncrease in creditors Bad debts Unreallsed currency galns Investment income recognised in statement of financial activities 280,309 164,407 986 (214,435) 216,442 110.767 167) {464) 164,014 174,237) (3,3821 Net cash provided byl(used In) operating actlvities 283,270 {73.388} Page 32
CARNIVAL VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash In hand 365,747 254,320 25. Analysis of changes in net debt At 1 Aprll 2024 Cash flows At 31 March 2025 Cash at bank and In hand Debt due within 1 year Debt due after 1 year 254,320 {12,347) (15,833) 111,427 11.5981 10,513 365,747 {13,945) (5.3201 226,140 120,342 346,482 26. Prlor year r?elasslfScatlon In accordance with FRS102 and the Charity SORP requirements on cost allocatlon and disclosur8, £806,772 of staff costs relallng lo Carnival Vlllage Trust and TabernacleW11 Limited have been reclassified from 'Raising Funds, to 'Charilable Aclivilies, lo beller reflect the nature of these costs. This reclassification had no imp8Gt on total funds. Page 33