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
#55

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 rese￿eS 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 CoMpan￿S 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 lo￿ard
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