Charity Reglstratlon No. 1128515 Company Rggl$lratlon No. 06773666 (England and Wales) SOUTH KILBURN TRUST TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 GI)I.IIKIII I l.l_i- SOUTH KILBURN TRUST
SOUTH KILBURN TRUST CONTENTS REFERENCE AND ADMINISTRATIVE INFORMATION........................................................ TRUSTEES, REPORTFOR THEYEAR ENDED31 MARCH 2024........................................... sfATEMENT OF TRu¥fEES' RESPONSIBILITIES...........................,.................................... INDEPENDENT EXAMINER'S REPORTTOTHETRUSTEES OF SOUTH KILBURNTRUST....10 STATEMEMf OF FINANCIALACTIVITIES IINCLUDING INCOME & EXPENDITURE ACCOUNTI..............................................................................,...................................Ii BALANCE SHEET.......................................................................................... .13 CASH FLOW sfATEME.............................................................................................1s NOTESTOTHE CASH FLOWSTATEMENT......,...............................................................16 NOTESTOTHEACCOUNTS...........................................................................................17
SOUTH KILBURN TRUST REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Michelle Addo lappoinled 21 November 20231 Mimi Ajibadé18PPOIFlted 21 November 2023, resigned 26 March 20241 Mary Arnold Ali Awes Peter Brown (resigned 1 October 20241 Karen Buck DBE lappoinled 3 September 20241 David Ellison Iresigned 21 November 2023} Hynde Hamdani Chabanel lappoinled 21 November 2023) Robert Johnson Alexander Nilere Anand Roy lappoinled 21 November 2023} Cllr Jake Rubin lappointed 22 May 2024} Eleanor Southwood (resigned 27 May 20241 Cllr. Shama Tatler {resigned 22 May 20241 Chalr Of Trustees Karen Buck lappoinled 1 October 2024} Peter Brown (resigned 1 October 20241 Vlce Chalr of Trustees Mary Arnold Chief Executlve Offi¢er Fabian Sharp {appoinled 10 December 20231 Company SecreLIry Fabian Sharp Charity number 1128515 Company number 06773665 Principal address & Reglsterèd offic• Unit 4, Mile Walk, Peel Plaza, London NW6 5HB Independent Examlner Haines Watts, Chartered Accountants Old Station House Station Approach Newport street Swindon SN1 3DU Bankers Scottish Widows Bank POBox883 Leeds LS19TY Charities Aid Foundation ICAFI 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA West Mailing Kent ME19 4TA Cambridge and Counties Bank Charnwood Court 5B New Walk, Leicester LE16TE United Trust Bank 1 Ropemaker Sl, London EC2Y gAW
SOUTH KILBURN TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees of the South Kilburn Trust {"the Trust") present their report and financial $latements for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 16- 19 of the accounts and compty with the Trusfs Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" FRS 102. The Trustees have complied with the duty in Section 4 of the 2006 Charities Act lo have paid due regard to guidance issued by the Charity Commission in relation to the activities being for the public benefit. Principal aims and objectives The Trust's charitable objects are set out in the Articles of Association. Our Vision.. Rich in diversity, united by the place we are proud lo call home. the people of South Kilburn collaborate lo shape local services, share opportunities and secure support for local people lo thrive. The Trust wntinues to review its planned activities with regard lo public benefit ensuring both the identifiable benefits and the benefit lo the South Kilburn communities. The objectives of the Trust are.. To better connect the South Kilburn Trust with its communty base in order to be better able to advocate for community investment. To secure a local shopfront from which to conduct outreach and host community conversations. Review the Community Working Party lo ensure greater resident voice. To workwith community organis21ions supporting vulnerable local residents and assist in their development and capacity lo deliver their organisational objectives and charitable aims. strateglc focus for 2023124 During the year Trustees chose to pursue a strategy to prepare the Trust for a resilient and sustainable future. This involved-. concluding the winding down of operations at The Granville Ilhe Trust's fomier community tsntre and workspace). in order that the site be redeveloped by the London Borough of Brent preparing to invest a substantial proportion of the Trust's reserves in a capital projectwhich will involve the trust investing in and tsking a long-term lease for new premises at the redeveloped Cadton Granville site which the Trust will operate for community benefit, event space and workspace, balanced with income generation activity investing in community activity and engagement in order to.. better Connect with individuals, community groups and other local stakeholders using this insight and improved understanding of needs and opportunities locally so the Trust can be more responsive to its beneficiaries lake a more active role in the wider socio-economic regeneration and success of South Kilburn as an area relocating the Trust's office lo a rented office within the South Kilbum are8 restructuring its 51affing team lo have the correct mix of skills and roles for the medium term's strategic and operational needs, with the ability to expand the team once larger-scale operations can be ¢ommenced at the new site ¢ontinuing lo implement the actions and commitments from the Operating Model and Governance review undertaken in the previous year Structure and history The Trust is a company limited by guarantee, and commenced operations on 23rd February 2009 and became a registered charity on 12th March 2009. The Trust's legal and administrative details are set out on page 3. 11
is governed by the Memorandum and Articles adopted on the date of incorporation115th December 2008} as amended by special resolution5 in 2009 and 2017. The Trust was created to be the "legacy vehicle" for the governmenl-funded South Kilbum New Deal for Communities INDC), which wound up in March 2011. The Trust was formed wrf(h the support of the local authority, the London Borough of Brent {LBBI. and with an asset base and business plan lo support medium to long-term viability. Governance and Management The Trustees, who are also the directors for the purpose of company law and who served during the year are listed on page 3. None of the Trustees have had any beneficial interest in the company during their period of seNice. All setving Trustees are members of the company and guarantee to contribute £1 in the event of the company winding up. The Trust recognises that due to exlenualing circumstances some of the trustees have been serving on the board longer than provided for in the Articles of Association. A board succession plan was approved in November 2023 which regulated this situation with a plan for longer serving trustees lo hand over to new trustees. The Trust has recruited new trustees and continues to do so in line with ils succession planning. Re¢ruitment, appointment & tenns of office of Trustees Trustees are recruited in accordance with the procedure described in the Memorandum and Articles of Associab'on. A person cannot be admitted as a Trustee unless slhe has signed a completed application to be a Trustee. en recruib'ng Trustees, the Board takes into account. to the extent the Board Considers it praelicable lo do so, the need for new Trustees to contribute to the skills mix and balantt of the 808rd. Alongside "slakeholdeV' Trustees amongst whom there will be a representative from the London Borough of Brent ILBBI, there should always be al least residenv, Trustees on the Board. Trustee Induction and trnining New Trustees are offered an induction which includes familiarisation with the demographic and soci¢Jeconomic characteristics of South Kilbum and details of the regeneration proposals for the area. The role and responsibilities of a Trustee and relevant Charity law is explained to new TrLJStees as well as the more specific charitable objectives of the TrL¢St. Staff Structure Strategic-level decisions are taken by the Board of Trustees, with the day-to-day operational decisions delegated lo the Chief Executive. A new Chief Executive was appointed in December 2023 following a review of the Trusys Govemance and Structure and associated business planning processes. A Committee of the Board reviews staff remuneration on an annual basis, which is recommended lo the Board for approval. 11 is noted that staff remuneration was not reviewed during this a¢counling period. The Trust takes Ils HR legal advi from a contracted provider. which includes benchmarking roles against others in the sector, and this advi will be sought where an independent view is required. Rglatgd parties Although the Trust is an independent charity. there is an ongoing Framework Agreement beeen the Trust and the London Borough of Brent which sets out governance and conslitulional agreements between the parties. The Framework Agreement provides for a Director ofthe Trust lo be appointed by the London Borough of Brent {Ihe Council Directorl.Cllr Shama Tatler served as the Counci1 Director from 17 May 2023, being replaced on 22 May 2024 by Cllr Jake Rubin. Cllr Shama Tatler served as the Council Director from May 2023. Cllr Shama Tatler served as the Council Director during the financial year whilst the Trustees agreed to appoint Eleanor Southwood to serve as a Trustee after her appointment to the role of Council Director had ended, ultimately resigning from the Tru51 on
27 May 2024. After the period covered by these financial statements and accounts, Cllr Jake Rubin was appointed as the Council Director on 22 May 2024 and accordingly Cllr Taller resigned at the same dale. As of 31 March 2024 there was an outstanding amount due from London Borough of Brent of £17K. Rlsk management The Trustees review risk management regularly in terms of identifying the types of risks the charity faces loperalional, financial and governance). analysing and prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks identified. Those mitigations include robust Financial Procedures to redu the risk of fraud. theft or mismanagement, and safeguarding procedures lo protect all service users, clients and the general public. The possible risks associated with the Trust's management of The Granville are identified and mitigated through comprehensive building management procedures. and contracts with professional agencies to cover fire regulations, building safety and the health and safety of all users and visitors. The funding agreement with the London Borough of Brent ended in September 2022 significantly reducing the Trusvs income and neSSItatIng the need for alternative income streams, and a future legal structure that allows for trading. There was also a change in the senior leadership. The Trust undertook a comprehensive review of ils operational model, governance arrangements and legal structure and its plans for the Granville and Carlton centre currently subject to a regeneration Programme. Delays tri the Granvillelcarllon build programme have also necessitated a temporary closure of the Gr8nville an(J winding down of operations and staff at that site. Vvhen the redevelopmentworks are complete (expected 2024120251, the Trust will lake control of a new flagship centre, The Carlton and Granville, with 14,500 sqlft of community- and workspace across four buildings, significantly amplifying the Trust's social. educational and economic impact. Vvhilsl the winding down of operations is disappointing, the Trust will use the pause lo ensure ils future growth, success and impact - clarifying and communicating its purpose, developing partnership$ and stakeholder relationships, building community engagement. creating altemalive income streams and building strong operations for the new ffagship centre. The period has therefore been a year of reorganising and refocusing. Whilst the Trust has had lo pause much of ils activity, il is planning bigger and better things for the future and engaging with communities and stakeholders to ensure that it is ready to deliver much-needed services when the new centre opens. The Trust's core team (Chief Executive and a focused team of Community Engagement, Partnerships and Marketing slaffj is working with our newly-established Community Working Party to build stronger relationships with all parts of the South Kilburn community - providing feedback, information on community needs and insight lo the Board. Funding Sources The Trust generates income from renting studio and desk space lo local entrepreneurs and creatives, and hall and room hire for community activities. This was sub$idised through a funding agreement with the London Borough of Brent which came lo an end in September 2022. Financial control The Trust reiVeS a financial report on a quarterly basis which draws attention to any variances from the budget, This is reviewed by the Finance and Investment Sub-committee before being presented to the Board. The administration of payments is managed by staff in the South Kilburn Trust in accordance with the Trusfs Fin8nci81 Procedure5. It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to twelve month'$ expenditure. The Trustees consider that reserves at thi5 level will ensure that, in the event of 8 significant drop in funding, they will be able lo continue current activities while consideration is given to ways in which additionol funds may be raised. The Trust had reserves in excess of this minimum requirement.
Future Plans The Trust has designated £2m lo the Carlton-Granville development in line with our commitment in the successful Levelling Up Fund ILUFI bid which unlocked £7m from central government in funding for the sile. This in turn will secure 2 25 year lease for South Kilbum Trust on approx. 15,000 sq ft of community assets across four buildings that make up the Carlton-Granville scheme, comprising Event Space, Community Hall, Workspace. Café and Landscaped outdoor area. Owing lo the lengthy delays in the redevelopment progr8mme Brent and SKT have reprofiled the apportionment of the £2m to enable the Trust to cover losses arising from this major capital project at least until practical completion estimated mid 2026. This will have the effect of reducing the Trust's reserve position in line with its reserves policy and in due course enabling it to attract funding from Trusts and Foundations lo pursue its charitable aims. At the lime of writing INOV 20241 the revised programme is yel to be confirmed, but the first three phases are likely lo complete over the course of 2025. The Trust is currently launching an EOI in a two-stage process to identify a scheme operator experienced in managing successful workspace who the Trust can partner with in the management of the site. In addition, the Tnjst aims to fvrther its community connections through outreach. engagement, and dialogue with residents and community groups with a view to enabling a local governance rnodel that ensures local decision making has resident voice at ils centre. The Community Working Party and it's Thematic Action Groups are being redesigned lo enable this to happen. Furthermore the Trust is exploring the potential for devolved management of the Granville Community Centre. Financlal revlew The position of the charity al 31 March 2024 is set out on page 13. The year ended with the organisation in a sellled position lo lake forward ils plans and lo use its resources for the benefit of the local community, recognising the future space which will be leased to the Trust at the Cadton and Granville centre which is under construction. During the year the chanty had a net oufflow of resources amounting to £498,600 (2023.. nel ouffiow £376,926}. Income was affected by the building works al the Granville site, making it harder for the TTUSI lo derive income from renting space and venue facilities. In the earlier months of the year, income generating activities were harder to realise due to uncertainty and disruption owing to construction activities to the wider site. Investment in legal, business and property advice as necessary has enabled the Trust to confidently invest in future project delivery, making planned investments from reserves. A significant proportion ofthe Tru$f$ funds are held as reslricled reserves, designated for specific projects Isee note 141 which will secure the tong-lerm sustainable strategy for the charity in the form of an asset teased on a long-lerm arrangement. Based on the level of reserves al 31 March 2024 the Trust has sufficient SOurceS to see the Trust through the intervening period and take it forward into the longer term. At the year end the charity had total reserves of £3,413,065. £89.556 related to restricted funds, £3,338,775 to designated fvnds and £6,789 in unreslricled other charitable funds. Details of these are included in notes 13 and 14. Free reserves of the charity al the year-end lunrestricled funds less designated funds and those tied up in tangible fixed assets) amounted to £1.78812023 £9451. This report has been prepared in accordance with the special provisions lating to small companies within Part 15 ofthe Companies Act 2006.
On behalf of the Board of Trustees Signed". Signed.. Name.. Karen Buck, Chair of Trustees Trustee Name.. Anand Roy, Treasurer Trustee Date.. 261h November 2024 Date.. November 2024
SOUTH KILBURN TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the directors of South Kilburn Trust for the purpose of company law. are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the stale of affairs of the trust and of the incoming resources and application of resour$, including the income and expenditure, of the charitable company for that year. In preparing these accounts, the Trustees are required to-. select suitable accounting policies and then apply them consigtently., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent.. and prepare the accounts on the going concern basis unless it is inappropriate lo presume that the trust will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with S8Onable accuracy at any lime the financial position of the charitable company and enable them to ensure that the accounts compty with the Companies Act 200S. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible forthe maintenance and integrity of the Charity website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements differ from legislation in other jurisdictions.
SOUTH KILBURN TRUST Independent Examlnerfs Report to the Trustees of South Kilburn Trust I report to the charity trustees on my examination of the accounts ofthe company for the year ended 31 March 2024 which are set out on pages 11 to 28. Responsibilltles and basls of report As the charity trustees of the company {and also ils directors for the purposes of Company 18wI you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's 8c¢ounls a5 carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 14515llbl of the 2011 Act. Independent ¢xaminerfs statement I have completed my examination. I confirm that no mallers have come to my attentlon in connection wf(h the examination giving me caijse lo believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the aecounts give a 'true and fair view. which is not 8 matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}- I have no concerns and have come across no other matters in connection wf(h the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. s AC S Plumb ACA ICAEW Haines Watts Old Station House Station Approach Newport Street Swindon SN1 3DU Date £ Oocernbef iozy io
SOUTH KILBURN TRUST STATEMENT OF FINANCIAL ACTIVITIES (includlng Income & Expenditure Account} FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Deslgnated Restrlcted funds funds funds 2024 2023 Notes Income from: Donations Investment income 17.291 123.904 17,291 123.904 113,078 11,071 Charitable activities Other trading incomè 97.673 97,673 173,369 6,742 Totsl Incom8 238,867 238.867 304,260 Expenditurè Ralslng funds Investment management costs Charltsble actlvltles SKT operations Enterprise hub The Granville Community engagement Youth Provision Employment 154 325,644 80.493 201,280 79.744 60.306 376.960 191,265 80,493 179,570 201.280 173,223 79,744 78,732 34,822 23.420 687,161 60.306 737.467 681.032 Total expgndlture 687.161 50,306 737,467 681,186 Net expenditure before transfers 1448,2941 150.3061 1498.6001 1376.926} Transfgrs Gros&lransfers behNeen funds 14 448,294 1448.2941 Ngt lexpendlture) I Income for the pgrlod 1448.2941 150,3081 (498,6001 1379,926} Contlnu9d li
SOUTH KILBURN TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Contlnued Reconclllatlon of Funds Fund balances brought foJward al 1 April 2023 6,789 3.790.9SO 113,937 3,911.676 4,288,602 Fund balances carrfed forward at 31 March 2024 6,789 3,342.656 63.631 3,413,078 3,911,676 There were no other recognised gains and losses for the perlod other than those included in the statement of financial aclivilies. All the company's activities are classified as continuing. The slatemenl of financial activities 8180 complies with the requirements for an income and expenditure account under the Con7panies Act 2006. 12
SOUTH KILBURN TRUST BALANCE SHEET AS A T31 MARCH 2024 2024 2023 Noteg Fixed assets Tangible assets 6,001 5,844 5,001 5,844 Current assets Debtors Investment Cash al bank and in hand 11 10 121.680 11,107 3.393.820 3,951,851 3.51S.400 3.962,958 Credltors: amounts falling due withln one year 12 {107.3251 157,1261 Net current assets 3.408,075 3.905,832 Total assets less current Ilabllltles 3.413,076 3,911,676 Funds Restricted Income funds 13 63,631 113.937 Unreslricled funds.. Designated funds 14 3,342,656 3,790,950 Other charitable funds 6,789 0,789 Total Charlty funds 3.413.076 3,911,676 The charitable company is entitled to 8xemplion from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of ils finanual statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (al ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the stale of affairs of the charitable cornpany as al the end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which olhetwise comply with the requirements of the Companies Act 2006 lating lo finan¢i81 statements, so far as applicable to the Charttsble company. Ibl The accounts have been prepared in accordance with the special provi8ions relating to small companies in Part 15 of the Companies Act 2006. 13
The financial statements were approved by the Board on Signed.. Signed.. Name.. Kare Trust¢¢ Bu Chair of Trustees Name.. Anand Roy, Treasurer Trustee Date.. 261h November 2024 Date.. 2&h November 2024 Company Reglstration No. 06773665 14
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Net cash louttlowllinflow from operating Actlvlties 1576.7851 1348.2891 Returns on Investments and servlclng of Finanee Interest received 21.663 11,071 Net cash Inflow from returns on Investments and ser¥iclng of finance Capltsl expendlture Payments to acquire tangible fixed assets 21,653 11.071 12,899} Proceeds of sale of investment properties 1,030,950 Net cash inflowllouffiowl from capital Expendlture 12,8991 1.030,950 ID&creaselllncrease In cash IS58.0311 693,732 15
SOUTH KILBURN TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 a Net cash louttlowllinflow from operating actlvltles for the riod 2024 2023 Changes in resources before revaluations Interest receivable Depreciation of tangible fixed assets Write-off of tangible fixed assets Movement in debtors Movement in credf(ors 1498,6001 121,6531 883 2,859 1110.4731 50,199 1376.926} 111,0711 1.250 37,141 1,317 1578,7851 1348,269) b Reconclllatlon of net cash flow to movement in net funds 2024 2023 IDecrease}Ilncroase In cash Net funds at 1 April 2023 {558.0311 3,951,861 693,732 3.258,119 Net funds at 31 March 2024 3.393.820 3.951,851 16
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles 1.1 General infomiation The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Unit 4, Mile Walk, Peel Plaza, London NW6 5HB. Statement of complianee These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their aonIS in accordance with the Financial Reporti'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. The charity constitutes a public benefit entity. 1.2 Basls of preparatlon The financial staternenls have been prepared on the historical cost basis, as modified by the revaluation of certain fixed assets measured al fair value through income or expenditure. The financial statements are prepared in sterling, which is the fundional currency of the entity and is roundefl to the nearest £. Golng concem There are no material uncertainties regarding the golng concem of the charity. 1.3 Fund accountlng General funds are unrestricted fundswhich are available for use at the discretion of theTruslees in furtherance of the genera1 objectives of the Charity and which have not been designated for other purposes. Reslricled funds aro funds which are to be used in accordance with specific Teslriclions imposed by the donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Designated funds comprise unreslricled fvnds th81 have been set aslde by the Trustees for particular purposes. Where part of an unrestricted fund is earmarked for a particular project but there is no legal restriction lo the Trustees, discretion lo apply to the fund. the affected assets will transfer to form a designated fund. Where the Trustees have the power to declare specific trusts over unrestricted funds and such power is exercised, the assets affected will transfer lo form a reslricled fund. Vvhere there is a surplus on a restricted fund after any obligations relating lo the fund have been discharged, the surplus will then transfer lo unrestricted funds. 1.4 Incomlng resources Donations are accounted for when conditions have been met and there is reasonable assurance of receipt and the amount receivable can be reliably estimated. Legacies are aOUnted for when notified, providing the amount can be reliably ascertained and that ultimate receipt is reasonably certain. Donated services and gifts in kind are included al the value to the Trust where this can be quantified. The value of services provided by volunteers has not been induded in these accounts. Grants received are accounted for as receivablo as and when conditions for receipt have been met. Income from charitable activities inclucses income received under contract or where entitlement lo grant funding is subject lo performance conditions is recognised las the related goods or services are provided). Grant income included in this category provides funding to support actVille$ and is CogniSed where there is entsllemenl, certainly of receipt and the amount can be measured with sufficient reliability. 17
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Advance payments received during the year for activities to be carried out in later financial years are not reflected in the slalemenl of financial aclivilies. The amounts have been deferred to the financial year in which the activities will be carried out and are reported as deferred income. Deferred income is included 1th1n creditors. Amounts which were received after the period end for activities carried out during the period have been accrued for in the financial period in which the activities were carried out and reported as accrued income. Investment and rental income is recognised on a receivable basis. Income from propety disposals is recognised on the compleb.on of contract. 1.5 Debtors and Creditors Trade and other debtors are recognised al the settlement amount due. Prepayments are valued al the amount prepaid. Creditors are recognised where the charity has a present obligation resulting from a past eventthal will probably result in the transfer of funds lo a third p8rty and the amount due lo settle the obligatn can be measured or estimated reliably. Creditors are recognised at their settlement amount. 1.6 Resources expended Expenditure is recognised when a liability is incurred. Conlraclual arrangements and performance related grants are recognised as g¢Jods or services are supplied. Other grant payments are recognised when a constructive obligation arises that r8suII in the payment being unavoidable. Costs of generats'ng funds arethose costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitsble activities indude both the direct and support costs relating lo these activities. Govemance costs inelude the cost of any legal advice to Trustees on governance or conslilulional matters. external accountancy and audit costs, a proportion of consultsncy costs which related to strategic management of the charity as well as other various expenses. Support costs include central ftjnctions and have been alloealed equally across the different adivitie$. Th8 Trust is not registered for VAT so all expenses shown in the Statement of Financial Activitiès and noles to the accounts are shown gross {i.e. inclusive of VAT). The Trust employees participate$ in a defined contrfbutlon pension scheme. Pension contributions are charged to the Statement of Financial Activities in the year in whieh they fall due. 1.7 Tanglble flxed assets and depre¢lallon Tangible fixed asset5 are slated al cost less depreciation. Depreciation is provided at rates calculated to write off the cost less eslimaled residual value of each asset over ils expected useftjl life, as follows.. Office equipment Fixture & fittings 15% reduclno balance 15% reducing balance Investment properties were included in the balance sheet al the open market value and were revalued annually and the aggregate surplus or deficit is tfansferred to the revaluation re8erye. The investment properties were sold during 2023. 18
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Assets are capitslised if they are deemed lo have a benefiaal use of greater than one year from purchase and have a cost greater than £2,500. Trade and other debtors are recognised at the sgttlemenl amount due after and trade discounts. Prepayments are valued al the amount prepaid net of any discounts. Creditors and provisions are recognised where the charity has a present obligation resuking from a past event that will probably result in the transfer of funds to a third paty and the amount lo settle the obligation can be measurod or estimated reliably. 19
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 2 Voluntary incorne Unrestrlcted Designatèd fund$ funds Restricted funds Total 2024 Total 2023 Donations Grant income 17.291 17,291 82,521 30.557 17.291 17,291 113.078 2023 income comprised £30.557 reslri¢ted and £82,521 unrestrfcted. 3 Investmènt Income Unrestrf¢tsd Deslgnated funds funds Restrictsd fund$ Totsl 2024 Totsl 2023 Rental income Interest receivable 123,904 123.904 11,071 123,904 123.904 11,071 20
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Analy$ls of expendlture on charitablg a¢tlvltles Charitable activities Actlvities undertaken dlrectly Support ¢o$ts Total 2024 2024 2024 SKT Opefations 119.513 256.437 375.950 Enterprise hub 18,075 62.418 80,493 Th$ Granville 22,054 179.226 201.280 Community engagement 17,146 62.598 79,744 Youth provlsion Employment 176,788 560,679 737,467 2023 106,405 574,827 681.032 S Support costs Support costs are apportioned across each activity on time spent and represent the follow¢ng'. - 2024 2023 Govemance 29,124 28,801 Information technology 7,$62 17,720 Legal and professional fees 221,892 128,594 Depreciationnos8 on disposal 3.742 1,250 Salaries 298 359 21
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 6 Net Incoming resources for the year 2024 2023 Net incorniTrg resources for the year are staled after charging.. DepTecialion Auditors, remunerab'on Independent Examiners fees 883 1,250 4,500 2.100 Trustees remuneratlon and expenses and rglated party transactlons. One Trustee received £8,388 in travel and related expenses for the year lo 31 March 2024. One trustee received £201 in expenses lo assist wtlh accessibility. For a limitèd lime period beeen November 2023 and end of March 2024, one Trustee received recompense for a defined sel of setvices provided lo the Trust. This decision was taken by Trustees Iwilhoul the benef51ing Trustee being involvedl and was lo ensure adequate support lo the Twsl through a period of transition and change and to ensure the strategic goals for the year could be realised. This arrangement was formalised though an Agreement for Services. The total value of this Agreement was £9,500. The arrangement ended al the end of March 24 and it was not necessary lo provlde lor any equivalent arrangement in the subsequent financial year. No payments were made to the trustee in his capacity as trustee. Followng an independent review of the Charity's governance a consultant was sought lo implement the recommended best practice and support the Board through a period of organisalional change. The wnsultant recruited, as well as an expert in this field, is the sister in law of one of the Trustees. Karen Johnson Business Consulting IKJBC) was engaged and the related paty slalus approved by the Board-, KJ8C received £51,600 for professional services during the year. Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Management Administration Services & operations 10 Employm9nl costs 2024 2023 Wages and salaries Social security costs Pension costs 257.496 19.435 11.979 356,646 26,293 15.123 22
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 During the year no employee received emoluments over £60,000.12023'. one employee received emoluments between £60,000 and £69.9991. Ex-grab'a payments made during the year amounted lo £3.000 {2023.. £26.0001. Key Management Personnol Key management personnel include all persons that have authority and responsibility for planning, directing and onlrolling the ath"vitses of the charity. The total compensation paid to key management personnel for services provided to the charity was £104,54512023.. £230,646) 23
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 9 Tangible fixed assets Fixtures & Fitbngs Office Equipment Total Cost At 1 April 2023 Additions Disposals 3,688 6,929 2.899 11,788} 10,617 2,899 15,4761 {3.6881 At 31 March 2024 8,040 8,040 Depreciatlon Al 1 April 2023 Charge for the year Disposals 1,763 3.010 883 18551 4,773 883 {2,6181 {1,763) Al 31 Mareh 2024 3,038 3,038 Net book value At 31 March 2024 5,001 5,001 At 31 March 2023 1,925 3,919 5,844 10 Current Asset Investments Investment propgrty Market value at 1 April 2022 1,030,950 Sale proceeds 11,030,950) At 31 March 2023 and 31 March 2024 Historical cost.. At 31 March 2023 24
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 11 Debtors 2024 2023 Trade debtors Prepayments and accrue(S income 17.028 104,552 9,979 1,128 121.580 11,107 12 Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 77,844 5.335 24.146 19.506 8.722 28,898 107.325 57,126 Deferred income of £nil {2023.' £13,247) was released in 202412025 representing advance room bookings. 25
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 13 Restrlcted funds The income funds of the charity include restricted funds comprising the following unexp8nded balances of donations and grants held on trust for specific purposes.. Movement In fund$ Balance at Incoming 1 April 2023 resources Expended March 2024 St Augustine's 110,057 {46,4261 63,631 Brent Health Matters Grant 3,880 13.8801 113,937 150.3061 63,631 The Sl Augustine's restricted fund was eomprised of a grant re¢eived from the London Borough of Brent, set aside by the Trust lo fund "Pay & Play" provided by the Trust lo encourage local residents into sports at affordable prices. Pursuant to an agreement with the London Borough of Brent payments out Df the funds can only be made for purposes that ¥MII further the provision of "Pay & Play" or general comrnunity use at the St Augustine's Sports Hall. Brent Health Matters Grant- restricted fund comprises of a grant received from LBB. set aside by the Trust lo fund a new project, 'St8yin' Alive,. which aims lo empower the local community to tske their health into their own hands through delivering a series of wellbeing events and working wlh a team of health and wellbeing community volunteers lo offer support and infomialion lo different groups within the eommunity. The key elements of this programme are Women's Wellbeing. South Kilburn Community Group. and Space for Growth a service offering opportunities for young people. 26
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 14 Dgslgnated funds The income funds of the charity include the followng designated funds which have been sel aside out of unrestricted funds by the Trustees for specrfic purposes.. Movement In funds Incoming Resources TransfeTS Investments Balance at 31 resources expended galnsllosses March 2024 Balance at 1 Aprll 2023 Capitalldevelopmenl Free Reserve Contingency fund Investment fund 2,000.000 2,000,000 650,000 12,656 680,000 650,(X)O 1680,0001 30,000 1,140,950 650,000 1448,2941 3,790,950 1448,2941 3,342.656 The Trustees have reviewed the nature and level of the designated fund at the year-end wth the result that the new designated funds created in the previous financial year will continue. Whilè it had been anticipated that the contingency fund would reduce al a slower rate, the business model to increase ineome from the new hub has been and will be Slower than antrcipaled'_ CapilallDeveloprnenl- the development of new prernises and a Community and Enterprise Hub. Contingency fund - to enable the organisalion's relian on ils legacy funding lo reduce by incremental percentages during the period of the Soulh Kilburn Regeneration. Free Reserve- Reserves available for distribution into capital development and investment. Investment fund- to secure a long-term incorne lo sustain the Trust in the long lemi with the airn that this wll bring the organisation an annual retum. 15 Analysls of net assets betWOon funds Unr9$trl¢tsd funds Restrlcted funds Total Funcl balances al 31 March 2024 are represented by.. Tangible fixed assets Current assets Creditors". amounts falling due within one yeaT 5,001 3,451,769 1107.325) 5,001 3,515,400 (107,3251 63,631 3,349,445 63.631 3.413.076 27
SOUTH KILBURN TRUST NOTES TO THE ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Related partles and controlllng Interest Related party transactions th81 took place during the year are set out in note 7. The trust was under the control of the Trustees throughout the current and previous period. 28