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 be￿een 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 ne￿SSItatIng 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$idised through a funding agreement with the London
Borough of Brent which came lo an end in September 2022.
Financial control
The Trust re￿iVeS a financial report on a quarterly basis which draws attention to any variances from the
budget, This is reviewed by the Finance and Investment Sub-committee before being presented to the Board.
The administration of payments is managed by staff in the South Kilburn Trust in accordance with the Trusfs
Fin8nci81 Procedure5. It is the policy of the Trust that unrestricted funds which have not been designated for
a specific use should be maintained at a level equivalent to twelve month'$ 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 a￿o￿nIS 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 a￿OUnted 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 act￿Ville$ 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 obligat￿n 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 be￿een 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