JUPILEE CIARDEN5 TRUST Trustees, Annual Report and Accounts For the Year Ended 31 March 2023
Jubljee Gardens Trust la company Ilmlted by guaranteel Forthe year ended 31 March 2023 CONTENTS Page Refwence and Administrative delalls Trustees. Annual Report 4t011 Independent Auditorfs Report 12to14 ststement of Financial A1t 15 Balance Sheet 16 Cash Fl¢7w Statement 17 Notes lo the Financial Statgments 18to28
Jubllee Gardens Trust la company lirnited by guarantee) Forthe year onded 31 M•r¢h 2023 Reference and Administrative Detsils Charty No: 1137514 Company No: Ce684441 Trustees: Edvrard InThn - Cha John Rushton - Vti Chair Sirrth Green . Treasurer Loredana Guetg-wyatt Michael Ball Petef 8all lan Bog Mark clIarKI Garelh Price Cllr Sarina D8 si8 Marilyn Evers Simon Greenl Warren Forsyth Imran Tauquir John Lang Rawn Sprinz lwn Tuckett Denwj Ihfjand {apinted 12th April 2022) (resigned 10Th November 2022) (res4ned 111 March 20231 (appointed 1si March 2023) (appointed 4th A)USt 20221 lappoinled 11t Juty 2022) 1rjrrtd 16 FebN•ry 2023) {app)int•d 1st May 20231 Socrotsry: Indranie &)okdeo Reglstered Oflke: 10 York Road London SE17ND Auditor. Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Princlpal Bankern.. HSBC Bank P 28 8orough Hwjh Street Southwark London SE1 1YB Solicitors Devonshires SolKftors 30 Finsbury Circus London EC2M 7DT
Jubilee Gardens Trust la company Ilmlted by guarantee) For the year ended 31 M•r¢h 2023 1. Constitution and Obj•ctives and Public Benefft Jubike Gardens Trust. a company limrted by guarantee (company regtratIon number - 066844411. wa$ established in 2008 and became Ne in 2010, in which year r( obtained registered charty status {charity registration number - 1137514). The trust is govemed by its Memorandum and Artdes of Assock4tion. dated 28 August 21)08. The objects of the charilable cc4npany are lo". Provide a park and facilities at Jubifee Gardens. for the benefrt of the public. in the interests of social welfaro arKI with the ot4.ect of impmwng the ¢ondrtKJns of life of the public., and 2. Provide facilities for recreation and lSure. for the benefrt of the public. in the interests of social welfare and with the obj'ecl of improving the condilions of lrfe of the puts1.. and 3. Promote, for the benefft of the publ4 the conservalp)n, protection and improvement of the phys81 and natural enVirOnnI of the Area." and 4. Educate the publ in the subjeet of the hL8tory of the Area". and 5. Promote communty Partipation in heatthy recreation: and 6. Promote, for the benefrt of the public. the arts: and 7. Advance edUcatn., and 8. Advance afi other purpos charitae under the of EngLand and Wales. The Trustees. who are also directors of the company. have complied wf(h the duty in secb'on 1715} of the CharilEs Act 201110 have due regard to Publ benefft guidance published by the Charity Commission. 2. Board of Trustees The Board of Trusls {who are the Dwectors of the charity) at the dale of this report compTMd: Trustees appolnt•d by Oryanlsati¢s representlng Resldents Michael Ball Marilyn Evers Ragwyn Sprinz Denise Wand Trustees appolnted by Local Enterprisfj MombgT¥ John Rushton lain Tu¢kett lan Bogle Chair Trustees appolnted by Landownei Pknb•Ts Gar8th Pr Warren Forsyth Simon Green Imran Tauquir S11 Southbank Centre Braebum Estates Merfin CoryOPt•d Truste Cllr Sarina Da Silva Eoward Inman Simon Green Loredana G[9-WYatt Lambeth C¢wncH representalrve Chair Treasur
Jubllee Gardens Trust {a company 11m1t by guarantso) For the year endod 31 March 2023 Trustees. Report 3. Maln Actlvlti•s of the Trust during the Year 3.1 Admlnlstratlon and Goveman The Trust Board meets quarterty. and its day-to4ay tsVIt are overseen on ts behalf by three C¢mmitteeS.' A Finance Committee. ehaired by the Treasurer. whth establishes budgets and business plans. 8ulhorises expenditure and ¢)versees insurance and iisk man4ement arrangements on behalf of th8 Board. - An Operations Commrttgfj. Chaired by the TrLtsVs VKtrChair. whh ¢)ver8e88 the management and maintenanee of the Gardens and reviews proposals for events. - A Fundraising and Communiealtons Committee, chaired by the Chair ofthe Trusl. tasked with developing the Trust's communication$ with its stakehoklers and investwing and executirKJ fundraising actwily. The three committees have ptrNers f(ffilty delegated by th8 Trust Board as provided for in the Articl&s of ASS(%tiOn. During the year, the Trust updated its wi8ttr of Trustees. Irtterests as required by the Trust's policies. Membefship of the company comprises four landHner members. tsvelve members in the Local Enterprise category and seven Resident OrganisatK)n members. tt is hopèd that a new fu$ on Ial communication8 will lead to an increase in the Local Enterprise and ReSKl8nt Organisation membership. The TNst has ad¢¥)ted a F4)ficy that will Tr)t diredly employ staff. Its main actsvities, both tl management and rnainlenance of the Gardens, and admini8lffatNe. financk81 and cornpary sretarIa1 services are procured via a Service L8V81 Agfeement ISLAI with South Bank Employers. Group (SBEG). SBEG is a non-profrt company established by rnaior organi$alions in the SoLrth Bank to promote and improve the area for the benefit of employers, residents, and visitors. various ements of the SLA bgtsveen the Trust and S8EG are overseen by the committs described above. Various adjustments were rne to the SLA in 2020-21 to respond to the demands of the Covid 19 Pandern and the SLA which was eortcluded for 2021-2023 has been amendèy and exterbded to cover202>24. There is also a Data ProtectKJn Agreement b&een the Trust and S8EG. Communications activity. including websit& content and updates. social medkq and gerral PR 1$ also contracted OLrt. in thi8 ease to a fredance consuRant. 3.2 Recrultm•nt and Appolntment of Trnstees, Trustee Inductk)n and Trnlnlng The Trustees are aprrt)inted 1rdIng to proc&Jures laid out in the merrndUm arKI Artles. The Trustees appointed by Local Enterprise and by Residents. membors are appointed fora term of three years, can be r&appointed by the Board for a Snd term of three ygars, with fvrther thre&year terms subject to a resolLrtion of thIrdS of the 808rd. A number of Ig-Sen9 but active Trustees were r•4ppoinlod under this procedure in February 2023. Landowner Trustee$ appointments are indèfiniie. Cwtwj Truste8 appo1ntrrts are reviewed 8ThJ rf agreed renewed annually. There were the foll¢)wing Changes lo the membetship of the 8oard in 2022123. Peter Ball, who had been appointed in December 2021, resigned in November 2022. The vacarry was filled. fc41owing an election of Resident Organisation Members. by Dents• Wand in May 2023. The vacancy for a ¢QwQPted Trustee was filled $hortty after the 2021122 year end by the ctroption of Simon Green.. Simon has been apwirrted Treasurer. The Trustees are very grateful for all the work th former Treasur8r Loredana Guetg.Watt had undertaken since the Trust was fr>nned. She remains a Trustee. Councilk)r Sarina da Silva was nominated by the London Borough of Lambeth in May 2022 and was Co-opted to the Board in June of that year. John Langley resigned in February 2023 a$ a Trustee appointed by Local Enterprise members- this vacancy
Jubllee Ganlens Trust la CoMnY Ilmlted by guoranteel Forthe yoar qndgd 31 March 2023 remains to be filled. Mark cle1nd. appointed by Shdl to serve a$ a Trustee, resNJned in March 2023 and Gareth Price has been nominated by Shell as his successor. The actKJns arising from the Govemance Revi Carr out by the Trustges wth support from the National Couwl for Voluntary OrganisatKJns INCVO} induded more detailed gUanCe than pVIous on the induction of new trustees which is now being implemented. It includes guidance on the legal and other duties of a Trustee and a full briefing, supported by the Trust's Governance Manual, on the Work carried OLrt by the charty and the c(ynmittges set up to Ic4)k after areas. Infomiation nece8sary to ke8P Trustees up to date with bgal or clher obligations is Circulated, as necessary. 3.3. Governance Revlew In May 2022 the Board received the rcMendatiOnS of the NCVO Governance Review il had commissioned in Autumn 2021. A number of recommendatKJn$ were implemonled immediately while other more comp18x issue¥ wgre r¢f8rred to a 9ovemance working group rmde recommendalions lo the Board in December 2022. Outcomes induded a full examin"on and revision where n¥essary of Officer and Trustee role descriptions. Trustee c(yJe of conduct. Trustee $utrFcommittee tems of reference. Trust policies, rnanagement of board meetings. Twslee tern of office. succession planning, Trustee induction and appraisal, diversty and inclusion, and the Trust's vison and values. Further work Continues on diversity aThJ inclush, of offi¢e. and successpjn planning. 3.4 Risk Management The Trust has approve(l a risk manyment p)licy and its risk register is revithved regulaty by the Finance and Operati)ns Committees and at least annually by the Board. Top risks are finanGial and relate lo the risk of not securing sufflent furKls lo operate the Gardens effeclivety in the medium term. and Gonsequent inabilty lo make proper provision for asset renewals. More infomiats.on on this is at paragraph 3.7 below. Other medium risks are loss of key Trusle8s and p8rsonn•l. p8rformanc8 failures by conlTartors, extemal factors Such as Stom or drougm, and accidents and terror. In 2021-22 a higher-81 Risk Register ment was creatsd. to be kept under review by the Board. This lo be $ubj¢et lo a full revtew in 2023, t(yJelher wth the devebpmenl of more detailed risk registers by the Finance, and Operations Commrttees. enabts'n9 8 mce comprehensive iisk assessment process. Operatlons In O¢t¢ber 2021 the Trusl was awarded a Green Ftag. the independenl quality assessment of parks and gardèns. This award is renewed annually th8 Trust was pleased that rt was re-awarded in 2C122. The award reflects the success in maintaining the Gard8n$ to the highest standards of management and maintenance, whrh is parb"cularty demanding because of the legal reouirement forthe Gardens to be open 24 hours a day. 365 days a year. This work falL8 into three main categories". a) Cleansing arKI g8n8ral management.. thè most demanding dement d this work is simp keeping the gardens Clean and litter-free. Olher imptrtsnt actNils are daity safety checks and repairs as necessary to the very heavily used playground and maintenance of security equipment such as CCTV and bollards. Maintense staff are also the first point of contact with users of the Gardens and their ambassadorial role is important to Trust. bl Hoth"cultur6.' this element of Gardens maintenance covers lawn, tree and flower4)ed maintenance and associated opori¢Ms sh as PlantIng of borders and irrigation. These lIlieS are contracted out to Gavin Jones Ltd. c) Securty.. The Trust partKipates in the South Bank4¥ide operatK)n5 of the South Bank Patrol tserviee, whh pr¢)VKfes a Crynmunty Safgty Accredrted security presence the South Bank to address illegal trading, W-Ve1 crime and anti-social behavh)ur, as well as providing reassurartt and infomiation for visit. tTIl¥J the busiest limes of the year, April lo September.
JubSlee Gavdens Trust {a company Ilmlt•d by guarants•) Forthe year gndod 31 Mah 2023 the Trusloes have also judged it ne$Sory to provide 0Ight securty patro18, to ensure publ safety and reduce the risk of vandalism and damage. The combined resourees of the Gardens leam. South Bank Patrol. the Metropolitan Police and Lambdh Council finally succeeded in bringing under control the anb"_social and criminal behav)Ur which had been a very semus problem during and Immedety after the Cowd 19 pandemic. The ban on drinking alcohol on the Gardens intrciuca by the Trust abo had a signfficant effed and continues in force. The Trust is also very cwimitted to a progr8mm¢ of asset renvKal$ and work in this area included: The completion, in May 2022, of the complete renewal of the Playground, including the full ovethaul of the rgest piece of equipment and the replacen*nt wth new pLay items of most of the other pieees. Thg'ngw, playground, following this £220k overhaul. has proved ever mre popular. PnnIng for a major renewal and upgrade of the CCTV and lighting in the Gardens as a resFKsnse to the ASB and crime issues faced in recent years. This was plann&J during 2022-23, ready for tendering earty in 2023-34. SKJnrficant tree works resutted from a full expert assessment of thè Trust'$ 1W tm$, follwing which. wth the full agreement of the Lc1 Authorbty Tm offer. thirteen trees were renvJved - these were not ftrjurishing or were t close lo. and aff&b"ng the health and prospeth of, neKJhbouring trees". tsvo Ire9$ were transplanted, foi the sarne reasons" and three trees were plant. These were registered for the PLatinum Jubilee Queen's Green Cancw Scheme. During the year the Trustees adopted a plan for increased biodiversity and environrnenlal improvements, including wldfiower pLgnts"ng and allowing grass to grow lorKJer in18ss heavity used areas. a ngw species friendly hedge along the soirthem boundary of the Gardens (in partnership wrih the London Eyel. and, if il Can be funded, implementabon of a vastty Improv planling scheme developed by leading garden designer Chris Beardshaw A$sCLteS whh would xhieve a step change in the qualty and bi¢xliv8rsity of our planting. The Trustees ackncwledge the support of the tM re$rsle for th6 nature-based $lralegy adopted by Soulhbank Centre for ts estate. A fea¥ibility Study has also been undertaken of a sman-scalewater rfruse proiectwhich would complement the provision of a suppty of grey water, both for irrigatK)n and Cnsing. an important inits'ative both on environmental grounds and to save the cost of water from the main$ $uppty. A feasible scheme has been developed using Southbank Cenlre's Royal Festwal Hall l)orehole and this development is expected to be In¢ded in the plans for the Gardens extension. 3.6 Current Financial Porformance The Trust is funded through the annual sUbsCriptn$ of thg lander members, the annual payment by Southbank Centre under the Trust'5 lease, and an agreement wth Shell lo eontribute £25.000 per annurn over and above its subscription. for 30 y8ars. The Trust also receives a signrfKant annual contribution lo management and maintenance via the London Eye Section 1c6 agreement and the Braebum Estates S1 C maintenance contribution reLgting to the Shell srte redevelopment. Income from the London Eye S1 C6 ¢ontinued at a reduced e4 as a resutt of the Pandem but r6 exed to be restored to previous levels over the next years. Income from the Braebum EsLites S1C6 will cease in 2024 after the 10th payment provided for in the agreement and the Trust Mll need to erKJage with Lambelh Council to find a substitute for it. Commission from the v8n•based ¢atering outjet on the RNerside ne>X to the Jubiloos ¢ontinues to be an essential element of the Trust's inccffle. The van 18 sited on land leased by Braeburn E$lales from Southbank Centre and li&$ just outside the area Cove by the covenant which precludes commercial actNty on Jubilee Gardens itself. Catering irne is suppkmenled by a contribution arising from Southbank Centre's cOmmerck athilw on th& nevJhbouring Hungerford Car ParL Financially the year 2022-23 saw an improvwnent on the previous few yoars when various elements of the Trust's income had suffered because of Covid and its aftemaih. Though Ihere continues lo be reductions in the income from the London Eye s1C6 because ot the impact of Covhl. the Trust is foreeasling an operational surplus in 2022-23. There was an opeIng dgftit of £31.OCQ in the premous year.
Jubilee Gardens Trust (a company Ilmiied by guarantee) For tht yr ended 31 March 2023 The Trust's longer- temi financial outlook problematic and rfftd to be res0ed to ensure the Trust ss financially in 8 F#)Sition to tske resp)nsibility forthe Gardens extension- see para 3.9 below. 3.7 Communlcatlons and FundAlslng The Trust's Communuth)ns and Fundrai CoThwnrtlee. supported by a fiodance ¢onsuttant, maintained its aclwty wf(h continued grovrth in soctal media followers and %vebsrte use. There was stfong coverage of the Saunch of the renewed pLqygroynd whh has recewed many positive G()gle and other reviews. There was extensive planning for an event originalty scheduled for September 2022 to marft the Trust'$ 101h AnnNersary, with the primary aim of engaging more local resdenls and businesses in the Trust's work. H¢)wever. Ihe event had lo te postponed because of rts proximity lo the funeral of HM Queen Elvzabeth 11 and took place in June 2023. The Trust has adopted a fuTrJraisg str8tegy based mainly on approaches to trusts and foundations for projects- there is 8 Cognitn that the basK revenue needs of the Trust to cover general eleansing arKI maintenance are not attractNe to potential furth. Projects such as the new planting scheme designed by Chris Beardshaw Assttles. an extension to the Gardens pwground, and a water re-use project will be Ihg $ubj8cl of fundraising efforts as soon as they are SUffntty developed and costed. Th& pgrfonnance of the three structures installed lo enab visrtors to make contactless donations of £2 to support the Trust remains an issue and were finally overcome but the rate of donations did not match pre-pandemic inrtial eontsctles8 giving relums. In terms of general fvndraising. the Trust commissioned Vvootton George consullanls lo undertake a review of Prosp and prcpose a fun(lraisg slralegy. The Cormiittee Subsequently approved a fundraising strategy. 3.8 Hungerford Car Park and Gardens Extenslon It has long been the ambition of all local stakeholders and is refiected detailed PrSn in Lambeth's adopted Lo1 Plan that Jubilee Gardens shoukl be extended onlo twcpthirds of the adjacent Hungerford Car Park, an increase in green open sp8ee eqUwant to some 40QA of the area of the exh8ting Gardens. This would occur in cOnjun)n with a cultural development by Soulhbank Centre on the Temaining third. The area of the potenlial extensK)n is leased by Southbank Centre to Braeburn Estates who have appointed Wes18, the landscape architects of the exsting Gardens. lo design the ex18nsion. All parties {SQhbank Centre, Braebum and the Trusll agree on the importance of exlending the Gardens and wish the Trust to be offered the opportunity to manage the extended area under a long lease as wrth the current Gardens. Inrtial design meetings were hekl in 2022 at which the Trust reiterated its prime requirements for the new Spaee. rkgmely: - Ensuring the Gardens extensKm deswjn nwets Trust expectat$ in temis of quality and sustain*Jilty. - &curing the right seryicing arrangements for the Twst in the redevelopment process. - Ckrifying responsibilrties at th& interface bet1 the Gardens exlension and any new bu11ng on the - And, above all. establishing robust sources of nthv inco Sufflent lo cover the Trust's current forecast deficits and lo enable the Trustto tske on the additlonal costs of rnanaging extsn&on without additional finala1 risk. Shortty after the Awoinbnent of 8 and the inibal meeting$. the design process was pui on hokj. pending decisions by Southbank Centre aboul its devel¢)pment on the adjacent site, and remained on hokl at the year erKI. In the meantime, supporting plans for tho extension, combined wth efforts to ensure that the Twsl is in a position lo take on its managemenl and mairrtenance, are a major Trustee objective.
Jubilee Gardans Trust la company Ilrnlted by guaranto•1 Forthe year ended 31 Mawch 2023 Trusie•s' R•port 3.9 Long-temi flnanclal proleclions These arrangements now figure prorninent in the Waterloo and Southbank section of the now adopted Lambeth Lal Plan. In continuing discussions, the Trustees have emphasrLed th&r key concerns. narnety.. Until the pandern the Trust had been ae lo its resep4eS fn)m various sources, which is the background to their value at £1.78m al 31 March 2023. No similar onff opportunrties to build up the reserves are forecast for the foreseeable fvture. In xcordance with the Trustee$. reseNes p)licy, unrestricted reserves are made up of an operatnal reserve sufficient to cover 9 months running costs in the event of emergency, whik the balance. has been deSnated as a sinking fund towards asset renewals. alongside the funds specrfically restricted for this purpose. Details are in the Financial Statements. However, th apparently hearthy level of reserves must be seen in the light ot. al the loss of approx. £80,0 pa of Braebum Estates $1C6 funding from 202&26. bl A signrficanl increase in labour costs for the baseline management and maintenance of the Gardens arising from current thls of Infflatn and their wnpact on London Living Wage, to which the Trust and its contractors are wmmitteil. The additional resources, both day-to day running costs and prowsion for asset renewals, which wll need lo be available on a secure basis rf the Tfust is to take on responsibilty for the Gardens Extension Incluéing these factors. the Trusfs medium and long48rn foraSts shvw a cumulatNe def1t estimated at £4.5m over 2LI years, with the Trust SLrffering increasing annual operational deficits from the mKI-2020s onwards. The rwuirement is for addi(ional annual inc¢Jrne of £185.C(K) at Gurrent prices or a £2.5m endowment, or a combination of the . The Trustees, absolute priority 1$ lo find means to avert these future financial pr¢Jblems. potential sources of income a n9 inveslydaled. bul th covenants precludin9 most wmmercial income and the extreme dfficuty of rai%ing private funds for tin& maintenanc8 or endowment, the Trust continues to look to the support of statulw authorities to close the gap. Maintaining the high quality of the Gardert$ will be a key factor in the economic recovery of the South Bank neighbourhood following the pandemic and fi'nding sources of income is the Trust's lop priorty. including lobbying Lambeth Council to recognise the need for financial support from fvnds generated by loeal developments lo leect the contribution the Gardens make lo the quality and ecorlomic success of the Solrth Bank nghbCrtJrhood. The ConsUen rf the Trust fails to secure its financk81 future are.. a) responsibilty for the Gardens will revert to the Trust's landk)rd, the Southbank Centre. whth has mwAe it clear that ts cullural programme priore5 and reduced funding will prevent it from managing the Gardens to an 4bprwriate slaThJard. bl there would be a seri$ imp&t IM the repulalion ofthe South Bank. Lambh. and London. c) the Trustwould not be in a p0sOnI0t8ke on rfsF)n$ibilty forany future extension ofthe Gard8ns.
Jubllee Gardens Trust (a ¢omparry limited by guarantsg} For the year onded 31 March 2023 Trnstees. Report 4. Flnancltl Revlew Total funds al the year-end are £1.783.3C6 {21)22- £1.596.015}. In accordance with the Trustees, reserves pdicy, £279,000 of the total fvnds are held in general reserves as operatrnal re5erve5 sufficient lo cover 9 months running costs. Ofthe remaining balance £1.$04m, £237,315 is reStrted as il relate$ to donations made by Braeburn E$tstes' whh can onty be used for asset le81s. The remaining balance of £1,267m has been designated ty the Trust to a sinking fijnd luwards asset renewals. estimated by Trustees in the (¥der of £1.2m in the next 20 yeats. There are several major renewals coming forward including a new CCTV system. lightiThJ iMprovets arKI posSY drainage works. all of which will need to be met from reserves. 5. Investment Pollcy The Trust can make investments that we tithin ttre investment Folicy reed by the Board whtch folow the guidelines and regulations issued by the Charty Ccffimts%on. The Trust holds its operational reserve in rts main bank accounts whereas sinking funds are held in fwed rate saving accounts. Cash balance remain positive with year-end cash of £305.545 and current asset investment balance of £1.231m. Our cash balance remains on deposf¢ Pfimarily wrth one financial inslf¢Lrtion. whereas our current asset investment accounts sit wrth six drfterent banks to spread the risk. Interest income from investments remained l¢x¥ for much of the period under review bul have recovered as fixed terrrts were renewed from eaty 2023 onwards. INe bdieve we have chVed a prudent balance beeen income and guarding against the risk of failure of any one inslitulion. As a smaller charty, we beneff( from Ihe prOteCtn offered by Ihfj FinarK41 CompensatK)n Scheme of £85,000 per institution. 10
Jubllee Gardens Trnst la company Ilmited by gu•rnnt••) Forthe year endod 31 March 2023 Trte0, Rgsporvsibllltles In Relation to th¢ Flnanclal Statgments The Trustees (who are also direclors of Jubilee Gardens Trust for the purposos of ¢ompany lawl are responsible for preparing the Trustees. Annual Report arKI the financk41 stalernents in accordance wilh applicable law and United Kingdom AccountiThJ Standards {IUnited lQngdom Generalty Aeeepted Accounting Practice}. Ccmpany law reqLÈires the Trustees to prepaffj fin3nGial s1atwn9 for exh financ year which gwe a true and fair vi&Y Of Ihestats ofaffairsof the ccmpany and ofthe incoming resources and applKati¢)n of resources. including the income and exrendrture. of the charilabie c¢w forthat pwiod. In preparing Ih•s• financial statements, the Trustees are required to.. select suitable a(untIng pleS and then app them n$tent. obseNe the metheés and prrcipk8s in the ?4ple Chars SORP 2019 (FRS 102). makejudgements and estimate3 that are rea8onabk8 ar prudent. state whether appIable UK knunlirKJ Standards been fdbwed, subject to any material ¢kpartures disdosed and eWain6I in the fmancial stalennts. prepare Ihefinancial statements on the goiig Concern basts unless it 15 inappropriate lo presume that the charty will conkn.nue in operate. The Trustees are respsible for keeping adfjqLth xcounting rwds that di8dose with reasonable ae¢uraw at any lime the finaneial posf(kJn of the compary and tlwn to erUr? that the financial slatements ccrfnply wrth the compan Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonab steps for the prevention and detectton of fral and er irregularities. Provlsion of Infomiation to auditorJ So far as each of the frustees is aWe at time this report ts aFVMd'. There is no relevant audit Infomialn ofwhth the auditors e unmre and., They have taken all the steps they ought lo have t8n to mae themse awaro of any rel8vant audit inforMatn and lo establ that the auditors are tre of that 1nftimwt). Small companies exomptlon This report has been prepared Jn acc¢dar with the Accounting and Reporting ty Charit: Statement of Reeommended Prxtice applieable lo charib.es preparing their ount$ in xcordance wlh the Financial Reporting Standard 102. The Trustees have tak the exiytr"¢)ns pennitted by St)n 1 In addiliofi, the Trustees havetsken adwdntage of Ihe small companies. exerwions by section 415A ofthe Cornpanies Act 20C6. Audltors Haysmacintyre were appointed as the Trust audit(Ys during the year 20r21 and wil undertake a full audr( for 22123 ac¢ounts. Thi$ Annual Report was approved by the Boa cl Truste on ........... their behalf by.. and signed £/ Edward Inman Chalr 11
Jubil•e Gardens Trust la company Ilmlted by guarantse) For the year ended 31 Mareh 2023 Independent audltors report to th• m•mbets of the Jubiloe Gardens Tru$t For the year ded 31 March 2023 Oplnlon We have audrted the financkef sLements cl JuEMl Gardens Trust for the y ended 31 Marth 2023 whh comprise the Statement of Finanoal Adiwtses, Balae Sheet. Sim8nl of Cash FlryNs and notes lo the financial statements. indudiThJ a surnmarycI3ignrficant accounts'ThJ policies. Thefinancial reForting framework that has been appl in their preparation is applicable law and United Kingdom ACrUnting Stsndards, indLx1ing Financial Repth'ng Standard 102 The Finan¢pl Reporting Standard appluble in the UK and RepLOlic of Irdand {UnitwJ Ggneralty Ac¢8Pted AUtirJ Pra¢tT¢el. In wr ¢)pinKJn. the financi81 statents.. give a true and frdir of the st the charifbe company's affai a$ at 31 March 2023 and of thè tharitabk8 ccmpany's net in funds, Iuding the Nc(yne and expendf(urg, forthe year then ended," have been property wepared in XcoarKe with United Generalty Accekxed Accounting PTadice.' and have been prepared in rteW1th requYeffÈnts ofthe Coypanies Act 20(E. Basls for opinion We condLKled our audit in accordance wih Inlematlca[ Standards on Aud(ting IUKI IISAS IUK}l and aFwIcab law. Our responsibiliiies under th)se standar(Is are further described in the Audf(orfs responsibilities forthe audit oflhefinancBI ststerrnts SeCtif clour report. We are independent of the charty in accordance wilh the ethtsl requirements that a relevant lo our audii of the financial stalemenls in the UK. including the FRC'S Ethvl StarKlard, arKI Ve havefulfille(l our otherethl responsibilities in accordance with these requirerrents. We beliemp th the audf< evJere we have cthin&J 15 suffth and appropriate to provkde a basis fc our opin. CoTrcluslons felatlng to golng ¢oncwn In audf(ing the financAI statements, we have conc]uded that the trustees. use of the going corw basis of )unting the preparolDn ofthe finCial statts apprcyale. Based on the work we have prrId. we have not identffied any maierid uncertainties rekting to events or condi(ions that, indivKlualty ¢olWNe. may cast significant doubt on the charitable company's ability to continue as a wn9 concem fc a Feriod d ai least tsvefve nN)nths from wten the fanCIal stslements are aulhoris&J for issue. Our responsibilrties and the resp81es of the trustees with respect lo going coneem are deserted In the rdevant secb'ons of thts report. Other Infomiatlon The trustee5 are resF¥)nsible for the i)th8r infoTmth. The dher inftyn7ation comprises the information included in the Trustees. Annual Rewt. Our cpinion on the fan¢1 slemenls does Th)t cover the other infomption and. exwt to the extent otheTh¥ise expliatty ststed In our report. we do not express any form of assurance colUSln theon. In connection with our audit rAthe finarKi81 stateffts. wr responsbilty i8 to reay the other infomialion and, in dcing so, consider whether the ¢)ther infmatIon is malerialty inconsistent wrth the Iinanaa statèments our know98 obtaingd in th8 audrt or Lthewse appears to be materially misstaied. If we entIfy such material Inconsistenc or 4parent material mtsslalemenls. we are required to determine whether there is ¥ matwial misslalement in the financial statements or a merial misstaiement of the other information. If. ba¥ed on the work we have perfumed. we CLJnclLMle that there 1$ a material mis5tatemenl of this other informati¢X. we e requirell to report that We have tKAlwng to reFQrt in this regaTd. Oplnlons on other mattern prescribed by the Companies Act 2006 In our cpinion, based C the woth undertaken course of the aud." 12
Jubll•è Gardens Trust la company Ilmlted by guiranto•) For tho year endod 31 March 2023 the information gNen in the Trustees. Annual Rewt (whh Iud¢S thg tOrS, report prepared for the purposes ofcompany L) ftxthe financd YearforWhhthe finan¢i31 stalemgnts are prepared is consislenl wrth the financial statements.. and the directors, report iluded wrthin the Trustees. Annud ReF#Jl he been prepared in accordan wth applica legal requiremenls. Matters on whlch we are required to report ty axception In the light of the knovAedge and understanding of thg tharitab ccYnpany and its VirOnMent obtained in the course ofthe audit, we have not identified Mater1 misstatements in the Trustees. Annual Report {which incorpmtes the diwtors, rep¢yt). We have nothing to reFQrt in respect of the folkMiNJ mattw5 in relation to whth the Companies kt 2TrJ6 requires us lo report lo you if, in our opinion.. adequate accounting records have ncrt been kept ty t charitJl8 company,. or the charitable company finarti statennts are in agreernnt with accounting records and returns-, or rtain disclosures of trLtstees' rernuneraIK speard by law are rh)t mado" we have not receTried dl the infcxmalKJn explanath)r we require for our aud. or the trustees were not entrtl&J to prepare financial ststements in accordance wth the small ¢ompanies' 1rne andtakeadvanlage of the smallcompanies, exempb'ons in preparing thetruslees, report and from the requirement to prepare a strategic rewt. Responsibilities of trustees for the financial stst•ments As explained more fulty in the Iruslees, responsibilitses stateffont Iset on pag& ...I, the trustees Ibtho are also the directors of the charrtable ccmpany for the Purpo ci cunpany lawl are spOnSible for the preparation ofthe linancial statements and for br0 sat]sfd that tw give a true and fair Vie•V, and for SLKh inlemal control as Ihe trustees detemine i% necessary lo enable the preparnts.on of financral statements that are free from material misstatement. whether due to fraud or effor. In preparing the finanei81 statements, the Iru#ees are resF¥)nsible assessing thè charitable rJ)mpany's abilty to continue as a g(xng concern. disdosing, as applicaNe, matters related lo going nCern and using the gcxng concern basis of accounting unless the trustees either intend to Ib]uidate the charitable company or to cease ¢¥erati)ns. e have realist 8iiwnth bul to ¢10 so. Audltovs responsibilities for the audit of the Ilnanclat statemonts Our objectives are to obtsin reasonable assurance about whdher fmancHI statements as a whole are free from malerial misstatement. whether due to fraud or error, and to wue an auditorfs report that includes our opinion. Reasonabk assurance is a high Ve1 of assurance, but a guarantse thal an audit conducted in accordan wrth ISAS IUKI will aws detect a material mtsstatemenl when it exists. Misstatements can arise from fraud or error and are con5i¢Jered material ff, indNidualty or in the aggregate. they could reasonab be exttsd lo inliuence the wrniC dlS•c$ d u8WS taken on the basis ofthese financial statements. Irregularit. including fraud. are instances of nowomrAArte with la4Y5 and gulatiOr. design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to whKh our wc¢edures are cap8bk crf detfLting irreguLaritie8. including fraud 15 detailed belw. Based on ourunderstandirKJ of thecharitabie c(jryryand the envwonment inWhh Ii opgralgs, V•P identififrJ that the principal risks of non-complk8nce wrth lth¥s and wulatp)ns rdated to Companies Act 200S and the Charths Act 2011, and we considered the extent to which non<0ML$nce might have a material eff•¢t on the financial $tslements. We aLgJ considered Ih)se and regulations that have a direct impact on the preparation ofth8 finawal statements such as Ihe CMipani85 Act and the Charitw Act 2011. We evaluated managen1'S incentNes and ¢)ppcrftuneS for fraudulent maniwlatM)n of th& finanti statements {including the r¢sk of override of controls). and deteMiir that the principal rBk$ were related to k of segregation of dut*s with regards lo joumals F¥)stings. ALhlit prc¢edures perfonned by the engagement tw irKluded". 13
Jubilee GardeD$ Trugt la company limited by guarantee) Forthe year ondgd 31 March 2023 Inspecting ¢orreSFonderte with rULor$ tsx authOnts", Discussions wrth Managenrt includiry ¢orJeratIJn crf krl¥n or suspeded instsnce5 of non- Complian with laws and regUtIOn and fraud. Revtew of minutes of rrwlings," Evaluating management's eontrcAs designèj to prevent and dett irregularit"ies", Identifying and testing iournab. in parbcular joumal enlrw posted with unusual accounl coMbinat)n$, postings by unusual users or th unusual descriptions." an Challenging assumpb.ons and judgements made by management Because of the inherent limrtKJn5 of an audit. there is a risk that we 11 rp)t detect all IrregULtIeS. including those leading to a rrral8rral misstatement in the financial statements or non-complian with reguL3tion. This risk irtreases the m¢)re that complorKe wth a law tr reguL4tion is rwnovea from the events and transactions refieded in the finarrial statements, aswewill be less likdy lo bne aware of instances of n¢)n<ompliance. The risk is also greater warding irreguLaritss cccurring due to fraud rather than error. as fraud involve$ intentional coneealment. forgery, collusi. omr65ion or misrepresentalion. A furthw description of our re5F4)nsibilits for the audit of the financKAI $tements is thated on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres nsitj-lil. s This descripts'on fomis part of our auditorfs repLYt. Use of our report This report is made solety to the tharitable cornpanvs members, as a Ix)dy, in acc(ydance with Chapter 3 of Part 16 of the Compan$ Act 2CQ6. Our audrt wc¥k ha5 been undertaken so that we might slate lo the ehantable ecfflpany's members those malters we are required to slate to them in an Audrtorfs pOrt and for no other purpose. To thefullesl extent pemiitted by law, we do not xcept or assume responsibilty lo anyone other than the charitsb coffpany and the Charitab ccThpanls members. as a bcJy, for our *Jdil w¢)rk, for this report, or for the opiniorrd we have lom1. Jane Askvw (Senior Statutory Auditor) Pk8ce 10 Queen Street. London EC4R 1AG For and on teham of Haysmaryntyrp LLP. Statutory Audit Date.. 21 September 2023 14
Jubllee Gardens Tnmt (a compAny 11m1t by guarnntso) Statement of Flnancial Activities {in¢ludlng Incom• & Expendliure Account) For the year end¢d 31st March 2023 Rgstrlcted Unrestrlctod Total Total 2023 2023 Total 2023 Total 2022 Incomg from Don8lKJns and legacies Charitable adivitEs Other trading aclmt Investment income 109.370 389,798 159.812 11.485 196,234 389,798 159.812 11,485 163,768 315.550 99.377 6.153 Total incom• 757,329 584.846 Expendlture on Raising funds Charitsble activities Other 11.874 ,601 151.3 11.874 4C6,601 151,563 16.532 386,056 95,813 Total fjxpondituro 570.038 570.038 498.401 N•t income lor the year 100.427 187 291 Reconclllatl¢ of funds Fund balances brought foThvard 150,451 1.445. 1596 015 1509 570 Fund balan ¢•rrlgd for4Ydrd 19 237,315 1.545,991 1.783,3C6 1596015 All transactions derive from continuing actNities. The company has no recognised gains or losses other than those included in the Statement of Financial Activities. The notes on pages 18 to 28 form part ofthese financial sLemènts 15
bi108 Gardens TnMt (a mnY limbted by guarantee) Balance Sheet as at 31st Mah 2023 Note 2023 2022 Flx•d Assets Plant & Equipment 13 221.212 174.853 Current Ass•ts Debtors CUrnt asset investment Cash at bank and in hand 14 15 126.946 1.230,635 305.545 236,438 1.219.823 39.304 Total A8s•ts 1.663.126 1.495.565 Liabilities, cdItorS.. amounts falling due within one year 16 {101.032) {74,403) Net Current Aets 1.562.094 1.421,162 1,783.31 1,596.01 S Unrestrkted Funds Unrestricled funds Restricted funds 19 19 1.54S.991 237,315 1.445,564 150,451 1,783.3C 1,596.015 For the financial year ended 31 Marth 2023 c(JN)any undertook a full audit. These financ1 statements have been prepar in accordance w((h the provisions applicable to companies Su.eCt lo the small companies, regime and the Charit statement of Recommended Practice and Financkal Reporting Standard 102 section 1 The financial statements were approved by the Board of Tfustees on . signe(l on their behalf by.. and Edwa Inman Chalr Company Registrati Nunknr. C6684441 The note$ on pag8s 18 to 28 frn part ofthese financial slatements 16
Jubllee Gardons Trust la company Ilmltsd by guarnnt081 Statement of Cash Flows For th8 year onded 31 March 2023 2022 Cash flows from operatlng actlvitles Net cash provided by operating activities 23 16.5561 Cash flows from Investing actlvltles DrvKlends and interest from investments and bank Purchase of propety, pLgnt and gquipment 11.485 6,153 {86.126) (89,99n Net cash provided by financing actlvitles (76,641) {83.844) Change in cash and cash equivalents in the repotting period (.400) Cash and eash equivalents at the beginning of repotbng Per 1.259.127 1.349.527 Cash and cash equlvalents at the •nd of the reporting perfod 1,536.180 1,259.127 Cash at bank and in hand Investments 305,546 1.230.635 39,304 1.219.823 1.$36.181 1.259,127 17
Jubllee Gardens Tnmt (a Company limited by guarantee) Notos to the Financlal Sl•tgments For th• y•ar ended 31 March 2023 Accountlng Pollcles Company Status The eompany is limited by guarantee and has no share capital. The company is cOrporated in England & Wales. The members of the eompany a those listed on their website. In the event of the company being wound up. the li8bilty in respect of the guarantee is limited to £1 per member of the company. The wjdress of the registered Off 1$ given on page 1 of these financial stslemenls. The nature of the charity's operatrons and principal ¥tivrties are explained in the Trusts Report. Basls of Preparatlon The financial ststerrEnls have been prepared in accordan wrth Accounting and Reporting by Chariiies.. Statement of Rewmmended Prath"ce applicable to charitie5 preparing their accounts in accordance with the Financial Reporting StandaTd appluble in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and RepublK of Ireland IFRS1021 $tion 1A, the Charrties Act 2011 and the Companies Act 2006. The financial Statements are prepared on a going concern basis under the historical cost convention. The financkgl ststemenls are prepared in sterfing which 1$ the fundional currency and havg been rounded to the nearest pnd. The charitabb company meets the definthon of a public benefit enlrty under FRS 102. Assets and liabilrties are initrally recognised at historical cost or transaction value unless olherwise slated in the relevant accounknng poli or note. Golng Concern The Trust is ftFfK18d through the annual subscriptn$ of the landowner members, an annual payment by Southbank Centre under the Trust's kase, and an agreement wrth Shell. The Trust also receives a SignifinI annual contribution lo management and maintenance via the London Eye S106 agreement and the Braebum Eslales S106 maintenance contribution relating to the Shell sile develOpMent. Additional fundings comes from cateftng concession and fundraising frcth the general publK. The maiorty of this income 15 guaranteed for the year 10 31 March 2023- 24 with a $rn¥ll part being subject to external fors. mainly relaled to the long-lerm impact of cov119. Although the Trust's medium and long-temi forecasts show a cumulative deficit estimateL at £4.5m over 20 years. the Iru$tees' a confident that SLthcient Income will be generated in the period for the charity lo continue as a going concem. In the unlikety event of a dT2St+c reduction in income, the Trust can access ris reseNes which amunl to £1.783M as al 31 March 2023. In cordance with the Trustees. reserves policy, £279k of the lolal funds have been designated as operational reserve sufftnI to cover 9 months runniNJ costs. The remainder is all(Kaled t(yNards asset renewals. As a resutt, the trustees consKier that there are no material uncertainties about the charitable ompany's ability lo continue as a going coneem and the accounts have been prepared on this basTS. The trustees do not consNJer that there are any sources of eslimion uncertainty at the repryts'ng dale that have a SnKal risk of causing a material adjustment lo the ¢arrying amounts of assets and Ikgbilities wrthin the nexl reporting peric<l. Incom• All incoming resources are included in the Statement of Financial Activities ISOFAI when the ¢harrty is legally entitled to the ine¢)m&. the amount can be reliabty measured, and il is probable that the ineorr£ will be receNed. The inccffne from subscriptions is accounted for over the period rt lateS to. and any monies r&ewed in advance arelreated as deferred income. The income from charitable acliwlies is accounted for over the peric¥y rt relates to. The events income is accounted for based upon the date the event look place. Oiher inc(%ne ts accounted for bn Ihe pen.od to which it reLates. Oonaltons are accounted for when they are receab. 18
Jubllee Gardens Twst (a company Ilmltgd by guaranloe) Notss to the Flnancial Statèments For the year ended 31 March 2023 Accounttng Pollcles (continued) Expenditurn and Irrncoverable VAT All expenditure is accourrted for on an accruals basis and ts inclusive of irrecoverable VAT. Expenditure is reeognksed where there is a I81 or nStrUe oblyalion to make payments to third parties, il 1$ probable that the settlement will be required, and the obligatn can be measured reliably. Expenditure is Ck8s5rf under the follthving activity headings.. Costs of raising funds comprise the (xists relating to events held in the year. and costs reL8ting to eonlaclless donKsns. Expenditure on charitable actNfties includes the costs ofdelNering serv5 and otheractiviti8S undertaken lo further the purposes of the eharity and their associated support costs. Other expendrture Tepresents those items not falling into any ollw heading. Allocation of Support Cost8 Support costs are those fundions that assist the work of the charity, bul do not directly undertake charitable activrties. Support costs include management fees and administrative expenses. These costs have been allocated behveen cost of raising funds and charrtabb activitigs. The bases on which support costs have been allccated are set out in note Fixod A$s8ts company will eaprtalise assets Purcha over £2.WO. Depreciation follows the econom useful Irfe of th& asset as detem)ined by th8 Capitalisation and Depreciation policy approved by the Board. A full year of deprection shall be charged in the year of purchase. Plant & Equipment are in(£ially measured at cost and subsequentfy measured at cost or valuation, net of any depreci8tion and any irnpaimignt loss. DepreciatIn 1$ re¢cgnised 80 as to write off the cost or valuation of assots. 18ss their residual valLW over th8ir useful Irves on the following bases.. - Plant and Equipment- 10% straight line Debtors Trade and other debtors are reccqnised at the Settlement amount du& after any trade discount offered. Prepayments are valu&J at the anUnt prepaid net of any trade discounts due. Cash at Bank and in Hand Cash al bank and in hand includes cash and short term hHJhty liqu inveslmnts with short maturity of three months or $5 from the dato of acquisition or opening of the dewsil or similar account. Current Assot Invgstment Current asset ¢nvestments ¢onsistdbank aCunIswr(h a maturity date ofrnfftthan three months. Crodltors Creditors and provisions aré recognised where the chwity hos 8 pre8ent oblKJth'on resuiting trTr a past event that will probably result in the transfer of fvnds to a third party and the amunt due to settle the obligation can be meaSud or estimated reliably. Creditus and provisions are nomal recognised at their settlement amunt after alknving for any trade discounts due. 19
Jubllee Gard0n$ Trusi la cOmnY Ilrnltod by guaranleg) Noles to the Flnanelal Statements Forthe yèar onded 31 March 2023 Accountlng Pollcles (contlnued) Fln•nGlal Instrum8nts The Ch8rity onty has financkql assets and finala1 liabilities of a kind that oualrfy as basic financial instruments. Bast financial instryrrenls are initialty recognised al Iransaclion value and subsequentty measured at their settlement value. Taxatlon The chary is an exempt charity within ffeaning of sche(lule 3 of the Charities Acl 2011 and is conSided to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a Char$t8b company for UK co)ratIon lax purposes. Funds Unrestncted Funds bg usa(l in ¥cordan with the entty's ehantable objectives * the discretion ol the Truslee$. - Designated Funds are tlThe funds that the Trustees set aside for speclt projects they wish lo fvnd. - Restre Furtds can onty be used for particular restried purposes wtthin the object$ of the harity. Restrictions arise when Sp8crfd by the donor or when funds are raised for specthed restricbj purFo¥es. Judgoments and Key Sourcu of EstimatFon Uncertainty In the application of Ihe charrtable company S acetrjnb'ng polieies, the Trvstees are required lo make judgements, estimates and assumplions aboLbl the carrying amount of assets and liabilrties th are not adIlY apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are wnsidwed lo be relevant. Actual results may differ from these estimates. The estimates and urKlerfying assumpts.S a reviewed on an ¢)rKJoing basis. Revisions to ounting estimates are reeognL8ed in the perth which Ihe estimate is revised where the revision afflS only that period. or in the Fericrtj of the rewsion and future Feri(yJs where the revision affects both current and fLrture periods. The direct¢)rs do nc* bele there are any key judgernenls or ests"mates. Donallons and Legaclg8 Restrlcted Unrestricted Total Tolal 2023 2023 Total 2023 Total 2022 Subscriptions received Donations 84.370 25.000 84,370 111,864 63,315 100,451 109.370 196.234 163,766 There was £86,864 of rgstricted O)naltons in 20231£75.45120221.
Jubllee GardS Trust la comp•ny limlted ty guarantee) Notes to the Financial Stat8m8nts For the yèar •nd•d 31 March 2023 charltable activlties Restrict•d Unrestrktod Totsl Total 2023 2023 Total 2023 Total 2022 Landlord contributn Management and maintenance eontribution e6,624 66.624 65.318 323.174 323,174 250.232 389.798 389,798 315,550 There was no restricted inconp from ch*itable activities in 2022. Other Trndlng Activitigs Total 2023 Total 2023 Tolal 2023 Total 2022 Income from rtC8s610ns Other income Events income 156,OC 11,485 156.000 11,485 3,812 99,377 6,153 171.297 171,297 105.530 There was no restrthd inCme from othertrading activitM in 2022. Ralslng Funds Restricted Unfwtrictad Total Totsl 2023 2023 Total Total 2022 Contactles$ Fundraising Events inrne Support costs (Note 8} 1.743 1,694 8.437 1.743 1,694 8.437 7.524 9.008 11.874 11,874 16.532 There was no restricted expenditure in 2022. 21
Jubilge Gardens Trust la company lknlled by guarantee) Notes to the Flnanclal StateMts For tho y•ar endod 31 March 2023 Charltable Actlvitles Restrtcted Unrestricted Total Total 2023 2023 Total 2023 Total 2022 Managemgnt and IAalntsnance Garden mainlenarKe and UFeep Water rates Security costs Electricty costs Heatth and Safety Supp)rt costs (Ncée 81 268.933 10.152 48.105 10.650 1.170 67.591 268,933 10,152 48,105 10.650 1.170 67,591 250.8 17.576 45.726 6.977 64,804 4¢.601 4[,601 386,056 There was no reslricted expendrture in 2022 relating to charit** actNlties. Othèr Cogts Reslrfcted Unffestrided Totsl Total 2023 2023 Total 2023 Total 2022 Total Auditors Remuneialion Depreciation and di8POS Consultancy Legal and Professial Insuranee Support Cost {note 81 Covid-19 costs Marketing INebsile Costs Bad Debt Write off 21,550 41,766 11.743 18,038 9,594 27.41 21,550 41,766 11,743 18.038 9,594 27,4C6 8,29S 25,72S 4,151 11,351 9.152 27,890 406 8.703 140 18.845 385 2.236 18,845 385 2.236 151,563 151.563 95,813 There was no restricted eypenditure in 2022 relating to other cosl$.
Jubilfje Gardens Trust {a company Ilmfted by guarantee) Notes to the Fina141 Statements For the y0•r end¢d 31 March 2023 Support Costs isof Allocation Rablng Ch•rltable Funds Actlvttles Other Total Management and administration General costs IT support costs Bank charges Staff time Staff-time Staff bme Staff time 7.206 923 109 66,130 755 S43 163 26,972 1CQ.308 1,678 1.086 362 8,437 67,591 27.4C 103,434 Iuad above are £14.765 {2022- £14.585) of costs relating to governance. For the year ended 31 March 2022 Bas& of Allocatlon Rahlng Charltable Funds Athltles Total Management and adminislralDn General costs IT support costs Bank char Staff time Staff-time Stsff time Staff lime 7.121 1,524 104 259 62.827 1.247 519 211 27,475 97,423 2,771 1,038 470 415 9.LK18 64.804 27.890 101,702 Net Income lor the Year 2023 2022 This is slated after charging". Garden contract Audf(ors' remuneration - Audit Fees Auditors. remuneration- Other Services 187.291 8,600 12.950 86,445 7.800 10. Employ08 Informatlon The company had no12022- nol employees in the year. ludIng dirKt¢XS. 23
Jubllee Gardeny Trust la company Ilmlted by guarantee) Notes to the Financlal Statements For the yMr ended 31 IAarch 2023 11. Trustees and Kty Man•gem¢nt Remuner•tk)n and Expgn During the year no TnFStees recwved any reMration {2022 . £Nil). In accordance with the MeffKvandum and of A5$on, the Trustees may be all reasonable and proper expenses IrrIed by them in conn.0 with their attendance al meetings and in discharge of their dutw. Trustees recwved reimbursement al travet expenses of £148 in the year (2022 - £Nil}. The company pa¢d Trustees insurance of £623 {22 - £1,250) 12. Taxation No charge arises due to the than10b status of the charita*le ¢(Mnpany. 13. Tanglbl8 Flx•d A830ts Plant & Equipment Cost At 1 April 2022 Additions Di8posaL Al 31 Mah 2023 220.511 88.126 308,637 Depreclafjon Al 1 April 2022 Charge for the y At 31 Mah 2022 45.659 41,766 87,425 Carylng amount At 31 March 2023 221,212 At 31 M8rch 2022 174,853 Debtovs 2023 2022 Trade debtors Prepayments Accrued income VAT debtor 116.153 175 221.630 649 14.159 10.618 126,946 236,438 24
Jubilee Gardens TnAt (a company Ilmit•d by guarnntse) Notes to the Financlal Statèm•nts For the year ended 31 IAarch 2023 15. Current Ass•t Inv¢stm8nt 2023 2022 Cash 4ulvants deposit 1,230.635 1.219.823 16. Creditors: amounts falling du• wlthln one y••r 2023 2022 Trade creditors Deferred Income Accruals 52.990 30.CI)O 18.042 44.252 30.151 101.032 74.403 Analys1$ of Doferred Income Openlng Amounts Deferred Doferred In Income th• Y•ar Closing Deforred Income Deferred Income 30.000 30,000 30,000 30.Crf)O Deferred income of £30.0 was for Lighting and CCTVw<>rk5. 17. Commitments On 12 September 2011 the charitable ccmpany was granted an underlease of Jubik8e Gardens for 127 years. Jubilee Gardens Trust signed a ¢ontraca extenshM Wtth Gavin Jones from 1st April 2023 to 311t March 2024. The total future minimum contract payments under non<anc&llable op8r*ing contracts are 88 follows: 2023 Less than 1 year Betsveen 2 and 5 years 311.211 255.848 25
Jubllee Gardens Trusl la nnY Ihnlted by guarantee} N(rtes to the Flnanclal Statements F(xth•y8ar end•d 31 March 2023 18. Capltal Commltmont The charitable ¢panY had £nil (2022 - £nli ) contr*ed but not provided for I1h4n the finanual statements. 19. Funds Op8ning Balanc• Closing 8alance Income Expenses Transfer Unrestrlcted General Desnated - Sinking Fund 225.741 1.219.823 670.465 1570.038) {46.6661 279,502 46,666 1,266,489 Restrted- Sinking lund 150,451 237.315 1,596.015 757.329 1570.0381 1,783.3C6 The restrided donations can only be used for asset renewals and fomi part of the sinking fvnd. Funds forthe year •nded 31 March 2022 Openlng Balance Closlng Balance Income Expenses Transfor Unrestrlcted General 273,724 Desunated~ Sinking Fund 1.160.846 Reslricled-sinking fund 75,000 509.395 1498,4011 158,977} 225,741 58.977 1,219.823 150,451 75.451 1.$09.570 584.846 1498,401) 1,5%,015 Anal19 of Net Assets belwofjn Funds Flxod Current Current Assets Llabllltles Net Assets Cash Unroslrictod General fund Desunated- Sinking Fund Restricted- wnking funds 221.213 305.545 1110.3701 1101.032) 1.230,635 237.315 315,356 1.230,635 237.31 S 221,213 305.545 1.357,580 (101,032) 1,783.306
Jubllee Ganlens Trust {a comwny Ilmlled by guarants•) Notss to the Flnanclal Statements For th8 year ded 31 PAarch 2023 Analy81s of Net Assets Between Funds for the year 8nded 31 March 2022 Flxed Asset Current Assets Currènt Llabllltles Net Assets Cash Unrastri¢t•d General fund Designed- Sinking Fund ReStrted-S1nkIng funés 174,853 39.304 8S,987 1.219,823 (74,403) 225.741 1.219.823 150451 1.596.015 174.853 39.304 1,456,261 174,403) 21. Related Party Tranuctions Five ol the Trustees of Jubilee Gardens Trust are also the Directors of South Bank Emph)yers' Group who are Closely involved with the managemonl and adMIniratn of Jubilee Gardens Trust. During the year Jubilee Gardens Trust incuffed expendf(ure totalling £163.97712022 - £157.305) wrth South Bank Employers Group with £1,955 {2022- £26.7431 being dug at the year end. Related paty transaQ)ns were incurred with the folluwirKJ organi58t$ each of which are represented by a member on the Board of Directors. Income Year to 31 March 2023 Income Year to 31 March 2022 D•btor 31 March 2023 31 March 2022 South Bank Centre Shell UK Ltd Medin Entertainments Braebum Estates Coin Street 87.624 46,000 21.000 .591 25 251.240 86.318 46,000 91.221 70.221 30.CWJO There was defeired income £30.000 for Sh811 UK Ltd as at 31 Mar¢h 2023 {31 March 2022 - £Nil). Controlllng Party The charity had no trollIng paty. 27
Jubllee Gardens Trust la Gompany lknlted by guarantsg) Nots8 to the Flnanclal Ststements tho y•ar onded 31 Mar¢h 2023 23. Reconclllatk)n of Con8olldated Net Income to Net Cash Flow from Operatlng Actlvltles 2023 2022 Net Incomeldeftclt for the reportlng perlod A¢Jjuslmenls for.. DeplatIOn charges Loss on disposal of fixed assets Dividend$ and interest from investments and bank Ilncreasel I decreasg in debtor¥ Increasel{Decrea$el in cr8ditrys 187.291 86.445 41.766 14,635 11,090 16.1S31 175.587} 136,986} {11,4851 109.492 26,630 353,694 16.5561 24. Contlngent •wt A review of VAT and the Trusvs partial exemption calculations in earty 2023 identrfied that the Trust should request a VAT reftjnd from HMRC. This wa$ submrtied on 141h March 2023 and a response is awaited frLJn HMRC. This is a contingent asset and has therefore not been included in the Trust's financwl statements. 28