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 A￿￿1t 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 InTh￿n - Cha John Rushton - Vti Chair Sirrth Green . Treasurer Loredana Guetg-wyatt Michael Ball Petef 8all lan Bog Mark c￿lIarKI Garelh Price Cllr Sarina D8 si￿8 Marilyn Evers Simon Greenl Warren Forsyth Imran Tauquir John Lang Rawn Sprinz lwn Tuckett Denwj Ihfjand {ap￿inted 12th April 2022) (resigned 10Th November 2022) (res4ned 111 March 20231 (appointed 1si March 2023) (appointed 4th A￿)USt 20221 lappoinled 11t Juty 2022) 1r￿￿jrrtd 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 reg￿tratIon 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 phys￿81 and natural enVirOn￿nI of the Area." and 4. Educate the publ￿ in the subjeet of the hL8tory of the Area". and 5. Promote communty Part￿ipation in heatthy recreation: and 6. Promote, for the benefrt of the public. the arts: and 7. Advance edUcat￿n., and 8. Advance afi other purpos￿ charita￿e 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 Trusl*s {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 S￿11 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. wh￿h ¢)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(ffi￿lty 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 land￿Hner members. tsvelve members in the Local Enterprise category and seven Resident OrganisatK)n members. tt is hopèd that a new f￿u$ on I￿al 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 s￿retarIa1 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$alions in the SoLrth Bank to promote and improve the area for the benefit of employers, residents, and visitors. various e￿ments of the SLA bgtsveen the Trust and S8EG are overseen by the committ*s described above. Various adjustments were rn￿e to the SLA in 2020-21 to respond to the demands of the Covid 19 Pandern￿ and the SLA which was eortcluded for 2021-2023 has been amendèy and exterbded to cover202>24. There is also a Data ProtectKJn Agreement b&￿een the Trust and S8EG. Communications activity. including websit& content and updates. social medkq and ger*ral PR 1$ 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 merr￿ndUm arKI Art￿les. 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 S￿nd term of three ygars, with fvrther thre&year terms subject to a resolLrtion of ￿￿thIrdS of the 808rd. A number of I￿g-Se￿n9 but active Trustees were r•4ppoinlod under this procedure in February 2023. Landowner Trustee$ appointments are indèfiniie. Cwtwj Truste8 appo1ntrr￿ts 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 CoM￿nY Ilmlted by guoranteel Forthe yoar qndgd 31 March 2023 remains to be filled. Mark cle1￿nd. 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 gU￿anCe than p￿VIous￿ 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 r￿c￿MendatiOnS 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 suff￿lent 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 $ubj¢et lo a full revtew in 2023, t(yJelher wth the devebpmenl of more detailed risk registers by the Finance, and Operations Commrttees. enabts'n9 8 mc*e comprehensive iisk assessment process. Operatlons In O¢t¢ber 2021 the Trusl was awarded a Green Ftag. the independenl quality assessment of parks and gardèns. This award is renewed annually th8 Trust was pleased that rt was re-awarded in 2C122. The award reflects the success in maintaining the Gard8n$ 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 actNil*s are daity safety checks and repairs as necessary to the very heavily used playground and maintenance of security equipment such as CCTV and bollards. Maintens￿e 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 opor*i¢Ms s￿h as ￿PlantIng of borders and irrigation. These ￿lI￿lieS 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, wh￿h 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￿. t￿TIl¥J the busiest limes of the year, April lo September. JubSlee Gavdens Trust {a company Ilmlt•d by guarants•) Forthe year gndod 31 Ma￿h 2023 the Trusloes have also judged it n￿e$Sory to provide 0￿Ight securty patro18, to ensure publ safety and reduce the risk of vandalism and damage. The combined resourees of the Gardens leam. South Bank Patrol. the Metropolitan Police and Lambdh Council finally succeeded in bringing under control the anb"_social and criminal behav￿)Ur which had been a very semus problem during and Immed￿ety after the Cowd 19 pandemic. The ban on drinking alcohol on the Gardens intrciuca by the Trust abo had a signfficant effed and continues in force. The Trust is also very cwimitted to a progr8mm¢ of asset renvKal$ 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. P￿nnIng 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$, follwing which. wth the full agreement of the Lc￿1 Authorbty Tm off￿er. thirteen trees were renvJved - these were not ftrjurishing or were t￿ close lo. and aff&b"ng the health and prospeth of, neKJhbouring trees". tsvo Ire9$ 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$sCL￿teS wh￿h would xhieve a step change in the qualty and bi¢xliv8rsity of our planting. The Trustees ackncwledge the support of the t￿M re$r￿s￿le for th6 nature-based $lralegy adopted by Soulhbank Centre for ts estate. A fea¥ibility Study has also been undertaken of a sman-scalewater rfruse proiectwhich would complement the provision of a suppty of grey water, both for irrigatK)n and C￿nsing. an important inits'ative both on environmental grounds and to save the cost of water from the main$ $uppty. A feasible scheme has been developed using Southbank Cenlre's Royal Festwal Hall l)orehole and this development is expected to be In¢￿ded in the plans for the Gardens extension. 3.6 Current Financial Porformance The Trust is funded through the annual sUbsCript￿n$ of thg land￿er 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 ex￿ed 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 ir￿￿ne 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 ope￿Ing dgftit of £31.OCQ in the premous year. Jubilee Gardens Trust (a company Ilmiied by guarantee) For tht y￿r ended 31 March 2023 The Trust's longer- temi financial outlook problematic and rfftd to be res0￿ed 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 wh￿h 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 fuTrJrais￿g str8tegy based mainly on approaches to trusts and foundations for projects- there is 8 ￿Cognit￿n 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 Asstt*les. an extension to the Gardens pwground, and a water re-use project will be Ihg $ubj8cl of fundraising efforts as soon as they are SUff￿￿ntty developed and costed. Th& pgrfonnance of the three structures installed lo enab￿ visrtors to make contactless donations of £2 to support the Trust remains an issue and were finally overcome but the rate of donations did not match pre-pandemic inrtial eontsctles8 giving relums. In terms of general fvndraising. the Trust commissioned Vvootton George consullanls lo undertake a review of Prosp￿ and prcpose a fun(lrais￿g slralegy. The Cormiittee Subsequently approved a fundraising strategy. 3.8 Hungerford Car Park and Gardens Extenslon It has long been the ambition of all local stakeholders and is refiected detailed Pr￿S￿n in Lambeth's adopted Lo￿1 Plan that Jubilee Gardens shoukl be extended onlo twcpthirds of the adjacent Hungerford Car Park, an increase in green open sp8ee eqUwa￿nt to some 40QA of the area of the exh8ting Gardens. This would occur in cOnjun￿￿)n with a cultural development by Soulhbank Centre on the Temaining third. The area of the potenlial extensK)n is leased by Southbank Centre to Braeburn Estates who have appointed Wes18, the landscape architects of the exsting Gardens. lo design the ex18nsion. All parties {SQ￿hbank Centre, Braebum and the Trusll agree on the importance of exlending the Gardens and wish the Trust to be offered the opportunity to manage the extended area under a long lease as wrth the current Gardens. Inrtial design meetings were hekl in 2022 at which the Trust reiterated its prime requirements for the new Spaee. rkgmely: - Ensuring the Gardens extensKm deswjn nwets Trust expectat￿$ 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 bu1￿￿1ng on the - And, above all. establishing robust sources of nthv inco￿￿ Suff￿lent lo cover the Trust's current forecast deficits and lo enable the Trustto tske on the additlonal costs of rnanaging extsn&on without additional fina￿la1 risk. Shortty after the Awoinbnent of 8 and the inibal meeting$. the design process was pui on hokj. pending decisions by Southbank Centre aboul its devel¢)pment on the adjacent site, and remained on hokl at the year erKI. In the meantime, supporting plans for tho extension, combined wth efforts to ensure that the Twsl is in a position lo take on its managemenl and mairrtenance, are a major Trustee objective. Jubilee Gardans Trust la company Ilrnlted by guaranto•1 Forthe year ended 31 Mawch 2023 Trusie•s' R•port 3.9 Long-temi flnanclal proleclions These arrangements now figure prorninent￿ in the Waterloo and Southbank section of the now adopted Lambeth L￿al Plan. In continuing discussions, the Trustees have emphasrLed th&r key concerns. narnety.. Until the pandern￿ the Trust had been a￿￿e lo its resep4eS fn)m various sources, which is the background to their value at £1.78m al 31 March 2023. No similar on￿ff opportunrties to build up the reserves are forecast for the foreseeable fvture. In xcordance with the Trustee$. reseNes p)licy, unrestricted reserves are made up of an operat￿nal reserve sufficient to cover 9 months running costs in the event of emergency, whik the balance. has been deS￿nated 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 $1C6 funding from 202&26. bl A signrficanl increase in labour costs for the baseline management and maintenance of the Gardens arising from current thls of Infflat￿n and their wnpact on London Living Wage, to which the Trust and its contractors are wmmitteil. The additional resources, both day-to day running costs and prowsion for asset renewals, which wll need lo be available on a secure basis rf the Tfust is to take on responsibilty for the Gardens Extension Incluéing these factors. the Trusfs medium and long48rn for￿aSts shvw a cumulatNe def￿1t estimated at £4.5m over 2LI years, with the Trust SLrffering increasing annual operational deficits from the mKI-2020s onwards. The rwuirement is for addi(ional annual inc¢Jrne of £185.C(K) at Gurrent prices or a £2.5m endowment, or a combination of the ￿. The Trustees, absolute priority 1$ 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 le￿ect the contribution the Gardens make lo the quality and ecorlomic success of the Solrth Bank n￿ghbCrtJrhood. The Cons￿Uen￿ 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 prior￿e5 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. Lamb*h. and London. c) the Trustwould not be in a p0s￿OnI0t8ke 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 operat￿rnal re5erve5 sufficient lo cover 9 months running costs. Ofthe remaining balance £1.$04m, £237,315 is reStr￿ted as il relate$ to donations made by Braeburn E$tstes' wh￿h can onty be used for asset le￿￿81s. 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 iMprove￿￿ts arKI posS￿Y drainage works. all of which will need to be met from reserves. 5. Investment Pollcy The Trust can make investments that we t*ithin 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 *ch￿Ved a prudent balance be￿een income and guarding against the risk of failure of any one inslitulion. As a smaller charty, we beneff( from Ihe prOteCt￿n 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 Tr￿te0￿, 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 p￿￿leS and then app￿ them ￿n$￿tent￿. obseNe the metheés and prrcipk8s in the ?4*pl￿￿e Char**s SORP 2019 (FRS 102). makejudgements and estimate3 that are rea8onabk8 ar￿ prudent. state whether appI￿able UK knunlirKJ Standards been fdbwed, subject to any material ¢kpartures disdosed and eWain6I in the fmancial stalen￿nts. 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 resp￿sible for keeping adfjqLth xcounting rwds that di8dose with reasonable ae¢uraw at any lime the finaneial posf(kJn of the compary and tlwn to er￿Ur? 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 aW￿e at time this report ts aFVMd'. There is no relevant audit Infomial￿n ofwhth the auditors *e unmre and., They have taken all the steps they ought lo have t*8n to mae themse￿ awaro of any rel8vant audit inforMat￿n and lo establ￿ that the auditors are t￿re 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 ex*iytr"¢)ns pennitted by S￿t￿)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$t For the year ￿ded 31 March 2023 Oplnlon We have audrted the financkef sL*ements cl JuEMl* Gardens Trust for the y ended 31 Marth 2023 wh￿h comprise the Statement of Finanoal Adiwtses, Bala￿e Sheet. Si*m8nl of Cash FlryNs and notes lo the financial statements. indudiThJ a surnmarycI3ignrficant accounts'ThJ policies. Thefinancial reForting framework that has been appl￿￿ in their preparation is applicable law and United Kingdom ACr￿Unting Stsndards, indLx1ing Financial Repth'ng Standard 102 The Finan¢pl Reporting Standard appluble in the UK and RepLOlic of Irdand {UnitwJ Ggneralty Ac¢8Pted A￿U￿tir￿J Pra¢tT¢el. In wr ¢)pinKJn. the financi81 stat￿ents.. give a true and frdir of the st* ￿ the charif*be company's affai￿ a$ at 31 March 2023 and of thè tharitabk8 ccmpany's net in funds, I￿uding the Nc(yne and expendf(urg, forthe year then ended," have been property wepared in Xco￿arKe 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 Inlematlc￿a[ 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 ststerr*nts 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 V*e havefulfille(l our othereth￿l responsibilities in accordance with these requirerrents. We beliemp th* the audf< ev*Jer￿e we have cthin&J 15 suff￿th 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 fin￿Cial stat￿ts ￿ apprcyale. Based on the work we have p￿rrI￿d. 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 f￿anCIal stslements are aulhoris&J for issue. Our responsibilrties and the resp￿8￿￿￿1es 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 f￿an¢1￿ sl*emenls 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 co￿lUS￿ln the￿on. In connection with our audit rAthe finarKi81 stateff￿ts. wr responsbilty i8 to reay the other infomialion and, in dcing so, consider whether the ¢)ther inf￿matIon is malerialty inconsistent wrth the Iinanaa statèments our know￿98 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 m*erial 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 (wh￿h I￿ud¢S thg ￿￿￿tOrS, report prepared for the purposes ofcompany L￿) ftxthe financd YearforWh￿hthe finan¢i31 stalemgnts are prepared is consislenl wrth the financial statements.. and the directors, report i￿luded wrthin the Trustees. Annud ReF#Jl h￿e 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￿ charit*Jl8 company,. or the charitable company finarti￿ staten*nts are in agreernnt with ￿ accounting records and returns-, or rtain disclosures of trLtstees' rernuneraIK￿ spear￿d 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 b￿r0 sat]sf￿d 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 ext*tsd lo inliuence the wr￿niC d￿lS•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(jry￿ryand the envwonment inWh￿h 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<0M￿L$nce might have a material eff•¢t on the financial $tslements. We aLgJ considered Ih)se and regulations that have a direct impact on the preparation ofth8 finawal statements such as Ihe CMipani85 Act and the Charitw Act 2011. We evaluated manage￿￿n1'S incentNes and ¢)ppcrftun￿eS for fraudulent maniwlatM)n of th& finanti statements {including the r¢sk of override of controls). and deteMiir￿ that the principal rBk$ 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 r￿UL￿or$ tsx authOnt￿s", Discussions wrth Managen￿rt includiry ¢or￿￿JeratIJn crf kr￿l¥n or suspeded instsnce5 of non- Complian￿ with laws and regU￿tIOn and fraud. Revtew of minutes of rrwlings," Evaluating management's eontrcAs designèj to prevent and det￿t 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 limrt*KJn5 of an audit. there is a risk that we ￿11 rp)t detect all IrregUL￿tIeS. 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 b￿ne aware of instances of n¢)nrk5. 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