JUPILIF GARDFhlS TRUST Trustees, Annual Report and Accounts For the Year Ended 31 March 2024
JubllÈè Gardens Trust la oompany limed by guaratfteel For th• y•ar endad 31 M4r¢h 2024 CONTENTS RefererKe and AdrnlnL8tratN¢ Dotail$ Trustaes, Annual R8p(wt 31010 Indgpgndenl Examinerf8 Report 11 10 11 stalamgnl of FlnaKlal l[tIeS 12 Balance Sheet 13 Cash Flow Stat8m8nt 14 Notes to tho Flnandal Ststsmgnt8 15to25
Jubilee Gardens Tns8t {a company limii#d by guarantsgl For thoyoar ended 31 MaTch 2024 Referance and Administrative Delalls ChaTIty No: 1137514 C¢mpany No: 06684441 Trust. Edward Inman- Chair John RUshtc - Vice Chair Simon Green- Treasurer Mi¢h8el Ball lan Bogle James Dredge Cllr Sarina Da Silva Marilyn Evers Slmon Greenley Warren Forsyth Loredana Guetg-wyatt Gareth Price Emmanuelle Ronez Raewyn Sprinz Imran Tauqir lain Tuckett Deni$e Wand (appointed 1" February 20241 (appointed 1" A12023> {resigned 7th September 20231 {appointed 18th November 20231 {appointed 1" May 20231 Secretary: Indranie Sookdeo Reglsiered Offi¢•: 10 York Road London SEI 7ND Ind•pendgnt Exwnlner.. Jane Askew ACA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Princlpal Bank9r8: HSBC Bank PIC 28 Borough Hlgh Street SoLthwark London SE1 1YB Solicitors Devonshires Solicitors 30 Finsbury Circus London EC2M 7DT
Jubilee Gardens TTUSt {a company limltqd by guarantee) For the year •nded 31 laar¢h 2024 Trustees, Report 1. Constitution and Objectives and Publi¢ Benefit Jubileè Gardons Twsl, a company limrte(I by guaranlse {company regk8trabon number- 06084441), was 8stablish8d in 2008 and became actlve In 2010. In which year obtained registsred charNy status (chaiity rggistralion number - 11375141. The trust ks govemed by Its Arb'cles and Memorandum of Association. approved on 2& August 2008 and amgnded al the Annual G9npral MgslrKJ on 18th Novemb 2023. The objects of thè Chartty arg to: prod& a park and facNltl8s at Jub1188 Gardons, for b•n•fil of the public, in Ihg intorosts of soc181 wdfara and wlth Ihè objèct of Improvlng thè condithryns of life of the pubtic., and 2. Provld8 facllides for recreaton and teksure, fcr the bengfit of the public, In the intere8ts of sodal wdf8r8 and wlth th8 obl8ct of Improvlng tho eondlllons of Ilf8 of the Publ.. and 3. Promote. for the bènefft of the publlc, tho conservalkjn, protection and improvement of the physical and nalui81 environment of the Area: armj 4. Educat8 lh8 public in the subject of the history of the Area., and 5. Promot8 communlty Patlidpatlon In healthy reall0n,. and 6. Promote. for the beng)S1 of the pubtk, the arts.. and 7. Advance educalh)n: and 8. Advanc• all olhgr Purpo charltsbl6 under tha law crf England and Wale8. The Trustse8. who are a180 dlrector8 of the chty, have complied with the duty in sedion 17151 ol th9 Charltios Act 2011 lo havg due regard lo publSc bengfil guklanee publlshed by the Charity Commlssion. 2. Board of Trustees The Board of Trustees {who are Ihe Dlreclors of the chty) al the dale of this report rA)mpri8ed: Trustees appointed by Organlsations representing Residents Mlchagl Ball MaTityn Evers Raawyn Sprinz Dgnise WlarKI Trustees appolnted by Local Enterprl8e Members John Rushton laln Tuckett lan Bog18 Emmanuelle Ronez Chalr Trustees appointed by Landowner Members Gargth Price Warran Forsyth Jam8s Dr8dg8 Imran Tauqulr Shell Southbank Centre Braaburn Estatès Merfin Entertainments Co-optsd Tru$tws Cllr Sarina Da Silva Edward Inman Simon Green Loradana Guèt*Wyatt Lambgth COU11 representalve Chalr Treasurer
Jubilee Gardens Tru¥t {a company Ilmited by guarantee) For the year ended 31 March 2024 Trustees. Report 3. Main Aclivities of the Charity during the Year 3.1 Admlnlstrdtion and Go¥emance The Charlty's Board méats quartarfy. and Its day-tO-d8y activitEes ar8 ovet888n on ils behalf by three Commlttee5'. A Finance Commltteg, chaired by the Treasurer, whSch establish?s budge15 and business plan& authorlses expèrKliture and ovrf8ee5 insurancè risk manag9nI aangem8ts on behalf of th8 B08rd. - An Op8r8tll)n8 Committe9, chairgd by the Charity'8 Vicfrchair, whlch Overse the martag8msnl and malnlènance of Ihg Gardgns and r9VW proFwak for evgnts. - A Fundraising and Communleations Commiiteg, ¢halrgd by Ihg Chalr of tho Charity, tasked with developing Ihe Charity's communirAlion8 With Its 8takeholder8 and Inv&stigatirg aThJ executing ftjndraLng activity. The thr88 ts)mmltt8as have powars fcymalty d816g8t8d by tha Chmrity's Board as provid8d for in the Articles ofAssoc1aln. Durlng tha yèar. th8 Charlty upd8t8d its register of Tru818es' Interests as rUired by the Charl3 poiicles. M8mb8rship of the ChaTÈty cornprlses fr landowner membeTS. 0h1 members In the Local Enlorpd$6 category, seven ResSdent Organlsatlon meTT)bets and iwo Associalg mgmb8ts, a ¢atggory provided for In Ihe Charfty's Metnorandum and ArtleS bul not prevk)usly used. Enhancing local communications and 8eeking lo incTease membershlp In the Local Enlerprlse and ResSdenl Oigani5ation calegorigs rem01r a TFustse priority. The Charity has adjplgd a pollcy that il will not directly employ stsff. Its main acliviti8s. both the managomenl and maintenance of the Gardens. and administralivg. financSal and ChaAty S•aral servlces ar¢ pio¢urgd a Sgrvlce Lgvel Agreement {SLAI wlth South Bank Employers, Group ISBEGI SBEG is a non-profit company eStabShd by Ma1 organisalions in th8 South Bank to promoté and Improve the arga for thè bgwfit of employers. residents, and vkgltors. Thè varftsus é18m8nts of th8 SiA betsveen the Charfly and SBEG ara ov8rse&n by th& commltt8é8 d8s(xib8d 8bov8. There 18 also a Data ProlèclEon Agra8m8nl bètween the Charity and SBEG. Communlcatlons 8ctiv5ty, inctuding w8bsits content a1 uat8$, sorAal media and genera] PR Is also ointracled out, in this case to a freelance consultant 32 Governance Changes At its 16" November 2Q123 AGM the Charfty adopted a numbBr of changes to its Articles and Memorandum of ASsoclI0n arfslng from its 2022 Govwnancg Raview. Thes¢ IndUd in¢r8asing tho number of ¢o- opted Tnjsteesfrotn fourlo swen. to FKovldg the opportunity lo broaden the 8ki118 and diveT8ityof Iha Board and facilitate succ8ssion planning. The revisod Artides also provide for co-OPt8d Trustaas lo ba appointed lo Ihrg&year terms rath¢r than bglng subjed lo rengwal annually. 3.3 ReoruFtment and Appointment of Trustees, Trustee Inducllon and Tr8lnlng A r8cruilmenl procass for thè wwly cr88t8d TnJstè8 vacanclag is planned to Start in 2024. There were the following changes to thè mamb8rship of th8 Board In 2023124. Th8[8 was an 818Ctlon to fill the VancY in the Residgnt Organlsatlon Members calegoty, this was filled by Denise Wiand in May 2023. Counclllor SarSna da sIa was nominated by the London Borough of Lambelh in May 2022 and wa8 accordingly co-opted to the Board. Followlng John Langloy's reslgnatlon In February 2023 a5 a Trustee appointed by Local Entorwise members, th8r9 was a $919clion pioc98s, and tris vacancy was filled by Emmanu611e Ronez in November 2023. Slmon Greenley. apFM)Inled by Braeburn Eslales to serv8 as a
Jubllee Oardens Trust (a company limlted by guaranta•l Fw tho Y•arend 31 Mar¢h 2024 Tnwtees, Report Trustee. r8slgn8d In S8plamb8r 2023 and Jamas t8dg8 wa8 appointed by Braabum to suCd hlm, lolnlng th• Board In FebnJ8ry 2024. 3.4 Rlsk Management Tho Charlty ha8 approved a rfsk management pollcy and In 2023 the Board adopted a Rtglstsr of Principal Risks which il r8vi8ws al laasl annually. RL%ks Idènlifi8d as 'Hiqh' and n89ding particular Board attantbn Include al Failure 10 8ecur8 BUtfick8nl long-tern fijndlng to Mana tha Gardbns Includlng thalr ext8nsion. Th1$ is fvrther addres88d at para 3.9 bebw. bl Successlon Wanninlo$S of key sknlls- being addrgS8ed In the context of filllng the Tru31e8 VaC8no8S Qf8ated in November 2023. S8e para 3.2 at4)ve. Th8 Crty$ thr88 (X)tnmitt888 al80 hw9 a rdg In the rf3k management proce88. regujarly reviewlThJ rtsks and adopllng subsldiary rEsk roglsters In thelr areas of responsibllty. 3.5 Operatlons The Charity sets Itsdf a very hh3h standard of manag1¥t orvj rnalnlonan¢o its Grggn Aag. the Independent qualty ksse&8ment of parks and gardgns, was re-awarded In 2023. The management and malnt8nane8 of th8 Gard8ns is partilaY demarKJirvJ because of the legal requlremenl for tha Gardons to be open 24 hours a day. 365 days a year. The work falls Intr) threè maln categoTIPS'. al Cleanslng and general rnan4gprngnl: thg m1 domanding elem?nl of thls work is Simply ke8ping the gardens ctean and litter-free. Other Important activitk?s are daity safety chacks and r8palrs as necessary lo the very heavlly used playgFgurKI malntenancg of secudty equlpmonl Such as CCTV and bollards. Maintenance staff are also th6 first polnt of conlact wllh usars of the Gardon$ and Ihèir ambaSSl0r1al rola is important lo Ihg Charity. bl Horticulture: this element of Gard8ns maSrEl•nanc8 covers lawn. tr88 8nd flowèr4Jl maintenanc and associated oporaOon$ such as roplanllng of bord8rs and lrrigalion. Ts• ac110$ ar8 thntractsd to Gavin Jones Ltd. c) S81)Jrlty.' The Charty partPat82 In th8 S(Trufh B8nkwK18 op*>DS of the South Bank Patrol servicè. whith pmldes a Community Safety Accredited security presenc8 across thè South Bank to address Sllegal tradlng, k)w4eval crime and anll-socrdl b9hawour, as wdl as providing raassuraneè and InforMaOn for visitors. DuTing the busi&st timss of the year. Aprfl lo Septemr. the Trustees have also judged il n8ce&wy to provida OVBrnvJhl SeEIty palro18, to ensure public safety and reduce Ihg rfsk of vanda5ism and damage. Tha Charlly18 also very (x)mmllled to a pt(yJramme of &8set r8newaJs and work In this area Included: Continued plannlng fora majorren8wat and upgradè of th8 CCTV and lighting in the Gardens. Thls project, likely to cost In th6 order of £200.000, Is InterKl8d lo be ieady for IMeMental10n in lats-2024. Thè planllng of a wde new beech and hombeam hedge on the southern boundary of the Gardens adjacent to the access roule to tha London Eye. The hedge has 8ignfftant biodiversrty and security banaffits. It W8s Impl8m8nt8d with financial 8UPPOrt from th8 Lon(kJn Eye vla Its s106 agreement wrth Lamb8th and from M8rf1n Enlertalnments. Planning for the reacement of all thg benche5 in Ihg Gardgns. otiginally installgd In 2012.
JubllÈÈ Gardens Trust la ¢ompany limited ty guarantee) For the year •nd•d 31 March 2024 Trustees. Report 3.6 Current Flnanclal Ptrfomance Th8 Charity Is fijnded Ihrough the anThJal sub$cripffigns of Ihg landowner meMr$, an annua paym8nl by Soulhbank Centre under the Charity's lease, and an agreement with Shdl tr) contrlbtttè £25,000 per annum ovèr and abovg its subscription. The Charity's laigpst $inglg source of income come8 from the $106 agreement undgr whlch 1 % of IhB Eye'8 lumover 18 dedicat to k)cal prioritS of which the Charity's management of Jubilee Gardens is one. Th8 18val of funding fom this 80urce was much re¢JUd a¥ r88uII of Covid bul is now set to reium lo preiandemic Vels. At the same time the 10-yearrevanue s106 funding from Ihg Soulhbank Place d8vetopm6nl, worth £80.OOD In 202&24 has now c68sad, with no obvK)us routes lo replacing it. Commkssion from Ihg van-ba8ed catering oullel on the Rbverslde next to the Jubiloos continues lo be an essential el8m8nl of tho Charlty's incomg. The van sited on land leased by Braebum Estates from Soulhbank Céntra and Ilès just outside the area covar8d by the covenant whlch predude5 gQfnm?rclal activity on Jubilee Gardens iiself. Caterlng income suppFem&nled by a wnlribution arisirtg trom Soulhbank C8ntr•'s commarcl81 activities on the nohbOUng Hungerford Car Park. Firkinclal r8sulls for the ygar 2023-24 wertt good, with an operatlng surplu8 of £252,935 bul Ihls maÈks growing concern about th6 m8dium-totm oulook, affected by the loss of tha Soulhbank Haea income and signlficantly inueased contractor salary c0515 whiEh mako up a hlgh proportion of the CharItS gardens management outgolros. Thls reflects inflat in tho London Lfving Wage which th8 Charfty réquires its contractors to pay and which is the mlnimum lavd requlred in any ¢a59 to rè¢wit and ratain staff In thls eantr81 London locallon. The Charty's longer- lemi flnandal ouuwk ts problematic and will ed lo be resolved to ensur8 th8 Ch¥lty 18 financkilly In a posiuoft to t8k8 rgsponsiblllty for the Gardens. exlonslon- $99 para 3.9 below. 3.7 C¢JTnmunlcatlons and Fundralslng The Charity's Communlcations and Fundralslng Committ8è, SUPPOrted by a freelar con5ultan( mainlain&d rts aclnilty with continued growth In soclal medla fotk)wgts and website use. The high point of Ihks acfivity in 2023 wasa raceptlon In th8 Gardens on 14th June, attended by HRH The Duk&ofGloucggr. the local MP. Florènce Eshalomi, the L8ad8r of Lambelh Council and IOCI loc supporters of the Gardens. The Charlty Is undertaking a ft]11 rgvbw of Its on-Bite signage and infofmallon to rolnforc6 the faol that thi8 Iwsy central London spaco Is run by a local charity rK)l a statutory aulhorlty. Thls is to reltrf¢Jp its onsitg CntaCtsS donalSon polnts and create other opportunltlas for vlsitors lo support the Charity. Therg has also bgen Somg Success In raislng axlarnal fijnds for projgcls with aruund £200.000 provlded or ¢ommltted lowards Irghling improvaménls, th8 new southern boundary hedge. arKI a planned watgr capture project. 3.8 Hungerford Car Park and Gardens. Extension 11 has loro been thB ambthon of 3Jl local stakeholders and Is rofiactad In datailad provision in Lambeth's adopt Local Plan that Jubllee Gardens should be gxtended onlo Iwo-thirds of ihe adjacènt Hungerford Car Park, an Increase Sn gtegn open space equivalgnl to som6 40% of tha arèa of thè èxisting Gard8n Thls would occur in conjunclon with a Lwltural dgvglopmonl by Soulhbank Centre on the remalnlng third. The area ofthe polgnlial extsn8Dn i818ased by S(AJthbankCentr8 to Bra8butn Eslatss who have appoinlgd Wgsl B, the landscape architècts of tha èxistlng Gard8n8, lo design the 8xtenslon. Al part5es (Southbank Centre, Braebutn and Ihg Charllyl agre8 on the ImFM)rtanee of extendlng Ihe Gard8ns and wish the Charity to be offered the opportunity to manwJ8 tha axtand8d arèa und8r a long lease as wth the cur1 Gardons. Braebutn Estalgs 4imed lo secure a plannlng consgnt for the •xt8rKsion duilng 2024. with a vlew lo11 bei Implemenlad ITh 2025-26. Design work was r6sumed In earfy 2024. then put on hcqd per]ng declslons by Soulhbank Centrg lo approve the brlBf In the Eonlext of ils an8 to develop the adjacent site.
Jubilee Gardens Trust {a company Ilmlted by guarantee) For the yearended 31 March Z024 Trustees, Report Mearbwhlle Ihg Chadty has rolleral Its prlme requirements for the new space, namety: - EnsurfrYJ thg Garden$ gxtenslon deslgn moets Charfty expadatbn8 In terms of qualty arKI sustalnabllity. - Securfng the fight seryicing aTharvJemgnts for the Ghadty In the r9velOpmen1 proc8s8. - Clarffylng r8sp(msibiliii8s at th8 intwfaco bofv488n th8 Gardons extenslon and any n6w buIldg on Ihg 8it8. -And. at*Jvg all, establishing r(U51 sources of new income suffictentto trVarthè Charlty'scurrèntforéc defi¢lls and to ena& the Charlty to take on tha addf(k)nal wsts managlng the axlènsion vrithout additional ffinanCI risk. 3.9 Long4erm financial projtetions The Twstaas have contSnu8d to work on their long4ern financial plans to meettheir key (xjncems, nam81y. Until the pandgmk thg Charity had bggn akAe lo grow its tpserves from varIJS sources, whkh Is the background to Iheir value al £2.036m al 31 March 2024. No slmilar onfroff oppcthnities to build up the reserves are forecast for the foeabl9 flrturg. In accordan with Ihe TrusteB5' reserve5 poIIcy. unre8tricted reserves are made up of an Operational R&servg suffioifynt lo (x)ver g monlhs nJTrniTrJ costs In tho evanl of em6rgency, whlle Ihg balance. has been daslgnated as an Asset Renewal Reserve, aongside the fvnds specifically reslricted kn th Purp9. Details 4r8 iri thg Flnanclal Statements. HcNYever. thL8 appar8nly hèalthy lav81 of rrv•S must bo sn in th8 light ofr al tha loss of approL £80,000 pa of Bra8bwn Estats8 s106 fvrKllng from 202+25. bl A sIgnrant increase in labwr c08ts ft)I thg baseline management and malntenanca of the Gardens arising from current levels of Infflatiora and their impact on London Living VVag8, to which the Charity and Its Contract are comrFth The addlllonal resourGe4 both day-lo day tunning co515 and prowslon for assel ronowals, wfllch wlll negd to be available on a Sre basks If the Charity Is lo take on respor)sibilityfoT tho Gardens ExtensK)n Indudlng th6s8 factors, th• Charlly'8 m8dlum and k)ng-tern) for8ca818 8how a cumulative (leffic eslimaled al £4.5m over20 years, wlth thè Charfty Suff8ng Incraaslng annual op8ralional deficits from the mid-2C120s onwards. The requlr&ment for additional annual income of £185,000 at current price¥ or a £2.Sm endowmenL or a comblnatton of lh8 tsvo. Thè TnJst8ès' absolut8 priorty is lo find means lo avert these fijlure financlal problems. All potential sources of income are b6lng inve3tlgated, bul vrilh covonanl$ pr8cluding most comm8rdal Income and th8 8xtreme drffic of raksiTrJ private fund8 for routing maintenance or endowment, th8 Charty continues to kx¢k lo the support of stalthcry 8uthorltl&% io closa Iho gap. Malntalnlng the hlgh quallty of the &2rdens wlll ba a kay factor In the success of the South Bank neighbourhood for Inward Investment and as a Clu1 and tourist d8Stinatlon. TruStS will eonlfimJ8 trj look to Lambelh Cnd1 to iecognLse the need for finarrial support from funds generated by local dev8lopmgnts a8 well Bs investlgating all opportunllos lo sauJr8 pat0 flnanclal supporL A crudal factor wlll be ChadVs ablllty to undertak6 commerclal operabon3 on thè èxtènsDn, whlch Is not subjèct lo the covenant whlch PrecIeS income generation on Ihg existing Gardens. Thls may indudè eaterlng. filmlrvJ and othw adivili9s. ¥ublecl to plannlng and provlding there Is no threat lo the day-to-day public enment of the green 8pace. The wn8equence8 If the Charlty falls 10 Securg Its financtal fvturg 4r¢: a) re8pon81blity for Gardons wll revert to the Charfty'$ landlord. the Soulhbank Contr6. whlch ha8 mad8 it clear that 118 cultural prcsramme prforlle8 and reduced fvndlng wlll Ffeyenl It frgm marbaglng tha Gardens lo an appropriate standard.
Jubllee Gardens Trust {a company limited by guarantee) For the year ended 31 March 2024 Trust. Report bl th8re would be a 89wious impact on the reputallon of the South Bank. Lambsth, and London. cl the Gharlty would Th)1 b6 in a FJo¥ilion to tak8 on responslbillty for any fvture 6xl8nslon of Gardens. 4. Flnancial Revlow Tolal funds at the year*nd aro £2,036,241 {2023.' £1.783,3081. In ac¢trdance with the Trustees, raserves policy. £502,437 of the total fvnds are held in general rTV@S as operatlonal r888rves sufficient to cover 9 mnlhs running costs. Of tho rgmalnlng balaftcè, £267,315 is restricted as il relates to donations wnadp by Bragburn Eslales, whlch can only be used for asset renewals. The remalnlng balance of £1,266m has been designated by the Charity as an At Ranawal Ras8N8. Th8r8 ale $8v8ral fflaior renewals comlng forward includlng a n8w CCTV system. lighting improvements and posslbly drainage works. all of whi¢h wlll need to be mel from reserve8. 5. Reserves Policy Purpose The purpos? of the Charity's Reserves Policy is to protect tha ablllty of th8 Charity lo fvWII its raspr>nslbllltlès for th8 day-to4ay management of Jubilee Gardens and to provlde for thg major repai and ranewals which will b8 requirod In th6 madlum to long tetrn. Operatlng Re5erwe Iunrostricted Funds) Tha Optrallng R88èrv8 provid88 for situations such as a sudd6n Increase in exp9. ong-limg unbudgeled expenses, unanllcipaled loss Infund1. delays In rfjceiving payments or unlnsured losses. Thé OwratirMJ Rgsgrv8 may also be used for on&llme. norFrecurring exppnsgs that wlll build Jong- temi capaty, wch a8 research and dovelopmerbt. or Invaslmenl in infrastructur&, partleularfy whoro the latter leads lo savlngs In revenue c0515. Th8 Op8rating Rgsetve is not Intended to repla a permanonl loss oflunds or eliminate an ongoing budget gap. The OpgrdliThJ Re8erve Serves a dynamic rol• and wlll be revlaw8d and adjusted In respon86 to internal and extemal changgs. The minlmum amount lo be d68ignal8d as 0ratIng Rasarva Is sèt to be suffiryentto maintain ongoing operalbns fof nlng monlhs of averagè operatiro costs. Asset Renewal R•sétvè (Deslgnated Funds) The TrusteES will tnaintain an Asset Renewal Reserve to coverthe costs ofm8dium to long tarm repalrs nd rgngwats as Identffied in the charitS long-lerm prolections. Tha amount n88d8d to maintain this Fund al the appropriate laval wlll fcM part of each year's annual budget and Ihs Fund wll be used to mg91 Ihg cost of programmed repairs and r8newals as Ihoy arfs6 and to pravant any cash flow is8U8S for tho Charlty arlslry from a major repair or renewal required in any partlcular year. Th6 larg81 Iw81 of thls Fund wlll bg rgviewed each year in tho Ilghl of IhB best esllmale of forecast rèqulr8mèntÈ on th8 Fund over a rolling 2tPyear programmg. Restricted Funds Raslrlclad Funds can onty be used for partlcular rosmctad purkX)se8 wlthin the objects of Ihg Charity. Re81rictions ari88 when sp6cM6d by thè donor (K wh8n furKSs are rais1 for SFecttlgd rgslrlcted purposos and the Trustees cannot use Restricl8d Funds for olher purposes.
Jubilee Cardens Tru6t la company Ilmited by guarantee) For the year ended 31 March 2024 Trustees. Report Endowment Fund The Trustees, top prlcflty Is to securo sufflclent revenue to dellver the hhest standards of management and Maln18nan of Jublleg Gardens for Ihe duration of ils sub-lease whlch runs to 2138. W the most atfvantsggous touts lo 5g¢udng a relia9 of such rovenug is by applyiru Capital (for oxampl¢ from Communty Infra8truthre Levyl to an Endowment Fund the TN8tsgs wlll establish Such a Fund In ling with best charity Practi for such funds al the Ilme Acrounting for Re5erwgs Thg Unreslrfcled General Funds Ioperaling Reservg), De81gnabJ Funds (Assgt Rengwal Reservg). Restrlcte(l Funds and Endowment Fund Ilf establLshgdl are Tecryded In Iha financlal records and reported to each meeting of th9 Board its Financ8 Cotnmiitee. 8. Imiesknent Pollcy The Tnjstees conslder that it Is appropriate for the majcffity of the fvnds to be invested in inteSt eami resgrve bank accounls arKI that no fvnds are Invgsted In glther equ111 or bon(l& The PA)ard of Trustee8 rgvlews thls pollcy annuty. 7. GolnB Con¢ern After fflang approprkite gwuirles, Ihe Truslees have a r8a80nabl6 expeclatlon that th8 Charlty has adaquala rasourcas to continue In operational oxislance for tho foresaeable fubjre. For this reason. thay ¢ontlnua to adopt tha golng eoncem basls in praparing Iha financial statamanis. Furthgr dota$ regarding the adoption of the going concern basis can be found the acc#)unllng polidos.
Jubilee Gardéns Trust la company Ilmlted by guarantee) Fvr the year ended 31 March 2024 Trustees, Report Tru3tees' Responsibllities In Relation to the Flnancial Statements Th8 Truste88 (who are aLw deCtorS of Jubil G¥dans Charity for Ihe purposes of company lawl arg responslbb for pieparing th& Twslgos, Annual Report and the finanaal statements In acc4)rdance wlth applICab law arKJ United KirvJdom Accounting Standards IIUnit8d lQng(lom (n8rally ApIed Accounung Practice). Company law rewlres the Trustees to prgpare fin4wKlal slatemgnts for each financial year whlch givg a true and faIraW of Ihe state of affairs of the Charity and of the incomirKJ rosourcss and appllcatlon of resources. IncludirvJ the income and expendIre. olthe Charity for that perlod. In preparing these financial slatements, the TrusteBs arg rgquirgd lo.. sd8ct sultabk accujnlng and Ihgn apply them conslstenty: oL8tvg1hg melh(yJs and IncAP1a8 in the appluble ChaAtlas SORP 2D19 {FRS 102): mak8judgements and 8stimates that are aS¢)bb and prudgnl., slate whether appli&2ble UK Aecountiftg Standards have been followed. subJgCt lo matsrlal doparturg5 dlxlosgd and explained in the finandal statements.. P18pare Ihe financial statements on the going basL8 unles8 il is inappropriate to prasume thal the ChaAty wlll conlnue In opgiale. Th& Tnk818es aro rasponslble for keeping adgquate aCCntIng records that disclos8 wlth reasonab18 accuTacy al any Ilm& the Inanclal position of tha Charlty and enablg Ihem lo ensure that the financial staleThnls comply with thg C(vnpanie8 Act 2006. They are also r8sponslbl8 for safeguarding the asseb of the Charity ar hgnce for taklng reasonable steps for lh8 pr8vantlon and delgction of fraud and other irregularil &nall ¢ompanles' exemption Thk8 report has praparéd in ttrdance wllh the Accounung and Rep(¥ting by Charities: Statement of Rgcomrnendgd PraclicA applica8 to dwlties preparing th8iT accounts in accordance wilh th8 Financwl Reporbng Standard 102. Th& Trust88s have taken the exemptions PErrnittod by 110 1A. In addltion, th6Trustegs havetaken a¢fvantage of Ihg small companl88' ex8mptions provided by section415A of th8 Companies Act 2008. This Anntrdl Report was approved by Ihg Board ofTruste88 on 251h JLAY 2024 and signed on thelr behalf by.. Edward Inman Chair 10
Jubilee Ganlens Trust {a company limiled by guarantee) Independent Examinerfs Report to th• Trustees of Jubilee Gardens Trust Year Ended 31 March 2D24 I report to the Charfty Tru$legs on my examlnalon of the fmanclal Stalemerts of Jub1180 Gardens Th8t I'lhe Ch3Jltyl f(T fhg ygarended 31 March 2024. Th15 report is rnade solgly lo the Charity'¥ Truslpes, as a body. In aeeordance wRh Part 4 of the Charltles (ActntS and RortS) Rogulat]ons 2008. My work has been undertaken so that mlght slate to the Charity's Trus1995 th0 matters l am required to lo them In an independent examlnefs rewl and for no other purp08e. To the fvuesl extent peItted by law, I do not accept (K assume reswnsibility anyong olhar Ihan the Chadty and the Charity's Trustees. as a body. for my work or for th1$ report. Responsibilities and basis of report As tha Trust8as of the Charlty land Its dlrectors for the purposes of company lawl you are responsi8 for the preparation of thé financlal 8lateMents In accordan¢e wlth thé requlr8monls of Iha Companlas Act 20(18 l*h& 2006 Act'i. Havlng satlsfied mys¢lf that thg )Inandal statements of tha Charity are not required to be audited under Part 16 of the 20C16 Act and are eligible for indgp8nd8nt examination, I report in r8sp8ci of my examlnawon of lh8 Charity'$financial statem¢nts rarrled out underseclon 145 of the Charllles Act 2011 I'lhe 2011 Acri. In carrylng out my examlnation I have followed the Diroctions given by the Chaiity Cornmission undei $8etion 1451Sllbl of th8 2011 Act. Indopendent examlner's Statement Sinc8 th8 Charity's gross incom& exceeded £250.OOLJ your examlner musl be a memt)er of a body Ilsled In 8.145 of the 2011 Act. I confirm Ihpt l am qualffied to undertake Ihe exatnination bBcaus0 l arn a membar of the Institute of Chartered Accountants in ErBland and W¥Jg4 whith is ong ¢Jfiho budigs. I have completsd my examlnatlon. I confflrm that rKs matters have com8 to my 8ttenlkJn In ConnecOn wtth th8 examination glvlng ma eatjsa to ballavo that In any matèrfal r8sp8ct'. accounllng records were not kept in respect of the Charity as required by secuon 386 of the 2C4J6 Act., or 2. the financial statemènts do not accorf wlth those records: or 3. the ffirkancial statemerbts do nol comply with th8 8eclK)n 396 of the 2006 Act oth¥ any requlrementthal Ihg finandal statements glve a'true andfalrf viewwhlch18 not a matter consKl8red a3 part of an independent examlnalk)n' or 4. Ihg financial statgmgnts have not bpen prepared In accordance wltt) tho methods and prfnclpbs of the Statement rf Recommgnded Practice for accounling arKI ehn9 by charities (applicable to ¢haMlios pr8pafing thgirfinancral ¥talemDnts In accordance wlth the Flnanclal RetIng Standard appllcablg In UK and Rgpublic of Iieiatvj IFRS 10211. I have no c4Jn¢grns and havg come acro nD olher matters In conrlectlon wllh the examlnallon lo which èttènt(on sh¢JJid bo thwn In IhLs r8POrt in ord8r to enable a proper understanding of the accounts lo be reached. Jane Askew FCA Haysmaclwe LLP 1 D Queen Street Plac8 London. EC4R 1AG 22 August2024
Jubllee Gardens Trust {# company limlted by guawantsel Statement of Flnanclal Activities lincludlng IncomE & Expenditure Accounti For the year ended 315t March 2024 Restrlcted UnrestrlGted Total Total 2024 2D24 Total 2024 Total 2023 Note In¢omo from Oonalions and legacles Charitable acllvlli8S Othar trading aclivitles Investmenl Income 30,000 113,370 520,584 254,415 29.705 143,370 520.584 254.415 29,705 1 g6,234 389,798 159,812 11,485 Total Income 30,000 918.073 918,073 757.329 Expendlture on Raising fvnds Charifable actlwlie8 other 27,021 549,394 118,724 27,21 549,394 118.724 11.874 406.601 151.563 Total •xpendltur• 695,139 695.139 570.038 Net income for the year 30.000 222.935 252.935 187.291 Reconciliatlon of lund5 Fund balar)ces brought forward 237 315 1545 991 1 783 306 1 596015 Fund balancès rarried forpHard 18 267.315 1,768 926 2,036,241 AJI tran8action8 derive from corthnulng attlivilies. Thg Charity hi8 no recognis8d galns or k)$8e8 Other than those Includ In the Statomenl of Flnanclal Activlties. The not85 on pages 15 10 25 form p*t of Ihesp fina[la1 statemsnts 12
Jubilee Gardens Trust {a company limited by guararrtoo) Balance Sheet 08 at 31st March 2024 2U24 2023 Flxed Aets Plant & Equlpmonl 13 181,313 221,212 Currènt Assets Dablttrs Cuffenl asset inveslm8nl Cash at bank and In hand 14 15 211.795 1,032.467 769.PA3 126,946 1,230.635 305,545 Total Assets 2.014,105 1.663,126 Li4bilitie$, Crgdilors-. amounts falling tlue wllhin one yea 16 {159.1771 {101,032} Net Current Assets 1 054.927 1.562.094 Net Assets 2.036.241 1,783.308 Unrestrlcted Fund$ Unrestricled General Funds 18 UnTestrieted Deslgnaled Funds18 Restrlct8d Funds 18 502.437 1266.489 267.315 279.502 1,2fj6.4B9 237.315 2.036.241 1,783,306 The Charity was entttled lo gxemptign frotn aurjit undBr seetbn 477 of tha Companles Act 20. Th¢ m¢Mr$ havo not rgquired the Charty lo obtaln an audll for the year In qu8stKJn in amxdartC8 With 8ectlon 478 ol the Companle8 Act 2006. Trustaes acknowl8dge the responslblllies forcomptying with the wuirgm9rrts of Ihg A¢twilh [speCt lo acrA)unting rètords and prèparallon crffinancial statem8nts. Th8 financial statsments hava baan prapared In aceordar)c• with FVisIOns applicable lo entili88 SUblt lo tho small companies. regime. The flnanclal statements yre approv8d and authoris Issuè byth8 TnjStS and signad on Ih•ir bohalf by.. Edward Inman Chalr Company Rl$tration Number. 06684441 Date: 25 July 2024 Thè not88 on page$ 15 to 25 fom part of these finanual statemgnts 13
Jubllee Gardens Trust <4 ¢ompany limited by guarantee} Staternent of Cash Flows For the year ended 31 March 2024 Note 024 Cash flows from operallng actlvitles Ng1 cash provided by operating acllvld&s 240,865 353,694 Cash flows from investing actlYltlÈs Dlvkjands and intergstfrom investments and bank Purchasa of property, plant and equipment 29,705 11.485 14,4401 {88.1261 Net C85h provided by rinancing actlvitles 25.265 176,6411 Change in cash and cash equlvalents In tho roportlng pthod 266,130 277,053 Cash and cash équlv8lènls at the b8glnnlng of reporting period 1,53fj,180 1,259,127 Cash and cash equivalonts al the end of the reporting perlod 1,802.310 1,536,180 Cash at bank and in hand Investments 769,843 1,D32.467 3C15,545 1.230.fj35 1,802.310 1,536,180 14
Jubilee Gardens Trust la company limited by guarantee) Note¥ to thè Financlal Statements For the year ended 31 March 2024 Accounting Pollcies Company Status The Charity is limited by 9uaranlg9 and has rv) sharccapitsl. Tho Chaiity is Ited In Er#Jland & Wales. The membgrs of the Charity are those listed on theirweb5ite. In the event of the Charlty belng wound up, thg Irability In fv6w¢I ot tr¢9 guaranteg Is Ilmited lo £1 pgr membgr of the ChaTIty. Tho addrS of the regbtered offlce Is gtven on page 1 of th&8e ffnanclal Staterngnts. The naluro of Charlty's owrallons and prfn¢lpal a¢liv((les are exptaIn In tho Trustees Report. Basls of Preparatlon Th8 financia] statèmènts havè bèèn pr•par8d In accordanc8 wlth AccDuntlng and Rewtlng by Charities: Statement of Recommended Praclicè apNic8bEè to ChTIlÈA pr8p3thng thalr accounts Irt ac(x)rdanca wlth the Flnandal R8POrtlng Standard applicabk? In the UK and Repu of Ireland Issued In Octobor 2019, the Flnanclal Rèwrtlt¥J Standard appllcatrAa In thè Unlt8d Kingdom and Republlc of Ireland IFRS 1021. the Charflles Act 2011 and thé Compan188 Ad 2006. ThE finanrlal stalwignts are pr9pared on a gclng concarn basls under th8 historical cosl convention. The financial statements arg preparpd in sterfirvJ which is the furKllonal cu9[ an(1 hav9 been rvundgd lo thg nearosl pound. The Charity meets Ihs defjnltlon of a public bgneltt entity undpr FRS 102. A88ets and liabilitiws are initially recognksed at historical cost or tran8action value unlgss olherwLs9 ststgd In Ihg rg18vanl ac¢JyJnling Folicy or r#Jle. Going Conc•m Thè Charlty Is fiAnded thro¥Jgh the annual SUbPtIOnS of Ihe landowner members, an 8nnual paym9nl by Soulhbank Cèntra undèrthè Charty's18asè. and an agraamanl wh Sh811. Th8 Charfly also receives a signfficanl annual contribution lo management and maintenancè vla thè London $106 agreament and tha Braetrtjrn Estatos S106 malnl8nanc8 conlrlbullon relallng lo th8 Sh811 Sit8 r8d8velopmèftL Addlonal fundlngs comas from catèrtng concosslon and fundralslng from the general public. The maprily of this ir1me is guaranteed for the year lo 31 March 2023-24 wmh a small part b8ing subject to extemal factors. Thkginty related to Ihe long-temi Impact of COVID-19. Although the Charivs medium and long-term foreixsts show a cumulativé defficlt estlmated al £4.5m over 20 years, the Trustees are confhyenl that sufficient irwme will be generatsd in the petiod for the Charity lo continue as a 9olnu concem. In the unllkaly evant of a drasllc ieduction in Income. the Charlly access elveS whlch amount to £1.967M as al 31 March 2024. In accordance with the Tru81ees' reserves pdicy, £464k of the total fund5 hav9 begn designalgd o operational resorve sulficient lo cover 9 months running costs. The remasnder is allOted towards a&%et rgn9wals. As a rosult, tho Twstoesconsid9rlhat thwe are no materlal uncertalntle8 about th8 Charitys abllity to contlnue as a golng coneern and the accujnls have been prepared on this basis. The Trustees do not consthr Ihat thw• arè any soure•s of èsllmatlon uncertalnty at the reportlng date Ihal have a signrficanl risk of causing a maIal adluslmènl lo Iha carrying amounts of assets and liabllMb$ wllhln th8 next rèporting pariod. Income Atl incomlng rgsourc88 arè inc4udéd thè Ststamantcl FlnanclalAetIll6S (SoFAlwhan tm Charlty Is legalty entild lo the Income. the amourbt can be reliably measuTed, and il is probabl8 that th8 income will be receivgd. Tho inGomg from subscrlptlons L£ a¢xoLbnt&d for ov8r the perfod il r8tal8s lo. and any monies received in advancear8 treated asdefewed in¢))me. The incomè from charitablè adivllw a(tounted for over the perlod It relates to. The events Incom@ Is acwjnted fcf based upon the dale tho evonl took Fla. Other Income is accounted for in the period to which it rglalgs. Donalvjns 4r9 aCfQUllted for wh8n Ihoy are re1vable.
Jubil•e Gardèns Trust {4 company Ilmited by guaranieel Notes to the Flnanelal Statements Fr*r the yéar ended 31 March 2024 Accountlng Poll¢les Icontinued) Expenditure and Irrècoverable VAT All exp8rltUre 18 COunted for on an accruals basis and Is InElusivo of ltr9Verabte VAT. Expendre is r8eognls8d whèr8 there is a legal or consltuctiv8 obligallon to make paym8nts to third partY&8, 11 is probable that Ihe s8tttemenl will be required, and tha obtlgatlon can ba measurèd reliably. ExpandltW8 Is classified undar the follown9 activity hgading8'. Costs of raising funds Comp$ the costs relallng to gvents held in th? year, and costs ralatlng lo Conta¢N donations. Exp9ndilurg on charitable activities Indudes Ihè cost8 of delivering servlces and other actvlkn'es undertaken to fvrther tha pJrposés of th8 Charity and thelr assoclated support CO8ts. Other expendliuro rewesgnls those Ilerns not falling into any othar h88ding. Allocatlon of Support Costs Support costs are Ihosa fvnetlons th81 assist the work of thè Charty. bul do not directly undertak charilablp adivili88. Support costs includa man8Jement f988 and adminlslrative expans8s. These costs hav8 baen pJlopaled between cost of raising fvnds Ind charltable aclivilies. Tho ba88s on whleh support o)sts have been ajlocaled are set out In note 8. Fixed Assèts The Charlty wlll capitali8e assets purchased over £2.000. D8preelation folk)ws the economic usafvl lif9 of th8 assét as determined by the capitali5alion and Dèpr8cialK)n policy approvBd by thg BoaTd. A full year of d8pr6datlon shaIl bg charged in the year of purchase. Plarrt & Equipmsnt are initially m8asur8d at cost and 8ubsequ8nlly measurEd at cost or Wdluation, net of any depreclation and any impairment loss. D8pieclatlon Is recognised so as lo write off the cost or Yaluation of a88els, less their rosidual valu88 over their useful Ilvas on the ft)Ilowing bases:. Plant and Equlpmenl- 10% stralghl ling O¢btor$ Tmde and olheT debtors arg recognised al th6 Settment amounl duè. Prepayments are valued al the amwnt prèpaid. Cash at Bank and Hand Gash at bank and In hand includ8seash and short temi huhty liquid investrnents with short maturfty of Ihtee rmnlhs orloss from th& date of acquisition or OnIng of the depusil or 8lmllar account. Currenl Asset Investment Current asset invastmènts consist of bankaccounls wlth a matudtydate of more than three months. Credltors Cro<lhors provi8iorts are recognised where the Charfty has a pres8nl obl&atlon r8sulting from a past event that wlll probably result in the transfer of funds to a third party and the amount due lo saiY8 th8 obltgation can bo measured or gslimated reliably. Credllors and provisions ar& normally recognisad at their settlement amount aftar allowSng for any tr8d8 discounts due. 18
Jubllee Gardens Trust (a ¢(wnpany limited by guarantsv) Notes to the Financial Statements F¢r tho yoar onded 31 March 2024 Accountlng Poll¢le$ (¢ontinu•dl Flnanctal Instruments The Charity only has flnandal assets and financAaJ liablllties of a klrKI that q1(Y as basic nancIal irtstrumonts. Basic financial Instrum&nts are Inltlally r8cognk8ed at tranSaCOn vahje and subsequen11y measwed at thelrsettlemenl vajue. Taxatlon The charity is exempl Charfty wtthln the meanlro ofs¢h8dul8 3 of tha Ch8rili8s Ael 2011 and 18 ttlnshlarad lo pass the lesis Sel out in Paragraph 1 sch119 6 Flnancb Act 2010 and Ih8réfc*e It moots th6 d•flnlllon of a Charfty for UK corpuat(on lax purpo898. Funds Unrèstdcted Funds can b8 used in accowdance with the entitls charltable oblectlves al lh6 discretion of tho TTu$Ig¢& - Deslgnated Funds are thDSè unSIr1etad Funds that the Trustegs 8et a8kle for specffic projgcts they wwh lo fijnd. - Restrlcted Funds can only b8 US8d for partlcular restdthd purposes wllhln the obiects of the Chadty. RestriclKJns arise when Spo¢ffi by th& donor or when fvnds are ralsed for Sp¢Crfd r9Strigd purposes. Judgèments and Key Sources of Estimation Un¢ert•lnty In tha application of the Charity's CountIng poti(agS, tha TnJste8s are r8quir8d ts) mako judgernenls, estlmalgs and assumpthottrs aboutlhe carylng amountof assets arKJ Ilabllltlas that are not raadily apparent from other8ources. The gstirnates and Bssoclaled assumptions are bas8d on hl$torl¢al $xp8riane8 and other fact$ that consid9d lo b8 ral8vant A81 rasults may dlffer from these esllmates. The estimates and underfylng assumplons are revlewed on an ongoing basis. Rgvkslon$ to accountlng &stimat•s ar8 r8cognised in the pertod which the 88limatg is revised whwe the revision affects only that wiod. or In the perlod oftho rwision and fvture perlods wherg th8 levision aff8cis both current and fvbjre periods. Thg Tw8tees do not belleva there arg any keyjudgements or eslmales. Donation¥ and Legacles Restricted Unrestrlcted Total Total 2024 2024 Total 2024 Totsl 2023 Subs[ptIons receivgd Donafjons 88.370 25,(XlO 88,370 55.000 84,370 111,864 30,000 30.000 113.370 143,370 196,234 Tra were restricted donatlons In 2024 of £30,OOCI12023: £86,8e41.
Jubilee Gardens Trust (a company limlted by guarantee} Notes ID the Financial Statements For the year ended 31 March 2024 Charitable actlvlties Restrithd Unrestrlcted Total Total 2024 2024 Total 2024 Total 2023 Landlord conlrfbutbn Management and maintenance conlribulKJn 71,954 448.630 71.954 448,830 66,624 323,174 520,584 520.584 389,798 otherTrading Actlvltles Restrlcted Unrestrlcted Total Total 2024 2024 Totsl 2024 Total 2023 Incotne from £x)nce881ons Events Income othor Incomg 18C),000 5,484 68,931 180,000 5,4e4 68,931 156,000 3,812 98,636 254,415 254,415 159.812 Ralslnu Funds Restrlcted Unrestricted Total Total 2024 2024 Total 2024 Total 2023 Contacless Fundralsing Evgnls inox>me Support costs (Noto 81 3,353 14.883 8.985 3.353 14,883 8.985 1,743 8,437 27,021 27,021 11.874 18
Jubllee Ggrd•n8 Trust la compBny Ilrnlied by guarantee) NoteB to the Financial Statements Forthe year ended 31 March 2024 Charttable Actlvltles Restrlcted Unrestricted Total Totsl 2024 2024 Totsl 2024 2023 Management and Malntenance Gardon malnl8nance and upk88p Wat8r rat8S Securlly costs El&thclty costs Health and Safety Support costs INol8 81 395,158 19,590 56,391 12,506 395,158 19,590 56,391 12.506 288,933 10,152 48.105 10.650 1,170 67,591 64.882 64.862 549.394 549,394 406,801 other Costs RestrletÈd Unrestrletèd Total Total 2024 2024 Total 2024 Total 2023 IndepgfK19nt Examin$ Fee {2024) IAud5torfs Remunerallon (20231 Depreciation and di8pwl Consullancy Legal and Prc(essksnal InsUrare Supptsrt costs {nolg 81 Markatlng Website Costs Bad Dabt Wrllo4)ff 4.125 4,125 21,550 44.339 44.339 41,766 11.743 18,038 9.730 10.996 25.279 24,026 229 9.730 10,996 25,2T9 24,026 27,406 18.845 385 2.236 118,724 118,724 151.563
Jubilee Gardens TrLfSt {a company limlted by guarantee) Notes to the Financial Statements For the year ¢nd•d 31 Mar¢h 2024 Support Costs Basis of Allo¢ation Ralsing Charitable Funds Actlvltles other Total Managam&nl and admln131ralion General costs IT supwt ¢osts Bank charges Membership staff tlmè staff-time staff timo staff tlm8 staff lime 7,494 995 104 48 83.206 814 521 39 282 24.882 95,562 1,809 1,042 87 626 417 8.985 64.862 25,279 99,12fj Included above are £13.62212023 - £14,765) of costs r8lallng to govomanc8. For the year ended 31 March 20ZJ Basi$ of Allocatlon Raislng Charitable Fund5 Actiyitieg other Total Managèmenl and adminislralion Ganaral Costs IT 8UPFk)rt costs Bank chargas Siaff tlme Slaff-lme staff time staff Ilmo 7.206 923 109 66,130 755 543 163 26,972 100,308 1,678 1,086 362 434 8.437 67,591 27.406 103,434 Net Income lor the Year 2024 2023 Thls 18 Stat8d after charglng: Garden contract Independent Examlnors, remuneratkbn - ExaMInatnIAudbI Independenl Examiner8. remunerai*Jn - Othèr S8c8s 252,935 4,125 187,291 8.800 12.950 Employee Information The Charity had no (2023- nol omployegs in the year, exduding TDJsteas. Stsff costs are thos8 charged lo the Charity by ils contracb)r. 20
Jubllee G•rden$ Trust {4 ¢(mpany Ilmlt•d by guarantee) Notets to the Flnan¢lal Stat•ments For the year ended 31 March 21)24 11. TrusteeB arKI Key Management Remunoratlon and Expenses Durfng the year no 91¥ed aE]y remun8ratk)n12023- £Nill. In accordance with the Ar¢1$ and Mgmoran¢Jum of Association, the Trusl8es may b8 paid all r8asonabl• and prop8r expons6s incurred by them In Gonn0 with Ih¢tr attendance al and in dl8¢harp of Ihtirdutias. Ono Trusteo reVed re1mlrs9M9nI of traval expanses of £123 in the year (2023 - one Tru8teg - £1481. Thè Charlty pald Tte8$ ui8uranc8 of £64112023- £6231. 12. Taxatlon No charge arises dug lo charitae status. 13. Tangible Flxed Assets Plant & Equipment Cost At 1 Aprl 2023 Additions Dlsposals At 31 March 2024 308,637 301,987 Depreclation At 1 Aprfl 2023 Charge for the year Dlsposals At 31 March 2024 87.425 44.339 11,090 120,674 Carrying amount At 31 March 2024 181.313 At 31 March 2023 221.212 14, Debtors 2024 2023 Tradg debtors Prepaymonts VAT debtor 84,935 21,185 105,675 116.153 175 10,818 211.T95 126,946 21
Jubilee Garden5 Trust la company Ilmlted by guarante•) Notes to the Financlal Statements For the year ended 31 March 2024 15. Current A55et Investment 2024 2023 Cash equivalents on dgposit 1.032,467 1,230,635 16. Creditors: amounts falllng due within one year 2024 2023 Tiad8 cradltors Défèrrèd Income Accruals 121,201 52.990 30,000 18.042 37.976 159.177 101.032 Analysis of Doférréd Incom? Openlng Amounts Deferred Dolerred Out Incomè the Year Closlng Deferred Income Def8rr Incom 30,000 30,000 30,OOCI 30,000 D&f8rrad In¢x)mè 01 £30,CM]O In 2023 was for LhlIng and CCTV works. 17. Commtlments On 12 September 2011 th• Charlty was granted an undertease of Jubilee Gardgns for 127 years. Jubilee Gwdens Trust saned a eantract 8Xtension wilh Gavln Jone5 from 111 Aprtl 2024 10 31" March 2025. The lotsl fijlure minlmum eontracl payments under nortrcancellablg operating contracts are as lollow8'. 2024 2023 Loss than 1 year 8ètwean 2 arKI 5 years 364,812 311.211 22
Jubilee Ganlens Trust (a company limited by guarantse) Note$ to the Flnanclal Ststements For the year ended 31 March 2024 18. Fund$ Opening Balance CIoBlng Balance Income Expenses Transfer Unrestricted General D6slgnaI- Asset Renewal Fund Restricted- Asset RetMva] Fund 279,502 1,286,489 237,315 948,073 1695,139) 130,0001 502,437 1,266,489 267,315 30.0 1.783,3Cfj 948,073 {695,1391 30,000 2,036,241 Thg restrfclgd fk)naknns can onty be us9d for a5$9t rarwls and fc¥m part of th6 slnklng fiJrKI. Funds for the year ended 31 March 2023 Op•ning Bal?n¢e Closing Balan Income Expenses Transfer Unre8trlcted General Dgsignaled- A88el R9ngwal FurKI Reslrrted- Asset Renewal Fund 225,T41 1,219.823 150851 670.465 1570,0381 {46,6661 279,502 46.688 1,2e6,489 237.315 1,598.015 757,329 {570,0381 1.783,306 19. Analysls of Net Assets between Funds Fixed Current Asset A55ets Current Llabilitles Net Assèts Unrestrlcted Gengral fvnd D95ignatgd- $91 Rfrngwal Fund R8Strlcted-Assel Reral Fund 181,313 480.301 1.268.489 267.315 1159.17TI 502.437 1.266.489 267,315 181,313 2,014.105 1159.1771 2.036.241 23
Jublke Gardens Tt 14 company Ilmited by guarantee) Notes to the Financial Statements For the year ended 31 Mar¢h 2024 Analysis of Net Assets Between Fund¥ fur the year ended 31 March 2023 Flxed Asset Current Assets Current U*billtle$ Net Agsets Cash Unrestrf¢ted Ggneral fvnd Dgsunalgd-Assel Renewal Fund RetrIgd- A88el Renewal Fund 221.213 305.545 1110.370) {101.0321 1,230.635 237,315 315.356 1.230,635 237.315 221.213 305.545 1.357.580 1101,0321 1.783,306 20. Retaled Party Transacllons Flve of the Ttuslg9$ of Jubileg Gard8ns Trust arè al80 th9 Directors of South Bank Empltyér8' Group who are dosely invdved wllh th8 management and admlnlstration afJubibg Gardens TrL¥SI. During IhB ypar JubJg9 Gardgn8 TTUSt incurred oxpendihjrg lolalling £141,040 {2023 - £163.9TII wilh South Bank Employers Group wlth £30,63612023- £1,955) being due at Ihg ygar end. Related party Irarksactlons wer8 IncAJwred with Ihg followlng organi$atbns each of which are r8pr8senled by a mambèr on the Board of DIreCt5. Income Year to 31 March 2024 Debtor Income Year to 31 March 2023 Debtor at 31 March 2023 31 March 2024 South Bank Centre Shdl UK Ltd Merfln Enlertainm8nis Braebum Estates Coin Street 93.954 47,000 42.000 102,202 25 285.181 87,624 48.000 21,000 96.591 25 251.240 30.000 30,000 There was £NII deferred Income for SWI UK Ltd as at 31 March 2024 (31 March 2023- £30,01. 21. Cgntrolling Party ThB ChatTty had no controlllng paty. 24
Jubll¢e Gardens Trust (a company Ilmlted by guarantee) Notss tg the Flnanclal Stat•monts For the year ended 31 March 2024 22. Re¢on¢lllatlon of Consolldated Net Income to Net Cash Flowfrom Operatlng Activities 2024 2023 Net incotneldeff ¢lt tsr the reFrtIng p¢rfod Adluslm8nls for. Oepreclatlon charges DivEdendg and Interest from investments and bank Ilncreasel I decrease in rteblors Inereasel{Decreasel In credllors 252,935 187,291 44.339 41.766 129,7051 {11.4851 184.8491 109.492 58.145 28.630 240.865 353.694 25