JU PIIEE ICIARDEN5 TRUST Trustees, Annual Report and Accounts For the Year Ended 31 March 2025 Jubil00 Gardons Trust {a Mmpany lim￿ed by guardnts*) Fortho yw•nd•d 31 hlarch 2025 CONTENTS Pag? Relerence and Adminlstrativè tktails Trustees, Annual Report 3to11 Independent Examinerfs Report 12to12 Stalement of Finanaal Activities 13 Balance Sheet 14 Cash Flcjw Statement 15 Notes lo the Finan￿al Stateménts 161026 Jubileè Garden$ Trust (a ￿MpaTry limited by guarantsg) For the year $nd9d 31 Mar¢h 202S Reforence and Administrative Detalls Charity No: 1137514 Company No: 06684441 TrustèBS: Ethard Inman- Chair John Rushton- Vicè Chair Simon Green- Treasurer Michael Ball lan Bogle James Dredge Cllr Sarina Da Sllva Marilyn Evers Warren Forsyth Robin Goodthild (appolnted 1 November 2024) Loredana GUeIg-￿att Gareth Price Emmanuelle Ronez Ra¢wyn Sprinz Imran Tauqir Ir8sign8d 19 June 2024) lain Tuckett Denise Wand Soeratary: Indranie Sookdpo Reglstèrod Office: 10 York Road London SE17ND Independent Examlnor. Jane Askew FCA HaysMa¢ LLP 10 Queen Street Pla London EC4R 1AG Prfncipal Banker5: HSBC Bank PIG 28 Borough High Stre•t Soulhwark London SE1 1YB Sollcltors Devonshires Solictiors 30 Finsbwy Circus London EC2M 7DT ens Trust by guarant8•1 31 March 2025 {a cctyny 11 Forthpy•ar en ' Report 1. Consti Objoclives bllc Benefft Jubllee Gard established i an registration n mbgr-1 approved on 28th Augu objects oflhe ompany Ilmit me active in 2 375141. The trust 2008 and amend lo.. guarantee (Company regis￿On number- C66844411, was O, in which year it obtained registered charity status (charity gavemed by its Artides and Mèmorandum of Assoaation, at thè Annual General Meeting on 16th November 2023. Thè 1. Pro oapark soaaLwdfare 2. ProMd• faciliti werfe and 3. Prom•ts. forth and l èn 4. Edu thepu 5. Prom•thm 6. Prombto. forth 7. Advance edu 8. Advania all nd fa￿l￿eS al Ju Ihthè objedo for recreation And the otyect of impr enefft of the p nment ofthe ic in the subj nity partiapati benefit Df Ihg publ. on., and r purposes cha Gardens, for the benefit of the public, in the interasts of proving tha conditions of Ilfe olthe public,. and isure, fat the benefit of the public, in the interests of 80Ci81 ng the ¢*ndiiions of life of the public,. and he con ation, protection and improvenwtoftho phy8i(81 and e hist of the Area; and ealthy re¢realion'. and the arts., and undar the law of England and Wales. The Trustaes, who org Cha￿eS Act 2011 to Iso direcaors of th e due regard to p harity, hava compliad with the duty in sèction 17151 of the ic benefft guidanc8 published by the Charty Commission. 2. Board of Tn*l• The Board of Tru8t•gs ho are Ihe'Dir fthe Ch8rtty) at the date of this report ￿Mprised.. Trustees appol Oryanlsatlons re ntlng Resldents and Cornmunlty Organlsatlons Mithael Ball mari1￿￿ Ev Raevryn Spri Denise ￿an Trt￿ta•S appolntsd b Lo¢al Entèrpris John Rushto lain Tuc&ett lan Bogle Emmanuelle Chair Tr￿￿05 appolntod b oundlng Land Mombors Gareth Price )Narren Fors James Dredg Robin Good hbank Centre bum Estatss n Entertainments C04>Ptèd Tn*t•Ds 11 Cllr Sarfna D Edward4nma Sirnon (knen Loredan8 Gu beth coun¢￿ repre$8nlativ• surer Jublke Garden$ Trust la company limited by guarantsg) Forthe year ended 31 March 2025 Truste￿. Report 3. Maln Activities of the Charity during the Year 3.1 Admlnl$tration and Govgmance The Ch8rtty'8 Board meets qu8rterfy, and its day-torflay adivilies are overseen on Ils behalf by three Committees.. A Finan￿ Committee. thaired by Ihg TreaSU￿r, vthid) establishes budgets and busrne88 plans, autrorises expenditure and oversees insuranc8 and risk management arrangements behalf of the Board. - An Operations Committeè, chaired by the Charity's Vi¢frChair, whith oversees the management and maintenanee of the Gardens and reviews proposals for events. - A Fundraising and Communications Committee. d)aired by tho Chair of the Charity, tasked developing the Charity's ￿MMunIcatE0n3 with ils stakeholders and supportars and investigating and éxe¢uling fundraising actwity. The thTee committees have powers fonnally delegated by the Charity's Board as provided for in the Articles ofAsswation. During thg year, the Charity updated its registsr of Trustees. Interests as roquired by the Charity'¥ pglifies. Membership ofthe Charity comprises four Founding Landowner members. fifteen members in the Local Enterprise category, seven Residentlcommunity Organisation member5 and one Associate member, ¢alegory provided for in the Charty's Memorandum and Artides bul not previously used. Enhancing ltscal communications and seeking lo increase membership in the Local Enlwprise and Resident Organisalion categories remains a Trustee priority. The Charity has adopted a policy that it wlll not directly employ staff. Its rnain activities, both the management and rna1ntenan￿ of the Gard8ns. and administrative, financial and seuetarial SeNi￿S are procured via a ServicE Lovèl AgreemÈnt ISLA) with South Bank Employers, Group ISBEGI. SBEG is a non-profit ￿MpanY established by major organisations in the South Bank lo prornote and improve the area for the benefit of employers, residents, end wsilors. The various elements of the SLA boiwoen the Charity and SBEG are overseen by the committee8 described above. There is also a Data Processing Agreement beth8n the Charity and SBEG. Communications aetfftity, induding website content and updates, Soaal media, general PR and some fundraisiThJ work 1$ also contracted out, in this case to a freelance cun3ultanl. 3.2 Rècruitment and AppoiTrtment of Trustees, Trustee Induction and Tralnlng A recruith)errt process for the newly created Trust88 vacancies w8$ $tarted in June 2025. There wer$ thp following changes to the mambèrship of the Board in 2024125.. Imran Tauquir. appointed by Merlin Enlertainmants, ￿signÉd In June 2024 and Robin Goodchild was appoint￿ to $ucce¢d him, joining the Board in Novemb•r 2024. 3.3 Managgmant The Charity has approved a risk manag¢ment pulicy and in 2023 the Board adopt8d a naw Ragister of Prinupal Risks which il rgviews at least annually. Risks identified as 'Hi9h' and nèèding particular Btsard attention indude a} Failure to secure suffiuert long-term funding lo manage the Gardans ineluding their exten810n. This is fvrther addressed at para 3.8 bèlow. Jubil•• Gardar￿ Trust la company Ilmrted by gua￿￿kn) Forthe ywend•d 31 March 2025 Trustaes. R•port b) Succassion planningnoss of kay skills.. being addressed in the context of filling the Truste8 va¢anue$ wle(J in Novtmbw 2023. See para 3.2 above. The Charity's three ¢￿￿mIlIe&S 8180 have a rolo in th8 ri8k m8n8gem8nt proc￿, regularty reviewing risks and adopting subsithary risk registers in their areas of responsibility. 3.4 Survgy of Users of the GardonB In summer and autumn 2024, audlence research agency Indigo carried oui a new 8tu(ty to better underslandwho ￿sIts Jubilee Gardens. howthey usethe spa￿. and how theyfeel aboutit. This research builds on a Similar Study completed in 2016, allowing comp8ri80ns with previoLJ$ perceptions. The study involved face-to-face interviews in the Gardens and online surveys shared through local netsvorks, community groups, the Trusfg websile 8nd sooal media. In tot81, 736 people took part acr098 811 channels. Participants fell into ft)ur main groups: IrKal restdents ISE1 or SE111', people whovKJrk nearby: visitors from wthin London and visrtors from outside London, induding inlèmational touri$l$ In summary, Jubilee Gardens continues to be highty valued by its users, with perceptions improving steadily since 2016. In the latest research, 95.5% of respondents rated the Gardens as 'good' or 'very go(yJ', up from over 90% in 2016. The proporliDn of users describing the space as 'very good. has increased nota￿Y, from 40% in 2016 to 58% in 2024, releGting growing appreaation awss 011 parlirApating groups. Nearfy all respondents195% overall) rated the Gardens as good'or'verygoorf, vllh vlsliorsfrom oulslde London being the mostenthusiastic. The percentage of users rating the Gardens as'very good, has risen ÈignÈficandy, from 40% in 2016 to 58% in 2024. Rèsidènts in particular exprèssed morè positive vièws than in prewous years, highlighting a strengthened local connection lo this important green spac8. Both re8idents and VKsrkèrs de8cribed the graenéry as"a welcome rèlief from the busy South B8nk." Resldents and vlsltors from outside London were the most likety to Vl8itwth children. Families were very positive about the playground, wth 94% agreeing that f( 1$ a greatfeature- a big rise compared lo 2016. Feelings anTh)ngst local residents that the Gardens feel loo busy wth tourists were less evident than in the eartier research. Other wmments induded suggestions for more seating, improved toilet faulities, and better maintenance of planting and litter. Afew local users raised safety cOn￿mS atter dark. Several improvements, achieve(l $in¢e the survey or in hand, have responded to these points. An adtditional question. not asked in 2016. rel*ed to Msitors, pe￿ptIOnS as to who manages the Gardens. on￿ one-third of local residents, and less than a quarter of local workers appreaated that the Gardans arn th• rasponsibility of a local charity. rather than Lambeth Cojncil or London Mayor. and a high prDportion of all users significantty underestimaled the costs of running the Gardens. Both of th959 offer lessons for the Trust's communications objective 3.1 Operatlon8 The Charity sets itself a very high standard of managemènt and maintenancè and its Green Flag. the Ind$pendent quality assessmgnt of parks and gardens, was re-awardod In 2024. Thg managoment and maintenance of the Gardens is parbcularfy demanding because of the legal requirementforthe Garden8 to be op•n 24 hours a day. 365 days a year. The work falls into three main c*egorie$'. a) Cleansing and gan8ral managem6nl.' the most demanding elementofthis work is simply keeping the 98rden8 Clean and litter-frèe. In the year covered by repcrt some 50 tons of litter wère collect8d, accA)unting for a largè woportson of staff tima as wall as somo £6,000 in disposal costs. Othèr important ￿tiVitieS are daily safety thecks and repairs as necessary to the very heavlly used playground and maintenance of securty equipment SLth as CCTV and bollards. The playground is used by as many 8$ 3,500 children on busy days and requlreg botrt extensive slaff time for daity safety inspeclions. intensive regular Maintenan￿ and major renewals al least every 7 years. Mairrtenance staff are 8180 the first point of contsd with users of the Gartlen8 and their ambassadorial rde is important to the Charity. Jubilee Gardens Trust {a company Ilmltsd by guarantee) For th¢ y¢ar ondgd 31 March 2025 Tru8tee8' Report bl Horticulture.. this element of Gardens malntenan¢e Covers lawn, tree and flower-bed maintenance and a$so¢iat¢d operations 3uch as replanting of bordars and irrigth'on. These adivities arg Contracted uut to Gavin Jones Ltd. The company has been performing well on the rAJntract and the Charty resolved in November 2024 to extend it5 contract with Gavin Jone8 Ltd unll the financlal year 2027-28. c) Seujrity.. The Charity Partiupates in the South Bank-wide opwation5 of the South Bank Patrol se￿￿, which prowdes a Community Safety Accredited security pmsenee across the area lo address illegal trading, Iow-lovel crime and anti-sorial bphaviour, as well as providing reassurance and information forvisitors. During the busiest limes ofthe year. April lo September. the Trustees alsojudg& it necessary to provida ovamight sÈ¢urity patrols, lo ensure public safety and redu￿ the risk of vandalign and damage. Th8 Charity 15 also very committed to a prowamme of 88set renèwals and Tecenl work in thi8 area has induded.. ContinLted planning for a major renewal and upgrade of the CCTV and lighting in the Gardeng. This projed, likely lo cost in exce￿ of £200,000, is intended to be ready for trmplemerrtation in 2025. Tho rgplacemenl of all the b8nch8s in the Garden8, c￿ginallY installed In 2012. VVor1( to dr8Snage and electrical installations. Roplanting with holly of 8 large area of box hedge which had failed through disease Execution of a major tree Maintenan￿ plan. Planning forthe replacement of signage and exhlbiti)n material in the Gardens dating from 2012 A preferred ￿)ntraCtor has beon appointed and subject lo planning and landlord approval this is intended to be de]ivered in 2025-2e. Planning for the recovery and reuse of water Use￿ to irrigate the Gardens- some 30,000 litres pèr night Is used in dry period8 in Spring, Summer and Autumn and il is a priority lo reduce water usage as far a8 Possible. Investlgalion of measures to remedy some degradation of the granite paving which is a featu ofthe Gardens. At the Same time the Charity is planning a full review of its likeFy asset renewal li8bilitie5 over the next 1&15 years, intended to be cov&r8d by th& positive level of funds that the Tnjstees have deslgnatefj for this purpose. 3.6 Current Flnan¢ial Perfomianc• Th? Charity is ￿nded through the annual subscriptions of Ihe landownèr member4 an annual maintenance payment by Southbank Centre under the Charity'$ Igasg, and an agreement with Shell to contiibut8 £25,000 per annum over and above its sUbs￿lpt10n. The Charity's largèst single Sour￿ of income comes from the s106 8gr86ment under which 1% of the London Eye's tumover is dedicated to local priorities of whi¢h the Charty's management of Jubilee Gardens is one. The level offuftding from this source has now been fully restored to pr&pandemic levels, induding inllation, and the Trustees appreciate the support of Medin Entertainments Lon¢tr)n Eye and Lambeth Council in continuing to prioth"86 this key corrtribution lo the successfvl management oftha Gardens. Jubileo G8rd•rn Trust (a company Ilmlted by guardnteel For tho year ended 31 March 2025 The 10-ygar revenup $1C6 funding from th? Soutr*ank Place de¥ebFment, ceased in 202&24 when it anKunÈed lo some £80.Ot4J perannum. Thereare currenly no obwous roLrtes to replarAng itbutthe Charity. wth mud) lrfal support, cvntinues to campaign for Lam￿th Coun￿1 to rerognise the pr&￿ureS on green spac8s cr8at8d by devdopm8ntand devote gr8aleT amounts of ￿annIng gain in SUPPDrL commissi¢￿ from thè vgn4)ased eat•ring outlèt on thè FI￿rside Walkway adjacènt to thè Gardans cOntinl￿ to bè an &%8ential element uf the Chan￿8 irKome. The van 18 811ed on land leased by Braetr￿rn Estates from Southbank Centre and lies just outside thè area covered by the covenant which precludes cx)mmerci81 8cINity ¢n Jubil& Gardens itsdf. Catering in¢*me is supplemented by a contribution arising from Southbank Centre's commercial activities on the neighbouring Hung&rford C8r Path. These key sourc*s of income may be under threat if they are not continued or rfrwovbyed in Some fo￿ when the extension of the Gardens comes forward. Finanaal resurt5 ts the year 202*25 were good, with an operating surplus of £135.562 bLrt th8 Charity t￿linueS1O moniltsr its mediuntrtem finantsal ¢uOwk, affected by the loss ¢fthe Soulhbank Place 1￿me and 5ignificanlty increased ojntractorsalary cyjslswhich make up a high propNtion ofthecharity's gardens management outgoings. Thi8 refle(ts infiation In the London Lhfing Wage which the Charity requitsg tis contractors to pay, and whith is the minimum lev81 r￿ulTed in any case to recruit and retain stsff in this Central LondÉ)n location. Tho Charfty's long8r- tsmi financial oultook is problamatic and wll n88d to ba resow to ensure the Charity 18 finan￿allY in a Position to take responsibilty forthe Gardens, extension~ see para 3.9 below. 3.7 C<)mmuni¢ations and Fundrai$ing Tho Chartty's Communications and Fundraising Committeo, supportsd by a froelance consultarrt, maintained its actiwty with slow bul steady growth in social media followers and website use. There were two gratfying extemal fvnding 5uEce55es: - The Veolia Environmental Trust. which had funded the benches on the Garden8 in 2012. ayreed to fund their placemant in March 2025 al the levèl of £16,447. Park Plaza Hotels Eurow 49reed to sponsor the replanting of a large area of hedging in the Gardens beds at the level of £8,835. The Charity is undertaking a fvll review of ts un-8ite stgnage and inforfnalion to reinforce the faLt thatthis busy contral London spaea Is run by a local charity not a stabjtory authority. There has also been S(￿e SUCC￿ in raisng extemal fund5 forprojects with around £200.000 promded or agreed in princAple towards lighting Improvamants, the now southam boundary h8dg8, and a ptannad watsr capture project. 3.8 Hungorford Car Park and Gardans. Extension 11 has long tfjen th8 amblaon of all local slak8hold8rs and is r8llecled in delai18d provision in Lamb8th's adopted Local Plan that Jubilee Gardens should be extended tsnto Iwtrthirds of the adjacent Hungerford Car Park, an increase in green open space equivalent to some 40% of the area of the existing Gardens. This would occur in conjunction wtth 8 [￿rtural development by Southbank Centre on the remaining third. The area of the potential exlension is leased by Southbank Centre to Braebum Estates who have appointed West 8, the landscape architects of the existing Garisèns, to design the extension. Al parties (Southbank Centre, Braeburn and the Charity) agree on Ihe importance of ext¢ndlng 1ho Gardens and e expectation has always been thatlhe Charity will be offered the opportunty to manage the extended area under a long lease 09 with the wrrenl Gardens. Braebum Estates aimed to secure a planning con3ent for the extension duriro 2024. wth a view to it being implemented brt 2025-26. Design wcrk was Rsumed Sn earfy 2024 bul then put on hold pending decisions by Southbank Centre. There has since been fvrther design work. but no infoTmation provlded to the Charity on any omerging proposals. Assuming the Charity is offerad the opportunity to managa the extension itwill nead to assess the design in the context of its prime Tequirements for the new space. namdy.. Jubilw Gardens Trugt 14 ¢t)mpaTry limited by guarnntsg) For the year end￿ 31 March 2025 Trust88s' Roport - EnsLrring the extension design rnaets Charity's expectatigns in t9rms of quallty and sustainability. - Securfng the right servicing arrangements for the Charity in tha red•v￿0pment process. Clarifying responsibilities al the intertace between the Gardens 8xt8nsion and any new building on the Site. Above all, the Charity will netsd lo be confident about robu$l sources of income sulfi¢ionl to enable th8 Tru8teo5 lo take on the addth'onal Costs of managing the extension at an ac￿ptable leval of fin8n¢ial risk. 3.9 Res•rvé8 and Long4erni financlal projgction8 The Tnjstaes, through Careful finanaal nBnagement and some success with grants and fundraising, have managed lo build up SIgn￿e￿nt reserves as set OLrt at paragraph3 4 and 5 below. However as indicated bebw. same 60% of these reseN¢s are designated to fund a 10~15 year programrne of asset renewals, espery8lly for works for il is less feasible to secure extemal fvncfing. The Charity's lease on the existing Jubilee Gardens sile is until 2138 and prudent frxsuch T8newal3 is essential foran opèn space re￿￿ling such hoa￿ foDtfall. At the same limo, a 5Sgnlfi¢anl part ofthe Charity's regular income is from sourc&s overwhich it has little or limited contrDI, notably the Galaring concession on the adIa￿nt land, but also the voluntary fijnding by neighbouring landownws 2nd, to a lesserexientthe paYr￿n15 via Lambeth Counal underthe London Eye $106 agreement. In this eontextthe Charity h88 rewewpd its medium tem7 cashffow11(k1 Syearsl and considered ¢ash forecasts based on scenarios that the Charity is offered the opwrtunity to take on the responsibly for the ext8nsion to the Gardens. along with an ability to conts'nue tha current eatering COn￿sSion income andlor generdte cx)mmeTaal income from the extension. which lies OLtside the aTea in commercial activity is preduded by covenant. Trustees believe thi$ coukl be viable. the Charity is not offored thè extenson, or is offered it on temis which are not fmancially aC￿p￿bI9, bul continues lo manage the currènt Gardens under its existlng Itsng lease. In this event, providing some catellng income remained availab]0 from adjacent land, il would b8 viable forthg Charfty 1¢ o)nlinue tts wrront management responsAbIl￿9$, though ttwould be extremety illogical lo have the ext￿s1On and the exi$ting gardgns under different management regimes. th8 Charity 1$ r￿1 offered the exten￿On and denied the opportunity to generate commercAal income from adI8￿nt land outside the area constrainèd by the covenant. In this case the Trustees would have to seGure substsntial altematve sources ofincorne within 5-7 years. These uncertainties wll only be resolved when Southbank Centre's ap￿8￿ to the management of the extension and its funding are d8arer. In the meantime. Trustees w￿1 ￿ntInue lo investigate all potential $OUTrEs of fijlure incomè, reflecting their detemiination to maintain the high quality of tha Gardens as a key fathr in the success of the South Bank neighbourhood for inward invèstment 8nd a$ a cultural and lourisl destination. Twstees will continue lo look lo Larnbeth Coun￿1 to Tecognise the need for financial support from funds generated by Iwal developments as w8N as investigating all opportuiMti95 to Se￿re privat8 finano81 support. The consequences ifthe Charity fails to secure its financial fvture are that resp¢n$ibility forlhe Gardens 11 revert to th8 Charity's landlord, the Southbank Certre, and the fvnding of the management of the Gardens wll be wmpeting wtth the demands of Southbank Centrè's cullural programme priorrties. If the management stsndards ach￿Ved by the Charity ovèr the p8s111 years were to dedine there would in tum be a serious impa¢t on the reputation and public success of the South Bank, Lambeth, and London. Jubilo& Gard•ns Trust {a comparvj Ilmited by guarantee) For tho y•ar ended 31 MaT¢h 202S Trustoes, Raport 4. Flnancfal R•Yiow Total fijnds atthe year-end ar6 £2.171.803 (2024: £2.036.241). In atsxrdancewilh Ihe Twstees, Reserves Policy, £508,000 of the total funds are held in general reserves as operat*)nal reserves suffuent to cover 9 Th￿th$ running cosls. Of thè remaining b818nc*, £293,493 18 restricted as li relates to donations made by Braebum Estates. and others whith can only be used for asset renewals. The remaining bah9n￿ of £1,372,310 has been d6signatad by the Charity a8 an Asset Renewal Reserve. There are several rnaior renewals coming fO￿ard induding a new CCTV system, lighting improvements and droinage woths. 011 of which wll need to be mel from reserv￿. 5. Resorves Poficy Purpose The purpose of the Charity's Reserve5 poli￿ isto prolectthe abilty ofthe Charity lo its responsibilities fortha day-ttrday manag0m￿tOfJubl180 Gardans andto providèfortha n￿larr•PaIrS and renewal$ which 11 be required in Ihe medium to long tem. Operatlng R•servo {Unrestrl¢ted Funds) The Operating Reserve provides for srtuation8 Suth as a sudden Increa￿ in expenses, onerytime Un￿d$elec1 expenses, unanJdpated loss In fundkng, delays In recelvlng payments or unSn8wed losses. The OFeralin9 Raserve may also be used for one&time, non-recurring exp8ns•s that wai build long- tami capadty. such a5 researth and developmenL or Investment infrastruo*ure, par￿￿lartY wher8 the latt leads to savings in r8venu8 costs. The Operaing R8s8rv8 is not intended to r8place 8 pemi8nentloss offiJn'ear lo 31 Maicli 2025-26 with small part being subject to external factc mainly related to tsi- lon*tsmi impact of COVID-19. Alihough the Charity's medium and long y88rs, the Tru8tses are ojnfident that Charity to continue as a going cgncern. Charity can access ils reserves which ai with the Trustees. rpserves pulicy, £506,1 reseNe sufficient to cover 9 months n renewals. m for￿Sts sho v a substantial deficit over tha n8xt 10 icienl income ￿ 11 be generated In Ihc period for the he unlikely event of a drastic reductior.. in income, th Jnt to £2,171,803 as at 31 Marth 2025 In a¢¢ordan¢e of the total fund., have been designated as operational Ing costs. The i emaindar 1$ allocated towards asset As a result, tha Trustees conyder Ihatth lo continue as a going concem and the i do not consider that there are any sourc* a significant risk of causing a material ai within the next réporting period. are no mal•rial uncertainties aboutlhe Charity's abiltty )unts have been prepa￿ on basis. The Trustees If estimation uncgrtainty at the reporting date Ihal have ',tsnenl lo the car'ying amounts of asset8 and liabilities Income All incoming resouTcesare included in Ihf 1$ legally entitled to the incom8, the am( income will b¢ r8ceived. The income froi lo, and any monies received in advanc8 actiwlies is accounted for over the perits upon the dale the event took place. Othé Donations are atxounted for when they,. alement of Financial Activiti8s (SOFA) ￿￿,han th8 Charity . ean be rèliably measured, and il is probable that the l?iwriPtions is a munted for over the period it relales eated as deferred in¢ome_ The income f￿rn charitable '¥ ales lo. The ovenls ino)me is accounted for based come is a¢¢ounled for in the period to which it relates. receivable. 16 Jublle• Ganlons Tn￿* (a ¢ompany Ilmlt8d by guarant••} Notss to tha Financial Stat•mont8 Forthe ytrar èndtrd 31 March 2025 Accountlng Pollclgs Icontlnuadl Expgndlturn and Irrecoverable VAT Al expenditure is acxounted for on an acuuals basis and is indusive of Irre￿verab1e VAT. Expenditure is recognised where there 18 a legal or consEru¢tive obligation to make payments to third parties, it is probable thatthe setuement will be required, and the obligation can be measured reliably. Expendrture is dassffied under the following activty headings.. Costs of raising funds comprise the costs relating to events held in the year. and costs relating to ¢ontacde55 donations. Expenditure on charitable activities indudes the c£6ts ofdelwering Services and otheractivthes undertaken to furtherthe puryy)se$ of the Charity and their associated support costs. Other expèndiiure repre$￿ts those itèms Mt falling into any other h•ading. Allo¢atk)n of Support Cost8 Support ￿$ts are those fvncbons that assrst the wn Management and maintenance contribution 87,320 324,377 87,320 324,377 71,9S4 448,630 411,697 411.697 520.584 Other Trnding Activitigs Restrictsd Unmtrict•d Total Totsl 2025 2025 Totsl 2025 Total 2024 Income from oJnce35ions Events Income Other Income 202,500 4.050 8.835 202.500 4,050 8.835 180,000 5.484 68,931 215,385 215,385 254,415 R•i$ing Fund¥ Restri¢tad Unrestrict Total Total 2025 2025 Total 2025 Total 2024 Contactless Fundmislng Events income Support costs (Note 8) 1,836 1.821 9,541 1,8 1,821 9.541 3,353 14,683 8.985 13.198 13.198 27.021 19 Jubi1o• Gardons TnBt la ¢¢mpany Ilmlted by guarantsel Notes to the Financial Statements For th• yaar onded 31 Ihrch 2025 Charftable Actlvttle8 Rgstrl¢tgd Unrestrlcted Total Total 2025 2025 Totsl 2025 Totsl 2024 Managoment 8nd Maintenance Gar¢Jen maintenance and upkeep Water Rates Security costs Electricity costs Haalth and Safèty ¢08ts Support costs (Note 81 352,813 17,429 61,343 8,307 352,818 17.429 61,343 8,307 395,158 19,590 56,391 12.506 887 64,862 77,527 77,527 517,424 517.424 549.394 other Costs Restrlct8d Unrostrictsd Total Totsl 2025 2025 Totsl 2025 Total 2024 Independent Examiner's Fee Depre￿atr¢In and disposal Legal arKI Profassional Insurance Support costs (Note 81 Marketing Website Costs Pedtt51rian Counting User researth 4,425 48.302 8.015 11,223 28,674 20,477 674 8,600 13,450 4,425 48,302 8,015 11,223 28,674 20,477 674 8,600 13,450 4,125 44,339 9.730 10,996 25.279 24.026 229 143,840 143,840 118.724 20 Jubikn Gard•n¥ Trust (a company Ilmlted by guarantag) Note8 to the Flnanclal Statements Forth• year ended 31 Ma￿h 2025 support Costs R•ising Charitablo Fund$ A¢tiviti•s Allocatlon Other Total Management and administration General costs IT support Q)8t$ Bank charges Membership Staff trme staff-time Staff time Staff time Stsff time 8,304 76.124 525 466 195 217 28,301 112.729 1.166 932 433 482 93 238 265 373 9,541 77.527 28,674 115.742 Induded above are £15,976 {2024- £13,622} of C￿818 relating to govemance. For tho yoar Dnded 31 March 2024 Ba$rs of Raising Charitabl Allocatlon Funds Actlvlti Oth•r T¢tsl Management and administration General costs IT support cos15 Bank charges Membership staff timE staff-time Staff lime Staff lime Staff dme 7.494 995 104 48 344 63,208 814 521 39 282 24.882 95.562 1,809 1.042 87 626 417 8,985 64,862 25.279 99,126 Net Income for tho Yèar 2025 2024 This is stated after tharging.. Garden contract Independent ExamineT3' remuneralon 222,935 4,425 252,935 4,125 10. Employaè Inf0m￿tIon Thé Charity had no employees in either financial year. Staff costs are those tharged to the Charity by Its ￿ntraC10T. 21 Jubll•o Gardèns Trust {a company Ilmlted by guar8rtts01 Notès to thè Financial Statements For the year ended 31 March 2025 11. Trustees and Key Manag•menl Remuneration and Expenses During the year no Trustee$ received remuneration {2024- £N1￿. In a￿rdOn￿ wth the Artidos and Memorandum of Association. th8 Trusleeg may be paid all reasonable and proper expenses incurred by them in Cxsnnethon with their attendan￿ at moeting¥ and in discharge of their ¢Julios. One Trustee recoived rglmbursement ottravel expenses of £78 in the year12Q24- one Trustee- £1231. The Charity paid Trustees insurance of £841 12024- £6411. 12. Taxatlon No ¢h8rgg arise8 due lo charita￿e Status. 13. Tangible Flxed Assets Plant & Equipment Cost At 1 April 2024 Additions Disposals At 31 M8r¢h 2025 301,987 27,e73 2,990 326,670 Depreclatlon At 1 Apal 2024 Charge forthe year Eliminated on Disposal At 31 Marc* 2025 120.674 46,806 11,495} 165,985 Canylng amount At 31 March 2025 160,685 At 31 March 2024 181.313 D¢btors 2025 2024 Trade debtors Prepayments VAT debtor Accrued Income 140,416 23,750 113.074 23,437 84.935 21,185 105.675 300,677 211,795 22 Jubllee Gardens Tn￿t la Company limit•d by guarant••l Notss to the Financial Statements Forthg yoar •nd8d 31 March 2025 15. Current Ass•t Invostmgnt 2025 2024 Cash equivalents on deposit 1,730.240 1.032,467 dltors: amounts falllng du• ￿thIn ono year 2025 2024 Trada craditors Deferred Income Accruals 103,777 125 24,3D9 121,201 37,976 128.211 159.177 Analysis of D•lorrod Income Op•nlng Deferred Income Amounts Deferred In thè Y•ar Closing Dof¢rr8d Incom Deferred In(x)me 125 125 125 125 D•f•rr•d incama of £125 in 2L124 was for mèmbership fees for tttal enterp￿Se category. 17. Commiimonts On 12 September 2011 tho Charity was granted an underlease of Jubilee Gardens for 127 years. Jubil* GardensTrusl agreed contraclwth Gavin Jone8 Ltd from 1 April 2025 to 31*1 March 2028. The total fvture minimum ojntract payments under non-carKellable operating ¢)Jntracts are as follows: 2025 2024 LÈSS than l year 88￿Ben 2 and 5 y•ars 324,266 695,344 364,812 Jth>i￿ Gard$￿ Trust la company Ilmlted by guarantspl Notes to the Flnanclal Statements Fortho year en(fed 31 March 2025 18. Funds Opening Balan¢• Closing Balan¢e Incomo ExpÈnso8 Transfar General unrestricted Designated-A5SOt Renewal Fund Restriclad 502.437 1,266,489 267.315 783,846 1674,462} {105,821) s{￿,00D 105.821 1,372,310 293.493 26,178 2,036.241 810.024 1674.4621 2,171.803 Designated funds cover the costs of medium to long temi repairs and renewal$ 88 identified in the Charity'8 long-tem projections for the duration of the lease to 2138. The restricted donations from Braebum Estates and Merlin can only be used for asset renewals. Funds fortho year ended 31 March 2024 Openlng Balance Cl¢$lng Balance Incomg Expgnses Transfer General unre5trKtsd Designated- Asset Renewal Fund Restricted 279,502 1,286,489 237,315 918.074 {695,1391 502.437 1,266,489 267,315 30,000 1.783.306 948,074 {695,1391 2,036,241 19. Analysis of NetAss8ts batwaon Funds Fixed Assot Current Assots Currnnt Llabilitie5 Ngt Assets General unreStr￿ed De5ignaled-Aggèt Renewdl Fund Reslrlcted 160,685 473,526 1.372,310 293,493 1128.211) 506,000 1,372,310 293,493 160,68S 2.139,329 {128.211) 2.171,803 24 Jublle• Gardens Trust (a c<>mpany limlted by guarantO0) Notes to the Ftnan¢lal Statsments Fortho y8ar endod 31 March 2026 Analysls of Net Assots Bolwoèn Funds for the year gndgd 31 March 2024 Fixed Currant Asset A$8•ts Current Llabllitios Not Assots Ganoral re8tricted Designalad- Asset Renewal Fund Restrict 181,313 480.301 1,266.489 267,315 (159,177> 502.437 1,266.489 267,315 181.313 2,014,105 1159.177) 2.036,241 20. Related Party Trdn$ac￿OnS Five of tho Trustees of Jubilee Gard0￿ Trust are also the Dir8Ctors of South Bank Employers, Group (SBEGI whieh is the agent that is involved in the managèmtnt #nd administration of Jubiloo Gardens TNst. During the year Jubilw Gardens Trust incurred expenditure tolalling £204.280 12024 - £141.040) payable to South Bank Employers. Group for management and operational support servI￿s. Al the yearond Jubilee Gardens Trust owed Soulh Bank Employers. Group £39.81312024- £30.6361 in respect of these services. Related party transactions were Incurred wlth fha followng org8ni8ation8 each of which ar8 rep￿$¢nIed by a member cffl the Board of Directors. In¢oma Year to 31 March 2025 Debtor at 31 March 2025 Income Yèar to 31 March 2024 Debtor Ot 31 March 2024 SoLrth Bank Centre Shell UK Ltd Merlin Entertainments Braeburn Estates Coin Street 109,320 47,000 22,000 22,000 25 200 345 13.207 93,954 47,000 42,000 102,202 25 285,181 22,000 21. Controlllng Party The Chaiity had no ￿ntrollIng party. 25 Jubilee Gardens Trust la eompany limited by guardntea) Notss to the Financ5al Statements Forth• y•ar ended 31 March 2025 22. R•¢on¢iliation of Consolidat￿ N•t Inromg to Net Cash Flow from OpeTatlng ActiVi￿aS 2025 2024 Net income forthe reporting period Adjustments for.. Depreciatson charges Dividend$ 8nd interèst from investsnents and bar (Increase) I decrease in debtors Incre88ellDecre8sel in creditors 135,562 252.935 48,807 44,339 (53.1251 129,7051 188.8821 184,8491 (3D,9671 58,145 9,395 240,865 26