DooAtyJn En¥dO D.. 1FAJ5CW9W25E403149E508C50917 Charity wistrat•on number 1199281 Coryany regi5ts3tion nUMr 11736891 {England and Wales) LONDON DEVELOPMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 IINiimiiii AOBDXid* 1010912024 CC#IPANIES HtXJSE
Docusw En*knpe ID.. IFA15CWFW25E-&)31.88EWC7 LONDON DEVELOPMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Andrew Lonas Make Nakagawa Jonathan Darby- Char James Wand Danièl Massie Swnon tknnovan Emfflarbuel thUkV Sarah Rogers Sarah Burke Meri Junttt Paula Hines Michael Oh'Scr0ft {Re519ned 19 April 2024 {Rewgned 16 June 20231 {Resigned 16 June 20231 {Resigned 16 June 20231 IResigne<l 16 June 20231 (Appnted 17 April 20241 (Appointed 19 April 20241 (Appointed 17 April 2024", then Resioned 19April 20241 Secretzry Simon Donovan Charity number 1189281 Company number 11736891 Previous Ilame MHOT London Develcyment Twst Senior Management Team Simon Donovan- Chief Executive Officer Emmanuel Wad)ukwu- Managing Diredor (ResKJned on 1610612023} Sarah Miriam Burke- Ch1 Operating Officer Sara Kamaliporshokiwh- FThnce Marbager RÈgiSted officè Redrn¢)nd Commthty Cen Kayani Avenue London England N4 2HF Indèpendent èxaminer Samir Shah FCA. ATII Ramon Lee Ltd Charlered Acwuntants 93 Tabemade Street London EC2A 4BA Website www.ldt rou .or .vk
Docu$pan En¥eW ID". 1FA15C98.F9A&425E*j31-89E8cs)g47 LONDON DEVELOPMENT TRUST CONTENTS Page Trustees. report Independent examinevs rery Statement of financ3al actitreS Balance sheel 9-10 Not•s to the financial ststements 12-26
Dolsjn En¥pel0.. 1FA15CW9A&425E-803149Eg)8C50947 LONDON DEVELOPMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial Statements for the year ended 31 Marth 2024. The financial stalemenls have been prepared in accordanee with Ihe accounting policie5 set out in note 1 to ltte financial 51atements and coMY with the Charitab compan$ Memorandum and Artides of Association, tthe Companies Act 2006 arKI 'Accounb"ng and Reporfing by Charilie5." Statement of Recommended Pradice applicable lo charities preparing their account5 in accordance with the Finanrial Reporting Standard appltcable in the UK and ReputAi¢ of Ireland IFRS 102}- lÈffÈetNe 1 January 2019}. Objèctives and activities Founded in 2018 London Development Trust {London Development Trust) has gr(Mn inlo the key partner for the delivery of social economic regeneration in rts areas of ope(ab"on. It promdes much-nèeded seThTrces for Ihe local communities in some of the most deprivet1 aaS ol London and some of the mo$l diverse London boroughs in temis ol ethnicity. Its mission statement is.. "London D&velopment Trust is a charital)le Tmst rhal w0S in partnethp th ktal msthnts, communtty groups. volunlary seclor and publftc agenctes lo bring at)ut lasting soual. ecor1% and envIronntal irnprovemenls for the benefft of all regenera1 area.- The main objectives ot the trvst are". The relief of unemployment. The advancement of educatstsn. training. or retraining. particulaity among unemployed peoplÈ and prowding unemployed peop with Wofk expenence. The ¢reation of training and employment opwtunii$ by the proOn of workspace. buildiNJs and I c land for use on favoufable tems. Thè maintenance. improvement, or provision ol public amenrties. The provision ol recJeatsonal faalities for the public at larye Ilx)se by reason of thew youth. age. infim)ity or disablement, finanaa hardshy, sooal and economic arojmstances, have need of such The proleclion or conservatK•n ol the enwronment. The prwsw)n of public health facslittes and childcare. The promotion of publ safety and Fevenlion ol crime. The role and contribution of volunteers A total of S0+ volunteers helped support Ihe work of Ihe paKI slaff and it5 Board.. lIst not retying on volunleer5 10 un(5ertake any actiirity. providing volunteering opportunities for resKlents and senrice users is J key output lor London Development Trust. as l allows London Development Tw5t to enhance and grow communty sermces. At the same lime"volunteers gain valuable work experience lor their Cvs and report enhanced happiness and well being in Iheir every-(Jay lives. The oiganisation seeks lo involve volunteers across its work measuring the unpact through its'EmpowermÈnt' business strand_ Achievements and perforrnance London Develtspment Trust has reached another sKJnificant mlestone in its dÈvÈiopmènt. Nthv in ils 5th year of operalions the Trust has now become a signtfiGant entrty in the community development and social enlerprise scene across Lond()n. Building on the SLrccess of lasf year. Ihe Trust has a¢hVed the following. London Development Trust sucsSfUlLY delivered the fifth year of a major omlracl wrth Countrysidè Homes and L&Q Housing AssouatM)n on the Adon Gardens Regeneration in LB Ealing worth £5C(J,000 over S years lo deliver social regeneration senrices and wmmunity faality managemenl.
D¢xuwn En¥eW10.. 1FA15CWgW25E4031-B9E50KgN47 LONDON DEVELOPMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Worked with St George and was c1[ae¢l by the Grand Union Development Twust lo mana9e ihe newty opened a Community Hvb in the Grand Union DÈvdopment in AlpÈrton_ LDT worked with l¢>tal artists and sthool students to exhibit 5 art eXh1brtns', 11 worked wrth l¢)cal groups and the Canal and River Trust on Grand Union Canal dean up days., prowded space for Rarnadan Prayers and a nvmber of u*mmunity lftars.. 11 gave fveè space to 3 number of Ictal groups Such as the loral NeTrghtK)rhood Walth. local thildren's ar15 groups in rts free 5haied space. LDT worked with the Canal and River Trust lo ddiver keep fit and boot camp 5ession5 for local rè5idenls. LDT empltsys 4 IcKal re>dents as members of siaff who have been integraied into the Wer LDT Tèam. While paid for activrties anil bookings have improved at Ihe Grand Union Community Hub the year 23Q4 proved rinancially thallenging. This was due part to the C05t of LIng Cri515 and LDT is in discussion with Grand Union Development Trusl to agreè a pint way fOard lor Ihe Community Hub. Connèeting - This keystone challenges the Twst and olhers to work togelhÈr around common goals ark1 Theory of Change. During the year London Devdopmenl Trust." Acton Gardens Regeneration London Development Trust eontinues lo play a kèy role in the 20-year regeneration of Acton Gardens. The Trust hosts various organrsations who communicate with residenls, such as police liaison meetings. The Trust has also set up a local resident led Trust the Aclon Gardens Development Trust to ensure that local residents have oversight and inpul into the running ol the Acton Gardens Community Centre. Finsbury Pa Trust London Devebpment Trust SuccfHY rMpleted the interim managernl 5eTrices. Empowerm¢rtt - Most of the projerjs that London Development Trusl manages lall under our Empowerment Keystone. Ovei the cowse of 2023124 Lof7don Devebpment Trnst was able lo deliver a variety of virtual and in- per50n proie¢ts and attivities from all the Community Centres rt manage5. Mgst ol these proje¢As We aimed al Healthy lifeslyle changes and tackling isolation in thildren, young people. and adutts. London Development Trust continuès to partner with the Ftlix Project, a charity which collects surplu5 food Irom various supemarkets into Iheir warehouse in Enfield and delivers to local charilies. This provided many vulnerable iesidenls with food. All centres now run a weekly Comm¢Jnty Fridge, where parlner organisations pmmding food aKI and residents can collecf loJ. LDT was awarded El 70.CIXI by Cty Bridge Trust lo develop wider food povety prograrns in partnership with othw cornmunily organisalions in LB Hackney. y Pla¢¢. LOT worked wth its subwth'ary MHDT on the 3rd year of the My Place Prqect whi¢h works lo empower young people in the regeneration proce55. It doe5 this through Iiaining young people to be community researcher5 and feed bad( to Ihose in power. LDT worked vnth a nINnr ol local communty groups rn Acton securing fundirvJ for. a sewing project", boxeityse and other projeds. LDT wntinues its partnership with MKldlesex UnNersty who verified its ProYe55wal Development an Mastèrs MLKlule Swal Sustainabihly n the City due to run Irom January 2025.
Oocuswjn Erndope ID.. 1FA15c9&F9A6425E-Wts1-B9ES¢IS0g47 LONDON DEVELOPMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Influence - TS keyslone refers to ihe ways that the Trusl is influenced by those who benefit aThd use our service5. LOT uses this data we collect and analyse to inlluence those wth power and authority to make a differen to policy. We are a dala led organisation. During the year. London Development Twusl published a number of Impact Reports on our work. This included reports on our work acr055 Aclon Gardens and Kkndbery Down. The Trust has devdoped an Impact and Evaluation Team Ènd prtitsided impad consullancy wth a iwo prestigious s1311¢11 society organIsat$. During Ihe year LDT began a contract Naiural England to consuh its Staff on how to measufe Ihe imp3Ct ofArt and artists as they are introduced into the mainstieam worft ol Natural England. LDT also tracIed with the Bribsh Academy on a youth consultation project building on the work of My Place in Finsbury Park and Woodberry Oown. Measuring impacl remains 8 key obsective for Lon¢kn Develcwent Twst and all projects are given resource to mea5uie the soaal impact created. Work has been focused on colleding data lon9ltudinally by surveying at key inleNals as projects develop. Svrveys are rlleC1ed on an ongoing basis enaNing u5 to measure change and the arhievernenl of outcomes over lime. A5 well as this. qualrtative dala has been collected for case studies on drfterernl rÈ9eneration dèvelopments. We continue our relatsonship with Ph"nth io create a Spoke impad mèasurernent too. As well as this, it has been importaiit to us lo develop a monitorin9 slructure, team and steering group to Support impact assessment strategy_ We recruited an Impact Officer to manage on-the-grcwjnd data collections and analysis across the areas in which we are Wknng. Space - London Devekjpment Trust manages Spaces and across the public realm. London Development Trust saw some major expansK)n in the spaces 5ignirg a &year tease for the Grand Union Community Hub. It Continues to manage c()mmunity spaces on Woodberry Down in LB Ha¢*ney al Aclon Gaidens in LB Ealing. LDT worked wlh Ta01 Wmpey on the de&gn of a new communrty centre Greenwith Meridian lIage whi¢h is due to open at the beginning ol finanaal year 24r25. Organisation London Development Trusl made some major organyzational advances over the year with the reortentalion of ils group and Manor Plouse Development Twsl becoming a subsidiary 0rganlzatft. MHDT 51aff TUPEd in lo LDT Servieè provision by London Developmènt Trust London Development Tnjst is now able lo provide a fu range ol community development seTrices irn relation lo the management of local communily eentres and assouaied fac41ities induding Developmeni and management of new facilities., 8oard administralion and support. Recruitment and empbyment of staff; Markeiing. PR and communicabons. Impacl assessmeTrl and data moniloring. London Development Trust also support local organisatM)ns vmh additional setmces including HR support, induding training. performance management and payroll arrangemenls.. Health and safely. risk managemenl and quality assurance.. Swal stewardship cisnsultancy for devekjpers bidding lor large stsle (Jevelopmenls.. Soaal 4npacl baseline information studie5". procuremenl and JCT systems., Finano31 seNces and Ireasury management. The London Development Trust Board - The London Deveknpmenl Trust Board has professionals who have joined its Board in order to build the Trust into a positKJn where it can SCO and transfer into new business opportunities. During year Iwo members resigned and tsvo new members were installed as Trustees. Slaffrng - During Ihe year Lon¢Yon Development Trust continued lo employ staff to cary oul its seThIS and received slaff from Manor House Development Trust follwng a parent subsidiary arrangement and Slaff TUPE'd to London Oevelopmenl Trust at the beginning of Ihis finanoal year. Following ihis transfer LDT was able to reorganise which created a more efficient and sustainaNe organization. Nevertheless due to difficult trading arcumstances 2 staff were made 4Undant. Olhef CtraCted staff reduced pay by 20% for a short period again enabling LDT to remain financially viable moving foard. Legal Actions - London Development TDJst was not invc4vedl subj'ect io any ongoing or new legal acts'on during the course of the year.
0¢Ku$n En4*lope10." 1FAISCW9A6425E4031.BgE508C50947 LONDON DEVELOPMENT TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Publlc bÈn¢fit ststement In shaping our obJ"ectives ft)r the yèar and planning our actitIes, the trustees have con&dered Ihe Charity Commission's guidance on public benefft. induding thè guidan 'publi benefit". wnning a tharity IPD21'. The achievements and adivrties above demonstrate the public benefit arists)9 Ihiou9h the charitS acli¥ilies. Finan¢i•l revièw The Charity recorded a nel def1 during Ihe year ended 31 March 2024 of £107,552 12023 - of £51,845> and reserves stand af £9,897 {2023 - £117.449}_ The financial position al the year revealed by the Balance Sheet on page 9 shows nel current assets or working capital 01 £141,622 12023 - £296,093). The nel book value of fixed assets hgld, all of whith are used direclty for charitsble purposes, arTh)unted to £1.611 {2023- £6,756). Principal Funding Sources Principal funding sources are ujrrentty." Acton Gardens Partnership Lettings ol the Aclon Gard$ Communty Centre The National Lottery Cixnmunty Fund Investment powews and policy Undèr thè Memoiandum and Arte$ ol Association. IhÈ Charity has the power to make any investment which the Iruslees see fit. The tFUStees have considered the most appropriate poli¢y lor inves14ng funds and have found that cash deposits meet their requirements lo genÈratè inrA)me. Res•tves policy The Directors and Trvstees consider bt prudenl to maintali an adequate level of unrestricted reseeS to cover the comrnunily centre's conlraciual ojmmilmenls and Provide Slrfiryent worfKing capiial and have sel this at minimum of six months expenditure. In order to build up its reseNes to a prudent level. London Developmènt Trust.. continue to IeaSe revenues through Ihe management of assets and wnning of nèw o)ntracts sud) as nsultan<ies". has cul non-staifing elements of the budget lo a minimum". has spread rAYÈ central costs across all thntrads rt is Current worktng on. As at the year end, accournls showed reser¥ès of £9.897 12023 - £117.4491. of whith £39,21812023 - £104.9951 was iestricted. The unreslricied funds not designaled or invested in tangible fixed assets after deduction ol long tem liabilities held by the Charity are at negative £30,93212023- £5,698).
Oocu5iw ErNdwe10.. 1FA15C9V9P&425E-8031-B9E9)8C50947 LONDON DEVELOPMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for luiurè periods London Development Trusl has ambilions lo grow and set a slandard for Social Stewardship and Community Development across London's regeneration stheme5. It has been set up to help those who are involved in the bult Ènvironment induslry aChve Èxeellence in CAHnrnunrty developfflent and soual steward5hp. London Dèvelopment Tmsi offèrs a rdrye of sèMcAs. from inrtl consultancy business planning ol cmMUn facilities, faulity management as well as on the yrwnd delNery of base line impad #udies through lo the delivery of arnmunity development projects. During the year London Development Trusl has made the necessary govemanc and organisatTonal changes to ils Articles and Memorandum and recsuited a tiew strong Board. Our Truslees bring a wde ran9e of experiences dnd knowledge to assisl in this wocess. Fundraising London Developmenl Twst CA)ntinues to seek relevant funding opportunities to itKsease rts impact wth beneficiaries in the areas in which il w¢yks. Impact In order to rmprove the management of Impad, Lonsjon Delopment Trust ha5 invesled In Time io Sparè, an impact management Ic1 which has allowed the TnJst to strèamline daia colJectK)n processes. produce more impact reports and uee OppOrtune$ for deeper analws and understanding of Ihe impact we have on ti)e local communily. Structure, govemance and management Governin9 document London Developmènt Trust is registered as a company limited by guarantee and not having a capital divided by 5haies. The company was incorporateil on 20 December 2019 an¢J is a regislereil tharity constituted as a Limited Company under the Memorandum and Artides ofAssociation. The Charity was registered wth Charity Commission on the 30 April 2020. The charity regislralion number is 1189281 and the company registratn number is 11736891. Recruitmenl and appoinlment of Tntstees Trustee5 come from a range of badcgrounds and interests induding. A Se1edTr process for t)olential new trustees ha5 agreed. This process indudes an analysis of skills rèquired by Ihe board. interviews with Ihè directors and chair ofthe board arbd attendance at the board meeting folkjwed by a rÈwew meeting. Trustèes Induction and trnlnlng New Tfustees were added to the Board during the course of the year and have ¢ompleted inductK>n training. They meet regularly on a quarterty basis and conlinue to suppotl the Trusl wth expert commeraal and other advice. Organisation The Charity is stNctLtred so that the directors and tnjstees meet regularly to manage its affairs. The Management Board cDmprises indmduals from a variety o( backgrounds with relevanl prolessional experience. Related parties The Charity works cbsely with other MIlar organisaiions as detaited in the achTrevements and performance section of the Truslees Report. None of the Charity's trustees are directors or trustees of these Oth organisations. Pay policy for senior staff Pay lor Senior Slaff is detemined by Ihe LDT Board and re¥iewed on an annual basis as part of the budget setting piocess. Risk Management Risk Management LOT ie9ulady reviews risk by means of a RAG iisk register at Board and SMT meetirvJs.
OtxxJsJn En¥k)pe10". 1FAlg&F9•25E4O31.BgEJvL5]g4T LONDON DEVELOPMENT TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ststsm•nt of trustees, rèsponsibilities The trustees. who 8re also the directors ol London Oevelopment Trust for the purpose of cDmpany law. are responsible for preparing the TnJslees' Report and Ihe finanual slatements in accordanrx with applicable law and United Kingdom Accounting Standards (United Kingdoffl GeneraNy Attepted Acuunting Pract1. Company Law rèquires the truslee5 to prepare financial slalements for each finanrial ar which give a truè and fair view of Ihe state of affairs ol the tharitable company and of the inrA)mirvJ resourcts and awication of resour¢es, inclvding the income and experKlilurè. of thè tharitable cL)mpany for Ihat year. In preparin9 these fjnanryal ststÈments. the trustees are requi to". - select suitable accounting pc41cS and then appty Ihem consistent.. - observe the methc4Js and principles in the Charilies SORP." - make Judgements and eslimates that are reasonable and prudent., and prepare the finanrial statemenls on the going corKern basis unless it is inappropriate lo presume that the charitable company will continue in operation. The trijslees are reS)nSIble for keeping adeqvate accotjnting rerdS that disdose with reasonable accvracy ai any time Ihe fin3nu31 poglion ol the tharitable company and enable Ihem to ensure Ihai the finanrial slalemenls cornply with Ihe Companies Act 20Cfj. They are also resrK)nsible for safeguarding the assels of the charitable cornpany and hence lor taking reasonab steps for the prèvention and detectson tsf fraud and other irregularities. The trustees are responsible for maintenance and inte9rity of the corporate and finanoal infonnation rrn¢kJded on the charitable company's website. Legislation in the United lfjngdom goveming the preparation and disseminalion of financial statements may er Irom giSlaOn in other jUrisdicts. This report has been prepared in acrudance with the special prOV)nS of Parf 15 of the Companies Act 2006 relating 10 small Compan$. Thè trustees, report was approved by the Board ofTrusiees and signed on its behalf by.. IWSlPa801Fl... Jonathan Darby Trustee 21 August 2024
Docu5vJn En¥tlope ID.. lFA15CWFg25E4O3l-e9E5(cxl94? LONDON DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON DEVELOPMENT TRUST I repori to ihe Irustees on my examin3tKM of Ihe financial statemenis of London Devekyment Twst (the charitable company) for the year ended 31 Maith 2024. This report is made solety to the chanws trustees, as a body, in accordance wth the Charihe5 Act 2011. My work has been undertaken so that I mighl state to the charivs trustees those matters l am required lo stale to them in an independenl examiner's report and for no other purpose. To the fullest extent permitted by law, I do nol accept or assume responsibility lo anyone other than the charity and the chtys Iwstees as a body, for my Independent Examination. for this report, or for Ihe opinions I have lorrned. Responsibilities and basis of report As the truslees ol the charilable company (and a150 its direclors for the Wfposes of. company lawl you are responsible for the preparalion of the financial statements in accordance with the requiremenls ol the Companie5 Act 2006 Ilhe 2(X)6 Act). Having satisfied mysew that the fin3ncial statemen15 of the charilable company are nol required lo be audited under Part 16 of the 20C6 Act and are eligible for Independent examinatk)n. I report in respect of my examination of ihe charitable company's financial statements carried out under Section 145 of the Charitie5 Ad 2011 (the 2011 A¢ll. In ¢atrying out my examination I have followed all the applirable Directions given by the Charity Commission under $¢dion 14515llbl of the 2011 Ad. Independent examinerfs statement Since the charitable cA)mpany's gross in¢A)me exceeded £250.OCKJ your examiner rnusl be a mernber of a body 'sted in 5edion 145 91 the 2011 Aci. l ry?nfirm that l am quats.fied lo undertake the examinabon becau$9 l am a member ol ICAEW, which is one ol the listed bodies. I have cornpleted my examination. I confinn that ro matters have come to my attent*on o)nnection with the examination giwng me cause to believe that in any material respect.. acc<wnling records were not kept in resped ol the cknairtable company as r4urred by seclrtsn 386 01 the 2006 Act", or the financial 51aternents do not accord wth th95e records.. or the financial stalemenls do not CoMY w¢lh Ihe acrUntIng requirements of section 3 of the 2006 Ac¢ other than any requiremenl Ihal the ac£ounls give a twe and fair view which is not a matter c4)nsidered as part ol an independent examination. or the financial statements have not been ppared in accordance with the methods and prin(iples of the Slatemenl of Recommended Practice for accounting and reporting by chariiies applicable lo chafilies preparing their accounts in aCCordare 1h the Finanoal Reporting Standard applicable in the UK and RepublK of Ireland IFRS 1021. I have no concems and have cijrne acmss no other rnaiters in connection with the examination lo which atlenlian should be drawn in this rep(¢ in order to enab a proper underStandg of Ihe fiarA31 statements lo be reached. 8FA644X8F4CE . Samir Shah FCA, ATII Ramon Lee Ltd Chartered Aceountants 93 Tabernacle Streèt London EC2A 48A Dated= 21 August 2024
Do¢44n En¥eW10: lFA15c9&F9A&425E4?l¥XS0947 LONDON DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 UtrICted Restricted funds funds Total 2024 Totsl 2023 Notes Income from.. Donations and legaaes Ch3rit3ble activiliès Other trading actIlieS 101 306.632 23.176 101 432,571 23,176 10.501 586,889 125.939 Total income 329.9)9 125,939 455.848 597,390 Ex nditure on: Raising funds Charitable activilies 146.832 224,852 146.832 416,568 155.743 493,492 191,716 Totsl expenditure 371.684 191.716 563,400 649,235 Net expenditure forthe yearl Net movement in funds {41.7751 (65.7771 {107.S521 {51,8451 Fund balances at 1 April 2023 12,454 104,995 117.449 169,294 Fund balances at 31 March 2024 129,3211 39,218 9,897 117,449 The statement of finanaal actimtses indtsdes am gains and losses re¢¢yJnised in the year. All incorne and expenthlure defi¥e from conttnuing actithties. The statement of finanaal aclivilies also CoMleS wilh the requirements for an ino)me and expenditure account under the Compan5 Act 20(. The notes on pages 12 10 26 form part of Ihese financaal slatements.
DotAJ$vJn En%tlW 10.. 1FA15C98-Fg*6425E4031-B9E508CgJ947 LONDON DEVELOPMENT TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes FSxed assets Tangible assets 11 6,756 Current assets Debtors Cash al bank and in hand 12 70.530 110.310 114.213 213.899 180.840 328,112 Creditors-. amounts falling dut wtthin one year 13 (39.2181 132.0191 Nel currenl as5$ts 141.622 296,093 Totsl a$5ets lèss current liabilitiès 143.233 302,849 CreditOfs= amounts falling due aft•r more Ihzn one year 14 {133.3361 {185.4001 Net assets 9,897 117,449 Inconw funds Reslricled funds Unreslricted funds IS 39.218 129,3211 104.995 12,454 9.897 117,449 The notes on pages 12 to 26 form part ofthe5e finajaI stalemenls.
DOCU¥ ENet0." IFAtSC9W9A6425E-8031-BgE5O8c5C7 LONDON DEVELOPMENT TRUST BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The company is enlilled lo the exemptK)n from the au¢Jrt requirement conlained in se¢*'on 477 of the Companies Act 20(, for the year erKled 37 March 2024. Thtr members have not requjred the company to obtain an audit of its ffinanryal statements for the year in question in aecordance wrth seth.ttn 476. The directors acknowledge their responsit¥"litEs lor. al ensuring that the tharitabk company keeps act(JuntWlg re¢wds thai o)mpty wrth Sedions 386 and 387 of the Companies Act 2006 and bl preparing finanaal stalements which give a truè and fair wew of the state ol allaits of the Charilab company as al the end of each ffinanoal year and of its surF4us Of dert fo( each financial year in accA)rdance with the requirements of Sectiorns 394 and 395 and whith otherwise comply vAth the requirements ol the Companies Act 2006 relating to financial statements. so far as applicable to ihe charilabie company. These financial staiemenls have been ppared in with the proviskjns appli¢able to companies subject to the small wrnpanies regime. The financial staternents wère approved by the Trustees on 21 August 2024 and snÉ on behall by.. LIAOF51M8DIE4FF.. Jon3than Darby Trustee Company regiStraan number 11736891 10-
LONDON DEVELOPMENT TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 21124 2023 Notes Cash flows from operating activitis Cash absorbed by operal)ns 20 (51.5251 {37.4761 Investing activitles Purchase of langiNè fixed assets Purchase of associates {3.4391 Net cash used tn investing activities {3,4391 Financing aclivities Repaymenl of bank loans {52.¢A41 5.400 Net cash (usèd inllgenerated from rinancing activities {52.0641 5,400 Net dècrèase in eash and cash equivalents {103.5891 {35,5151 Cash and cash equivalents al beginnirbg of year 213.899 249,414 Cash and cash Èquivalents at end of yèar 110.310 213,899 11
Dorlwgn En%bpe10". 1FA15C9wgw25E•)31.89E508C7 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Accounting convention The finanual slalemenls have been prepared in a¢c4)rdan¢ wrth Ihe ¢harrtable company's Memorandum and Artides of A550u8ts"on, thè Companies Acl 2006, FRS 102 "The Finanual Reporting Slandar(J applicable in the UK and Rèpubl of Ireland. I"FRS 102.1 and the Chanlies SORP"Accounting and Reporting by Charities.. Slatemenl of Recommended P1acte applicable to chanties prepanng Iheir 3cr4unls in accordarn¢e with the Finan031 Rèporting Standard applicalje in the UK and Rèpublic of IrèLAnd IFRS 1021" leffèctbve 1 January 2019}. The charitable company is a Benefit Enb"ty as defined by FRS 102. The financial statements are pared sterling. whth IS the fLK)dional culrency of the charitablÈ ttjmpany. Monetary amounls in Ihese finanual stslements a rounded lo the nearest £. The finanaal $tatements have been wepared under the historical cost COnntiOn. The principal accounting policies adoptÈd are set out below. 1.2 Going concem The Charity's Finanrial Stslemenls show net defiot of £107.552 (2023 - of £51,845> for the year and freè reserves negative of £30.93212022- £5,698). The trustees are of the view that these results and plan5 for the fvlure have secured the immediale ftrtwe ol the Charty for the nexl 12 10 18 months and on this bas1S the Charity is a going wncem. In order to improve organisational elficienry all staff preoUS working for London DevèlopmÈnt Trust's subsidiary Manor House Oevelopment Tw51 were t¥ansferted into the parent organi5alon. Whik this had incrèasèd revenue cosls in also enabled London Development Trust SMT and 3oard to bè able to rationalise ils payroll costs. A number of redundanc4es were made induding a member of the Sen1 Management Team. In addition other stafl salaries were reduced by 20% lor a 6 mnlh period which resurted in reduced outgoings during the peri¢. The financi?1 srtualion was worsened by the non-perfomance of the Grand Union Community Hub in London Borough of 8renl. London Developrnent Trust has taken action in February 2024 to remove this loss making community centre frorn ils portfolio whth was compleled in June 2024 and results in signifiwt dUCtion lo finanryal losses that Ihe Trust was i11Tng. Moving forward London Devek)pment Trust has increase ils consultsncy offer with an number ol nèw contracts being won. This wwk is sel to increase in yeai 24r25. Londgn Devekjprnent Trust ha5 a15ts opened an new comrnunity faality in Royal Borough of Greenwich which tt expects will quickly move to create surpluses for the organisalion. It has also wtsn a tender vriih Lontlon & Quadrant Housing to work on the design and future management of a new communrty fw.lity in Beam Park London Borough of Barking and Dagenham. In addilion London Development Trust is lèadiny a consortium in a bid to the Nalional Lottery for a 5 year projecl wth a Pfojecled income of £5rnillion ovei the next 5 years. Finally London Developmenl Trust ha5 been offèred refinancing of an exislrng loan by the Social Investment Business whith in¢ludes a large grani and redLF¢ed and interest onty paymenis ft)r rt$ 1st year. 1.3 Charitable funds Unrestlted funds are available for use at the disuetion of thè trustees in furtherance of their charitae objective5. Restrded funds are subject lo speufi¢ tli110n$ by do1$ as to h< they may be used. The purposes and uses ol the restricted funds are set out in the notes to Ihe finan(ial ststernents. 1.4 Incomè Income ts rec4)gnised when the chacitable company is legally entiued lo il after any performance CA)nditions have been mel. Ihe amounis can be measured reliabty. and Il is probable that income will be received. 12-
Docugyn En¥elcye ID.. 1FA15WF9W25E-8031.B9E5LYL50947 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl Grant Trncome Grants are creditèd to the SOFAwhen Ihè chanty is entiued to the funds. Income is onty deferred where there a time constraints imposed by the donor or rfthe funding is perf0fft3fe related. ere entitlement to grants receNable is depen¢Yent upon fuifilmenl ol conditions wthin the charity's ntrOl. the income is recc¥Jnised when there is suffiaent ewdence that condib.ons will be met. Grants supporfing the core aclivilies of the charity and with no spe(ific restrictKJns placed upon their use are included wilhin donations and legaoes. Grants that have speafic restriclions plac£¢J upon Iheir use are included wilhin income from charilable acti¥iiies. catal grants for ihe purchase of fixed assets are credited lo reslricled incoming resources on the earlier date of when they are received or receNable. Deprecalion on the related fixed assets is charged against Ihe restricted lund. Donations and legaeiès Donations are recognised in the period In vA)ich they a received. Legacy income is iecognised when the charily's entillement is Judged to be probable and where the amount can be reliably rneasured. Contract income Income from charilat4e actt5 indude income recOgned as eamed las the related gc4)ds and SeiCe$ are provided) under contraca. Rentsl income Roorn hire income arè credited to inc(ne in the yèar in which they are ree£rvab. 1.5 Expenditure Expenditure is recognised onrA there 15 3 legal or tonstructNe otrAigab"tsn to transfer eCormlC bèfit to a third party. it is probable that a transfer of eeorniC beneffts wil be requi in settlement. and the amount of the obligation can be measured ieliabty. Expendilure is cgassthed under Ihe follM"ng actmiy headings.. {al Cost of raising funds indudes slaff time used to raise grants ant1 donaticS and theii assoaated supporf costs. {bl Expendilure on chaciiable acliwties tde expenditure as50ualed with the main objectives of the charity and include both d1Cl$ costs and their associaled support Costs. Irrecoverable VAT is charged as a c4)st againsl the actiwty for which the expendIlu was inojrred. Allocation of support costs SuK5PQrt $1$ are Ihose fvndtons Ihal assisl the wwk of the Gharity but do not direGIty undertake charitable aCti7t1eS. Support Costs include back offKe costs. financè and administration personnel, payroll and goveman¢e cx>sts which support the tharrtls programmes and actiwties_ These C0S15 have been allocated belween cosl of raising funds expenditure on charitable actmties. All the general support and governance costs have been apportioned to the various aclrwties on the basis of siaff tirne albocaled lo each activity. 1.6 Tangible fixed assets Tangible fixed assets are staled at cost less depreuation. ThÈ cost of minL)r additions or Ihose Gosling lèss Ihan £500 are not capilalised. Deprec4ab"on is prowded at otes calculated to wtile of the cost or valuation ol fixed assets. less their e5tirnaled rèsidual valve. over their expected usefvl live5 on the following ba5es.' Computer equipmant 25% Strai9ht Line ba5i% 13-
Docy$gn Emdcpe ID.. 1FA1Sc99s425É419Eg)fjog47 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) 1.7 Cash and cash equivalents Cash and cash equivalents indude c85h in hand. deposits hekl ai ¢all with banks, other short-temi liquid vestmen15 Wth oiwinal maturities of three monlhs or less. and bank oveidiafts. Bank overdrafts arè shown within borrowin9s in ¢urrent llabilrties. 1.8 Financial instrumènts The charitable company has elected lo app the pfo¥isws of Sedion 11 'Ba$i¢ Finan¢ial Instrumenls, and Section 12'0ther Finanaat Instruments Issues. of FRS 102 lo all of its final irbstruments. Financial instruments are recognised in the chari(able companrfs balance sheet when the charilable CLJrnpany becomes party to the contractual prowsions of the inslrumenl. Financial assets and liabilities are offset, wilh the net amounts presenled in the finanaal slatemenis, when there is a legally enforceable right to set off the recognised amounrs and there is an intention 10 settle on a net basis or to realise the assel and setue the liabilrty simultaneously. 1.9 Taxation The Charty is a registered iarity and, therefore, is not liable for Income Tax or Corporation Tax on incK)me derived from its charitable aciivilies, as il lalls within the various exemptions available to regislered charities. 1.10 Creditors and Provisions Creditors and Prowsions a re¢OgnI when Ihe chan"iable ¢ompany has a Wl or ¢M$tru¢tive present obfigation as a resutt of a past èvent, it is probable ihat Ihè charttable c(>mpany vrill be required to settle U)at Ol931$n and a liable estimate can be made of the amounl of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the presenl 019allOn al the reporting end dale. taking into account the risks and uncertainties surrounding the obligation. ere the effect of the time value ol money is material. the amount expected lo be required to settle Ihe obligation is rec4)gnised at present value. en a prowsion is measured al present value. the unwinding of the discounl is reixjgftised as a fmanc£ cost in net iromellexpenditure) in the period in which il arises. 1.11 Volunteers and donated seTrvi¢es and facilitie$ Oonated professional seIS and donated facilities a recognised as income when the charity has ojntrol over the ilem, any conditions assouated wlh the donated item have been met. the receipt ol economic benefit from the use by Ihe chartty of Ihe ilem is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021. Ihe general volunteer time is not recognised and refers to the Trustees. annual repNt for more infomiation aboul thew contritr4Jtion. On receipt, doTrated profes&onal serytes and donaled facilit5 are rewgnised on the basis of the value of the gift to the charty which Ts the amount the charity would have been willing Its pay to obtain services oi facilities ol equivalent economic benefit on the open market" a corresponding èmount is then recngniserl in expenditure in the per•Jd ol receipt. No such donatKJns weie receNed during the period. 1.12 Dèbtors Trade and olher debtors are recognised at the settlement amount due after any trade discoLtnt offered. Pfepaymenls are valued at the amount prepaid nel ol any trade discounls due. 14_
Docus4n EnveloFe ID.. 1FA15C9&F9AEA25E-803l4*6c50Y17 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and jwdgements In the appli¢ats"on of the charitable companls aOnting policies, the trustees are required to make judgements. e5twnates and as5vmptions aboul the carryin9 amounl ol assels and liabilities that are not ieadily apparent from other sources. The estimates and associaled assumptions are based on hisloncal expÈrien and other fa¢tors that are consdered to be relevanl. Actual results may drffer from these esbrnates. The estimates and under"n9 assumptions are eWed on an ong(Mng basis. RevtstOll5 to 8C<Xtunting estimates are recognised in the penod in which the estimate is rewsed where the Tewsion affeds only Ihat period, or in the perw)d of Ihè rèmsion arKI fulure peti(Mls where the rewsion affeds both cuirent and future pèriods. 15-
Ooojstgn En¥el(¥)e10." 1FA15C98-F9Ph425E-8031-B9Eg)8CgJ947 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and lègacies Unrestricted funds Total 2024 Total 2023 Other donations Power to Change Resilient CoMMune$ FuTrJ Othèr income 101 101 10,OtK) 101 101 10,501 For the year ended 31 March 2023 10,501 10,501 16-
rx)cugn ErNdope10". 1FA15c9&F9pfA25É-8031.S00e$)g47 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitsble activities Raising Empo*ring Influèncing Funds Spacè Total 2024 Total 2023 Aclon Gardens LLP Grand Union Oevelopment Trust Haringey Council RMG Lotxlon Other IncA)me The Rank Foundation London Borough of Hackney Arnold Clark-Aulom Funding CAF- Foofv40rk Trust BBC Chiklren in Need Ellis Campbell Foundation The City Bridge Trust Bonner Road LLP The National Lottery Comrnunrty Fund Tesco Community Grant KCCF Coronation Food Project grant The Brilish Acaderny Natural England Space Hire L&Q SUMMER EVENT 120.585 395 120,980 102,993 142,400 1.189 475 215 20,000 451 234 265 950 3,748 2.500 22.000 49.504 20.Q¢X) 53,780 s,000 2,000 74.fj06 74.6CIS 1.0fy) 9.968 5.079 37.265 180.018 705 5,079 37,265 180,018 705 163.085 121.036 88,203 42,344 180.988 432.571 586,889 Analysis by lund Unrestricted funds Reslricled funds 121.036 234 87,%9 5.079 37,265 180,283 705 3.632 125,939 265.800 321.089 121.036 88.203 42.344 180.988 432,571 586,889 For the year ended 31 March 2023 unresIred lunds Reslficted lurKI$ 100,000 143.589 163,300 265,800 321,089 177.500 243.589 180.OCKI 163,3 586,889 17-
Oocus¥n Enknpe ID.. ?FA15C98-F9W25e-8031.BgE508C50947 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other trnding activities Unrestricted fvnds Total 2024 Totsl 2023 Management charge 23.176 23,176 23.176 23,176 For the year tnd•d 31 March 2023 Raising funds Unrestricted funds Totsl 2024 Total 2023 Staff costs Share of Stjppthl costs Share of Governance cost5 107.705 28.436 10.691 107.705 28,436 10,691 62,387 47,682 25,674 146.832 146.832 155,743 For the yearended 31 Mar¢h 2023 Unrestricled funds 143.507 155,743 143.507 155,743 18-
D(Ml$lgn En4*knpÈ ID 1FA15C98-FgAfa25E-80314gEgJ8C9J947 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitsble activitses Empowering Influencing Space Connecting Total 2024 Total 2023 Staff cos15 Premises and equipment costs other dire¢t costs Discount on charitable space hire 88,819 14.708 9),226 193.753 174.354 1.380 32.694 60,462 61.842 80,066 45,551 85.670 10. 10,79) 10.790 30,467 122,893 25.&J8 197,860 346.451 336.042 Share of support costs {see noie 81 Share of governar£ cDsts (see nole 81 23.252 3.885 23.823 102.345 8.741 19,157 55.105 154,886 31.043 230.639 416.568 493,492 Anatysis by fund Unfestricled funds Reslricled funds 115,722 39,164 31.043 78,087 152.552 224.852 191.716 154.886 31.043 230.639 416.568 For the year ended 31 March 2023 Unreslricled funds 89.791 Rèstricted funds 160,339 4,176 25.757 96.125 113.954 3,350 193,442 3(Xl,050 250,130 29,933 210.079 3,350 493.492 19-
DocusuJn Envelope ID.. 1FA15C984W25E-8031-BgESJ8L5CW7 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IAARCH 2024 Support costs Thè d)arity inrtialty identthÈs the costs of its support lundions. It then ent9 those costs which relate to the govemance funclion. GovernanGe cosis and other support Gosts are apportioned 5eparatety between charity's key a¢tiwty undertaken (see note 71 Trn the period. All the general support and governan¢e costs have been apporligned to the various acknMkn"es on the baS of stsff ts.me allocated to each aclmty. Support Goveman¢e costs costs Totsl 2024 Totsl 2023 Staff costs Depreciation Premises and equipment costs Communicalions 5t5 Infwmation technology Legal and professiona Èxpenses MI¢11at0us expenses Independent examinèrfs fees Bank intefesl & charges 25.312 5.145 2,156 1.514 3.114 7.081 21,001 1,080 12.993 25,312 SO.624 5.145 2,156 1,514 3,114 7,081 21,001 5,616 12.993 178,265 5,145 2.212 1,317 1,273 2,095 16.081 4,692 19.726 79.3 29.848 109.244 230,806 AnalysÈd befvleen Fundraising Charitable adivth.es 28,436 10,691 19.157 39.127 70.117 73,356 157,450 79, 29,848 109,244 230.806 Not movement in funds 2024 2023 Net movement In funds Is ststed after chargingllcrtditing) Dèpreciation of owned tangitAè fixed assets 5,145 5.145 Independent Examinerfs fees Independent examinat.on Other seIces 4.536 1.140 4.200 492 5,676 4,692
Docusi9n Envelope ID". 1FA15C98-FgW25E4031-B&0917 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 10 Employees Thè average number of ltiMe staff employed by the thanty during the yearwas as follows.. 2024 Number 2023 Number Fundraising Empowerin9 Space Adminislratlon Seconded staff Tolal 15 The average mtsnthty number of persons empknyed by Ihe charity during the year was 3612023- 14). Employment tosts 2024 2023 Salaries Nats"onal Insurance Pension Seconded slaff 462,773 31.671 21.646 1164.1)081 203.335 14,700 2,957 214.013 352,082 435,006 Three trusteès received 1mbU[SeMenI of expenses durin9 Ihe yeai arrK>u*ts"ng to £1.03312023- £1.0361. The key mana9emenl p8rsonnel of the chatrty comprises ol the Chief ExeCUte Off+cer, Managing Diredor. Directof and Finan Manager. The Chief ExecutNe Officer, Managing Director and Direclor werè also the Irustees of the charity up to 16 June 2023. The total employee benefits ol the key management personnel of Ihe charity less seconded staff costs lo the relaled paty Manor House Devek)pmenl Trust were £162,568 12023- £213,007 including seconded staff costs Ifom Manor House Development Trust). During Ihe year, the charity received seconded staff costs from Ihe related charily Manor House Devebopment Trust of £164.CK18 12023- £214,013 pajd lo Manor House Development Trust). The number ofemployees whose annual remuneration was rne than £60.CKKJ is as follows.. 2024 Nurnr 2023 Numbèr £90,000 10 £1,000 21
Oocuslw Emelw10.. 1FAISC9W9pffj425E-8031-BgEcs0g47 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tangibk fixèd assets omputerequiprnent Cost At 1 Awl 2023 20,580 At 31 hAarch 2024 20,580 Depreciation and impairmert At 1 April 2023 Depreciatton chargèd in the year 13.824 5,145 At 31 March 2024 18.969 Carylng amount Al 31 March 2024 1.611 Al 31 March 2023 6.756 12 Debtors 2024 2023 Amounts falling duè within one year. Trade deblors Amount due frC nected company Accrued inu)me Other debtors 28.2 25.241 11.133 58,873 49,84L) 5,50CI 70,530 114,213 13 Creditor5= amounts falling due within one year 2024 2023 Other18xation and wal 5euJrity Trade creditors Other creditors Accruals 7.227 6.307 13.357 6,844 5.511 16,426 8.219 39,2f8 32.019 14 Creditors.. amourtts falling dye after more than one year 2024 2023 Soaal Investmenl Business Loan 133,336 185.400 133,336 185.400
DorJJsign En¥dope10". 1FA15CWFgPN25E403149ES)8C9)947 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Restricted funds The income fijnds ofthe charity inchJde restricted fldS comprts*w the following unexpended balances of donations 8nd grants held on trust for specffjc puTroses'. Movement in funds In¢wSng Re8OUrtes Balan¢e at rosour¢os •xpendÈd l Aprfl 202) Movement in funds IThcoms Resources 8alanco at r8soureés 8¥pended JI March 2024 8alan¢e 1 Aprfl 2022 ACtC Gardens LLP London and Quadranl Housing Trust St George West Lond Limited London Borough of Harnmersmrth and Fulham Social Enterprise Support Fund Footwo Trust Haringey Council The Rank Foundation London Borough of H8ckney BBC Children in Need Ellis Carnpbell Foundalion The City Bridge Trust Bonner Road LLP RMG London Grand Union Development Trust The National Lottery Community Fund KCCF Coronation Food Project grant . L&Q SUMMER EVENT Natural England Tesco Community Grant 2,993 P,993) 395 .12,8701 2,025 5.917 (5,91T) 17.561 117.5611 22.541 122.5411 24.OCM) 21,673 117,8361 143.6731 11,1891 120.LXK)I 12.8811 I49.)4) {1.C(JO) 6,164 {6,1641 22.} 1.189 3.748 49,504 20.CK)O 53,780 (847) 20 19.0 53,780 (15,4861 136.5051 5,514 17,275 (5.¢JXI) {475) 475 142.4(N) {121.716) 20.684 (20.6841 74, (74,6CkS1 9,968 705 37.265 17051 133.8491 3,416 1,OOD 96.192 321,089 1312.2861 104,995 12S.939 1191,716) 39,218 Description, nature al purpose ol resthcted fvnds= Acton Garden LLP.. Community Chest-8OXFIT-Box Exer5i5e at AGCC Ellis Campbell Foundation = My PlacE-Young people Piojecl. Natural England-Con5ultan¢y: Aris as evKJence.' Exploring Ihe potential rde of arts-based research and piactice in developng NE'S evidence base and approach. Groundwork UK-Tes¢o Community GranL' Running Dance Group project at GUCH. King Charles 111 Charitabte Fund: towar+Js budding resilien in Ihe Hackney Food Ne and tackling food insecurity in Ealing and Brent. The City Bridgè Trust: Fcwjd Projed. -23_
O0¢usn Ewe 10". 1FAl5cFgI42sE4031-B9E5O8csO917 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets b¢twÈ¢n funds Unrestricted Restricted funds funds 2024 2024 Total Vnrestricted Restricted funds funds 2023 2023 Total Z024 2023 Tangible assets Currenl assetsllliats41rtiesl Long term liabililie5 1.611 1.611 6.756 6.756 102,404 1133.3361 39.218 141.622 1133,3361 191.098 1185.4001 104,995 296,093 (185.4001 129,3211 39.218 9.897 12,454 104.995 117.449 f 7 Pension The pension cost charge represent5 contributions payable by the thawity to the tund and amounled lo £21.646 12023- £2,957). Contributions lolalling £2,59912023- £nl) were payal4e lo the fund at the year enij. 18 Related patty transactions Details of transadions wilh trv5tees are in note 10_ During Ihè year charrty retsived seconded staff costs from Ihè related d)arity IAarbor Hou5È Dèvèlopmenl Trust of £164,00812023- paid to the related tharity £214.0131. At the balance sheÈt datÈ. the related charily owed the chanty £25,241 12023- £49.840). -24-
OocuswJn Envelope fo". IFAl5C98-F9P2SE-8o3T9Ej509I7 LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Group Structure London Development Trusl (Company Reg. 11736891, Charity No. 11892811 was a wholly owned subsidsary of Manor House Oevelopmenl Tnjst (Cornpany Reg. (6203804, Chanty No. 11276ts41 until 10th April 2022. Manor House Oevdopment Twusl ceased lo have signrfnI control on the whdty owned subsidiary from 11th April 2022. The MHDT Trustees have made significant thanges lo the Memorandum and ArtiCS of Ihe Trust which came into effect al the end of this financial year. MHDT ha5 changed ils reialionship with London Development Trust. These changes have been made lo ensure finanaa sustainablity and Increase transparency of governance arrangemenls across the group. MHDT alon95ide LOT has made the necessary govemance and otgani5ational dwnges to its Artides and Memorandum. The advantage5 of this approach a Ihat theie is a very dèar sense of where strategic responsibility sits, which is wilh London DT. MHDT 15 enabled to fCS on tls local area, whilst benefitting fiom the 51rategic oversighl ol a board and management tèam with a pan London remit. The core mana9ement team can prowde support to each subsmliary. as required. and retharge as necessary. This enables a relationship whi¢h is much more than just a commeroal service promder. MHDT Trustè85 have discussed the advantages of becom9 a Subsidiary of London Development Trust and havè agreed a SLA and Irbtra Group agreement 0vIded by LOT. An oveniew diagram of the new company $lruGlure is below. LOT Group Sllljctu London Development Trust (LDT) Parent SubsidiaryTrusrs & SeNkes Manor House Grand Unhon Acton Gardens Development Trust IAGDT) LDT Service5 & Consultancy Development Trust Community Hub IGLICHI IMHDTI RedmondCornrThJnity CenterlRCQ X2 Retail Units -25-
OouJs¥n ErNdcpe ID.. 1FAl8C99S42SE-e031gEaCj94? LONDON DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 20 Cash gerated from 0tionS 2024 2023 Deficit for Ihe year (107,5521 151,8451 Adjustments for.. Depreciation and impaim)ent ol tangibfe ffixed assets 5.145 5,145 Movements in wothng Capit.. Decrease in debtors Increase in cre£litors 43,683 7.199 2.295 6,929 Cash absorbed by IrdtionS {51.S25) {37,4761