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2025-09-30-accounts

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LONDON DEVELOPMENT TRUST

DIRECTORS’ AND TRUSTEES’ REPORT AND ACCOUNTS

FOR THE PERIOD ENDED 30[th ] SEPTEMBER 2025

Company registration number: 11736891 (England and Wales) Charity registration number: 1189281

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LONDON DEVELOPMENT TRUST

REPORT AND ACCOUNTS

C O N T E N T S

STATUTORY INFORMATION

Page
Chairman's statement 2
Directors’ and Trustees’ Report 3 – 11
Independent Examiner’s Report
 12
Consolidated Statement of Financial Activities 13
Statement of Financial Activities 14
Balance Sheet and Consolidated Balance Sheet 15-16
Statement of Cash Flows and Consolidated Statement of Cash Flows 17
Notes to the Accounts
 18– 37

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LONDON DEVELOPMENT TRUST

Chairman's statement

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

It is a privilege to introduce this report and reflect on another important 18 months for LDT. As Chair, I remain proud to be part of an organisation that brings commitment, compassion and ambition to communities across London. This report captures the breadth of what has been achieved, and the shared purpose that makes LDT such a remarkable organisation to be part of.

Jonathan Darby Chair London Development Trust

Date : 17 July 2026

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The trustees present their annual report and financial statements for the period ended 30 September 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

OUR OBJECTIVE AND ACTIVITIES

Founded in 2018 London Development Trust (London Development Trust) has grown into the key partner for the delivery of social economic regeneration in its areas of operation. It provides much-needed services for the local communities in some of the most deprived areas of London and some of the most diverse London boroughs in terms of ethnicity.

Its mission statement is:

"London Development Trust is a charitable Trust that works in partnership with local residents, community groups, voluntary sector and public agencies to bring about lasting social, economic and environmental improvements for the benefit of all regeneration area."

The main objectives of the trust are:

The role and contribution of volunteers

A total of 50+ volunteers helped support the work of the paid staff and its Board; Whilst not relying on volunteers to undertake any activity, providing volunteering opportunities for residents and service users is a key output for London Development Trust, as it allows London Development Trust to enhance and grow community services. At the same time volunteers gain valuable work experience for their CVs and report enhanced happiness and well being in their every-day lives. The organisation seeks to involve volunteers across its work measuring the impact through its 'Empowerment' business strand.

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Achievement and performance

1. Our 18 Months Through the Five Keystones

Over the past 18 months, London Development Trust has continued to create the social scaffolding that helps communities thrive: strengthening local connections, opening up spaces, empowering people, influencing systems and building the organisational resilience needed to sustain long-term impact.

This report is organised around LDT’s five keystones, which together provide a practical framework for community development:

Together, these keystones show how LDT turns community development into practical action: rooted in place, led by relationships, supported by evidence and sustained by strong organisational foundations.

2. Keystone One: Connecting People, Organisations and Place

Connection is the foundation of LDT’s work. We bring residents, community groups, services, partners and places together so that trust can grow, isolation can reduce and support can reach people more effectively.

Neighbourhood health and wellbeing

At Woodberry Wetlands and surrounding areas, we have:

This work shows the value of place-based connection: bringing systems closer to people, helping residents navigate services, and creating joined-up responses to local health and wellbeing challenges.

3. Keystone Two: Creating Spaces

LDT creates and manages spaces where communities can gather, organise, learn, celebrate and lead. These spaces are both practical assets and vital social infrastructure: places where relationships form, local activity grows and community life becomes visible.

We currently manage several community spaces, including the Redmond Community Centre and retail units on Woodberry Down Estate in Hackney; Acton Gardens Community Centre, which includes office and shared working space in Ealing; and Greenwich Millennium Village Community Centre on the Greenwich Peninsula. These spaces provide safe, accessible facilities for local communities, while hires and lets generate essential revenue for the Trust.

Looking ahead, we are continuing to develop new spaces and partnerships that extend this model into growing communities.

Beam Park Community Centre LB Barking and Dagenham

At Beam Park, we have continued to shape plans for a new community centre that will act as a flexible, inclusive hub for local residents as the area grows. The vision is for a space that supports creative activity, skills development, wellbeing and community connection, while building strong partnerships and creating opportunities for local people to take part, volunteer and lead. Over time, this will help establish a financially sustainable centre that strengthens social cohesion and supports the long-term success of the wider neighbourhood.

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Mast Maker Court and the Tiller Rd Regeneration LB Tower Hamlets

Already selected as the preferred operator for the Tiller Road Community Centre on the Isle of Dogs, LDT is working with Canary Wharf, Mount Anvil and Riverside Housing Association to create a boxing club for young people living in nearby social rented accommodation. Although this area sits beside one of the world’s wealthiest financial districts, poverty remains a significant local issue. The boxing club will provide young people with a positive outlet, supporting confidence, discipline, wellbeing and stronger peer relationships.

4. Keystone Three: Empowering Local People and Groups

Empowerment means helping people build the confidence, skills, relationships and opportunities they need to shape their own lives and communities. Across our programmes, LDT supports residents, young people, volunteers and local groups to move from participation into leadership.

Building confidence, skills and leadership

Through youth programmes, food and wellbeing activity, volunteering and community projects, LDT helps people gain experience, develop skills and strengthen their sense of belonging.

Our community projects also help people move from receiving support to shaping provision, building the local capacity and resilience that strong neighbourhoods depend on.

Food, wellbeing and everyday support

Over the past 18 months, our programmes continued to meet critical needs:

Youth provision and safe activity spaces

We have developed a new programme that will:

This programme responds directly to gaps in affordable youth activities, creating a safe, structured space for young people to build confidence, fitness, discipline and positive peer relationships.

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

the foundations for a financially sustainable centre that strengthens social cohesion and supports the long-term success of the wider neighbourhood.

5. Keystone Four: Influencing Systems and Policy

LDT uses evidence, partnership and lived experience to influence the systems that shape communities. By sharing learning, contributing to policy conversations and demonstrating what works in practice, we help decision-makers understand why social infrastructure matters.

National research and sector leadership

Partnerships that influence place

Youth voice and consultation

At GMV and other sites, we have:

Professional learning with Middlesex University

This year, we strengthened our academic and professional development offer through our partnership with Middlesex University on the Cities and Sustainable Development course. Designed for professionals working across urban development, planning, housing, regeneration, public health and community engagement, the course combines academic insight with practical experience to explore how cities can grow in more inclusive, socially sustainable and community-responsive ways.

The programme draws directly on LDT’s experience of community development and social sustainability, using case studies, site visits, workshops and applied learning to examine the real-world challenges of successful urban change. It reflects our growing role not only as a delivery organisation, but also as a contributor to learning, thought leadership and professional practice across the sector.

6. Keystone Five: Maintaining a Robust and Sustainable Organisation

Strong community development depends on a strong organisation. LDT’s ability to deliver, adapt and influence is built on good governance, sustainable finances, professional systems, trusted partnerships and a clear commitment to learning and impact.

We are increasingly focused on:

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

We have continued to invest in organisational development, including:

We have also created a new Research and Influence function, ensuring that:

Financial position and resilience

This has been a challenging financial period, reflecting wider pressures across the sector. Key points:

Our response:

Looking ahead:

7. Impact at a Glance

Across the five keystones, LDT has delivered practical support, strengthened local relationships, created opportunities for young people and residents, influenced policy and sector thinking, and invested in the organisational resilience needed for long-term impact.

8. Looking Ahead: A Reflection from the CEO

The past 18 months have shown why LDT’s five keystones remain so important. Communities continue to face complex pressures: rising costs, health inequalities, pressure on public services, rapid urban change and the need for places that feel connected, welcoming and meaningful. In that context, our work is not simply about delivering projects. It is about creating the conditions in which people, relationships and local organisations can flourish.

Looking ahead, we will continue to build on the five keystones as a practical framework for action. We will connect people and organisations more deeply, create and steward spaces that serve communities well, empower residents and groups to lead, use evidence to influence those with power, and strengthen LDT so that we can keep delivering with integrity, creativity and ambition.

Our next phase will focus on growing sustainable partnerships, securing long-term resources, embedding research and influence across our work, and ensuring that every new opportunity strengthens local capacity rather than replacing it. We will remain rooted in the places we serve while continuing to share what we learn with partners, funders, policymakers and the wider community development sector.

Above all, LDT will continue to work shoulder to shoulder with communities. The five keystones give us a shared language for that work, but it is the people, relationships and everyday acts of participation that bring them to life. That is where our impact begins, and where our future will continue to be built.

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The London Development Trust Board - The London Development Trust Board has professionals who have joined its Board in order to build the Trust into a position where it can scale and transfer into new business opportunities. During year two members resigned and two new members were installed as Trustees.

Public benefit statement

In shaping our objectives for the period and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

FINANCIAL REVIEW

Group statement of financial activities reported a deficit for the period of £195,287 (2024: £35,895), unrestricted reserves stand negative at £198,103 (2024: positive reserves £25,882) and total reserves stand negative at £113,052 (2024: positive reserves £82,235).

The financial position at end of the period revealed by group balance sheet on page 15 shows net current assets of £94,219 (2024 –148,290). The net book value of fixed assets held, all of which are used directly for charitable purpose, amounted to £23,086 (2024 - £26,369).

Principal funding sources

Principal funding sources are currently:

Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income.

Reserves policy

The Directors and Trustees consider it prudent to maintain an adequate level of unrestricted reserves to cover the community centre's contractual commitments and provide sufficient working capital and have set this in the band 16% to 28% of current expenditure and any winding up costs.

In the event of reserves dipping below the target LDT will aim to restore the reserves to at least 16% of expenditure over the subsequent four years. This could be achieved by increased fund raising, increasing earned income or reducing expenditure.

As at the period end, group accounts showed negative reserves of £113,052 (2024 - positive reserves £82,235), of which £85,051 (2024 - £56,353) was restricted. The unrestricted funds not designated or invested in tangible fixed assets after deduction of long term liabilities held by the group are in negative £221,189 (2024 - £487).

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Company No: 11736891 Charity No: 1189281 Directors/Trustees Jonathan Darby - Chair James Wand (Resigned on 19 April 2024) Daniel John Massie Andrew Lonas (Resigned on 15 November 2025) Make Nakagawa (Resigned on 24 March 2026) Dr Meri Johanna Juntti Paula Althea Hines (Appointed on 19 April 2024) Rachel Elizabeth Buckley (Appointed on 06 March 2025) Rose Thorne-Cooper (Appointed on 04 August 2025) Robert Deba (Appointed on 04 August 2025) Joseph Arthur (Appointed on 25 March 2026) Michael Philip Woolliscroft (Appointed on 17 April 2024), (Resigned on 19 April 2024) Mr Ali Zubair Janoo (Appointed on 04 August 2025), (Resigned on 16 November 2025) Secretary: Simon Donovan Previous Name: MHDT London Development Trust Senior Management Team: Simon Donovan – Chief Executive Officer Sarah Miriam Burke – Chief Operating Officer Sara Kamaliporshokouh - Finance Manager Registered Office: Redmond Community Centre, Kayani Avenue, London, England, N4 2HF Independent Examiner: Samir Shah FCA, ATII RAA Ramon Lee Ltd ,Chartered Accountants 93 Tabernacle street London, EC2A 4BA Bankers: The Co-operative Bank PLC, Central Commercial Branch, P.O. Box 250, Skelmersdale, WN8 6WT Website: www.ldtgroup.org.uk

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

London Development Trust is registered as a company limited by guarantee and not having a capital divided by shares. The company was incorporated on 20th December 2019 and is a registered charity constituted as a Limited Company under the Memorandum and Articles of Association. The Charity was registered with Charity Commission on the 30 April 2020. The charity registration number is 1189281 and the company registration number is 11736891.

Recruitment and appointment of trustees

Trustees come from a range of backgrounds and interests including. A selection process for potential new trustees has agreed. This process includes an analysis of skills required by the board, interviews with the directors and chair of the board and attendance at the board meeting followed by a review meeting.

Trustee induction and training

New Trustees were added to the Board during the course of the year and have completed induction training. They meet regularly on a quarterly basis and continue to support the Trust with expert commercial and other advice.

Organisation

The Charity is structured so that the directors and trustees meet regularly to manage its affairs. The Management Board comprises individuals from a variety of backgrounds with relevant professional experience .

Risk management

LDT regularly reviews risk by means of a RAG risk register at Board and SMT meetings.

Related parties

The Charity works closely with other similar organisations as detailed in the achievements and performance section of the Trustees Report. None of the Charity's trustees are directors or trustees of these other organisations.

Pay policy for senior staff

Pay for Senior Staff is determined by the LDT Board and reviewed on an annual basis as part of the budget setting process .

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LONDON DEVELOPMENT TRUST

DIRECTOR’S AND TRUSTEES’ REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees, who also act as directors of the London Development Trust for the purposes of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period.

In preparing these financial statements, the trustees are required to

The trustees are responsible for keeping adequate accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and, therefore, for taking reasonable steps to prevent and detect fraud and other irregularities.

The trustees are also responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The trustees' report was approved by the Board of Trustees and signed on its behalf by:

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..............................
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.............................. Jonathan Darby Trustee

Date : 17 July 2026

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LONDON DEVELOPMENT TRUST

INDEPENDENT EXAMINER’S REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

I report to the trustees on my examination of the financial statements of London Development Trust (the charitable company) for the period ended 30 September 2025.

This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an Independent Examiner’s Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my Independent Examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

The Charity is granted a dispensation under Regulation 34(3)(b) of the Charities (Accounts and Reports) Regulations 2008 from the audit requirements of section 144(2) of the Charities Act 2011 for the period ended 30 September 2025. The trustees have confirmed that for the purpose of this dispensation they have elected for an independent examination in place of an audit as though this option were available under section145 of 2011 Act.

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination, I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Samir Shah FCA, ATII RAA Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA

17 July 2026

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LONDON DEVELOPMENT TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Notes
Income from
Donation and Legacies
2a
Charitable activities
3a
Other trading activities
4a
Total Income
Expenditure on
Cost of raising funds
5a
Charitable activities
5a
Total Expenditure
Net Income/(expenditure) and net
movement in funds for the period
Reconciliation of funds
Total funds, brought forward
Total funds, carried forward		 Unrestricted
Funds
£
82,046
708,930
-
790,976
311,526
703,435
1,014,961
(223,985)
25,882
(198,103)		 Restricted
Funds
£
45,000
334,269
-
379,269
-
350,571
350,571
28,698
56,353
85,051		 Total
30/09/2025
Total
31/03/2024
(18 months)
(12 months)
£
£
127,046
122,555
1,043,199
700,397
-
35,226
1,170,245
858,178
311,526
207,388
1,054,006
686,685
1,365,532
894,073
(195,287)
(35,895)
82,235
118,130
(113,052)
82,235

The statement of financial activities includes all gains and losses recognised in the period.

All incoming resources and resources expended derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 18 to 37 form part of these accounts.

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LONDON DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Notes
Income from
Donation and Legacies
2b
Charitable activities
3b
Other trading activities
4b
Total Income
Expenditure on
Cost of raising funds
5b
Charitable activities
5b
Total Expenditure
Net Income/(expenditure) and net movement
in funds for the period
Reconciliation of funds
Total funds, brought forward
Total funds, carried forward		 Unrestricted
Funds
£
707
365,697
-
366,404
204,458
516,639
721,097
(354,693)
(29,321)
(384,014)		 Restricted
Funds
£
-
157,161
-
157,161
-
141,505
141,505
15,656
39,218
54,874		 Total
30/09/2025
Total
31/03/2024
(18 months)
(12 months)
£
£
707
101
522,858
432,571
-
23,176
523,565
455,848
204,458
146,832
658,144
416,568
862,602
563,400
(339,037)
(107,552)
9,897
117,449
(329,140)
9,897

The statement of financial activities includes all gains and losses recognised in the period.

All incoming resources and resources expended derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 18 to 37 form part of these accounts.

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LONDON DEVELOPMENT TRUST

BALANCE SHEET AND CONSOLIDATED BALANCE SHEET

AS AT 30 SEPTEMBER 2025

Notes
Fixed Assets
Tangible assets
10
Total Fixed Assets
Current Assets
Stock
Debtors
11
Cash at bank and in hand
Total Current Asset
Liabilities
Creditors falling due with in one year
12
Net Current Assets
Total Assets less Current liabilities
Creditors falling due after one year
13
Net Assets
Funds
Unrestricted funds
14
Restricted funds
14
Total funds		 GROUP
30/09/2025
(18 months)
£
23,086
23,086
200
116,704
103,222
220,126
(125,907)
94,219
117,305
(230,357)
(113,052)
(198,103)
85,051
(113,052)		 GROUP
31/03/2024
(12 months)
£
26,369
26,369
200
82,871
165,852
248,925
(100,006)
148,920
175,289
(93,054)
82,235
25,882
56,353
82,235		 CHARITY
30/09/2025
(18 months)
£
3,930
3,930
-
56,583
18,339
74,922
(177,635)
(102,713)
(98,783)
(230,357)
(329,140)
(384,014)
54,874
(329,140)		 CHARITY
31/03/2024
(12 months)
£
1,611
1,611
-
70,530
110,310
180,840
(79,500)
101,341
102,951
(93,054)
9,897
(29,321)
39,218
9,897

The notes on pages 18 to 37 form part of these accounts.

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LONDON DEVELOPMENT TRUST

BALANCE SHEET AND CONSOLIDATED BALANCE SHEET (Cont/d)

AS AT 30 SEPTEMBER 2025

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006 for the period ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the trustees on 17 July 2026 and signed on behalf by:

.............................. Jonathan Darby Trustee

Company registration number 11736891

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LONDON DEVELOPMENT TRUST

CASH FLOW AND CONSOLIDATED CASHFLOW STATEMENT

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

GROUP
30/09/2025
(18 months)
£
Cashflow from operating activities
Profit/(Loss)
(195,287)
Add: Depreciation
8,110
(187,177)
Stock
-
Trade debtors
(44,966)
Other debtors
-
Accrued Income
11,133
Amount owed from group undertaking
-
(33,833)
Trade creditors
52,120
Taxation and social security
2,623
Other creditors
(11,099)
Accruals
2,885
Amount owed to group undertaking
-
46,529
Net cash inflow (outflow) by operating activities
(174,481)
Cash flows from Investing activities
Addition of fixed asset
(4,828)
Cash flows from financing activities
Loan
116,679
Net cash inflow/outflow
(62,630)
Cash and Cash equvivalents at the beginning of period
165,852
Cash and Cash equvivalents at the end of periof
103,222
Cash inflow/Outflow due to net increase/decrease
in current liabilities
Cash (outflow) due to net increase/decrease in
Current Assets		 GROUP
31/03/2024
(12 months)
£
(35,895)
8,879
(27,016)
350
40,633
(5,860)
(11,133)
5,500
29,490
(5,306)
920
15,497
(3,990)
-
7,121
9,595
(399)
(52,064)
(42,868)
208,720
165,852		 CHARITY
CHARITY
30/09/2025
31/03/2024
(18 months)
(12 months)
£
£
(339,037)
(107,552)
2,509
5,145
(336,528)
(102,407)
-
-
(22,427)
30,577
-
43,980
11,133
(11,133)
25,241
(19,741)
13,947
43,683
32,145
(6,011)
2,623
920
(8,119)
9,582
2,089
2,708
90,021
-
118,759
7,199
(203,822)
(51,525)
(4,828)
-
116,679
(52,064)
(91,971)
(103,589)
110,310
213,899
18,339
110,310

The notes on pages 18 to 37 form part of these accounts

17

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO ACCOUNTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1 ACCOUNTING POLICIES

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company’s Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102” (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

Group statement of financial activities reported a deficit for the period of £195,287 (2024: £35,895) and negative reserves of £113,052 (2024 - positive reserves £82,235), of which £85,051 (2024 - £56,353) was restricted. The unrestricted funds not designated or invested in tangible fixed assets after deduction of long term liabilities held by the group are in negative £221,189 (2024 - £487).

Trustees’ Assessment of Going Concern

Having reviewed the financial position of the charity across the above meetings, Trustees confirm the following:

Financial position: Trustees are aware that LDT’s standalone accounts present a deficit position. However, Trustees have reviewed the broader group position, including the surplus held by MHDT (a wholly-owned subsidiary), and are satisfied that the overall financial position of the group is more resilient than the LDT-only accounts suggest.

Cash flow risk: Trustees were informed in November 2025 of a short-term cash flow risk arising from the delay in the Beam Park lease. Trustees directed management to take immediate mitigating action, including engagement with key stakeholders (L&Q, NHG, Locality) and the implementation of cost-cutting measures. Trustees confirmed they would seek further guidance from the Charity Commission if required.

Operational sustainability: Trustees confirmed that the community centres (Redmond Community Centre and Acton Gardens) continue to exceed projected income and are operationally sustainable. These centres generate a positive contribution to organisational overhead.

Strategic financial model: At the Strategy Day on 29 January 2026, Trustees conducted a structured review of LDT’s three-pillar financial model. Trustees confirmed that the organisation should not rely on research, projects and training to permanently subsidise centre operations, and that each income stream must become sustainably self-supporting. A work-in-progress financial model was reviewed and a funder engagement strategy agreed.

Income diversification: Trustees noted significant activity to diversify income, including funding bids totalling £480,000, new contracts with housing associations (L&Q, NHG, Mount Anvil), consultancy and research income from the British Academy and other institutional partners, and the development of a professional training offer with Middlesex University. The JV Board has recently agreed in principle to the fit-out costs and dowry funding for the MultiFaith and Community Hub. Subject to final approval and contract completion, this represents a contract valued at approximately £430,000 over five years to operate the Beam Park Community Centre in Beam Park, (Barking & Dagenham.)

Reorganisation – One senior post has been frozen. The annual employment cost for this role was approximately £72,000 , including National Insurance and pension contributions.

Successful negotiation with creditors Move to interest-only payments with SIB for six months (approval has been granted for a six-month capital repayment holiday from 1 May to 1 October , inclusive, together with a six-month extension to the loan term). This will save approximately £51,000 in cash flow during the period. Delay repayments on the TW loan for at least 12 months , which is expected to improve cash flow by approximately £60,000 over the next two years.

18

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Conclusion

Having considered all of the above, the Trustees of London Development Trust are satisfied that, at the time of approving the accounts, the charity has adequate resources to continue in operational existence for the foreseeable future. The accounts have therefore been prepared on a going concern basis.

Trustees will continue to monitor the financial position closely at each board meeting and will take further action as necessary to safeguard the charity’s ability to continue delivering its mission.

1.3 Group financial statements

These first consolidated financial statements consolidate the financial statements of London Development Trust ("the parent charity") and its wholly owned subsidiary charity, Manor House Development Trust, for the period ended 30 September 2025.

The financial statements of the parent charity and subsidiary charity have been consolidated on a line-by-line basis by combining like items of assets, liabilities, income and expenditure. All intra-group balances, transactions and any unrealised gains or losses arising from intra-group transactions have been eliminated in full on consolidation.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions imposed by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.

Grant income

Grants are credited to the SOFA when the charity is entitled to the funds. Income is only deferred where there are time constraints imposed by the donor or if the funding is performance related.

Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity’s control, the income is recognised when there is sufficient evidence that conditions will be met.

Grants supporting the core activities of the charity and with no specific restrictions placed upon their use are included within donations and legacies. Grants that have specific restrictions placed upon their use are included within income from charitable activities.

Donations and legacies

Donations are recognised in the period in which they are received. Legacy income is recognised when the charity’s entitlement is judged to be probable and where the amount can be reliably measured.

Contract income

Income from charitable activities include income recognised as earned (as the related goods and services are provided) under contract.

Rental income

Room hire income are credited to income in the year in which they are receivable.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings: (a) Cost of raising funds includes staff time used to raise grants and donations and their associated support costs. (b) Expenditure on charitable activities include expenditure associated with the main objectives of the charity and include both directs costs and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

19

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and administration personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. All the general support and governance costs have been apportioned to the various activities on the basis of staff time allocated to each activity.

1.7 Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. The cost of minor additions or those costing less than £500 are not capitalised. Depreciation is provided at rates calculated to write of the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment 25% Straight Line basis Fixtures and fittings 6 years Leasehold property 9.5 years

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities .

1.9 Financial instruments The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10 Taxation

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

1.11 Creditors and Provisions

Creditors and Provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.12 Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refers to the Trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. No such donations were received during the period.

20

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1.13 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.14 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the Statement of Financial Activities on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease assets are consumed.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

21

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

2a. GRANTS, DONATIONS AND LEGACIES – GROUP

London Borough of Hackney
Notting Hill Genesis
Locality Grant
Donations
Donations in kind		 Unrestricted
Funds
£
20,000
60,000
-
2,046
-
82,046		 Restricted
30/09/2025
31/03/2024
Funds
(18 months)
(12 months)
£
£
£
-
20,000
30,000
45,000
105,000
60,000
-
-
10,000
-
2,046
555
-
-
22,000
45,000
127,046
122,555
GROUP

Grants and donations for the period ended 31 March 2024 £122,555 were attributed £10,000 to restricted funds and £112,555 to unrestricted funds.

2b . GRANTS, DONATIONS AND LEGACIES – CHARITY

Other donations Unrestricted
Funds
£
707
707		 Restricted
30/09/2025
31/03/2024
Funds
(18 months)
(12 months)
£
£
£
-
707
101
-
707
101
CHARITY

Grants and donations for the period ended 31 March 2024 £101 were attributed £101 to unrestricted funds.

22

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

3a. INCOME FROM CHARITABLE ACTIVITIES – GROUP

Raising Funds
Acton Gardens LLP
Community First Oxfordshire
Hackney CVS
Other Income
Empowering
Acton Gardens LLP
Berkeley Homes
Ellis Campbell Foundation
Ground Work
Income from Hidden River Festival
KCCF Coronation Food Project grant
London Borough of Hackney
Notting Hill Genesis
Other Income
Tesco Community Grant
The City Bridge Trust
The Mayor’s Fund for London
The National Lottery Community Fund
Connecting
London Borough of Hackney
Berkeley Homes
Notting Hill Genesis
Space
L&Q SUMMER EVENT
Other Income
Space Hire
London Borough of Hackney
Influencing
Natural England
Foot Work
The British Academy
Total		 Unrestricted
Funds
£
-
2,300
31,650
490
34,440
-
-
-
-
-
-
-
-
1,139
-
-
-
-
1,139
-
-
-
-
-
5,269
597,775
38,125
641,169
-
1,972
30,210
32,182
708,930		 Restricted
30/09/2025
31/03/2024
Funds
(18 months)
(12 months)
£
£
£
-
-
120,585
-
2,300
-
-
31,650
-
-
490
451
-
34,440
121,036
4,973
4,973
395
51,527
51,527
20,905
-
-
2,000
2,200
2,200
-
-
-
1,407
9,968
9,968
9,968
103,947
103,947
30,896
45,834
45,834
8,020
-
1,139
234
-
-
1,000
113,620
113,620
-
2,200
2,200
2,000
-
-
74,606
334,269
335,408
151,431
-
-
1,920
-
-
1,920
-
-
2,420
-
-
6,260
-
-
705
-
5,269
265
-
597,775
350,426
-
38,125
27,930
-
641,169
379,326
-
-
37,265
-
1,972
-
-
30,210
5,079
-
32,182
42,344
334,269
1,043,199
700,397
GROUP

23

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

3b. INCOME FROM CHARITABLE ACTIVITIES – CHARITY

Raising Funds
Acton Gardens LLP
Community First Oxfordshire
Hackney CVS
Other Income
Empowering
Acton Gardens LLP
Ellis Campbell Foundation
Ground Work
KCCF Coronation Food Project grant
London Borough of Hackney
Other Income
Tesco Community Grant
The City Bridge Trust
The National Lottery Community Fund
Influencing
The British Academy
Foot Work
Natural England
Space
Space Hire
L&Q SUMMER EVENT
Other Income
Total		 Unrestricted
Funds
£
-
2,300
31,650
490
34,440
-
-
-
-
-
-
-
-
-
-
30,210
1,972
-
32,182
296,517
-
2,558
299,075
365,697		 Restricted
30/09/2025
31/03/2024
Funds
(18 months)
(12 months)
£
£
£
-
-
120,585
-
2,300
-
-
31,650
-
-
490
451
-
34,440
121,036
4,973
4,973
395
-
-
2,000
1,100
1,100
-
9,968
9,968
9,968
27,500
27,500
-
-
-
234
-
-
1,000
113,620
113,620
-
-
-
74,606
157,161
157,161
88,203
-
30,210
5,079
-
1,972
-
-
-
37,265
-
32,182
42,344
-
296,517
180,018
-
-
705
-
2,558
265
-
299,075
180,988
157,161
522,858
432,571
CHARITY

24

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

4a. INCOME FROM OTHER TRADING ACTIVITIES – GROUP

GROUP

GROUP
Unrestricted Restricted 30/09/2025 31/03/2024
Funds Funds (18 months) (12 months)
£ £ £ £
Management charge - - - 35,226
- - - 35,226
4b. INCOME FROM OTHER TRADING ACTIVITIES – CHARITY
CHARITY
Unrestricted Restricted 30/09/2025 31/03/2024
Funds Funds (18 months) (12 months)
£ £ £ £
Management charge - - - 23,176
- - - 23,176
5a. ANALYSIS OF EXPENDITURE - GROUP
GROUP
Raising Funds Empowering Influencing Space 30/09/2025 31/03/2024
(18 Months) (12 months)
£ £ £ £ £ £
Staff costs 235,447 116,126 27,278 278,178 657,029 458,924
Premises and equipment costs 144 17,802 59 107,110 125,115 142,545
Discount on charitable space hire - - - 23,033 23,033 14,016
Other direct costs - 197,022 21,085 121,629 339,736 134,854
Support costs (Note 6a) 49,292 25,229 6,798 61,467 142,786 101,253
Governance costs (Note 6a) 26,643 13,907 3,301 33,982 77,833 42,478
311,526 370,086 58,521 625,399 1,365,532 894,070

4b. INCOME FROM OTHER TRADING ACTIVITIES – CHARITY

5a. ANALYSIS OF EXPENDITURE - GROUP

Restricted funds
Unrestricted funds		 350,571
276,083
1,014,961
617,987
1,365,532
894,070

25

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

5b. ANALYSIS OF EXPENDITURE - CHARITY

5b. ANALYSIS OF EXPENDITURE - CHARITY
Raising Funds
£
Staff costs
146,880
Premises and equipment costs
144
Discount on charitable space hire
-
Other direct costs
-
Support costs (Note 6b)
38,663
Governance costs (Note 6b)
18,771
204,458
Restricted funds
-
Unrestricted funds
204,458
204,458
For the period ended March 2024
Restricted funds
-
Unrestricted funds
146,832
146,832		 Empowering
£
76,850
17,184
-
75,615
19,142
9,295
198,086
141505
56,581
198,086
39,164
115,722
154,886		 Influencing
Space
£
£
27,278
187,544
59
42,600
-
20,499
21,085
81,779
6,798
46,525
3,301
22,590
58,521
401,537
-
-
58,521
401,537
58,521
401,537
-
152,552
31,043
78,087
31,043
230,639
CHARITY		 30/09/2025
(18 Months)
£
438,552
59,987
20,499
178,479
111,128
53,957
862,602
141,505
721,097
862,602		 31/03/2024
(12 months)
£
301,458
61,842
10,790
80,066
79,396
29,848
563,400
191,716
371,684
563,400

6a. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS – GROUP

Staff costs
Depreciation
Premises and equipment costs
Other direct costs
Communications costs
Information technology
Legal and professional expenses
Bank interest & charges
Miscellaneous expenses
Independent examiner's fees		 General
Support
£
65,124
8,110
2,502
13,519
2,316
4,766
13,666
11,918
17,295
3,569
142,785		 Governance
30/09/2025
31/03/2024
function
(18 Months)
(12 Months)
£
£
£
64,124
129,248
69,403
-
8,110
8,879
-
2,502
2,156
-
13,519
-
-
2,316
1,514
-
4,766
5,815
-
13,666
8,881
-
11,918
12,993
-
17,295
23,305
13,710
17,279
10,786
77,834
220,619
143,734
GROUP

26

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

6b. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS – CHARITY

Staff costs
Depreciation
Premises and equipment costs
Other direct costs
Communications costs
Information technology
Legal and professional expenses
Bank interest & charges
Miscellaneous expenses
Independent examiner's fees		 General
Support
£
46,857
2,509
2,435
13,519
2,316
2,083
13,666
11,918
13,417
2,408
111,128		 Governance
30/09/2025
31/03/2024
function
(18 Months)
(12 Months)
£
£
£
45,857
92,714
50,624
-
2,509
5,145
-
2,435
2,156
-
13,519
-
-
2,316
1,514
-
2,083
3,114
-
13,666
7,081
-
11,918
12,993
-
13,417
21,001
8,100
10,508
5,616
53,957
165,085
109,244
CHARITY

7. NET INCOME/(EXPENDITURE) FOR THE PERIOD

Net movement in funds is shown after charging:
Depreciation on tangible fixed assets
Independent examiner's fees
Independent Examination
Other Services		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
8,110
8,879
13,710
7,776
3,569
3,070
17,279
10,846
GROUP		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
2,509
5,145
8,100
4,536
2,408
1,140
10,508
5,676
CHARITY		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
2,509
5,145
8,100
4,536
2,408
1,140
10,508
5,676
CHARITY
13,710
3,569		 4,536
1,140
17,279 5,676

27

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

8. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGERIAL PERSONNEL

STAFF COSTS
Salaries
National Insurance
Pension
Seconded staff		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
704,034
474,399
45,419
32,282
36,824
21,646
-
-
786,277
528,327
GROUP		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
704,034
462,773
45,419
31,671
36,824
21,646
(255,010)
(164,008)
531,268
352,082
CHARITY
786,277

No trustee received remuneration for their role as trustee. None of the trustees received any reimbursement of expenses (2024: none).

The key management personnel of the charity comprise of the Chief Executive Officer, Chief Operating Officer and Finance Manager. The total employee benefits of the key managerial personnel of the group for the period were £313,707 (2024 - £228,069). The total employee benefits of the key management personnel of the charity less seconded staff costs to the related party Manor House Development Trust were £ 239,701 (2024 - £162,568). During the period, the charity paid £255,010 for staff seconded to related charity Manor House Development Trust (2024 - £164,008).

The number of employees whose annual remuneration was more than £60,000 is as follows:

GROUP CHARITY
30/09/2025 31/03/2024 30/09/2025 31/03/2024
(18 Months) (12 Months) (18 Months) (12 Months)
£80,000 to £90,000 1 - 1 -
£60,000 to £70,000 - 1 - 1

The average monthly number of staff employed, calculated as full time equivalent during the period ended 30 September 2025 was 37 (March 2024 - 37).

The average monthly number of employees during the year was as follows:

GROUP CHARITY
30/09/2025 31/03/2024 30/09/2025 31/03/2024
(18 Months) (12 Months) (18 Months) (12 Months)
Fundraising 7 4 4 3
Empowering 3 5 2 3
Space 11 5 7 3
Support and governance 2 2 1 1
23 15 14 9

.

28

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

10. TANGIBLE FIXED ASSETS - GROUP AND CHARITY

NET BOOK VALUE
Leasehold property
Fixtures and fittings
Computer Equipment
MOVEMENTS IN YEAR
Cost:
Leasehold property
Fixtures and fittings
Computer Equipment
Depreciation:
Leasehold property
Fixtures and fittings
Computer Equipment		 Opening
Balance
£
24,872
33,177
20,580
78,629
Opening
Balance
£
2,618
30,674
18,969
52,260		 Additions
£
-
-
4,828		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
18,327
22,254
829
2,504
3,930
1,611
23,086
26,369
GROUP
Disposals
Closing
Balance
£
£
-
24,872
-
33,177
-
25,408
-
83,457
Disposals
Closing
Balance
£
£
-
6,545
-
32,348
-
21,477
-
60,371		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
18,327
22,254
829
2,504
3,930
1,611
23,086
26,369
GROUP
Disposals
Closing
Balance
£
£
-
24,872
-
33,177
-
25,408
-
83,457
Disposals
Closing
Balance
£
£
-
6,545
-
32,348
-
21,477
-
60,371		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
18,327
22,254
829
2,504
3,930
1,611
23,086
26,369
GROUP
Disposals
Closing
Balance
£
£
-
24,872
-
33,177
-
25,408
-
83,457
Disposals
Closing
Balance
£
£
-
6,545
-
32,348
-
21,477
-
60,371
4,828 - 83,457
Charge
for the period
£
3,927
1,674
2,509		 Disposals
£
-
-
-		 Closing
Balance
£
6,545
32,348
21,477
8,110 - 60,371

29

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

10. TANGIBLE FIXED ASSETS - GROUP AND CHARITY (Cont/d)

CHARITY CHARITY
30/09/2025 31/03/2024
(18 Months) (12 Months)
£ £
Net book value:
Computer and Equipment 3,930 1,611
3,930 1,611
Opening Additions Disposals Closing
Cost: Balance Balance
£ £ £ £
Computer and Equipment 20,580 4,828 - 25,408
20,580 4,828 - 25,408
Opening Charge Disposals Closing
Depreciation: Balance for the period Balance
£ £ £ £
Computer and Equipment 18,969 2,509 - 21,477
18,969 2,509 - 21,477
11. DEBTORS – GROUP AND CHARITY
GROUP CHARITY
30/09/2025 31/03/2024 30/09/2025 31/03/2024
(18 Months) (12 Months) (18 Months) (12 Months)
£ £ £ £
Trade debtors 110,565 65,599 50,723 28,296
Other debtors 6,140 6,140 5,860 5,860
Accrued Income - 11,133 - 11,133
Amount owed from group undertaking - - - 25,241
116,704 82,871 56,583 70,530

11. DEBTORS – GROUP AND CHARITY

30

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

12. CREDITORS FALLING DUE WITHIN ONE YEAR – GROUP AND CHARITY

Trade creditors
Taxation and social security
Other creditors
Loans
Accruals
Amount owed to group undertaking		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
60,718
8,600
9,851
7,227
19,760
30,861
19,658
40,282
15,920
13,035
-
-
125,907
100,006
GROUP		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
39,490
7,346
9,851
7,227
8,307
16,426
19,658
40,282
10,308
8,219
90,021
-
177,634
79,500
CHARITY

13. CREDITORS FALLING DUE AFTER ONE YEAR – GROUP AND CHARITY

Loans 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
230,357
93,054
230,357
93,054
GROUP		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
230,357
93,054
230,357
93,054
CHARITY

SIB -The charity has a term loan with Social Investment Business Limited of £60,013 (2025: £133,336), comprising £8,407 due within one year and £51,606 due after more than one year. The loan bears interest at 7.9% per annum and is unsecured. During the year, the lender agreed a six-month capital repayment holiday and a six-month extension to the loan term. The loan is repayable in monthly instalments in accordance with the amended repayment schedule agreed with the lender.

GMW - The charity has a term loan with Greenwich Millennium Village Limited of £190,000 (2025: £Nil), comprising £11,250 due within one year and £178,750 due after more than one year. The loan is repayable in monthly instalments over five years, is interest-free (0% per annum), and is secured on the charity's leasehold interest in the community Centre at Block 203, 2 Oswald Gardens, Greenwich Millennium Village, London SE10 0SH.

31

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

14. ANALYSIS OF CHARITABLE FUND – GROUP AND CHARITY

Restricted funds:
Acton Gardens LLP
Berkeley Homes
Ellis Campbell Foundation
Ground Work
KCCF Coronation Food Project grant
London Borough of Hackney
Natural England
NHS North East London CCG
Notting Hill Genesis
Tesco Community Grant
The Big Bike Revival
The City Bridge Trust
The Mayor’s Fund for London
Unrestricted funds
General funds
Total funds		 Balance as
on 01/04/2024
£
2,025
1,881
5,514
-
9,968
7,419
3,416
2,677
-
1,000
2,557
17,275
2,621
56,353
25,882
82,235		 Balance as
Income
Expenditure
on 30/09/2025
£
£
£
4,973
(6,998)
-
51,527
(43,386)
10,022
-
(5,514)
-
2,200
(2,200)
-
9,968
(19,936)
-
103,947
(99,294)
12,072
-
(3,416)
-
-
-
2,677
90,834
(84,658)
6,176
-
(1,000)
-
-
-
2,557
113,620
(83,297)
47,598
2,200
(872)
3,949
379,269
(350,571)
85,051
790,976
(1,014,961)
(198,103)
1,170,245
(1,365,532)
(113,052)
GROUP

32

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

14. ANALYSIS OF CHARITABLE FUND – GROUP AND CHARITY-CONTINUED

Restricted funds:
Acton Gardens LLP
Ground Work
Tesco Community Grant
London Borough of Hackney
Ellis Campbell Foundation
The City Bridge Trust
KCCF Coronation Food Project Grant
Natural England
Unrestricted funds
General funds
Total funds		 Balance as
on 01/04/2024
£
2,025
1,000
20
5,514
17,275
9,968
3,416
39,218
(29,321)
9,897		 Income
Expenditure
£
£
4,973
(6,998)
1,100
(1,100)
-
(1,000)
27,500
(20,244)
-
(5,514)
113,620
(83,297)
9,968
(19,936)
-
(3,416)
157,161
(141,505)
366,404
(721,097)
523,565
(862,602)
CHARITY		 Balance as
on 30/09/2025
£
-
-
-
7,276
-
47,598
-
-
54,874
(384,014)
(329,140)

33

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

14. ANALYSIS OF CHARITABLE FUND – GROUP AND CHARITY-CONTINUED

Previous Year

Restricted funds:
Acton Gardens LLP
Berkeley Homes
Ellis Campbell Foundation
Grand Union Development Trust
KCCF Coronation Food Project grant
Locality Grant
L&Q SUMMER EVENT
London Borough of Hackney
Natural England
NHS North East London CCG
Notting Hill Genesis
Social Enterprise Support Fund
Tesco Community Grant
The Big Bike Revival
The City Bridge Trust
The Mayor’s Fund for London
The National Lottery Community Fund
Unrestricted funds
General funds
Total funds		 Balance as
at 01/04/23
£
4,500
-
19,000
20,684
-
-
-
867
-
2,677
15,888
6,164
-
2,557
53,780
2,299
-
128,416
(10,287)
118,129		 Balance as
Income
Expenditure
at 31/03/2024
£
£
£
395
(2,870)
2,025
22,825
(20,944)
1,881
2,000
(15,486)
5,514
-
(20,684)
-
9,968
-
9,968
10,000
(10,000)
-
705
(705)
-
32,816
(26,264)
7,419
37,265
(33,849)
3,416
-
-
2,677
10,440
(26,328)
-
-
(6,164)
-
1,000
-
1,000
-
-
2,557
-
(36,505)
17,275
2,000
(1,678)
2,621
74,606
(74,606)
-
204,020
(276,083)
56,353
654,158
(617,989)
25,882
858,178
(894,072)
82,235
GROUP

34

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

14. ANALYSIS OF CHARITABLE FUND – GROUP AND CHARITY-CONTINUED

Previous Year

Restricted funds:
Acton Gardens LLP
Social Enterprise Support Fund
Tesco Community Grant
London Borough of Hackney
Ellis Campbell Foundation
The City Bridge Trust
Grand Union Development
The National Lottery Community Fund
KCCF Coronation Food Project Grant
L&Q Summer Event
Natural England
Unrestricted funds
General funds
Total funds		 Balance as
at 01/04/23
£
4,500
6,164
-
867
19,000
53,780
20,684
-
-
-
-
104,995
12,454
117,449		 Income
Expenditure
£
£
395
(2,870)
(6,164)
1,000
-
-
(847)
2,000
(15,486)
-
(36,505)
-
(20,684)
74,606
(74,606)
9,968
-
705
(705)
37,265
(33,849)
125,939
(191,716)
329,910
(371,685)
455,849
(563,401)
CHARITY		 Balance as
at 31/03/2024
£
2,025
-
1,000
20
5,514
17,275
-
-
9,968
-
3,416
39,218
(29,321)
9,897

Description, nature and purpose of restricted fund

35

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP AND CHARITY

Tangible fixed assets
Non Current liabilities
Net Current assets		 Unrestricted
Funds
£
23,086
(230,357)
9,168
(198,103)		 Restricted
Funds
£
-
-
85,051
85,051
GROUP		 30/09/2025
Total
£
23,086
(230,357)
94,219
(113,052)		 Unrestricted
Funds
£
3,930
(230,357)
(157,587)
(384,014)		 Restricted
30/09/2025
Funds
Total
£
£
-
3,930
-
(230,357)
54,874
(102,713)
54,874
(329,140)
CHARITY

Previous Year

Tangible fixed assets
Non Current liabilities
Net Current assets		 Unrestricted
Funds
£
26,369
(93,054)
92,567		 Restricted
Funds
£
-
-
56,353
56,353
GROUP		 31/03/2024
Total
£
26,369
(93,054)
148,920
82,235		 Unrestricted
Funds
£
1,611
(93,054)
62,123
(29,321)		 Restricted
31/03/2024
Funds
Total
£
£
-
1,611
-
(93,054)
39,218
101,341
39,218
9,897
CHARITY
25,882

16. LEASE COMMITMENTS – GROUP AND CHARITY

Under one year
Two to five years
More than five years		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
23,339
12,089
227,106
48,356
24,178
42,312
274,623
102,757
GROUP		 30/09/2025
31/03/2024
(18 Months)
(12 Months)
£
£
11,250
-
178,750
-
-
-
190,000
-
CHARITY

17. PENSION

The pension cost charge represents Contribution payable by charity to the fund and amounted to £36,824 (2024: £21,646).

Contribution totalling £Nil (2024: £2,599) were payable to the fund at the period end.

36

Docusign Envelope ID: ABCE3275-F519-8D90-81A5-0FBC3FBE34FEDocusign Envelope ID: B72C32FE-3DAE-8288-8244-9229901F7546

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

18. SHARE CAPITAL

The company is limited by guarantee and does not have a share capital divided by shares.

19. RELATED PARTY TRANSACTIONS

Details of transactions with trustees are in note 8. There are no other related party transactions during the year.

20. GROUP STRUCTURE

London Development Trust (company registration number 11736891, charity number 1189281) is the parent charity of Manor House Development Trust (company registration number 06203804, charity number 1127604).

Manor House Development Trust is a subsidiary undertaking of London Development Trust, with the parent charity exercising control through its governance arrangements and strategic oversight. The group operates to deliver community development, regeneration and social impact activities across London, with each entity focusing on specific geographic and operational priorities.

During the period, the group structure was further aligned to support improved governance, operational efficiency and financial sustainability. London Development Trust provides strategic direction, central management and shared services across the group, including staffing, financial management and operational support, with costs recharged where appropriate.

Manor House Development Trust continues to operate as a separate registered charity, delivering activities primarily within its local area, while benefiting from the wider group’s resources and infrastructure.

37