Charity registration number.. 205797 Kingsbury Charity Annual Report and Financial Statements for the Year Ended 31 December 2024 X¢inadin Audit Limited Chklrtered Accountant5 Statutory Auditor5 Leavesden Park 5 Hercules Way Watfoid Hertfordshire WD25 7GS
Kingsbury Charity Contents (continued) Rcfcrcncc and Admini8trativ¢ Dctai18 TrustCC8' Rcport 2to4 Staternent of Trustees, Responsibilities Investment Managers Annual Investtnent Review Independent Auditors, Report 7t0 10 Statement of Financial Activities Balance Sheet Not¢s to th¢ Financial Statetn¢nts 13to24
Kingsbury Charity Reference and Adminislrative Details Chairperson Mr G Eldridge (Appointed 22,.'0612024) Reverei)d S SLhuil-Brewer (Resigned 19105120241 205797 Charltv Reglstratlon Number Principal Office 29 Bowater Close Kin¥F5bury London NW9 OXD Trustccs Mrs A Hopkins Rcvcrcnd S Schuil-Brcwcr Mr G Eldridge Mrs S Bhudia Mr P Gururajan Miss K Mutphy Ms P H¢waviscnti Hon. Treasurer Clerk to Trustees Mrs A Little (Appointed 31103120241 Auditor Xeinadin Audit Limited Chartered Accountants Statutory Auditors Leavesden Park 5 Herculeb Way Watford H¢rtfordshir¢ WD25 7GS Snlicitlbrs CameTOllS lone5 Television House 269 Field End Road Ruiblip Middlestx HA4 9XA Bankers HSBC 544 Kingsbury Road Kingsbury London NW9 9EE CAF Bank Ltd 25 KinbTS Hill Avenue Kings Hill Wesl Malling Kent ME194JQ Rathbones Group PIC 30 Circ%ham Strcct London EC2V 7QN Investment Managers Page I
Kingsbury Charity Trustees, Report Tl)e trustees piesent tl)e annual report together with the financial statements of the charity for the year ended 31 December 2024. Obj¢ctive$ and activities The main objectives of the Chariiy are to provide relief for those in need andlor in sickness of, either generally or individually, persons resident in or in certain circumstances close lo ihe Ancien¢ Parish of Kingsbury. Subject to the approval of the Charily Commissioners the Truslees may provide land and buildings to be appropriaied and uscd as 31mshouscs for th¢ accommodation of r¢sid¢nts. Thc Charity 3¢hicvcs its objcctivcs by thc pNdcnt managcmcnt of its asscts and invcstmcnts, to cnsurc that thc a]mshnSeS are maintained to a hight standard and as near to full occupancy as posqible. Also, that sufficient funds are available to make grants to worthy eause8 falling within the C.harity's objectives. Tlie trustees confirm tliat they have coinplied with the requireinents of section 17 vf the Charities Act 2011 to have due rebFard to the public benefit bFUldlle published by the Clwity Commission for England and Wales. Financial review Tlie Charity's income and expenditure for the year are shown in the statement of FilnCial Activities (pabie 10). wliich 5how5 total income of £355,56212023.. £373,062) aiid total expendituie of £665,32912023.. £331,588), givii)g rise to net expenditure ol. £309,767 (2023". £41.474 net income). In addition, there were gains on invesln)ents of £531,731 (2023". £475.347). The total lunds at 3 1st Deceinber 2024 were £13,352,403 12023.. 13,130,439). Moveinent in funds is shown in note 16. The Trustees do not Lonsider the cost of a professional valuation of the property assets to be justified. but they are satisfied that their realisable values bubbtantially more than their hibtolic Lostb. The maintenance contributions made by all residents, usually paid monthly, have been increased this year flillowing a review undeffaken to update the contributions to reflect current market condiiions and to reflecr rhe need to cover the costs of maintenance and adminigtration. Thig process will be repeated annually in future years, and contributions will be reviewed in line with siandard Almhouses, practice. The rolling programmc of maintcnancc, rcdccoration, and rcfurbi%hmcnt to all thc Charity's forry-onc flats located in Bowater Close and Stubbs Close, continues. The focus of this year's maintenance spend was to undertake the 'Orks identified in risk assessments. There was a major gpend on improvements to the water system in the flats at Bowater Close to address issues identified in a legionella risk assessment and to improve the showers to all bathrooms. Next year Tnajor works are planned for improvement to the car park and landscaping at Bowater Close and for a secllrity barrieT to the entrance of Stubbs Close. Page 2
Kingsbury Charity Trustees, Report (continued) Trustees #nd oifieers The trnstees and officers serving during the year and since ihe year end were as follows.. T[Ste£s.. Mrs A Hopkins Reverend S Schuil-Brewer Mrs A Little (resigned 31 March 2024) Mr G Eldridge Mrs S Bhudia Mr P Gururajan (appointed 23 March 2024) Miss K Muryhy (appointed 9 Novernber 2024) Chairperson.. MrG Eldridge Strueture, %ov¢rnanee and management Thc Charity is govcrn¢d by a rcvis¢d sch¢m¢ of tlic Charity Commissioncrs, dat¢d 2nd Octobcr 1986, giving effect to the absorptioii of tlie King5bury Disthct Nursing Aid Fund by the Kingsbury Charitie5 of Richard Bowater and Francis Perry Stubb5. Although the Charity has remained an unincoTporated association since its inception, by virtue of the granting of a certificate of incorporation sealed by the Charity Commis5ioner5 on 21st October 1993, the Tn]5tee5 are collectively a corporate body. Tlie Trustees nieet regularly, usually every four to six weeks. either in person or virtually, to discuss the manakFement of the Charity, its activities, and finance5. New Trustees are appointed by the Ttustees by way of a show of hands and the ChdiTnian lias the tasting vote. Two non-voting meinbers aiiend the Trusiees. meetings - the Secretary and the Treasurer. The B()urd In respect of the make-up of the Board of tru8tees, Prakash Giirurajan & Kellie Murphy joined the board in 2024 and brought with them their expertise in management and social housing. The board now has a complete quots of members, and the board is currently chaired by Geoff Eldridge. Rlsk management An ongoiiig process of examining the major strategic, busine55 and operations risks wa5 undertaken, and new system5 and prucesbes are now documented and in place. Work will continue in thi5 area in the following year. Outstanding Business risk assessments are being undertaken and a 5tTategry for the future will be developed. Page 3
Kingsbury Charity Trn$tecs' Report (continued> Dis¢l•svre of inf•rLwition to auditor Each tnJsTre has tgken steps thai th¢y OU1t to have taken ttwtee in order 10 make themselves are of any r¢levant auth't infomation at]d to e5tsblish that the chanty's auth.tor is awar¢ of that inForniaiion. The trustees confitm that there is llo relevomt OrnatIo that they know of and of whith they know the auditor 15 unaware The tVal report w approved by the ttUStees of the charity on?/ . d ggned on its behalf by.. G Eldrid8e ChrPerson tyusÈee Pag¢ 4
Kingsbury Charity Statement of Trustees, Responsibilities The trustees are Spible foi PTeparing th¢ trusl¢es' r¢port and the financial statenmts in accordance with the United "ngdorn Acwunting Standards (United K]"ng&sm Cnerally Accepted Accountin8 Prartice) and applithle law and regu]ations. The law applicable to ¢hariti¢s requtres the trteeS to prepare finaDciaE ststement5 for each financial year thich give a true and fakr view of the stat¢ of affairs of the charity and of the incoming resources and applicatson of r¢sourc¢5 of the charity for that period. In prepann8 these financial statem¥Et8 the tnLSte¢s ar¢ required to.. select suitable accounting policÉe5 and then apply th¢m consistently. observe the rnethods and principles in the Charities SORP. mak¢ Judgemts and estimates that are reonable and prndent. state whether 4)pli¢able &couuting 5tandar(15 have been followed subj¢L to atry material departures disdosed and explained in the financial statements." and prepare the fman¢ial statements on the going conc¢m basis lfflless it is inappropriate to pr¢sume that the ¢hArity wll rATrntinue in bustness. The trustees are iesponsible for keeping proper accounting recor(Ls that dlose with Fe&wnable accuwy at aDy time the finat)ciat position of the charity and enable them io ensure that the financial sernets comply the Charities Act 2011. the chariti (Accounts and Reports) Regulations 2008. and the provisions of the constitutton. The tTrLeeS are also responsible for saf¢8uardJng th¢ &ssels of th¢ tharity hel¢ for taklng rewnable steps for the preveniion and detection of fraud and other irregtharities. The tTus*es are responsible for the maintenance and integtity of the financial infomiats'ort included on the dwi"ty's WEb5Lte. Le5[atiOn governin8 the pr¢paration 8nd disseminotion of fin3n¢tal statemmts rnay differ from leyjslation in other jUTisth'thions. Approved by the trske5 of the chan.ty on .. .. and s18nl on its bdmlf by.. GEI ridge Chairperson and trstee Page 5
Kingsbury Charity Investment Managers Annual Investment ReTriew Rathbones and It)i'estec Wealtl) & Investinent haN'e coine together alld tl)e combined business has inheiited tl)e Rathbones name. The poitlolio Inat)aged by Rathbones has a mediuin-l)igl) risk sti"ategy and is invested loi tl)e long-tenn to geneiate attiactive ietutns tts benefit tlie charity's beneliciaries. The Kingsbury Chaiity investments had dl)Other solid year ii) 2024 and generdted il totGiI retun) of +7.3 /0, net ot. fees. This retUTn ahead of inllation, and just short ol'the ARC Charitieb Steady Grvwth Index, whiLh produced a retUTll of +8.2 /. The vear was dominated by ihe continued rise of Artificial Intelligence relaied stocks and. toi¥'ards the year end. rhe re-eleciion of President Trump for a second tem]. Financial siocks, in particular, rallied strongly on the expeciation of his deregulalion and lower corporate taxation agenda. Bond marketb ivere fairly subdued, as inleresl rale cuts did nol malerialise as hoped. held higher by inflaiion remaining above iargel. The porifolio is managed on a global basis. and so able to panicipate in the strength of the rechnology sector, however Rathboncs is conscious of thc incrcasingly conc¢ntratcd rtar¢ of thc cquity ind¢x which has r¢sultcd from this strength. Rathbone% remain Confident that a diversified qtrategy, Comprising equities, bonds and altemative assets IS 8llltahle to achieve the long-term aims of the Charity. Rathbones Group PIC Page 6
Kingsbury Charity Independent Auditor's Report to the Members of Kingsbury Charity Opinion We have audited the financial stateinents of Kingsbuiy Charity (the 'charity') for the year ended 31 DeceTnber 2024, NTrhich COmPTiSe the Statement of Financial ActiN'ities, Balance Sheet, and Note5 to the Financial Stateinents, including a 5uinmary of significant accounting policie5. The financial reporting frainework that ha5 been applied in their preparation is United Kingdom Accounting Standards, comprising Charitie5 SORP FRS 102 Tlie FilnCial Reporting Standard applicable in the UK and Republic of IEeland' and applicable law (United Kingdom Generally Accepted Accoiinting Practice). In our opinion the financial statements.. givc a truc and fair vicw af thc Statc of the charity's affair% as at 31 Dcccmbcr 2024 and nf it8 incoming resource5 and application of resources, including its income and expenditure, for the year then ended., hdve been piopeily piepiiied in {Co[danCe with United Kin¥doin GeneTdlly Accepted Accountin¥ Practice; have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We cnnductcd our audit in a¢¢ordan¢¢ with Int¢rnational Standard8 on Auditing (UK) IISAS IUKI) and applicable law. OUT responsibilities under those Standards are further described the auditor Tespnn.%ibilities for thc audit of thc financial statcmcnts %cction of our rcport. We are indepcndcnt of thc charity in accordancc with thc cthical rcquircmcnt.% that arc Tclcvant to our audit of thc financial statcmcnts in thc UK, including thc FRC'S Ethical Standard, and we have fulfilled our other ethical respon%ibilitie% in accordance with these Tequirement%. We believe that the audit evidence ive have obtained 1% Sufficient and appropriate to provide a basi% for our opinion. ConLlusions relating to Luncvrn In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the woik Th'e have perfotrned, we ha.£ not ideiitified aiiy material uncertainties relating to events or condition5 that, individually or collecti.£[Y, may cast significant doubt on the charity's ability to continue as a going coi)cern for a period of at least twel.£ months from when the original financial stateinents were authorised for i5SUe. Our responsibilities and the resplinsibilities of the trustees with respect to going concem are described in Ihe relevant sections of this report. Other Informatlon The trusiees are responsible fL)r rhe oiher infomiatiL)n. The other information comprises the infomialion included in the annual report, other than the finan¢ial statements and our auditor'8 report thereon. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any fom) of assurance ¢on¢lusion thereon. In connection with our audit of tlie financial statetnet]ts, our responsibility is to read the other infoTmation and, in doinbl 50, consider whether the other InfomtiOn 15 Inaterially inconsistent with the financial stateineiits or our knowledgFe obtained in the audit or otherwise appear& to be inateTiJlly mibstated. Ifwe identify such material incon51Stencies 01 apparent mateiial Inis5tatenients', we are iequired to detetmine whether there is a Tnaterial misstateTnent in tlie financial 5tatement5 or a niateiial Tlli5StateTnent of tlie other infoTniation. Jf, based on the work we have performed, we conclude that there is a inateridl inisstatement of thi5 Other inforination, we ale required to report that fuct. We have nothing 10 report in this regard. Page 7
Kingsbury Charity Independent Auditor's Report to the Members of Kingsbury Charity (continued) Matters on which Me are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatement5 in the T[StS, Report. We have nothing tv repurt in iesPeLt ot the following matters where the Charities (Accounts aiid Report) Rt¥ulHtiuns 2008 requiTeb US io repvrl lo you if. in uur opinion". ad¢quatc accounting r¢cords hav¢ not bc¢n kcpt, or rctyrns adcquat¢ for our aiidit havc not b¢¢n r¢¢civcd from branch¢s not visitcd by us,. or the fiiiancial 5tdten)ents are not in agreement with the ac¢oui)ting records and returns: or certain disclosures of trustees rernuneration specified by law are not niade; or we have not Teceived all the infonnation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees. Responsibilities (set out on page 5), the trustees are rcsponsiblc for thc prcparation of th¢ financial stat¢m¢nts and for bcing satisficd that th¢y giv¢ a truc and fair view, and for such internal control as the trustees deterniine is necessary to enable the prepararion of financial statements that are free from material misstatement, whether due to fraud or error. In preparinbF the financial stateinents, the tTUStees are iesponsible foi assessing the charity's ability to continue a5 a goiTlbF concem, disclosinbF, as applicable, Tnatter5 relted to bFoing concern and Usillb the goin(T conceTll basi5 of accountinbF unless the t[ste¢S eithei intend to liquiddte the charity or to cease uperation5, or have no realistic alternative but to do so. Auditor Responsibilities for the audit of the fiThancial statement We Iydve been appoinied as auditor linder section 144 of tl)e Charities Act 2011 and report in accordance with the Act and relevant iegulations made or having effect thereui)der. Our objectiN'es are to obtain reasonable assurance about whether the fii)ancial statements as a whole are free trom material n)isstatement, whether due to fraud 01 etror. and to Issue ai) auditor's report that includes our opinion. Reasonable assurance is a high level of assuiance. but is i)ot a guaiantee that an audit conducted in accordance with ISAS (UK) will alwayb detect a material misstatement when it exibts.. Misstatements can aTise from fraud or error and are considered material if, indipidually or in ihe aggregate, Ihey could reasonably be expected io influence the eclinomic decisions of users iaken on the basis of ihese financial stalemenls. The extent to which oiir procedures are Capable of detecting irregularities, including fraud is detailed below.. Page 8
Kingsbury Charity Independent Auditor's Report to the Members of Kingsbury Charity (continued) Our approach to identifying and assessing the risks of material niisstatement in respect of irregularities, inLluding fraud and non-compliance with laws ai)d regulationb, was as lollows.. the engagement partner ensured that the engagement team collectivelv had the appropiiate competence, Lapabiliiies and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charity through discussions with trustees and other managemenr, and from our commercial knowledge and experience of the sector. we focused on specific laws and regulations which we considered may have a direct material effect on rhe financial statements or the operations of the chariry, including the Charities Act 2011, anti-bribery, environmental and health and safery legislation. Ivc a%%c%%cd thc cxtcnt nf cnmplianec with thc law% and rcgulatinns idcntificd abovc through making cnquirics of managcnient and in8pccting Icgal corrc8pondcnce; and idcntificd laws and r¢gulations w¢r¢ eommunieatcd within thc audit tcam r¢gularly and thc t¢am wmaincd alert to instances of non-¢ompliance throughoui the audit. We assessed the susceptibility of the charity's fjnancial statements to material misststement, including obtaining an understanding of how fraiid might occur, by.. making enquiries of nianagement as to wliere they considered there was sllsceptibility to fraud, their kt]owledge of actual, suspected and alleged fTaud,' and considcring the inteTnal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through rnanaganent bia5 and override of contTols, we.. performed analytical procedures to ideiitify any unusual or unexpected relatl0115hip5; tested joutnal entries lo identify unusual transactions.. assessed ivhether judgements and assuinptions made in detemining the accounting estiniaies were indicative of potential bias,. ai)d investigated the rationale behind significant or unusual transactions. In response to the risk ol. irregulaiities and non-compliance with laws and regulatioiis, we designed procedures whiLh included, but weie not limited tts-. agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with gLivernance,' enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with relevant regulators, and the charity's legal advisors. Therc arc inhercnt limitation% in our audit proccdurc% dc%cribcd abovc. The morc rcmovcd that law% and rcglllations arc from finaneial tran8action8, the Ics8 likcly it ]% that wc '0ld bccomc am'arc of non-eompliancc. Auditing standard8 al%0 limit thc audit procedures rcquircd to idcntify non-compliancc I.ith laws and rcgulations to enquiry of the trnstees and other management and the inspection of regulatory and legal eorrespondence, if any. Material misstatements tliat arise due lo fraud can be haTder to detect than those that arise from error as they may involve deliberate concealinent or collusion. A further description of our responsibilities is available on the Finaii¢ial Reporting Council's website at.. ww.frc.org.ukjauditorsresponsibiliiies. This description fomjs part of our audiior's report. Page 9
Kingsbury Charity Independent Auditor's Report to the Members of Kingsbury Charity (continued) Use of our report This report is inade solely to the charity trL15tee5, a5 a body, in accordance with section 144 of the Charities Act 2011 and regulation5 made under Section 154 of that Act. Our audit WOTk has been undertaken 50 that we might state to the trustees those matters we are required to State to trustees in all auditors, report and for no other pUose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustee5 a5 a body, for our audit work, for thi5 report, or for the opinions we l)ave fonned. lTrJlÈJihJ yb,- L4 Xcinadin Audit Limitcd Chartered Accountants Statutory Auditor Leavesden Park 5 Hercules Way Watford Hertfordshire NVD25 7GS Date......3..111012025 Xeinadin Audit Limited is eligible for aPLX)intmeni as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 10
Kingsbury Charity Statement of Financial Activities for the Year Ended 31 December 2024 Unrestrieted funds Restriettd funds Total 2024 Total 2023 Note Income and Endowments from: Invc%tinent income Charitable income 64,454 108,5X9 182,519 246,973 108,589 272,510 100,552 Total in¢ome 173,043 182,519 355,562 373,062 Expendiknre OD: Raising lunds Charitable aciivities Governaii¢e costs (12,214} (267,8401 (61,089} (36,8191 (287,3671 (49,033} (555,2071 (61,089} 143,200) (236,1601 152,0281 Total expenditure (341,1431 {324,1861 (665,3291 (331.5881 Net {expenditure}/income Gross transfers between fidS 16 (168,1001 {113,7201 (141,6671 113,720 (309,767) 41,474 Gainsl(losses) on flxed assets Gains/llos8¢s) on in'¢stm¢lltS 132,454 399,277 531,731 475,347 Nct movcmcnt in fund (149,3661 371,330 221,964 516,821 Reeoneiliation of funds Total funds brought forward 1,776,647 11,353,792 13,130,439 12,613,618 Total funds carried forward 16 1,627,281 11,725.122 13.352,403 13.130,439 All of the charity's aciivities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in noie 16. The notes on pages 13 to 24 forni an integral part of these financial statements. Pagell
Kingsbury Charity (Registration number: 205797) Balance Sheet as at 31 December 2024 N•)¢e 2024 Fixed 58ets Tanble ass¢ts Investments 1.888.053 10.181.091 1,888.053 9.676.552 12 I2.(9.144 11.564.605 C¥rrent x¥ets Debtors Cash at bk and in hand 13 14 8.346 .334.238 8.439 1.608.405 1,342,584 1.616,844 Crnlit•r5: Amounts dye i¥ithin one yer 15 59.325 1.283.259 1.565.834 13.352.403 IJ,130,439 Funds oftht thwlty: Re8tritted itteomt hndg R¢strided fim¢ts 11.725,122 11,353.792 1.627281 1.776 647 TOW fwid• 16 13.352.403 13.130.439 The financiat ststeMts on pa8es i i to 24 wrre #PPToved by th¢ trwku, aDd lluthoris foT tssue on .. and signeAI ort their behalf bj.. G Eldndge The twAe5 rn PJ8¢s 13 to 24 form •) int¢8ral partof these finanaal sta*meDts. Pa8e 12
Kingsbury Charity l¥Jotes to the Finaneial Statements for the Year Ended 31 December 2024 l Accounting policies Statement of eompll#nce The financial 8tatcmcnt8 hav¢ b¢en prepar¢d in accordanc¢ with th¢ %econd edition of th¢ Ciwities Stat¢m¢nt of Recotnmended Practice issued in Octi)b¢r 2019, the Financial Reporting Standard applicable in the United Kiiigdom and Republic of Ireland IFRS 102) and the Charities Act 2011. Basis of preparation Kiiigsbury Charity n)eets the definition of a public benefit entity under FRS 102. Tlie accounts (financial stateiiientsl have been prepared under the historical c05t coiivention with items recogt]ised at cost or transaction value unless otherw'ise stated in the relepant note(sl to these account5. Going concern The tnistees consider that there are no material uncertainties about the charity's ability to continue as a going ¢on¢etn. Income and endowments Legacie5 Tliese are re¥arded Cdpitdl receipts Ld iiie credited to capitsl account. lrtveslmeni income Dividends are recognised once the dividend has been declared and notification has been received of the dividend duc. EKpendlture All ¢xpcnditurc is rc¢ognis¢d onec thcr¢ is a Icgal or Constrnctivc obligation to that cxp¢nditurc, it 18 probablc settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggTegate similar costs to that category. Irrecoverable VA T Ltrecoverable VAT is chargied against tl)e categiory of resources expended for which it was incuffed. R4isingfMMds Thc8c arc co%ts incurrcd in thc managcmcnt of invc%tmcnts. Chavilable uctivilies ChrItable expenditure Lurnprises thobe cvsts incurred by tht Lharity in the delivery of its. (Ictivititb serviLeS fur itb benttlLILiritb. It includes both Lustb that be allated diTectly to such aLtivities and those costs of an indireLt nature neLessary to supptsrt them. Grull¢provisioiis Provi%ion% for grant8 arc madc whcn thc intcntinn tn makc a grant haq bccn cnmmunicatcd tn thc rccipicnt but thcrc 18 llnccrtainty about cithcr thc timing of thc grant or thc amount of grant payablc. Page 13
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory reqllirement5, including audit, stTategic management and tTUStees meetings and Teimbursed expenses. Taxation A5 a nOn-tdIng registered charity. Kingsbury ChaTlty is exempt from UK Corporation Tax on its income and realised capital gains. Depreeixtinn and Fixed assets. othei than Freehuld prtsperties. ale notmally Titten dow to a noihinal figure in the year they ale acquired or the followin¥ year. DepreLiativn Is nut Lharged oil Freehvld propertieb ab the residuiil value is Loiisidered to be higher than the L£wing value in the finlia1 btstemtnts. Fixed asset iDve5tments Fixed asset invesiments. other than programrne relaied investmenis, are included at market value ai the balance sheet date. Realised gains and losses on investments are calculaied as the dilTerence beteen sales proceeds and their market value at the start of ihe year, or (heir subsequeni cost. and are charged or credited to (he Siatement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market N'alues during the year and are Lredited or Charged to the Statement of Financial Activities based on the market value at the year end. Debtors r)ebtors comprises contributions owed by residents and prepayments of expenses. Cash and cash equii'#leNtS Cash and cash equivalents cornprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade ereditors Tradc crcditors arc obligations to pay for goods or s¢rvic¢s that hav¢ bc¢n a¢quir¢d in thc ordinary ¢ours¢ of opcratii)ii% from supplicr%. Accounts payablc arc cla%sificd as currcnt liabilitic% if thc di)cs nat havc an unconditional l'ight, at thc cnd of thc rcporting pcriod, to dcfcr scttlcmcnt of thc crcditor for at Ic&%t twclvc months aftcr thc rcporting datc. If thcrc 18 an unconditional right to dcfcr scttlcmcnt for at Icast twclvc month after the reporting date, they are PTe5ented as non-cun.ent liabilities. Fund structure Ut]restiicted incoine funds are general funds that are available for use at the trustee5 discretion in furtherance of the objective5 of the charity. Restricied income funds are those dlinated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Page 14
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) ExlrnordiMay Repoir Fuiid (FRF) This is a reserve fund for fiitUTe rnajor expenditure to which transfers are made from the Income and Expenditure Account. The nd should be invested with the aiin on maxirni5e capital gr0h including Te-inveslJnent of income. It can be dra upon to rneet TnajoT Iteins of TepaiT. Transfers fiDm income to the fund are mandatory and are made annually to meet the ininimuin requirements of the Charity Cominissioners, as aineiided from lime to tiine to apply to dwellings iii the London aTea. Cyclic41 Moirttenaiice Fund (CMF) Tiii5 lund. to whiLli transfeTS ale niade froin the Income and Expendituie Account, 15 retdined by the trustees to meet inaintendiice Occu]ll¥ dt ieguldl Intetvdlb e.¥. inteTnal {refurbishing kitLhens and b&tthi"ooins}, external redecoiation and the cost of profebsional fees such ds for Quinquennial Jnspections. Annudl trdnsfers fro]n inLurne ure de ilt the rdte for dwellin¥s in the London ed. Routine Mointenance Fund (RMF) In essence an equalisation accouni to even out the expense of routine maintenance of the flats from year to year. The annual charge is made ai the maximum level allowed by the Charities Commission for rental budgetary purposes which is amended from time to time and is applicable to dwellings in the London area. Page15
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) 2 Investment income Unrestricted fuNd5 General Restricted funds Total 2024 Interest receivable and si]nilar income,. Intcrcst Ceivabl¢ t)ividends receivable 15,519 48,935 35,016 147,50.3 50,535 196,4.18 64.454 182,519 246,973 Unrestricted funds General Restricted funds Tot81 2023 Interest receivable and similar income,. Interest receiN'able DiN'idend5 receivable 36,260 42,772 64,543 128,935 100,803 171,707 79,032 193,478 272,510 3 Income from ¢harit4ble gctivities Total 2024 Stubbs Close Bowater C105e Contributions from r¢sid¢nts 32,862 75,727 108,589 Total 2023 Stubbs Close Bowater C105e Contributions from residents 30,200 70,352 100,552 4 Expcndlturc on ralsing funds a) Investment management C(bSt$ Unrestrleted funds Gentral Restrieted funds Total funds Investment inana¥Fetnent costs 12,214 36,819 49,033 Total for 2024 12,214 36,819 49,033 Total for 2023 10,761 32,439 43,200 Page 16
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) 5 Expenditure on charitable activities Unrestricted fuNd5 General Restricted funds Total 2024 Council tax and rates 16.307 18,592 16,307 18,592 280,146 6,120 6,606 2,561 10,069 2,304 1,742 210,760 Light and h¢at Property repairs and maintenance Garden maintenance Insurance Hatrow caieline Caretaker and secretary costs Sundry expenses Telephone Grants to institutions 280,146 6,12 6,606 2,561 10.069 1,203 1,742 210,76() 267,840 287,367 555,207 Unrestricted funds General R¢stricted funds Total 2023 Council tsx and rates Liglii and heal Property repaiTS and maintenance Garden inaintenance Insllrance Harrow, ¢areline C'.aretaker and secretary Costs Sundiy expenses Telephune Grants to institutions 19,233 27,191 19,233 27,191 67,327 5,500 9,547 1,060 3,477 3,298 2,174 97,553 67,327 5,500 9,547 1,060 3,477 3,298 2,174 97,553 163,53.3 72,%27 236,360 Page17
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) 6 Analysis of governance and support costs Governanee costs Total 21124 Total 2023 Audit fccs Audit of the financial statements Other fees paid to auditors Tredsurer's honordrium 7,033 10,550 19,500 7,086 10,630 13,044 12,936 2,000 800 SecTetary's honorariu AdJnini%trative %upport Travel and subsistence Priniing, postage and stationery Sundry expenses Computer software and maintenance costs 13,000 570 821 332 8,345 1,270 3,592 1,608 61,089 52,f)28 7 Tru5t¢es remuneration expenses Durin¥ the yeaT the charity made the followinb transactions with tStee5.. Mrs A Little £133 (2023.. £4121 of expenses were reimbursed to Mrs A Little during the year. During the year Mrs A Little received £1,000 12023.. £2,000) in respect of additional administrative support scrviccs providcd out%idc of hcr rolc a% a Tru%tcc. Mr G Eldridge £597 (2023.. £1101 of expenses were reimbursed to Mr G Eldridge duTing the year. Rcvercnd S Schuil-Brcwcr £3912023.. £753} ofexpenses were reimbursed to Reverend S Schuil-Brewer during the year. Mrs S Bhudia £232 (2023.. £Nill of expenses were reimbursed to Mrs S Bhudia duTing tlie year. No trusteeb, noi any petS0115 connected with them, have received any reinuneTation fTOtn the charity duiing the yeur, othei thdn tlidt disclobed ubove. No trustees hal'e received any other benefits from the charity during the year. 8 Staff costs The Charity does not employ staff, therefore there are no employees with ejnoluments above £60,000. Page18
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) 9 Auditors, remunerolion 2024 2023 Audit of the financial statements 7,033 7,086 Other fees to auditors All i)tlicr non-audit s¢rvic¢s 10,550 10,630 10 T4xatlon Thc charity ]% con%idcrcd to pass thc tc%ts ct out in Paragraph I Schcdulc 6 of the Financc Act 2010 and thcrcforc it mcct% thc dcfinition of a charitablc company foT UK coi'poration tax PUTPO%CS. Accordingly. thc charity ]% potentially eKenipt from taxation in respect of income or capital gain% received within categories covered by Chapter 3 Part I l of the Cotporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or ¥ain5 are applied exclusively to charitable putP05es. I l Tangible fixed &5sets Freehold land and buildings Total Cost At l January 2024 1,888.053 1.888,053 At 31 December 2024 1.888,053 1,888,053 Depreeixtion At l January 2024 At 31 Dcccmbcr 2024 Net book value At 31 December 2024 1.88¥,053 1,¥88,(153 At 31 December 2023 1,88A,053 I,XR8.(15_3 Page 19
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) 12 Fixed assel investments Capital Fund Aecumlllated Extraordinary Income Fund Repalr Fund Total Market value at 1st jiuary 2024 Acquisitions at CLISI Sale proceeds from disposals CJainl{Lo.%8} in thc ycar Markct valuc at 3 1st Dcccrnbcr 2024 7.381.771 2.140,134 154,647 9,676,552 1,045,377 11,665,093) 385,558 7,747,613 56i,250 1572,025) 132,454 2,265,813 58,545 2,269,172 (59,2461 {2,296,364) 13,719 531,731 167,665 10,181,091 All investments are listed investments and are held primarily to provide an investment return for the Charity. Inv¢stmcnts arc held at mid-markct valuc at thc balancc sh¢¢t datc. 13 Debtors 2024 2023 Prepayments 8,346 8,439 14 Cash and eash cquivalcnts 2024 2023 Cash at bank Short-tem depoblts 844,419 489,819 1.341,910 266,495 1,334,23 1.608,405 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals 25,157 308 33,860 16,023 34,987 59,325 51,010 Page 20
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Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) 17 Dongtions payable 2024 2023 Grants and donations 210,760 97,553 The total grants and donatiot15 paid during the year was a5 follows.. Reeipient Use of the funds 2024 2023 St Luke's Hospice Elders Voice Htsspice Carers and aid for those in need 76,300 15.000 50,000 960 50,500 St Laurence's Larder Food bank 45,000 1,803 Bvwater and Stubbs Residents Foud vouchers Gabricls Church CAP dcbt ccntrc 16,000 12,000 11.000 25,000 4,400 100 Lindsay Park Baptist Church Roe Green Infant School Community kitchen Soft play area Homeless Charity Fuel grant Donation Ashford Place Stubb5 Close Residents Other 250 210,760 97,553 18 AalYSIS of net a5set5 between fuThd5 L'nrestricted runds General Total funds #t .11 Deccmbcr 2024 Restricted funds Tangible fLxed assets Fixed asset investments Currellt assets 1,888,053 9.837,069 1,888,053 10.181,091 1.342,584 159,3251 344.022 1.342,584 159,3251 cent liabilitics Total nct asscts 1,627,281 11,725,122 13,352,403 Lnr¢stri¢ted TotAI funds At 31 De¢ernb¢r 2023 R¢$tricted fund5 General Tangible fixed assets Fixed asser investments cUtt assets Ce71t liabilities 1,888,053 9,465,739 1,888,053 9,676,552 1,616,844 151,0101 210,813 1,616,844 151.0101 Totul net assets 1,776,647 11,353,792 13,130,439 Page 23
Kingsbury Charity Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {eontinued) 19 Related party transactions There were no related party transactions in the year. Page 24