KENSIT MEMORIAL TRUST AIYNUAL REPORT AND ACCOUNTS ror tbe year etsded 31 March 2023 Company No: 427164 Regiitered Charity No: 248506 IWllWWNllllllllNll A(EZ23TM 2f41012023 COMPMIES H(XJSE A10
KENSIT MEMORIAL TRUST Annu Report and Accounts for the year ended 31 March 2023 CONTENTS Page Report of the Council of Managemenl 14 Report of the IndeEendent Auditors Statement of Financial Aciivlties (incorporating Income and Expenditure Acc(ni) Balance Sheer Notes io the A¢counis 10-15
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENr for the year ended 31 March 2023 The Council of Management have pleasure in presenting their rep)rt and the financial stst¢m¢nts of the Trust for the year ended 31 March 2023. REFERENCE AND ADMINISTRATIVE DETAllS S¢atus Kensit Memorial Trust was incorporated under the Companies Act 1929 as a private limited company on 8 January 1947. The company number is 427164. Kensit Memorial Trust was gTanted the ststus of a registered charity by the Charity Commission for En8land and Wales on 5 July 1966. Its T¢8iStered numb¢r is 248506. Registered address The registered address of Kensit Memorial Tnbst is 104 Hendon Lane, Finchley. London N3 3SQ. Members of the CouDciI of Man4ement Th¢ following m¢mb¢rs served during the yw: Mr D J Kensit Mr P S Lievesley The Rt Rev E J Malcolm (Chairnian and Secretary) Mr M Mullins (appointed 21 (ktober 2022) DrJASRokos Pastor J Sh¢n¥ood (r¢signed 9 May 2022) Banker5 The Trust's bankers are National Westh)inster Bank PLC. Finchley Central Branch. 48 Ballards Lan¢. London N3 2GZ. Auditors The Trust'5 auditors are Gwy Partnership. Chartered Accountants. of 159a Chase Side, Enfiel Middlese& EN2 OPW. STRUCllJRE. GOVERNANCE AIW MANAGEMENT Structurt Kensit Memorial Trust is nstItUted under its Memorandum and Articles of Association as a company limited by guarantee and not having a share capital. The company may have up to 25 members and the liability of the members in the event of the company being wound up is limited io £1 each.
KENSIT MEMORIAL TRU ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT, eoDIIDued for the year ended 31 March 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT, contiDued Govermgnce and m2nggem¢nt The governance of the Trust is by the members of the Council of Management, who are both m¢mbers and directors under the Companies Acts. and trustees under the Charities Acts. The Council meets four times a year. The Secretary, who is 8 member of the Council. manages ihe day to day operations of the Trust. AppointmeDt and induction ofcouncil members Council members are apwinted only if they are members of the Protestant TTUth Society and SubrIbe to its beliefs. New Council members undergo an induciion to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Coun¢il and decision making processes and the recent rfOrnIance of the charity. They meei key employees and other Council members. OWECTtVES AND ACTivrrIES Charitsble objects and prineipal activities The principal object of th¢ Trust is to promote and safeguard Protesthnt and Evangelical Christian principles in any part of the world. The principal activity of the TTUSt in furtherance of this object is to maintain Kensit Memi)rial College, which is used for biblical teaching. training for ministy and preparation for Christian service, and provides facilities in support of this work. The Trnst also makes grants to individuals and organizations in support of training in and promotion of Protestant and Evangelical principles. Public benefit The Council members confimi thai ihey have had due regard to the guidance published by the Charity Commission on publi¢ benefit. Students trained at the Kensit Memorial College minister to members of the public both in the UK and overseas. and bring spiritual, mordl and practical benefits to those receiving such ministy. ACHIEVEMENTS AND PERFORMANCE Review of opera¢ions Following the difficult period of the COVID-19 pandemic. the Trust continues to provlde facilities and funding for teaching and training, and to fund aaiviti¢s in furtherance of its objectives. The premises known &$ Kensit Memorial Bible College are owned and operated by the TrusL which employs catering and management stsff to provide services to users and to take overall care of the premises. The main user of th¢ buildings and services during th¢ y¢ar continued to be London Seminary.
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT, toatin•ed for the year ended 31 March 2023 FINANCIAL REVIEW Results for ¢he year The results for the year are Set out in the Ststement of Fin8ncia] Activities on page 8. The Council retK)rts an operating deficit for the year of £62.129 (2022 - deficit of £37.749), an increase of £24.380 over the previous year on account of higher utility bills and costs of significant maintenance work conducted on the College and th¢ Ttust's rental properties. Income from ihe provision of facilitie5 to London Seminary continues to represent appmximately one-third of the income of th¢ Trust. The rental stream from the Trust's invesknient properties provides approximately half of our income. The Council continues to exercise strict control over operating exnditUre with a view to reducing the underlying operating defi¢it to zero. The largest item of expenditure continues to be the depreciation of its freehold property at 104 Hendon Lane. which amounted to £42.500 for the year (2022 - £42,5(K)), although the propety h&% appTe¢iated markedly in renI years. The balance sheet of the Trust remains strong. The Trnst held accumulated funds of £10,576.826 at 31 March 2023 (2022 £10,638.955A includin8 bank and $h deposits of £1.082.283 (2022 £1,138,291). Reserves poliey The Council consideTS that reserves are suificient to meet all obligations of the Trust and to support its continued activities and maintenan¢¢ of its properties. Investment policy The Council has powers to invest funds according lo th¢ provisions of the Trustees Investment Act 1961 as modified by the Trustees Act 2001. The principal forni of investment in recent years has been residential properfy. which has yielded both capital growth and an attractive rate of return by way of rental income. The Council h4 in past years. engaged professional advisors to invest funds as appropriate. At pr¢senL no listed or unlisted investments are being held. Risk guessment policy The Council has, in its regular meetings, continued to wiew the risks to which the Trust is exposed. with appropriate action being tsken to mitigate such risks. PLANS FOR FUTURE PERIODS Future pl* The Trust continues to explore how it may best provide its ongoing services to London Seminary. The Trust continues to make improvements IMIth to the College premises occupied by the Semirkary and to the rental properties in order to maximize rental income. The Trust hopes to mak¢ further 8rants towards teachin8 and training in futuir years.
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENf, eontiDU for ¢be year ended 31 M8r¢h 2023 Stgtement of dile1Te o(iDforniation to auditors The Council member4 who are the directors for the Pur of company law. confiTm thal so far as they are aware, there is no relevani audit infortn8tion (infomaiion needed by the company's auditors in connectiorE with preparing their report) of which the company's auditors are unaware. and they have taken all steps that they ought to have laken as direcr$ in order to make themselves aware of any relevant audit inforniation and to estsblish that the company's auditors are aware of that infomiation. S¢atemeD¢ of Council members, f¢SPODsibilities Th¢ Council members. who are directors for the purposes of company law. are responsible for preparing the Annual Report and the financial stateTnents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly Aecepted Accounting Prnctice). Company law requires th¢ Council members to prepare financial statements for each finala1 year. Under company law the Council membets must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable ¢ompany and of the incoming resources and application of resources. including the income and expet)diture, of the Charitable company for that year. In preparing those financial statements. th¢ Council m¢mbers ar¢ required to: (i) select suitable accounting policies and apply them consistently. (li) observe the methods and principles of the Charities Statement of Recommended Practice- (iii) make judgments and estimates that are reasonable and prudent" (iv) state whether appli¢able UK Accounting Standards have been followed. subject to any material departures dtsclosed and explained in the financi21 statements. and (v) prepare the accounts on a going concern basis unless it 15 inappropriate to presum¢ thal thc charity will continue in operation. The Council members are responsible lor maintaining proper aecounting records which disclose with Nsonable &¢curacy ai any time the financial position of the charitable company. and enable them to ensure that the a¢unt$ wmply with the Companies Act 2006. They are also resnsIble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenlion and dete¢tion of fraud and oih¢r irregularities. Approval of ¢be ADDual Report Th¢ above Report was approved by the CnCil of Management on and signed on their behalf by .... e Rt Rev E J Malcolm
INDEPEIWENT AUDITOR'S REPORT TO THE MEMBERS OF Opinion W¢ have audited the financial statements of Kensit Memorial Trnst for the year ended 31 March 2023 which comprise the Statement of Financial Activities. Ihe Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Stsndard 102 The Finfmcial Reporling Standard applicable in the UK Republic of Irelipd (United Kingdom Generally Accepted Accounting Prdclice)- In our opinion. the financial statements= give a true and fair view of lh¢ s¢atc of th¢ Trust's affairs as at 31 March 2023 and of its iorning resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accouniing Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK)(ISAs(UK)) and applicable law. Our resTK)nsibilities under those standards are rther described in the Auditor's responsibilities for ihe audii of the financial statements section of our report. We are independent of the charitable company in accordanc¢ with th¢ ethical r¢quirem¢nts that aT¢ r¢levant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and the provisions available for small ¢ntiti¢s. in th¢ ¢ircumstances set out in note I I to ihe accounts, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We klieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lusiorts rtlatillg to going coneern In auditing the financTal ateMents. we have concluded that the Council memb¢t3' use of th¢ going con¢¢m basis of accounting in the pr¢paration of th¢ finan¢ial stat¢m¢nts is appropriate. Based on th¢ work we have perfornied. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for issue. Our resw)nsibilities and the resFKsnsibililies of the Council members with respect to going concern are described in the relevant sections of this rerL O¢her information The other information compris¢s the inforniation included in th¢ Council memb¢r5' Report. other than the financial statements and our auditor's report thereon. The Council members are responsible for th¢ other inforniation contained within th¢ Council m¢mb¢rs' Report. Our opinion on the financial ststernents does not cover the other information and. except to the extent othenvise explicitly ststed in our reFM)rt. we do not expres5 any form of assurance wnclusion thereon. Our responsibility is to read the other inforniation and. in doing so. to consider whether the other inforniation is malerially in¢onsist¢ni with the financial ststements or our knowledge obtained in the course of the audii or oth¢n¥ise appears to be materially misstated. If we identify such material inconsislen¢ies or apparent material misstaiements, we are required to determine whether there is a material misstaiement in the financial ststements themselves. If. based on the work we hav¢ perfornied, we conclude that ihere is a material misststement of this other inforniation. we are required to report that fact. We have nothing to rerA)rt in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KENSTT MEMORIAL TRUST ¢ontinued Opinion on other matters prescribed by ihe Comp1¢5 Act 2006 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the Council members. Repoit which includes the Directors. Report prepared for the purpose5 of company law. for the financial year for which the financial statements are prepaTed is consistent with the financial statements. and the Dire¢lors' Report in¢lud¢d within the Council memb¢rs' Report has been prepor¢d in accordance with applicable legal requirements. tteT¥ on wbi¢h we required to report by exeeption In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audi( we have noi identified material misststements in the DiTectors' Report included within th¢ Coun¢il members. R¢wrt. We have nothing to report in resiKct of the following matters where the Companies Act 2006 requires us io report to you if. in our opinion= adequate a¢counting rewrds have not been kept or relurns adequate for our audit have not been received from brdnches not visited by us" the financial statements are not in agreement with the accounling records and returns" or ¢rtain diKlosur¢s of Council m¢mkrs' remuneration specified by law ar¢ not mad¢. or we have not received all the inforniation and explanations we reqLkire for our audit. or the Council members were noi entitled to prepare the financial statements in accordance with the small compani¢5 regime and take advantsg¢ of the small ¢ompani¢s cxemption from the requirernent to prepare a Strategic Report. Respotisibilities of CouDcil Members As explained more fully in the slatem¢nt of Coun¢il members. Responsibilities set out on page 4. the Council members (who are trnstees of th¢ charity for th¢ purposes of Charity law and dir¢ciors of the charitsble company for the purposes of company law) are Tesponsible for the preparation of financial staiements which give a true and fair view. and for such internal control as the Council Members deternline is necessary to enable the prepardtion of financial statements that are free from material misstsi¢men¢ wheth¢r due to fraud or error. In preparing the financial stat¢m¢nts, the Council members are responsible for assessing the Trust's ability to continue as a going concern. disclosin& as applicable. matters related to going concern and using the going Concern basis of accounting unless the Council members ¢ith¢r intend to liquidate the Trust or to cease 0ratIons. or have no realistic alternativ¢ but to do so. Auditor's responsibilities for the audit of the fitsaneial stattments Our objecltves are to obtain reasonable assurnnce about whether the financial statements as a whole are fr¢¢ from material misstat¢m¢nt, whaher due to fraud or error, and to issue an auditor's r¢port that includes our opinion. Reasonable assurance is a high level of assurance. is not a guarantee that an audit conducted in a¢cordan¢e with ISAS (UK) will always detect a material mi5statem¢nt when it exists. Misstatements can arÉse from fiaud or error and are considered material if, tndividually or in the aggregate. they could reasonably be expected to influence the economi decisions of users taken on the basis of these financial statements.
DEPEI¥DENf AUDITOR'S REPORT TO THE MEMBERS OF KENS MEMORIAL TRUST continued Auditor's responsibilities for ihe audit of the finantial st*lemeMty Continued Irregularities. including fraud. are instances of non-compliance with laws and regulations. We d¢si8n procedures in line with our responsibilitie¥ outlined above, to detect material misstat¢ments in respect of Irregulariti including fraud. PrCau$ ¢apable of detecting such irregularities perfomied during OUT audit incltsded: tests to ensure all bank iransaciions have been accounted for. examination of rental agreements. agents. statements, minutes and ¢orr¢spondence to ensure that inwme is fully recorded. verification of le81timY of expenditure by reference to invoice5 and statements. examination of iiile records to ensure assets have not been misappropriated. tests of analysis to satisfy ourselves that ledger balances are r¢asonable and in line with expectations. Because of the inherent limitstions of an audiL th¢re is a risk that we will not detect all irregularities. including those leading to a material mi55tatement in ihe financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non4ompliance. The risk is also greater regarding irregularities occu]ng due to fraud rdther than error, as fraud involves intentional concealmenL forgery> collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is available on the Financial Rewjrting Council's website at vn•/W.frc.org.uklaudiioraud1t-a5sUrancelavdItor$- responslbilities-for-the-audit-of-the-fddescription-of-the-audito/E20/08/499S-respOnSibl]it1¢s-f0r. This description fornis part of our auditor's report. Use of our report This report is made solely to the Trust's Council members. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so thal we rnight state to the Trusi's Council members ihose matters we are required to state to them in an auditor's report and for no other purrA)s¢. To th¢ fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust's Council members as a Fxjdy. for our audit work. for this report. or for the opinions we have fornied. An re BS¢ FCA Senior Siatmtory Audilor for and on behalf of: Geary Partnership Sthtutory Auditor and Charte1 Auntants 159a Chase Side Enfield EN2 OPW Date: 20 Oc+pkfv 2Q3
KENSIT MEMORIAL TRUST STATEMENT OF FINANCIAL AcrtVlTIES (ineoryorating INCOME AND EXPENDfTURE ACCOUWD for tbt yegr ended 31 March 2023 Unrestricted funds 2023 2022 Notes INCOME from charitable activities: Charitable letting5 Income arising from provision of facilities 30.250 48.324 28.250 50,690 78,574 78,940 from investments: Rental income Bank interest 76.705 80,044 76.714 80.044 Total intome 155.288 158.984 EXPENDITURE on cbaritsble aelivities: Grants Provision of f111t]eS 1.175 184,968 2(a) 182.176 183.176 186.143 other. Investment expenses Governance costs 30.997 3.244 7297 3.293 2(b) 34.241 10.590 Totsl expenditllre 217,417 196.733 NET (EXPEIYDITURE) BEFORE GAINS ON INVESTMENTS (62,129) (37,749) Net gains on investtnents 1.264.929 NET {EXPENDITURE)IINCOME FOR THE YEAR and NET MOVEMENT FUNDS (62.129) 1.227.180 Reconciliation of funds Totsl funds brought forward Net (¢xpenditureyincom¢ for the year as shown aknve lQ,638.955 (62.129) 9,411,775 1,227.180 Total fund$ earned fonward 10,576.826 10,638,955
KENSIT MEMORIAL TRUST Compa4y Dumber. 427164 BALANCE SHEET 31 March 2023 2023 2022 Note FIXED A&SETS Tangible assets Investments 4.169.585 5.300.000 4,211,725 5,300,000 9.469.585 9.511.725 ,CURRENf ASSETS D¢btor5 - Cash at bank and in hand 36.166 1.082.283 5,442 ,138.291 1.118.449 1.143.733 CREDITORS: Amounts falling die within one year (11,208) (16,503) NET CURRENT ASSETS 1.107.241 ,127,230 TOTAL ASSETS LESS CURRENT LIABILITIES 10.576,826 10.638.955 NET ASSETS 10.576.826 10,638,955 UnreriCted fvnds 10,576.826 10.638.955 TOTAL FUNDS 10.576.826 10.638.955 The financial ststements were approv by th¢ Council on and signed on lis behalf by". TheRt ev E J Malcolm Coun¢il member and Director Philip S Lievesley Council member and Director
KENSIT MEMORIAL TRUST NOTES TO THE AccouNrs for ihe year ended 31 Matth 2023 l AccoifNTING POLICIES a) A¢¢ouDting eollven¢ion The accounts have been prepared under the historica] cost convention a5 rn1)dified by the revaluation of freehold properties and investrnents, and in accordance with 'Accounting and Reporting by Charities.. Statemeni of Recommended Practice. (Charities SORP) applicable to charities preparing their a¢¢ounts in accordanc¢ with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). and the Companies Act 2006. b) Tangible fixed asstts and depreciation tkpreciation is charged on tangible fixed assets so as to wri them off over their expected useful lives at the following rates: Fr¢¢hold land- not depreciat¢d Freehold buildings - 2¢J/o per annum on a straight line ba515 Furniture, fittings and equipment- 20•/3( per annum on reducing balance Fix¢d assets for charity us¢ are stated at cost or valuation. and gains or losses arisin8 on their revaluation are tak to a alUatiOn reserve. ¢) Fixed syet investments Properties owned by the Trust which are let in furtherance of the Trust's obje¢ts are accounted for as investm¢nt properties and included under investments on the balan¢e sheet at th¢ir market value at the balance sheet date. The aggregate surplus or deficit arising from revaluations is reflected through the statement of financial a¢iivities and transferred io a fair value reserve. No depreciation is provided on the investment properties as the values are reviewed annually. This represents a departure from the provisii)ns of the Companies Act 2006 and is requir¢d for the accounts to give a trne and fair view. The amount of depreciation which might otherwise have been charged is £106,000 (2022 - £106.000). d) Income Income is reco8nised in the statement of financial activitie5 when a transaction or other event results in an increase in th¢ Trust's assets or a reduction in its liabilities. Income is recogni5 according to the triple prin¢ipl¢ of entitlemen¢ probability and measurement. that TS (i) c(Jntrol over the rights or other acce5S to the economic benefit has pass¢d to the Trust. and (li) there is Su1¢1¢nt Certainty of receipt (receipt is more likely than not). and (iii) the monetary value or amount of the income can be measured reliably and the costs incurred for the transaction and the wsts to ¢omplet¢ th¢ transaction can be measured reliably. No monetary value has t*en placed on ihe support given to the Trust by way of unpaid voluntsry assistance. 10
KENSIT MEMORIAL TRUST NOTES TO THE AccouKfs. ¢ontinued for ¢he year ended 31 March 2023 I ACCOUNTING POLICIE& ¢ontiDued e) Expenditure All expenditure is accounted for on an accruals basis and has been ¢lassified under headings that aggregate all costs related to ihe category. The Trust is not registered for VAT and therefore expenditure is shown 8ross of Irr0verable VAT. Charitable expenditure compris¢s those costs incurTed by the Trust in the delivery of its activities. It includes kM)th costs that can be directly allributed to such activities and those costs of an indirect nature necessary to support th¢m. Gov¢rnarK¢ costs include those wsts associated with m¢eting the constitutional and statutory requirements of the Trust and include the audit fees and costs linked to the stsategic management of Ihe Trusi. Q PeDsion eosts The Trust orRrafrs a defined contribution pension scheme on behalf of its employees in compliance with the workplace pensions regulations. The cost of Contributions is charged to the statement of financial activities in the year in which the wntributions are payable. g) FMDd$ The funds held by the Trnst are either. Unrestricted funds- these are funds which can be used in accordance with the charitsble objects at the discretion of the Council members. The general fund is an unrestricted fund comprising the accumulated realised surpluses of the Trnst which have not been designated for a specific use. Designated funds as referred to in the followin8 paragrnph are also unrestricted funds comprising realised surpluses but they have been set aside for a specific use. Included in unrestricted funds are the revaluation reserve and the fair value reserve referred to IT] notes l(b) and l (c} respectively* which compris¢ unr¢alised surpluses. Designated funds-these are fvnds set aside by Council members out of unrestricted 8en¢ral funds for specific future purw>ses or projects. Restricted funds- these are ndS th81 can only be used for particular restricted purposes within the obj¢¢ts of lh¢ Trust. R¢stri¢lions orise when slf1 by the donor or when funds are raised for particular restricted purposes. Endowment funds- these are funds the income from which Can be us¢d for the general work of ihe Trust. The capital is a permanent endowment. There are presently no funds held by the Tru for restricted or de5ignaied purposes.
KENSIT MEMORIAL TRUST NOTES TO THE ACCOUNTS, tontinued for ¢he year ended 31 MAreh 2023 2 EXPENDITiJRE 2023 2022 a) Provision of fa¢ilities Caterin& utilities and insurance Salaries and pension costs Repair5 and maintenance L£gal and prof¢ssional f¢¢s Depreciation Telephone. printing. postage and other costs 61.937 58.309 18.071 51.455 55.840 19.304 13.440 43.567 1.362 42.655 1204 182.176 184.968 b) GovernAnee costs Auditor's remuneration Meeting expenses 3,180 3,180 113 3.244 3.293 c) Support costs Salaries and pension costs, telephone, printin& postage and other costs, and governance costs. as shown above. totsling £62.757 (2022 - £60.495). comprise the supp)rt costs of the Trust. 3 NET (EXPEIYDrruRE) 2023 2022 This is stated after charging: Depreciation Auditor's remuneration 42.655 3,180 43.567 3.180 4 EMPLOYEE INFORMATION 2023 2022 Staff tosts: Salaries Social security costs Other pension costs 48.623 46,659 9,686 9,181 58,309 55.840 There were no individual staff whos¢ ¢molum¢nts exceeded £60,000 during the year (2022 - Nil). The average number of person5 employed during ihe year was 3 (2022 - 3). No remuneration is paid to Council members. Council m¢mrS receive reimbursement for expens¢s in¢urr¢d in attending meetings. The gross amount reimbursed in respect of travel to meetings in the year was £64 (2022 - £113) for 2 Council members {2022- 2). 12
KENSIT MEMORIAL TRUST NOTES TO THE AccouNf& tontinued for the yreDded 3J March 2023 S TANGIBLE FIXED ASSETS Freebold Furniture land & fittiDgs & buildings equipmenl Total CostNaluation At l April 2022 Additions in the year Disposals in the year 4.250.(rfX) 131.745 4.381.745 515 515 At 31 March 2023 4.250,000 132.260 4,382,260 Depreciatio At l April 2022 Charge for the year Eliminated on disposals 42.500 42.500 127,520 155 170.020 42.655 At 31 March 2023 85.(K)O 127.675 212.675 Net book value At 31 March 2023 4.165.0(N) 4,585 4.169.585 At 31 March 2022 4207.51X) 4.225 4.211.725 The Trust has adopted th¢ provisions of Financial Reporting Standard 102 with regard to the revaluation of freehold land and buildings. The Trust's freehold land and buildings. other than its investment properties (note 6 below). were valued by RES Property Surv¢yors of Waterhouse Square, 138 Holborn. LA)ndon ECIN 2SW on an On market basis as at 31 March 2021. Their valuation of £4.250,000 has been adopted in these account5. with the revaluation surplus being added to the revaluation reserve whtch forms part of unrestricd fiinds. Hlstorical eost If the freehold land and buildings had noi been revalued. they would have t*en shown in the balance sheet at the following amounts: 2023 2022 Cost (including land with a wst of £210,0} Depreciation 1.684.680 1.684,680 476.981 447,488 Net book valu¢ 1.207.699 1.237.192 The depreciation charge for ihe year on a histori1 wst basis would hav¢ been £29.493 (2022 - £29,493). 13
KENSIT MEMORIAL TRUST NOTES TO THE ACCOUNT& ¢ontinued for the year eDded 31 March 2023 6 INVESTMENTS Property investments Total Valuation At l April 2022 Additions Disposals Nel Unrealld gainl(loss) on revaluation 5.31K).IM)O 5JOO.O Market value at 31 March 2023 5 JOO.000 5.300.000 Historical cost at 31 Mar¢h 2023 131.600 131.600 The above investments are held to provide investhient return for the Trust. The following investments each represent MO than 5Y• by value of total investmenis at 31 March 2023: Investsnent property at Finchley 5,300.000 V21ugtion of property investments Property investments have been valued by the Council members on an open market basis as at 31 March 2023. according to their knowledge of property prices in the area and Ma¢t infom]ation available on public websit¢s. Nel gAinS on inveslments 2023 2022 Gain on revaluation of inv¢stsn¢nt properties Profit on sale of investsnent property 700,000 564,929 1.264.929 7 DEBTORS 2023 2022 Prepayments and accrned income 36,166 5.442 14
KENSIT MEMORIAL TRUST NOTES TO THE ACCOUNT& ¢oN¢iDued for the year ended 31 M4r¢h 2023 8 CREDrroRS: Amounts falling dme within One year 2023 2022 Accruals Deferred income Taxation and Sla1 security 5,589 4.160 1,459 10,331 3.387 2,785 11,208 16.503 9 UNRESTIUCTED FUNDS Brought forward Income Expenditure in year in year Carried fonyard Transfers General fund Revaluation reserve Fair value reserve 2.500,247 2.970,308 5.168.400 155.288 {217.417) 13,007 2,451,125 (13.(K)7) 2.957,301 5.168.400 10,638.955 155,288 (217.417) 10,576.826 10 COKPANY STATUS The Trust is a company limited by guarantee wilh no shaTe capital. The liability of each member under guarant¢¢ d$ not exceed £1. I I PREPARATION OF ACCOU[S Jn common with many charilies of our size and nature. we use our auditor5 to assisl with the preparation of the accounts. as allowed under the FRC Ethical Stsndard 'Provisions Available for Audits of Srnall Entities.. 15