KENSIT MEMORIAL TRUST
AIYNUAL REPORT AND ACCOUNTS
ror tbe year etsded
31 March 2023
Company No:
427164
Regiitered Charity No:
248506
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*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
Sub￿rIbe 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 ex￿nditUre 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 re￿nI 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 dile1￿￿Te 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 direc￿r$ 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 fina￿la1 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 res￿nsIble
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 C￿nCil 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
i￿orning 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 re￿rL
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 Comp￿1¢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 0￿ratIons. 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 le81tim￿Y 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.uklaudiior￿aud1t-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 Charte￿1 A￿untants
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 f￿111t]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
Unre￿riCted 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 Su￿1¢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 Irr￿0verable 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 s￿lf1￿ 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¢m￿rS 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 y￿reDded
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 O￿n 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 unrestric*d 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 histori￿1 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 Unreall￿d 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 S￿la1 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