KENSIT MEMORIAL TRUST ANNUAL REPORT AI4D ACCOUNTS for the yeAr ended 31 March 21)24 . Company No: 427164 RegiTtered Charity No: 2485( 'ADJ55G36' 31112r2024 COMPANIES 11(XJSE 111 A7
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KENSIT MEMORIAL TRU Annual Report and Accounts for the year ended 31 Mareh 2024 CONTENrs Page Report of the Council of MaTragennt 14 RerM)rt of the Independent Auditors statent of Financial Aciivities (incOrrA)lng Income and ExndItUre Account) Balance Sheet Notes to the Accounts 10-15
KENsrf MEMOIUAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT for the year ended 31 Mareh 2024 The Council of managertnt have ple&suTe in presenting their repon and the financiaI SLiiements of the Twsi for the year ended 31 March 2024. REFERENCE AND ADMtNISTRATIVE DETAILS Ststus Kensit Memorial Trust was incorwrnteAI under the Cotnpanies Act 1929 as a private limited ¢ompany on 8 January 1947. The company numkr is 427164. Kensit Memorial Trust W&5 granted ihe sthtus of a registered chariiy by the Charity Commission for England and Wales on 5 July 1966. Its registered number is 24851. Registered address The regisiered address of Kensit Memorial Trnst is ILN Hendon Lane. Finchley, London N3 3SQ. Members of the Council of Management The following MberS served during the year. Mr D J Kensit (resigned 20 OcioL*r 2023) Mr P S Lievesley The Rt Rev E J Malcolrn (Chairn)an and Secretary) Mr M Mullins DrJASRokos Bankers National Westminster Bank PLC, Finchley Central Branch, 48 Ballards tane. IndOn N3 2GZ. CAF Bank Ltd, 25 Kings Hill Avenue. Kings Hill. West Malling. Kent. ME19 4JQ- Auditors The Trusi's auditors are Geary Partnership. Chwred Accountants. of 159a Chase Side. Enfield. Middlesex, EN2 OPW. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure Kensit Memorial Tnjst is c(ynstihJied under its Memorandum and Articles of Associaiion as a eompany limited by guatantee and having a shate capital. The Company may have up to 25 members and the liabiliiy of the members in the event of the company being wound up is limited to £1 each.
KENsrr MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT. continued ror the year ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT, continued Governance ?Dd management The governance of the Trust is by the members of the Council of Management, who are both m¢mkrs and directors under the Companies Acts. and tsustees under ihe Charities Acts. The Council meeis four limes a year. The Secretary. who is a rnber of the Council, manages the day to day 0rationS of the Trusi. Appoin¢ment and Induetion of Council members Council ITMberS are appointed only if they are members of the Protrstant Trnih So¢ieiy and Subscri to ils beliefs. New Council members undergo an induction to brief them on their legal obligations under charity and company law. Ihe conient of the MenrandU and Articles of Asso¢iation. the Council and decision making pThxesses and the recent performance of the charity. They meet key employees and other Council nKmbers. OBJEcfivES AND ACTIVITIFS Chydritable objects and principal activities The principa] object of the Trusi is to pronyX¢ and safeguard Proi¢sw)t and Evangelical Christian principles in any part of ihe world. The principal activity of the Ttvst in furtherance of this objeci is to maintsin Ken51t Memorial College. which is used for biblical teaching. trdining for ministry and prepardtion for Christian service. and provides facilities in support of this work. The Trust also makes grants to individuals and organizations in suPrt of training in and prornotion of Protesni and Evangelical principles. Public benefit The Council member5 confirni thar they have had due rerd to the guidance published by the Charity Cornmission on public benefit. Students trained at the Kensit Memorial College I15ter to members of the public both in the UK and overseas, and bring spiritual. moral and pra¢iica] benefits lo those receiving such ministsy. ACHIEVEMENTS AND PERFORMANCE Review of operations Following the difficult riod of the COVll>19 pandemic. the Trust continues to provide facilities and funding for teaching and trdining. and to fund activities in furtherance of its obje¢civ¢s. The premises known as Kensii Memonal Bible College are owned and operated by ihe Trust. which employs Catering and managenKnt stsff io provide services io users and to take overall care of the premises. Th¢ main user of the building5 and services during the year continued io be London Seminary.
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MAIYAGEMENT, continued ror the year ended 31 March 2024 FINANCIAL REVIEW Results for the year The resulis for ihe year are set out in the Statement of Financial Activities on page 8. The Council Teports an operdting deficii for the year of £50,873 (2023 deficit of £62,129), a reduction of £11.256 on the previous year due io higher rental and conference inconr and reduced Tnainlenance expendire despite rising utility costs. [nc0 frorn the provision of facilities to London Seminary continues to represeni approxiMalY one-lhird of the IncoTT of the Trust. The rental stream from the Trnsi's investment properties provides approximately half of our in¢onK. The Council exercises strict control over operating expendilure with a view to reducing the underlying operning deficit. The largest item of expenditure continues to be the depreciation of its fre£hold property at 104 Hendon Lane which amounted 10 £42.51M) for ihe year (2023 - £42.5). alihough this charge does not repsent a draw on liquid funds. The Council has recogni7£d a four per cent decline in value of local residential proExrty over the peri by making a prudent £2(X).(XM) reduction in the ba]artce sheet value of its renthl portfolio. Nevertheless the balance sheet of the Trnst remain5 Strong. The Trust held accumulated funds of £10,325.953 ai 31 March 2024 (2023 £10.576.826). including bank and cash deposils of £1,089,200 (2023 - £1.082.283). Roserves policy The Council considers thai reserves are suificieni to nt all obligations of the Trust and to support its continued aciivilies and Tnaintenance ol its properties. Investment poticy The Council has powers io invest funds according to the provisions of the Trusiees tnvestmeni Act 1961 &s modified by the Trn$S Act 2(K)l. Th¢ principal forni of investnt in ent years h&s been residential property, which has yielded trx)th capital growth and an attrdclive rdte of return by way of rental income. The Council has. in pasi years. engaged professional advisors io invest funds as appropriate. At presenL no listrd or unli51 investnw)ts ale being held. Risk wsessment policy The Council has. in its regular T[tIng$, continued to review the risks io which Trust is exNised. with appropria action Ing tsken io miliga such risks. PLANS FOR FUTURE PEIUODS Future plans The continues to explore how it may best provide its ongoing services to London Seminary. The Trusi coniinues io make irnprovemenis boih to the College premises cUpied by ihe Seminary and to the rental properties in older to maximize Tentsl income. The Trust hotes to make funher grants iowards teaching and uaining in fllre years.
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT. continued for the year ended 31 March 2024 Statement of discl&sure of inforniation to auditors The Council memkrs. who are the directors for (he purp)ses of company law, confirni thaL so far as they are aware. the is no rel¢vani audit infom)aiion (infornMtion needed by ihe company's auditors in connection wilh preparing iheir port) of which the company's auditors att unawar< and they have tsken all steps thai they ought to have tsken as directors in order to make themselves aware of any relevant audit Infornll0n and to esthblish that the company's auditors are aware of that inforntion. Statement of Couneil members, SpOnSibl]ItieS The Council nmberS. who are directors for the purposes of cornpany law. are responsible for preparing the Annual Report and the financial stsmenls in COrdanCe with applicable law and United Kingdom Accounting Siandards (Uniied Kingdom Generally ACCepd Accounting Practice). Company law requires the Council members to prepare financial Statennts for each financial y¢ar. Under company law the Council nmbers must not approve the financial statements unless they are satisfied th they give a mie aml fair view of ihe sle of affairs of ihe charitable company and of the incoming resources and application of resources. including the inco¢ and expenditure. of the charitable company for that yew. In prepanng those financial statements, the Courtcil members are required to: (i) select suitable accouniing policies and apply them consistently- (li) observe ihe £thodS and principles of the Chariiies Sraiemeni of RecomnEnded Practice: {iii) make judgments and estimate5 that are reasonable and pnmlent: (iv) slate whether applicable UK Accounting Standards have t¢tn followed. subject to any maierial departures disclosed and explained in the financial ststenxnis; and (v) prepare the accounts on a going concern basis unless it is inappropriate to presurne that the chariiy will continue in operation. The Council members are responsible for mainiaining proper accounting records which disclose wirh reasonable accuracy at any time the financial Fx)silion of the charitable Company. and enable them to ensure that the accounis comply with the Companies Act 21KKp. They are also resw)nsible for Safeguarding the a&sets of the charitable company and hence for taking re&sonable steps for the prevention and detection of frdud and other irregulariiies. Approval of the Annual Report The above Report w&% approved by the C(yJncil of ManagetT*nt on (date) . and signed on their behalf by The Ri Rev E J Malcolm
INDEPENDEKf AUDrtOR'S REPORT TO THE MEMBERS OF KENSIT MEMORIAL TRUST Opinion We have audited the financial siai¢nrnts of Kensii Menri&l Trust for the year ended 31 March 2024 which comprise the statenni of Financial Activilies. the Balance Shed and the related notes. The financial reporting framework that has applied in their preparnion is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financtal Reporiing Siandard applicable in the UK and Repdilic of Ireland (United Kingdom Genernlly Acc¢pt¢d Accounting Practice). In our opinion. the financial statennts= give a true and fair view of the state of the Trust's affairs as at 31 March 2024 and of lis incoming resources and application of resources for the year then eTrJed; have properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have ten prepared in aCCdanCe with the l]reMents of Companies Act 2¢kn. Basis for opinion We conducted our audil in accordance with International Standards 00 Auditing IUK)(ISAs(UK)) and applicable law. Our responsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial stalenntS tIOn of our rep)rt. We are independenc of the chariiable company in accordance with the ethical requirements that are relevant to our audit of the financial statemenis in the UK. including the FRC'S Ethical Standard and the provisions available for srnall entities. in the cirCumstse$ sei out in note I I to the ac¢ounts. and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We Ixlieve that the audit evidence we have oimained is sufficieni and appropriaie io provide a basis for our opinion. Conclusions relating to golng eoncern In auditing the financial statenIS. we have concluded that the COU11 nMbers. use of the going ¢oncem basis of accounting in the preparation of the financial statements is appropriate. Based on the wot we have perfornHI, we have not identifled any material uncertainties relating lo evenis or conditions thai, individually or colleciively, may cast significant doubt on the Trnst'S abiliiy io continue as & going concern for a tKri(xl of at least twelve mnths from when the financial StatentS are authorised for issue. Our resFKJnsibilities aT]d the 5nsibilItIeS of the Council with respeci io going concern aTe described in levant sections of ihis re[. Other inforniation The other infOrnll0n comprises ihe inf0Mli0n included in the Coumcil nmberS. Report. other than the financia] sthtem¢nts and our auditor's repon thereon. The Council nrnbers are responsible for the other Infornll0n contained wiihin the Council mberS. Report. Our opinion on the rinancial StatentS dces not cover the other InfOrnlI0 and. except to the exteni otherwise explicitly stated in our report. we do not express any forrn of assurance conclusion theteon. Our responsibility is to read the other inforrnation and. in doing so. to consider whether the other inf0mtion is maierially in¢onsistrni wilh ihe financial slatemenTs or our knowledge obtained in ihe course of ihe audii or otherwise appears io materially missEaE£d. If we identify such malerial inconsistencies or apparent material mIsstatennts. we are required to deterniine whether there is a materia] mi5Statent in the financial stateTr*nts theTnselves. If. based on the work we have performed, we conclu(k thai there is a Tvthterial vnissetnelll of this otkr inforniaiion, we are required to report that fact. We have nothing io repon in this Tegard.
INDEPENDENT Ai)DrroR'S REPORT TO THE MEMBEKS OF KENSIT MEMORIAL TRUST Continued Opinion on other matters prescribed by the Companies Act 21M16 In our opinion, based on the work undertaken in cours¢ of ihe audit: Ihe infornmtion given in the Council nxmbers. RepoTL which includes the Directors. Report prepared for the purposes of company law. for the financial year for which the financial Statements are prepared is consisieni wilh the financial Statents- and the Directors. Report included wiihin ihe Council members. Report has been Prepared in accothce with applicable legal requirennts. Matters on which we are required to Teport by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audii. we have noi identified rnatrrial Misstatemen in the Directors, Report included within the Council Thrnrs. Repr)n. We have nothing io r¢p)rt in respect of the following matters where the Companies Act 2(Ki6 requires us to reEK)rt to you if. in our opinion: adequate accounting records have been kept or teiurns adequate for our audit have not been received from brdnches not vlsited by us. the financial statements are not in a£reennI with the COunting records and returns; or certain disclosures of Council MberS, remuneraiion specified by law are not made" or we have not received all the infom)aiion and explanations we require for our audit- or the Council were noi entiiled io prepare the financial StateTTntS in accordance with the small companies regime and take advantage of the small companies exempiion from the requirement to prepare a Strategic Report. Responsibilities of Council Members As explained more fully in the stthment of C(wncil members. Responsibilities set out on page 4. the Council nMberS (who are irnsiees of ihe charity for the purposes of charity law and directors of the charitable company for the Purposes of company law) are responsible for the preparation of financial statements which give a true and fair view. and for such interna] control as ihe Council Members derMIne is necessary io enable the preparation of financial statements that are free frorn material misstatement, wh¢tkr due io fraud or error. In preparing ihe financial slalenKnls. Ihe Council memr5 are restrf)nsible for assessing the Trust's ability to ¢oniinue as a going concern. disclosing. as applicable, rnatters related to going concern and using the going ¢onceTn basis of accouniing unless the Council memkrs either intend io liquidate the Trust or to ceax operations. or have no realistic alrnative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurdnce about whether the financial statement5 as a whole are free from material misswennL whether due lo fraud or error. and to issue auditor's report thai in¢ludes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee thai an audit conducted in accordance with ISAS (UK) will WayS deieci a material missiaiew¢nt when it exists. Misstatements can aris¢ from fraud or error and are Considered niatriai if. individually or in the aggregale. they could re&sonably expected to influence the economic decisions of users taken on the basis of these firAancial slaiew£nts.
INDEPENDENT AUDIIY)R'S REPORT TO THE MEMBEILS OF KENSTf MEMORIAL TRusr continued Auditor's reSpOLbilitieS for the audit of the finan(ial statement% continued Irregularities. including fraud. are instances of non-compliance with laws and gUlatiOns. We design procedures in line wilh our responsibilities. outlined above. to detect material misslatennts in respect of irregulariiies, including frdud. Pr(ed$ capable of deiecting such iTregularities performed during our audit included.. le$ to ensu all bank transactions have been aCCound for: examination of rental agreements. agents. stalen(5. rninutes and correspondence to ensure rhai income is fully recorded; veriftcaiion of letIMacY of expendire by reference to invoices and Statents. examination of iitle records io ensure assets have not been misappropriated. le$ of analysis to satisfy ourselve5 that ledger balances are re&sonable and in line with expecthiions. Because of ihe inherent limitations of an audit. there is a risk lh* we will not dete all irregularities. including those leading io a material misstate¢ in the financial $ets or non-compliance wilh regulation. This risk increases the rnore thai compliance with a law or regulation is removed from ihe events and transactions reflected in the financial siatements. &5 we will be less likely 10 b¢cOn aware of instsnces of non-compliance. The risk is also 8ater regarding irregularities (cIng due to frdud rdther than error. as fraud involves intenttonal concealment, forgery, collusion. ovntssion or misrepresentation. A further description of our responsibilities for the audii of the financial StatentS is available on the Finala1 Reporting Council's web5jte at www.frc.org.uklaudiiorslaudit-assurancelauditors- responsibilities-for-Ihe-audit-of-the-fddescripiion-of-the-auditor%E2%80q099s-sponsibI]1tIes-f0r. This description forms part of our auditor's report. Use ofour report This report is made solely to the Trust's Council EmberS. as a body, in accordance with Part 4 of the Chariiies (Accounts and Repor1S) Regulaiions 2(K)8. Our audit work has been undertaken so ihat we might state lo ihe Trnst's Council m¢mbers those MterS'we are Tequired to state to in an auditor's report and for no other purNise. To the fiillest extent pennitted by law. we do not accept or assume responsibility to anyone oiher ihan the Trust and the Trust's Council tMberS as a body, for our audil work, for this reporL or for the opinions we have forTml. rtwG FCA Senior Sthtutory Auditor for and on half of.. Geary Partnership Statutory Auditorand Charted Accountants 159a Chase Side Enfield EN2 OPW . g loi
KENSIT MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES (iw)ryorating INCOME AND EXPENDITURE AccouNr) for the year ended 31 March 2024 Unrestricted funds 2023 Notes INCOME from charitable activities: Charitable leitings tncome arising from provision of facilitie 35.579 53.074 30,250 48,324 88.653 78,574 from investments: Rental incon Bank InreSt 84.898 89 76.705 84.987 76,714 Total income 173,640 155,288 EXPENDITURE on eharitable activities: Grants Provision of facxliii¢s 2{a) 202.518 182,176 202.518 183,176 other: Investment expenses Governance costs 18.663 3.332 30.997 3.244 21b) 21.995 34.241 Total expendilure 224.513 217.417 NET (EXPENDITURE) BEFORE LOSSES ON INVFsfMENIS (50.873) (62,129) Net losses on investments (21XI,IXKI) NET (EXPENDITURE) FOR THE YEAR and NET MOVEMENT IN FUNDS (250,873) (62,129) Reconciliation of funds Total funds broughi forward Net (expenditure) for the year as shown above 10.576,826 (250.873) 10.638,955 (62.129) Total funds carried forward 10.325.953 10.576.826
KENSIT MEMORIAL TRUST Company Trurnber. 427164 BALANCE SHEET 31 March 2024 2024 2023 No FIXED ASSETS Tangible assets Investments 4.126.132 5.1(KI,(KK) 4.169,585 S.3.0(mI 9.226.132 9,469.585 CURREiYf ASSETS Debtors Cash al bank and in hand 32,030 1,089,2 36,166 1.082.283 1.121.230 1.118.449 CREDITORS: Amounts falling due within one year (21.409) (11.208) NET CURRENT A&SETS 1.099.821 ,107,241 TOTAL ASSETS LESS CURRENT LIABILITIES 10.325.953 10.576.826 NET ASSETS 10.325.953 10.576,826 FUNDS unreslricd fvnds 10.325.953 10.576.826 TOTAL FUNDS 10.325.953 10,576.826 The financial siaiemenis were approved by the Council on . 3... ..OJ>.J.4.. 24)14 and signed on iis tehalf by: The Rt Rev E J Malcolm Council member and Director Philip S Lievesley Council memixr and Dire£ior
KENSIT MEMORIAL TRUST NOTES TO THE ACCOUNTS for the year ended 31 March 2024 I ACCOUNfING POLICIES a) Accounting convention The Trust is a public benefit entity. The accounts have been prepased under the historical cost conveniion as modified by the revaluation of freehold prorrties and investments, and in accordance with 'Accounting and Reporting by Charities.. Statemeni of Recommended Practice, (Chariiies SORP) applicable to charities preparing iheir accounts in accordance with the Financial Reporting Swidard applicable in the UK and Republic of Irela1 (FRS 102). and the Companies Aci 2CK)6. b) Tangible fixed assets and depreciation DepreCilOn is Charged on tangible fixed assets so as to write them off over their ¢xp¢¢ted useful lives at the following ras. Freehold land- not depreciated Freehold buildings - 2% per annum on a Straight line ba5iS Furniture, fittings and equipnrnt- 20%-30% per annum on reducing balance Fixed assets for charity use are stated at cost or Valu10n, aThJ gains or losses arising on their revaluaiion are taken io a revaluation reserve. e) Fixed #&set investments Properties owned by rhe Trust which a lei in rthernnce of the TTUSt's objects are accounfrd for as investment properties and included under invesimenis on ihe balance sheet ai their market value at the balance sheet date. The aggregate surplus or deficit arising from revaluations is reflted through Ihe siaiement of financial activities and transferred to a fair value reserve. No depreciation is provided on ihe investmeni properties as the values are reviewed annually. This represents a departure from the provisions of the Companies Acr 26 and is required for the accounts to give a lrne and fair view. The arnount of depreciion which mighi otherwise have been charged is £102,(KX) (2023 - £106,). d) Income Income is recogmised tn the siatenrnl of financial aciivities when a tranwtion or other event. results in an increase in the Trust's assets or a reduction in its liabilities. Income is Tecognised according to the triple principle of entitlement. probability and meaSurent- thal is (i) control over the rights or other access to the economic benefit h&% passed io the Trust. and (li) there is sufficieni certainly of receipt (receipt is mre likely than not). and (iii) the mnetary value or amount of the income can i measured reliably and the cosis incurred for the tranwiion and the cosis to complete ihe transaction can be measured lIablY. No K)newY value has en placed on ihe sUPP)rt given to ihe Trust by way of unpaid voluntary assistsn¢c. io
KENSIT MEMOIUAL TRUST NOTES TO THE ACCOUNTS. continued for the year ended 31 March 2024 I ACCOUNTING POLIC. continued e) Expendi¢ure All expenditure is accounted for on an ¢n]a1$ basis and has classified ler headings that aggregate all ¢05ts related to the category. The Trnst is ]EgisteTed for VAT and therefore "expenditure is shown gross of irrecoverable VAT. Charithble expendire comprise5 those costs incurred by the Twsi in the delivery of lis aciiviiies. Ii includes both costs thai can be directly attributed to such activiiles and those costs of an indir¢ct nature necessary to suppon them. Governance cosis include those costs associated with meeting the constitutional and ststutory requireTnents of the Trust and include the audit fees and cosis linked io the Siraiegic managewnent of the Trnst. D Pension costs The Trnsi operates a defined contribuiion pension scheme on behalf of its employees in compliance with the workplace pensions regul&ions. The cosi of contributions is charged io the $ennt of financial activities in the year in which the contributions are payable. g) Funds The funds held by the Trust are either: Unrestricted fvnds_ these are funds which can Used in accordance with the charitable objects at the discreiion of the Council members. The generdl fund is an unrestricted fund comprising ihe accurnulated realised surpluses of the Trust which have noi t£n designated for a specific use. Designated funds as referred to in the following parngrdph a also unrestricted funds cornprising realised surpluses but they have been set aside for a specific use. Included in unrestricted funds are . the revaluaiion reserve and Ihe fair value reserve referred 10 in notes l (b) l (¢) respectively, which cornprise unrealised surpluses. Designated funds- these are funds set aside by Council members oui of unrestricd general funds for specifi¢ future purposes or projecis. Restrieted funds- these are funds thai Can only used for particular restricted purposes within the objects of the Trusi. Restrictions arise when specified by the donor or when funds raised for particular restricted purp)ses. Endowment funds- these are ndS the income fTom which be used for the ge[al work of the Trust. The capiial is a pernianeni endowment. There are presenily no funds held by the TTUSt for r¢sl¢led or designated purposes.
KENSIT MEMOIUAL TRUST NOTES TO THE AccouNfs, continued for the year ended 31 March 2024 2 EXPENDITURE 2024 a) Provision of facilities CaleTing. utili(ies and insurance Salarie5 and pension costs Repairs and maintenance L£8ai and professional fees Depreciation Telephone. printing, posthge and her cost5 81.1 63.428 10,664 2,082 43.453 1.891 61.937 58,309 18.071 42,655 1,204 202.518 182,176 b) Governance costs Auditor's remunerdtion Meeting exEYnses 3.3(Kl 32 3,180 3,332 3,244 c) sUp)rt costs Salaries and pension costs, telephone. printing. postage and oth¢i costs, and governance costs. &s shown above. totaling £68.651 (2023 - £62.757). comprise the sUPtM)rt COSLS of the Trnsi. 3 NET (EXPENDITURE) 2023 This is staled after chging. DeplatIOn Auditor's remunerdtion 43,453 42,655 3.180 4 EMPLOYEE INFORMATION 2023 Staff Costs: Salaries Socia] security costs Other pension costs 53.748 48,623 9,680 9.686 63,428 58.309 There were no individual siaff whose enKJluments eAceeded £(,() during the year (2023 - Nil). The averdge number of persons employed during ihe year was 3 (2023 - 3). No remuneration is paid io Council members. Council nMberS receive reimbursemenr for eApenses in¢urred in ariending meetings. The gross amount reimbuTsed in res of trdvel to medings in the year was £32 (2023 - £64) for 2 Council rnbers {2023- 2). 12
KENSIT MEMORIAL TRusr NOTES TO THE ACCOUNTS, continued for the year ended 31 March 2024 5 TANGIBLE FIXED ASSETS Freehold Furniture land & fittings & buildings equipment Total Costlvaluation At l April 2023 Addtfions in the year Disposals in the year 4,250,(KX) 132.260 4.382.260 At 31 March 2024 4.250.(MJJ 132.2fA) 4.382,260 Depreciation Ai l April 2023 Charge for the year Elirninated on disposals 85.IMK) 42,51J) 127.675 953 212.675 43.453 Ai 31 March 2024 127.5(K) 128.628 256.128 Nei b({ value At 31 March 2(r24 4.122.51K) 3.632 4.126.132 Ai 31 March 2023 4,165.(MXI 4,585 4,169,585 The Trust has adopted the provisions of Financial RertIng Standard 102 with regard to the valuation of freehold land and buildings. The Ttust's freehold land and buildings, other than its invesrmeni properties (note 6 below). weTe valued by RES Property Surveyors of Watethouse Square. 138 Holbom, London ECIN 2SW on an open market basis as at 31 March 2021. Their valuation of £4.250,(KK) has adopted in these accounts. with the revaluation surplus being added to the revaluation r¢seTV¢ which forn part of unrestricted funds. Historital e&st If the freehold land and buildings had been revalued. ihey would have Eeen shown in the ba]ance sheet at the following amounts= 2024 2023 Cost (including laryl with a cost of £210,IJX)) Depreciation 1,684,680 1.684.680 506.474 476.981 Net knok value 1.178.206 1.207.699 The depreciation charge for the year on a historical cost basis woukl have been £29,493 (2023 - £29,493). 13
KENSIT MEMORIAL TRiIST NOTES TO THE AccouNfs, continued for the year ended 31 March 2024 6 INVESTMENTS Property inves¢rnents Total Valuation At l April 2023 Additions Disposals Nel unrealized (loss) on valuation s,3(K).> 5,300.0(N) 12(KJ,(KKI) (2(KJ.(XX)) Market value at 31 March 2024 S.1.{mx) s,1.0(mI Historical cost & 31 March 2024 131,600 The above InvestntS are held to provide investrnent return for the Trust. The following investments each represeni than 5% by value of iothl investmenis at 31 March 2024: Investment Property at Finchley 5,100,000 Valuation of property investments Property investrr£nts have been valued by the Council members on an open market basis as 31 March 2024. Cording to their knowledge of PronY prices in the area and markei informaiion available on public websites. Net loss on investments 2024 2023 (Lnss) on revaluation of investnnt properties (2(KI,IXK)) 7 DEBTORS 2024 2023 Prepayrnents and accrued income 32.030 36,166 14
KENSIT MEMORIAL TRUST NOTKS TO THE AccouNfs continued for the year ended 31 March 2024 8 CREDrroRS: Amounts falling due within One ye*r 2024 2023 Accruals Defeed incorne Taxaiion and swial security 7,050 11.433 2,926 5.589 4,160 1,459 21,409 11.208 9 UNRESTRicfED FUNDS Broughi forward Income ExFenditt5re Carried in year in year Transfers forward General fund Revaluation r¢5erve Fair value reserve 2.451.125 2,957.301 5.168,4 173.640 (224,513) 13.(X)7 2.413.259 (13,1)07) 2,944.294 4.968.4(M) (21XJ.IXK)) 10,576.826 173.640 (424.513) 10,325,953 10 COMPANY STATUS The Trust Is a company 11rni1 by guardntee with no share capitsl. The liability of each nrnber under guardntee dS not exceed £1. 11 PREPARATION OF ACCOUNTS common with Tnany charities of our si7£ and nature. we use our auditors to assisi with the preparation of the accounts. &5 allowed under the FRC Ethical Standard 'Provisions Available for Audils of Small Eniilies,. 15