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
#135

KENSIT MEMORIAL TRU
Annual Report and Accounts
for the year ended
31 Mareh 2024
CONTENrs
Page
Report of the Council of MaTragen￿nt
14
RerM)rt of the Independent Auditors
staten￿￿t of Financial Aciivities (incOrrA)￿lng Income and Ex￿ndItUre 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 managert￿nt 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. I￿ndOn 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 0￿rationS of the Trusi.
Appoin¢ment and Induetion of Council members
Council IT￿MberS 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 Men￿randU￿ 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 suP￿rt of training in and prornotion of Protes￿ni and Evangelical principles.
Public benefit
The Council member5 confirni thar they have had due re￿rd to the guidance published by the
Charity Cornmission on public benefit. Students trained at the Kensit Memorial College I￿￿15ter 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
expendi￿re despite rising utility costs. [nc0￿* frorn the provision of facilities to London Seminary
continues to represeni approxiMa￿lY 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 rep￿sent 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 n￿t 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$￿S Act 2(K)l. Th¢ principal forni of invest￿￿nt in ￿ent years h&s
been residential property, which has yielded trx)th capital growth and an attrdclive rdte of return by
way of rental income. The Council has. in pasi years. engaged professional advisors io invest funds
as appropriate. At presenL no listrd or unli5￿1 investnw)ts ale being held.
Risk wsessment policy
The Council has. in its regular T[￿tIng$, 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 fll￿re 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 Inforn￿ll0n and to esthblish that the company's auditors are aware of
that inforn￿tion.
Statement of Couneil members, ￿SpOnSibl]ItieS
The Council n￿mberS. who are directors for the purposes of cornpany law. are responsible for
preparing the Annual Report and the financial sts*menls in ￿COrdanCe with applicable law and
United Kingdom Accounting Siandards (Uniied Kingdom Generally ACCep￿d Accounting Practice).
Company law requires the Council members to prepare financial Staten￿nts for each financial y¢ar.
Under company law the Council n*mbers must not approve the financial statements unless they are
satisfied th￿ they give a mie aml fair view of ihe s￿le 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 Men￿ri&l Trust for the year ended 31 March
2024 which comprise the staten￿ni 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 staten￿nts=
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 t*en prepared in aCC￿danCe 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 stalen￿ntS ￿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 cirCumsts￿e$ 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 state￿￿nIS. we have concluded that the COU￿11 n￿Mbers. 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
State￿￿ntS are authorised for issue.
Our resFKJnsibilities aT]d the ￿5￿nsibilItIeS of the Council with respeci io going concern
aTe described in levant sections of ihis re[￿.
Other inforniation
The other infOrn￿ll0n comprises ihe inf0M￿li0n included in the Coumcil n￿mberS. Report. other
than the financia] sthtem¢nts and our auditor's repon thereon. The Council n￿rnbers are responsible
for the other Inforn￿ll0n contained wiihin the Council ￿￿mberS. Report. Our opinion on the
rinancial State￿￿ntS dces not cover the other InfOrn￿lI0￿ 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
inf0m￿tion 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 mIsstaten￿nts. we are required to deterniine whether there is a
materia] mi5State￿￿nt in the financial stateTr*nts theTnselves. If. based on the work we have
performed, we conclu(k thai there is a Tvthterial vniss￿etnelll 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 State￿￿nts- and
the Directors. Report included wiihin ihe Council members. Report has been Prepared in
accothce with applicable legal requiren￿nts.
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 Th￿rn￿￿rs. 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£reen￿nI 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 StateTT￿ntS 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 n￿MberS (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 de￿rMIne 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 mem￿r5 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 al*rnative 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 misswen*nL 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 reSpO￿LbilitieS 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 misslaten￿nts
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 aCCoun￿d for:
examination of rental agreements. agents. stalen￿(5. rninutes and correspondence to
ensure rhai income is fully recorded;
veriftcaiion of le￿tIMacY of expendi￿re by reference to invoices and State￿￿nts.
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 $￿e￿￿￿ts 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 8￿ater regarding irregularities
(￿c￿￿Ing 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 State￿￿ntS is available on
the Fina￿la1 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 M￿terS'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 t￿MberS 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 Charte￿d 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 In￿reSt
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
unreslric￿d 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 pror*rties 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 Irela￿1 (FRS 102). and the Companies Aci 2CK)6.
b) Tangible fixed assets and depreciation
DepreCi￿lOn is Charged on tangible fixed assets so as to write them off over their ¢xp¢¢ted useful
lives at the following ra￿s.
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 Valu￿10n, 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 refl￿ted 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 2￿6 and is required for the accounts to give a
lrne and fair view. The arnount of depreci*ion 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 meaSure￿￿nt- 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 expendi￿re 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 $￿en￿nt 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 unrestric*d 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¢s￿l¢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 ch￿ging.
Dep￿latIOn
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 n￿MberS 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 Re￿rtIng 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 Invest￿￿ntS 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 Pro￿nY prices in the area and markei informaiion
available on public websites.
Net loss on investments
2024
2023
(Lnss) on revaluation of investn￿nt 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
Defe￿ed 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 11rni￿1 by guardntee with no share capitsl. The liability of each n￿rnber
under guardntee d￿S 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