KENSIT MEMORIAL TRUST ANNUAL REPORT AND ACCOUNTS for the year ended 31 March 2025 Company No: 427164 Registered Charity No: 248.506
KENSIT MEMORIAL TRUST Annual Report and Accounts for the year ended 31 MarL'h 2025 CONTENTS P8ge Rcport of the Council of Managemeni Report of the Independent Auditors Statement of Financial Activities (incorporating Income and Expenditure Account) Balance Sheet Note% to the Accounts 10-15 Extra-.statutory information Detailed Income attd Expendiiure Account 16-18
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMTr:NT for the year ended 31 March 2025 The Council of Manageineni have pleasure in presenting their repon and the financial statements of Ihe Tru.sl for the year ended I l March 202.5. RETrF.RENCE AND ADMINISTRATIVE DETAILS Status Kensit Memorial Tru%t was incorporated under the companie.s Act 1929 as a private limited company on 8 January 1947. The comptsny nuimber is 427164. Kensii Memorial TnJ%t Wds granted the .%tatu% of a regi%tered charity by the Charity commis.sion for England and Walcs on .f July 1966. It% regi%lered number is 248506. Registered addre& The registered addres.s of Kensit Memorial Tru.st is 1 (>1 Hendon Lane. Finchley. London N3 3SQ. Members of the Council of Management The following members served during the year= Mr P S Lieve%ley The Rt Rev E J Malcolm Ichainnan dnd secretY) Mrm L R Mullins Dr J A S Roko.% Bankers Ndtiondl We51min.5ter Bank PLC. Finchley Central Branch. 48 Ballards Lanc. London N.3 2GZ. CAF Bank Ltd. 2.5 Kings Hill Avcnue, Kingb Hill, West Malling. Kent. MEI 9 4JQ. Auditor5 The TnJst'.q auditors are Geary Partnership. Challered Accountants. of 159a Chase Side, Enfield, Middlesex, EN2 OPW. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure Kensii Memorial Tru%t is constituted under its Mcinorattdum and Articles of A.SSOLidtion a.% a company limited by gudrantee and not having a share capital. The company may havc up to 2.fj metnberg and the li¢ibility of Ih¥ Inembers in the eveni of the Lompany being WOLEnd up 1% limited to £1 each.
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT, continued for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT. continued Governance and management The governai)ce of ihe Trust is by the member.¥ of the Council of Management. who arc both members and directors under the Companie% Acis. and trustees under the Charitie4 Aci.%. The Council meet.s four time% a ye4ir. Th¢ Secrct<iry, who is a tnembcr of the Council, maiiages the ddy to day opcralions of the Trust. Appointment and induction of Council member5 Council member% are appointed only if they are members uf ihe Pmic.stant Truth Society and 8ub.scriir io its beliefs. New Council meinber.s undergo an induction to brief ihem their legal obligdtions under charity and company law, the conient of ihe Memoranduim and Anicles of A%soLiation. the Couiicil and deci.%ion making pro¢c.sse% dnd the recent perform<ince of the charity. They meet key einpluyees and othei Council nK'mkr%. OBJECTIVES AND ACTIVITIES Charitsble objeets and principal activities The principal object of the Tru%t IS lo prumote and safeguard Proteslant and Evangelical Chrislidn principle5 in any part of the world. The principal activity of the Tru.st in further<ince of this object is to m1( intuin Kensit Memori&l College. which is u%ed for hiblical teaching. Iraining for ministry and prepdralion for Christidn -service, and provide5 f4icilities in %upport of this work. The Trust al%0 makes grant% to individuals and organizdtion% iii support of (rdining in and promotion of Proiestant and Evangelical principles. Publie benefit The Council members confirni ihat they have had due rcgard io the guidance published by the Charity Commis.%ivn on public benefit. .8iudenlN trained at thc Ken%it Memorial College mittisier to memhcr.% of the public both in the UK and overseas, and bring spiritual. moral and practical nefItS to those receiving such ministry. ACHIEVEMENTS AND PERFORMANCE Review of operations The Trust continueb to provide facililics and tunding for teaching and training, and to fund dLtivitie.g in furtherance of it.4 objectives. The premises known as Ken5it Mcmorial Bible College are owned and operated by the Trust. which employs edlering and Illan1ge1llent staff to provide .%ervice% to u%er.% and ¢0 take overdll care of (he premises. The main user of the buildings (tnd services during the year continued io be London Seminary.
KENSIT MEMORIAL TRUST ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT, continued for the ye8r ended 31 March 2025 FINANCIAL REVIF,W Rosults for the year The results for the year ¢ire set out in the .Stateinent of Financial Activities on page 8. The Council rcpon% an operating deficit of £160,074 {2024 dcficit of £.50,873). thc increa%e in the deficit largely resulting from building maintenancc work totaling £1.32,716 which included dn upgrdde of Ihc he<iling %y4lem. reroofing of Martyn Lloyd JoneN Court. and replacement of corridor flooring. Income from the provision of facilitie.s to London Seminary continues to represent approximately one-third ot (he income of the Trust. The rcntal stream from Ihc Tru.41'% inve%lment propertie% provides approximately half of our incoine. The Council exerLises qtrict conirol over operating expenditure with d view to rcducing the underlying 0]r[tIng deficit. A significant item of expenditure continu¢5 to be the deprecialion of the Tru%t'.% freehold property at l (Pl Hendon Lane which amounted 10 £42.51KJ for the year (2024 - £42.500). although this charge doe.4 not rcpreseni a draw on liquid fuiid.8. £127.-502 wa% 4penl during the year on a Inajor rel'urbi%hmeni of one of the Tru51's rentil properties prior to its bcii)g ILI to ncw tenants under an HMO licence. This expenditure was Ircclted a% part of the capital cost of the property and did noi thercfore impact on the TnJ%t'.% operating deficit. The Council has reeognizcd a further decline in the value of local residential property over (he year by making a prudent £427.502 reduLtion in the baldnce sheel value of its rcntal portfolio. Nevertheles.s ihe balance shecl of the Tn]st remdin5 Strong. The Tn]st held accumulated fund.s of £9.7.38.-377 at .1 l Mdrch 2025 (2024 £10,325.9.5.3). including bdnk and cash deposits of £860.-586 (2024 - £1,089,200). Roserves policy The Council considers Ihdt reserves are sufficient to meet all obligation5 of the Trust and to support 115 continued activities and ltenance of its properties. Investment policy The Council has powers io invest fund.s according to the provisions of the Tru5tee.¥ Investinen( Act 1961 as modified by the Trustees Act 2001. The princip<il form ()f invesiment in reLent years h&4 been residential property, which ha% yieldcd both capital growth <ind an atiractive rate of retum by way of rentdl income. Th¢ Council has, in past y¢ar.4. engaged profcs5ional advisors lo invest fund% as appropriate. Ai present, no Ii%¢cd or unli51ed invcstment4 are being held. Risk assessment policy The Council has. itk its regulc?r meeting%. continued io review the ri%k% to which the Trust i.% expo.sed. with appropriate action being taken to mitigate such risks. Future plafts The Tn]%t continues to explore how li may be%t provide it% ongoing scrvices to London Seminary. The Trust continues to mak¢ iinprov¢ment.% both to thc College premise% occupied by the Seminary attd to the reniiLI properties in order to maximize rental incoine.
KENSIT MEMORIAL TRUST ANNUAL RF.PORT OF THE COUNCIL OF MANAGEMENT, continued for the year ended -11 March 2025 Statement of disclosure of information to auditors The Council members, who are che direciors for the purpo.4e.% of cninp4lny law, confirm tha(. %0 filr as they dre awdre, Iherc ]% no relevant audit intormation linformarion needed by the ioimpany, audiiors in connection with prepIng their report) of which the company's audilor.s are unaware, nd they have taken all slep% th&t they Ought to have iaken a% directors in order to make themselves aware of any relev1 aLEdit inforination and io e.4tdhli%h thdt the coinpany'% auditor% are awre of thai information. Ststement of Louncil member5, responsibilities The Council members, who dre dirLCtors for the purposes of company law. are re%pon.%ible for PrepIr7n8 the Annual RLport dnd the tinanLial statenniS in accordance with applicable Idw and United Kingdom Accounting Standards (United Kingdom Generally Acccpted AcLounting Practice). Company Idw require% the Council member% to prepare financial .%tatement.% for eitch finanLial ye. Under company liiw the Council Inembcrs mubt Il0¢ (Ipprove the findncial %idlcmeni% unle%5 thcy are %atisfied that they give true &nd fair view of the stdtc of Liffairs of the charitdble company and of the inioming resources and applica(ion of re%ource%, including the incoine and expendilure. of the charitable company for that yedr. In preparing tho%¢ financidl siaietttents. Ihc Council Inembers are required 10.. {il select suilable accounting policies and apply them consistently: lill ob%crve the methods attd prinLiple.q of the Charities Statement of Recommended Practice- liiil make judgment.% and c%(imdte.% th¥it are redsonablc and prudent; {iv) stdte whether applicable UK Accounting Standards havL been followed, subje¢( to any material departure4 disclosed and explained in the financial %tatements.' and Iv) preparL' the account.s on a going concern basi.s unless it is in(ippropriatc to pre%ume that the chdrity will coniinue in operation. ThL Council mcmber% are responsible for tndintdining pri)per accounting recurds which disclose with redsonable accuracy ai any timc the findnci&l position of the charitable Lompany, and endhle them io ensure thal ihe account.% comply with the Companies Act 2(X)6. They are also responsible for %ateguarding the as%ets of Ihc charitable company and hencc for taking re&sonable .step4 for the preveniion 4U)d detection of frdud and other irregularities. Approval of the Annual Report The above Report w&s approved by the Council of Management on and signed on iheir behalf by The Rt Rcv E J Malcolm
INDEPENDENT AUDlT()R'S REPORT TO THE MEMBERS OF KEN.&ilT MEMORIAL TRUST Opinion We have audited the findncial stdtements of Ken8lt Memorial Trust for the year ended 31 March 2025 which comprise the Staiemcnt of Financial Activities. the Balancc Sheet and thc related notC5. The financidl reporting frainework thar hds been applied in their preparatioii is applicdble law dnd United Kingdom AcLOUtiting Standard5, including Financial Reporting Standard 102 The Fiiianc'iul Reporrins Siundaril upplicable in th¥ UK and RepubliL C)f Ireloncl Iunitcd Kingdom Generally Accepted Accounting Practi¢el. In our opinion. the finaiicial statements= give a tnje and fair view of the st11¢ of the Trust'% affair5 as ar 31 rch 202.fj and of lis incoming re%ource% and application of resource.4 for the ycar then ended; have hecn properly prepared in accorddnce with Utkited Kingdom Generally AcL¢pled Accounting Pr£iLtice: and have bccn prepared in COrdatI¢y with ihe requIren{S of (he Coinpanie.% Act 2(X)6. Basis for opinion We condu¢¢ed our audit in accordance with Iniernalional Standards on Auditing IUK)(ISAs(UK}) and dpplicdble law. Our responsibilities under thoqe st<2ndard% are further described in the Auditor's re.%poi)4ibilities for the audit of ihe financi<il %tatemenls seciion of our report. We are indcpendent of the charitable COTnpany in accordance wilh the eihiLal requiremctlts ihat drc relev4ini ii) our audit of the financial st4itLineni% in the UK. including ihc FRC'% F.thical Sidnilard aiid ih¢ provision% available for %mall cntitie.%. in the circuin.st<incc% %ei out in noie I I to the <ic¢ount5. dnd wc have fultilled our othcr ethical re%pon4ibiliiie% in accordance with these requircments. Wc believe th4il the audil evideiice we have obtained 15 su1¢]ent and dppropriate to provide a ba%is for our opinion. Conclusions relating ¢0 going concern In auditing the fiii<illcidl .4tatemcnts. we have concluded thai the Council mcmbers. use of the going conc¥rn basi% ot accounting in the prepiwation of the financial statement% is appropriatc. Based on ihe work wc have performed, we have not identified any material uncertainties relaiing to event% or condition% that. individudlly or collectively. mdy cast %ignifican( doubt on the Tru.4t'5 ability to continue a% a going concern for a periud of at least twelve months from whcn the financial statements are authorised for issue. Our respon%ibilitie% dnd the responsibilities of thc Council members wilh respect tu going concern are describcd in the relevant scction% of this report. Other information The oiher information Luinprise% the information included in the Council membcr5' Report, othcr than thc financial statemcnts <2nd our audiior'% report thereon. The Council metnbcr% are respon%ible for the oiher informaiion conidined wiihÉn the Council members. Report. C)ur opinion ()n the fittanci(11 statem¢nt% does not covcr the other infomiatioii and, cxcept to ihe cxlent otherwi%e explicitly staicd in our report. we do noi ¢xpres4 any forjn of a%%urance conclu%ion thereon. Our respon%ibiliiy is to redd the other information dnd, in doing 40. to considcr whether (he other informdtion i.s mdterially inconsistent with the financial statements or our knowledge obtained in the cour%e of the audit or otherwise appcars to bc materially misstated. It we ideniify %uch Inaierial inconsi%tenLies or dppareni matcrial mi%%latcmen(%, wc are required to deierminc whether ¢herL' is a Inateridl mis%latcinen¢ in the financial Nlatetments thLm%elves. If. based On ihc work we hdve performed, wc conclude that ihere is a material mi.sstatement of this other information, we are r¢quired ¢0 report ihat f<lCt. Wc have nothiiig lo r¢port in this regard.
INDEPENDENT AUDITOR'S RF.PORT TO THE MEMBERS OF KENSIT MEMORIAL TRUST continued Opinion on other matters preserihed by the Companies Act 21)06 In our opinion, based on the work undertaken in the course of the dudit.. the informdlion given in the Council members, Report, which includes the Directors. Report preparcd for the purposes of company law. for the financial year for which the financial stdtemcnt4 dre prepared is con%i%tent wilh the fin4incial %laleTnent.%,' and the Direcior.s' Report included within the Cuuncil members, Report becn prepared in accordance with applicable Icgal requirements. Matters on whieh we are required to report by exception In the light of the knowledge and understanding of the charity and its environinent obiclil)ed in the cour¥¢ of the audi(, we have not identified material mis5tatement4 in the Dircctors. R¢port iiicluded within the Council members. Report. We have nothing io rewrt in respect of the following matier5 where the Companies Act 21K)6 requires to report to you if. in our opinion= adcquate dccounting rec(Trrds have not been kept or returns adequate for our dudit have noi be¢n received from brdnches not vi%ited by u%: the fin£?ncial staiements are not in <i¥rcemenl with the (COuntIng rccords and returns: or Lcrtain disclo%urc5 of Council m¢mbers' rLinuneration %pecificd by law are not made; or we h4lVe 1101 received dll the inforinaiion and explanalions we require for our audit,. or the Council membcr.s werc not entitled to prepre thc tinancial statemen1% in ciccordance wilh the %mall companie% regime <ind take advaniagL of ihe %mall companie.s exemption from the requirement to prepare a S¢rulegic Report. Responsibilities of Council Members As explained more fully in the statement of Council members. Responsibilities set out on Pic ge 4, the Council members (who are tru.%tce.s of the charity for the purposes of charity law and director.% of (he ch<iritable compdny for ihe purposes of company law} arc re.4pon8ible for the prcparation of financial statemen1% which give a itue and fair view, dnd for %uch internal control the Council Member4 detemine i.s neces.sary io enable the prep<iration of financial .%tatcments ihat dre free from maierial mi5stateJr¢ni, wheiher due to traud or error. In preparing the financidl statements. Ihe Council members lire respon4ible for assessing the Trust's ability to continue as a going concern. di%clo.sing, applicable. m&itcrs related io going concern and using the going concern b&%1.4 of accounting unles.s the Council mcmbers either intend to liquidate Ihc TruNt or to cease operations, or have no reali.stic alternative bul to do %0. Auditor's responsibilities for the audit of the financial statements Our objective% are to obtain reasonable as5uran¢e ¢ibout wheiher the financial slaiements as a whole are free trom material misstaiemcnt, wh¢ther due io fr?( ud or crror. &nd to issue auditor's repi)rt Ihat include5 our upinion. Rea.sonable assurance is a high level of assurance. but is no( a guarantee thdt an audit conducted in accorddnce with ISAS (UK) will dlways deleLt a materi<il mi5slatement when it exists. Misstdiemcnts Cdn arise from fraud or effor and are considered material if, individually or in the aggrcgate, they COLEld reasonably be expected 10 influence the economic de¢i%ions of users iaken on thc basi.% of the.se findncial Ntateinent.%.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KENSIT MElklORIAL TRUST continued Auditor's responsibilities for the audit of the financial statements, eontinued Irregularities, including frnud. are in5tance% of non-coinpliance with laws and regulation%. We design procedures in line with our respon%ibilities. outlined above, to detect material missid(einent.s in respect of irregularities. including frdud. pr(edureS capable of deteciing Such Irregul11]e.4 pertormed during our audit included.. te4ts to en8ure <ill bank trdnsaction5 have been accounted for; examination of rentdl agreeinents. ugents, statement.%, minuie% and correspondence to ensure that in¢oine is fully rec()rded., verification of legitimacy of expenditure by reference to invoices and statements- exdmination of till¢ records to en.sure as.set% have not been misdppropriated: ie.%ts of analysis to satisfy our%elves that ledger balances are redsonable and in line with expectations. Becduse of the inhcrent limitations of an audit. thLre is d ri%k thai wc will no( dctect dll irrcgularities. including those leading to a material mi%%tatement in the financial %¢atemen(% c)r non-c()mplidnce with regulation. Thi% risk increa.8e% the morc that coinplidncc with a law or regulalion 1% removed from the events ¢ind tran.CtiOn% reflecied in Ihe fin&ncial statements, as we will be le.%s likely to beLome dwdre of in8tance.q of non-Loinpliance. The risk 1% dl.40 gre<iter regarding irreguldrilies occurring due to frdud rather thdn error, as fraud involve.s iniLntional concealment, forgery, collusion, omission or mi.%repre.4entalion. A furthcr de.scription of our respoti.4ibilities for the audit of the financial statenI5 is availablc on the Financial Reporting Council'.s wcbsite dl www.rrc.org.uklaudiiordUdit-a%Iurance1(iud1torN- re5pon%ibilities-for-the-audit-of-the-filde.scription-of-the-audilor%E2%80%99.4-respon%ibilitie%-for. This description form.% part of our auditor's report. Use of our report Thi% report Is mude solely to the Trust'% Council members, as a body, in ac¢orddnce wilh Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our 4iudit work ha% been undLrtdken so Ihdt we might st<lte to thc Tn]st'% Coun¢il membcr.% those Tnatter.q we are required to 8l¥ltc to them in auditor'.4 report dnd for no other purpose. To ihL fullest extent pennitled by Id4W, we do not accept or a55uine rc%pnn%ibility to aiiyonc other thdn (he Tru.st and the Tru4t's Council members as a body, for our altdit work, for this report, or for the opinion5 we hdve formed. drew Geary Sc Tr'CA Senior Statutory Auditor for and on behalf of.. Gcary Partnership Stdtutory Auditor and Chartered Accounl¢lnts 1 fi9a Chase Side F.nfield EN2 OPW Date.. 7 2025
KLNSIT MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES (ineorporaling INCOMF. AND EXPENDITURE ACCOUNT) ror the year ended 31 March 2025 Unrestricted funds 2025 2024 INCOME Notes from charitshle activities: Charii<ible Ictting Income arising froin provision of fdcilities 29.2.5.5 -54.144 -3.5.579 83.-399 from investments: Rental income Bank interest 96,057 61 84,898 89 96,118 84,987 Total income 179,517 EXPENDITURE on charilable activities: Provi.4ion of facilitie% 2(a) 321,629 202.518 other: Inve.%tment expense. Governance cos15 14.542 3.420 18.66.3 3.3.32 2(bl 17,962 21,99.5 Total expenditure -339,.591 224.51.3 NET (F.xpr.NDITUREI BF.Tr"ORE LOSSES ON INVESTMENTS (160.0741 1.50,87.31 Nei losse5 on investmen(8 1427.5021 {200,1) NET (EXPENDITURE) FOR THF. YEAR and NET MOVEMENT IN FUND. (.587.576) {2.50,8731 Reconciliation of funds Total funds brought forward Net (expenditure) for the year as shown above 10,-32.5,9fj3 1.587,5761 10,-576.826 (250,873) Total funds carried forword 9.738,377 10,32.fj.95.3
KENSIT MEMORIAI. TRUST Company number: 427164 BALANCE SHEFT 31 March 2025 2025 2024 Note FIXED ASSFTS Tangible 41.%sets Investineni% 4,08.3.272 4.8(K),(XK) 4.126.1.32 .5,1 (xi,(xx) CURRENT ASSETS Debtor8 ca.sh at bdnk and in hand 8,88.3.272 9.226.1.12 6.4.39 860,-fj86 1.089,2(Xl CREDITORS: Amounts falling due within one year 867.025 1.121,210 111.920} (21,409) NET CURRENT ASSETS 8.5.5.10fi 1,099.821 TOTAL ASSETS LF.SS CURRENT LIABILITIES 9.738,177 10,32.5,953 NET ASSETS 9.738,377 10,-12.fj,95.3 Unrestricted funds 9.738,377 10,-325.95.3 TOTAL FUNDS 9.7.38.-177 10,32.5,953 The financial staiements were approved by the Council on and signed on it.q behalf by- ev E J M&lcolm Council member and Direcior Philip S Lieve%ley Council member and irector
KENSIT MEMORIAI. TRUST NOTES TO THE ACCOUNTS for the year ended -11 March 2025 I ACCOUNTING POLICIES a) Accounting convention The Trusi ]% a publiL benetit entity. The account% havc been prepared under ihe historical cost convention a% modified by the revaluation of freehold properties ¥ind invcs(Inents. and in accordance with 'Accounting aiid Rep()rtiiig by Chcirities.. Sthtemenl of Recominendcd Pr<lCtice' (Chariiies SORPI dpplicable to charities preparing their accouttt8 in accordanLC wilh ihe Financial Reporting St¢indard applicable in the UK and Republic of Ireland {FRS 102), and the Companies Act 21K)6. b) Financial instrnments A financial asset or a tinancial liability is recognised only when the Trust becomes d party to the ontrdctual provisions of the in.%trument. Basic fiiiancÉal in%truinents are Initi111Y rt*()gni.%eil dt the rr¢insaction prtce, unle.%s the drrangemcnt COll4ti(Ules a financing Irdn.%actiott. when it i.s recngnised at ihe presenl value of the future paymciii.% discoun(ed dt a market rate of interest for a.%imilar debt insin]ment. Debt in.strument5 are 4ub.4cquently mcasured ai 4iinoni.%ed co.st. c) Tangible fixed assets and depreciation Deprecialiuii 1% charged on tangible tixed &ssets so as to write them off over their expected useful lives at the following rates.. Fieehold14ind- not depreciated Frcehold buildings - 2% per annuin on a siraighi line bd51 Furniture. fitting.% and equipinent- 20%-30% pcr dnnum on reducing balance Fixed a.ssets for charity use 4ire stdted dt co%t or valuaiion. and gains or lo.sses arising on their revaluation are Ltken to a revaluation reserve. d) Fixed asset investments Properties owned by the Tn]st which are ILt in furtherance of the Trusl'% objec15 are accounted for as investment properties <ind included under inve.stments on ihe balance .sheet ¥it their markei value at the bal¢ince .%heel date. The dggregdte .4urplu% or deficit 4irising from revaludtion.q is reflecied through the st¢lteinenl of financial activitiLs and transferred io a fair value reserve. No depreciaiion i. provided on the inve.5tinenl properties as ihe value.% are reviewed ¥innually. Thi.% repre.%enti a departure from the provi%ioiis of the Companie% Act 2006 dnd is required for the accounts to give a truL' and fair view. The ainount of depreciation which mi&'ht otherwise have beeii charged 15 £96.0(X {2024 - £102,(X)01. e) Income Incoine 15 recugni%ed in the statement of findncial aLtivitie% when a (ransaction or other evcnt results in dn increase in the Tru.%t'S dsset% or a reduLtion in it.% liabilitic%. Income 1% recogni5ed ¥iLcording lo the iriple principle of enlitlemeni, probdbility attd mea8ureineni- that is {]) control over the rights or oiher Ces. to Ihc economic ben¢fit has pa%%ed tv the Trust,. and lill there i.s suffiLient CLrlainiy of receipt (receipt i.q Tnore likely than ttotl,. and (iiil the monetary Vdlue or amount of the incoine Ciin be medsured reliubly and ihe costs incurred for the trdn%action and the co%t% to Lompleitt ihe irdnsaction can be me¢lSured relidbly. 10
KENSIT MEMOIUAI. TRUST NOTES TO THI ACCOUNTS, continued for the year ended 31 March 2025 I ACCOUNTING POI.ICIES, conlinued e) Incomei continued No Inuneiary value ha5 been placed on the support given to ihe Trust by way of unpaid volunl<lry D Expenditure All expenditure is accounted for on an accruals basi% and ha.8 been clas.%ified undcr heading% thdl <iggregaie all co.%ts related to the catcgory. The Trust is not regi.%tLred for VAT aiid Iherelore expenditure 1% shown gro%.4 of itTecuveryable VAT. Charitable expendiiure comprises those costs incurred by the Trust in the delivery of it.% aclivities. It includes both costs that Lan be direcily attributed to such activitie.% dnd those cost% of ¥in indirect ndturt neces%4ify (o support them. Gowernance cost% include tho%e cost.% as.%vciat¢d with Tneeting the consiitutiondl and Sidlutory requirements of the Tnjst inLludc the audit fees and costs linked to the strategic mandgem¢nt of the Trust. g) Pension costs The Tru8( operate.% a dcfined contribution pen.sion scheme on behalf of its employee% in compliaT]ce wilh the workplace pen%ion% regulation%. The colt of Lontribution.8 1.4 charged to the .%tatement of fine*al actlVllie.E in thc year in whiLh Ihc contribution5 are payable. h) Funds The funds held by ihe Trust are either.. Unrestricted funds- these are funds which can be u%cd in accordance with the chiiritablc objects at the disctIOn of ihe Council emr%. The gen¥rdl fund is <in unre%lric¢Ld fund compri%iRg the accumulated realised %urplu.se% ol the Trust which have not en dc.4igndted for 41 .%pecific use. Desigiiated funds a% referred to in the tollowing paragrdph ¢ire al%0 unrestricled fund% comprising reali.%cd %urpluses bui they have been set a.side for Specific u.%e. Included in unrestiicled funds are the revalu&iion reserve and the fair value reserve referred to in note.% I Icl aiid I Id) Icspectively. which comprise unreali.%ed surpluses. De.signatcd fund.% - the.%e are fund% sel dside by Council members out of unrestric(ed general funds lor specific future purpo%es or projec(8. Resiricted funds - the.%e are funds (hat can only be used for particular re.siricted purposes within the object% of the Tru%t. Re.%triction% arise when specified by the donor or when turTrd% are raised for Pdrticular regiricled purpo%es. Endowment funds- these artt fund.s thc income trom which can be used for the general work of the Tru.%t. The Cdpltal 1% a pernmnent cndowmen(. There are presenily no fund5 held by the Tru8t for restricted or designated purposes.
KENSIT MEMORIAL TRUST NOTES TO THF. ACCOIINTrS, continued for the year endcd 31 March 2025 2 EXPENDITURE 2025 2024 al Provision of facilities Catering, Ulilities and insurance Salarie% and pen%ion COS1% Reptiir.s 4ind mdint¢nance Legal and profes.sional fee.s Deprecidtion Telcphone. printing. posldge dnd oiher costs 81,(XX) 6.1.428 10.664 2,OX2 -59.628 1.32,716 1.426 1,.fj76 1.891 321,629 202.518 bl Governance costs Auditor'.% remuneration Meeting expcnses 3.420 -32 3.420 c) Support costs Sl£14irie.4 and pen%ion co.8¢.5. telephone. printing. postage and other costs. and govern(Ince costs, as shown above. totaling £64,62412024 - £68,6.51 l. comprise the support cost% of the Tru.%t. 3 NET (EXPENDITURE) 2025 2024 This 1.4 stated after charging: Depreciation Auditor's remuneraiion 4.3,4.5.3 4 EMPLOYEE INFORMATION 2025 2024 Staff costs: Salarie Social %ccurity co.st.s Othcr pension costs 50.673 -5.3,748 8,9.fj5 9.680 59.628 6.3.428 There were no individual statf who.se emoluments exceeded £60,1)00 during the year12024 - Nill. The average nuinber of pcrsons employcd during ihe y¢ar WdS 312024 - .31. No remuneraiion 14 paid to Council members. Council member% reccive reimbursetnenl for expenses incurred in attending meetings. The gros% amouni reimbursed in rcspect of travtl to mcelings in the year w&% £19 fur I Council member12024 - £32 for 2 Council meinbcrs). 12
KENSIT MEMORIAL TRUST NOTES TO THE ACCOUN'fs, tontinued for the year ended 31 March 2025 5 TANGIBLE FIXED ASSETS Freehold Furniture land & fjtlings & buildings ¢quipment Total Costtvaluation At l April 2024 Addition.% in ihe ycar Disposal% in the ye 4,250.0 1.32,260 4.-382.260 490 490 Ai .3 l M£irch 2025 4,2.50.0(KI 132.7.50 4.-382,7.50 Depreciation At l April 2024 Chdrge for the year Eliminated on disposals 127,500 42..5(X) 128.628 850 2.56.128 4.3,-350 At 31 March 2025 170.(KK) 129.478 299,478 Net book value At 31 March 2025 4.080.000 3.272 4,083.272 At 31 March 2024 4.122,500 -3.632 4.126.1.32 The Tru.gt has adopted the provisions of Financial Reporting Standard 102 with regard to the revaluaiion of freehold land and buildittg%. The Tru%l's frcehold land and buildings. oiher ihan it% inve.%tment propertie.q {ttotc 6 below). were valued by RES Property Surveyors of Watcrhou%e Square, 1.38 Holborn, London ECIN 2.sw on an open market bd%is a% at 31 March 2021. ThLir Vdluation of £4.2.50.IKAI has been adopted in these account.%. with the revaluation .4urplu.4 being added to the revaluation reserve which forms pth of unrestricted lund%. Historical cost If the freehold land and buildings had not beeT] revalued, they would havc been shown in the biilance sheet dt thc following amoun1%= 2025 2024 Cost (including land with a cost of £210,0(K)) Depreciation 1.684.680 1.684.680 53.5,967 f 06,474 Net book value 1.148,713 1.178,206 The deprecialion charge for (he year on a hi.%torical cosi basi4 would have been £29.493 12024 £29.49.3). 13
KENSIT MEMORIAL TRUST NOTES TO THE ALCOUNTS* continued for the year ended 31 March 2025 6 INVESTMENTS Property investments Total Valuation At l April 2024 Addiiions Dispo1$ Net unrealized (lo.qs) on revaluation .5. I m,(KK) 127,502 .S..3(KJ,( 127,-502 1427.502) {427,.502) Market value at 31 March 202.5 4.800,0(XTr 4.8(M),O Hi.%torical cost dt 31 March 2025 2.59.102 259.102 The above investments are held lo provide investment return for the Trusl. The following investments each repre.sent more than .5% by V<ilue of iotdl investments al I l m1rCh 202.5.. Inve%lment property al Finchley 4,8(Ml.(x)o Valuation of property investments Property investments have been valued by the Council members on dn open rket basis a8 I l March 202.5. according to their knowledge of property prices in ihe area and market intorination dvailable on public web%ites. Net loss on investments 2025 2024 ILoss) on revaluation of inve%lment properties {427,502} {200.0(KTrJ 7 DF.BTORS 2025 2024 Prepayments accrued income 14
KENSIT MEMORIAL TRUST NOTES TO THF. ACCOUNTS, Continued for the ye8r ended -11 March 2025 8 CREDITORS: Amounts falling due within one year 2025 2024 Accruals Deferred income Taxdtion 4ind social securiiy 7,620 628 -3,672 7.050 11,433 2,926 11.920 21,409 9 UNRESTRICTED FUNDS Brought forward Income Expenditure in year in year Carried forward Transfers General fund Revaluation re4erve air vtlUe re%erve 2.413,2.f9 2.944,294 4.968,400 179.517 (139.5911 13.(X)7 2.266.192 113.0071 2.9.31.287 4.540,898 1427,-502) 10.325.9.53 179,517 {767.093} 9,738.377 10 COMPANY STATUS The Trust ig a company limited by guarantee with no %hare capildl. The liability of each member under guarantee d(& not excced £1. 11 PREPARA TION OF ACCOUNTS In common with many chariiie5 of our size and nature. we use our auditors to a%.sist with the preparation of the account%, as allowed under the FRC F.thical Sianddrd 'Provision5 Available for Audit% of Small Entilies,.