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 secret￿Y)
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 Illan￿1ge1llent 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 ￿l￿tenance 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 prep￿Ing 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 relev￿￿￿1 aLEdit inforination and io e.4tdhli%h thdt the coinpany'% auditor% are aw￿￿re 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
Prep￿Ir7n8 the Annual RLport dnd the tinanLial staten￿niS 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 st￿11¢ 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 requIre￿n{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 su￿1¢]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 prep￿re 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 Irregul￿11]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 state￿￿nI5 is availablc on
the Financial Reporting Council'.s wcbsite dl www.rrc.org.uklaudiior￿dUdit-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 Initi￿111Y 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
fin￿e*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 disc￿tIOn of ihe Council ￿em￿r%. 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
Dispo￿1$
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 m￿1rCh 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 v￿tlUe 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,.