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2024-03-31-accounts

JUBILEE HALL TRUST LIMITED

CHARITY NUMBER 273562

COMPANY NUMBER 01310649

──────────────────────────────────────────────────────────────────────

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 

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JUBILEE HALL TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS

  1. Trustees’ Annual Report

  2. Statement of Trustees’ Responsibilities

  3. Independent Auditors' Report to the Trustees of Jubilee Hall Trust Limited

  4. Group Statement of Financial Activities

  5. Group Balance Sheet

  6. Balance Sheet

  7. Group Statement of Cash Flow

  8. Notes to the Accounts

1a

Jubilee Hall Trust Limited

Trustees' Annual Report

For the year ended 31 March 2024

The trustees, who comprise the Board of Directors, present their report and financial statements for the year ended 31 March 2024.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRS 102.

MISSION

Building Healthier Communities

VISION

Making a Measurable Difference to the Health & Wellbeing of our Local Communities.

VALUES Passionate We are passionate about our purpose, about the service we provide and about our supporters and members. We love what we do and how we go about Inclusive (open, friendly, accepting) We welcome everyone into our community irrespective of their background, motivations or ability Productive (results-orientated) We are going to make a difference. We set goals and aim to beat them. Enterprising (imaginative, energetic) We go the extra mile, find smart solutions to issues, invent new ways of doing old things better and learn from our mistakes. Supportive (co-operative, compassionate) Together we’re stronger. We work as a team to build the organisation and no-one colleague, supporter or participant gets left behind.

Introduction to Jubilee Hall Trust – by Carol Martin: Chair

In June 2024 I succeeded Jeremy Simpson, who has been a hugely committed and inspirational Chair of Jubilee Hall Trust and continues to provide sage and invaluable support to our CEO, Jon Giles and the Board. I would like to thank him for his considerable contribution to date and am grateful that he was able to remain as a trustee, despite his very demanding professional commitments.

The challenges faced by Jubilee Hall Trust in recent years are well documented in the Company’s previous accounts and annual reports and it will be noted, from Jon Giles’s report this year, that the past year has been the most challenging yet, especially in Covent Garden, where footfall has not recovered post-Covid.

Notwithstanding these efforts, the Trust’s finances have been severely impacted by the combination of these challenges, requiring the Trustees to review and make difficult decisions to protect the future of the charity and our ability to continue to provide support and facilities to those in our local communities that Jubilee Hall Trust was established to serve. Sadly, the financial realities resulting from the ongoing impact of revenue losses during the Covid lockdown, rising energy, building and operational costs and declining sales mean that continuing to operate the Jubilee Hall has become unsustainable for the charity. The trustees therefore made the decision to leave this historic venue to secure the charity’s future and preserve the Grade II listed building.

While the decision to leave Jubilee Hall marks the end of an era, it also represents an opportunity to safeguard both the charity and the integrity of the historic building. The Company will now focus on ensuring that more of its resources are used to continue and develop its community-driven health and fitness programmes including school partnerships, GP referral services and rehabilitation programs. We may be leaving Jubilee Hall but are not leaving Covent Garden and are seeking to work with key stakeholders to achieve a smooth transition and ongoing engagement with the Covent Garden community. We have commenced a search for alternative premises to continue gym services, community programmes and classes and are actively exploring partnerships with local venues to offer alternative membership and personal training options.

It is important to note that the decision to leave Jubilee Hall does not impact the Company’s other venues—The Armoury in Hampstead, The Colombo Centre in Southwark and the House of Commons Westminster Gym— all of which remain unaffected and continue to thrive.

I would like to thank Jon Giles, our club managers and the staff of Jubilee Hall Trust for their continuing dedication and commitment to providing our members and local communities with the best possible facilities and accessibility to classes, programs and services aimed at increasing and improving physical and mental health.

1b

Jubilee Hall Trust Limited

Trustees' Annual Report

For the year ended 31 March 2024

Chief Executive’s report – by Jon Giles

I am immensely proud to represent a team of people that has come together to ensure the Charity, its customers, and the community continue to have access to Jubilee Hall Trust. This has only been possible due to the culture we foster across the leadership team and how it transcends to our staff within the clubs.

The past year has been our most challenging yet. While we worked to rebuild our membership numbers post-Covid, we faced an energy crisis and a costof-living crisis, which placed exceptional pressure on our costs. The hybrid working model for many office workers remained in place, impacting our ability to sell more memberships.

We restructured the team, with Oliver Deen, previously the Covent Garden General Manager, stepping into the role of Head of Business Development, overseeing all income-generating activities. Louise Sharp transitioned to Head of People and Service, which included Health and Safety responsibilities and improving standards across the Charity. Kayley Wood took on Staff Health and Wellbeing duties in addition to her role as General Manager, moving from Westminster Gym to The Armoury.

Nicol Bedingfield was promoted from the gym floor to General Manager of Westminster Gym, and Stuart Flude continued to manage the Colombo Centre while also analyzing data and customer trends.

By restructuring the team to focus more deeply across the group, we were better positioned to gain detailed insights into the specifics of our business, enabling us to make data-driven decisions and respond quickly to changing needs.

This approach also opened new roles and experiences for the leadership team, ensuring continuous career development. In turn, this created a strong support network within the team, fostering retention of key roles.

Over the year, we leveraged relationships, pursued new opportunities (some of which are highlighted below), and challenged the status quo to drive the Charity forward. As a result, the leadership team was once again shortlisted for the UKActive Outstanding Leadership Team Award.

FINANCIAL AND STRATEGIC DEVELOPMENTS

Charity Bank Loan

We extend our gratitude to The Charity Bank, which has been a tremendous support over the last three years. They also provided additional support by extending our current borrowing. To help us navigate the cost-of-living and energy crises, the bank offered capital repayment holidays and increased our borrowing to support cash flow.

Camden Cost of Living Grant

In response to the growing cost-of-living crisis, we were awarded a grant of £9,750 from Camden Council. This grant allowed us to offer a 3-month FREE membership to 100 local residents receiving means-tested benefits, providing full access to The Armoury in Hampstead. This initiative reinforced our commitment to community support, lowering barriers to entry for those in need and fostering long-term engagement with our facilities.

Energy Crisis

Energy costs remained a significant challenge. While energy prices had decreased from 2022, they were still 200% higher than previously budgeted. With the support of trustees, we took a sensible approach to contract renewals, procuring energy in 12-month installments. As prices fell during this period, we capitalized on lower rates for new contracts. Again this year, we have only signed a 12-month contract in anticipation of further reductions in 2025.

OPERATIONAL UPDATES AND FACILITY ENHANCEMENTS

Mezzanine Floor Development

Supported by £150,000 from Sport England, our ambitious mezzanine floor project was completed on time and within budget. A major challenge was repairing the subsidence to the build site, which required underpinning the back of The Armoury. The timing of these works had to align perfectly with the mezzanine project to avoid delays.

We secured quotes from equipment suppliers to outfit the downstairs PIT area, ensuring a high-quality facility for customers upon completion. Air conditioning was installed in all new spaces, including the spin room.

Equipment and Spin Bikes

We experienced increased maintenance issues with the bikes at Jubilee Hall and The Armoury. After a tender process, we received an exceptional offer from Stages. As a result, we invested in 34 new bikes for both sites. While cost savings have been crucial in recent years, maintaining customer satisfaction remains paramount. We also replaced all the cardio equipment at The Armoury in early 2024, enhanced the layout, added plate-loaded machines, and installed new flooring.

1c

Jubilee Hall Trust Limited

Trustees' Annual Report

For the year ended 31 March 2024

COMMUNITY ENGAGEMENT AND PARTNERSHIPS

Making a measurable difference in our community remains central to our mission, and we continued to invest in this goal.

Participants in Blind Yoga faced the withdrawal of funding from Blind Aid UK, which put their class at risk. In response, we stepped in to cover the instructor costs and continued providing studio space for free.

In addition to offering free studio space to community groups, we extended free gym memberships to the homeless community through the St. Mungo’s hostel. This program expanded to increase accessibility for those supported by the hostel.

Our commitment to improving accessibility to physical activity continued through our outdoor sports events program. For the first time, we partnered with Hampstead Heath Rugby Club to co-host their annual duathlon. As this event coincided with our own "Run for Your Life" event, we moved R4YL to June. This marked the first time we hosted two outdoor sports events simultaneously, with participants ranging from 2 to 90 years old!

We also formed a unique partnership with CYMCA to offer reciprocal gym access for our customers. This collaboration allowed Y members to visit additional clubs, while JHT members gained access to their pool. Designed to support both charities through the energy and cost-of-living crises, the program was nominated for an Innovation Award at the 2024 UKActive Awards.

In 2025, we plan to expand this program to include universities, enhancing student memberships by supporting both physical and mental health.

FURTHER POTENTIAL COLLABORATIONS

Queens Crescent Community Association (QCCA)

Thanks to an introduction by trustee Linda Chung, we began exploring collaboration opportunities with QCCA, particularly in youth and community programs. One of their facilities, the Dome on Weddington Road NW5, offers extensive sports facilities. While we are not currently able to provide financial support, there may be future opportunities for collaboration.

CONCLUSION

We will continue to invest in our local community and remain open to trying new things. At the heart of our charity is the culture we have built within our teams, a culture that transcends throughout the organization and our trustees. Their support has been invaluable this past year.

1d

REFERENCE AND ADMINISTRATIVE DETAILS

CHARITY NAME AND NUMBER

REGISTERED PRINCIPAL OFFICE

TRUSTEES

CHIEF EXECUTIVE OFFICER

COMPANY SECRETARY

PROFESSIONAL ADVISORS

Jubilee Hall Trust Limited Registered charity number 273562 Company Number: 01310649

30 The Piazza Covent Garden London WC2E 8BE

J D Guy (resigned 25/11/2024) J Weir (resigned 23/11/2024) T Mitchell R Perkins (resigned 24/03/2025) L Chung J J C Simpson (resignd 04/03/2025) S Bull J Homer S L Bussey C Martin J Harvey (resigned 18/07/2024)

J Giles J Giles

ACCOUNTANTS

Moore Northern Home Counties Chartered Accountants East Wing, Goffs Oak House Goffs Oak Herts EN7 5GE

AUDITORS

UHY Ross Brooke Registered Auditors Chartered Accountants Suite I Windrush Court Abingdon Business Park OX14 1SY

BANKERS

Royal Bank of Scotland PO Box 412 62/63 Threadneedle Street London EC2R 8LA

SOLICITORS

Gunnercooke LLP 1 Cornhill London EC3V 3ND

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3a

Jubilee Hall Trust Limited

Independent Auditors' Report to the Members of Jubilee Hall Trust Limited

For the year ended 31 March 2024

OPINION

We have audited the financial statements of Jubilee Hall Trust Limited (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities, the Group Balance Sheet, the charity's Balance Sheet, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

MATERIAL UNCERTAINTY RELATING TO GOING CONCERN

We draw attention to pages 4, 5, 6 and Note 1 in the financial statements, which indicate that the Group incurred a deficit of £114,523 on restricted funds and surplus of £8,201 on unrestricted funds during the year ended 31 March 2024 and, as of that date, the group had net current liabilities of £576,629. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the trustees annual report , other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report6. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are i d t t th t f t We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

3b

Jubilee Hall Trust Limited

Independent Auditors' Report to the Members of Jubilee Hall Trust Limited

For the year ended 31 March 2024

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, Charities Act and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-sresponsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

3c

Jubilee Hall Trust Limited

Independent Auditors' Report to the Members of Jubilee Hall Trust Limited

For the year ended 31 March 2024

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Caroline Webster MA FCA (Senior Statutory Auditor), for and on behalf of: UHY Ross Brooke

Registered Auditors Chartered Accountants Suite I Windrush Court Abingdon Business Park OX14 1SY

UHY Ross Brooke is eligible for appointment as auditor by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Dated 27/03/2025

4

Jubilee Hall Trust Limited

Group Statement of Financial Activities

For the year ended 31 March 2024

Note
Income from:
3
3a
4
16
8
Net movement in funds
Reconciliation of funds:
16
Total funds carried forward
Total funds brought forward
Tax on profit on Ordinary Activities
Transfers between funds
Net (expenditure) / income for the year after transfers
Recoverable VAT
Net (expenditure) / income for the year before transfers
Total expenditure
Charitable activities
Other income
Charitable Activities
Investments
Total income
Expenditure on:		 Unrestricted
£
1,733,669
1,901
14,100
26,146
1,775,816
1,824,959
1,824,959
(49,143)
57,869
8,726
(525)
8,201
419,434
427,635		 Restricted
£
-
-
-
-
-
56,654
56,654
(56,654)
(57,869)
(114,523)
-
(114,523)
348,205
233,682		 2024
Total
£
1,733,669
1,901
14,100
26,146
1,775,816
1,881,613
1,881,613
(105,797)
-
(105,797)
(525)
(106,322)
767,639
661,317		 2023
Total
£
1,547,277
782
12,056
405,520
1,965,635
1,805,836
1,805,836
159,799
-
159,799
20
159,819
607,820
767,639

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

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7

Jubilee Hall Trust Limited

Group Statement of Cash Flow

For the year ended 31 March 2024

Notes
Cash flows from operating activities
6c
Interest Paid
Tax Paid
Net cash from operating activities
Net cash from investing activities
Increase/Decrease in cash and cash equivalents in the year
Cash Flows From Investing Activities
Interest Received
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Cash Flows From Financing Activities
Repayment of borrowings
Borrowing Advanced in Year
Analysis of changes in Cash
Cash at Bank and in hand		 As at 01.04.23
141,840
141,840		 2024
£
152,881
(57,923)
-
94,958
1,901
(129,807)
225
(127,681)
(89,977)
107,923
17,946
(14,777)
Cashflows
(14,777)
(14,777)		 2023
£
174,286
(37,696)
-
136,590
782
(139,629)
9,125
(129,722)
(87,721)
37,608
(50,113)
(43,245)
As at 31.03.24
136,662
127,062

8a

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

1 Status of the company

a) Statutory information

The company, a registered charity, is a company limited by guarantee not having share capital. Members are admitted by subscription and their rights are set out in the Articles of Association.

The members are not permitted to receive any dividends and the trustees are not permitted to receive any remuneration from the company.

2 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows

Accounting Convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) including the provisions of Section 1A “Small Entities” and the Companies Act 2006.

The preparation of financial statements in conformity with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" requires management to exercise its judgement in the process of applying the accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in each relevant note.

Preparation of the Accounts on a Going Concern Basis

The financial statement has been prepared on a going concern basis. As at the balance sheet date, the company had an outstanding loan with The Charity bank in the sum of £750,000. This loan is now fully repayable on demand. The directors had planned to sell the company’s interest in a long leasehold property, the proceeds of which would be used to repay the loan from the Charity bank. The surplus proceeds would then be used to continue its charitable objects. In the latter part of 2024, negotiations to sell the company’s long leasehold interest were well advanced and a sale agreed in principle. This deal was put on hold pending consultation with local action groups who are against the disposal of this long leasehold property in the way proposed.

On 24th February 2025 the property subject to the long lease was nominated as an Asset of Community Value (ACV). This means that there is a moratorium period of 6 six weeks to allow the members of the community to decide whether they wish to be considered as a bidder for the property in question. If a community action group so elects, then a full moratorium period is triggered, which is six months (from 24th February 2025), during which a community organisation can develop a detailed proposal and raise the money required to bid to buy the asset. The directors will consider such offers. Any proposed solutions from a community action group would need to be approved by the Charity Bank.

In the absence of an acceptable action plan from the community the directors are confident that there are other options to repay the Charity Bank loan including the opportunity to revisit the sale of the long leasehold previously agreed in principle. These financial statements have been prepared under the Going Concern basis and under the circumstances described above the Directors believe that this is an appropriate basis for the presentation of these financial statements.

Group Financial Statements

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Jubilee Hall 2000 Limited on a line by line basis. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. The loss for the charity alone is £105,794 (Profit 2023: £160,975)

Membership Activities

Membership activities include membership fees, gym activities, locker fees and room, equipment and sunbed hire. Membership fees are shown over the period to which it relates.

Café and Drinks Vending

Café and drinks vending is accounted for on a receivable basis, net of VAT.

Management Fees

Management fees are accounted for on a receivable basis.

Donations and Grants

Income from donations and grants, including capital grants, is included in incoming resources when these are receivable.

Resources Expended

Liabilities are recognised as soon as there is a legal and constructive obligation committing the charity to pay out resources.

Recoverable VAT

Recoverable VAT is shown as a separate income heading and was calculated on a monthly basis.

Interest Receivable

Interest is included when receivable by the charity.

8b

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

2 Accounting Policies (continued) Assets and Depreciation

Assets costing below £200 are not capitalised.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the costs, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Sports and Office Equipment over 4 years and 5 years Long Leasehold Improvements over 10 years and 25 years Short Leasehold Improvements over remaining life of lease Long Leasehold over 125 years

Pensions

The company operates a defined contribution scheme for its employees. Contributions are charged to the statement of financial activities as they become payable.

Unrestricted Funds

All of the charity’s income is unrestricted. No restricted or designated funds are held by the charity.

Allocation of Support Costs

Support costs consist of salaries for administrative staff. These are allocated on an estimated income percentage basis of 5% relating to management fees and 95% relating to income.

Allocation of Governance Costs

Governance costs consist of audit fees. These are allocated on an estimated income percentage basis of 5% relating to management fees and 95% relating to income.

Hire Purchase and Leasing Commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives. Rentals payable Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statements of financial position and the amount of the provision as an expense. It is the company’s policy to make a provision for future expected dilapidation costs in the last 3 years of a property lease to the extent that these costs could be reasonably estimated.

Taxation

The company is a registered charity and there is no liability to corporation tax. However, the subsidiary company – Jubilee Hall 2000 Ltd - is a trading company and liable to tax. There is a tax charge of £Nil (2023 - £Nil).

Deferred Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

3 INCOME FROM CHARITABLE ACTIVITIES

3a
Profit on Disposal of Assets
Membership Activities
Other Income
OTHER INCOME
Race Income
Merchandise
Management Fees		 2024
Total
£
1,628,032
1,552
225
95,465
8,395
1,733,669
2024
Total
£
26,146
26,146		 2023
Total
£
1,448,910
888
-
90,924
6,555
1,547,277
2023
Total
£
405,520
405,520

Other income includes amounts received from government grants.

8c

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

4 EXPENDITURE ON CHARITABLE ACTIVITIES

Depreciation
Repairs and Maintenance
First Aid
Service Charges
Utilities
Cleaning
Facility Contract
Insurance
Telephone
Postage
Stationery
Licences and Affiliations
Hospitality
Travel
Staff Training
Miscellaneous
IT
Publicity
Recruitment
Uniforms
Staff Costs
External Instructor Costs
Interest
Bank and Credit Card Charges
Community Project Costs
Professional Fees
Support Costs
Bad Debts
Governance Costs
Loss on disposal of assets		 2024
2024
Restricted
Unrestricted
£
£
56,654 99,221
- 32,793
- 140
- 89,472
- 277,491
- 69,155
- 87,535
- 26,550
- 6,136
- 4,836
- 19,393
- 34,073
- 5,728
- 2,032
- 11,801
- 1,075
- 61,646
- 4,617
- 4,730
- 1,730
- 614,121
- 56,958
- 57,923
- 17,220
- 5,175
- 96,395
- 122,742
- 171
- 14,100
- -
56,654
1,824,959		 2024
Total
£
155,875
32,793
140
89,472
277,491
69,155
87,535
26,550
6,136
4,836
19,393
34,073
5,728
2,032
11,801
1,075
61,646
4,617
4,730
1,730
614,121
56,958
57,923
17,220
5,175
96,395
122,742
171
14,100
-
1,881,613		 2023
Total
£
188,627
38,582
-
106,595
208,697
76,273
79,181
24,979
8,883
3,925
17,471
33,554
5,075
1,397
7,027
4,169
54,142
6,533
-
1,135
592,977
49,966
37,696
8,979
6,425
96,323
139,241
-
13,200
(5,216)
1,805,836

5 SUPPORT AND GOVERNANCE COSTS

Support Costs:

As per note 2 support costs comprise administrative wages entirely
Governance Costs:
Auditors' Remuneration:
Attributed to income
Attributed to management fee income
Attributed to income
Attributed to management fee income		 2024
£
116,605
6,137
122,742
13,395
705
14,100		 2023
£
132,279
6,962
139,241
12,540
660
13,200

8d

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

6 MOVEMENT IN TOTAL FUNDS FOR THE YEAR

Operating Lease Charges
- Other
- Land and Buildings
(a) This is stated after charging:
Pensions
Depreciation
(b) Staff costs during the year amount to:
Salaries
Social Security Costs
Charitable Activities
Auditors’ Remuneration
Staff Costs (see below)
The average number of employees during the year was:
Office and Administration		 2024
£
155,875
14,100
736,863
97,591
92,465
1,096,894
2024
£
659,523
62,728
14,612
736,863
No.
25
2		 2023
£
188,627
13,200
732,218
49,537
68,578
1,052,160
2023
£
653,677
63,653
14,888
732,218
No.
26
2

The number of employees during the year, whose gross pay and benefits (excluding employer pension contributions) fell within the following bands, was:

7
Profit/(Deficit) retained by Subsidiary
£70,001 - £80,000
Finance Income
SURPLUS/ (DEFICIT) FOR THE YEAR
Gifts in Kind
(Increase)/Decrease in Debtors and Prepayments
Increase/(Decrease) in Creditors and Accruals
£60,001 - £70,000
Banding
Profit/(Deficit) in the accounts of the Parent Undertaking
(Loss)/Profit Before Taxation
Depreciation Charges
Increase/(Decrease) in Provisions
(c) Reconciliation of profit for the year to net cash inflow from operating activities:
Finance Costs
(Profit)/Loss on Disposal Of Assets		 2024
£
-
1
2024
£
(115,919)
155,875
525
(1,901)
57,923
-
(225)
102,349
(45,746)
152,881
2024
£
(115,394)
(525)
(115,919)		 2023
£
-
1
2023
£
159,798
188,627
-
(782)
37,696
(202,616)
(5,216)
(24,699)
21,478
174,286
2023
£
160,974
(1,176)
159,798

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

8
9
Group
Long Leasehold
£
275,556
-
-
275,556
86,087
2,208
-
88,295
187,261
189,469
At the end of the year
Disposals in year
Cost or valuation
Depreciation
At the end of the year
Net book value
At the end of the year
TANGIBLE FIXED ASSETS
At the start of the year
At the start of the year
Eliminated on disposal
TAX ON PROFIT ON ORDINARY ACTIVITIES
Corporation Tax
Deferred Tax
Tax on profit
At the start of the year
Additions in year
Charge for the year		 Long leasehold
improvements
£
2,194,909
1,628
-
2,196,537
1,301,234
76,232
-
1,377,466
819,071
893,675
Short Leasehold
improvements
£
725,116
107,532
-
832,648
631,588
9,142
-
640,730
191,918
93,528		 2024
£
0
525
525

Sports & office
equipment
£
712,817
20,647
-
733,464
512,771
68,293
-
581,064
152,400
200,046		 8e
2023
£
0
-20
-20

Total
£
3,908,398
129,807
-
4,038,205
2,531,680
155,875
-
2,687,555
1,350,650
1,376,718

Included in the above is equipment held under finance leases:

2024 2023
£ £
Cost - -
Accumulated Depreciation - -

8f

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

9 TANGIBLE FIXED ASSETS

Company
Long Leasehold
£
275,556
-
-
275,556
86,087
2,208
-
88,295
187,261
189,469
10
Cost or valuation
At the start of the year
Additions in year
Disposals in year
At the end of the year
At 31 March 2024
At the end of the year
INVESTMENT IN SUBSIDIARY UNDERTAKINGS
At the start of the year
Net book value
Depreciation
At the start of the year
Name of Company
Company number
Jubilee Hall 2000 Limited
At the end of the year
At 31 March 2023
COST
3832172
Charge for the year
Eliminated on disposal
Included in the above is equipment held under finance leases:
Cost
Accumulated Depreciation		 Long leasehold
improvements
£
2,194,909
1,628
-
2,196,537
1,301,234
76,232
-
1,377,466
819,071
893,675
Short Leasehold
improvements
£
725,116
107,532
-
832,648
631,588
9,142
-
640,730
191,918
93,528
Holding
3 Ordinary Shares
Sports & office
equipment
£
649,898
18,757
-
668,655
450,188
68,161
-
518,349
150,306
199,710
2024
£
-
-
100.00%
Proportion Held
Total
£
3,845,479
127,917
-
3,973,396
2,469,097
155,743
-
2,624,840
1,348,556
1,376,382
2023
£
-
-
£
3
3

The wholly owned subsidiary Jubilee Hall 2000 Ltd, incorporated in England and Wales, pays all its trading profits to the charity by gift aid. The company’s principal activity is the management of a sports and fitness facility situated in the House of Commons at Westminster.

Net Profit/(loss)
Amount donated to the charity
The results for the year were:
Bank Interest Receivable
Administration Expenses
Recoverable VAT
Corporation Tax
Turnover
Aggregate capital and reserves		 2024
£
203,521
638
734
(204,893)
-
-
(525)
(525)
24,059		 2023
£
174,154
331
182
(175,843)
(1,176)
-
20
(1,156)
24,303

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

8g

11 DEBTORS

VAT
Accruals
Deferred Income
Trade Creditors
VAT
Pension
Trade Debtors
RS: Amounts falling Due within One Year
Due From Subsidiary Undertaking
Other Debtors
Prepayments and Accrued Income
Due to Subsidiary Undertaking
Current Instalments on Loans (note 14)
Other Creditor
Other Taxes and Social Security Costs
Pension		 2024
2023
£
£
13,814
21,377
2,405
3,108
76,379
168,493
-
174
51
277
-
1,569
92,649
194,998
2024
2023
£
£
35,201
88,098
8,272
4,292
16,918
14,923
128
-
65,242
71,832
59,124
50,183
-
-
614,103
55,556
6,952
8,255
805,940
293,139
Group
Group		 2024
2023
£
£
12,457
11,708
1,647
2,785
71,338
160,708
-
174
-
-
-
2,580
85,442
177,955
2024
2023
£
£
31,063
84,502
8,272
4,292
16,918
14,923
128
-
45,692
52,594
54,924
47,309
1,680
-
614,103
55,556
1,541
4,446
774,321
263,622
Company
Company

12 CREDITORS: Amounts falling Due within One Year

The hire purchase contracts are secured on the assets concerned.

13 CREDITORS: Amounts falling Due after One Year Group and Company

14

Less: Included in Current Liabilities
Hire Purchase
Other Loans
Other Loans at 3.25% Interest Above Base Rate
LOANS
Group and Company
Amounts repayable by Instalments:
Within 1 year
Between 2-5 years		 2024
£
-
112,179
112,179
2024
£
726,282
726,282
614,103
112,179
726,282
(614,103)
112,179		 2023
£
-
652,778
652,778
2023
£
708,334
708,334
55,556
652,778
708,334
(55,556)
652,778

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

8h

The loan is secured by a fixed charge over the fixed and current assets, and a floating charge over all other assets of the company. On 6 July 2020, the charity drew down on a loan granted by The Charity Bank Limited for £500,000. A further £50,000 was drawn down in September 2023. The repayment of the capital loan amount is due to be paid in December 2024.

15 PROVISION FOR LIABILITIES

Provision for Dilapidations
Deferred Tax		 2024
2023
£
£
-
-
525
-
525
-
Group		 2024
2023
£
£
-
-
-
-
-
-
Company

16 MOVEMENTS IN FUNDS

Group

Unrestricted funds
General funds
Restricted funds
LMCT Grant
Total funds
Sports England Grant
Gift in Kind		 At the start of the
year
£
419,434
129,967
57,869
160,369
767,639		 Incoming
resources
£
1,775,816
-
-
-
1,775,816		 Outgoing resources
£
(1,825,484)
(6,000)
-
(50,654)
(1,882,138)		 Transfers
£
57,869
-
(57,869)
-
-		 At the end of
the year
£
427,635
123,967
-
109,715
661,317

LMCT Grant

The purpose of the London Marathon Charitable Trust grant was for the refurbishment project at the Covent Garden gym completed in 2019. This is being released to unrestricted funds over 25 years which is when the conditions of the grant expire.

Sports England Grant

The purpose of the Sports England grant was for the refurbishment project at the Armoury gym which was completed in July 2023. This was released to unrestricted funds in the 2024 year end.

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024 16 MOVEMENTS IN FUNDS Company

8i

LMCT Grant
Sports England Grant
Gift in Kind
Unrestricted funds
General funds
Restricted funds
Total funds		 At the start of the
year
£
394,857
129,967
57,869
160,369
743,062		 Incoming
resources
£
1,570,922
-
-
-
1,570,922		 Outgoing resources
£
(1,629,662)
(6,000)
-
(50,654)
(1,686,316)		 Transfers
£
57,869
-
(57,869)
-
-		 At the end of
the year
£
393,986
123,967
-
109,715
627,668

LMCT Grant

The purpose of the London Marathon Charitable Trust grant was for the refurbishment project at the Covent Garden gym completed in 2019. This is being released to unrestricted funds over 25 years which is when the conditions of the grant expire.

Sports England Grant

The purpose of the Sports England grant was for the refurbishment project at the Armoury gym which was completed in July 2023. This was released to unrestricted funds in the 2024 year end.

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

Creditors falling due after more than one year
Provisions
Fixed Assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Total funds
Fixed Assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after more than one year
Total funds
Provisions		 Unrestricted funds
2024
£
1,116,968
92,649
136,662
(805,940)
(112,179)
(525)
427,635
Unrestricted funds
2023
£
1,216,349
194,998
141,840
(293,139)
(652,778)
-
607,270		 Restricted
funds
2024
£
233,682
-
-
-
-
233,682
Restricted
funds
2023
£
160,369
-
-
-
-
-
160,369		 Total
2024
£
1,350,650
92,649
136,662
(805,940)
(112,179)
(525)
661,317
Total
2023
£
1,376,718
194,998
141,840
(293,139)
(652,778)
-
767,639

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Company
Creditors falling due within one year
Fixed Assets
Debtors
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Total funds
Fixed Assets
Debtors
Cash at bank and in hand
Creditors falling due after more than one year
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after more than one year
Total funds		 Unrestricted funds
2024
£
1,114,877
85,442
89,767
(774,321)
(112,179)
403,586
Unrestricted funds
2023
£
1,216,016
177,955
105,122
(263,622)
(652,778)
582,693		 Restricted
funds
2024
£
233,682
-
-
-
-
233,682
Restricted
funds
2023
£
160,369
-
-
-
-
160,369		 8j
Total
2024
£
1,348,559
85,442
89,767
(774,321)
(112,179)
637,268
Total
2023
£
1,376,385
177,955
105,122
(263,622)
(652,778)
743,062

18 PENSIONS

The company operates a defined contributions scheme for its employees. The assets of the scheme are held separately from those of the company.

19 CAPITAL COMMITMENTS

At the year end the company had capital commitments of £Nil (2023: £Nil).

20 OTHER FINANCIAL COMMITMENTS

At 31 March 2024 the group and the company had annual commitments under non cancellable operating leases as set out below:

Leases which expire:
Within 1 Year
Within 1 to 5 years
Over 5 years		 Land and
Building 2024
95,822
383,288
862,398
1,341,508		 Other
2024
93,313
365,134
7,302,672
7,761,119		 Land and
Building 2023
92,400
369,600
924,000
1,386,000		 Other
2023
91,085
355,216
7,193,134
7,639,435

The long leasehold expires in the year 2109. The rental payable under the long lease is peppercorn, if demanded.

8k

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2024

21 RELATED PARTIES

Total remuneration in respect of key management personnel was £147,169 (2023: £138,671).

Jubilee Hall 2000 Limited is a wholly owned subsidiary of Jubilee Hall Trust Limited. The charity has taken advantage of the exemptions available under Section 33.1A of FRS102 not to disclose intra-group transactions with wholly owned subsidiaries.

22 TRUSTEES

Trustees of the charity receive free membership of the gymnasium at Covent Garden in recognition of the time they devote to it. No payment or reimbursement of expenses is made to the Trustees. None of the trustees received any remuneration.