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2025-03-31-accounts

JUBILEE HALL TRUST LIMITED

CHARITY NUMBER 273562

COMPANY NUMBER 01310649

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 

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JUBILEE HALL TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025

The trustees, who comprise the Board of Directors, present their report and financial statements for the year ended 31 March 2025.

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

I knew when I agreed to become Chair of Jubilee Hall Trust Limited in June 2024 that the role would be challenging. Although I have been involved with the Trust for just 6 years or so, this coincides with what Jonathan Giles describes in his report as one of the most challenging chapters in its history. Jon summarises all the issues we were facing when I became Chair. It was very clear that it would take hard work and a considerable team effort to resolve them and secure the Trust’s future.

As I write, we are on the cusp of finalising the sale of our Jubilee Hall Gym business to Greenwich Leisure Limited, which we all hope will end a very turbulent few years for the Trust. We are pleased GLL is taking over the running of Jubilee Hall Gym and look forward to them strengthening its presence as a community sports and health facility in the heart of Covent Garden.

Through Jon and his team, Jubilee Hall Trust has a wonderful relationship with GLL and we shall be pleased to support them whilst they settle in at Jubilee Hall. Working with them on this transaction over the last year has been a pleasure and we hope to develop a stronger relationship with them in future months and years.

With the sale of Jubilee Hall drawing to a close, we are now able to concentrate on the Trust’s future. Jon mentions in his report the areas and projects that are already in focus, to grow the Trust’s existing facilities’ management business, expand opportunities in outdoor sport and the Trust’s existing community programmes and engage more deeply with more diverse community groups. We hope soon to be joined by new Trustees who will bring new ideas, skills and expertise to support and enhance these and other initiatives that we shall be developing over the coming months and years. There is much work to be done but so impressed have the other Trustees and I been by the enthusiasm, integrity and commitment to Jubilee Hall Trust’s mission shown by Jon and his team, we are excited for the future.

I think I speak for all Trustees - past and present – as well as our wonderful staff in saying that although we leave Jubilee Hall with immense sadness, we do so in the knowledge that we have left it in the safest hands. We expect it to thrive under GLL’s ownership and send our thanks and very best wishes to all at GLL and to Jubilee Hall Gym members, personal trainers, Rizan Nyaz and Breathe.

1b

Jubilee Hall Trust Limited

Trustees' Annual Report

For the year ended 31 March 2025

Chief Executive’s report – by Jon Giles

INTRODUCTION

This year has been one of the most challenging yet defining years in Jubilee Hall Trust’s history, a year that has seen the trustees and management having to make difficult but crucial decisions to safeguard the charity’s future and ensure business continuity.

In the following sections, I set out the financial and operational pressures we have faced during the 2024/25 financial year and the actions implemented to deal with them and safeguard the charity’s long-term future. It also details our work to stabilise finances, strengthen partnerships and maintain essential community services despite considerable challenges.

While the year demanded that difficult decisions be made, the trustees and management made them having evaluated the interests of all the charity’s stakeholders and beneficiaries, including the silent majority.

These decisions have enabled Jubilee Hall Trust to emerge from a period of adversity with a renewed focus and a sustainable pathway forward.

FINANCES

In 2017, trustees became concerned about the revenue being generated by the gym operated from the Jubilee Hall in Covent Garden. Facing rising costs and more competition the Trustees decided to refurbish the facility to attract more members and to increase income. To do this, the Trust needed to borrow £500,000 from the Charity Bank. After undertaking careful due diligence, the trustees decided to go ahead with this loan.

Shortly after completion of this refurbishment in early 2020 the COVID-19 virus struck and, because of government policies introduced at the time, the gym had to shut. The Trust only survived by using its cash reserves and by making use of the government support package.

Post pandemic, membership numbers and income have never reached the aspirational levels projected at the time of the refurbishment. The market changed significantly post pandemic, with many workers opting to use gyms close to home or use online applications. Revenues were significantly less than required to cover costs.

The difficulties in managing Jubilee Hall were further exacerbated during the energy crisis. Fixed terms on our energy contracts ended when energy pricing was at its peak, leading to our supply costs increasing by over 300%.

The cost-of-living crisis put further strain on resources. The Trust has always been a proud London Living Wage employer but committing to paying the LLW would mean increases in salary costs above what we could afford. With great sadness, we stepped away from this scheme where contracts allowed.

Although the shortfall in revenue at Jubilee Hall was in part offset by the activities of our other operations, it became clear that the Trust would eventually run out of cash because of the high operating and maintenance costs at Jubilee Hall.

LEASE ASSIGNMENT

It was with this backdrop that the Trustees decided that it could not continue running the Jubilee Hall business as the operating costs would result in the Trust no longer being able to repay its debts as they fell due. Radical action was necessary and it was decided to market Jubilee Hall. To enable operations to continue during the marketing process, the Charity Bank lent the Trust another £250,000.

With property agents Savills acting on behalf of the Trust, Jubilee Hall was marketed. Only one viable offer was received, from the landlord, which offered a substantial premium for the lease of Jubilee Hall, which was accepted in principle by the trustees. This decision was challenged by certain members of the Covent Garden community and Jubilee Hall gym, which resulted in the the landlord deciding to put their offer “on hold”. At around the same time, the Trust began discussions began with Greenwich Leisure Limited who were interested in acquiring the Jubilee Hall business, including the lease.

In December 2024, Jubilee Hall was registered as an Asset of Community Value by Westminster Council. The Trust gave notice of its intention to sell Jubilee Hall, which triggered a moratorium period to enable community interest groups to indicate whether they wished to make an offer for the building. Covent Garden Community Association notified us that it wished to make an offer, extending the moratorium period to end August 2025. A detailed offer was received from the CGCA to acquire the Jubilee Hall business and assets. This was considered in detail, along with the bid received from GLL. Having evaluated both offers using published evaluation criteria, the trustees unanimously agreed to accept GLL’s offer.

The sale of the Jubilee Hall business and assets completed on 17 December 2025, following which the Trust will repay its loan from the Charity Bank in full. The balance of the proceeds of sale, with its income from other operations, will enable the Trust to continue to run its other operations and meet its charitable objects. The sale of Jubilee Hall will end a very difficult period for the Trust and should secure the future of the Trust.

1c

Jubilee Hall Trust Limited

Trustees' Annual Report

For the year ended 31 March 2025

FINANCIAL PERFORMANCE

In the year to 31 March 2025, the charity suffered a loss of £266,089 (2024: loss £106,322). Although income increased slightly, costs increased more, particularly in salaries, legal fees and finance costs. Operations at The Armoury performed well in the year, increasing its contribution to the Trust and the management contracts at the Palance of Westminster and Coin Street were retained and contributed towards central costs.

With the anticipated surplus from the sale of Jubilee Hall, along with the profits from the Trust’s other activities, the trustees are satisfied that the Trust will have sufficient resources to meet its obligations when they fall due.

COMMUNITY

Despite the severe financial pressures, we continued to support our local community groups wherever possible, working within the limits of our available resources. This included continuing to fund the instructor costs for the Senior Classes at Jubilee Hall and doubling the number of free memberships offered to residents of St Mungo’s Homeless Hostel, ensuring that some of the most vulnerable members of our community could continue to access physical activity and wellbeing support.

At The Armoury, one of our long-standing community groups, Heart to Heart, lost its grant funding and was no longer able to cover the cost of its classes. Recognising the immense value these sessions provided, we made the decision to absorb the instructor costs to ensure that this vital programme could continue.

Our Westminster team, alongside Kim Leadbeater MP, led the Fit for Office campaign and International Women’s Day activities in partnership with UK Active and Myzone. With Kim teaching some of the classes herself, and a series of free events delivered across our sites, the programme powerfully highlighted the importance of physical activity for women and girls—particularly in strength and resistance training.

We also continued to work closely with the Health and Wellbeing Team, supporting various initiatives across the estate.

Our annual Run for Your Life event celebrated its 10th year on Hampstead Heath, attracting 200 pre-registrations and generating excellent feedback from participants. Once again, JHT staff volunteered their time to make the day a success. Although the event ran at a financial loss on this occasion, we were confident that our later Duathlon event would offset this. The Duathlon, held in partnership with Hampstead Rugby Club, attracted a record 500 participants, a milestone we surpassed again in 2025 with over 600 participants—a testament to the event’s growing popularity. A huge thank you goes to Ella for her exceptional organisation and leadership.

The surplus generated from these community events enabled the Trust to begin discussions with the Royal Free Hospital regarding potential Cancer Rehab and Prehab programmes, including the provision of ancillary space within The Armoury. While the programme has yet to launch, our GP Referral Manager, Les, has made significant progress in developing community health partnerships and engagement.

Throughout these challenging times, there were some areas where the charity refused to make cuts—most notably, our GP Referral Programme at both The Armoury and Westminster. This initiative remains central to our mission of improving the health and wellbeing of our local community. Participants are referred for a three-month programme at no cost, with a subsidised entry fee to maintain ongoing activity. Over the past 12 months, we have supported patients in Hampstead and in Westminster, providing life-changing access to physical activity and wellbeing support.

AWARDS AND RECOGNITION

Amid the challenges facing the Trust, there have still been moments of significant positivity—much of which stems directly from the dedication and resilience of our leadership and senior management teams. Our unwavering commitment to our culture and values led to Jubilee Hall Trust being shortlisted as finalists in the UK Active Outstanding Leadership Team Award 2024. Although we did not win the award on the night, being recognised among the finalists was a tremendous achievement and a powerful acknowledgment of the importance of strong, compassionate leadership during testing times.

In addition, before the full extent of the financial pressures on the YMCA became known—and despite the general decline in customer numbers—Jubilee Hall Trust and the YMCA jointly won the UK Active Innovation Award 2024. This recognition celebrated the collaboration between two like-minded yet traditionally competing organisations to develop a shared membership model that offered reciprocal access for members. The initiative enabled JHT members to access swimming facilities and YMCA members to use sites in Westminster and Southwark, promoting inclusivity, innovation, and greater community access to health and fitness.

We were delighted to be awarded an additional two-year contract for the Westminster Gym, extending our agreement through to March 2026.

1d

Jubilee Hall Trust Limited

Trustees' Annual Report

For the year ended 31 March 2025

CONCLUSION

When I look back over the past twelve months—and indeed since reopening after the pandemic—I am reminded of just how much a small charity like Jubilee Hall Trust has had to endure. Like many others, we have felt the profound impact of the energy crisis and the cost-of-living crisis, both of which have significantly challenged our financial sustainability. Yet, the landscape of the Central London gym sector has also changed beyond recognition since Covid-19.

Five years on, remote and hybrid working remain the norm, fundamentally reshaping local footfall and demand. We have witnessed neighbouring operators, including Digme Fitness, the YMCA and Gym Box, close their Covent Garden sites, while larger organisations with stronger cash reserves and operations outside Central London have been able to absorb their losses. Unfortunately, as a small independent charity, we did not have that same ability.

I often reflect on the extraordinary leadership and resilience shown across this charity. Throughout this time, our teams have continued to show up, deliver for our communities, and support each other despite immense uncertainty. Their commitment to both our people and our purpose has been unwavering, and the fact that the charity survived is testament to their hard work, compassion, and perseverance.

Their resilience and tenacity—particularly in Covent Garden, where staff faced periods of bullying and harassment—deserve the highest commendation. I am especially proud of my leadership team: Nicol, Ciara, Lauren, and Becky, who worked tirelessly to strengthen both the organisation and team morale. I would also like to extend special recognition to Oliver Deen, our Operations Director who, even under extreme pressure, ensured that our team culture remained strong and supportive.

Above all, I wish to express my sincere gratitude to our remaining trustees — Sebastian Bull, Cllr Linda Chung, Jamie Homer (whose HR and personal support was invaluable) were instrumental in guiding the charity to a successful outcome with GLL. I want to especially mention Carol Martin, whose resilience and determination, despite being personally challenged by certain members of the Covent Garden community and action group, kept the board focused on our strategic aims. Carol has contributed countless hours of personal time to support me during this period, in particular during the sale negotiations, which ultimately led to the very best outcome for Jubilee Hall Trust, its community and our staff.

As we look ahead, Jubilee Hall Trust can finally begin to look towards a more optimistic future. Our focus now turns to growth—including new management contracts and through expanding opportunities in outdoor sport. We are also determined to engage more deeply with the diverse community groups that need us most, including women and girls, and those involved in cancer rehabilitation and prehabilitation.

There are many lessons to learn from the past few years and reflecting on them will be essential as we shape our future. But throughout it all our honesty, integrity, and commitment to the mission of Jubilee Hall Trust have never wavered.

I am immensely proud to have led this charity through what has undoubtedly been one of the most challenging chapters in its history—and to stand alongside a team whose dedication continues to inspire hope and progress for the communities we serve.

1e

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 (resigned 17/04/2025) R Perkins (resigned 24/03/2025) L Chung J J C Simpson (resigned 04/03/2025) S Bull J Homer S L Bussey (resigned 01/05/2025) 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

FIliANCI.4L REI'IEW, INI'ESTfvIEYT POLICY AND RESERVES Thc loss for tlic ycar ￿aS £266,089 1?0?4_ L106,3??I which has bLrii dcducled from the balance brought fonvard, ]eaving an acaimiiiaied fi]nd of £3y5.)?¥ l?U•4. b661.3171 ￿ b¥ ¢tsrri¢d fi)rwdrd. Thc trnstces monitor earcfiilly the rcservL% of thc ¢hariry. With thc rcyilar cashflows of the chariry and with thc loan facility th¢ beli¢vc th¢y havc siifficicnl rescrves lo conlinuc lo opcralc. D15CLOSURE OF INFOR TrIA TIOP4 TO AUDITORS E.'a¢h (If lh¢ dirLXtvry and Lwsl¢Li 1{irtfirnknl ihui ih¥ry 15 nl) inforniation vf whiih thLy arl awarL whi¢h is r¢lLvant ￿ thL audil. but of whi¢h lh¢ auditor 15 unawarc. Thcy havc frurihcr conliimcd thai thcy havc taken appioprialc 5PS to identitysuch relevant infortnalion and es￿bliSh thai the auditors ar¥ awar¢ of sll¢h infornLqtion. Oll bebalf Olthe Bogrd J Gile5 Chief EAecutii 19 Dec 2025 Dted

Jubikc Hall Trust LitThitcd St4t¢men¢ olTru5t¥e5' Re5P0Th5ibilitie5 For the iegr ended 31 fvlareh 21b25 Company law rcquir¢s th¢dir¢¢iors. who ar¢ thc charity trUSl¥cs. to pr¥p&r¢ finan¢i&l SLqt¢m¢nts that giv¢ a ttV¢ and fair vi¢w of th¢ stai¢ of affairs of Ihc ciimpany and of Ihc ¥roup and of Ihc 5UTpIu¥ UTdelicil of Ihc group foT Ihal pcriod. Ill doinu 50, Ih¢y are required ￿.. select suitableBccountillg policics and then apply Ihem consistentty,. tnake judgcttKnls and estirnales thai are rcasonablc and prudent., btutc whEthcr Ihc poliricb adOp￿d arc in arcordancc wilh thr C-huritii) SORP. Ihr Rc¥ulalion5 madc undrr S44 of thc Chariiic5 Act and with applJcab]e accounting standards. subject io anyJllaieriBI depart1￿c5 disclosed Aiid explained Jn thc financial Ststen￿ts' - PTcpaTC Ihc finunriul 5talcmcn15 on Ihc ¥oin¥ Conccrn basi¥ unIC￿ il is inappToprialc lo prwiumc Ih41 Ihc rompany will ronlinuc lo opcratc. ThL ￿l￿tors and twstws ar¢ r¢£p()rt4itTrl¢ For TtJairtiainingprop¢Ta¢¢Oiiniin¥ r#ord% which di4¢1o£¢ ivith rea4onabk a¢LUrnLy ai arty tinK lh¢ fiTLgn¢ial positiott of thc groiip and to cngblc thcm to cnsurc that the firtancial statcmcrtts eornplywith thc Companics Aet ?006 artd Ch2ritic% SORP. TheyarL also Tcswnsiblc for bufr¥uurdin¥ Ihc usbct5 of Ihc wiup and hcncc foT takin¥ rra50TLablc 51cps for Ihr prrvcntion and thicction of fraud and oihcr C Martl On behllifofthe Board 19 Dec 2025 Dated

3a

Jubilee Hall Trust Limited

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

For the year ended 31 March 2025

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 2025 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.

CONCLUSIONS RELATING TO GOING CONCERN

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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 report. 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 required to report that fact.

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 2025

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 2025

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 23/12/2025

4

Jubilee Hall Trust Limited

Group Statement of Financial Activities

For the year ended 31 March 2025

Note
Income from:
3
3a
4
16
8
Net movement in funds
Reconciliation of funds:
16
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:
Total funds carried forward
Total funds brought forward
Tax on profit on Ordinary Activities		 Unrestricted
£
1,774,481
3,023
17,065
15,652
1,810,221
2,019,728
2,019,728
(209,507)
-
(209,507)
72
(209,435)
427,635
218,200		 Restricted
£
-
-
-
-
-
56,654
56,654
(56,654)
-
(56,654)
-
(56,654)
233,682
177,028		 2025
Total
£
1,774,481
3,023
17,065
15,652
1,810,221
2,076,382
2,076,382
(266,161)
-
(266,161)
72
(266,089)
661,317
395,228		 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

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

Jubilee Hall Trust LiTnited Group Balance She£t As 1131 M*rch 2025 2025 2024 Nol¢ Fixed asset5- Tangiblc a55ets J344,Y2 1,350.650 Current assels: Dcbiiirs C3£h at bank and in hand 113.071 92.649 136.&62 318,09) CrcdilÉir5". dtnounts fallinb due within ont ytar 11,068,186) 1805.9401 Net current a55ets 1750.0961 1576.6291 Total assets less ¢urrent IlabSllile5 494J123 774.021 Cr¢ditors- Amounts fallin8du¢ aftcr rnor¢ than On¢ Y¢3r LoAns 199,1421 Provlslons 14531 15251 Tot21 net 295et$ 395.228 Unreslricted funds Re$trict¢d funds 218.21N) 177.028 427,635 233.682 Total funds 395.22¥ Th¢ trust￿ havc prcparcd rhL%C financial 4tst¢m¢nts in accordance with scctioll 398 of thc Companics Act 2006 8t￿ s¢ction 138 of Ihc Chariti( A¢1 ?01 l. ThLse accounts ari prcparL4J wilh Ihc spc¢i)I provisions of Pari 15 of lh¢ Companies A¢1 rclaiing to small companies and consi11u￿ ihc annudl aLxvunts Tt4uirLTrd by Ihe Cumpanics ALI 2(K)6 and Jre foriiTLuldliun lu mem1￿[5 ufihe cumtyany 19 Dec 2025 Thc finallcial statcmcnts wcrc aPPTovcd and auihoriscd for issuc by Ihc Bollrd of Trustccs on..................................and wcrc si￿]￿ on bohlllf ofihc Board by.. avuo C ￿larIO Company Number: 01310649

Jubllrc Hall Trust Llmltcd BalaTrcÈ $beet A$ 131 P+lrrh 20L4 20Z.S 2024 Notc FIX￿ a55ety- 1242J41 1.348.556 Invesitncni in Subsidiary Undertaking 10 1342.W .348.559 Curttnt asseis: DLbtors Cash ai bank and in hand 103205 164,970 85,442 89.767 269.175 175.2Q9 Crcdiior5-. atllounts falling due within one year 11.041.4711 Net Cur￿n1 a55ets (772.296Tr {599.1121 Total A55ets le55 current liabilitie5 47034B 749.447 Credltors- An￿wits falling du¢ af￿ mi)w than ()nL Yiar l.Iwi¥ 99,142 Proi151ons To¢wl n¢1 w55e¢y 371,106 647 ?68 Unrestricted funds R¢strlrted fund$ 194.078 177.V2¥ 403.586 23.3.fi%2 Totgl funds 371,106 637368 ThL trugteL% have pr¢pared ihLse finan¢iAI %tatcmcni% in aeeDrdan¢c wilh %L'¢liDrt 398 ofLhL Ctsmparti¥s Aei 2(K)6 and %L'lii)n 138 ofthL' ChAriliC% ALI 2011. ThL%C a¢¢thuni% ar¢ pr¥Tr&r¢J with thc spwiAI provi%ion% of Part 15 ()f th¢ Compani¢% A¢L r¢lAiing to %mall ¢(ThpaniL% And ¢On%iilut¢ thL annuAI a¢¢tsunts rcqllln￿ by the Companics Act 2(N)6 arc for eireulation to mcmbcr% of thc company 19 Dec 2025 Thc financial stal¢nKnts wcr¢ appTovcd auihori5cd foT issuc by Ihc B(kird of Tru51ccs on..................................and wcrc 5i8ncd on bchalf of Ihc 8(iJrd by". C Mrtl Yumbtr- Ol3111fA9

7

Jubilee Hall Trust Limited

Group Statement of Cash Flow

For the year ended 31 March 2025

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 01.04.24
136,662
136,662		 2025
£
42,066
(63,590)
-
(21,524)
3,023
(117,701)
-
(114,678)
(147,038)
351,598
204,560
68,358
Cashflows
68,358
68,358		 2024
£
152,881
(57,923)
-
94,958
1,901
(129,807)
225
(127,681)
(89,977)
107,923
17,946
(14,777)
As at 31.03.25
205,019
205,019

8a

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

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 net current liabilities of £772,296. After the balance sheet date on 17 December 2025, the company sold its leasehold interest in the Covent Garden property and related assets to Greenwich Leisure Limited and as a result was able to pay off its debt with the Charity Bank shown in current liabilities at the balance sheet date. As a result of this transaction, the company was also able to enhance its cash position. Accordingly the directors are confident of the company’s ability to continue to operate for the foreseeable future and believe that the these financial statements have been appropriately prepared on the going concern basis.

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 £266,162 (2024: £115,394)

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 2025

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 (2024 - £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
Management Fees
Race Income
Other Income
Merchandise
Membership Activities
Profit on Disposal of Assets
OTHER INCOME		 2025
Total
£
1,663,155
1,266
-
100,236
9,824
1,774,481
2025
Total
£
15,652
15,652		 2024
Total
£
1,628,032
1,552
225
95,465
8,395
1,733,669
2024
Total
£
26,146
26,146

Other income includes amounts received from government grants.

8c

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

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		 2025
2025
Restricted
Unrestricted
£
£
56,654 119,435
- 39,555
- 61
- 121,079
- 221,724
- 69,506
- 95,434
- 28,394
- 6,704
- 81
- 22,167
- 40,434
- 6,997
- 2,422
- 7,664
- 2,256
- 72,043
- 9,009
- 683
- 711
- 673,701
- 53,953
- 63,590
- 11,550
- 6,792
- 135,849
- 145,352
- -
- 15,240
- 47,342
56,654
2,019,728		 2025
Total
£
176,089
39,555
61
121,079
221,724
69,506
95,434
28,394
6,704
81
22,167
40,434
6,997
2,422
7,664
2,256
72,043
9,009
683
711
673,701
53,953
63,590
11,550
6,792
135,849
145,352
-
15,240
47,342
2,076,382		 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

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		 2025
£
138,084
7,268
145,352
14,478
762
15,240		 2024
£
116,605
6,137
122,742
13,395
705
14,100

8d

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

6 MOVEMENT IN TOTAL FUNDS FOR THE YEAR

Operating Lease Charges
- Other
- Land and Buildings
The average number of employees during the year was:
Office and Administration
(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)		 2025
£
176,089
15,240
819,053
129,198
95,822
1,235,402
2025
£
731,531
71,556
15,966
819,053
No.
25
2		 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
The number of employees during the year, whose gross pay and benefits (excluding employer pension contributions) fell within the The number of employees during the year, whose gross pay and benefits (excluding employer pension contributions) fell within the
following bands, was:
Banding 2025
2024
£
£
£70,001 - £80,000 -
1
£80,001 - £90,000 1
-
(c) Reconciliation of profit for the year to net cash inflow from operating activities:
(Loss)/Profit Before Taxation 2025
2024
£
£
(266,090)
(115,919)
Depreciation Charges 176,089
155,875
Increase/(Decrease) in Provisions (72)
525
Finance Income (3,023)
(1,901)
Finance Costs 63,590
57,923
Gifts in Kind -
-
(Profit)/Loss on Disposal Of Assets 47,342
(225)
(Increase)/Decrease in Debtors and Prepayments (20,422)
102,349
Increase/(Decrease) in Creditors and Accruals 44,652
(45,746)
42,066
152,881
7 SURPLUS/ (DEFICIT) FOR THE YEAR
Profit/(Deficit) in the accounts of the Parent Undertaking 2025
2024
£
£
(266,162)
(115,394)
Profit/(Deficit) retained by Subsidiary 72
(525)
(266,090)
(115,919)

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

8
9
Group
Long Leasehold
£
275,556
-
-
275,556
88,295
2,208
-
90,503
185,053
187,261
Charge for the year
At the start of the year
Additions in year
TAX ON PROFIT ON ORDINARY ACTIVITIES
Corporation Tax
Deferred Tax
Tax on profit
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
At the end of the year
Disposals in year		 Long leasehold
improvements
£
2,196,537
22,398
(81,168)
2,137,767
1,377,466
76,029
(33,826)
1,419,669
718,098
819,071
Short Leasehold
improvements
£
832,648
515
-
833,163
640,730
13,723
-
654,453
178,710
191,918		 2025
£
0
72
72

Sports & office
equipment
£
733,464
94,788
-
828,252
581,064
84,129
-
665,193
163,059
152,400		 8e
2024
£
0
(525)
(525)

Total
£
4,038,205
117,701
(81,168)
4,074,738
2,687,555
176,089
(33,826)
2,829,818
1,244,920
1,350,650

Included in the above is equipment held under finance leases:

2025 2023
£ £
Cost 88,003 -
Accumulated Depreciation 16,137 -

8f

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

9 TANGIBLE FIXED ASSETS

Company
Long Leasehold
£
275,556
-
-
275,556
88,295
2,208
-
90,503
185,053
187,261
10
At the end of the year
At 31 March 2024
COST
3832172
Eliminated on disposal
Included in the above is equipment held under finance leases:
Cost
Accumulated Depreciation
Name of Company
Company number
Jubilee Hall 2000 Limited
Depreciation
At the start of the year
Cost or valuation
At the start of the year
Additions in year
Disposals in year
At the end of the year
At 31 March 2025
At the end of the year
INVESTMENT IN SUBSIDIARY UNDERTAKINGS
At the start of the year
Charge for the year
Net book value		 Long leasehold
improvements
£
2,196,537
22,398
(81,168)
2,137,767
1,377,466
76,029
(33,826)
1,419,669
718,098
819,071
Short Leasehold
improvements
£
832,648
515
-
833,163
640,730
13,723
-
654,453
178,710
191,918
Holding
3 Ordinary Shares
Sports & office
equipment
£
668,655
93,593
-
762,248
518,349
83,219
-
601,568
160,680
150,306
2025
£
88,003
16,137
100.00%
Proportion Held
Total
£
3,973,396
116,506
(81,168)
4,008,734
2,624,840
175,179
(33,826)
2,766,193
1,242,541
1,348,556
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.

Aggregate capital and reserves
Net Profit/(loss)
Amount donated to the charity
The results for the year were:
Corporation Tax
Turnover
Bank Interest Receivable
Administration Expenses
Recoverable VAT		 2025
£
232,358
719
826
(233,903)
-
-
72
72
24,131		 2024
£
203,521
638
734
(204,893)
-
-
(525)
(525)
24,059

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

8g

11 DEBTORS

VAT
Other Taxes and Social Security Costs
Pension
Due From Subsidiary Undertaking
Other Debtors
Prepayments and Accrued Income
Accruals
Deferred Income
Trade Creditors
Due to Subsidiary Undertaking
Current Instalments on Loans (note 14)
Other Creditor
VAT
Pension
Trade Debtors
RS: Amounts falling Due within One Year		 2025
2024
£
£
21,305
13,814
3,504
2,405
87,944
76,379
-
-
-
51
318
-
113,071
92,649
2025
2024
£
£
83,298
35,201
6,409
8,272
20,102
16,918
677
128
79,232
65,242
41,433
59,124
-
-
831,697
614,103
5,338
6,952
1,068,186
805,940
Group
Group		 2025
2024
£
£
15,741
12,457
1,580
1,647
82,614
71,338
-
-
-
-
3,270
-
103,205
85,442
2025
2024
£
£
78,663
31,063
6,408
8,272
20,102
16,918
677
128
66,882
45,692
36,294
54,924
-
1,680
831,697
614,103
748
1,541
1,041,471
774,321
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
Between 2-5 years
Less: Included in Current Liabilities
Finance Lease
Other Loans
Other Loans at 3.25% Interest Above Base Rate
LOANS
Group and Company
Finance Lease
Amounts repayable by Instalments:
Within 1 year		 2025
£
51,065
48,077
99,142
2025
£
862,137
68,702
930,839
831,697
99,142
930,839
(831,697)
99,142		 2024
£
-
112,179
112,179
2024
£
726,282
-
726,282
614,103
112,179
726,282
(614,103)
112,179

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

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. Further draw downs were made totalling £250,000. The repayment of the capital loan amount is due to be paid in October 2025.

15 PROVISION FOR LIABILITIES

Provision for Dilapidations
Deferred Tax		 2025
2024
£
£
-
-
453
525
453
525
Group		 2025
2024
£
£
-
-
-
-
-
-
Company

16 MOVEMENTS IN FUNDS

Group
Gift in Kind
Total funds
Unrestricted funds
General funds
Restricted funds
LMCT Grant		 At the start of the
year
£
427,635
123,967
109,715
661,317		 Incoming
resources
£
1,810,221
-
-
1,810,221		 Outgoing resources
£
(2,019,656)
(6,000)
(50,654)
(2,076,310)		 Transfers
£
-
-
-
-		 At the end of
the year
£
218,200
117,967
59,061
395,228

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.

Gift in Kind

The Gift in Kind relates to gym equipment donated to the charity in 2023 which had a market value of £223,430. This is being realsed to unrestricted funds over the usefeul life of the asset of 4 years.

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025 16 MOVEMENTS IN FUNDS Company

8i

Unrestricted funds
General funds
Restricted funds
Total funds
LMCT Grant
Gift in Kind		 At the start of the
year
£
403,586
123,967
109,715
637,268		 Incoming
resources
£
1,576,316
-
-
1,576,316		 Outgoing resources
£
(1,785,824)
(6,000)
(50,654)
(1,842,478)		 Transfers
£
-
-
-
-		 At the end of
the year
£
194,078
117,967
59,061
371,106

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.

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

Creditors falling due after more than one year
Provisions
Total funds
Fixed Assets
Debtors
Cash at bank and in hand
Creditors falling due after more than one year
Total funds
Provisions
Creditors falling due within one year
Fixed Assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 Unrestricted funds
2025
£
1,067,892
113,071
205,019
(1,068,186)
(99,142)
(453)
218,200
Unrestricted funds
2024
£
1,116,968
92,649
136,662
(805,940)
(112,179)
(525)
427,635		 Restricted
funds
2025
£
177,028
-
-
-
-
177,028
Restricted
funds
2024
£
233,682
-
-
-
-
233,682		 Total
2025
£
1,244,920
113,071
205,019
(1,068,186)
(99,142)
(453)
395,228
Total
2024
£
1,350,650
92,649
136,662
(805,940)
(112,179)
(525)
661,317

Jubilee Hall Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Company

Company
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Creditors falling due within one year
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
Total funds
Fixed Assets
Debtors
Cash at bank and in hand
Creditors falling due after more than one year		 Unrestricted funds
2025
£
1,065,516
103,205
165,970
(1,041,471)
(99,142)
194,078
Unrestricted funds
2024
£
1,114,877
85,442
89,767
(774,321)
(112,179)
403,586		 Restricted
funds
2025
£
177,028
-
-
-
-
177,028
Restricted
funds
2024
£
233,682
-
-
-
-
233,682		 8j
Total
2025
£
1,242,544
103,205
165,970
(1,041,471)
(99,142)
371,106
Total
2024
£
1,348,559
85,442
89,767
(774,321)
(112,179)
637,268

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 (2024: £Nil).

20 OTHER FINANCIAL COMMITMENTS

At 31 March 2025 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 2025
99,878
399,512
788,024
1,287,414		 Other
2025
113,428
445,592
8,800,442
9,359,462		 Land and
Building 2024
95,822
383,288
862,398
1,341,508		 Other
2025
93,313
365,134
7,302,672
7,761,119

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 2025

21 RELATED PARTIES

Total remuneration in respect of key management personnel was £158,989 (2024: £147,169).

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.

23 POST BALANCE SHEET EVENTS

On 17 December 2025, the company completed its leasehold interest in the Covent Garden property and related assets to Greenwich Leisure Limited and as a result was able to pay off its debt with the Charity Bank shown in current liabilities at the balance sheet date.