THF HAMPSTF.AD GARDEN SUBURB TRUST LIMITED
(Formerly The New Hampste#d Garden Suburb Trust Limited)
(A company limited by guaraRtee and having no share capital)
REPOIiT AND ACCOUNTS
FOR TIIE YEAR ENDED 5 APRIL 2021
Charity Numbcr: 10511098
Company Number.. 928520
Registercd in England

THE HAMPSTEAD GARDEN SiJBURB TRUST LIMITED
(Formerly The New Ha￿p5te2d ev￿rdeTr Suburb Trust Limited>
(A company limited by guargnlee and hoving DO 5hRf¢ c8Pltal)
REPORT AND ACCOUNTS
FOR THE YEAR ENDED S APRIL 2021
CONTENTS
Page
Chaiiman's review
Legal and adtnillistrative details
Report of the council
6-12
Independent auditors, report
Statemcni of financial activities
16
Balance sheet
17
Statement of ¢a5h flows
18
Notes to the fiTtan¢ial statem¢ntS
19-29

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITF.D
CHAIRMAN'S REVIEW 2020n021
202012021 has been a year like no other. At thc time of wriling this rcport many of the Covid restrictions arc likely to b¢
lifted but it is becoining increasingly clear that we aTe going to have to learn to live with Covid. As part of thi% we ar¢
looking to hold this year's AGM in person, keeping Itvc attcndanee to the safe capacity of the venue and live-streaming
the event to anyone unable to attend.
The TNst rose to the challenge of remote working. In sumimary
All essential Trust functions were maintained
OperationAI processes were streamlined or moved on-line, including planning applications, most financial
processeg and record-keeping
We appoint¢d external accountants lo fulfil a finance director rol¢ and this has improved financial reporting and
operational managemeni
All mectings have taken place on Zoom and whilst we all have inissed the personal interaction these have worked
very successfully.
Whilst this statement was in my report last year thc acquisition of Central Square 15 ntsw due to be completed any
time now,
202012021 g&w & major increase in applications 85 a result of residents wanting to make more use of their prop¢rtie
including many rnore garage conversions, extensions and loft conversions. We also saw more work carried out without
consent which has required reinedial action by the Trust. The Trust will not hesitat¢ to take action where required.
should like to thank all the staff for all their haid woi'k in these very challenging time5 Lind in particular Ihe leadership
shown by Simon Hend¢rson. I should also like to thank the tTUStees and volunteers foi their time and coinmilment to the
frust. and to wel¢om¢ our new tr￿Slee, Trevor Price, and his contribution to thc Trust.
As you will See from these Accounts we have had a go(Kl financial perfor]nance thi5 year. This will be reflected in the
rebate un Éhe managJem¢nt charge as well giving the Trust ilie opportunity to invest fund5 Ill the further improvement ofthe
Suburb, including Central Squ&re. We arc also looking to buy additional invcstment propertie5 to incre&8e the income of
the Trust.
I would be very bold to make a categoric statement as to what is going to happen in the coming year but l am tonfident
that the Trust will conlinue to cope with whateveT Jnay be thrown ai us.
Rjymond Taylor
Chairman

THE HAMPSTEAD GAKDF.f4 SUIIURB TRUST LIMITED
LEGAL, ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE TRUST
Menjbers of the Council on I. ,8cpt¢mber 2021
F.lected member5:
Raymond Taylor {Chaiman). Elected 20 September 2018.
Raymond has lived on the Suburb for over 35 years and scrved on the Trust's Estate and Finance & Organisation
Lommittees Prior to bccoming a trustee. He is a practicing corporate solicitor.
2. Maralyn Roberts. klect¢d 27 Scptember 2019.
Maralyn ha5 lived on the Suburb far 38 ycaTS. She was eleeted as 8 Trustee 2019. She sits on the Trust's Property and
Plans Committee, as well as ¢haiTing thc Trll5t'5 Grants and Atnenities CominittEe.
Richard Townley. P.lected 27 Septcmber 2019.
Richard, who has lived in the Suburb for 43 year5, is a fellow of the Royal IDsiitution of Chart¢Ted 8urvcyor% and has
spent oyer 50 years specialising in commercial property investment. For ten yeaTS he was a Trustee of AmbitlgU5
About Autism and has been involved in various Siiburb projecrs, in particulor the introduction of the Heritage lighiing
in Central Square a]]d the installation of the new flowcr bcds in the Square.
Trcvor Price. Elected 30th 8ep¢¢mber 2020.
Trevor has lived on the Subllib fur alinost 30 years in three separate properties. two of which underwent significant
renovation in lin¢ with Tru8t guidclines. He has worked wilh the Trllst on a number of iinprovementprojects, including
conscrvation work to the Gre&t Wall.
Appointed member5:
F.Ispeth Clcments. Appointed by the Royal Institute af British ATchitccts on l Aprs12015. Rc-8ppointed l April 2018
and 2021. Elspeth is an accredited RIFIA Conservalion Archit￿1 and a fortncr mcThbeT nf RIBA Council. She works
in partnership with David Portcr as Clements & Porter Ar¢hit¢ct5, founded in 1979. She is a180 Chairtnan of the
Highgate Sociery Planning Groiip and wrote part of the Highgate Conservation Are8 Appraisal.
Dr Tyc Blackshaw. Appointed by the Viciorian Soci¢ty on 7 January 2020
Dr Blackshaw recently served on the Planning Committee of the Highgate Society. She also previously lived in
Hainpstcad Garden Suburb for a decade.
7. Jonathan Ross. Appointed by the Law Society on 18 Jllly 201 l. Re-appointed 18 July 2014, 2017 and 2020
Jonathpn 15 i solicitor and is head of property liligation at Forsters LLP. where his clients include a number of swtion
19 QTgaiiization% and estates. He writes regularly for the property press. Jonathan is not now a resident but he was
brought up on the Suburb and hi5 father is a past member of the Trust Council.
8. Alison Rlom-cooper, Bsc MPhil MRTPI. Appointed by ihe Royal Town Planning Institute on 12 April 2014.
Reappointed 12 April 2017 and 2020. AlisoTr has ovcr 30 yeaTS' experience of planning issues across both ihe publie
and privat¢ Sectors. she ha5 a particular interest in training and communications. She is currently Assistant Director
Strategic Place and Planning for a local autholity.
Electiotl 4nd Appointment to the Collncll..
There was one vacancy flir election following the end of David While's double thr¢¢-ye2r term. A single c2ndidat¢, Trevor
Price, was proposed and elected unopw)sed at the AGM on 30th September.
Registered 0￿1¢¢
The regisiered uffice of the Trust is 862 Finchley Road, London NWI16AB, telephone numbers 020 8455 1066 and 020
8458 8085, einail.. lndil@hgslrust.org website.. www.hgsiTUSt.org. The office i5 normally open Monday to Fi'iday 9am to
spin, ¢xcluding public holidays.

THE HAMPSTEAD CARDEN SUBURB TRUST LIMITED
LEGAL, ADMINJSTRATIVE AND OTHER INFORMATION ABOUT THE TRUST (continued)
Trust Company membership
At 5 April 2021 theTe were 694 member5 of the Trust Company and 58 associate members. Meinberghip of the Trusi is
open to adults who have bcen Continuously resident on the Sublli'b for over three years. Other adult rcsidenis may join as
associate members. Applications are welcom¢ (there i5 no chdrg¢ or subscriplion, and each inember's liabilily is limiied to
a guarLintee of £5). The <ipplication form can be obtained froin the website (www.hgstrusl.org} or from th¢ Trusi office at
the address above.
Trust Council's respon5ibilitie%
The Trusi Council meets ten times a year to direct and oversee the WOTk of the Ti'ust slaff in s&feguaTdingF the chardcter aTKI
a¥nenities of the Siibllrb. The Trust Council comprises four Inembers elected by residents who are Ineinb¢rs of the Trust
and four members ￿ppointed individually by the Law Society. the Royal Institute of British Architects. the Royal Town
Planning Institut¢ and tht Victorian Society. These positions are all unpaid and carry responsibilities and duties requiring
considerable time, und¢rstanding ￿nd ¢ffort.
Counell members. induction and training
New Council members are given written inforinatinn including the Scheme of Mdnllgemenl, Articles of Association,
Annual Report and Charity Cominission publications including The Essential Trusteo. Induction gessions and wurses 4T¢
offered. tdilf)red to individual needs and cot)cerns. New Council Inembers are encouraged to tour the office and meet all
the staff and io attend the Property and Plans Coiwnittee to gain insighi into th&t itnportaTrt aspeLt of the Trust's work.
Honorary Life President
The Trus¢'5 Honorary Life President is Dr Mcrvyn Millcr PhD. BA. BArch (Hons), MUP, MArch, FRIBA, FRTPI.
Honorary Accounts Adviser
The Honorary Account5 Adyiser 15 Robin Marks Bsc {Hons), AMIMA, AA'f, TF.P.
Volllnteer Members of Advisory Commillees (in addition lo Trust Council memb¢rs):
Estste Cotwnitt¢e'. Alan Bwdney, Judith Chaney, Laurence Wolff
Finance Committee.. Jeremy CIyDes, Robin Mark5, Paul Hartl¢y, Tony Ghil¢hik
Grants and Amenities Committee.. Rosemary Goldstein, Jonathan Seres, Lollige Scheller, Ron Finlay
Propety and Plans Committee.. Ann Sp¢ncer, Helena Bones. Tony 7,eilinger (alt¢mate)
Staff
Th¢ following people are currently employed by the Trust..
Full-time:
Simon Henderson
CEO and Company SecTetary
Jane Hol'der MRICS
Estate Manager
David Dayidson BA (Arch), MA {Ar¢h Cons) IHBC
Archit¢ctUTal Adviser
Paul Capewell Bsc (Hon5} InfoT]nation Manageinent
Inforination and Coinmunication5 A55lStant
James Phillip5
Assistant Architectural Adviser

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
LEGAL, ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE TRUST (contin￿ed}
Staff (eontinued)
Jessie forder
Busine%s Support Officer (from Nov 2020)
Joc Mathieson
Architcclur&l Support OfficeT (from June 2021)
Lauren Marsh
Assistant Estate Manager
Part-time:
Michael Tutton Dip Cons, PgDip {Bldg Cons), IHBC
Assistant Architccturul Adviser
Susan Samuels
Estate Management Assistant
Patricia Lewin
Credit Control
In addition the Trust rurrently regularly uses the services of the following part-time independent C0115ultants:
Ann Marsh BA Dip Arch, IUBA
AKhit¢ctUTal Consultant (retired Sep 2020}
Monica Knight Dip AT¢h, Bsc Arch, Grad Dip Cons (AA), ARB
Arehiteclural Consultant
Harry Fisher FMAAT
Bookkeeping Consultant (to Sep 2020)
Professional advisers
Solicitors
Lee, Elolton, Monier-williams
l The Sanctuary
London SW I P 3J-I'
Bankers
HSBC Bank plc
897 finchley Road
Goldcrs Green
London NWI 17NX
Accountants (from Oct 2020)
JS2 Limited
One Crown Square
Church Str¢ct East
Woking
Surrey
CJU216HR

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
LLC.AL, ADMINISTRATIVE AND OTHER If4FORMATION ABOUT THE TRUST (continued)
Proftssional advtser5 (continued)
Auditors
Trlaysmacintyre LLP
10 Quo¢ii Street Place
London
CC4R IAG
Arboriculturalist
Anthony George Dip l.A, MLI, FRSA
Anthot)y Georgc and Asso¢iates
The Old Brick Iqouse
Village Rijad
Domey
Windsor 8L4 6QJ

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
REPORT OF THE COUNCIL
I'he Council members, who act in thc role of directors and trustees, presetit their fifty-Iliii'J annual ￿Ptsrt, together with the
audited accounts of the Trust for the year ei)dcd 5 April 2021. For ihe putP05es of this rep(Trit th¢ terin 'TTUSt" is used io
mean the company whosc diTCCtOls are referred to as'the Irustees" the board is referred to as'the Council"
Object and princip81 oetivity
The object and principal activity of the Trust is to maintain and preserve the character and amenities of Hampsiead Gard¢
Siihurb.
In 1967. legislation was passed that obliged landlord5 to sell their freeholds on demand to long leaseholders. 'fhis created
a new siiuation for thc Trust, as for other landlords, as il was constituted at that time. In 1967, thei"efore. it was dissolved
and replaced by the present Trn5t with a new constitution. The Thew Trust has member5 (who tllU5L be Suburb residents) but
nu shareholders and no owners. The trustees are not permitted to benefit financially froin their positions and on dissolution
the assets of the Trust would be at the di5po$81 of the Charity Commission.
The new Trllsi had two principal functioNs that it continues to Cdrry out to the present day.
l. The new Trust was not obliged to dispos¢ of all it5 assets but holds them and its unenfranchised leaseholds in trllstfor
ull the residents of ilie Illlmpslelld Garden Suburb incli¢ding ihe Freehttl(lers. It manages these assets so as to
maximize theiT value and devotes any operating surplu5 to the mairJ(enance of its financial position and to the charitable
purposes described in lis Memorandum of Association.
2. The new Trust was also designed so ￿ to enable it to opeTat¢ a Scheme of Management as provided for in section 19
of the Leasehold Reforin Acl of 1967. In 1974, the High Court authoris¢d a Scheme under which the appearance of the
bthilding and grounds of 311 enfranchised properties is controlled by the Trust and which the 'frust still operates. The
p￿rpOSe of the Scheme is lo ensuTe tliat the Suburb's archilectural integrity and its amenities in terms of ils trees, open
spaces and gardens are preserved and that tjnreasonable dev¢lopmcnl is prevented. The Scheme is ￿nded by a
Manageinent Charg¢ payable by Fieeholder5. This money is held in trustfor ilie Itreeliolders fflone and remains the
property of Fr¢eholdeTS until cxpended. Any surpliis musi be returned to th¢m. The SChe￿e's finai)ecs have (o balance
year on year. The Scheme doe5 not have any reserves and does not own anything. It is not a l¢gal entity, simply an
accounting device.
Sinc¢ 1974, the great majoi'ity of the houses and inany of the fl&is on the Suburb have enfranchised and fall within the
S¢heme of Maiiagement, the nurnbeT8 IIICTcasing year by year. In 1988 the Tnjst acquired the fireholds of all Èhc long
leasehold properties on the Suburb (in¢luding most of the blocks of flats) froim Ashdalc Land and Property Company Ltd.
Through these leases, the freehold ownership of I l allotment 5ltes, 27 unadopted roads. somc 50 other communal opcn
spaces and the Scheime of Management itself, the Trust can maintain a unified control over nearly all Suburb properties
and the trees, hedges aiid rnany of the communal areas aToulld them. Control of the public highways and the larg¢T open
spaces r¢5ts with the London Borough of Bamet and Transport for London.
Stat115
The Trust is a company limiied by Euaiantee (registered in England number 928520), not having a share capital and is
registered as a charity (Number 1050098). It is governed by its Memorandum and ArtiLles ofAssociation dated 8 March
1968 and Inost recently amcndcd on 17 septe1￿ber 2008. Until 15 January 2007, it was known as The New Hajnpsteail
Garden Suburb Trust l.irnited.
The Trust's charitable purpose5 caver the advaneement o( the arts, culture and hei'itage, environmental protection and
improveinent. Hamp8tead Garden SubuTb is internationally recognised as tlie finest and best reali5ed example of English
twentieth-century doinestic architectUTe and platming. The public benefit extends far beyond the 16.000 or so residents of
thc Suburb to the international Loinmunity - lay and professional
with an interest in aTchitecture, planning and social
history. The lessons to be l¢ai'nt from the ethos, history, landscape and architecture of the Suburt) benefit both present and
futurc g¢nerations.

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
REPORT OF THE COUNCIL (continued)
Organisational 8tru¢ture
'I'he 1'r￿St Council is rcsponsible for decisions ofthe Trust. The TTUStCoiincil is advised on relewdlltrnatters bythe Property
& Plans Coimmittee, binance & Organisational Coinmittee, 85tate Committee and Grants & Ainenities Committee. Policies
Arc developed by scnior staff (Chief Cxecutivt, Aychitectuitl Adviser and Estate Manager) and the advisory eominitte¢5.
Dcci5ion5 &TC impl¢rn¢nted by staff.
The Trust's long tcrm strategy is to undertake..
Regulation of change on the Suburb through vigorous exercise of the Trust's obligations and rights under the
Scheme of Management (for enfranchised freehold properties) and through the tern)s of the leases (for property
where the Trust retains the freehold reversion)
Dir¢cl, plas￿ed inat￿geMe[bI of the residiial estate, including comtnunal open spac¢s, private roads and allo¢m¢nts
An effective architectural advisory service for residents, owners and their professional agents and contractors
An education and awareness programme through walks, talks, publications, broadcast and new media
A rnod¢st prograTnine of charitable donations to Suburb good c&u5es
Management and enhanceinent of the Trust's reserves to eliminate revenue deficit permanently
Ma1￿ developtnents in 202012021..
The COVID-19 partdemic and consequential series of lockdowns inaterially disTUPted the planned business olthe TTU5t for
part of the year, bringing a temporary hall to garden maintenance, site and othcr inspections and the usc of thc tennis couits.
As many of the community cvents run by Suburb orgartisations had to be cancelled, the TTUSt was unable to Enake its Usual
level of grants, although the improved situation later in the year dhd allow a late release of grant fi]nding.
The Trust adapted quickly to the new cireumslanc¢s, enobling hoine working froin the start of lockdown and keepillg Inost
¢ssenti&l op¢rations running at near-normal level. The necessity of r¢mote WQTking &lso pr¢cipitated s¢v¢ral dcsir¢d
operatioval improvements, including a 5ucres5fv1 Imove to digital planning appli¢ations, approvals and rocords, on-line
plawiing FAQS, fvlly on-line banking, and online council, committee and AGM m¢eting5, Wlth ¢on5equential cost 5aving5.
These and other efficiencies are Dow embeddeil in the I'rust's operation and will be built on in the coming year.
The pandemic also affected the anticipated income and expenditure of the Trust over the year. Income from applications
for Tnjsi Consent on freehold properties was over 150/0 of the projecied budget, no doubt a result of homeowners wishing
to make best use of their properties during lockdown and a widespread move to home working. This will be reflected in
the increased rebate for 2021122. Concomitant increases in leasehold property applications and sales of Trust assets
bolsiered the Trust's own funds. Expenditure was less atTected butgai'dening charges were rebated for work not undertaken
in the first lockdown, and administrative CLlSts wele lower while ihe Trust Office was closed.
Other devclopmenls that did go ahead included
Agi'eeing a draft lease with London Borough of Barnet to take back ownership olcentral Square in summer
2021,.
Awarding grants to seven local organisations that benefit the Suburb
Pursuing and defeThdiiig legal cases concerning unconsented alterations to Suburb propeity
Devclopment of additional guidanee oth secthTity and ¢le¢tric car charging points
Appainting new extei'nal accountants to improve financial op¢ration and rcporting
Appuinting a new IT support contractor to iinprove System and data security
El¢clion of a new truslee
The Trusl Council confirms that it has coinplied with the duty in seclion 17 of the Charities Act 201 I to have due regard
to th¢ public benefit guidat]ce published by the Commission in ddemiining the activities undertaken by the Charity.
It is through care, regulation and control over the Suburb that the Charity is able to provide the public beiiefits identified
bove not oiily to residents but also to students of and VI5￿tOl.5 to the Suburb. The care, regulation and control aspects of
the TnJst'5 work ar¢ detailed below.

THE HAMPSTEAD GARDEN SUIIUKJI TRUST LIMITED
RÈPORT OF THE COUNCIL (conliDu¢d)
RcgulAtion: Defcnding the Suburb
Applications
In 2020121 the Tru.%t reccivcd 257 applitations (compared to 196 in 2019120) to change the extcrnal appeardn¢¢, use ur
structure of PToperty, reflecting thc impact of ihe pandemic noted above. There were five Dew application5 for dtmolilion
and Yebuilding, of which three rcmain unresolved at preseni. In addition. seven applications were received which involved
the construction of. oi. extension to, a basement in an existing property (compai'ed to six in 2019llO). ofwhich three were
given consent and four are unresolved.
The successful completion of the Bule Mews Phase I develupment reflected the Trust's insistence that any new
development should respect the unique chara¢ter of th¢ Subllrb. This hag s¢t the bar lor several other approaches to
redevelop Suburb siies during the year, including the proposed redevelopinent of the Esso filling station on FinLhley Road,
for which ihe Ttust undertook a tnajor consultation exercise with local Irsidents. This application reinain5 open al the time
of writing.
Three new appli¢ations involving the creation of new hardstandings were received (compared to two in 2019120). Of these,
ot)e was refused and two are un￿$01ved.
Advice 2nd Enforeement
Throughout the ye<ir, the Trust's staff gave practical guidance (o residents, potential i'esidenls and their professional
advisers on matters including preliininary advice regarding applicatj0115, routine care and maintenance work. legal Inatters,
the piuning and felling of trees and the care of landscape and hedges. On-51te inspections had to be deferred in the early
IDonths ol-the pandemic, but were resumed over suminer.
M&ny olthe Subui"b'5 l]105t prominenl Èrees are 5eveTal hundred years old and were carefully integratcd into the suburb's
plan froin ihe outset. Application5 to fell malure trees are therefore a matter of constant concern to the Tnjst, patticularly
givet) the increasing PTessure froin property insurers. Trust staff work closely with technical consiiltants, residents and the
local authority, including Ward Coiincillors, to find mutually acceptablo solutions that avosded unnecessary felling and
pres¢rve ojie the Suburb's tn05t distinctive assets.
The I'rust will always attempt to negotiate the reinstatement of unauthorised altcrations to Suburb property, partieularly in
Cases whcre a new applicatioll is received for work on a house with an cxisting iDfringeinellt. Four infringcmcnL% have
been resolved and lifted during the year. Nine new infringements have been recorded.
Awareness and Education
The Trust endeavnur.4 to proinote understanding of thc spetial nature of ihe Suburb to residents and otheTS through talks,
guided ioiirs and writt¢n and illustratcd material. The Trust Council considers that widcr awareness and appreciation of
the Suburb. as an important landmark in the evOl￿tIon of domestic architecture and Town Planning, Is ¢Tlti¢al to its
Continued preservation.
-rhe Tr￿st aims to keep others inforined of its work 3nd rcsponsibilitics through its website and social media channels, as
well 8$ throughprinted publications and engaging with thirdparti¢s. As wcll as maintaining relationships with organisaiions
c105e to hnTllC, the TTUSt welcoincs interest and visits from further afield. The COVID-19 pandemic disrupied plans to
support a In8jor series of Suburb-related exhibitions and events in Rotlicnburg ob der Tauber, and t]ie usual walking tours
of the 8uburt) could not be run during lockdown. The planned exhibition on Suburb architects in collaboration with Suburb
Archive5 scheduled for May 2020 was siinilarly postponed but will now go ahetid in S¢ptember 2021.
Malntaining the fabric of the Suburb
Altlioutsh gai'den Inainte]vdnce work had to be suspend¢d during the first lockdown, the TTUSt'5 term conlractor was able to
work through the rest of the year and provided valuable on-site assistanc¢ to the TTU5t when staff were I'equired to work
fvom hoine.
Despite ihe restrictions iinposed by COVID-19, the annual iree inspections weT¢ carried out in September. 104 consents
for tree work have been issued digitally in-year after initial virtual or on-site inspectiQlJ5.
The finalisation of ti)e Central Squate lease with Bamet Council will enable tho Trust to have yjtater contt'ol over this
iinportant area.

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
REPORT OFTHE COUNCIL (continued)
'I'he temporary closure of the tennis coiiris in linc with government guidelines ¢au5ed 50rn¢ ¢oncerTJ to residents. 'fhese
were however reopened as soon as legally possiblc and Saw heavy usagc through the rest of summer and aiitttmn. The
Trust responded io user feedback by adjusting the booking pcriod to improve availability.
'lThe allotmcnts rcinained open throughout the pandemic, providing a valuable resource to residents COTTrfin¢d to home.
Increased interest during lockdown means that all plots are now taken and there is a waiting list.
Grants
The Trust provides grant aid to Incal bodies whose activilies are likely to be beneficial to residenis and preserve the
character and ainenity of the Suburb. During 2020121 th¢ Trust, advis¢d by th¢ Grants & Amenities Commit￿e. made
seven grants totalling £20.057.
Gr2nts were made to the value of.. £15.000 to the Parish of St Jude-on-the-Hill. £1,100 to Northway Gardens Organisation.
£1,000 to HGS Heritage,. £433 10 ihe HGS Archives Trust., £424 to the Abbeyfield Society. £100 to th¢ Friends of
Abbeyfield, Ltnd £2000 to Br(x)klands Junior School PA towards a new library.
Voluntccrs
In 202012021, the Tnt5t has again benefited from input to its work by volunteers including non-Trustee members of the
Property & Plans Committee, the Estdte Committee, the Finance CommiLiee and the Grants & Amenities Coinmittee. The
naines of those who served on th¢ Trust's advisory commitlees are given above. Altogeiher there are 14 residents serving
on the Trust Council and cominittees. This does noL exhaust the list of those who help the Trust in V￿louS valudble ways.
Financi&l ffl8tters
The form in wliich the statement of financial adiviti¢S IS Set out on pag¢ 16 complies with the Chatity Commi5SlOn
reqthirements io relate expenditure to the Tiust's obje¢tives ratheT tlian under heads of expenditure. The siatejnent also
dLtails tlie finances of the Scheme of Manageinent as well as those of the TTU5L although each is separately fjdentificd. As
a supplement to d&sist members and charge payeTS, Ihe 'frust has includ¢d, as an appendix to the Teport and account5, a
analysis of the Miinagement Charge, which gives a breakdown under heuds of expenditllre (see page 30). This appendix
doe5 not form part of the report and accounts.
The Trust'5 finances
Th¢ Trust has a dual obligation. All its assets are held in trust for the benefit of all Suburb residents= FreeholdeTS,
leaE¢holdcrs, tenants and others. 'fhe Trust also operates a Scheine of Management linder Section 19 of the L¢asehold
Reform Act 1967. The Scheme 15 funded by a Management Charge paid by enfranchised Fr¢eholders. These funds are
accounted for scparatcly froin the TTust'5 owl) property and are held in trnst for the Freeholders until expeh)ded. The Trust
is not permitted to profjt froin its operation of the Scheme and any 5Utplus on tlie Management Charge in a particular year
is reliimed to the Freeholders. Any funds rccoived undeT Other provisions of the Schci))e are held in irust by ihe Ti'usl to be
applied in subscquent ycars in the inanner authorised by the Scheme, which is mode for the purpose of ensuring the
maintenance and pr¢s¢rvation of th¢ Suburb.
A. A55ets held in I'ru5t for ill rcsidcnts
Revenue is derived froin the ground rcnts and other chaTgc5 relating to the 'frusi'$ leascd properties, which are geneT&IIy
falling in real tems. In the course of 2020121. the Trust's rescrvcs increased by £625,181. In¢ornc is dcrivcd fram thr¢e
souices. Part is from the sale of frecholds and lease extensions, as required by the Lcasehold Reftsrn) Acts. Part is in the
form of one-otT payinents for variations to leascs and covenants. Together these total £530,997. Part 15 COll8titutcd by
donations totalling £692, incliiding gift aid, rcceived from residents during the year. It will be notcd that the incre&%e i
reseivcs is greater ihan ihe receipts from the sales of assets, for the second yeai. running. Th¢5c asset5 aTC not rcnewable
and the net receipt5 must be husbanded with grcat care and invested to pi'ovide the Trust with a securc income to SUPPOrt
its work for the indefinite future.
The Couneil considers that the overall state of the Trust's financial affairs is once again strengthened, but Still remains
capablc of further improvemenL The Trust's assets are available and adequate to ￿]rI] its CUTrent obligations.

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
REPORT OF THE COUNCIL (contiThued)
B. The Schemc of Management
A5 Stated above. Ihe Schcme of Management 15 fvnded by Frccholders and lis finances are accounted for scparately from
those Of the Trust itself.. the fvnds within the Scheme of Management aTC not thc property of the Trust. Income and
expenditure undcr the heads of the budget for the ye&r wcre the cquivalent of an actual charge for thc year of £147.98 per
household. This is bclow the estimated charge of £187.24 and thc cquivalent of a rebate to Lhaige payers of £39.26 over
th¢ full yettr. This will be set against the estiTnated ¢haTge for 202112022 when th¢ ManageTnent Charge bills are sent out
IT) Augusvseptember 2021
I'he Managcment Chdrge is a land charge that runs with the property. The law requires that rebate5 must be Tnade to the
current own¢r cven when Ihey k)re made in respect of costs ineurred before a transfer of ownership. The Tivst maini&ins a
credit control policy to rninimise arrears in-year. This includes reclarnation through the County Court in cases olpersi5teiit
default, leading to a CharbFing Order on the propety.. 12 Court applications were made in 2020121. In cases of genuine
hardship, the Trust can offeT various 5t&ge payinent options or a hardship grant.. one grant was applied for and paid in
2020121.
Trust Council
InfoTmation regarding the Trust Council, includingy details of those Jneinb¢rs 0￿1¢¢ during the ye&. and at the date of
approval tsf this reporL is shown under Legal, Administrative and Other Information.
Couneil mcmbers, respoD$ibililh&$ in respect of the prep¥r2tion of geeollnts
Th¢ t1.￿Steel (who are also directors of T]ie Hainpslead Garden Subui'b Trust for the purposes of co￿panY law) are
responsible for preparÉng the Report ol. the CotJnLil and the financial stalement5 in accordance with applicable law aDd
United Kingdotn Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial state￿entS for edcl) findllciiil year that give a twe and fair view of
the state of affall5 of the ¢haritable ¢oinpany and OF the incoining IESource5 and application of resources, including the
inc0￿e and expenditure, of Uie charitable company foi that period. In preparing these financial statements, the trustees are
required to-
Seleet sllitAble accounting policies and then apply them ¢on5iStently
Observe thc mcthods and principles in the Charities SORP
Mak¢ jisdgements and estimate5 that are rcasonable and pn]dent
State whether applicable UK Accounting siandards have ￿cn followcd, subject to any material departures disclosed
and explained in the financial statements
Prepare the financial statcinents on a going ¢ont¢rn basis L4nless it is inappropriate to presume that ihe charitable
coinpany will continuc in busincss.
The truslees are reEponsible for kceping proper accounting records that disclose with reasonable accuracy at any time the
rinancial position of the charitable company and enable thein ￿ ensure that the financial stateinents coinply with the
Companies Act 2006. They are also respunsible for safeguaiding the assets of the charitable coinpany and hence for taking
I'¢asonable steps for ihe prevention and d¢t¢ctiun of fralld and other iti"ekJuldrities.
In so (ar ag trustees are aware..
TheiE is no ￿leVant audit infoiynation of which the charitable company's auditor is unaware; and
The trustees have tsken all steps that they ought to have taken to make theinselves aware of any relevant audil
infom)ation and to establish tliat the auditor is aware of thai information.
Reserves and Investment policy
Until 2005, the Trust's assets were steadily depleted by subsidibing ihe operation OC Ihe Scheme of Mw)Jgem¢nt. Th¢
withdrawal of the subsidy frotn the Scheme of Manageinent in that year arrested the deterioration of the Ti'ust's fiiiances.
Since 2005, revenue has been generated by the sale of assets which were on the balaiice sheel at book value and by fee5
rTOln the variation of covenants whicli had no assi&Jned balance sheet value. The Trusl's investinent policy is to use the cash
rToin diese balan¢¢ slieet 'crystallisalions" to purchase residential property on the Suburb. '1lie in¢oine from these
investsnenls will pi'ogressiv¢ly match the Ti'u5t'5 lonui_teTm ubligati(Trns to tontribule towards shared Costs fi'om it5 own
nds and briiig the operating Jccoiiiit, in chronic deficit fur mitny years, into balance. The Trust currently has nine
inveslinent propei'ties and a further property is under consideration foi. 2021122.
10

THE HAMPSTEAD GARDF.N SUHURB TRUST LIMITF.D
REPORT OF THE COUNCIL {continlled)
The fundamental financial objective of the Trust is to restore the level of its investable assels to a level that will enable it
to producc an increasing real income, independent of the Scheme of Management. The Trust has made good progress
towards thi5 goal over the last ten years but it will need further years of well controlled expenditure and investment before
il is firrnly cstablished.
In effect, the Trust is rc5tructuring its balance sheet. its freeholds have been subjeci to compulsory sa]es since 1967 and the
realisations from these sales will eventudlly terminaie; meanwhile they have some way to I'un. These freeholds are held at
book value so that their value 15 understated in the aecout)ts. The Trust also dei'ives revenue frvm variations in covenants.
The Trust's experience of these transactions suggesi thai they will deeline but that, for the foreseeable fuliire ihey will make
it Possible to reinvest balallce sheet asset5 $0 as to iinprove th¢ Trnst's financial position. Th¢ intention is that this Should
be continually strengthened by careful manageinent.
Financial M8Dagement
t)uring the y¢ar, th¢ statcd valuc of the Trusi's balance sheei grew by an amount, £625,181 greater than ihe deficit on
its op¢rations, {£49,658), after stripping out the £530,997 surplus on freehold sales. licences and variations and the net
gains on inve%tment% of £78,695. The deficit on operations figure is calculated by taking the gross income under all
nds except the Scheme of Managicment befoi"e deducting the expenses of the Same fL)nds, the sale of assets and any
gain on investments. The aim is to show how rnuch of the one-off salcs OF ass¢ts aiE being us¢d in Jnnual running
costs.
£2,017,179 18 held iii the Trusi's general fund {scc note 22). This incliides the Trust's working capital, the calls on
which include ihe funding of the deficit in the cash flow of thc Scheme of Managomcnt that occurs in the course of
Ihe year.
£149,243 is held in iests'ictcd funds (see iiote 20).
The Council has designaled ihose funds that are intended to be held foT the long term and that ¢ot15titut¢ th¢ foundation
of the Twst'5 future income. Pn)perly inveslments in these designated funds are intended to be held for the long terin
and expenditure from them is intended to be limitcd to amounts that do not oxc¢¢d in any one ycar more thali half the
real growth in capital and incoine. Funds designated by the Trust Council total £3,439.204. Thes¢ r¢sourc¢s &r¢ in the
form of.. £3,182,304 in property assets and £256,900 of cash on deposit (see note 2 la.b and c and 22).
The Trust doe5 not have any obligations iti respect of a defined benefit pension scheme.
Pay And remuneratio
The tnistees coinprise the TI￿st Council. The scnioi. mhnagement team comprise the key management personnel of the
Trust. No trustees received reTnuneration in the year. Thc remuneration of the senior imartagemenl team {Chief Executive,
Ar¢hii¢ciural Advsser, FAtate Managcr), along with that of all stafF, is Tevicwed at least annually by the Finance &
Organisaiion Lommittce who make recommendations to th¢ Trn$t Council for their deei%ion. The finance & Orgathisatiot)
Committee are asked to-
Review Tnist staff salarieslconditions and make %ure rccornmcnded am¢ndm¢nts ar¢ appropriate to ¢nsurc that
salarieslconditions remain competiiive.
Recoinmend the a[￿Ual perceThtage increase in the payroll for each member of staff (which can be zero) taking
into ac¢ount ¢hanges iti rol¢vant publislied indices of living cost5 {such a5 CPI, RPI and Living Wage).
Recoinmend any consolidated pay awai'ds and staff salary incrE25es outside of the antjual review process. taking
into account the recommendations Te¢¢iv¢d fi'om time to titne by the Chief CxecuLive.
Recominend any non-consolidaLcd pay awards (bonus), t&king into account the recommendations received from
tiine to time by (he Chief Executive.
R¢coinin¢nd pcnsion a￿ang¢inCnts and ensure that conlractual terins on termination are fair to the individual and
th¢ TTt]st, that poor performance is not rewarded and & duty to mitigate loss is I'ecognised.
The appropriateness and relevance of the reinuneration policy is r¢viewed annually, including reference to comparisons
with other charities and property companies ensuring ihe Trusi remains sensitive to ¢h¢ broadei. issue5 ¢.g. pay and
¢mployinent Collditions elsewhere.
Rlsk management
The frust Council ￿emberS have reviewed the Trust'5 Tisk m&nagerntnt strategy. This included examining ihe -frust's
building, public liability and professional indeinnity in5uI"ance, banking aTrangeinent5, healih and safety issues, etc. The
Council mcinbeT5 consider that procedures in place to Injtigate any risks to which the'l'rust could be exposed.

THE HAMPSTEAD GARK)F,N SUIIURn TRUST LIMITED
REPORT OF THE COUIYCIL (continued)
The principal risks and uncertainties identified by ihe Trll5t are f(Jllows.' a successful legal Llaim against the Trust arising
from its role as landloTd or its administration of the Schem¢ of ManLtgetnent', damage to real property. failure of or severe
attack on IT system%; and fraud. The plans and strategies for managing these risks are.. professionally qualified and trained
staff. advicc from relevant professional advisors {strengthen¢d in year}, reguldf Teview of cases by truslees.. Healt]i & Safety
risk ￿SessM¢nt and polity,. regknlar inspection and repair regim¢; apprc)pri&te policies for the use of property. regular
maintenance of propcity., appropriate liability and other insurnnce., Tegular back up of daia and an IT maintenance contract
(strengthened in year)- regulay upgrades of IT hardware and software-. fjnancial Controls and an annual independent audit.
Pl&ns for future periods
The long-term financial objectives of the Trusi are to hUsb￿d and consolidate its own Irsources, so as to generate revenue
tu enable it to preserve the character and an)enities of the Suburb as well as io ensure its long-term futiir¢ as the Subvrb'5
regulatory body. With respect to the Scheme of Management, the Tru5( will ensure that its expenditui'es are ¢ontroll¢d so
as to be cDnslStenL with the requirements. olthe Schen)e of Managetnent and endeavour to keep thein within a pr¢di¢ted
Tange consist¢ni with Lhe actual needs of administering th¢ Scheme of Management over time.
In line with th¢ Jims of the reserves and investments policy and the risk management strategies in place, there is reason to
believe that the TTus¢ is a Going Concern at the date of approving the report and accounts. I'he financial iinpact from the
COVID-19 pandemic will continue lo be monitored closely through the ¢oining year. The budget for 2021122 already
takes into account il)e likely iinpact ofknown threats to incoine, and reinedial measur¢s will be put in place as and when
necessary, to ensure that the l Nst remains a Go￿g Concern and can maintain its core busincss activities.
Auditors
Haysmacintyre LLP, chartered a¢countants and registered auditors experienced in the charity ￿ctor were
Ir-appointed in September 2020. Haysmacintyre LLI> 15 willing to continue in office. A resolution will be proposed at th¢
Annual General Meeting for the Louncil to appoint and fix the auditors, remuneration.
By order of the Council
Simon Henderson
Secietary
12

INDEPENDF.NT AUDITORS, REPORT TO THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB
TRUST LIMII'ED
Opinion
We hdve audited the financial statements of The Hampstead Gai.den Suburb Trust Limited for the year ended 5 April 2021
which coinprise the Ststement of Pijiancial Activitie5, Balance Sheet, Statement ofcash Flow5, and note5 to the financial
stateinents, including a sllmmary of significant accounling policies. The fjnancial i'eporling framtwork that has been
applied in their preparation is appli¢ablc law and United Kingdom Accounting Standai'ds, incliiding binancial Reporting
Stdndard 102 Thc) Finuivciul Reporlin¥Siandardapplic¢7ble in ihe UK aKdRepublic oflreland{United Kingdotn Generally
AccepÉEd Accounting Practice).
In oui. opinion, the fjnancidl stat¢ments'.
give a tTU¢ and fair view of the state of the charitable company's affairs as at 5 April 2021 and of the charitable
coinpany's iiet moveinenÈ in funds, including the incoine and expenditure, foT the yeai. then ended.
have been properly prepared in accordance with Uniled Kingdoim Generally Accepled Accounting Prllctice; and
have be¢n prepared in accordance widi the require]nent5 of the Con]panies Act 2006.
Basis for opinioii
We conducted ovi. audil in accorthnce with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law.
Our responsibilities undei. those Standards are further described in the Auditor's re5poI)sibilities foi. the audit of the financial
statements section of our report. We are independent of thc charitable cornpany in accordance with the ethical requireJneThts
that are relevant to our audit ol the financial %tatements in the UK, including the fRC's Ethical Standard, and we have
fulfilled our other ethical responsibilities in accordance with these requircincnts. Wc believe that the audit evidence we
have obtained ig suffjcient and appropi'iate to provide a basis for our opinion.
Conclusions relating to going concer
In auditing the financial stateiments, we have concluded that the trustees, use of the going concern basis of accounting in
the pjtparatiot) of the financial statemenis is appropriate.
Based on the work we have perfomhcd, we have not identified any material uncertainties relating to events OT conditions
tliat, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going
conccrn for a p¢riod of at least twelve month5 from when the financial siatements are Authoi'ised for issue.
Our responsibilitie5 pnd the r¢spoll5ibiliti¢s of ihc ￿￿S(ceS with respect to going ¢oncem are describcd in the relevant
sections of this report.
Other information
The trustees are rcspon5ible for the other inforination. Th¢ other information ¢omprist$ the inforniation included in the
Report of the Council. Our opinion on the financial ￿latt￿cnt% doe% not cover the other iTtfurtnation and, exeept to the
txtent otherwise explicitly stated in our report, we do not ¢xpr¢55 any fonTr] of psSu￿nce conclusion (hereon.
In connection with oui. audii of the financial stateinents, our responsibility is to read the other information and, in doing so,
con%ider wheiher the other information is Inaterially inconsistent with the financial stateillent5 01. our knowledge obtained
in thc a￿dit orotherwise appears to be Inclterially misstated. If we identify such Inaterial inconsistencie5 or apparellt material
misstatements. we are required to determine whether there is a material misstateiment in the financial stat¢mellls or a
mateTial misstatement of the other information. If. based on the work we have perforined, we conclud¢ that thei'¢ is a
material misslatement of this other Informatio￿ we are required to Irportthat fact. We have nothingto report in ihis regard.
Opinions on other mallers prescribed by the Companies Act 2006
In oui. opinioi), based on the work undtrtdken in the Lourse of the Audit..
the information given in the Report of the Council {which includes the directors, report prepared for the purposes
of company law) for the financial year for which the financial statements are PlEpared is consistent with the
financial stateimenls. and
the dircctors. rcport included within the Report of the Council has been prepared in ac¢ordance with applicable
legal requirements.

INDF,PF,NDF.NT AUDITORS, REPORT TO THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB
TRUST LIMITED
Matters on whleh we are required t¢) report by exccption
In thc light of the knowledge and uF)derstanding of the charitable company and its environment obtained in the course of
the audit, we have not identified material misstatements in the Report of the Council (which incotyorate5 the directors.
re￿)rt).
We have nothing to retK)rt in respect of the following matters in relation tu which the CompaThies Act 2006 requires us to
report io you if, in our opinion..
adequatc accounting records have noi been kept by the charitable coinp&ny' or
the charitable compmy financial statements are not in agreement with the accounting records and returns. or
certain disclosures of trustees. remunei'ation specified by law are not made. or
we have not receiyed all the inforination and explanations we require for our audit.. or
the trustees were not cntitled t(Tr pr¢par¢ thc financial statcments in accordance with the small companies, regime
and lake advantage of the small companies, excmptions in preparing the trustees, report and from the I'equirel￿ertÈ
to prepare a strategic report.
Responsibilities oltrustee5 for the financi815tatementS
As explained MOTC fully in the trustees, responsibilities sta(eTnent as set out on pagc 10, thc trL)%tec5 (who arc a150 th¢
diTe¢tors of the charhtable coThpany for the PUTpo%es of tOTnpany law) are rcsponsiblc for the preparation of tho fillpncial
statements and for being satisfi¢d that they give a tnto alld fair view, and for such inlernal control as the trustees delermiT)e
is nece.%sary to enable the preparation of financial stateinents that are free from TnateTial mi55tatemenL whether due to fraud
or error.
In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue
as a going concern. disclosing, as applicable, Inatters related to going concern and using ihc going concern basis of
accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic
alternlltive but to do so.
Auditor's re5P(bnsibtlities for the audit of the fiN&nci21.Itgtements
Our objectives are to obtain reasonable assurance about whether the financ&al statements as a whole are free from mAterial
misstatement, whether due to fraud orerror, and io issue an allditor's report that includes our opinion. Reasonable assurHnc¢
is a high level of assurance, but is not a guarantee that an audit condutted in accordance with ISAS (UK) will always detect
a matcrial misstatement when it exists. MisstateTnents c2n krise from fraud or etror and are considered Imateyial if,
individually or in the aggre&Tat¢, they tould reasonibly be expected to influence the econoinic decisions of useTS taken on
th¢ basis of these financial state￿entS.
Iiyegularitics. iiicluding fraud, instan¢¢s of non-complianc¢ with laws and regulations. We desi￿ procedures in line
wilh our responsibilities, outlined above, to d¢te¢t Inaterial misstatements in resp¢¢t of ityegularities, including fraud. The
extent to which our proceduTes are capable of detecting irregularitie5, includiDg fraud is detailed below..
Based on our undeiBtanding of the ¢haritable coinpany and the environment in which it opeTat¢s, we identified that the
principal risks of non-compliance with laws and regulations relaled to the Companies Act 2006 and the Charities Act 2011,
and we considered ihe extent to which non-coinpliance might have a material effect on the Iinancial siatcments. We also
COn5id¥red those laws and regulations that have a direct iinpact on the preparation of the linancial siateinents such as the
Companie5 Act 2006 and the charities Act 2011, and other factors such as compliance with the scheme of Inanagement
and payroll tax.
We cvaluated management's incentives and opporthnitie5 forfraudulent manipulation of the financial statements (intliiding
th¢ risk of overiideofcontrols), and detei'mined thatthe principal risks were ielated to revenue recognition and the valuatiot
of inve5tmeni pi'operties. Audit procedures perforilled by the engage1￿c￿t tearn included..
Inspc¢ting correspondence with regulators and tax authoi'itics.,
Discussions with manageinent including consideration of known or suspected instances of non.compliance with
laws and regulation and fraud.
Evaluating management's controls designed to prevent and detect irregularitie5-
Revicwed the basis for and allocations to the scherne of Inanagement..
Identifying and testing joiirnals, in particiilar.joiiiiJal entrie5 Posted with uiiusual account combinations, POSting5
by unusual useis or with unusual desci'iptions. and
Challenging as5uinptions 3nd judgements made by management in their critical accounting estiinates including
reviewing all documenlation used and the qualifications of the Chartered SurveyoT when considering the
revaluation of investinent properties in the year.
14

INDEPENDENT AUDITORS, RFPORT TO THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB
UST LIiVIITLD
A further deseripiion of our ttsponsibilities for the audit of the financial statements is located on the Financial Reporting
Coun¢il'$ website at.. Wivw.frc.uro.Ii￿audlI￿rsres
onsibiliiies. This description fornis part of our auditOT'5 report.
Use ofour report
This report 1$ made sol¢ly 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 h&$ been undertaken so that we might stale 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 fullestextent perrnitted
by law, we do not acceptor assume responsibility to gnyon¢ oth¢r than the charitable company and the charitable company'g
metnbers, as a body, for our audit work, foT this r¢port, or for the opinions w¢ have formed.
Richerd Weaver (Senior Statutory Auditor)
For and on b¢half oEHaysma¢intyr¢ LLP. Statutory Auditors
13th July 2021
10 Queen Street Place
London
EC4R IAO
15

THE HAMPSTF.AD GARDEN SUBURB TRUST LIMITF.D
Company Number 928S20
s'fA TEMENT OF FINANCIAL ACTIVITIES (Includiiig the ineoThe and expenditure accouTht)
FOR THE YEAR ENDED 5 APRIL 2021 IPr¢par¢d in IiDe with Charities SORP (FRS 102>1
2020n021
c¢￿trAI Restricttd DcsiETrRtEd Scheme of 202IAI
Fund
Fund5
Noi¢21
2019tt
TotAI
Nott
NDi¢ 20
Nuie 22
IDCOln¢ Irom:
DonAliTrn$ 4ttd ItgAtlex'.
I.CRsdioldcis voluiS13ry & don•ions
Othor Iradi￿g ettivi¢iu'.
.£undry iiieome
Inv¢stmeTrts'.
Keiiial oih# inv¢sinKnt ill¢4yn¢
Chiritable Activities..
Applicalioii trccs
ManagvDcnl cha￿¢S poyablr by fittholikrs
LebTal feES i¢Lovere
Eslale MBinlenanceChatges
Other income:
Fnxhold 58las. Iiccnccs & vBriations
Ila,&dl
692
692
2.99)
3.296
3,296
4,626
203306
203206
239,600
17.832
132.799
747,468
85.858
107,556
639.455
1400}
77,738
747.468
99,807
65,455
13.949
65,455
530,9)6
530,996
431,634
Total lillyb￿e
834,734
692
906.125
1,801,551 1,503208
EAptnOlt¥rt on:
TrIS$ing fwnds:
K¢nlal and oih¢r irtv¢slin¢nis
ChArilAblE a¢tivities-.
Reg￿laI￿on.. Applicaiiws
Regtsloiion.. Aw*rtn¢sslAdvi¢dEDforc¢mmi
Mainldining th¢ frabii¢ ot IhE Suburt>
Ile¢harÈeablt ¢51aiemainltnin¢¢
74.483
74.483
142.457
32,634
64.148
52.220
65.455
192249
373.038
244200
224,883
437,186
290.420
65.455
197,738
301.438
303.436
77.738
Total expe￿￿61Urt
288.940
809,487
1.098,427 1,022,807
78.695
78,695
51,644
Ntt Income bElore trA￿s[Cr5
624,489
6Y2
156,638
532,045
Balance of F￿eholdErS Mgna8emenl Charges".
refuTrded
TrAnsfers Ilo de5ignBte& ￿n&$I
2&16
172,7J91
172.7391 1122 J351
21b
I510,￿0)
510,(H)o
Ntt mfjvtment
114,489
510.692
83.899
709,080
409,710
Recots¢511oiioM of fuods..
Funds byoughl forward al 6 April 2020
1.902,689
149.243 2.928.512
4,980,444 4,521,138
Funds blough forword 816 April 2020 before reiurn
Ot ¢hii8e ofbal8n¢eof M¥naÈeÈneiii ChAYgtt
Balance DCF¥eeholdcrs Manag¢meni ¢har8es 10 be
thirgedllrefund¢dl
1.901689
149.243 2,928,512
72,7J9
5.053.183 4.643.473
2&16
F￿ndS (Arried for￿al.d Rt5 April 2021
22
2.017,178
149,243 3,439204
5,605.625 4,980,444
All of the dbove are continuing activities of the Trust. The Trust had no recognised gain5 losses other than those included
abov¢.
The notes on page5 19 to 29 fomi pait of these accounts.
16

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
Cotnpany number 928S20
BALANCE SHEET
AT 5 APRIL 2021
202012021
201912020
Notes
FixfiD ASSETS
Tangible assets
rrechold and long leasehold estate, at cost
Freehold property, at cost less depreciation
Eistaic woi"k8, &1 cost less deprcciation
Invutments
Property invcstmcnts, initially at cost
511bsequently at fair valuc
Other investments
9& Ilb}
10
12
42,215
382,265
12,187
44,825
390,346
19.107
3,010,000
256,900
2,813.000
256.333
Totalfixedassels
3,703,567
3,523.611
CURRENT ASSETS
Deblor5
Management Charge for Scheine of
Management rebate
Other debtors
Cash at bank and ID h&nd
14
(156,6381
{72,739)
14
210,354
1,973,111
188,373
1,367,349
Total ¢uYrenl assets
2.026,827
1,482,983
LJABILITIES
Creditoi's.. amounts falling due within one
year
15
(124,769)
{26,150)
NET CURRENT ASSETS
1,902,058
1,456,833
TOTAL NET ASSETS OR
LIABILITIES
5,605,625
4.980,444
Repr¢senling the funds for the Charity:
Ullrestricted fuDds'.
General fund
tksignated funds
Restricted fuThds:
Scheme of Management compensation
22
21{a,b&cl
2,017,178
3,439,204
1,902,689
2,928,512
20
149,243
149,243
5,605,625
4,980,444
Approv¢d and authorised for issue on behalf of the Council on 13th July 2021 and signed on its behalf by
P.._
Raymo
Trevor Price
Thc note5 on pages 19 to 29 forni part of these fmancial statements.
17

THE HAMP%TEAD GARJ)EN SUBURJJ TRUST LIMITF,D
Company number 928520
s'rATEMENT njr CASH FLOWS
FOR THF. YF.AR V.NDED 5 APRIL 2021
202012021
20J9n020
Cash flow5 from operating 4ctivitie5
518,818
109,441
Cash flows from investing #ctsvilie5
Rental and other investment income
Proteeds from the sale of investments
Pur¢hèse of investmeiits
203,206
2,610
(118,305)
239,600
(8000)
Net cash provided byl(used) in investing activitles
87,511
231,600
Change im cash Hnd egsh equlvalents in thc rcporthng pcrlod
606,329
341,041
Cash und eash e4uiv8lellts At the beginning of the reportlng
period
1,623,682
1.282,641
Cash cash equiv4lents at the end of the reporting period
2,230,011
1,623,682
NOTES TO THE CASH FLOW STATEMENTS
202012021
201912020
Reconelliatioll ofNet income lo Net Cash Flow froin Operating
Activities
Net income for the reporting period
Depreciation charges
Gains on investments
Renial and othei. investment income
Increase in debtors
Increasel(decrease) in creditors
709,080
15,001
(78,695)
{2n3,206)
(21,981)
98,619
409,710
27,103
{51,644)
(239,600)
{24.354)
{11,774)
Net cash provided byl{used in) operatEng activities
518,8111
109,441
Analysis of Cash and Cash EqlliY&lents
Ca8h at bank and in hand
Short t¢rim dcp05)ts
1,367,349
256,333
256,900
2,230,011
1,623,682
The notes on pages 19 to 29 form part of thesc financial ststcineTtts.

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR F.NDED 5 APRIL2021
GENERAL INFORMATiof4
The charity is a company limited by guarantee and is ineotyorated and register¢d in England and Wales. Its
regist¢red office and pi"inciple place of business is 862 Finchley Road, London NW I I OAB.
The financial statements are presented in St¢rling {£).
The objects and principal activity of the charity 15 to Inaintsin and pr¢s¢rv¢ the eharacter and amenities of Hampstead
Garden Suburb.
ACCOUNTING POLICIW.S
The following ¢ire the accounting policie5 adopted by the Trust..
a) Basis of preparation
The fin<wcial stateinents are prepar¢d in accordance with Accounting and Reporting by Charitics.. Statement of
Recomm¢nded Practice applicable to ¢hariti¢s preparsiig their account5 it) actordance with the Financial R¢porting
Standard appli¢able in the UK and Republi¢ of Ircland {FRS 102), the financial Reporting Standard applicable in the
UK and Republic of Ireland (FRS 1021 (effective l January 2019) and the Companies ALt 2006.
The Hampstead CiaTden Suburb Trust meets the definition of a public benefit entity under FRSI 02.Assets and liabilities
are initially recognised at histOTical cost or transaction valuc unl¢ss oth¢rwi5C Statcd in the relevant accounting policy.
b) Going concern
The trustees consider that thcrc are material uncertainties regarding the charitable Company's ability to continue as
a going concern. In making this asses8ment the Trustees havc considered the impact that the outbreak of Covid-19 and
the resultant impact on the wideT ¢¢onomy has had on the Charity.
c) Fixed assets and depreciation
Freehold and long Icasehold e$l8te: This is stated at cosi and is not being depreciated, but the book valJ¢ 1% reduecd
on the sale of each freehold and leas¢ ¢xtcnsion.
Freehold land and buildin¥'. Freehold land is not being dcpreciated. Depreciation was provided on the frcchold
buildiiig al £500 per anThutn froin 6 April 1978 to 5 April 1984. '1'his policy was Changed from that date so th&t no
fuither depreciation i5 provided as the pi'operty is Inaintaiiied to a sufficiently high siandard to extend its useful life
indefinitely. The book value of the Trust's freehold land gnd building i% ba8¢d on a professional valuation carried out
as at 12 December 1968. Until the year ending 5 April 2019, the'l'rust's oflice extension was held at its investment
value. In line with thc Charities SORP {fR8 102) from that dat¢ onwards the officc extension is shown at cost (from
con)plelion in 2013) of £404,035 less depreciation on a straight linc basis over 50 ycars. The parts of the Trust's office
building that are currcntly used ￿ residential could be iaken back in to tho Trnst's U.%C 8t 8hoTt notice. The Trust
considers that reliably measiii'ing the rclidcntial element in isolation of the r¢81 of the land and building would involve
the Trusi in undue cost andlor effort.
0￿]ce eqiiipment and furniture: Thc charity currently has a capitali.%ation policy. whereby only items over £5,000
will be capitalised and iticluded within the asseÈs of the charity. all costs below this thrcshold are written off in the
year of purchase. 'fhe depreciation rate provided on office equipmcnt and fvrnitttre 15 3 y¢8rs so as to write off the
Cost of the O￿lee furniture and equip¢nent over its expected usefvl wi)Tking life.
Estate works: The Chai'iry a capitalisation policy whereby appropriate estate works over £5,000 will be capitalised
and incliided within the assets of the chaTity, all costs below this threshold are writtcn off in the ycar the works are
undertaken. The depreciation rate provided on appiDpri&te estate works is 10 years so a5 to write off the costs over
their expected useful life.
19

THE IIAMPSTEAD GARDEN SUBURB TRUST LIMITED
NOTES TO THE FINANCIAL STA TEMENTS {continued)
FOR THE YEAR ENDED S APRIL 2021
d) Income and expenditure
All incorning r¢sources and all resources expended are ftccounted for in the period to which they r¢late.
Restricted fuiids comprise inonie5 ra15ed for, and their use restricted to, a specific purp05c.' or donation5 subjeel to
donor imposed conditiolls (%ee Note 20).
Directly attributable expenditure is charged to charitable activities or governante costs as appropriate. Support costs,
which are defined a5 ihose costs necessary to deliver an activity but which do not coniribute to ils outy)ut, ar¢ allocatcd
on the basis of Estimated staff tiine.
Governanc¢ ¢c)sts are those which relate lo the genei?I running of thc charity, rathei. than charitable activity. These
inLlude audii fee5, legal advice for trustees and costs associated with constitutional ai)d statutory i'equireiJLents together
with ilie appropi'iate allocation of support costs.
e) T4xation
The charity is considered io pass the tests set oul in Parabiiaph I Schedule 6 ofthe Financ¢ Act 2010 and th¢Tefor¢ i¢
mgets the definition ora charitable cotnpany For UK corporation tax purp(Trses. Accordingly the chai'ity is potentially
exempt fiorn taxation in respect of incorne 01 tapital 8ain5 recEived within categories covered by Chapter 3 Part I l of
the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable tiains Act 1992 to the extent that such
incuine or gains are applied exclusively to its chaTltable putP05e5.
O Reehargeable F.5t8te Maintenanee
The Trust carries out nuinerous r¢chargeabl¢ works to comtnunal areas. This work relates direcily to specific areas
for itcm5 yuch as gardening and road works. This is T￿harged lo ihtsse owners obligaied to Contribule to the costs of
the works.
Pensions
The Trust ha5 eontributory pension arrdngeinents, which it a¢coutit5 for on an accruals basis.
h) Invest￿entS
Investments coinprise short t¢Tm deposits and propety assets. Investment propei1tes &re held at tt'll5tee5' best estiTnate
of market value at the balanc¢ sheei date in accordance with the SORP. Any gains or losses on investment a55ets &re
shown on the SOFA. No d¢pre¢ialion is charged on investment property.
i) Critic&1 accounting jlldgements and estimates
In prepai.ingj these aLuounts. InanagemeDt lias Inad¢ Judgctne￿ts, estimates and assumptions that affect the application
of the thdllty's accounting policies atid the reported assets, liabilities, incorne and expenditure and ihc di.%closure8
made in the acc(Funls. Estiinates aNd judgein¢i)ts ar¢ coi)tinually evaluated and are based on historical experience and
oth¢r factor5, including expectations of future ev¢Dts that are believed to be reasonable under the circumstances.
Significant accountillg judgements and estimates includ¢'.
Valuation of inves(Inent property (see Iiote Ilh).
Allocation of expenditure to the Scheme of Management (see note 2).
j) Debtor5
Shori-tern) debtors are ineasuTed at transaciion price, less any impairinenl. Loans receivable are tneasured initially at
fair value, net of transaction costs, and are ineasured subsequently al amorlised cost using the ¢ffective inteTes1 ni¢thod,
less any impairment.
k) Creditor5
Crediiors and provisions are recognised where the charity ha5 a present obligalion resultiiig from a past event that will
probably result in the transfer of funds to a third party aiid the ￿MoUnt due to settle tl)e obligation can bc mcasured or
estimaled Yelidbly.
20

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
NOTF.S TO THE FINANCIAL STATEMENTS (contlnued)
FOR THE YFAR ENDED 5 APRIL 2021
l) Financial in5truN]ents
The chariiy only has financial assets and financial liabilities of a kind that qu&lify a5 basic financial in5trutnents. Basic
rinanLial instruments. including trade and other debtois and cirditors air inilially rccogni%ed at transaction value and
subsequently Ineasured at their settlement value.
m) Redundancy and termination costs
The charity re¢ognises einployee redundancy and termination costs in full on the date the redundancy or termination
is confirimed.
2. SCHEME OF MANAGEMENT
The Trust admii)isters a Scheine of Manag¢mcnt under the 1967 Leasehold Reforin Act. This was passed by the High
Court 1974 amended in 1983. '1'he purpos¢ of the Schejne is lo preserve and conserve the 14ampstead Garden
Suburb and applie5 to all freehold properties enfranchi8ed sincc th¢ Act came into force. Each item of income and
¢xpenditllre is allocated to either the Seheine of Management or the general fund, or wh¢re appi'opriate shared between
both. The basi5 on which Trreeholders have tonsequently been eharged with a proportionate part of thc cxpenscs of the
Trust in operating the Scheine has been a￿eed by the auditors.
Items of exp¢nditure and income that relate to both the Scheme of Management and the general fund ar¢ apportioncd
as follows
General overheads are apportioned according to the PTOPOrtion of ¢nfranchised (h.e. freehold) propertie5 to all
properties in respect of which the Managein¢J)t Chargc or lease reTht5 are payable to the Trust. Within this
calculation flats are weighted against houses in the proportion 1-10. I'he weighting has been detennined by an
analysis of staff iiine which showed that on average rnorc than ten times as Inuch time, weighted for 5alAIy, was
spent on houses a5 on fldts. This calculation results for 2020n021 in an apportionment of 87%:130kn {201912020
..130/0) between the Scheme olmanagement and the general fund.
Legal costs are allocated or app)rtion¢d on a Case by tase basis, in accordance with legal advice. The
apportionment is d¢terEnined according to the balance of significance of the covenants relating to the S¢heine of
Manageinent and to tl)e Trust as the owner of the residual estate, balanced by consideration of the overriding
reasons for the'l'rust defending or taking th¢ action.
Costs for projects and dmenities of benefit to all residents are apportioned according to the proportion of
¥nfranthised (i.e. freehold) properties to all properties in respect of whicl) the Mandgeinent Chai'ge or lease Tents
aTe payable io the Trusi, with each propety weighted equally. For 202012021, this r¢sults in an apportiunment
of 79Q/a.'21 /0 (201912020 78 /0'.22 /0) between the Scheine of Manageinent and the general fund.
The Trust's auditors are satisfied that these apportionments al'e an appropriate basis which to allocate expenditure to
the activilies of the Trust and the Scheine of Management. The accuunting systems used by the Trust en5urc that all
iteims of income and expendilure aitributable io (he Scheme of Manageinent are separately accouuted for. Given the
separate &ccounting records, the tTUStees do not consider that the SLheme of Manageinent would be any Inoir effectively
operated with a s¢paral¢ bank account, and the auditQTS COnLur with this decision. A suminary of the resources
expeiided by ihe Trust, allocated between the geD¢ral fund atjd the Scheme tsf Manageinent and related to an individual
Management Chai'ge, is set out on page 30 by way of additional itjforination as that page do¢s not lorm part of the
report & accounts. The net SUTplus of£1 56,63812019120.. net surplus of £72,739) attiibutable to the Scheme will be
returned by a bala￿l￿g credit to each Fi'¢eholder iii accordance with clause 8 {b} (li) olihe Scheme olmanageinent.
21

THf, HAMYSTEAD CARDEN SUBURB TRUST LIMITEID
NUTES TO THE FINANCIAL STATEMENTS (eontinued)
FOR THE YEAR ENDED 5 APRIL2021
INVESTMBN'f INCOM
2020121121 201912020
Rentsl incoine
Bank interest
201,879
1,327
236,028
3,572
203,206
239,600
Allocatcd to..
Trust and estate management (geneiBI fund)
203,206
239,600
203,206
239,600
BUILDINCY APPLICATJOP4 FEES
202on021 201912020
Leasehold
Freehold
17,832
132,799
12,210
95,346
150,631
107,556
ANALYSIS OF EXPENDITURE
2020ll021
Dlreet
Support
Total
Costs of Generating Funds
Rentavlnvesiment Manageinent
Chgfltable gctivities (in¢. Governance eosts)
Regulation.. Applications
Regulation. Awar¢nesslAdvic¢lEnforcement
Maintaining the Fabri¢ of Èhe Suburb
Rechargeable Estat¢ Maint¢Jian¢e
54,162
20,321
74,483
154.673
340,545
239,618
65,455
70,210
96,641
56,802
224,883
437.186
296.420
65,455
854,453
243,974 1,098,427
201912020
Direct
Support
Totgl
Costs of Generating Funds
Rentalllnvestment Management
Charitable activities (illc. Gov¢rn8n¢e costs)
Regulation.. Applications
Regulation.. AwarenesslAdvi¢elEinforceEnenl
Mainiaining the Fabric of the Suburb
Rcchargeable Ftstate Maintenance
118,497
23,960
142,457
133,334
216,519
262,378
77.738
64.404
84,919
41,058
197,738
301,438
303,436
77,738
1108,466
214,341
1,022,807
22

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (£onlinued)
FOR THE YEAR ENDED S APRIL 2021
DIRECT AND SUPPORT COSTS
202012021
Amenities
Legav
& Project Profe¥sionfil
Custs
Costs
Staff
Costs
Support
C051s
Total
202012021
Costs of Gtneraling FuMd5
Reiitallinvestmeni manageinent
Charitable Activities
(inc. Governance ¢ost$)
Regulation.. Applications
Rcgulalion., AwarenesslAdvitdl
Enforcement
Maintaining the Fabric of the
Suburb
Rechargeable Estate Maintenance
54,162
20,321
74.483
154,673
70,210
224,883
178,775
96,641
161,770
437,186
105,972
56,802
101,910
65,455
31,736
296,420
65,455
493,582 243,974
167,365
193,506
1,098,427
201912020
Amtnitles
& Project
Costs
LeEaV
Profe5sioNal
Costs
Starr
Support
Costs
Tolol
201912020
Costs of Generating Funds
Rentdllinyesiment management
Charilable Activities
(inc. Governance eosts)
Regulacion.. Applications
Regulation.. Awar¢nesslAdvic£l
Enforcement
MaintaininB the Fabric of the
Suburb
Rechargeable Estate Maini¢n8n¢e
118,497
23,960
142,457
133,334
64,404
197,738
156,266
84.919
60,253
301,438
24.467
41,058
212,424
77.738
25,487
303,436
77,738
432.564 214,341
290.162
85,740
1.022.807
Support costs include £71,464 {2019r2020: £61,028} of inatjagemenl and staff ¢ost5.
23

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS {continued)
FOR THE YF.AR ENDED 5 APRIL 2021
NET INCOME
202012021
201912020
Net incoming resourc¢s for the year has bccn 5tat¢d aft¢r charging:
Depreciation- OtTi¢e
tkpreciation- Lstate
AuditOTS remuneration Igross}- audit (haysmacintyre)
AuditOTS remuneration (gross)- non-audit
8,081
6.920
11,520
2.520
8.080
19,023
9,960
1,896
MANAGEMENT AND STAFF COSTS
The average nytnber of fvll and part-time stsff {employees and contractcd staft) during the year was 14
{201912020.. 14) of which 7 {201912020.. 7) were part-time and all of whom were involved in the delivery of the
Trust's activits¢s. 'lThe average numb¢r of Full Timc Equivalenl employee5 and contracted staff d￿rIng the year
wa5 9.67 (201912020.. 9.478).
202012021
2111912020
Management and staff ¢ost5 during ihe yeAr comprised..
Wages and salaries
Employers Nl
PensioD
Other Inan8g¢ment costs and expenses inetsrred
452,316
41,534
33,031
59,015
373,504
38,921
29,190
51,977
585,896
493,592
For the year ended 5 April 2021 iwo employees Teceived emoluments. in ihe rar)ge £60,000-£70,000 (201912020..
two) and one einployce received emoluments in the range £70,000-£80,000 {201912020.' one).
The total employee benefits of the key management personnel of the Trust were £272,743 (201912020.. £220,274)
No trustees received rcmuneFation in either this or the previous year.
FRFEHOLD AND LONG LEASEHOLD
ESTA TF., AT COST
202012021
2019n020
At 5 April 2020
Disposals during the year
44,825
{2.610)
44,825
At 5 April 2021
42,215
44,825
The Trust lia5 an intEre5t in a number of freehold properties. On enfranchis¢rnent of the interest the Trust receives
the piDceeds and Tecogni5¢s this amount in full on the face of the SOFA under Oth¢r incoine Iireehold sales. licences
& variations Iiet of an allocation o(the original ¢0st.
24

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
NOTES TO THF. FINANCIAL STATV.MENTS (Conti￿Ved>
FOR THF. YEAR ENDED 5 APRIL 2021
10. FREEHOLD PROPERTY
Land
BuildimR
Tot#1
202012021
Total
201912020
V&luation on 12 December 196¥
At 6 April 2020 aiid 5 April 2021
7,800
27,000
34,800
34,800
Using cost at cofflpletioll of bullding works in 201J
Al 6 Apiil 2020
Depreciation charge for the year
Disposals
355,546
(8.081)
355,546
(8,081)
363,626
{8,080)
Balance at 5 April 2021
347,465
347,465
355,546
Net Book Value
At 5 April 2021
Al 6 April 2020
374 465
382 546
382 265
390 346
390 346
398 426
The parts of the Trust'5 offico building that are eurrcnily used as residential could be taken bftck into the Triist's use
at Short notice. The frust considcis that reliably me&%uring the residcntiftl element in isolation of the rest of the lartd
and building woiild involve the Trust in undue c05t andloi. effort. For th¢s¢ reason$ th¢ his¢oric construction cosi of
the extension completed in 2013 is deprcciated in a straight line over 50 years.
PROPERTY INVESTMENTS
2020ll021
201912020
Cost
At 6 April 2020
Additions
Rcvaluatio
2.813,000
118,305
78,695
2,753,357
8,000
51,643
At 5 April 2021
3,010,000
2,813,000
Property investments coinpri5e 9 irsidential flats locllted on HAmpstead Garden Suburb. These investments are let
on assllred shorthold tenancies. They are h¢ld for th¢ir renthl income whith matches the Trust's long terin
obligations to contribute towards shared costs fyom the Trust's own funds. See note l {g} for the Trust's policy on
valuation of investments.
12. ESTATE WORKS
202012021
201912020
Cost
At 6 April 2020
Additions during the year
241,511
241.511
At 5 April 2021
241,511
241,511
Depreciatioii
At 6 April 2020
Charge for the year
222,404
6,920
203.381
19.023
At 5 April 2021
229,324
222,404
Net Book Value
At 5 April 2021
12,187
19.107
At 6 April 2020
19,107
38,130
25

THE FIAMPSTEAD fJARDF,N SUIIURB TRUST LIMITED
NOTES TO THE FIP4ANCIAL STATEMENTS (continued)
FOR THE YEAR ENDF.D 5 APRIL 2021
13. INVESTMFNTS
202012021
201912020
Cash h¢ld on 5hoil term deposit
256,900
256,333
14. DEBTORS
202012021
201912020
Management income owed to the Trust
Bad Debt Provision
Other debtors
221,169
(13,000)
2,185
186,499
1,874
Sub Totsl
210.354
188,373
Refund of Managetnent Charge
1156,638)
{72,739}
53,716
115,634
IS. CREDITORS.. amollnts falling due
Within one ye#r
2020ll021
2019n020
Trade Creditors
Accruals and deferred income
62,663
62.106
3,154
22,996
124,769
26,150
16. FREEHOLD SCHEME OF MANAGEMENT
202012021
2019n020
Fund5 brought forward
Balance refundable to freehold charge payers
Surplus
Balancc rcfilndable to freehold chaige payers for 202012021
(156,638)
156,638
(72,739}
72,739
Funds caTTied forward at 051041202
17. INDEMNITY INSURANCE
During the year ended 5 April 2021 the Trust paid £5,498 (201912020.. £4.998) in respect of an insurance policy
which indemnifies its trustees and offjcers against the consequences of any ncglect or default on their part and
protects the Trust from any loss arising from the neglect or dcfaults to its trustees or officers.
18. REMUNF.RATION OF THF TRUSTEES
No reinttnerntion is paid to any of the Trust's trustees (201912020.. Nil). No u'ustees were I'eiinbu13ed for expenses
{201912020'. Nill. There were no Telated party trdn5a¢tions during the y¢ar (Year to 5 April 2020.. none).
19. MEMBERS LIABILITY
Th¢ liability of metnbers is limited by guarantee up lo a maximum of £1 p¢r membei.
26

THE HAMPSTIIAD C.ARDEN SUBURB TRUST LIMITED
NOTES TO THE fi INANCIAL STA TFMEI NTS (continued)
FOR THE YEAR ENDED S APRIL 2021
20.
RE.8TRicfFD
FUNDS
202012021
Ayat
06.04.20
Income
Expenditure
Deficit or
(Surplus)
belonging tn
Seheme of
Management
Asut
05.04.21
Managernent CharbFe for
Scheme of Mandbjement
Scheme of ManabFein¢nt
compensation
966,125
(809,487)
(156,638)
149,243
149,243
149,243
966,125
(809,487)
(156,638)
149,243
2111912020
Deficit or
(Suiplus)
btlonEing to
Schcme of
Expenditure Management
As&t
06.04.19
Asat
05.04.20
Income
Management Charge for
Scheine of Manageinent
Scheine of Management
compensatio
734,401
(661,662}
(72,739)
149,243
149,243
149,243
734,401
{661,662}
(72,739)
149.243
The M2nagciMent Charge for Schemc of Managcrnent fund shows the amount due to enfranchised freeholders after the
costs of operating the Scheme of Managcmcnt in the yepr havc been ascertaincd in coit)parison to the estimated
Management Charge for the year.-fhe Schcmc of M3nagement coinpcnsation fund relates to the nei ciinount {after legal
fees were deducted and returned to the relevant funds) paid to the Trust in scttlcin¢nt for an unauthorised
developinent. This fund is restricted by the terms of the Scheine of Managemenl lo b¢ applied in subseqllent yellr& in the
manner authorised by the Scheme of Management, which is Inadc for Èhe purpose of ensuring the maintendnce of ihc
character and amenitics of Ilainpstead Gardcn Suburb. This fund is held in tru51 for ihc metnber5 of the Scheme of
Management. Thc fvnds and any interest accruing is kept in a bank account separate to any otheT funds held by the
Trust. Opportunit1¢5 to invest inonic5 from ihe Compcnsation Fund on projects to protect and maintain the ¢h&ract¢r and
amenity of the Subuth will be idcntificd during 202112, for delivery in future years as resouirc5 allow.
27

THE HAMPSTF.AD GARDEN SUBURB TRUST LJMITED
NOTF.S TO THF, FINANCIAL STATEMF,NT.S (continued)
FOK'fHE YF.AR ENI)F.D S APRIL 2021
21 (A). ENDOWMENT DESIGNATED FUND
2020n021
Asat
06.04.20
Asat
05.04.21
Income
Expenditure
Transfers
Cindowment Design￿ed
Fund
56.321
692
57,013
20l9ll020
Asat
06.04.19
AsRt
05.04.20
Ineomt
Expenditure
Tran5fer5
E,ndowm¢nt Designated
53,322
2,999
56,32l
The endoW￿ellt dosignated ￿nd contains donation5 to support the Trusvs ability to preserve the aiD¢nities and
Character of the Suburb in the long tenn,. for that reason the Tn]st Council has deterinined that not mor¢ than half
the fund's rea] growth ill capital and income will be spent in 8ny year.
21 (b). DF.SIGNATED FUND
202012021
A5at
06.04.20
Trlln5fers &
gaillsn0s5e5
A5at
05.04.21
lll¢ome
Expenditure
Designated Fund
2,872,191
510,000
3,382,191
2019n020
As#t
06.04.19
Transfers &
gainsllosses
A5at
05.04.20
Incom¢
Expenditure
Desigllated Fund
2.844,161
28,030
2,872,191
The designated fun<i was set up in 200812009 for the purpose of ensuring thc long-terni future of the Tiwst and the
Suburb. The designated fund repi'esetLtS the investments of the Trust which it is intended shall be conscived and
grown so that the Trust can continue to meet its ObJ￿iS to preserve the character and amcnity of the Suburb. In linc
with its Reserves and investsnent Policy, the Trust uses thc r¢v¢nlle from the sale of assets to pui'chase inve5tmenl
PToperties, the incomc froin which is set against the-lrust's own financial obligations to the Scheme of
Manageinent. The highei. than anticipated incoine from asset sales in 2020121 now allows the Trust to set aside a
suin to piirchase a new investmcnt pix>perty in 2021122. This will further strengthen the Trust's long-tcrm financial
seollrity and significantly reducc the year-on-year deficit on its operating account. It is intended that further
iiivestinents will be idcntified through 2021122, commensurate with the need to retain adequale funds against future
risk and operating contingcncies.
28

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED
NOTES TO THE FINANCIAL STATEMF,NTS (continued)
FOR THE YEAR FNDF,D S APRIL 2021
21 (c). DESIGNATED FUNDS TOTAL
202012021
A5at
00.04.20
Asat
05.04.21
Ineome
Exppnditur¢
Tr&n5fers
Designated Funds Total
2,928,512
692
510,000
3,439,204
201912020
Asat
06.04.19
A5at
05.04.20
Income
Expenditure
Transfers
Designated Fullds Total
2,897,483
2,999
28,030
2,928,512
22. ANALYSIS OF NF.T ASSET8 BY FUND
Fund balances at 5 April 2021
General
Fund
Restricted
Funds
Designated
Funds
Total
Funds
Fixed asscts
Cash on short tcrm dcposits
Net current as.8ets
115,120
149,243
3,182,304
256,900
3,446,667
256.900
1,902.058
1,902,058
2.017,178
149.24J
3.439,204
5.605.625
Fund balances ai 5 April 2020
CNeneral
Fund
Restrleted
Funds
Deslgnated
Totol
Funds
Fixed assets
Cash on short term deposits
Net current a8sets
445,856
149.243
2,642,179
256,333
3,267,278
256,333
1,456,833
1,456,833
1,902,689
149,243
2,928,512
4,980,444
The short.tenn deposits have inaturities of three months or l¢ss.
THE FOLLOWING PAGE INO.301 DOES NOT FORM PART OF THE STATUTORY REPORT & ACCOUNTS
29