2022-03-31-accounts

THE HAMPSTEAD GARDF,N SUBURB TRU,ST LIMITED (ForTnerty Tht New Flampstead Garden Suburb Triist Limited) (A ¢ornp8ny limittd hy guarantee hnd having no share capital) REPORT AND ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2022 C.11ority Number: 105nO911 Compally Number: 928520 Registered in England

T14f, i.IAMP.STF.AD GARDEI N SUBURB TRUST LIMJTF.D (Formerly The New Hampstcad C7ardeii Suburb Trust Liimited) {A eompany limited by guarantee and having no Share cgpital) REPORT AND ACCOUNTS FOR TFIF. PEI RIOD ENDED 31 MARCII 2022 CONTF.NTS Page Chaimian's review Legal and adinini5tr&tive details Report of the council Independent audilors, report 12 Siateinent of f￿ancial activities Balance sbeet Stateinent of cash flows Notes to the financial statements 18-29

TI.IE HAMP5TLAD GARDF,N SUBURB TRUST LIMITF.D CHAIRMAN•S REVIEW 202112022 This is my third Chaimian's report and the one constant has been Covid. Having spent all of lockdown working remotely and every inccling laking place on Zoom it has b¢en a real ple{￿Ure lo get back to holding I'rust inc¢tings in peTson. It is ainazing how quickly everyone adapted and how we all Thow take hybrid ivorkiiig as the new norm. Simon Helldcr80Tr and his ream continued to I'ise to ihe challenge, and foi. the'l rust diroughoul this periad it has been back to business as usual. I should like to ihank the staff for all their hard woi"k and how well they have adapted to new ways of working. and the 0￿ratiOnAl iinprovements they have brought in as a re5uIt. Fullowllig the appointtneni of external acCou￿tantS in late 2020, we have also been abl¢ to irnpmve the Tnjst's rr systcm and seeurity tbrough th¢ &ppointment of Infinity Technology Solutions as the Trust's IT sUPPOrt agency. The Trust's arboriLulluralist, ADthony George. and our external architectural consultaiit, Monica Knight, continue to provide expei"l advice in their respective areas, aiid managcd to maintain a full inspeciion prograinillc through (he latter lockdowns without incident. The period ended 31 March 2022 saw a similar level in applications to thc year cndcd 5 April 2021 as a rcsult of residents wanting to make tnore use of theii. PToperlies, includsng gaTagc conversations. extcn8ions and loft convei'5ions. As I stated in my lasl report the TINst has 8lso takeii remedial action on A number of propertlC5 where woi'k w&8 ca￿1¥d out without onsent. Legal action is always a last i'esort. but th¢'l iiist has succe.ssfully pursiied a nuinber of infringements dt law. and others are in hand. While the results of these are 8oinetim¢s not obvious, particularly whejt unsympathetic alteTations are reversed, Ihe'l'rust will &ilways takc action where it can. AfteT some time saying that we wcre about to coinplete the lease of Central Squ&re I can now stste that the lease has been coinpleled and we welcomed th¢ Mayor of Barnct to cut thc ribbon at the opening ¢ei'cmony on 8 June. I should like lo thank Richard Townley in particular for his time energy and skill in getling this done. As you will see from these accounts we have hftd another good financial perfonnance this period. Better than expected incoiiie from fccs and assei salcs combined wilh savings in offiLe costs and less need foi. expensive liligation to create operational surplus¢s in both the Trnst's own funds 8nd the Scheme of mat￿gement. This wi]1 be reflected in the rebate oi) die MaThageineni Charge, as well as giving the Trust the opportunity to invest ￿[1d5 in furthei. itnpi'ovemenl of the Sllburb incliiding Central %qiiar¢. Having acquired two new investsnenl properties in the period. we aTe now looking at optioiJ% to fi]rther bolster the Trust's own financial r¢silience and reduce our reliance on saies of freeholds and liGenGes, which is not a long-ttrm solution. While protecting the Subwb's historic heTltagtr, the Tiwsl Inust be wise to the present and fiiÈure pressures on such environments. both natural and Inan-made. W¢ publisheLI furthei. guidaiice on energy conservation and generation during the period, and we will be looking at ihe resilien¢e of the Suburb's green estate in the coming year. The balance betwecn heritage aThd sustainability is an ongoing debate, but the Trust believes that inuch tnore can be done without eomproinising thc unique characier of the S￿bUrb Finalty, I should like to thank Iny fellow Irustees and our lourteen volunteer committee Incinber% fnT their time and comin1t1￿ent. There is no doubt tliai as a Lountiy we are facing some difficlllt time5 and the-frust will not b¢ imimune fv0i11 these. HowcveT I confident that whatevei. challenges we face in the year ahead the Trust, its siaff, ts'ustees and volunteers will be able to d¢al with thein. Rayinond Taylor Chairman

THF. HAMPSTEAJ) GARDEN SUBURB TRUST LIMITED LEGAL, ADMINISI'RATIVE AND OTHF.R INFORMATION ABOUT THE TRUST Members of the coll￿¢]1 on is¢ Septernber 2022 Elected mcmbers; Rayrnond Tayltsi. (Chairman). Elected 20 Septeinber 2018. Raymond has livcd on the Subuib fvT over 35 years and served on the Trust's Estate and Finance & Organisation Coinmittees PTior to becoining a trustee. He is a practicing corporate 501icitor. Mdralyn Roberts. EleLied 27 Sepleinbej. 2019. Maralyn has lived the Suburb for 38 years. She was elected a Trnstee 2019. She sits on the Tru￿,9 Property and Plans Cominittee, as well as chairing the TEu5t'b (ir￿ls. And Amcnities Colnmittee. Richard Townley. Elccted 27 September 2019. Richai'd, who has lived in thc Suburb for 43 years, is a fellow ofthe Royal Institution of Chartered %urveyors and has spent over 50 years SP¢Ci&ilising in coininercial propetty investment, for ten years he was a Trustce of Ambitious About Autisin and has beeli involved in various Suburb piojects, in particular the introduction of the heritagc lighting in Central Square and the inslJlla(ion of the iiew tlower beds in the Square. 4. Trevoi. Price. Elected 30th SepteJnbeT 2020. Trevor h&s lived on the Subui'b for ahnost 30 yeai's in three 5epartiie properties. two of which ui)deiveni significant renovation in liiie with Trust guidelines. He has worked with thc Trust on a number of improvement projects. including conservation work to the Great Wall. App(Jinted members: F.Ispeth Cleinents. Appointed by th¢ Royal Institute ofBrilish Architects on l April 2015. Re-appointcd l April 2018 and 2021. Elspeth is an accredit¢d IUBA Conservaliot] ATchitect and a fonner m¢mb¢i' of RIBA Council. 8hc is Managing Directvr of Cleinents & Portei" Architects. fovt]dcd in 1979. She is also ViCe-P￿S]dcnt of the I lighgate Society and wrote part of the Highgatr Con5eivalion A Tea Appraisal. Dr Tye Blackshaw. Appoinled by the Victoi'ian Sociely on 7 January 2020 Dr Blackshaw has a PhD in Victorian Architecture from thc Courtauld Institute. Shc has worked for Pevsner, Buildings of England series and the Vi¢toria County History, has recently served as a ProtectOT for Flighgate Cerneiery nd c￿rrentlY sits on the Courncil of the Highgate Society. 7. Jonathan Ross. Appointed by the Law Society on 18 July 201 l. R¢-appointed 18 July 2014, 2017 and 2020 Jonaihan is a solicitor and is Iiead of prorerty litigation at Forsters LLP, where his clients incliide a number of scetion 19 urgani£ations and estale5. Fle writes regularly for the propcrty Press. Jonclthan is not now a resident bul he was brought lip on the Suburb aThd his father 15 a past member of the Trust Council. 8. Alison Bloin-cooper. 13Sc MPhil MR'I'PI. Appointed by the Royal Town Planning Institute on 12 April 2014. Reappoinied 12 April 2017 and 2020. Alison has over 30 years, experience of plaY￿Ing issues acTOSS both the public and pi'ivale seLtoi's. She has a pariicular intei'est in training and ¢ommulli¢ation5. She is curiEntly Assistant DireL'tuY Strategic Place and Planning for a local aiithoTty. Eleetion and Appoiiitmenl lo the Collncil.. TheT¢ was one vacancy foi. election following thc end of Raymond Taylor's fiTSt three-year tern). A single caiididate. Rayffloi)d l aylor, was proposed and ¢I￿ted unopposed at the ACJM on 30th Septeinber. Registered office The rcgistercd office of the Trust is 862 Finchley Road, London NWI16AB, telephone Aujnbets 020 8455 1066 and 020 8458 8085, cmail.. lnailcighgstrust.org website.. www.hgstrust.OTg. The office is normally opeii Monday to Fi'iday 9ain to 5pm, excluding public holidays.

THF. HAMPSTEAD GARDEN SUBURB TRUST LIMITED LEGAL, ADMINISTRATIVF. AND OTHER INFORMATION ABOUT THE TRUST (CO￿tIllUed) Trust Coinpany membership At 31 xl March 2022 theic w¢re 573 iiieinbers of the TFUSt Coinpdny and 51 associate iiietnbei's. Men]ber5hip octhe Tnist 15 open to adults who have bccn continuously resident on the 8llburt) for over three year5. Other adult residenls Inay join as ssociate m¢mbers. Applications are welcome {there 15 no charg¢ or gubsuiiption, and ¢a¢h mejnber's liability is limitcd to a guar&nt¢c of £1). The applicalion fom can be obtained from the website {www.hgstrust.org) or fi.oin ihe'l rust office at the address above. Trust Councll's rc5pon$ibiiitie5 'I'he TrLisI co￿n¢11 inects ten iiincs a yev4r to direct and oversee the work of ilie Trust stdff in safeguarding the characief and ainenities of the suburb. The Trust Council comprises four Ineinbers elected by i"e5idents who are men)bers of the Trust and fouT mcinbers appointcd individually by thc Law Society. the Royal Institute of Brit15h Ai'chilects, the Royal 'fown Planning Institute and the VictOTldn Society. These pusitions aiE all uiipaid and carry i"esponsibilities and dulles reqiiirit)g con.%ideTablc tiine. understsnding and etfort. Coullcil members, Induction trAinillg New Council mcimbers arc given writttn inforination including the Scheine of Managetnent. Articles ol Assocsatiot], Annual Rcport and Charity Commissiun publications including The Essential Ti'ustee. Induction sessions and coiirscs offered. iailored to individual needs and Lothceims. New Council menibei3 are encouraged to tour the office and Imcet all the staff and to attend the Property and Plans Coinmittee to gain insight into that iinportant aspecl of the Trust's work. Honorary Life Presidcnt The Ttust's Honorary Life President is Dr Mervyn Miller PhD. BA, BArch {Hons), MUP, MAr¢b, FRIBA, FRTPI. Hunorary Account5 Adviser The Honorary Accuunts Adviser is Robuh Mark5 Bsc (14ons}. AMIMA, AAT, TF.P. Volunteer Member5 of Advtsory Committees (in addition to Trll5t Council members): Estato Committee.. Alan Biudney. ludith Chan¢y (retired 2022), Laurence Wolff rinancc Committee.. Jercmy Clynes, Robin Mart(s, Paul Hartley, Tony Ghilchik Grants and Arnenities Coinrnittee.. Roseinary Goldstoin, Jonathan Seres, Louise Scheuer, Ron Finlay Pi'operty and Plans Coinmittee.. Ann Spenccr (retircd 20211, Helena Ilenes, Emma Howard Sta The following people are curr¢ntly employed by the Trust.. Full-time: Simon Hendetson Chief Executive Officer and Coillpathy Secretary Jane Horder MRICS Estate Manager David Davidson BA {Arch), MA {Arch Cons) IHBC Architectural Advisei. Paul Capewcll Bsc {Hons) Inforination M£￿age1nenI Inforination and Coininunicalions A55islant JRines Phillips BA114ons), Msc Assistsnt Architectural Adviser

THI HAMP.STEAD GARDEN SUBURB TRUST LIMITED LEGAL, ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE TRUST (continued) Staff (continued) Jessie forder Busiiiess Support Officer Joe Matlii¢son BA, Mst Architectural Support Officer Luke Boyle BA (Ilons), Msc Assisranl P.statc Manager (from October 2021) Part-time- Michael Tution Dip Cons, PgDip (Bldg Cons). IHBC Assistant Archiiectui'al Advi5¢r Susan Samiiels Lstate Manageincnt Assistanl Patricia I,ewin Credit Ctsntrol In addition the Trust turrcntly regularly uses the serviees of the folloiviThg parl-time independent eonsultanl: Monica Knight Dip Arch, Bsc Arch. Grad Dip Cons (AA), ARB Architectural Consultdtht Professional advisers Solicitors Lee, Bolion, Monier-williams The Sanctuary London SWIP3JT Bankers 118BC Bank plc 897 Finchley Road (ioldei's Green London NW I17NX Auditors M¢n£ie5 LLP Cenlrum House, 36 Slation Road Eghatn Surrey TW20 9LF Arboricultvralist Anthony George f)ip LA. MLI, FRSA Anthony Georgc and Associates Thc Old Brick Iqouse Village Rood l)omcy Wind%()T SL4 6QJ Aecount411ts JS2 Liinited One Crown .8quai"e Church Street E4ast Woking Surrey GIJ216HR

TH£ HAMPSTEAD GARDEN SUBURB TRUST LIMITED REPORT OFTHF. COUNCIL The Council mcinber5, who act in tlie role of directors and trllstees, ￿eSent their filty-fourth annual ￿pOrt, together with the audited accounts ol-the .1 l'ust foi. tlie period ended 3 1 March 2022. For the putyoses ofthis Teport ihe lenn"TTUSt" is Used tu mean the cuinpany whose dii'ectors are referred to as'the tTU5tecs"" the board is rcferred to a5 '%he Cauncil" By agreernent with the ChdTity C'ommission, the TrLLSt's fJnan¢ial year adjusted to end on 31" March frorn 2022 onwards. 'Ihe5e accounL8 therefore refer to the year past the Period 2021122 or the Period. The tivste¢5 coThfirin that the annual rcport and audited accounts of the TTUSt comply with current statutory requiYeTnents, the requiremcnls of the Trust's goveming document and thcprovisions ofthe StstcmcDtofRecommended Practice {SORP), applicable lo chai'ities prepariiig their accounts in accoi'dance with the Financial Reporting Standai'd in the UK and Republi¢ of Ireland IFRS 102, effective I january 20191 Object and prineipal activity I'he object and principal activity of the Trust is to maintain and preserve the character and ainenities of Hampstead Garden Suburb. In 1967, legis18tion was passed that obliged landlords to sell their freeholds on demand to long l¢ageholders. This credted a new sI￿atIOn for the Trust, as foi. other landlords, as it was constituted at that time. In 1967, th¢Tefvre, it wa5 dissolved nd replaced by the present Trust with a Iiew constitution. The new Trust has members (who Inusl bc Suburb i'esidentsl but no shareholdert and no owners. The trustee5 are not permitted to benefit financially from their posltions and on dis501ution the a5set5 of the Tr￿st would be at ihc disposal of the Charity Cominission. The new Tw$t had two principal fun¢tion5 Ihat it continues to cany out to the present day. l. The new Trust was not obliged to dispose of all its assets but holds thein and it5 unellfranchised leaseholds in trustfor 11 tlie resldent.s uf tlie Hrtnwslead Gurrfeii Suburb liiclualliig ilie lirÉeliolderJ. It manages these asscts so as to maximiz¢ their value and devotes any operating surplus to the maintenance of it5 financial position and to the Ch￿.]table purposes dcsciibed its Memorandum of Associaiion. 2. The new Trust was also designed so as to ¢nable it to operate a Scheme of Marhagement as provided for in scction 19 of ihe Leasehold Reform Act of 1967, ID 1974, the Iqigh Court auihorised a Scheme under which the appearance of ihc building and grouiids uf all enfranchised propertie5 15 coiitrolled by ihe 'l'rust, and which the Trust still operates. The purpose of the Schejne is to t]]5ure that the Suburb's archiiecrural integrity and its amcnities in temis of ILS trees, open spaces and gai'dens are PTe5eived, and that unreasonabl¢ developjnent is preventcd. The Scheme 18 fi)nded by Manageinent Charg¢ payable by Fi'eeholdcrs. '11)is money is held in trustfor ilie I,reeliolrfers rtlone and remains the property of Freeholders until exp¢iided. The Scheme's fit)ances have to balance year on yeaT, and any surplus must be reiiii.ned lo Chai'ge payers the following y¢ar. The Schemt docs not have any reserves and does not own anything. It is not a legal entity, simply an atcounting d¢vice. Since 1974, the great tnajority of the houses and inany of thc flats on the Suburb have cnfranchi5ed and fall within the Scheme of Manageinenl, the niiillber% increasing year by year. In 1988 the Trust acquired the freeholds of all ihe long leaschold properties on rhe guburb {including Inost of th¢ block% of flats} from Ashdale l.and and Property Company Ltd. Tlii'ough these leases, the frechold owncrship of I l allotment siteE, 27 iinadopted roads, some 50 othei" comm￿nd1 open space5 and the Scheine of Managemcnt itself. the Tn]5t can maintain d unified control over n¢arly all Subui'b properties and the trees, hedges and many of the communal areas ari)und thcin. Control of the public highway5 and the largei. open space5 1'e5t5 With the London Borough of Barnet and Transport for London. Status The Ti'llst is a coinpany limited by g￿arantee {r¢gistci'ed in England number 9211520), not having a shaTe capital dnd is rcgistci.ed as a charity Oqumber 1050098). It is govemed by it5 Meinoi"anduin dnd Ai'ticle5 of Association dated 8 March 1968 and inost recently ameDded QD 17 Septeinber 2008. Until 15 January 2007, it was knowt) as The New Flainp51ead Garden Suburb Trust Limited. The TTU5t'5 charitable purposes cover the advancement of the arts, culiure atjd hei'itage. environinental PJDtcction and iinprovement. Hampstead Gard¢ii SubuA) is iiitemationally recogni5ed as the fmesl and best realised example of bi)glish tweDticth-century domestiL archit¢Liure djid planning. 'fiie public benefit extends far beyond the 16.000 oj. so i'esideiits of the Suburb to the national <ind internalioiidl ¢oininunity- lay and PTofes5ioiial- with an interest in architecture, urbAn

T14E HAMPSTF,AD C.ARDEN SUBURB TRUST LIMITED RLPORT OF THE COUNCIL{eontlnued) planning and social hislory. The lessons to be learnt Iroin the ethos, history, landscape and architccture of the benefit both prese￿1 and luture gen¥ratioi)s. Or%aiii59tional structure The Ti'ust Collncil is responsible lor decisions of the Trust. The Trust Council 15 advised on relevant Inatters by the Property & Plans Cominittee, Finajice & Organisational Coinmittec, Estate Committcc and Grant5 & AIMcnities Coininittee. Policics ai"e developed by senior staff (Chief Executivc, Architectural Adviser and Estate Manager) and the advisory coinmittees. Decisions are lmplcinented by staff. The Trus1•8 lollg term strategy is to iindertake- ReLJiildtiun of chaiige on ihe Suburb through vigoraus exercise of the Triist's obligations and rights under the Scheine of Manageinent {for enfraiichised fi'eehold propcrties) and through the tern)s of the lease5 (r￿ property where ihe Trust T¢tains the freehold ievei'sionl Direct, plann¢d management of the residual estate, including coiwnut]al open spaces, private roads and allotments An effcctive ar¢hitcctural advisory service for Tesidents. owneiB diid their profe$5ional agents and Lulltractors Ai) education and awareness PTogramme through walks. talks, pllblications, broadcast and new In¢dia A modest pi'ograsnine of charilablc donations to Subiirb good causes Management and enhajicement of the Ttwt's reserves to eliTninate revenue defscit perinanently Main developments iii the period ellded 31 March 2022: Although the COVID-19 pandeinic and its associated lockdowns in spring and winter 2021 continued to cause some disiuption to Trust business, the le550ns learned in 2020 proved u5cful in maintaining busin¢ss continuity ihrough the period. The TtU5t's IT systems allowed staff to work suec¢ssfully from hoine during lockdowvs, and cnminittee and Trust Council meetings weir held in a mixthre of Zoom and facc-to-face fortnats as circumstances allowed, Thc 2021 AGM was also held in a hybrid live and live-screening format. although attendbn¢¢ in person was understaTSdably lower than in normal timcs. Ihe income and expenditure nf the Tnist over the pcriod also ¢ontinucd to ieflect the changes WTought by the pandemic, albeit to a sliglitly lesser degr¢¢ than in the year ended 5 April 2021. Income from applications for TTUSt Consent on freehold propertie5 again significantly overtopped the projected budget, pcrhaps reflecting a continuing desire by owi)ei's lo make thc most use of properties dtiring lockdowns. Continuing significant incoine froin the sales ol Trust aS5etS bolstcred the Trust's own fimds. Tr,xpcnditurtt was generally in line wilh expectations. reflecting the Trust's improved ability to anticipate the effect of the COVID restTiciions after the exp¢rience in the year ended 5 Api'il 21. Key events in th¢ Trust's period included Signing a 999 y¢ar lease wilh London BoToiigh of Bamet to take back ownership of Central Square. which is now under t1￿ Trust's Care Inanagemeiit,. Awarding graiits to ten local organisations that benefit th¢ Subiirb, plus an emergency ex-gratia grant to St Jude's-on-Ihe-Hill; Pursuing and defending Icgal case5 concerning unauthorised alt¢Fations to Suburb pi'operty. Pui'ehasing two new investinent properties on the Suburb. the income from which will support the work of the Ti'ust,. Producing a standardi5¢d conveyancing pack for residents buying or selling PToperty the Suburb. Publisl)ing Supplemeiilai'y Guidance on enei.gy e￿i¢}e1}cY and generation Imeasuies.. Reinslating the TTllSt's publiL walk5, talks and exhibition to proinote and explain the value of the Suburb- Ile-clecting the chaiTman for a second tCTm trllstee. The Tnist Council confirins that it has complied witl) the duty in section 17 of the Charities Act 2011 to have due regard to the public b¢13efit guidance published by the Commission in determining the activities uThdeitaken by the Chai'ily. It 15 through care. regulation and conirol over the Suburb that the Charity is able lo provide the public benefit5 identified above, not only to residcnt5 bill also to students of and visitors to the Suburb. 'lThe care, Tegiilation and control aspects of the Tr￿¥t's WOTk are detailed ￿lOw.

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED RF.PORT OF THE COUNCIL (continued) Regulation,. Defending the Suburb Applications In the period ended 31 Mai'ch 2022 the Trust received 261 applications Icoinpared to 257 in the year endcd 5 April 2021) to change the extemal appeai'ance, use or structurc of property. 'IheTe We￿ three new applications for deinolttion and Tebuilding, of which all were unresolved at period-cnd. In addition, five applications were received which involved tht construction ol, or extension to, a b&seiment ii) an exisiing propeity (coinparcd to seven in the year ended 5 April 2021), of whicl) all wei'e unresolved at the end of the period. Two new applications involving the creation of new hardstandiiigs were received Icornpared to thrcc in the y¢ar ended 5 April 2021). Both of thcse wcre refused. Sevcral initi&l proposals to r¢deY¢lop coinmercial sites or> the Suburb were received by the Triisi but none proceeded to a formal application, including Ihe proposed redevelopment of ihe Esso filling station on Finchl¢y Road. Advice and Enforcen]cnt Throughout the pcr51)d, the Tn]st's staff gav¢ pra¢tie2] guidance to resideThts. potential r¢sid¢ni$ Ènd their professional advisers on Inatters including preliminary advice regarding applicalions, routine care and mainl¢nanLe WOTk, legal Inatters, the pruning and felling of trees and the care of Iwd5capc and hedges. On-site inspe¢lions were lai'g¢ly unaffected by the lockdowns. Many uf thc Suburb's mosl PTOTtiinent trees are several hundred years old 9￿d were carefully integrated into the Suburb, plan fron) the outset. Application5 tu fell mature trees ar¢ increasing a matter of Loncern to ihe Trust, particulai'ly given the ever-increasing pressllrc froin property insurers. Trust staff work closely with technical consultants, residents and the local authuTily to find mutually aLceptable solulions that avoid¢d unnece55ary felling and preserve one of thc Subwb's most distinctive assets. The Trust will always attempt to negotiaie the reinstatement of unauthoiised alterations lo Suburb property, pyrticularty in case5 whcre a new application is received for work on a house with an existing infringement. Five infringeinents have been resolved and lifted duriiigy the p¢riod. Eleven new infringements have been recorded. One long-running case at law was s¢iiled in favour of the Trust. Awareness 811d Education The Trust Council ¢onsid¢is that widerawarene5s and appreciation nf the Suburb, a5 tjn iTnPOrtant landmark in the cvolution of doinestic airhileciuit and Town Planning, is critical to its continllcd preservation. 'Ihc Trust therefore endeavours to proinote infoFtned understanding of the special naliire of the SubuTb to Te57de￿t5 and others with talks. guided tours and publications, both printed and on-line, as well as engaging with groups and oi'ganisatl0115 that share its aims and interests. After th¢ enforced Testrictions of the previ0115 yeai., the summer guided walk5 and Winter tLcture were welcome reintroductions. Three stalyled well-att¢tided walks covci'ing the Suburb in wartimc, cornmllnRI housing and thc Suburb's green enviroi)tnent. Oli 13th l)eccmbei', 81 pcoplc attended an excellent Winter Lccture to hear Duncan Cadbury give a highly inforinative talk on George Cadbury'5 creation of Floiimville Village, one of the in5piralions for Hampstead Garden Subui'b. Accoinpaiiying hiin were Pct¢i' Dougla5 OsboTn¢, who gave a short talk on the links between George Cadbury a]]d Henrietta Daimett, and Pete Richmond, CP.0 of Bnumville Village Trust. The TTU5t has b¢cn invit¢d to visii Bournville in June 2022. to compare expei"iences in Inanaging historic residential estates. The Tn￿t'S G¥hibition on Suburb architects finally went thekd in September. Held in Fcllow5hip H(1￿¢ over a rnOn￿ the attractive exhibition highlighied ihc life and work of thiTtcen architects who contributed sigjiiifjcant buildings 10 the Suburb. It was very well reccivcd and now has a pern]￿ent hom¢ in HGS Heritage's Virtual Museum. A &econd exhibitloll to continue ihe tl)eine is planned. lThc Trust also aims to kcep Members and other residents infomied of its work and Tesponsibiliti¢s throitgh its website, social Inedia and printed publications. To iinprovt coinmuniLations with Meinbers, th¢ Twst's ￿nTru￿ Gazette was rcplaccxl fi'om 8eptembei' 2021 by the Tiu8t Tinies, a new thrice-yearly 4-page col¢)ur newslelter. This allows a more topical range of ncws, featiires and iiiforination to be LUTnmunicated, iii both papei. and on-line forina(5. The two editions published so fai. have had pL)sitive feedback. The 1.1￿$( now also has regulai. articles in the Suburb News and e-News, by courtesy of the HGS R¢5idenis Associalion..

THE HAMPSTEAD GARDbN SUBURB TRUST LIMITEI D REPORT OF THE COUNCIL (continued} Maintainiiig the fabric Df the Suburb Gai'den Inaintenancc work COT)tiiiued on schedule through the peri(Ki, although chaiEe8ble work was del&yed in some dreas by the challenges in getting coinmon agreemeiit froin all Fesidcnts coTrceTned. Lockdown dnd othei. pressures on resouices prevented the planned retendering of the garden contract, and the present l¢rm coThtractor's contract was extended for a furihcr year with an inflation-ba5ed uplifi. The conti?Ll will now be r¢tcnd¢r¢d ff)T ApTiI 2023. The annual tree inspection.% werc caTT¢ed oui in December and January. 280 011-sile inspe¢tions for (ree work at individual propBrties were undertaken by the'fTUSt's arboricullurisl over the period. Following signing of the Central Square lease with Bamet Council in January 2022, the Trust has begut) a piDgrainine ot m￿l￿tenanCe and iinpi'oveinent that will continue into 2022123. The tennis Lourts remained open through 2021122 and saw heavy usage thTough the suininer and autumn. The llnproved booking aiTangeinei)Is i'esulted in fewer coinplaints aboul availabilsty. TheTe wei"e 5,258 bookings in the peTiod aiid 2,226 advance cJncellations, allowing others to book vacated slots. 99°/0 of bookings were repeal users. The allotinents also reinained open throughout the pei'iod, providing a valuable resoul'ce to residenls conlincd to home. All plots are Iiow tsken and Iheie is a waiting list. A piped water supply was brought to the Chatham Close allotincnts and a furthei. site will b¢ supplied in 2022r23. A loiigstanding flooding prQblcJ￿ on the Creswick Walk allotments was identificd as a Thame5 Water leak and is in the course of being re501ved. Grants The Ti'ust providcs grant aid to local bodies wh(J.%c activitics are likely to be beneficial lo residents and preserve the characler and ainenity of tl)e Siibiiib. Diiring the period cnding 31 March 2022 the liwst, advised by the Grants & Amenities Cotnmiltee. made grants totalling £27,328. Grants were made to th¢ value of.. £1,200 to the Youih Music Ccntrc. £1,300 10 the HGS Archive5 Ti'llst; £1,000 io HGS IleTitage', £4,000 to Proms at St Jude's- £2,500 to the Free Church. £15.000 to the Parish of St Judc-on-the-14ill. £1,500 to the Hampslead Cjardcn Opera'l'rust,. £ 1,100 lo Norrhway Cjardcns Organisation. £600 to fcllowship House.. and £80 to the FTiertd5 of Abb¢yfi¢ld Hous¢, An additional £15,000 cx-gratia grant was made to the Parish of St Jude-on-Ihe-Hill to 5UPPOrt emergency repairs to the I,uty¢n%-designed church, following the discovery of structural problems with the tower. Vnlunteers ID the peTiod ended 31 March 2022. the Trust has again benefited from input to its work by volunteers including non- TTU5tec members of the Property & Plans Cominittee. the Esiate Cominittee, the Finance Cominitt¢e and the Grdnts & Am¢nitics Committee. The names of thosc who served on the Trnsl's advisory committees are given aboy¢. Altog¢ther thei'e arc 14 residents serving on the Trust Couiicil dTrd cominittees. This does not exliaust the lisl of those wl)o help th¢ Trust various Vdluable ways. Financial rn&tter The fortn in whiLh the statement of fjnancial aetivi(ies is set out on page 15 complies with the Charity Coiyjini55ion rcquirernents to rel&te expenditure to the Trust'5 obj¢ctlVeS Tather than under heads of expenditure. The ststement also details thc finance5 uf the Scheine of Mdnageinenl as well as ihose ofthe Tiusi, although each is separately identified. As a supplement to assist tneinbers atid chai'ue payei's, Ilie TNst has included, appendix to the report and accounts, an Analysis of th¢ Mpnagetnent Charge. which gives a breakdown llndeT heads ofexpenditure (See P<ige 301. This appendix does not f04rn part ofihe report and accounts, The Trust95 f￿anCeS The Trust lias a dual obligation. All its assets are lield in li'i15t foT the benefit of all Subiirb residents,. kreeliolders, leaseholders, tejiaiils and others. The TI￿st also operates a Sclieine of Maiiagement iindei. Section 19 of the l.easehold Reforin Act 1967. The Scheine is funded by a Managcinent CliaTge paid by enfraThcliised Freeholders. -Ihese funds are acLounted for sepatately from the Trust's own property and are held in tTUSt for the Freeholdus until expended. The Trust is not peiinilted to pi'ofit froin ils operatioii of thc %cheine and any suiplus 01. dcbit on (he Management Charge in a paiticular yeai. 15 retui'jied to the fireel)old¢¥s as a Tcbate or surcharge Tespectively on the following year's oharge. Any funds received undei. othei. provtsions of Ihe S¢heine air held in ts￿51 by the'l ￿5t to be applied in subseqiieni years in the anner aiithorised by the Sclieine, which is mad¢ for the pui'p05e of ensuring the inainteni£ nce and preseryation of the Suburb.

THE HAMPSTEAD GARDEN SUIIURB TRUST LIMI'fLD REPORT OF THE COUNCIL (eontiiiued) A. A55et5 htld in Trust for all i'esidenÉ8 In the oourge of the p¢riod Cndcd 31 Mareh 2022, the Trust's reseryes incrcascd by £568,452. Revenue is derived froTn the groiind ients and other charg¢s r¢lating to theTnLSt's Icascd properties and toiallcd£201,425. In addttion income is received froim the Sale ol. freeholds and Ica% extensions. as rcquiird by the l.easehold Rcforrn Acts; fi'om one-off payments for vai'iations to Icaqes and ¢ovcnants' and froiTJ renis and ground rents accruiT)g to Ihc Trust as landloi'd= iogether these total £518,918. 1)esignfttcd income is constituted by donaiions lotalling £468, received fiDln residents duiing ihe pei'iod. It will bc iioted that the increase in reserves is agaiTr greater than the receipts froim the Sales of assets. These assets are not renewable and the nei receipts must be husbanded with great care and invested to proyide the TTUSt with a secure income to support its woi'k toi. the indefinite future. The Council con$idcr% that the overall state of the Trust's fintLnLial 8(fairs continues to be sti'engitheiied bul Still reinains capable offurtheT imprnvcTnent. The Trust's as5¢ts are available dnd s&dequ&te th fulfil its curr¢nt obligations. B. 'fhe Seheme of Manggement As 8taicd abovc, thc Schcine of Manageinent is funded by freeholdeTS and its finances are accounted for separately froin those of Ihe fru.st itself.. the fvnds wiihin the Scheme of MBnageinellt aTe not the property of the Trust. Incoine and expenditure under the heads of thc budgei for the year were the equivalent uf (Ln actual charge for the ye3T of£155.70 per houqchold, based on the median llUTnber of chai'geable properties in the periud ended 31 st March 2022. 'fhis is below th¢ estimatcd charge of £207.22 the equivaleni of a rebate to charge paycrs of £51.28 lor the year endtng 31 Marcl) 2023. I'his will bc set against the estimated chdrge for the year endiii&J 31 MdrLh 2023 when the Manageinenl Chwge bills are sent out in Augllst 2022. The Management Charge 15 8 l&nd charge that wns with the property. The law requires tliat rebates ]nusL be made to the ciii'rent owner evell whcn they £￿e made in respect of ¢og(s incurred before a transfei. olownership. The Ti'u5t Imaintains a credit control policy to minirnise arrears in-year. This incliides reclamation through the Lounty Couil in cases ol'pei'sistent defaiilt, leading to a Charging Order on the propcity and a Charge on ihe Title. Nine Court appli¢ations were Inade in 20211221 and OTdcT8 granted agallist four propertie5. In cases tsf genuine hardship, the Trust can olyer various stage payinent options QT a hardship grant. No applications were Imade in 2021122. Trust CouDciI Infonnation regarding the Trust Council, includiDg detai15 of thuse Inembers in office duriThg the period and at the date of approval of this iewrt. is shown under L¢gal, Adininistrative and Other Infoi'mation. Councll members, respom$ibilitles In respect of tbe preparation ￿r accounts The trustees (whu ure also dir¢ctors of i-hc Haiiipstead Giiid¢n Subui"b I'rust for the purpose5 of eoinpany law) are responsible for preparing Ilie Report of the Couiicil and the fIn￿¢la[ slateiments in accordance with applicable law and United Ku)gdom Accounting Standards (United Kingdoin (ienerally Accepted Accounting l>ractice). Coinpany law requiTes the tTU5tees to pieparc financial statemet)t5 for each financial y¢ar that give a truc and fail. view of the stdte of affairs of tlie charitable coinpany aThd of the incotning resources and application of resources, including the iiitoine expenditure, of the chai'itable coinpany for that pei'iod. In preparing these financial stateinents, the trustees are required io-. Seleci suitable accounting policies and then apply thein coiisistently Ohscrvc the methods and principles ihe Chdrities SORP Makc judgemcnt% and estimates that are Tcason<ible and prudent State whether applicable UK Accounting 5taDdards have bccn followed, subject to aiiy material departure4 disclosed and explained in ihe f￿8￿¢1￿[ Sta￿inents Prepare the financial strdteinenÈs on a going concein basis unle55 it is inappiDpriate to p¥esiiin¢ that thc chai'itable company will continue in business. The tiiistees are responsible for k¢eping pi.oper ac¢ounting J'ccoi'ds that disclose with reasonable accuracy at any timc the f￿ancial posilion of the chai'itablt coinpany and eiiable tliein to eJ)suiE that the f)nancial stateinents comply with the Coinpanits Aci 2006. They ale also re5pon5ible for safegiiai'diDg the assets of the chai"itable company and hence for taking reasoiiable Steps for the preveiition and detection of fi'aud and other iircgiilaj'ities.

THE HAMPSTF.AD GARDEN SUBURB'I'RUST LIMITED REPORTOFTHE COUNCIL (Conti￿ued) In so far as trustees are aware.. 'IheJr is iio relevant audit illformation of whi¢h th¢ ¢haritsbl¢ Company's buditor is unaware-, and I'he trtl8t¢¢s havc tsk¢M all steps that they ought io have taken to Inakc theinselves awar¢ of any Yelevènt audit infoi'mation and to estsblish that the auditor is aware ofthat infoi"mdtion. Reserves and investment policy Until 2005, the Ttust's assets werc st¢adily depletcd by wbgidising the operntion of the Schemc of Management. The withdrawiil of the subsidy froin the .Scheme of MaiiagcTnellt in that ycar arrcsted ihe deterioration of thc TNst's finances. Since 2005, ieveniie ha5 been generatcd by the sale of as4cL8 which werc the balanLe sheet at book value. and by fees from the variation of covenants which had no assigned balan¢¢ ￿h￿¢tvaluC. The Trn5t's investment policy is to usc the cash from these balance shecl "cry5t&llisalions" to purchase residential proporty on the Suburb. The incime from these investm¢nts will progressively match the Trust's long-term obligations to contributc towards shared cost5 fvom its own fvnds and bring the opciating acco￿nI. in chi'onic deficit for many year5, into baltjntt. The Ti'ust currently has nine invcsknent properti¢s, following the acquisition of a new flat and house ID the period endcd 31 March 2022. The fundamental financial objectivc of the Trvst is to restore the level of its investable asgets. to d level that will enable il 10 produce an increasing real iiicoinc, independeni of thc Scheme of Manageinent. The Trnst hds made good progress towards this goal ovcr thc last ten years hut li will need further years of well conts'olled expenditlli'¢ and inv¢stment before it is fiymly ¢stsblished. In effect, Ihe Trust is restructuring its balance she¢t. its freeholds have been subject to compulsory sales since 1967 aiid ihe rcalisaiions from these sales will eventlldlly Itrn)inale. These fi"eeholds are held at book value so that their value is Idcrstated in the accounts. The Trust olso d¢riveg revenue from variations in covenants. The Tn￿t'S experience of thes¢ transactions suggest that they will decliDe in the mediuin ierin but that, for the next few years they will Inake it possible I Teinvest b￿all¢e sheet assets so as to improv¢ th¢ TFusI's r]nan¢ial position. The intenlion is that this should be ¢ontitiually strengtliened by careful nwiagement. Financial M#n%Lgement During thc pci'iod, the slated v￿ue of the Tntst's balance sheet gr¢w by an amount. £568,452 greater ihan the deficit on its OP¢Tations, {£103,058). after stripping out the £518,918 sui'plus on freehold sales, licences and vari&tions and the net gaiTSS on investments of £152,592. The deficit on operation5 figuiE IS calculated by Lakiiig the gl'oss iiicoine under all funds exccpt the Scheme of Manageinent before deducliiig lh¢ expenses of the saine fund5, the sale of assets and any gain on invts¢menis. The is to show how mucl) of the one-off sales ot assets are being Used in annual running costs. £2,585,162 ts held in the Trust's E¢neral fund (see note 22). This includes the Trust's worktng capital, the ca115 on which include the funding of the deficit in the cash flow of the Scheme of MaThageinent that occurs in ihe course of the y¥ar. £149,243 is held in itstricted fvnds (.scc note 20). 'rhc Council has designated thtsse fui)ds that ale intendcd to b¢ held for the long tcrm and that constilllle the foundation of the Tnjst's future incolne. Property investmcnts in thcsc dcsignated fund5 arc int¢ndcd to bc held for the long tCTm and expenditurc from them 15 inteiided to be limited to ainounts that do not exceed in any one yeaT Imore than half the real growth in capital and income. funds designated by the Trust Council total £3,439,672. Thc%c ￿%￿UlE¢s arc in the fomi of.. £3,182.075 in property asscts alld £257,597 of cash on deposit (see note 21 a,b and c and 22). The Trust docs not have any obligations in respect of a defined benefit pensinD sclieme. Pxy and remiineration Thc tru.%tCeS Coinprise the Trust Coiincil. The senior Inai)ageinent team coimpi'ise the key Inanagement pei'sonnel of the Tnjst. No trustees IEceived rcmullei7tiun in the period. The reinuneration of the senior Inanageinent teain Ichief E.xecutive, Architectural Advis¥i, Estaie Manager), along with that of all staff, is reviewed at led5t annually by the Findiice & Organisation Coinmittee who make recoinmendatioiis to the Tiust Council foi. their decisioi). The Finance & Organisation Cominittee are asked to.. Revicw Trknst staff salarie51coDditions and make sure Yecommended ainendinents are appropriate to ensure that salaTieslconditions remain competitive. 10

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED RF.PORT OF THE COUNCIL (eonlinued) Recoinmend the anTrual peL'cenlJge inciyase in the payroll toy each me]nbei' of staff (which cfin be ?Ero) taking into account Lhanges in I'elevaiil published indace5 of living costslsuch as CPI, RPI aiid l.iving Wage). Recotntnend any Lonsolidated Pdy awards and slafF salaiy increases outside ofthe a￿￿￿al review process, lakit]g into account the recommendations received froin liine to tiine by the Chief Execulive. Recominend any non-eonsnlidated Pdy awards or bonuses, taking into 84ccount the recominendalioiis r￿e1Ved fiDim time lo tune by the Chief Executive. Recoinmelld pensioii aii'angementE gnd ciisure that contractual tei'inq on icmination are fair to the individual and thc TJi]st, that poor pciformance is not rewarded and a duty to mitigate los% is iceiJgi)ised. The appropriateness and relevance of thc Itinuneiation policy is reviewcd annually, including iefeiynce to coinpari50T15 with other charities and property coinp8nies ensuring the Trust remains sensitive to the broader ￿ssueS ¢.g. pay and eimploymcnt conditions elsewhere. Rlsk managemeDt The Tn￿1 Cow]cil Tnembers have reviewed the Tn￿l'S risk manMgem¢nt strategy. Thiy includ¢d ¢xamining the Trust's biiilding, public liability and professional indeinnity insurance, banking arTangeineiils, health and 5afeLy issues, ete. The co￿n¢11 Inembers eoiisider that procedures are in plaLe to Initigate any risks to which the Tivst could be exposed. The principal risks and uncertainties identified by the Trusl are as (ollows.. a succ¢ssflll legal claiin agaiiisi the Trust arisin from ils role &s landloi'd or its adn)inistraiion of the Scheme of Manageineiit,. ddinuge to real PTQPtriy' failuTe ol'or severe atlack on IT systeins., and fiaud. The pl2115 and strategie5 for managing these risks are.. PT()fessionally qualified ai)d trained staff,. advice from relevant professional advi50rs,' regulaT review uf cases by irustees.. Health & Safety I'isk 85se5sment and poIiLy; regulai. inspection and repaiT Tegitne,. appropriate policies for the use of property; Irgular IMaiiitenan¢e of property. appropriate liabilily and othei. insuraiice. regulai" back up of data and an exteinal IT support Contract. regulai. upgrades of IT hardware dnd softwair.. findncial Controls and an atthual independent audit. Plaiis for future periuds I'he long-leytn f￿ancial objectives of the Trust are to husband and consolidate its own resources, so as to generate TeY¢nu¢ to lnable il to pre5er¥e the ¢hai'acter and ainenities of the Suburb as well as lo ensure its long-term futwe a5 th¢,8uburb's r¢gulatoiy body. With respect to the Scheme of Managfflncnt, the Trust will ensure that its expenditurcs arc controlled so as to be coiisistent with the requircincnts of tl)e Scheme of Management and endeavour to keep them within a pr¢dictcd range consistent with the actual needs of adininistering the Scheine of Management over tiine. In line with the aiins of the reserves and invcstm¢nts poli￿ and the risk management strategies in place. there is reason to believe that the'l rust is a C)oing Concern at th¢ datc of approving the rcpoTt and accounts. The biidget foi. 2022123 takes into a¢coiint the likely impaci of known threats to in¢orne, and itmedial me1( sures will be put in place as and when necessary, to ensure that the Trn.st rcinains a Going Concern and ean maintain its core business activities. Auditors The Trust's incumbellt auditors, Ilaysrnacintyre LLP, stood down at thc ciid of2021. A competitive tendering exercise was Iind¢rtaken to find a successor and Mcnzies l.I,P were duly appointed in MarLh 2022. A motion will be proposed at the Annual Genernl Mceting for ihe Council to appoint and fix their rcmunerdtion for the coming year. By ordcr of the CouDcil ,Simon Hcnderson Secrctary

INDF.PF.NDENT AUDITOR'S REI PORT TO THC MEMBF,RS OF TIIF, HAMPS'fF.AD GARI)EN SIIBURII TRUST LIMITED Opinio W¢ bave audited the finallcial statements of The Hampstcad fJ3rden Suburb Trnst Limited (the 'ch4ritable cornpany.) for the period ended 31 March 2022 which comprise Stateinent of financial activitics, Balance sheet. Stateincnt of c&shflows and notes to the fjnancial statement5, including significant accounting policics. Th¢ financial Teporting fiain¢woTk thjt has been applicd in their preparation is applicable law and United Kingdom Ac¢nuntiiig Standards. including Financial Reporting Standard 102 ' The Reporting .gtandard applieable ihe UK Republic of Irelanw (ljnitcd Kingdom Geneially Acccpted Accouiiting Practicc). In our opinion the financial stst¢menls'. give a true and lair view of the State of the charitable company's affairs at 31 MaTch 2022, and of the charitable company's incoming resources and application of resources, including its income and expenditure for the period then have been properly pr¢pared in accordance with United Kingdom Generally Accepled Accounting Practice, and have been prepared in accordance with the requirement5 of th¢ C02npatiies Act 2006. B85is for opinion We conducted our audit in accordai)ce with Internatioiial Standard5 Qn Auditing (UK) {ISA5 (UK)) and applicable law. Our responsibiltties under those standatds &re further described in the Auditor's r¢sponsibiliti¢s forth¢ auditof the f]nancial stdtetiiejits section of oui report. Wt are independent of the Col￿PallY accoi'dance with thc ethical reqiiireinents that are relevant to our audit of the f￿ancIal statements. in the UK, including the r.RL's E¢hical Standard, and w¢ have fidfill¢d ow other ¢thi¢al responsibilitie5 accordanLe with ihese requirements. We believe that the audit evidei)ce we havc obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relAting to going concer In auditing the tinancial statetnents, we have concluded that the ti'ustees, use of the going conccm basis of a¢¢ounting in the preparation of the financial statements 15 appropriate. Based on thc work we have perftsnned, we have not identified any material unccrtainties rclating to events or condition5 that, individually or collectively, Inay cast signilicant doubl on the charitablc coinpany's ability to continue as a going concern for a pcriod of at l¢ast tw¢lv¢ months from when the financial statements arc auihorised for issue. Our responsibilitics and the Tesponsibilities of the directors with respect to going contem are described in the relevant secti(Jns ol'ihis rcpart. Other Information l-Ii¢ other information comprises the inforin&tioD inclllded in the annudl i"eport, othei. th<in the financial s(aiemen(s and our auditor's report thereon. The trnstees are respot)sible for the otheT infotrnation Lontained within the report. Our opitiinn the financial statements does not cover the other informatiot) dnd, exLept tu the extent oiheTwise explicitly 5t2ted in our repoi'l, we do not express any form of assurance Loncliision thereon. Oiir responsibilily is to read the other inforination and. in doing so, consider whethei. Ihe oihey informalion is materially iiicot)sistenl with the fthancial slaieinents oi. our knowledge obtained in the course of the audit, or utheiwise appears io be matci'ially inissialed. Ifwe idenlify such atQl'i81 inLonsistencies or apparent material misstateiD¢Rts, we are Tequiird to detei'jnine whethei. Ihis give5 iise to a material misstatemenl in the finanLial stateinenls theins¢lves. If, bas¢d on ihe woTk we have perfoi'ined, we conclude that there is a inaterial inisstatement uf this other information, w¢ are required to report that fa¢t. We have nothing to report in this iEgaJd. Opinion5 on other matters presti'ibed by the Companies Act 2006 Iii our opinion, based un the woi'k undertaken in the course of the audit.. the iiiforination giveji in the i'epoi"l uf the coiincil forthe finat]¢ial periud for which the financial statements are PJEpared is consistent with th¢ fmaTrcial 5tateiMents- and 12

INDEPENDENT AUDITOR>S REPORT TO THE MEMBERS OF THE HAMPSTEAD GARDEN .8IIBIIIIB TRUST I,IMITED Ihe report of the council has been prepaied in accordance with applicable legal requireinents.. Matters on which we #re required to repurl by ¢xL'eptitsn In the light of the knowledge and understanding of the charitable company and its environinent obtained tn the course of the audit, we have not identified material misstateinents in the report of the council. Wc have nothing to Teport in TC5PCCt of the following matters in relation to which the Companics Act 2006 requires us to Teport to you if, in our opinion.. adcquate accounting iecords have noi becn kept, or rcturns adequate for ouv audit have t)ot been received fitsm branche5 not visitcd by ils. or the financial stateinent5 are not in agreeinent with the accounting records and retui'ns,. or certain di￿105Ur¢s of ￿St¢es, remuneration specified by law are not Inade., or we have not received all the information and explanations we require foT oul. audit., or the tru8t£es Were not entitl¢d to prepare the finanoial slat¢ments in accordance with the small companies, regime and take advantage (Trf th¢ sm811 compani¢s' cx¢mplioD3 inprq)ating the ITUStees report and fromthe requirementto prepare a stTalegic r¢poit. Responsibilities of trustees As explained more fi￿]Y in the trustees, T¢sponsibilities 5tatem¢nt. th¢ t￿￿tee5 {who are also the directo￿ of the haritable Loinpany for the purposes of company law) are I'esponsible lor the preparation of the financial statements and for being satisfied that they give a Ii'ue and fair view, and for such internal control as ihe trustees deterinine is necessary to enable the preparation orrinancial siateinents that free Irom material misstatement, whether due to fraud or em)i. In preparing the financial statements, the twstees are responsible for assessing the charitable compally's ability LO continue as a going conceni. disclosing, as applicable, Inatters reiaied to going ¢oncei"n and using the conteni basis ofaccoiinting unless ihe directors either iiileiid io liquidate the charitable eoinpany or lo ceL15e opeiatiolls, oi. have no realistic aliemalive but to do so. Auditor s rtsponsibilities for the audit ol the financial statementy Our objectives are to obtain reasonable assurance atK)ul whether the financial statements a5 a whole are free from material Tnisstatement, whether diie to fraud or errol, and ￿ issue an auditor's reportthat include5 Out opinion. Reasonable &%SUTan¢e is a high level ofassiirance, biit is not a guarantee that an audit condiicted it] accordaiice with ISAS {UK) will always dete¢t a material Tnisstatemcnt when it exists. Misstateinehts can arise froin fraiid or error and are considercd Inaterial if. individually or in the aggregate, they could reasonably be expected to ii)flucncc the econornic decisions of users taken on the basis of these financial sthtemenis. IITegulaTlties, incliiding fi.aiid, ait instancc5 of non-compliance with laws and regulations. We dc5ign PTocedures in line with our respon5ibiSiiit5, Outlined abovc, to dctcct inaterial misstatements in i'espect of irregularities, iD¢luding fraud. 'I'he extent to which these aTC capable of detccling 7￿C8￿larItic5, ifbcluding fraud is detailed below.. 1.he chai'itable company 15 subject tt> laws and regulations that diTectly affect thc financial statements including rinancial rewfting legisldtion. We deterinined that the Eollowillg laws and regulalions were tnosl sigJiifi¢ant including FRS 102. Ch&rilies SORP, Coinpaiiies Act 2006, Charilies Act 201 l and coinpliance with che sch¥iMe uf mancigeinent. We assessed the Extent of compliance with these laws and Tcgulatinlls as part of our PTocedures on the related financial statement items. We unde￿tOOd how the charitablc company 15 coinplyiiig with th05¢ legal 8nd iegulatory fram¢woi'ks by, making inqiiiries to Inanagement, those responsible for legal and coinpliance procedure5 and the conipany 5eci"etary. We corrobtsi'ai¢d our inquiries through ouj. ieview ofboard minvt¢s. 13

INDF.PENDENT AUDITOR*S REPORT TO THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED The engagemeiit partner assessed whether the engageinent teain collectively hktd the appi"opriato competence capabilitie5 to ideniify or recogni7E non-cotnpliance wilh Idws and iegulalions.'Ihe assessineiit did (lot identify any issues in this area. We assessed thc susc¢ptibility of the Company's financial st81emcntS to rnateri&l misstateinent, including how fraud might occur. We considered the opportunities and ijicentives Ih(Il Inay exist within tlie organisation for fraiid and idcntified the greatest potential fi)i' fTaud in the following ￿ra5,. Inaiiageinent f)verride of controls to Inanipulate results, or lo cause thc Coinpany to enter inio transactions not in its bost interesis. A￿dit procedures performed by the engagement team included:

Identifyiiig and 85se$sing the design effectiveness of controls mandgeinent has in place to pi'event and det¢ct fi711d,. Understanding how tliose charg¢d with goveinaThce considered and addrcssed the potential for overridc of controls oi. other illaPPTopriate intluence over the finanLial reporting process. Reviewing thc basls and allocations to the 5¢heme of Inanagement. Challenging assumpiions aiid judgment5 tnade by manag¢incnt its significant aecounting estimates. and Identifying and testing journal entries. in PaTti¢uldr any jOUTnal entries posted with unusual account coinbinatÈons. Because of ilie inhereiit limilaiioiis of an dudil. thei'e is a risk that we will nol detect all irrcgulai'itie5, includiT)g those leading to a Material misstateinent in Lhe financial stdtein¢nls or non-coiiipliance with regulotion. This risk incieases the Inoie thai compliance with a law or iegul£ltion is reinov¢d fi'oin the events aiid transaciions Tcflected in the financial slaieinents. as we will be less likely to become aware ol. instances of non-compliance. Thc I'isk is also greatcr rcgarding irregularities occurring due to ITaud rather than error, as fyaud involves inteniional ¢onccalincnt, foTgery, collu510ri, omission or misi'epi'esentation. A fi￿her description of our responsibilities is available on the Fin8ncial Reporting CoDncil'5 website &t'. https'.Ilwww.Irc.oi'g.uklOur-WoTk/AudiVAudit-and-as%urance/Standards-and-guidancelSiandards-and-guidane¢-for- 8uditor&lAuditors-responsibilities-foi'_audiVDescription-of-auditois-rtspon%ibiliiies-for-audit.aspx, Use ofour report This r¢port is made solely to the ¢ornpany's members, as a kndy. in accordance with Chapter 3 of Part 16 of the Coinpanie5 Act 2006. OUT audit work has be￿ undertgkcn so that we might ststc to thc company's members those matter5 we are requir￿ to ststc to them in an auditor's report and for no other purpose. To the fullcsl extent pemiitted by law. we do not accept or assumc ￿SponsIbl]Ity to anyone oth¢r than the comp8ny alld the company's Tnernbe￿ as a body, for ow audit work, for thi5 rLport. or for the opinions we havc fonned. Jwniee Matthew5 FCA (Stnlor Statlltory Auditor) For and on behalf of Menzies LLP Chartered Accountant5 Statutory Auditoi. Centruin House 36 Station Rojd S￿rrey TW20 9LF Dale.. Iq loll 14

THE HAMPSI'EAD GAIIDEN SUBURH TRUST LIMII'LI D Cotnpany nknmbcr 928520 STATEMENT OF FINANCIAL ACTIVITIES (Including the ineomt and expenditure a¢cnuNt) FOR THE PERIOD 6 APRIL 2021 TO 31 MARCH 2022 Yt%r to 31 Mar£li 2022 .1 Api'il 2021 T•141s ToiA14 GerLei'AI Fil￿d Trf Funds MAnXEtrnr•t Other 'und8 Note 20 N￿te F401¢ 21 Noie 20 ltstllme froni.. Dunxilon ItExeifs: Lefiseholdcfs Yolunlary & oili¢r IIA&d} 468 692 Othti. trAdltsg aeiivitits: Siindry illion Inve5tment$'. Rciital aTIJ viher iiivestmAil incon 10,525 10,525 3,296 201.425 201,425 203,206 hppliL2lioii fees Manageme￿t Lliarges p&y8bk by 127.122 138353 828,860 27,503 82,293 828,860 747.468 99.807 65.455 l.cgal fccs [¢￿vertd 82,293 510,996 Tfyll inefjme 838.204 465 969.573 1.80%.245 ExpeAdilil￿ OA.. Riising fu¥Jd8'. 143,990 74,483 29.659 217,544 277,302 269.127 247,203 372,UJ7 341,262 82293 224.883 437.186 296.420 65.455 Awaroie551AdvilelF.￿r￿rt￿hent 94.735 72.135 82.29J 110 TotRI eXpE￿￿1(￿re 422.812 763.973 1,186,785 .098.427 Nel ¥alD$ Iii¥eslffltnty 152.592 152,592 78.695 Net1￿cO￿t b¢forÈ trAiisfeJ7 567,984 468 205,6 774,052 pf l..ree1￿1derS ManagcmcTrt CharBeS.' refunded 2&16 1156,6381 172,7391 Ntt ￿0VeThe￿i ltt 567,984 468 48,962 617,414 7(V),080 Fil￿d$ brought for¥vllrd 816 April 2021 2,017,178 3.439.204 149J43 5,605,625 4,980,444 Fil￿d$ bruight fo￿&[d ut6 April 2021 bBfotC T¢lurn or eliarge of bhlhnce of Manas¢mriil Charg¢ Balanc¢ af FrLLli￿lders MAnagcm¢iil eliai8e5 10 be ¢hai8edllrefiindedl 2,017.178 3,439.2fy1 156.638 149.243 5,762,263 5.053.183 2&16 1205,61M)I 1205.6001 1156.6381 'th￿￿S c￿rried lorw*rd It 31 MAI'e 21122 22 2.585.162 3,439,672 149.243 6.174,077 5.605,625 All of the above are continuing activities of the Trusi. The Trust had no r¢cogiiised gains and losse5 Other than those included abovc. The notes on pages 18 to 29 fonn part of these #ccounts. 15

Company number 928520

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED

HALANCESHEET

AT 31 MARCH 2022

		3 t March 2022	3 t March 2022	5 April 2021	5 April 2021
	Notes	£	£	£	£
FIXED ASSETS
Ta ngiblc assets
Freehold and long leasehold estate, at cost	9 & l(c)	41,585		42,215
Freehold prope11y, at cost less depreciation	10	374,185		382,265
Estate works, at cost less depreciation	11	9,140		12,187
Investments
Property investments, initially at cost subsequently at fair value	12	4,250,000		3,010,000
Other investments	13	257,597		256,900
Total fi,ed assets			4,932,507		3,703,567
CURRENT ASSF,TS
Debtors	14	74,680		53,716
Cash at bank and in hand		1,382,20 I		1,973,111
Total current assets		1,456,881		2,026,827
LIABILITIES
Creditors: amounts foiling due within one
year	15	(215,311)		(124,769)
NET CURRENT ASSETS			1,241,570		l,902,058
TOT AL NET ASSETS OR
LJAHILITIES			6,174,077		5,605,625
Representing the funds for the charity:
Unrestricted funds:
General fund	22		2,585,162		2,017,178
Designated funds	21(a,b		3,439,672		3,439,204
	&c)
Restricted funds:
Scheme of Management compensation	20		149,243		149,243
			6,174,077		5,605,625

Approved and authorised for issue on behalf of the Council on 19 July 2022 and signed on its hchalfby . , Mey Ir '---- e_, · Price Raymgad Taylor Trevol

The notes on pages 18 to 29 form part of these financial statements.

16

THE HAMPSTEAD GARDEN SUBURB TRUST LIMII'ED Cornpally number 928520 STATEMENT OF CASH FLOWS FOR THE PERIOD 6 APRIL 2021 TO JI MARCH 2022 Period ended 31 March 2022 Year cnded 5 April 2021 Cash Ilows from operating aetivitics 295,140 518,818 Cash Ilows from invcsting activities Renial and other ii)vestincnt incoine Proceeds from the salc of invcstinents Purehasc of investinents 201,425 630 (1,087,408) 2,610 1118,305) Net cash (used) inlprovidtd by investing aetivities 885,353 87,51 Ch2nge in cash and eash equivalents in the repnrting period (590,213) 606,329 ca.sh ond ea5h equivale￿t5 at thc beginning of the reporting period 2.230,011 1,623,682 Cash and cash eqiiivalen15 8t tht end of the reportlng period 1.639.798 2.230,011 NOTES TO THF. CASH FLOW STATEMENTS Perlod ended 31 MJ)Feh 2022 Year ended 5 April 2021 Reeonelllation of Net income to Net Cash Floiy fro]n Operating Attivities Net income for the reporting period Depreciation charges Gains 011 investsnenls Renial and oilier investment incoine IncTea%e in debtors Increase in Lreditors 617,414 11,127 (152,592) (201,425) 169,926) 90,542 709.080 15.001 178,695) (203,206) 121,981) 98,619 Nei t￿h provided by operating aclivities 295,140 518,818 Analysi5 of Cash and C#sh Equivalents Cash at bank and in hand Short terin deposits 1,182,201 257,597 1,973,111 256,YOO 1.639.798 2,230.011 Analysis of chHnge5 IN net dtbt At 61h April 2021 Cashflows At 3151 Mairh 2022 Cash and cash cquiv&lents 2.230,011 {590.213) 1,6J9,798 2.210,011 (590.213) 1,639,798 The iiotes on pages 18 to 29 form pai't of these financial stateinents.

THE HAMPSTEAD GARDF,N SUBURB TRUST LIMITED NOTES TO THE FINANCIAL ST ATEMENTS FOR THE PERIOD 6 APRJL 2021 TO 31 MARCH 2022 GENERAL INFORMATION The charity is a coinpany liinited by giiarantcc alld 1.% incoworaled and iegi%teTed in Ei)kiland and Wales. Its regi5teird oftice and prijiciple placc of business is 862 1-'inchley Roa& Londun NWI16AB. 'I'h¢ fInai)cial stateinents arc pr¢sentcd in Sterling {£}. The objects at]d pi'intipal activity of the charity is to Inaintain and preserve the chaTacter and ameni¢ie5 of Hamp%tead Garden Suburb. ACCOUNTING POLICIES The following ar¢ the accounting policies adoptcd by the Trust- 8) Basis of preparalion The financial statemcnts are piepared ill aceoi'dance with Accounting and Reporting by Charities.. Sialeineiit of Recoinmended Pra¢iice applicable fo charities preparing their accaunts in accordance with the Financial Reporting Stajidai'd dpplicable in the UK aftd Ilepublic of Ireland (FRS 102), thc Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (cffective l January 2019) and the Coinpanies Act 2006. The Ilampstead Garden Subud)TTUSt meets the definition of a public benefit entity under FRS102.Asse(s and liabililies are iiiitially re¢ogni.%cd at historical cost or transaction value unle55 otherwise sthted in the Televant accounting policy. b} Going concer 'fhe trustees consider that thcre are no material uncertainties Tegarding th¢ ¢haritable company's ability to continue as a going concem. In making thi.s assessment the Tru%tce5 hiive considered the impact thilt the outbreak of Covid-19 and the re5ultai)t impact on the wider econoiny has had on the Chayiry. e) Fixed assets #nd depreciation Freehold and long leasehold estate: This is staled at cost and is not being depreciated, but the book value i5 reduced on th¢ sale of each freehold and le&8e cxiension. Freehold land artd building: Trreehold land is not beiiig depreLiaied. DepiECl&tivn was pr(Ivided on the firehold buildiiig at £500 per annuin froin 6 ApTiI 1978 to 5 April 1984. This policy was ¢hanged fi'um that date so that no fui'ther dcpreciation is providcd as the propei'ty is Inaintained to a su￿]C1entlY high standard to extend its useful life indcfinitely. Thc book valuc of the TTUSt's frechold land and building is based on a professional valuation caiTied out as at 12 Decembcr 1968. Until ihe yCaT ending 5 April 2019, the Trust's office exl¢nsiou was held at its invcstment valiic. In line with the Charities SORP (FRS 102) froin that date unwards the o(fice ¢xLeiision is shown at cost (froin complelion in 20131 of £404.035 less d¢preciation on a straight line basis over 50 years. The parts of the frusl's office building thal ar¢ currently ￿ed as residentldl Could be taken ba¢k in lo the Trust's use at Short notice. The TTUSt considers that reliably rneasui'ing the residential element in isolation of ihe rest of the land and building woiild involve the Trust undue cost andlor effort. Office equipment and furNitllre: The charity currently has a capitalisdtion policy, whereby only items over £5,000 vill be capitalised and includgd within the assets uf the chai'ity, all costs below this threshold are written off in the year of purcliase. 'lThe depi'eGiiiiion rate prnvided on office equipin¢nt fuiniture is 3 yeaY5 $0 as to write off the cost of the officc furniture and equipinent i)ver ils expected useful woi'king life. Estate worlis:'lthe cl)arity has a capitalisation policy whereby appiDpriate estate works ovei. £5,000 will be capitalised and incliided within the assets of ihe Charity, all Lusts below this tl]re5hold ale wrilteii ofl. in Ihe yeai the wg1.ks al'e lindeitaken. 'l-he depieciation rate providcd oil appropriate estate woi'ks is 10 yeai's so as lo write ol'f the ¢(k%tS Over theii. expected usefiil life. 18

THF. HAMPSTEAD GARDEN SUBURB TRUST LIMITlbD NOTES I'O THF. FINAIYCIAL STATEMCI NTS {coThtinued) FOR THE PERIOO 6 APRIL2021 TO 31 MARCH 2022 d) Income and expenditure All incoining resi)UTce5 and all resoiirces expended are accounted foi. in the period to whi¢h they relate. Rcstrictcd funds compTiSC monics raised for, and their usc Irstricted to. a specific purpose,. or donatlOTiS 5ubje¢t to donor iinposed conditinns Isce Note 20). l)iiectly attributable expenditiire is charged to chai'itable activities or govemance costs as appi'opriatc. %upport costs. whicli are defincd as those costs necessary to deliv￿. an activity but which do not conti'ibute to its output. arc allocatcd on the basis of cstiinat¢d staff tim¢. Govei'nance costs are those wliich i'¢late to the geneTal tllnning of the tharity, rather than ¢l)aritable activity. TIILse include audit fees. legal advicc foi. trustee5 ajid costs associated witli constitutioilal and statutory rcquireiments together with the appropriate allocation of support costs. ¢) Taxatio The chaTity 15 ¢onsideiEd to pass the tests sct out iii Paragi'aph I Schedule 6 of tl)e I'inance Act 2010 and thei"efore it m¢¢ts the definition of a chai'ilable coinpany for UK corporatioii lax purposcs. Accoi'dingly the charity is potenti&lly exejnpt fiDin taxation in respecl of income or ¢apiial gains received within categoi'ies covei'ed by Chaptei. 3 1)art I l of the Coi'poTation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that Such income OT gains al'e applied exclusively to it8 charitahlc purposes. Q Rechargeable Est￿￿e Maintenance The Trust carries out nujneious rechargeable works to communal areas. This work i'elates dircctly to sp¢cifJc arcas for items such as gardening and road works. -Ihis is recharged to thosc owners obligated to contribute to the costs of Ihe works. Pensions 'rhc Ti'ust has contriblltory pension arrangements, which it accounts for on an accruals basis. h) Investments Investments comprise short t¢mi deposits and property assets. Invcstmeni properties are held at iNstees' best estimate of tn(ITkel value at thc balance sheet date in &CCOTdance with the SORP. -rhe Trust Imaintains a regular review of local properties prices, and invtstffient propety value5 are reviewed by the Trust's, Estate Manager against a comparable range of local pi'opcrties of equivalent location and si£c. Any gains or losses on inve.%mient assets are shown on the sorA. No depr¢¢iation is charged on investmcnt propcrty. i) Critical 2ecoitiitirtg judgements find estimates Iii prepai'ing these accoiinLs. Inanag¢inent has made jiidgeinent%, estimates and 3ssumpiioRs that affctt the application of the charity's accounting policies aDd lh¢ rcportod a5seL8, liabilities. income and exI￿ndit￿re and the disclosures Inadc iTr the accounts. Estiinates and judgeiments are ci)ntinually cvalu&ted dnd ale based on historicdl experiente and othcr factors. including cxpectations of future evcnls that aTC believed (o be reastsnable under the circuin5tances. Significant accounting judgements and estimates include.. Valuation of invcstment property (see notc l (h). Allocatioii of expenditure to the Scheine of Management (see notc 2). j) Debtors Shoit-term dcbtors are nieasuTed at ti'ansaction price, less any iinpairinent. Loans I'eceivable are measured initially at laii. value, net oftransactioi) Costs, and are measiircd subsequently at amortiscd cost using the effective interesi I￿ethod. less any iinpairm¢nt. 19

THE HAMPSTEAD GARDEN SUBVRB TRUST LIMITED NOTES TO I'HE FINANCIAL STATEMENTS (continued) FOR THF. PERIOD 6 APRIL 2021 TO 31 MARCH 2022 k) Creditors Credilors and provisions ale recognised where the Lliarily has a present obligation i'esulting fi'om a past event thai will pi'obably result in ihe transf¢i' of fut]ds to a thii"d party and the ainounl due to settle the obligatioii can be measurcd or estiinaled relidbly. 11 Finaiiciul in5trumeiits 'ri)¢ chai'ity only has financial assets and financial liabilities of a kind that qualify as basic financial instruinents. Ba%ic rii)ancial iiistruintiits, including Irade aiid otheT debtOTS and creditor5 are initially recogniscd at transaction valuc and subsequ¢ntly Jiie35uI'ed at their seltlement value. m) Redundancy 8nd termination eosts The chai'ity Jecogni5e5 employee i'ediindancy gnd tcrmination costs in full on the date the redund￿lcY or tennination is confirmed. 2. SCHEME OF MANA('EMENT The Trust admiiJistcrs a Scheine of Management under the 1967 l.easehold Reform Act. This was passed by the High Coiirt in 1974 and ainendcd in 1983. The purpose of the £cheine is to preseTve and conserve the Hainpstead Garden Subiirb and applics to all frcchold propei1ies cnfranchised since the Act camc into force. Each i(ein of income and expendiliire is allocat¢d to eitlicr thc schcine of Management or the general fund, or where appropriate shai'ed between both. The basis on which FreeholdeTS hjvc con&equently been charged with a piDportionate part vf the expenses of the Trust iii operating the ScheTne has been agrecd by the auditoi's. Ilein5 of expenditure and income that relate to both the Scheme of Management and the geneTal fund ai¢ apportioned a8 follows G¢n¢ral overheads are apportioncd according to the proFM)rtion of enfrdnchised (i.e. freehold) propertie5 to all propcrtics irt ttspect of i¥hich thc Manageinent Charge or lease rents are payable to the Trust. Within this calculation flats Jre wLighied against houses in the proportion l.'10. The weighting has been detennined by an analysis of staff time which showed that on average inorc than ten timts as Inuch time, weighted for salary, Wds spent oli houses as on f]ai8. This Calculation results for ?02112022 in an apportioninent of 880/0'.12O/o (Year to 5 April 202187%..130/0) between the Scheine of Manag7em¢iit dl)d the general fund. Legal costs are allocated or appoilioned on a case by case basis, in accordance with legal advice. The apportionincni is determined accordii)g lo the balance of significance of the covenants rclating to the Scheme of Manageinent and to the Trust as thc owney of the residual estate, balanced by coll8idci'ation of the overriding reasoiis for the Trust defending or taking ihe action. Costs foT projects and ameniti¢s of bencfjt to All I'esidents arc appDrtioncd ac￿rdI1)g to th¢ proportion of enfr3nchiged (i.e. freehold) pi'opeilies to all propcrties ii) respect of which ihc Management Charge or Ic&sE Tcrits are payable to the 'frust, with each property Wei<Tlitcd cgually. For 202112022, this results in an appoitionment of 8OQ/D.'200/0 (Year to 5 April 2021790/0.'210/0) betwccn il)c Sclieme of Management and the general fund. The Trust's auditol's <ire satisfied that these apportioninent5 Hre appropriate basis on which to allocate expenditure to the activities of the .1 Tust and tlie Scheine of Management. The accounting systems used by ihe Ti'ust ensurc that all iteins of incoine aiid expcnditure altribuiable to th¢ Scheime of Management arc separately accounted foi.. CJiven the separate accounting records, the trustees do ni)t consider that thc Schcmc of Management would be any InoiE effectively opei'ated witli a sepaiate bank account, and the auditOT8 concur with this decision. A siimmary of the resources expendcd by tlie Ti'ust, allocated beiwcen the g¢nei'al fund and the Scheme of Managcmcnt and ielated to an individual Maiiagement Charge, is sei oiit on page 30 by way of additional informaiion ￿ ihat page does not foi'in part of the report & accoi)nts. The nei siirplus of £205,601 (Year to S Api'il 2021.. nel surplus of £156,638) attributable to the Schein¢ will bc returned by a balancing ciEdit to each Freehuldtr dLcordanLe with clause 8 (b) (li) of the Scheine of Management. 20

THE HAMPSTEAD CARDEN SUBURB TRUST LIMITED NOTEIS T() THE FINANCIAL STATEMF,NTS {coNtinuedl FOII1'HC PERIOD 6 APRIL 2021 TO 31 MARCH 2022 INVESTMENT INCOME Period ended 31 March 2022 Year ended .5 April Rental income Bank inteTest 200,548 877 201,879 1,327 201,425 203,206 Allocated to.. Trust and estate manageJneJ)t (general fund} 201,425 203,206 BUILDING APPLICATION FEES Period cnded 31 March 2022 Year ended 5 April 2021 Leasehold reehold 17,832 132,799 127,122 138,253 150,631 AJYALYSIS OF F.XPENDITURE Period ¢nded 31 March 2022 Dir¢ct Support Total Costs of Generatillg Funds R¢ntalllnvestmcnt man￿geInent Charitable activities (inc, CJtsverffi%nec eosts) Rcgiilaiion.. Applicalinns R¢gulatioii'. AwaienesslAdvicelEn(oi'ceinent Maintaining thc Fabric of the Suburb Rechargeable Estatc Maintenance 123,848 20,142 143.990 167,857 290,748 288,860 82,293 79,346 81,289 52,402 247.203 372.037 341,262 82,293 953,606 231,179 1,186,785 Year ended 5 April 2021 Dirtet Support Total Costs uf GeneratliiE Fuiids Re￿t￿lI]nveStI￿eiJt Manageinent Cliaritable activities (iii¢. Governance eosts) Regulation.. Applieations Regiilalion.. A warenesslAdvicelEit)forcement Maiiitaining the Fabi'ic of the Suburb Rechargeable Estate Maintenance 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 21

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THF. FINANCIAL STATEMENTS {eontinued) FOR THF, PF.RIOD 6 APRIL 2021 TO 31 MARCH 2022 DIRECT Af4D SUPPORT COSTS Period ended 31 March 2022 Arnernities Le£all & Projeet Professioiial C05ls Costs Slafr C051s Support Costs Total Custs of Generating Funds ReJitaVinv¥stmeiit Indnagement Cliaritable Aetiwities {inc. Governauce costs) Regulatiot).. Applications Regulalion.. AwaieneS￿AdVicel Enfojceinent Masjitaining tlie FabTiC of the Suburb kecharge&ble Estate Maintenance 123,848 20,142 143,99 167,857 79,346 247,203 178,457 81,289 112,291 372,037 37,441 52,402 224,231 82,293 27,188 341,262 82,293 507,603 233,179 306,524 139,479 1,186.785 Year cnded 5 April 2021 AmcnÈtitS Le%al/ & Prnjcct Professional Costs Staff Cost5 Support Costs Total Costs of Generatin£ Fund.$ Reniallinve8tinent management Charitable Aetivities linc. Cjnvernanec Costs) Regulation.. Applications Regulation., AwarenesslAdvicel Enforcement Mdllltaining the Fabric of the Suburb 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 Rechargeable Estate Maint¢nan¢e 493,582 243,974 167,365 193,506 ,098,427 Support ¢osts include £65,136 (Year ended 5 April 2021.. £71.4641 of management and staff co%ts. The increase in stsff costs for TentaVinvestsnei)t inanageinei)t in the period ending 31 March 2022 r¢flects the timc cxpcndcd iii purchasing and refui'bishing two new investment properties for income geneiatioi) in 2022123. 22

THE HAMPSTEAD GARDEN SUBURB TRUST LlilllTED NOI'ES TO THE FINANCIAL STATEMENTS (continued) FOR TIIE PF.RIOD 6 APRIL 2021 TO 31 IVIARCH 2022 NET INCOME Period elided 31 Mareh 2022 Yeai. ended 5 Api'il 2021 Net inroinin£ resources for the period has been stated after charging.. Depi'eciatiui)- QfFi¢e DepreciatioiJ- Estale Auditors remuneration (gross)- audit Auditors reinuiieration (giDssl- non-audit 8,080 3,047 11,100 8,081 6,920 11,520 2,520 MANAGEMENT AND STAFF COSTS The averag¢ number of full and part-time staff (einployees and ¢ontra¢ted Sta￿ during the p¢riod w85 12 (Year ended 5 April 2021.. 11) of wliich 3 (Year ended 5 Api'il 2021.. 3) were part-liine and all of whom weiE involved in the delivery of the Trust's activities. The average number of Full Time Equivdlent employees and contracted stafr. during the period 8.67 (Year etided 5 ApTiI 20219.67}. Period ended 31 Mgrch 1022 Year ended 5 April 2021 Ma[￿ement Staff cosis during the period comprised.. Wages and salarie5 Employers Nl Pension- Defined contributlOD Other management costs aDd expenses incurred 442,874 47,105 31,5Y2 87,357 452,316 41,534 33,031 59,015 608,928 585,896 For th¢ period ended 31 March 2022 two ernployees receiycd einoluments in the Tange £60,000-£70,000 (Year ended 5 Apiil 2021.. two) and oiie einployee received emoluments in thc i?Thgc £70,000-£80,000 {Y&Trr ended S Api'il 2021., one). The total einployee benefits of the key management persomiel of the Trust were £265,156 (Year ended 5 April 2021.. £272,743) No trustees received remuncration in either this peTiod or the previous year. FREEIIOLD AND LONG. LEASEFIOLD kSTATE, A'I, COST 31 Mar£li 2022 OS April 2021 At 6 April 2021 Disposals dllring the period 42,215 (630) 44,825 {2.610) At 31 ma￿h2O22 41.585 42,215 The Trust has an int¢rest in a nuTllber of freehold properties. On enfranchiseinent of the interest the Tivst receives the proceeds and recognise.g this ainollnt in thll on Ihc face of the SOFA uiider Other income Freehold sales. licences & variation5 net of an allocation of the original cost. 23

THE HAMPSTEAD GARDEN SUBURII TRUST LIMITED NOTES TO THE FINANCIAL ST ATEMEiYTS (coiilinued) FOR THE PEI RIOD 6 APRIL 2021 TO JI MARCH 2022 10. FREEHOLD PIIOPLRTY Land Building Total 31 Marcli 2022 Total 5 April 2021 Cost At 6 April 2021 Additions 7,800 390,626 398,426 398,426 At 31 MHrch 2022 7,800 390.626 398.426 398,426 l)epreciation At 6 April 2021 Charge foi. period 8.080 8.081 8,080 8,080 At 31 Mareli 2022 24,241 24.241 16,161 Net Book Vglu¢ At 31 March 2022 At 5 April 2021 366 385 374 465 374 185 382 265 382 265 390 346 The parts of the TN5t'5 officc building that src CUTrently used as r¢sidential could be taken back into the Trust's us¢ at shoit notice. The Trust is uiiablc to reliably dtleiinine the fdif Value f)f the iEsident eleinent in isolaiiun th¢ rest of the land building8. For this reason, the histori¢ ciJnstru¢tion cost uf th¢ extension Completed is] 2013 is depieciated in a straight line over 50 years. ESTATE WORKS 31 M8rch 2022 5 April 2021 Cost At 6 April 2021 Additions during th¥ period 241,51 241.511 At 31 March 2022 241,51 241,511 Depreeiatio At 6 Api"il 2021 Charge for the period 229,324 3,047 222,404 6,920 At 31 MaT¢h 2022 232.371 229,324 Net Book Value At 3 1 MaTch 2022 9.140 12,187 At 5 Api'il 2021 12.187 19,107 24

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THE DINANCIAL STATlIMENT5 {contiiiuedl FOR THF. PERIOD 6 APRIL 2021 TO 31 MARCH 2022 12. PROPERTY INVESTMbNTS JI March 2022 5 April 2021 Cost At 6 April 2021 Additions Revaliiatioj) 3,010,000 1,087.408 152.592 2,813,000 118.305 78.695 At J l March 2022 4,250,00 3,010.000 Property investments compi'isc 9 residential flats located on Hainpstead Gardcn SubuTb. These investinents are let n assured Shoilhold t¢nancies. They are held for theii. I'ental income which matchc5 the Trust's long temi tsbligations to contribute towords ￿hared cosis fi'om the Trust's own funds. See note l {h} for the T￿st,$ policy on Wdluation of investmenLs. IJ. INVVSTMENTS 31 MArch 2022 5 April 2021 C&sh held on short tem) deposit 257,597 256,900 14. DEBTORS 31 Mareh 2022 5 April 2021 Manageinent income owed tu the Trusl Bad Debt Provision Other debtOTS Prepaynients and atcrued income 267.321 (14.5771 2,185 25,351 221,169 (13,000) 2,185 Sub Total 280,280 210,354 Refund of Mwiugeinent ChaTge (205,600) (156,638) 74,680 53,716 15. CREDITORS.. amounts falling due Withhn one year 31 Mgrch 2022 S April 2021 Trade Creditors AcLI'uals and deferred incoime Other Taxation and Social Security 86,820 15,857 12,634 62,663 49,292 12,814 124,769 Deferred ineome 31 March 2022 5 April 2021 Defcrred in the pcriod 40.754 Carried forward 40,754 D¢feri'ed income represents billing in advance. 25

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED r40TES TO THF, FINANCIAL STATEMENTS (continued) FOR THE PF,RIOD 6 APRIL 2021 TO 31 MARCH 2022 16. FREEHOLD SCHEME OF MANAC.EMf.NT 31 March 21)22 5 April 2021 Sui'plus Balance I'efundable to freehold charge paye13 foi 202 Ir2022 (205,601 } 205,601 (156,638) 156,638 unds tatried foiwai'd at 31 Nlarch 2022 17. INDEMNITY INSURANCF DuriIig the pcriod ended 31 March 2022 Éhe Trust paid £6,720 (Year ended 5 April 2021.. £4,998) in respect of an insurance policy which indemnifies its trustees and otTiccr% against the consequences of any neglect or default on their part aiid protccts the Trusi from any loss arising froTn the iiegleLt or defathlts to its trustees oi. officers. 18. RFMUNERATIOiY OF THE TRUSTEES No remuneration is paid to any of the Trust's ttvstees (Year ended 5 April 2021.. Nil). No trttstees were reimbursed for expenses {Year endcd 5 ApTil 2021.. Nil). There were no related party transactions duying Ihe peiiod (Year to 5 Api'il 2021.. none}. 19. MEMBERS LIABILITY The liability of Inembers 15 limited by guarantee up to a maxitnuin of £1 per meinb¢T. 26

THf HAMPSTf,AD CFARDEN SUBURB TRUST LIMITED NOI'ES TO THE FINANCIAL STA'fEMf,NTS {eontinued) FOR'fHE PERIOD 6 APRIL 2U21 .1.0 31 MARCH 21122 20. RESTRICTED FUNDS Period ended 31 March 2022 Defi¢il or (Surplus) belonujing to Sclieine of Management Asat 6 Aprll 2021 Asat 31 March 2022 Income Expenditurc Manageincnt Charge for Scheme of Mc1nagemeiit Scheme of Manageinent compcnsation 969,573 {763,973) (205.600) 149,243 149,243 149,243 969.573 1763,973) (205,600} 149,243 Year ended 5 April 2021 Deficit or (%urplu5} helonging to Sclieme or Expenditure MHiiagemcnt AsHt 6 April 2020 As&t 5 April 2021 lii¢ome Management Charge for Scheine of Managcjment Scheine ol- Management compensalion 966,125 1809,487) (156,638) 149.243 149,243 149,243 966,125 (809,487) (156.638) 149,243 The Management Charge for Schcine of Management fiind shows the amount due io enfranchised freeholdeTS after th¢ costs of operating the Schcme of Manageimeni in the period have becn &ceriained in comparison to the estimated Managcineiit Charge for thc period. The Scheine of Manageinent compensaiion fiind relates to the net atnount (after legal rees wer¢ deduetcd and Irturned to the I'clevdnt funds) paid to the Ttust in seLLlement ftsr an unauthorised developincnt. 'fhi8 fund is iestricted by the tetins of ihe Scheine of Mandgement io be applied in subsequent year5 in the at)ner authorised by the Scheme of Mwageinent, which is Inade for ihe puq)ose ol'ensui'ing the mainlenance of the chardctor and amcniiies of Hampstead Ciarden Suburb. This fund is held in trust for the members of the Schetne of Mdnageincnt. Thc funds and any ￿terest aLcruing is kept in a bank 8ccounl 5epatttle lo any other funds held by Ilie Ti usl. Opw)rtunitics lo invest Inonies froin the Compeiisatioii Fund oil PTojecls to protect Inlillltaiii the cl)aracter and amenity of the Suburb will be identified dui'ing 202213, Coi. delivery in future years a5 resoui'ces allow. 27

THE HAMPSI'EAD GARDEIN SUBURB TRUST LIMITF.D NUTF.S TO TIIE FINANCIAL,STATV.MlI NTS (eontinucd) FOR THE PEI RIOD 6 APRIL 2021 TO 31 MARCII 2022 21 (a). ENI)OWMFNT DESIGNATF.D FUND Period ended 31 Mareh 2022 A5Xt 6 April 2021 Income ExpeRditure Tr#nsfers Asat 31 March 2021 Endowment Designuted Fund 57,013 468 57,481 Year endcd 5 April 2011 Asal 6 April 2020 Asat S Api'il 2021 Income ExpeMditure Traiisfers Endowment Designated Fund 56,321 692 57,013 The endowmeiit designated futjd coiit(iins donations to suppoil the Trii%t's ability to prcscrve tli¢ amenities character of the Suburb in Ihe lojig tenn. for that rea%on the Tr￿st Council has deiemined that not rngre thall half the fllnd's real giowih in capital and incoine will be sp¢iit in any year. 21 {b). DESIC.NATED FUND Period ended 31 March 2022 Asat 6 April 2021 Transfers & gaiThsllosses Asat 31 March 2022 Incomt Expenditurc De%ignat¢d fund 3,382,191 3,382,191 Year ended 5 April 2021 A5at 6 April 2020 Transf¢r5 & gainsA0s5es Asat 5 April 2021 Expenditure Designated Fund 2.872.191 510,000 3,382.191 The designated fund was set up in 200812009 foT the putP05e of ensuring the long-tenn ￿tUr¢ of the'l'i'ust and the Suburb. The designat¢d flind represents the investtneiit5 Ot the Ti'ust which il is intended shall be conserved and gi'vwn so that the Trust continue to meet its objects to pie5eive the chai'acler aiid ainenity of the Subiirb. In line with its Reserves aiid inv¢51menl Policy. tlie Trust uses tlie revenue fioin the sale of assets to piii'chase inve5tiMci)I pi'operiies, the income frvin which is set against th¢ Trust's own fin8thLia] obligations to th¢ Scheme of Managemenl. Ilie liighei than aiiticipaled iiicoine from i155et sales iii the year cnd¢d 5 Api'il 2021 allowed the Tvust tr> purcliase two Iiew investment pi'operties in the pei'iod ended 31 Mai'ch 2022. qiinilai. good perfotinancc in the period ended 31 March 2022 will allow the Trust to purchase a further propeity in 2022123. coininen5uratc with the eed to Tetain adequate funds agaiiist future risk and opei'ating contingencies. 28

THE HAMPSTEAD GARDEN SUBURII TRUST LIMITED NOTE.S TO THE FINANCIAL STATEMENTS (continued) FOR THF. PERIOD 6 APRIL 2021 TO 31 MARCH 2022 21 (e). DESIGNATED FUNDS TOTAL Period ended 31 March 2022 Asat 6 April 2021 Asat 31 March 2022 Income Expenditure TraDsfcr5 l)esigiiated Funds Total 3,439,204 468 3,439,672 Year ended S April 2021 Asat 5 April 2021 6 April 2020 Income I xpenditure Trgnsfers Dcsignated Fiinds 'fotsl 2.928.512 692 510,000 3,439,204 22. ANALY.%IS OF NET ASSETS BY FUND Fund balances at 31 Mai'ch 2022 Generul Fund Restricted Funds Designated Funds Totsl Fll￿d5 Fixed asseis Cash sliort terin deposits Net cui'rent assets 1,343,592 149.243 3,182,075 257,597 4,674,910 257,597 1,241,570 1,241,570 2,585,162 149,243 3,439,672 6,174,077 Fund balat)¢es al 5 April 2021 General Fund Restricted Funds Designated Funds Total Funds Fixed assets Cash on short tei'jn deposits Net cuririit ass¢ls 115.120 149,243 3,182.304 256.900 3,446,667 256,900 1,902.058 1,902,058 2,017.178 149,243 3,439,204 5,605,625 'Ihe shoit-term deposits have mawrities of three inonths or Icss. THB F'OLLOWING PAGE {NO.31 I DOES NOT FORM PART OF THE STA1'U'I'ORY tiE,POR'f & ACCOUNTS 29

TFIE HAMPSI'EAD GAIIDEN SUBUIIB TRU,ST I.IMITC4 D RESOURCIS CIXPF.NI)F.D ALLOCATF,D TO fiUNDS AND RELATINC. TO MANAGEMENT CFIARGF. PERIOD 6 APRIL 2021 .1.0 31 MARC.H 2022 Gener&1 Pund, Designated Period ended 31 Mai'ch 2022 Cost per charge Year ended 5 April 2021 C05t per char%e F.xpenditurt items Total M#n#gtment Charge Restricted Funds Staff costs: Staff salarie% inc. PA YE & Nl. contract and temporary siaff, employee and voluntcer cxpcn%es, ti'aining costs L¢s5: Incoine fi'om fees on freehold applications iyet st&ff costs 608,928 73,071 535,857 {127,122) 408,73S 94.91 Pi'cmise5 costs: Office ren¢ utilitie8, telephone, Council Tax, repairs and renewals, cleaning e￿. 39,322 4,719 J4,603 8.64 7.94 Adminh&trative costs: Insurance (except for trustees), office equipmenL printing. postage & 51ationery, public relations, bank charkjes, depreciatioii 72,469 10,084 62,385 15.58 17.85 Covernanet eosts: TTusiee ijisurance et¢. 8,276 993 7,283 1.82 1.54 Prujecls and amenitles ¢osts: Maintenance of amenity aieas and other projects Costs 224,231 192,361 31,870 7.96 4.15 L¢g#l ¢o$ts: 95.243 46,523 48,720 12.17 34.74 Legal c051s retovered: (27,503) (13.912) (13591) (3.40) (21.62) Other profes5ioNal costs: ArbOrIc￿lttIi.alISt, liuinan resourc￿. valuation and othei. advice 44,923 11,436 33,487 8.38 6.43 Audit costs: 11,100 1,332 9,768 2.44 2.8J EXPF,NI)ITURE. 1,076,989 326,607 623,260 155.70 14¥.77 Income from fees on fr¢¢hold applicxtlons and Icgal c05t5 rceovcrcd Total Mandgement Charges including in-year eiJfranchiseTS 'I'otal incoine 'I'otal expenditure 140,713 828,860 969.573 763,973 Balance of MaDageincnt Charges to bc {charged) crcditcd to Fi'eeholders 205,600 At 6 April 20213,999 M8nagemenE Charges payable. At 31 Maith 2022 4006 Manageinent ChaTges payable.