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 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 Practice). 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 TcasonS 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$'. Rciital aTIJ viher iiivestmAil incon 10,525 10,525 3,296 201.425 201,425 203,206 hppliL2lioii fees Manageme￿t Lliarges p&y8bk by 127.122 138353 828,860 27,503 82,293 828,860 747.468 99.807 65.455 l.cgal fccs [¢￿vertd 82,293 510,996 Tfyl*l inefjme 838.204 465 969.573 1.80%.245 ExpeAdilil￿ OA.. Riising fu¥Jd8'. 143,990 74,483 29.659 217,544 277,302 269.127 247,203 372,UJ7 341,262 82293 224.883 437.186 296.420 65.455 Awaroie551AdvilelF.￿r￿rt￿hent 94.735 72.135 82.29J 110 TotRI eXpE￿￿1(￿re 422.812 763.973 1,186,785 .098.427 Nel ¥alD$ 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 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.