THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED A company limited by guarantee and havlng no share capltal REPORT ANDACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 Charity Number.. 1050098 Company Numbor.. 928520 Registered in EnEland THE HAMPSTEAD GARDEN SUBURB TRUST IIMITED IA company Ilmlted bv Euarantee and having no Share ¢apltall REPORT ANO ACCOVNTS FOR THE YEAR ENDED31 MARCH 2023 CONTENTS Page Chalrman's review Legal and administrative details Report of the council 6-13 Independent auditOTS' feport 14-17 statement of financial activities 18 Balance sheet 19 Statement of cash flows 20 Notes to the financial statements 21-32 THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED CHAIRMAN'S REVIEW 202212023 The last year has been extremely busy forthe Hampstead Garden Suburb Trust. With pandemlc restrlctions firmly behind us, the Trust has had a lull 12 months of site visits, dlscussion5 Wlth residents, and all the other activities that ensure our Suburb remains a delightful place to live. The Trust was set up in 196B and Is legally charged with doing'all things posslble to maintain and preserve the character and amenitlES ol Hampstead Garden Suburb" Much ol what we do is not vislble. Building alterations that would darnage the appearance of the Suburb are prevented or removed. Ancient oaks are protècted, We also work with other bodie5, such as Barnet, on issues such as reducing unnecessary clutter from street signs. We aim to be supporknve. Applications for Trust consent are approved where they preserve the character of the building. For those that do not, we can often, through dialogue. help residents revise their proposal to achieve the same effect while preserving archltectural character. We a15c awarded £13,225 in grant5 to eight local organisations who support the Social or cultural life ol the Suburb and held a number of publlc walks to promote the apprecladon of the natural and build enwronment ol the Suburb. This year we began a rnalor piece ol work to develop forward-looking guidance on energy conservation in Suburb home5, helping residents minimlse their carbon emlssions while retalnlng thelr home's appearance. We will be publishing guldance durlng the coming year. What 15 visible Is the management and rna1ntenan￿ by the Trust of some of the most important green spaces in the Suburb, Including Sunshine Corner and Central Square which WE took over in 2022. We a150 manage and maintain many other smaller green spaces and gardens, as well as tennis courts and allotmènts. We are also working on Improving understanding of the Suburb through walks, talks, exhibltions and conferences for re5ident5 and also lor the many overseas 3cadernics, archltects and other visitors who want to see thi5 unique place lor themselves. All this is a labour-Inten5ive process. The Trust staff, led by chief èxecutive Slmon Henderson carried out around 500 archltectural site vi51ts by the planning team. arranged 370 tree Inspection5 by our arboriculturlst, took in excess of 3500 calls with resldents, and handled numbedess emalls. Thi5 Vltal work, however, can only be done with sound finance5. We have worked hard to get the Trust's funds into credit to protect agzinst any future legislation which could reduceTrust incomè. ensurlng the unique charm ol the Suburb can be enjoyed by gènèrations to come. The Scheme of Management is funded by the management charEe pald by e3ch freehold property. We recognise the importance of ftnancSal prudence and delNfering real value for charge payers whilst ensuring that the Scheme can meEt its expenses which have risen subst3ntially in recent years. However, a careful approach to budgetlng 3nd prudent management means we have been able to hold the TlSe in the payable management charg& over the last few years well below the rate ol inflation, and indeed reduce It when POS51ble. Tight control of costs in 202212022 means that the Management Charge for 202312024 wlll again be held within the range set In recent years. Full detalls of the TDJst's finances COME later in this report. All the good work above can only be done in partnérship with resldents, who recogni5e the Suburt) as a wonderful place to live. We want to encourage all our residents to become members ol the Trust. There is no fee, and the only qualiflcatlon Is that you have to have lived in your property for three years (which includes those who rent their homesl. Joining the Trust slgnals support lor our work enhancing and protectlng the Suburb. It also allow5 VOU to vote in any election for residentTrustees. which comprise half of the Trust Council, and attend our Winter Lecture. We also welcome addltlonal resident participatlon on our variou5 cornrnittees including those that manage allotments and allocate grants to community organisations. If you qualify, please join the Trust by clleking the11nk www.h strust.o membershi and completSng the application fom) onllne THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED CHAIRMAN'S REVIEW 202212023 Residenis can be members of both the Trust and the H3mpstead Garden Suburb Residents Association, but membership of one doe5 not automatically mean membership of the other. Both organi5ations 5uppDrt the Suburb, but our focus differ5. Whilst the Trust eKlSts to preserve and maintain the character and amenities of the Suburb, the RA promotes the interest5 of wesidents as well a5 encouraging good neighbourliness. community activitie5 and enjoyment. I want to finish by thanking all the Trust staff for their hard work throughout the year. We have rnany exciti￿g plans lor the next twelve months, and I look forward to seeing them in action. Raymond Taylor Chairman THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED LEGAL, ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE TRUST Members of the Council on 1, September 2023 Elected members: Raymond Taylor IChairm3nl. Elected 20 September 2018, re-elerted 30 September 2021 Raymond has lived on the Suburb for over 35 years and Served on the Trust's Estate and Finance & Organisation Committees prior to becoming a trustee. He is a practicing corporate solicitor. Gren Manuel. Elerted 21 September 2022 Gren has lived on the Suburb for over 20 years. A financi31 jouinalist by Profession, he has been heavily involved in climate ¢h3nge issue5 in the Suburb through HGSRA REACH and h85 written extensively on green investing, Gren sits on the Trust'5 Property & Plans Committee. 3. Richard Townley, Elected 27 September 2019, re-elected 21 September 2022 Rlchard, who ha51ived In the Suburb for 46 yeais, is a fellow ol the Royal Institution of Chartered Surveyors and has spent over 50 years speciali5ing in commercial property investment. For ten year5 he was a Trustee of AmbitlQU5 About Aut15m and has bee￿ involved in various Suburb project5, in pirticular the introduct¢on of the heritage lighting in Central Square and the installation of the new flower beds in the Square. Trevor Prlce. Elected 30th september 2020. Trevor has lived on the Suburb lor almost 30 years in three separate properties, two of which undernvent significant renovation in line with Trust guideline5. He has worked with the Tiust on a number of improvement projects, including conservation work to the Great W811, Appointed rnembers: Elsp&th Clement5, Appointed by the Royal Institute ol Brit15h Ar£hitects on l April 2015. Re-appolnted l April 2018 and 2021. Elspeth 15 an accredited R18A Conservation Architect 3nd a former member of RIBA Council. She is Managin8 Director ol Clernents & Porter A¥chitects, founded in 1979. She is 8150 Vice-Presldent ol the Highgate Soclety and wrote part ol the Hi8hgate Conservation Area Appraisal. DrTye B13ck5haw. Appointed by the Victorian Society on 7 January 2020, re-appointed 7 January 2023 Dr 81ackshaw has a PhD in Victorian Architecture Irom the Courtauld Institute. She has worked lor Pev5ner's 8uilding5 of England Series and the Victoria County History, has iecently served as a Protector lor Highgate Cemetery and current¢y sits on the Councll ol the Highg3te Soclety. Jonathan R055. Appointed by the L3w Society on 18 july 2011. Re-appointed 18 July 2014, 2017 and 2020 Jonathan is a solicitor and 15 head ol property litigation at For5ter5 LLP, where his clients include a number of section 19 org3nizations and estates. He writes regularly for the property press. jonathan is not now a resident but he was brought up on the Suburb and his father is 3 past member of the Trust Council. Alison Blom-cooper. Bsc MPhil MRTPI. Appolnted by the Royal Town Plannin8 Institute on 12 Aprll 2014. Re3ppointed 12 April 201. 2020 and 2023. Alison has over 30 years, experience ol planning issues across both the public and private Sectors. She has 3 particular interest in training and communications. She is currently Assistant Director Strategic P13ce and Plannlng for a local authority, Election and Appolntment to the Council.. There were two vacancies for election following the end ol Mèralyn Roberts, and Richard Townley's lirstthree-yeartErm5. Three candidates. Gren Manuel, Maralyn Roberts and Fiichard Townley. stood for the two vac3nt Positions. The Trusys auditor5, Menzies LLP, received 246 votin8 paper5 in total, ol which 9 were rejected as invalid, Menzies reported that votes were cast as follows.. Gren Mantsel, 151., Maralyn Roberts, 132,. Richard Townley. 174. Menzies declared that the two candldates elected were Gren Manuel and Richard Townlev. Reglstered office The registered offlce of the Trust 15 862 F5nchley Road. London NWII 6AB. telephone numbe￿ 020 8455 1066 and 020 8458 8085, email.. mail@hgstrust.org website.. www.hgstrust.or8. The office 15 nortnally open Mond3Y to Frlday 9am to 5pm, excluding public holidays. THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED LEGAL ADMINISTRATIVE AND OTHER INFORMATION ABOLIT THE TRUST Tru51 Company member5hTrp At 31" M3rch 2023 there were 432 members of the Trust Company and 44 associate members. Membeiship of the Trust is open to adults who have been continuously resident on the Suburb for over three years. Other adult residents may join a5 associate members. Applications are welcome Iihere is no charge orsub5cription, and each mernber's liability is limited to a guarantee of £11. The application forrn can be obtained Irorn the website Iwww.hg5tru5t.orgl or from the Trust office at the address above. Trust Council's responsibilities The Trust Council meets nino times è year to direct and oversee the work of theTILtst staff in safeguarding the character and amenities DI the Suburb. The Trust Council comprises four member5 elected by resident5 who are members ol the Trust and four member5 appointed individually by the Law Society, the Royal Institute ol 8ritish Architect5, the Royèl Town Planning Institute and the Victorian Society. These positions are all unpaid and carry responsibilities and dutie5 reouiring considerable time, understanding and effort. Councll members, Inductlon and trainlng New Council members aTe given written information including the Scheme of Management, Artlcles of Association. Annual Report and Charity Comrni55ion publication5 including The Essential Trustee, Induction sessions and courses are offered, tailored to individual needs and concerns. New Council members are encouraged to tour the office and meet all the staff and to attend the Property and Plans Committee to gain insight into that important aspect ol the Trust's work. Honorary life President The frust's Honorary tile President Is Dr Metvyn Miller PhD, BA, 8Arch (Honsl, MUP, MArch, FRIBA, FRTPI. HonoraryAccounts Adviser The Honorary Accounts Adviser Is Robin Marks Bsc (Honsl. AMIMA, AAT, TEP. Volunteer Members of Advisory Commlttees lin addition to Trust Council members).. Estate Committee.. Alan 8rudneyJ Michael Mlre, Maralyn Roberts and Laurence Wolfl Finance Committee.. Jeremy Clynes, Robin Marks, Paul Hartley and Tony Ghllchik Grants and Amenities Ctsmmittee.. Rosernary Goldstein, Jonathan Seres, Louise Scheuer ènd Ron Finlav Property and Plan% Cornmittee-. Helena 8enes and Emma Howard Stafl The following people are currently employed by the Trust. Stall are full-time unless stated otherwise.. Slmon Henderson Chief Execvtive Officer and Company Secretary Jane Horder MRICS Head of Estates Davld Davidson BA (Archl, MA (Arch Cons) IHBC Head ol Architecture Paul Capewell Esc (Hon51 Information Management Communications Qllicer Calum Oir B5c (Honsl, Msc Archltectural Suppo¥t Officer Poppy Hitchin Businesi Support Officer THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED LEGAL, ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE TRUST joe Mathieson BA. Mst Architectur31 Adviser Luke Boyle eA (Honsl, Msc Assistant Estate Manager (to June 20231 Michael Tutton Dip Cons, PgDip (Bldg Cons), IHBC Architectural Adviser Ipart-timel Susan Samuels Estate Support Officer Ipart-timel Patrlcia Lewin Credit Control Ipart-timel The averaEe staff ostablishrnent In the year ended 31 March 2023 wa$ 9.82 FTE Professlonal advisors and consultants Archltectur31 Consultant Monica Knight Dip Arch, Bsc Arch. Grad Dip Con5 IAAI, ARB Ipart-time Bankers Hsec Bank plc Lee, Bolton, Monier-willlams l The Sanctuary london SWIP 3JT Avditor5 Menzies LLP Centrum House, 36 Station Road Egharn Surrey TW20 9LF Arborlcvlturlst Anthony George Dip LA, MLI, FRSA Anthony George and Assoclates The Old Brlck House Village Road Oorney Windsor Sl4 60J Accountant5 152 Limited One Crown Square Church Street East Wokifig Surrey GU216HR THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED REPORT OF THE COUNCIL The Council members, who act in the role of directors and trustees, present their filty-lifth annual report, togetherwith the audited accounti ol the Trust lor the year ended 31 March 2023. For the purposes of this report the term 'Yrvst" is used to meafi the company whts5e directo¢s are referred to a5"the trvstees" the b03rd is referred to a5"the Council" OUR PURPOSE The object and principal activity of the Trust is to do 311 thing5 possible to maintain and preserve the present character and amenities Df Hamp5tead Garden Suburb. The origin81 Hampstead Garden Suburb Trust was founded In 1907 and managed a Suburb that Was almost entirely composed of le3sehold properties. In 1967, changes in legislation obliged landlords to sell their freehold5 on demand to long le85eholders. As the original Trust was not equipped for this new situation. it wa5 di5$01ved 2nd replaced by the present Trust with 3 new constitution the followlng year. Inste8d of Shareholders, the Trust has member5, who must be Suburb residents, but no owneis. The trustees are not permitted to benefit linanclally fiom their p051tions and on dissolution the assets ol the Trust would be at the disposal of the Charity Commission. The Trust ha5 two principal lunctlons.. l. For all resident5'. The Trust holds its assets ènd its remaining unenfr3nchlsed leaseholds in trust for all the residents ol the Hampstead Garden Suburb. It manage5 these assets to m3ximize their value, and it dévotes any operating surplus lo the charitable purposes described in its Mernorandum ol Association and to maintalnlng its financial security. The Tru5t'5 charitablÈ purposes cover the advancement of the arts, culture and heritage, environmental protection and Improvement. Hampstead Garden Suburb is internationally recognised as the linest and best realised eyample of English twentieth-century domestic architecture and planning. The public benefit extends far beyond the 16,(K)O or so residents ol the Suburb to the n3tionèl and international community- lay and profession31-with an Interest in architecture, urban plannin8 and social history. The lessons to be learnt from the ethos, history, landscape and aichitecture of the Suburb benefit both present and future generations. 2. For freehold property owners only.. The Trust also operates a Scheme of Management, as provided for in section 19 ol the Leasehold Reform Act of 1967. In 1974, the High Court 3uthorised a Scheme under which the appearance ol the buildlngs and ground5 of all enfranchised freehold properties is regulated bytheT¢ust. The purpose ofjthe Scheme is to ensure that the Suburb's architectural integrity and it5 èmenities in terms ol its tree5, open spaces and garden5 are preserled and maintalned, and that unreasonable (Jevelopment 15 prevented. The Scheme is funded by a MaThagement Charge payable annua51y by Ireeholder5. This tnoney is held in trust for the freeholders alone and remains their property until spent. The Scheme's finances have to balance year-on-year, and any surplus must be retuined to Charge payer5 the *ollowin8 year. The Scheme does not have any reserv£5 and doES not own anything. Since 1974, the great majorlty of the houses and many of the flat blocks on the Sltburb have enfranchised and lall within the Scheme ol Management, the numbers increasing year by year, In 1988 the Trust acquired the freeholds of all the long leasehold properties on the Suburb (including most ol the blocks of fl3t51 from Ashdale Land and Property Company Ltd. Through these leases, the freehold ownership of 11 allotment sites, 27 unadopted roads, some 50 orher commun31 open Spaces and the Schetlle of Management itself, the Trust can maintain a ￿n￿lled control over change5 to nearly all Suburb propertie5, together with the trees, hedges and many of the communal area5 around them. The London Borou8h of Barnet and Transport lor London control and maintain the public highways and the larger open Spaces. The Heath Extension is owned and mailltained by the City of London Corporation. OUR STATUS AND ORGANISATIONAL STRUCTURE The Trust is a company Ilmited by guarantee Iiegistefed in England number 9285201, not haviTh8 a Share capital and is registered as a charity INumber 10500981. It is governed by its Memorandum and Articles of Association dated 8 March 1968 and most recently amended on 17 September 2008. TheTru5t Council Is responsible lor decisions ol theTrust. TheTrust Council is advised on relevant matters by the Property & Plans Committee, Finance & Organisation Cotnmiltee, Estate Committee and Grants & Amenitie5 Committee, Policies are developed by senior Staff Ichief Executive, Head of Architecture and Head of Estates) and the odvisory committees. Decisions are implemented by staff. THE HAMPSTEAD GARDEN SUBURB TRUST LIMITEO REPORT OF THE COUNCIL We confirtn that we have tomplSetl with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Commission in determlning the activitle5 undertaken by the Charity. The Trust'5 key activities are.. Regulating chan8e on the Suburb through applying the term5 01 the Scheme of M3nagement to enfr3nchised freehold propertie5, and through the terms of the leases on properties where the Trust retains the freehold rever5ion'. Directly maintaining our residual estate, including communal open spaces. private roads and allotment5'. Providing an expert architectural advisory servlce lor residents. owner5 and their professional agents and contractors.. Promoting an understanding and appreciation of the Suburb through walks, talks, public3tion5, broadcast and new media.. Making charitable donations to Suburb groups and association5'. Managing and building the Ttust's flnances to perrn3nently Eliminate its long-term revenue deficit. Through the care, regulaiion and control over the Suburb, the Trust as a Charity is able to provide the public benefits identified above, not only to residents but also to Students of anrl visitors to the Suburb. We set ovt these aspects of the Trust's work during the year In moro detail below. THE YEAR ENDED 31 MARCH 2023 IN REVIEW In summarv The Trust's underlying operatlOn315tructures proved resilient and iellable through the Covid-19 pandemic, and newways of working hève now become Standard practice. One key lesson, however, Wa5 thai the sutcessful operation ol the Trust requires a physical presence on the Suburb and the ability for residents to speak directly with staff, whether by phone or in per50n. This is an increasingty rare 13cility in regulatory organisations but one that allows us to work flexibly and responsively. Income and expenditure continued the previous yearfs positive trend5, although Income from applications lor Trust Consent were lower than anticipated, perhaps reflecting a shifting balance between altering prope¥ties 3nd moving home after the enforced restrictions of Covid-19. Sales of assets continued to bolster the Trust's own funds, supported by the income Irorn two investment properties acquirecj the previous year. Expenditure was generally in line with expectation5 but legal costs were considerably less than budgeted fror, reflecting the sat*sfactory settlement of several contentious planning rnatters without the need lor court action. In addition to the Trnst's day-to-day work, other key event5 during the year included.. Formally acceptln8 the handove¥ ol Central Square from LB Barnet.. Beginnlng work on impiovln8 the Squafe as part ol an ongoing prog¥amme'. Awarding grants to eight local orEanSsations that benefit the Suburb.. Hosting public walks to promote and explain the v31ue of the Suburb's history, and its built and natural environrnent.. Holding a very successful Winter Lectt¢re'. Restoring, refurbishing and letting a Listed investment property purchased the previous year= Bvildlng relationships with other p13nned garden estates. including the Brentham Society, Bournville Village Trust and beyond, and 5UPPOrting the 2022 G3rden Clty Congress at tetchworth.. Appoint*ng a new external IT support company to improve IT resilience and reliability.. Moving all the TrusV5 electronic communications to the Cloud, considerably improving data security and safety.. Re-electing one trustee and welcoming another new elected trustee. THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED REPORT OF THE COUNCIL Regulation Applicotlonsfor Trust Consent In the year ended 31 March 2023 we receiveil 214 application5 Icornpared to 261 in the period ended 31 March 20221 to change the external appearance, use or structure of property. There wa5 Qne new application lor demolition and rebuilding, which w85 Withdrawn before determination. Two applicatlons were received which involvEd the construction of, oreKtension to. a basement in an existing property (compared to live in the year ended 31 March 20221, both ol which were unresolved 3t the end of the year. One new applicatlon involving the widenin8 of a dr*veway was received (compared to two in the year ended 31 March 20221, which w3s refused. Advlce und EnAorcement Throughout the year, we gave practical gu5dance to residents. potential residents and their professional 3(fvisers on matters concerning their properties. This included prelirninary advice regarding applicat5ons, routine care and maintenance work, site visits during construction, property advice, the pruning and felling of tree5 and the care of landscapÈ and hedges. As the quality of applications lor Trust Consent can vary con5iderably* the planning team spend much time providing expert advice on the design and detailing of Suburb homes. Although time-con5umin& it is increasingly necessary in order to reflect the high Standards ser by the origin81 designe¥5 01 the Suburb's houses. Around 500 planning visits were made to individual properties in the year ending 31 March 2023. The Suburb wa5 carelully planned around the pre-existing landscape of hedges and oak trees, rnany of which are several hunclied years old, Applications to fell mature trees are 3 growing fnattei ol concern to us, particularlywhere applications are driven by the increasingly assertiv& demand5 01 property insurers. We work closely with technical consultants, residents and the local authority to find solutions that avoided unnecessary felling and preserve one of the Suburb's most distinctive assets. We always seek to enforce the Scheme of Management throu6h discussion and negotiation with residents, whether through the appllcation and construction process, or the reinst3tement of unauthorised alterations to Suburt) propertv. This Is particularly the case where a new application 15 received foi work on a house with an existing infringement. Seven new inlringements were recorded in the year ended 31 March 2023. While the need for enforcement through court action has been happily avoided thi5 year, we had to resort to legal letters to remove several unconsented and over-large garcjen building5. Awarene55 and Educatlon We strongly believe that wider awareness and appreciation of the Suburb as a landmark In the evolution of domestic ar¢hitÈcture and town planning is critical to it5 continuecl preservation. We therefore work to promote an informed understanding of the special nature of the Suburb with talks. guided tours and publications. both printed and on-line, as well as engaging with groups and or8anisations that share our aim5 and interests. A5 part of the annual Proms 3t St Jude's festival, three staff led 5ell-otJt walks covering the Sut>urb'5 courts and private closes, the unbuilt Suburb and the pre-existing landscape of the Suburb. Ofie ol our staff also led a well-appreciated architectural walk round the Suburb OFI behalf of the Twentieth Century Soclety. On 13th Decernber. 80 people attended Or Julian Holder's excellent lecture on Neo-Georgian architecture in the Trust'5 annuèl Winter Lecture series. Neo-Georgi3n became the Suburb's predomin3nt architectural style after WWI, as well as the preferred style for public building5 in every high street. After a period of unpopularity, Neo-Georgian building5 are now becoming better Tecogni5ed as valued contributors to the chararterof 20 century townscapes and th& latersuburb loads. We also strive to keep ourTrust Member5 and other residents informed ol the Trust's work and responsibilities through our website, soci31 media and prtTrted publications. We published three edition5 of the new Trust Times on-line and in papew form, and we contributed re8ular informative article5 to the Suburb News 2nd e-Nows, by courtesy of the HGS Residents Associ3tion. We have also replaced the Central Square notice board, and we will use this to keep residents pdated wlth our work on the Square and other *nlormation. Malntaining the fabric of the Suburb Garden maintenance work continued on schedule through the year, although chai8e3ble work wa5 again delayed in some area5 by the challenge5 of getting common a8reemenr from all resid&nts concerned. Thi5 requirement did not eXI5t when the Scheme wa5 first e5tabllshed, but it can sometimes necessitate considerable time and effort to achiÈve consensus. THE HAMpsfEAD GARDEN SUBURB TRUST LIMITED REPORT OF THE COUNCIL The present gardenlng contractor'5 contract was extended to the end ol calendar year2023 with an inflation-based uplitt. to allow time lor an overhaul of the contract specification. The annual Iree inspections were carried out in January 2023. AppToxirnately 370 on-site inspections for tree work at indiiridual propertSes were undertaken by the Trust'5 arbori£ultur*st over the year. Improvements to Central Square fjollowing its handover from LB Barnet started wlth the replacement ol the time-expired railings arounrl the Free Church steps, the first new mernorlèl benches, and a more intensive rnaintenance regime lor the grassed 3reas. This programme will carry through into next year. The tennis courts again saw heavy usage through the summer and auturnn rnonths. There were 4485 booking5 in the period and 887 advance cancellations, allowing others to book vacated slots. The courts were booked lor 68% of the total annual time available. The allotrnents continue to be popular. with all plots taken and a wasting list, The Allotment Secretaries provide a valued support in maintaining an overview of 3llotment tAse, offering advice to plot holders and collecting allotment fees. The Allotment Committee ceased to be a sub-committee of the HGS Residents Association during the year. We were concerned by several major graffiti attacks on the Great Wall and Sunshine Corner during the year. The variety of paints used presented a challenge to 0￿r specialist con5erv3tion contractors but all were 5ucce55fully removed. albeit t a cost. We consider that prompt rernoval 15 prefeiable to such measures as ccrv. which are of limited preventative value in these locations. Charitable grants We provide grant aid to local charitable group5 and a550Clatlons whose activities are based on the Suburb and are like to be beneficial to residents. During the year endin8 31 March 2023 we made eight grants totalling £13.225. These comprised.. £1,200 to the Youth Music Centre,. £1.300 to the HGS Archives Trust,. El,(K)O to HGS Heritage,. £4,000 to Prom5 at St Jude's,. £3,000 to the Flee Chuich,. £850 to HGS Fellow5hip,' £500 to Garden Suburb Theatre,. and El,375 to Northway Gardens OrgaTrisation. Our volunieers We a6ain benefited from the highly valued contributlon of our volunteer committee members, including non-Tru5tee members of the Property & Plans Committee, the Estate Committee, the Finance Committee and the Grants & Amenities Committee. Altogether there are 14 resident5 serving on the Trust Council and comrnittees, plus many others who help the Trust in various valuable way5. FINANCIAL MATTERS The Statement of Financial A£tlvltles150FAI The form in which the statement ol financial activities is set out on page 19 complies with the Charity Com￿15510n requirements to relate expenditure to the Trust's objectives, rather than under heads of expenditure. The statement Iso identifie5 and details the finances olthe Scheme of Management 5Eparètely from those of theTru5t. As a supplement to assist members and Charge payers. we 1￿clUde an analysls ol the Management Charge as an appendix to the report and accounts. This gives a breakdown under heads of expenditure lsee page 331 and does not form part of the Report nd Accounts. Our financlal obligatioThs A5 explained abovE, the Trust has a dual financial obligation. All it5 a55ets are helij in trust fof the benefit of all Suburb resldÈnts, regardle55 01 their property tenure. The Trust also operate5 a scheme of Management. funded by a ManaBement Chèrge paid by enfranchised freeholder5 only. These funds are 3ccounted lor Separately from the Trust's own funds and are held in trust for the freeholders until they are spent. Any funds received under other provisions of the Scheme are also held in trust, to be applied in Subsequent years in accordance with the terms of the Scheme. A. Assets held In TnJstAor ullresidents In the course ol the year ended 31 March 2023, our reservÈs increased by £648,210. Revenue from the grouThd rent5 and other charges relating to the T¥u5t'5 leased properties totalled £240,696. In addition. income from the sale of freeholds and lease extensions las required by the Lea5Èholcl Reform Act513nd from one-off payments for variations to leases and covenants, together totalled £563,703. A further new income stream from providing conveyancing packs THE HAMP5TEAD GARDEN SUBURB TRUST LIMSTED REPORT OF THE COUNCIL on property sales raised £14,553. Designated income, constituted by donations received from residents during the year, tot311ed £1,915. The increase in re5ewves is again greater than the ieceipts from the sale5 01 as5et5. These assets can only be disposed of once, and they will eventually be exhausted. We therefore recoenise the need to husb3nd these receipts with great care, and to invest them wisely to p¥ovide a secure inctsme io support the Trust's work for the indefinite future. We considerthat the over3115t3te of the Trust's financial 3ffairs continues to be strengthened but still retnains capable of further improvement. The Tru5Vs ass@t5 are available and adequ3te to fulfil its current obligations. 8. The Scheme oAMunogement Income and expenditure under the Scheme budget for the year were the equivalent of an actual charge of £179.48 per household, 172sed on the median number ol charge3ble properties in the year ended 31 March 2023 This is below the estimated charge of £214.28 per budgeted enfrènchised property and the equivalent of a rebate to charge paye¢s ol £55.84 per actual enfranchised property for the year ending 31 March 2024. 7hi5 will be Set agalnst the estim3ted charge lor the year ending 31 March 2024 when the Managernent Charge bi115 are sent out in August 2023. The Management Charge is a local land charge that runs with the property. The law requifes that rebates must be made to the current owner, even when the costs they relate to were incurred before a transfer ol ownership. We maintain a credit control policy to minimise arrears in-year, including reclamation throLtgh the County Court in cases of seriou5 or long-term default. This allows its to obtain a Charging Ordef on the property ond a Charge on the Title Six Court application5 were made in the year 3nd Orders granted 8gainst two propertie5. In case5 of genuine hardship, we will offer various st3ge payment Dptions or arrange for a h3rd5hip grant through HGS Fellowship. 12 payment plans are currently in place and no applications were made sn 2022123. Financial Management Ouring the period, the stated value of the Trust's general unre5trlcted reserves grew by an amount E644,719. After stripping out the £563.703 surplus Dn freehold sales, licences and variation5 and the net gains on investments of £90,000 there was an operational deficit ol IE8,9881. The deficit reflects the level to which the one-off sale5 of assets re bp.ing used in annual running costs. £3,229,881 is held in the Trust'5 Eeneral fund (see note 221. This Includes the Trust's working capital, the calls on which include the funding of the deficit in the cash Ilow ol the Scheme of Management rhat occurs in the course of the year. £138,001 is held In restricte£J funds Isee note 201. The Council has designated those funds that are intended to be held for the long term and that constitute the foundation of the Trust'5 future Income. Property investments in these desi8nated funds are intended to bÈ held for the long term and expenditure from them is intended to be limited to atnounts that do not exceed in any one year more than hall the real growth in capital 3nd income. Funds designated by the Trust Council total £3,441,587. These ¥esource5 bre in the form of.. £3,181,963 in property assets and £259,624 of cash on deposit (see note 21a, b and C and 221. Th& Trust doe5 not have any obligations in respect ol a defined benefit pensSon scheme. Pay and femuneratlon The trustees romprise the Trust Council. No trustees recèived remuneration in the period. Thè senior management team comprises the key managernent peisonnel of the Trvst, i.e. Chiof Executive, Head of Architecture and Head of Estates. The remuneration of all staff is rev+ewed at least annu311y by the Finance & Organisation CommittÈe who make recommendations to the Trust Council for their decision. The Finance & Organisation Committee are asked to.. ReviewTrust staff sa13rie5 and conditions, and make Sure recornmended arnendrnents ensure that they remaSn competltive. Recommend the annual percentage increase the payroll for each member of stall (which can be zero) taking into account changes in relevant published indlces of living costs Isuch as CPI, RPI and Living Wage). Recommend any consolidated pay awards and siaff salary increases outside ol the ènnual review process, taking into account the recommendations reeeivecl from time to time by the Chlef Executive. THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED REPORT OF THE COUNCIL Recommend any non-consolidated pay awards or bonuses, tsking into account the recommendations received from time to time by the Chief Executive. Recommend pension afrangements and ensure that contractual terms on termination are lair to the individual and the Tfust, that poor perforrnance is not rewarded and a duty to mitigate loss is recognis&d. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to compaiisons with other charities and property companies ensuring the Trust remains sensitive to the broader issue5 such as inflation. or pay and employment conditions elsewhere. Reserves and investment policy Our fundamerit21 financial objective is to build the Trust's investable assets to a level th3t will enable it to lil bring its operating account. in chronic deficit for many years, into balance., and lill produce an increasing operating surplus independent of the Scheme ol Man3gement. Our investment policy 15 predicated on these two objective5. Until 2005, the Trust's assets were steadily depleted by subsidising the operation of the Scheme of Man3gement. The withdrawal of the subsidy from the Scherne of Management in thatyear arrested the deterioration of the Trust's finances. Since 2005. revenue ha5 been £&nerated by the sale of assets which were on the balance sheet at book value, and by fees frorn the variat*on ol covenant5 which had no assigned balance Sheet value. The proceeds from these sales are then used to purchase rÈsidential property on the Suburb, the rental income from which will progressively support the Trust's obligations to contribute towards shared cost5 from its own funds and to fund its own c05t5. We consider th3t continuing to invest in a mixed portlol*o ol rentablÈ Ioc31 property provides a robust and responsit]le approach to protecting and building the Tru5t'5 reserves in the med*urn-to-long term, and one that Is adaptable to changes in external economit circumstances, ins013f a5 they can be foreseen. By doing so. we are restructuring the Trust's balènce sheet. Its freeholds have been subject to compulsory sales since 1967, and the receipts from these Sales will eventually cease. These freeholds are held at book value 50 that their value is understated in the accounts. The Trust also derives revenue from variation5 in covenants. We expect that these too will decline over the medium term, but for the next few years they will rnake it possible to reinvest balance sheet assets to improve the Trusys financial posltion. With a current portfolio of 11 investment propertie5, we have managed to make good progiess towards this goal, so much so that the deficit has been redLtced to £18,310 for the year ending 31 March 2023. However, it will need several lurther years of well controlled expenditure and investment before th*s position is firmly and reliably established year- on-yeaf. THE TRUST COUNCIL Information regarding the 7rust Council, inclyding detai15 of those members in office during the period and at the date of approval of this report, 15 Shown unde¥ LeEal, Administrative and Other Information. Council members, responsibilitie5 in respect of the preparat5on of accounts The trustee5 Iwho are also directors ol The HBmpstead Garden Suburb Trust for the purposes of cornp8ny lawl are esponsible for preparing the Report of the Council and the financial statements in accordance with applicable law and United Kin8dom AccountlllE Standards (United Kingdom Gener311y Accepted Accounting Practice). Company law requires the trustEes to prepare financial statements for each financial yeai that give a true ancl f3ir view ol the State of affairs of the charitable company and of the incomirig resources and application of re50urce5, including the in£ome 3nd expendituie, of the charitable company lor that period. In preparing these financial statements, the trustees are required to.. Select suitable accounting policie5 and then apply them consistently. Observe the methods and princip1&5 in the Charities SORP. Make judgements and e5tirnate5 that are reasonable ènd prudent. State whethei applicable UK Accounting standards have been followed, subject to any material dep3ftuies disclosed and explained in the financ￿al statements. Prepare the financial statements on a going concern basis unless it is inapproprlate to presume that the chaiitable company will contlnue in busines5. THE HAMPSTEAD GARDEN SUBURB TRUST LIMITÉD REPORT OF THE COUNCIL The trustees are responslble for keeping propor accounting record5 that disclos& with reasonable èccuracy at any time the financial p051tion of the charitable company and enable them to ensure that the financial statement5 comply with the Companies Act 2006. We are also responsible lor Safeguarding the assets ol the charitable company and hence for taking re3sonable steps foi the prevention and detection of fraud and other iiregularities. In so far as we ère aware.. There 15 no relevant aLidit information of which the ch3ritable company's audltor is unaware., and we have taken all steps that we ought to have taken to tnake ourselves aware ol any relevant audit information and to establish that the auditor 15 aware of that information. RISK MANAGEMENT We have reviewed the Trust's risk mar*agernent strategy. This included examining the Trust's buildin& public liability and profe55tonal indemnity insuiance, banking arrangement5. heèlth ènd safety issues, etc. We conslder that procedures 3re in place to mitigate any risks to which the Trtsst could be exposed. We identify the printipal Yisks and uncertainties as follows.. a SUC￿Ssful legal claim against the Trvst arising from its role as landlord or it5 adrninistf6tion of the Scheme of Management,. damage to real property,- failure of or severe attack on IT systems,. and fraud. The plans and strategies lor managin8 these risks are.. professionally qualified and trained staff,. advice from relevant profe55ional advisors,. regular review of cases by trustees.. Health & Safety ¥isk assessment and policy,. regular inspection and repair regime,. appropriate policie5 for the use ol propert¥,' regular maintenance of the Trusys property., apprOp￿ate liability and other insuranc&,' reg￿lar back up of data and an external rrsupport contract,. regulaf upgrades ol IT hardware and software.. linancial controls and an annual independent audit. OUR FUTURE PLANS By managing the Trust's own resources a5 we have described, we plan to generate sufficient predictable year-on-year revenue to enable the Trust to.. ct effectively and responsively In maintaining and pre5ervin8 the character and amenities of the Suburb, including developing practical gLtldèr)ce on a(Jdressing any emerging issues that may affect this.. ensure th8t the Scherne ol Management expenditures are managed consistent with the requlremeDts of the Scheme, and to endeavour to keep them within a predicted r3n8e consistent with the actual need5 of administering the Scheme ol Man3gement over time.. Invest in improvements to the Trust's estate that will benefit residents of the Subvrb.. ensure the Trust's own long-term future as the Suburb's regulatory bodv. In line with the aims ol the reserves and Investments policy, ènd with the risk management 5trategie5 place, we believe that the Trust Is a Going Concern at the date of approving the report and accounts. The budget for 2023124 take5 into account the likely impact of known threats to income, and remedial MeaS￿r&S will be put in place as and when necessary, to ensure that the Trust remains a Going Concern and can maintain its core business activities. DISCLOSURE OF INFORMATION TO THE AUDITOR5 We, the Trustees of the company who held office at the date of approval ol these Financial Statements as set out above each confirm, so lar as we are aware, that.. there is no relevant audit information of which the company's auditors are unaware., and we have taken all the steps that we ought to have taken 3s Trustees in order to make our5elve5 aware of any relevant audit information and to establish that the company's auditors are aware ol that information. 12 THE HAMPSTEAD GARDEN SUBiJRB TRUST LIMITED REPORT OF THE COUNCIL AUDITORS Under section 487121 of the Companies Act 2006, Menzies LLP will be deemed to have been reapp04nted as auditor5 28 days after these financial statements were sent to members or 28 days after the latest date prescribed lor filing the accounts with the registrar, whichever is eailier. By order of the Council Slmon HendeT50W Secretary 13 THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED INDEPENDENT AUDITOR'S REPORT ro THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB IRUST LIMITED Opinlon We have audited the financi31 statements ofTho Hampstead Garden Suburb Trust Limited Ithe'charit8ble company'l for the period ended 31 March 2023 which comprlse Statement of financial activitie5, Balance sheet, 5tètement of cashflows and notes to the linanclal statements, including significant accounting policies. The financial reporting framework that has been applied in their prepa¥ation 15 applicable law and United Kingdom Accounting Stand3id5. includ+ng Financi31 Reporting Standard 102 'The Finon¢ial Reporting St(rrJdurd applicuble in the UKund Republic of Ireland, (United Kin8dom Generally Accepted Accounting Practice). In our opinion the financial ststementS'. give a true 2nd fair view of the state of the ch3rit3ble comp3nV5 affairs a5 at 31 March 2023, and of the charitable company'5 incoming resources and 3pplicatlon ol resources, including its incorne and expenditure for the period then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companles Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described In the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical r&quirements that are relevant to our audit of the financial st8ternent5 in the UK, including the FRC'S Ethic31 Stand3rd. 3nd we have lullilled our other ethical responsibilities in accordance with these requirernents. We believe that the audit evidence we have obtained 15 5ulli¢ient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statement5, we have concluded that the trustee5' use of the going concern basis of accounting in the prepar3tion ol the financial statements 15 appropriatE. Based on the work we have perlormed, we have not idenrified any materi31 tJncertaintie5 relating to events or conditions that. individually or collectively, may cast Significant doubt on the charitable company's ability to continue a5 a going contem for a period of at least twelve tnonths from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities ol the directors with respect to golng concern are described in the relev3nt sections of this report. Other informatlon The other information comprises the information included in the annual report, otherthan the financlal statement5 and our avditor's report thereon The trustees are responsible for the other information containeij within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent oth@rwi5e explicitly stated in our report, we do not expre55 any form ol assurance conclusion thereon. Our responsibility is to read thE Other information and. in doing so, consider whether the other information is materi811y incon515tent with the f*nancial statements or our knowledge obtained in the course ol the audlt, or otherwise appears to be materially misstated. 11 we identify such material inconsistencie5 or apparent material misstatements, we are required to detem)ine whether this gives rise to a material misstatement in the financial 5taternents themselves. If, based on the work we have performed. we conclude that there 15 3 material tlliSStatement ol this other inlorm3tion, we are required to report that fact. We have nothing to report In thls re8ard. 14 THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HAMPSTEAD GARt)EN SUBURB TRUST LIMITED Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ol the audit,. the information given in the report of the council for the financlbl perlod for which the linanclal statements are prepared is eonsistek)t with the l*nanci81 statements,. and the report of the council has been prepared in accordance with applicable legal requirement5 Matters on which we are required to report by exception In the light of the knowledge and understanding ol the charitable company and its environment obtained in the course of the audit, we have not identified material mi55tatements in the report ol the council. We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 require5 U5 to report to you il, in our opinion.. adequate accounting records have not been kept, or retuffls adequate for our audit have not been received from branches not V15ited by us., 01 the linaThci31 statements are not in agreelnenr with the accounting records and retvrns,. or certain disclosures of trustees, remuneration specified by13w are not made,. or we have not received all the information and explanations we require lor our audit,. or the trustees were not entltled to prepare the finanelal statements in accordance with the sm311 companie5, regime and take advantage of the small companies, exernptions in preparing the trustees report and from the requirement to prepare a strate6lc report. Responsibilities of irugtees As expla*ned mole fully in the trustee5' responsibilitie5 Statement. the trustees (who are also the directois ol the charitable company for the purposes of comp3ny lawl are responsible for the preparation of the financi31 st3tements anij for being satisfied that they give a true and fair view. and foi Such Interngl control as the trustees deteimine is necessary to enablp the prepararion of financial statements that 3r0 free frofft material misstatement, whethei due to fraud or error. In preparing the linèncial statements, the trustees are responsible for assessing the charitat)le company's ability to continue as a going contern, disclosing. a5 applicable, matters related to going concern and using thE going concern basis of accounting unle55 the directors either intend to liquidate the charit3ble company or to cease operation5, or have no realistic alternative but to do 50 Audltor's responsibilities for the audlt of the financial statements Our objective5 are to obtain reasonable assuiance about whether the linancial statements 35 a whole are Ifee from materi31 misstatement, whether due to fraud or error, and to issue an auditorfs report thèt Sncludes our opinion. Reasonable a55urance Is a hlgh level ol a55urance, but is not a guarantee that an audit conducted in accordance with1SAs IUKI will always detect a material misstatement when it exi5t5. Misstatements can arise from fraud or error and are considered material il, individually or in the aggreg3te, they could re350nably be expected to influence the economic declslons of users taken on the basis of these linanclal statements. Ir￿gUlarities, includin8 fraud, are instan￿5 01 non-compliance with13ws and regulations. We design procedures in line with our responsibilities. Outlined above, to detect material misstatements in respect of iiregularities, including fraud. The extent to which these are capable of detecting irregularities, Including fr3ud ￿5 detailed below-. 15 THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED The chafitable company is subject to laws and regulations that directly affect the linanci315tatements Including financial reporting legislation. We determined that the folltming laws and regulation5 wère most 5ignlficant including FRS 102, Charities SORP, Companie5 Act 2006, Charitie5 Act 2011 and compliance with the scheme of management. We 35sessed the extent ol compliance with these laws and regulations as part ol our piocedures on the re13ted financial Statement items. We understood how thE charitable comp8ny is cOmp￿1Thg with those legal and regulatory frameworks byj making Inqulries to management. those responsible lor legal and compliance procedures and the comp3ny secretary. We corroborated our inquiries through our revlew of board minutes. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to id&ntily or recognize non-compliance with laws and regulations. The asse5srnent did not identify any issues sn this area. We assessed the SUSCept￿billI¥ ol the Company'5 f5nancial statements to m8terial mi5Statement, includ￿n6 how fraud rnight occur. We considered the opportunities and incentives that may exist within the orgènisation lor fraud and identified the greatest potential for fraud in the following areas,. management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best intere5t5. Audit procedures performed by the engagement team included.. > Identifying and assessing the design effectiveness ol controls management has in place to prevent and detect fraud,, > Understanding how those ch318ed with governance considered &nd addrÈssed the potential for override of controls or other inappropriate influence over the financial reporting process,, Reviewing the basi5 and allocations to the scheme of rnanagement,. > Challenging assumptions and judgments made by rnanagernent in it5 significant accounting e5timates.' and Identifying and testing journal entries, in particulai 8ny journal entries posted with unusual account combination5. Bec8U5e ol the inherent limitations of an audit. there is a risk that we will not detect all irregularitles, including those leading to a materi31 misstètement in the financial st3ternent5 or non-compllance with regulation. This risk incre3se5 the more that cornplian¢È with a law or regulation Is removed from the events and transactions reflected in the financial statements, a5 we will be le55 likely to become aware ol instances of non-compliance. The risk is also greater regaiding irregularities occurring due to fraud rather than error, as fraud involves iThtentitsnal concealmenr, forgery. collusion. omission or misrepresentation. A further descdption ol our respon5ibilitie5 Is available on the Financ*81 Reporting Countll's website at., https'.l/www.frc.org.uk/Our-WotklAudit/Audit-and-assurance/Standard5-and-guidancelStèndards-and-guidance-for- auditors/Audltors-re5ponsibilities-for-audiVDescription-of-auditors-respon5ibilities-lor-audit.aspx. 16 THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED Use of our report This report 15 m3de solely to the company's members, 3s a bodyj in accordance with Chapter 3 01 Part 16 01 the Cornpanie5 Act 2006. Our audit work h3s been undertaken so that we might state to the cornpany's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibS1ily to anyone other than the company and the company's members as a body, for our audit work. for this report, or for the opinions we have forrned. )anTrce Matthews FCA (Senior Statutory Auditor) for and on behalf ol Menzies LLP ChartEred Accountant5 Statutory Auditor Cenrrum House 36 Station Road E8ham Su¥rey TW20 9LF Date.. 17 TIIE HA￿lP5T￿,AD GARDEN SUBUIIB'fRUSI' I,IMI'I'ED Company llumbei. 928520 Sl'A'I'CI MENI. OF FINANCIAL AC'fiviTIES (In¢lurling the tncome expenditure Account) FOR-riii YTr.AR FNDID31 MARCH 2023 Yeir tnde Other 31 hlArch 2023 31 MAvch 2022 Cl￿e￿Al Desi%NRtcd Srh¢m¢ ol Nott Note 21 Note 20 Note 20 Into￿le frDni'. Don%liO•S ItgACIC3'. l.easeholdclS voluniary & oiher Ila&dl 468 SUi￿ry IiiLyine Invc51meTrts'. RENtal and otliei Iiivesttneni income 15.940 248 833 248.83.1 201.425 8,850 85.619 94.469 858.430 MaoagpmEni Ch8rge> ￿Yable by ftteholders L¢gal tiY.% rttovered 85¥.430 828,860 27.50) 82.293 1.469 405 OthtT incOJilt'. l.'Tethold 5alc5. liCtiit¢s & Vori￿lI0n￿ 563.7Q3 563,703 TolHI 954.958 944.454 1.808.245 131.729 131.729 143,990 24,456 80,961 46.930 210.564 247,203 372,037 341.262 82.293 AwHrelie5￿￿dVlCv1Eftr0rcernt￿t 282.643 340.815 Rerhargcyblt esiaie Iiialiitena￿C 400,239 720.331 1,186,785 Ntt gxins 011 IIJVe5tm¢Tr15 90,r 90.iK)O 152,592 644.719 859,515 774.052 Balance of Fre¢hold¢rs ManJg¢intni Chaiges refunded 2&16 I205,6￿) 1205.6WI Net thoytmenl IynJs 644,719 653,915 F￿1￿5 broi￿ght fonvard 4t l Awl 2022 2585,162 3.439,672 149.243 6.174,077 5,605,625 ruiids broiight fonv&rd At l April 2022 bclore reiurn or ¢hpTgcofbttlantc ol. Managtmeni L'hArge Balaiice ol'fr¢cJiold¢r5 M2nagttMIl charges io be char$edllrefvThJcdl 2585,162 3.439.671 205.6(K) 149.243 6.379,677 5,762,263 2&16 1205.6WI 22 2023 3.229,881 3.441.587 138,Ih)I 6.809,409 6.174.077 All of the above continiiing activities of the TrusL. The Ti'ust had iio I'ecognised gaiiis and losses thther than tljose incliided above. The note5 on page5 21 ta 32 fomi part of these accounts. 18 I'HL HAMPSTEAD GARDF,N SUBIJRB TRUST LIMITED Company number 928520 BAI,AEICE SHEET AT 31 MARCH 2023 Restated 31 MRrch 2022 31 Marth 2023 Notes FIXED ASSETS Tgngiblc Assets FTr¢hold and long leasehold estate. at C05t Freehold property. at Cost less depreciation Eslaie woi'k5, at cost les5 depreciation Inve$tments Property investments, initially at cost subsequently at fair value Other inv¢stm¢nts 9& 11¢) 10 40.235 366,103 6,093 41,585 374,185 9,140 12 13 4.340.000 259,624 4,250.000 257,597 TotaifLr8dasse¢s 5.012,055 4,932.507 CURRF.NT ASSET.S DebtOTS Ca8h at bank and in hand 14 242,344 1,897,356 280,280 .382,201 Totixl ctrrreml osjets 2.139,700 .662,481 LIABILITIES Cr¢ditors-. amounts falling due within one y¢ar 15 (342,2861 {420,9111 NET CURRENT ASSETS 1.797.414 1,241,570 TOTAL f4ET ASSETS OR LIABILITIES 6,809,469 6,174,077 Representing the flinds for the charity.. Unrestricted funds: General fund Designated fundg 22 21{a,b &c) 3,229,881 3,441.587 2,585,162 3.439,672 Re$tritted funds: Scheme of Management compensation 20 138,001 149,243 6,809,469 6,174,077 Approved and authori5ed for issue on behalf of the Cowi¢il on ￿JulY 20 and signe Rayrno ayloT Richard Townlcy The notes on pages 21 to 32 form part of the5¢ fjnancial ststcments. 19 TIIK HAMPSI'EAD GARDF.N SUBURB TRusf LIMITED Company number 928520 STATEMENT OF C.ASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 Year tiided 31 MarL'h 2023 Period ended 31 March 2U22 CAsh l]ows from operAting ￿CtivitieS 266,999 295,140 Ca511 flow5 fron) investing aetivitits RenLg1 and other investtt)enl ii)¢ome Proceeds fiom Ihe sale of ijiveslJn¢nts Piiirhase of Invesiments 248,833 1,350 201,425 630 11.087,4081 Net QA$h gener&tedl(used) by investing a¢tivitl¢s 250 183 885,353 Change in casb cash equivAlents in the repurting period 517,182 15YJ,213) CAsh And tAsh equivalents xt the beginDing of the i'epoi'ting pci-iod 1,639,798 2.230.011 CAsh CAsh eqiiiYaleiit5 #t the end of the repoi'tiiig period 2,156,980 1.639,798 NOTES TO THE CASH FLOW sfATEMEIYTS Year ended 31 Marth 2023 PerÉod et)Iled 31 fvlarch 2022 Reconciliation of Nct iJ)¢ome to Ntt Cash Flow froin Operat?ng Activities Nct income foi. the rcw)iting period Depreciation ¢harges Gaitis on invesltnenls Renlal and other iiivestment iiicoime Detreas&llincrease} in debiors IDecTEaseVincr¢ase in ¢redit(Jrs 653,915 617,414 190,0001 {248.8331 1152,5921 1201,4251 {69,9261 90.542 197.1481 Net cash provided by operating a¢iiviti¢s 266,999 295,140 Analysis of CA5h And C.Ash Fffjuivalents Cash at b￿lk alld in hand Sliort le￿[￿ deposits 1,897,356 259,624 1,382,201 257,597 2,156,980 1,639,798 AnHlysis of¢haiige$ net debl At 31" Marrli 2022 Cashflows At 31 Bl March 2023 Cash and cash equivalents 1,639.798 517,182 2.156.980 1.639.798 517,182 2.156.980 The noles on pagTe5 21 to 32 fonm Pdrt of these tijiancial statements. 20 'rFIE IIAMPS-I'EAD GARI)F.N SIIBIIRB TRUS'F LIMITED N()TF.S I'O TIIC FINANCIAL.STATEMENTS FOR THF. YF.AR ENDED 31 MARCH 2023 C.ENERAL INFORMATION The Gharity is a company limited by guarantee and 15 IDcorp0171ed and registered iii E..ngland and Wales. It5 registcred office aiid principle place of biisine%% is 862 1.'iiichley Rottd, Lotbdon NWI16AB. The financial ststements are prescnted in Sterling 1£). The objects and pi'iThcipal activity of the Charily is to maintaiii and preserve th¢ cliaraGler and amenIties of Ilampstcad GaTd¢n s￿bU￿b. ACC:I)UN-I'INC. POLICIF.S The following are the accounting policie5 adupied by ihe Trust.. ) Basis of pi'epRration The finanLidl siateincjils are prepared in a¢Lordance wilh Accoiinling and Keporting by Chai"ilies'. St8tetnEnt of Recomniended Practice Jpplieable to cliai'ities prepai'iiig their aCCOUDts in aGcnTdance wilh thc l.inancial Repoiling Standard applicable in the IJK and Rcpublic of ITcland Il'.RS 1021. the FiF]an¢ial R¢porting Standard ai)plicable in the UK and Repiiblic of Ireland IFRS 1021 (effeciive l January 20191 and the Companies AGt 2006. The Hanipstead Garden Subii¥b Trust meets tl)e d¢liniliotL of a public benefjt entity linder fRS102.Assets aiid liabilities are illltially recogni5ed at hi5toi-i¢al cost or transaction valiie iinle55 otherwise ststed in the ielevant accounting policy. b) Coing cortcti. I'l)c trustees consider thai tlieie are iio lilateri￿ ￿ncertaintleS reg￿-dIng the Chariiable ¢ompaiiy's ability to continiie as a going concem. c) Fixed assets deprecintion Freehold and long leasehold estate: This is staled at cost and is not bcing depreciatcd, but the book value is reduced on the sal¢ of each freehold and Icase extension. Freehold land and buililing- Freehold land is not beiiig depirciated. Depre¢iatioii was provided on the freeliold building at £500 pei. annuill fruin 6 Apiil 1978 to 5 April 1984. Thi5 policy wa5 changed froin that date bo that no fui'lhei. depieLialion is provided a5 the property IS tnainlained lo a sufficieiitly high standaid to ext¢r)d its ￿scfiI7 life indefjnilely. '1lic book valkie of tlie-fi'ust's freeliold land and building is bascd on a professional valiiation cai'ried out zs at 12 Decenibcr 19(18. Ilniil tli¢ ycar ending 5 April 2019. the Tiiist's offict cxtension Ivas lield at Its iiivesiment valu¢. In line with the Charilies SORP IFRS 1021 froin that date onwards the offIce extensiun is shown * cosi (from ¢oniplelioii in 20131 of £404,035 less depre¢ialio• on 4 Straighi litie basis ovei. 50 yeai's. Tlie parts of Ilie Ti'ust'5 office building that are curitnily llsed as J'esidential could bt taken back tiJ Ilie Trust's iise al sl)ort notice. I'he 'frust considers that reliably 1neasUTin￿ the residcntial element in i501ation of thc rcst of the land arkd biiilding would ii)volv¢ the Trust in undue cost andloy effort. Office equipment fiirnitiire.. The charity ciirrently has a ¢apitalisation policy, whereby only items over £5,000 will be capitalised and included wiiliin Ihe assets of the charity, all LUIts btlow this Ihieshold a￿ writtei) otT in the yeai. of puichase. The deprecidlion late pruvided on ofrTice equipnient and fiiriiituie 15 3 yeaiE 50 a5 to write off the CO5¢ ofthe ()tYice fui'niture and equii)meiit over its expe¢led usefiil working lifc. EslAte works.. The charity ha% a capitalisation policy wheitby appropriate est&te works over£5,000 will be capitalised attd incliided within the ssets of ihe Charity, all costs below this threshold are written off in ihe y¢ar ihe works aye iindertaken. The depyeciatioii rate provided un appropriaie estate works is 10 years so as to write off the costs oveT their expected useful life. 21 T'HE HAMPSTF.AD GARDF.N 8IJBURII TRUSI. LIMITED NOT'E.S TO THI,: FINANCIAL STATF,MbNTS leontinucd) FOR'I-HE YEAR Tr.IYDTr.D 31 MARI'.112023 dl Income and expenditure All incoining re.%ources and all ¥¢sour¢es expendcd arc accoiinted for in the period to which they relgte. Rc%tri¢ted funds comprise monies raiscd for. and their use Testricted to, a 5pe¢ific purpose,. or donations subject to donor imposed conditiuns Ise¢ Note 201. DiTe¢ily atlribulable expendiliire is cliarged to charitable activities or govei-nance custs Jppropriaie. Siippoil costs, which are dElin¢d a5 th05c cos15 necessary to delivei. ali activity but wliiGlI do not contributc t<) 118 Output. arc allo¢at¢d Ihe basi5 of estimated staff time. Governaiice c051s are those which ¥clat¢ io the general running of tlic charity. rather than chaTltabl¢ activity. These in¢lude alldit fces, legal advicc for tl'UStees and costs asso¢*ated with ¢onstitutional and statutory Yequirements together wilh tlie appropi'iate allocation ofsiippurt costs. t) TAxAtion The chth'ity is considei'ed to pass the te5t5 set out in Paragraph I Schedule 6 ol'the Finance Act 2010 81)d Iherefoir it ill¢et5 th¢ definition ora charitablc company for UK corporation tax piiry)ose.%. A¢¢oi.dingly thc charity 1% prjientially exempt fix>rn taxation in respect of income o¥ capital gains IEccived within categories covered by Chaptei. 3 P¢irt I l of the (".OTporation Tax Act 2010 or Section 256 of the Taxation of Chai'geable Gains Act 1992 to tlie extent thai 9uLh income or gains are applied cxclusively lo its ChariiMbl¢ puiyoses. RecbArgeable Est¥te M#inlen#n¢e The Trusl carries out Jiiirneroiis recharg¢dble works lo coinmunal areas. 'I'his work IElates directly to Specific arc&5 for item8 %iieh ag gardcning and road works. This is recharged io those owners obligated to conti'ibiite to thc costs of thc WOTk%. g) Pensions The Ti'iist h£lS conlribuiory pensioii ai'rang¢tntnt5, which il accounts for on ali acciuals basi8. h) Inwestments Iiivtsfnicnls eillllPTise Shoil tciin dep051ts and pioptrty assets. Investment pY()penies are held at tiiistee5' best e5tiiiiate of mal'ket valu¢ at th¢ balance sheet datc in accoTdance with IhE SORP. Tht TTUSt maintains a reguldr review of local properties piices. and invesimenl propci'ty v&liies are Irviewed by tlie Trust's, Estsie NfjanaB¢r againsi a cunipaidble lange of local prvpei1ies ol eouiv3lei)t IoLa(ion and 5j2e. Any gains or losses on investment a5set5 a¥¢ shown on the SOFA. No depi'eciation is chargtd on iiive5trnenl properly. i) CritKcal aeeounting judg¢meht$ And estim&les In preparing theSE accounts. mtinagement has Inadejudgeinents, eslimates and a5SUtllptiuny that arre¢1 ihe application ot. the charity's accouiiting policie5 ajid the i-¢ported assets, liabililies, incoine and expenditiiir and the disc105tires made in Iht accounts. Eslimales and judg¢ineiJt5 are continu311y evaludted aiid are based on liisiorical experitncc and othei. factors. inGluding expectations of future events that arc bclievcd to be Teasonable linder the ¢ir¢umstan¢es. Signifjcant accounting jiidgcinellt5 and estimates in¢lvde'. Vnluation of invesiment pmperty Iscc note l{hl. Allocation of expendit￿re io tli¢ Scheme of Managcmejit (see note 2). j) Debtors Sho1#-t¢r1￿ debtors are measiired at tiansactioii Iiri¢e, less aDy itnpairrnent. Loans r¢¢eiw&blc ale measur¢d initialty at fair value, nct of tiansRGtion cosis, and are measiircd 5ubscqueiitly at anioTtised cost using the effeciive inieirst meiliod, less any impairmcnt. 22 TIIE HAMPS'I'EAD CARIIfr.N SIIBURB TRIJST LIMITED NOI'LS I'o TIIC FINANCIAL STATEMENTS Icontiiiiiedl FOR THE YEAR EIYDED31 IMARCH 2023 k} Credit(kl'S CrcdiioTS and provisions are recognised where the chhrily ha5 a preseni obligation resuliing from a past event that will probably reS￿1t iii the Ii?nsfer offunds tu a third party and tlie amount due to settle the obligation can be measured or The ¢hariiy only has financial assets financi&l liabilities of a kind that qualify as basic financial illbtrumenls. Basic financial in5trumenis, including ti'ade and othti- debtors and creditors are inilially reco8ll15¢d at tT&nsaction value and sllbsegiiently n]eaSu￿d ai their settlement value. m) RedyiirtHncy tevminAtIDIl C05t5 The cl)arity recogni5e5 etnployee Yediindarhcy and teTmination cosis in full on the date the redundancy or teTrninalitstb is confinned. n) Comp*i'ativ¢ Re4llotAtio 'or the yeaT ellded 2022 a negativc debioi. balance Telating io Refund of Management Charge has been reallocated creditors, froni debtOl'S, to bettci. rcfleci tlie nattirc of ihc amount. 2. SCHEME OF MANAGEMENT The Trusl adinin1st¢￿ a Schei￿e of ManagemLlIt iindey the 1967 1.ca5chold Rcform Act. I'his wa% passed by the Higli Court irt l()74 L2nd amended in 1983. The pu¥pose of the Scheme is to prcserve and conserve the Hampstead Garden Subiirb and applies to all freehold propert2es tnftan¢hised since the Act came into force. Each item uf income and expcnditurc is allocated to eithei. the SchLme of Manag7enient 01 the geneial fund, or where appropriat¢ Shared belween boih. The b￿￿8 on whicli Fi'ctholders hJve conseqiiently been cliarg¢d with a PTOP()rtionate pait of the expenses of the Trust in operaiing ihe Scheme has been aBI'eed by the auditors. Itcms of expcnditUTe and illcom¢ that relate to both the SchttFJe of Management and the general fund are apportioned as follows GeneTAI i)verheads are 2PPOrtioned according lo the PFoporlion ofenfranchised li.e. freehold) piDpertie5 to all properties in iespeLt ol which ihe Managcmenl Charge or lease iet)t5 lire payable to the 'Frust. Wiihin this C81culation flats are weight¢d against houscs in the proportion l..10. The wrighiing has been deiermined by an analy%is of staff tinie which show¢d ihat oil av¢rage more than ten times as tnuch titn¥, weighied for salary, was spent on hoiiscs as on flats. Tliis calculation i'tsults for 202212023 in an apportioninent of 88Q/o.'12°/o (PeTi￿￿ cndcd 3 1 March 2022 88D/o.'12O/ol between tlie Sch¢Jne olManagem¢nt and the general fiiiid. Legal costs are allocated OT apportioned on a ¢a5e by case ba515, it) accordance with legal advite. The apportioninent is d¢iei-miiied accoi'ding kn iht balanfj¢ of sJ4nificance of the covenants relatiiig to the Scheine of M2L t)a.£tillent aiid io the Tru%1 as thc owner of the ie5idiinl t5t&t¥. balJnced by consideration of the ovcri'iding reasoiis foi. the Trust dtfending or t3king the action. Cost5 foi" projects and ameThities of benefil to all residcnt% are appoittoncd according io the pi'oportion of enfranchi5cd (i.e. freehold) prapertTr¢5 to propertie5 li) re5peci of which thc Managetnent Charge or It￿£ ienls are payablc to the TrusL with each property weighted tqiially. Fvr 202212023, this results iji an apportioiinieiit of 800/0.'200/o (Period ende(131 March 2022 80%..200/0l between the SclieTll¢ of Man4g¥invnt and the genei'al fund. The Trust's auditois are sdt15fied that these apportioiiments air an appropriate basis oil which to 2llo¢ate expenditui'e to tlie activitie% of the -Frust and thc Scheine of Management. The acCount￿ng systems iiscd by the Trusi ensure Ihal all items ol in¢om¢ *nd expendittl￿ attribiitubl¢ to the Scheme of Manageinent are sepaialely 9ccounted for. Given the sepaiate accoiinting le￿[d8, the trustees do not ¢ongidei Ihat the S¢heme of MaJJagemet]t would be Hny Inoir etTeclively operaled W￿th a 5epaiate bank #Lcounl, atid the auditors conciir with tliis decision. A siiillmary of the i'cs0111'ce5 expended by the'l'riist, allocated ￿tween thc general fund and thc Schetne ot'managemcnt and I'elated tn an iiidividiial Manag¢ii)ent Chargt. is sel oul oli pagc 34 by way of additional inforination as that page does not foTfft PaTi of ilie report & accoiiiils. The net stirplus of £224.122 (Period ended 31 March 2022.. nel sul'plus of £205,601) aiiribiiiable io the Schcinc will be IttUTned by a balancing ci'edit tu each Fi-eeholder in accordance with claiise 8 Ibl lill of tl)e Sclieme of Managem¢nt. 23 THF. IIAMP.STEAD GARDEN SIIIIIIRH TIIIIS'I. I.1￿]ITED NO'I'bS TO TH￿, fr'IiYANCIAI, ST ATEMfr;NI'.8 (corttinutd) OR'I'II£ YCAR Tr.NDED 31 MARCII 2023 INVESTMENT INCOMF: Period ended 31 March 31 M*reh 2023 2022 Rental inGome Bank interest 240,696 8,137 200,548 877 248,833 201,425 Allocated to.. Trust and estate Inanagetneiit {gene¥al fund) 248,X33 201.425 BUILDING APPI.ICATION FEES YeAI' Perioil tnded ende(I 31 MAI'eh 31 MAI'¢h 2023 2022 LeasEhold Freeliold 8.850 85.619 127.122 94.469 138,253 ANALYSIS Ob LXPENDITURE Year end¢d 31 M8reh 2023 Direct Support Tot81 Costs of GeMei'Ating Furtds Renialllnvestimeni Managelneiit Charitablt activities {itie. CF0Ver￿anCe co$ts) Regiilation.. Appli¢aii()ns Regiilation.. AwaTene5s1Advice/Enforcement Mainiaining Ihc Fabric of the Suburb Rcchargeable Estste Maiiitenaiice I OC).846 24,883 131,729 151,439 255,395 293,294 59.125 77.146 47,521 210,564 332,541 340,815 116,163 92.3,137 208,675 Perio(l elided 31 March 2022 Direct ,S111)poYt Total Costs ofGenei'Ating Fiind KentalllnvLS¢inent Management Chnritable aetivili¢s {iii¢. Governance costs) Regiilalion.. Applications Regiilaiion.. Awai'ene5sIAdvi¢eJfDforcement Maintaiiiing the l.abric of thc SiibuTb Rcchargeablc Estate Mainlcnance 123.848 20,142 143,990 167,857 290,748 288,860 82,293 79,-146 81,289 52,402 247.203 372.037 341,262 82.293 953,606 233,179 ,186,785 24 THE HAMPSTEAD GARDLN SUBIIRB TRUST LIMITED NO'fES TO'I"IIC FINANCIAL STAI'EMENTS Icontiniicdl FOR TIIF. YbAR ENDF.D 31 MARCH 2023 DIRECT AND SUPPORT COSTS YeAr ended 31 Mar¢h 2023 Amenities Lc%RII & Projeet Pi'ofessionAI Costs Co$t$ StAff Support Costs Total C05t5 of Generating Funds Reniallinveslmeiit maiiagemenl Charitable Attiwities {inc. Ciovei'nanc¢ f osts) Rcgulation.. Applications Regulaiion.. AwarencS￿AdV7C¢l Et]forcetneiii Mainlaiiiing the Fabric of the Siihurb Rcchargeablc F.srate Maintcnanct 106,846 24.883 131,729 151.439 59.125 210.564 181,577 77,146 332,541 58.894 47.521 199,390 116.163 35,010 340,815 116,163 498,756 208,675 3 15,553 10¥,828 Period ende(131 March 2022 Legav ProfessionAI Costs StAff costs Suppoi't {* Proj¢tt Costs of (ieneratirtg funds Rciiiallinve%tmcnt management Charitable Activitie8 Iillc. GovertLAn¢e costs) Regulalion.. Applicalions Regulation.. AwarenesslAdvi¢ol I'.nforcernent Maintsining the Fabric of ihe Suburb Recharg¢able F.8tale Maintenance 123,848 20.142 143,990 167,857 79,346 247,203 178,457 81.289 112,291 372,037 37,441 52,402 224,231 82,293 27,188 341,262 82,291 507,603 233.179 306,524 139,479 1,186,785 SLlPPOrt costs include £91,458IP¢riod ended 31 March 2022.. £65.1361 of manageinent and staff costs. 25 THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO Tllb ￿]NANCIAL SI A'I'EMF.NTS Icuntiniiedl bOR TIIE YCI AR F.NDF.D 31 MARCH 2023 NET INCOME Yexr en(led 31 MAr¢h 2023 Period ende(I 31 fvlarelj 2022 Ncl incoming resource5 for the period ha5 been stated after charging.. Depreciation - Office Depie¢iation- Esiate Auditoi's rernuneration Igr05sI- audit Auditoi's retnuneration18rossI- iion-aiidit 8,082 3,047 13,979 8,080 3,047 MANAGEMENT AND STAFF COSTS The average niiinber of fiill and part-lime slaff (employees aiid contracted staff) diii'ing the period wa5 10 (Period ended 31 Imaich 2022_. 121 of which 3 {Pcriod ended 31 Marcli 2022.. 11 were part-liinc and all of whoin weiE involved in tlie deliveiy of tlic .1 iu8t's activities. Tlie aveiage niimber nf Full TiLMe Eq(iivalent employees and contracicd staff during the period wa5 10.67 (Period endcd 31 March 2022 8.67). Year ended Pei'iod ende(I 31 fvIHI'ch 2023 31 Marth 2022 Managcm¢nt and staff cost8 during the period coinprised.. Wag¢5 and salarics Employers Nl Pensiot)- Defjned benefit other management costs and expcnscs inciirred 428,597 50,583 34,341 77,592 442.874 47,105 31,592 87,357 591,113 608,928 For Ihe Year Ended 31 MaTLh 2023 one employee received em01￿MentS in the r&nge £60,000-£70,000 (Period ended 31 March 2022.. two) one cmployec Teceived einoliiments in the raiige £70.000-£80,000 (Period ended 31 M&rch 2022.. one) aiid one einployec rcccivcd cmolumen15 11) the range £80,000- £90.000 (Period ended 31 Nl&r¢h 2022.. none) The total etllployte benefits of the key manag¢tnent P¢T50nnel of the Trust were £273,837 IPeriod etbded 31 March 2022. £265.1 56) No rmsree8 received remuneration in eithcr this PCTiod or the previot]s year. FREEHOLD AND LONG LEASEHOLD ES-I-A'I'L. A'I. COST 31 March 2023 31 March 2022 At l April 2022 Disposals during the year 41,585 11.3501 42,215 {6301 At 31 Marcli 2023 40,235 41.585 Thc-frust has interest in H nuimber of frcchuld properties, On enfran¢htsetn¢nt vf th¢ int¢resi ilie TTllSt reL¢iv¢s the proceeds and recogiiises thi5 amouiit iii full on the fabe uf the SOFA uiider Other incutne Fr¢¢hol(I sal¢s, IiGence5 & variatiuiis net of an allocalion of the original cost. 26 THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THC FINANCIAL STATF,fvIENTS (contitiued) riOR THE YEAR ENDED 31 MARLII 2023 io. FREEHOLD PROPERTY LAlld Building TDtAI 31 March 2023 Total 31 MAI'ch 2022 c.ost At 31 March 22 Additlons 7.800 390,626 398,426 398,426 At 31 MArcli 2023 7,800 390,626 398,426 398,426 Depreeihtion At 31 March 22 Cliarge foi. pei'iod 24,241 ¥,082 24,241 8,082 8,080 At 31 Mareh 2023 32.323 32.323 24.241 Net Book VAlue Al 31 March 2023 At 31 March 2022 358 303 366 385 366 103 374 185 -374 185 382265 The parts of tlie Tru%t's 0￿1CC biiildints that are currei)Ily used as residential could be taken hack iiiio the Tru%t'.s use al 5hoit notice. The Triist is unable to reliably deteytnine the fair value of th¥ resident eleineni in isolaiion froin ihe IESt of the land and buildin¥s. For this reason, Ilie historic cot]struction cost of the extension completed in 2013 is depiEcialed iii a straight line over 50 yeays. ESTATE WORKS 31 Mxr¢h 2023 31 March 2022 Cost Al 31 MJrch 2022 AdditlOn5 during the period At 31 March 2023 Depreei#tio At 31 Maich 2022 Cliarge for the pcriod 232,371 3,047 229.-124 3,047 At 31 March 2023 235,418 232,371 Net ljouk Vxlue At 31 March 2023 6,093 9,140 At 31 March 2022 9.140 12,187 27 THE HAMPSTEAD GARDEN SUBURB TRusf LIMITED NOTES TO THE FINANCIAL STATEMENTS (contiiiuedl FOR THE YEAR ENDLI D 31 MAKCII 2023 12. PROPERTY INVESTMENI"S 31 M*rch 2023 31 MAroh 2022 c.ost At 31 M4i¢h 2022 Additions Revaliialion 4250,000 3,010,000 1,087,408 152,592 90.000 At 31 March 2023 4.340,aOO 4,250,000 Propetty invcstmcnts Lomprise 9 regidential flats lo¢aied on Ftampstead Garden Siiburb. These invt5tThienls are lel assured sliorthold tejmncies. '1lity are held for Iheii iental inwine whicli malchcs the 'l'riist's lot)g terin obligations lo conlTibute towards sh81.ed cosls froin the Trii%t's own fund5. S¢¢ iiote I Ihl for the Trnst's p)licy on valuation of investinents. 13. INVESTMENTS 31 Mai'ch 2023 JI MAreh 2022 .ash held on short term deposit 259.624 257,597 14. DEBTORS Restated 31 March 2022 31 Mfil'ch 2023 M&nagement incomc owed to the Trust Bad Dehi Provision Oih¢i debtois Prepaytnents and acciwed Income 182,389 267.J21 114,577) 2,185 25,351 J,866 61,501 242,344 280.280 15. C.REDITURS: Rmuunt5 falling (lue Withiii one ye*r 31 March 2023 31 MHrch 2022 Tradc Creditor5 Accruals and defcri'ed iiicome Other TaxalioJJ and SoLial Seciirity OtheF creditor5 22,232 63,946 13,146 18,839 86,820 115.857 12,634 %ub total Refund of Management Charge 224.123 205.600 342,286 420,911 Defot'red ineome 31 Marcli 2023 31 MArch 2022 13roiight forward l