2024-03-31-accounts

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED A company limited by Buarantee and having no share capltal REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014 Charity Number- 1050098 Company Numbei.. 00928520 Aegi5tered ifb England

THE HAMPSTEAD GAROEN 5UBUAB TRUST LIMITED IA company Ilmlted by guarantee and havlng no share capltall REPORT AND ACcOU￿s FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Chalrman'5 review Le8al and admini5tratlve detai15 Report of the council 6-13 Independent auditors, report 14-17 Statement ol financial actlvltles 18 Balance sheet 19 Statement of cash flows 20 Notes to ihe f5nancial Statements 21-34

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED CHAIRMAN'5 REVIEW 20Z312024 This is rny fSnal chairman's statement. After the ASM on 25th September I will have completed six years as a trustee and will be stepplng down. l should like to thank Slmon Henderson and h15 team for thelr hard work and the excellent job which they do. I should also like to thank 311 the rrustees for their time, support and help in making Hampstead Garden Suburb Trvst such a speclal place. The Trust was set up In 1968 and is legally charged wlth doSng '311 thing5 possible to mainialn and preserve the character and amenities of Hampstead Garden Suburb" The last year has been extremely busy for the Hampstead Garden suburb Trust. The Trust has had a full 12 months of site vls5ts, dSs£LJssions with residents, and all the other activities that ensure otsr Suburb remains a delightful place to live. The Suburb 15 a livin8 place, and the Trust mL+5t always balance the i55ues of the moment with its wider duty. One partlcular challen8e is how the energy efficiency of Suburb houses can be improved to meet thè challenge of climate change without compromising the spec+al character ol the suburb. Working with expert advisors, we have developed detailed guidance on retrofitting Suburb homes. and this wlll be launched later ifi the year. We have also started to eonslder the rehabilitation of the land below Central Square, followlng our rtracquisition ol the main Square two years ago. We know some residents are keen to see additK)nal community facilities provided here. and we vlll be developin8 our ide45 for consultation in the year ahead. We have also responded to residents, concerns over the use of the present tenni5 Cotsrts, and a new booking and access system is now in place. We aim to be supportive. Applications for Trust consent are approvecl where they preservethe character o the butlding. For those that do not, we can often, through dialogue, help resirlents revise their proposal to ach￿eve the s3me effect whlle preserving architectural character. We a150 awarded a record £34,070 in grants to twelve local organisations who support the social or cultural life of the Suburb. and we held a number of public walks to promote the appreciation of the natural and build enviroTrment of the Suburb. We man8ge and n7aintain some ol the most important green spaces In the Suburb, includln85ur4shlne Corner and Central Square. We 3150 manage and malntaln many other smaller green spaces and 8arden5, as well as tenni5 Courts and allotments. We are also worklng on improving understanding of the Suburb through walks, talks. exhibitions and conferences for re5ident5 and also for the many overseas academic5, archltects 3nd other vlsitors who want to see this unique place for thernself. All this is 3 labo￿r-Intens￿e proc￿$. The Trust staff, led by chlef executive Sifnon Hender50n c8rried out around 540 archltectural slte visit5 by the planning team. arranged 395 tree Inspections by our arboriculturist, took in excess of 5000 calls wlth residents and responLed to numberless emails. Thls vital work, however, can only be done W￿th sound finances. We have worked hard to 8Èt the Trust'5 funds into credlt to protect agalnst any future leglslarlon which could reduce Trust income. ensur￿n8 the unique charm of the Suburb can be enjoyed by generations to come. The Scheme of Managefflent Is funded by the mana8emÈnt charge paics by each freehold property. We recognise the importance of flnancial prudence and delivering real valuÈ for charge payers whilst ensuring that the Scheme can meet its expenses which have risen Substantially in recent yÈars. However, a careful approach to budgeting and prudent management means we have been able to hold the flse in both the 8ross and payable rnanagement charee over the last few years well below the r8te of Inflation. ènd indeed reduce it when pos5iblE. Full details ol the Trust'5 finances come later in this report. All the good work above can only be done in partnership with residents, who recognlse the Suburb as a wonderful place Ilve. We want to eDcoura8e all our residentsto become mernbers of theTru5t. There is no fee, and the only qualrfitation Is that you have to have lived in your property for three years Iwhich includes those who rent their hornesl. Joining the Trust slgnals svpport for our work enhancing and protectlng the Suburb. It also allo￿ you to vote in any election for resldentTrustees, which comprls& half of theTrust Councll, and attend our Winter Lecture. We a150 welEome additional resident partlcipation on our varSous committee5 includln8 those that manage our 8reell e5totE and

THE HAMPSTEAD GARDEN SUBURB TRUST LIMrrED CHAIAMAN'S REVIEW 202312024 allocate grants to community or8anisations. If you qualify, please joln the Trust by cllckin8 the Ilnk www.h 51rusi.Qf membershi and completing the applicatlon forrn online. Residents can be members of both theTrust and the Hampstead Garden Suburb Re5ident5 Association. but membership of one does not automatlcally mean membership of the other. Both or8anisations SUPPOrt the Suburb, but our focus dSffers. Whi5st theTrust exists to preserve and maintain the character and amenities of the suburb. the RA promotes the Interests of residents as well a5 to encoura8ing good neighbourliness, community activities and enjoyment. It h85 been a great privileBe and honour for me to be the chairrnan for the last S years and to be able to give something back to the communlty In which I have lived slnce 1983. 1 would like to wish my succe550r whoever he or She may be every success In theSr new role and I laok forward to seeing both the Trust and Hampstead Gèrden Suburb going from strength to 5trenBth in the years 3head. Raymond Taylor Chairman

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED LEGAL, ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE Trusr Member5 of the Councll on 23, July 2024 Elected members: Rayrnond Taylor Ichèirmanl. Elected 20 September 2018, re-elected 30 Septernber 2021 Raymond h35 lived on rhe Suburb for tsver 35 years and served on the Trust's Estate and Finance & Organi5atlon Committees prior to becoming a trustee. He Is a practicing corporate solicitor. Gren Manuel. Elected 21 September 2022 Gren has lived on the Suburb for over 20 years. A financial journalist by profession, he has been heavily involved In climate change issues in the suburb through HGSRA REACH and ha5 wrltten extensively on green investing. Gren slts on the Trust's Property & Plans Committee. Richard Townley. Elected 27 September 2019, re-elected 21 September 2022 Richard. who has lived in the Suburb for 43 years, Is a fellow of the Royol Institution of Chartered Surveyor5 and has spent over 50 year5 5peclallsinE in cornmercial property investrnEnt. For ten years he was a Trustee of Ambitltsus About Autlsm and ha5 been Involv&d in varitsus Suburb project5, in particular the introduction of the heritage lighting In Central Square and the Installation of the new flower beds in the Square. Sa¥ah Staffor(J. Elected 20th September 2023. Sarah has lived on the Suburb slnce 2019. A lawyer by profession. 5hE unijertooka major eco-renov3tlon of her house In 2023 andls a stron8 advocate for improving the Ènergy efficiency of Suburb houses. SaTah sits on the Trust's Plans & Propertles Comrnittee. Appolnted members: f lspeth Clement5. Appolnted by the Royal Institute of British Arrhitects on l April 2015. Re-appointed l April 2018 and 2021. Elspeth is an accredlted RIBA Conservation Architect and a former mefnber of RI8A Councll. She is Managlng Director of Cletnent5 & Porter Architects, founded in 1979. She is also VSce-Presldent of the Hlghgate Society and wrote part of the Highgate conse￿atIOn Area Appraisal. Dr Tye Blackshaw. Appointed by the Victorian Society on 7 January 2020, re-appointed 7 January 2023 Dr Blackshaw has a PhD in Vicrorlan Architecture from thecourtauld Institute. She has workecl lor Pevsnels Buildlngs of England series and the Victoria County Hlstory, has recently served as a Protector for Highgate Cemetery and currently slts on the Council olthe Highgate Stsclety. 7. Jonathan Ross. Appointed by the Law Society on 18 July 2011, Re-appointed 18 July 2014, 2017, 2020 and 2023 Jonathan is a solicitor and partner at Keystone Law, where his cllents include a nurnber of section 19 organisations 3nd estates. He writes regularly for the property press. Jonathan is not nowa resident, but he was brought up on the Suburb and his latheT 15 a past member of the Trust Council. 8. Torn Darwall-smith. Appointed by the Royal Town Planning Institute on 19 October 2023. Yom is a Principal at Keystone Planning, an independent town planning consultancy, speciallslng in herltage planninB and comrnunity engagement. He is passionate about the hlstorlc environment and the Importance of good design. Electlon and Appointrnent to the Countll: There was one vacancyfor election following the end of Trevor Prlce's flrst three-yearterm and his decision not to stand lor a further term, One candidate, Sarah Stafford, stood for the vacant position. A5 thEre was no contested electltsn, Sarah Stafford was elected as an Elected Trustee at the AGM on 20 September 2023 and duly took up the role, ReBlstered oflke The registered office of the Trust is 862 Flnchley Road. London NWII 6AB. telephone numbers 020 8455 1066 and 020 8458 8085, ernail.. [e-mail] webslte.. www.hgstru5t.org. The office 15 normally open Monday to Friday gam to 5pm. eKcluding publlc holid8yS.

THE HAMPSTEAD GARDEN SUBURB TRLIST LIMITED LEGAL, ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE TRUST Trust Company membershlp At 3151 March 2024 there were 556 members of theTrust Company and 44 assoclate rnembers. Membership of the Trust 15 open to adults who have been continuously resldenron the Suburb for over three years. Other adult residents mayjoin as associate members. Appllcations are welcome Ithere Is no charge orsubseriptlon, and each memberf5 liability is limited to a guarantee ol £11. The application forrn can be obtained ITOM the webslte Iwww.h SlfiJSt.or l or from the Trust olli£e at the addres5 above. y a 5peclal Resolution passed at the 2023 AGM, the Trust's Articles of AssocSation were arnended to remove the requlrement to r&reglster for Membership every three years. Trust Coun¢il'5 re5ponslbllltles The Trust Council meet5 nine times a year to direit and oversee the work of theTrust staff in safeguarding the character and amenities of the Suburb, The Trust Council comprlses four Members elected by residents who are membeTS of th Trust and four members appolnted Individually by the Law Society, the Royal Institute of British Archrtects, the Royal Town Planning Institute and the Victorian Society. These positions are all unpaid and carry re5ponsibilitles and duties requiring considerable time, understanding and effort. Councll members. Induction and tralning New Councll members are given written information including the Scheme of Management, ArtScles of Association, Annual Report and Charity Commission publications including The Essential Trustee. Induction ses5i0n5 and courses are offered, tailored to individual nÈÈds and concerns. New Council members are encouraged to tour the office and meet all the staff and to 8ttend the Property and Plan5 Cornmlttee to gain insight Snto that Important aspect of the Trust's work. Honorary Llfe Presldent The Trust's Honorary knfe President is Dr hAervyn Miller Pho, B& BArch (Hon51, MUP, MArch, FRIBA, FRTPI. Honorary A￿o￿ntS Adviser The Hontsrary Accounts Adviser Is Robln Marks BSC (Hon51, AMIMA, AAT, TEP, Volunteer Members of Advlsory Commlttee5 lin addition to Trust Councrl members): Estate Commlttee.. Alan Brudney Iret. 20241. Michael Mire, Maralyn Robert5, Laurente Wolff and Steven Rowe (from 20241 Finance Comrnittee.. Jeremy Clynes. Robln Marks, Paul Hartley and Tony Ghilchik Grants and Amenities Committee.. Rosemary GoldstEln, Jonathan Sere5 Id. 20241, LouSse Scheuer Iret. 20231, Ron Finlay nd Bryan Marcu5 (from 20241 Property and Plans comm￿tee.. Helena Benes and Emma Howard staff The following people are currently ernployed by the Trust. Staff are full-tlme unless Stated otherwlse.. Simon Henderson Chief Executive Officer and Secretary Richard Ross BSC (Honsl, MRICS Head of Estate5 David Davidson BA (Arch), MA (Arch Cons) IHBC Head of Architecture Paul Capewell 8Sc IMonsl Inforrnation Management Communication5 Offleer Frank Hawkin5 CHort MCIHort MArborA IOSH Green Estate Manager

THE HAMPSTEAO GARDEN SUBURB YRUST LIMITED LEGAL. ADMINISTRATIVE AND OTHER INFORMATION ABOUT THE TRUST Poppy Hlrchin 8usiness 5upporr Officer George Izzo (from lrtjune 20241 Credlt & Flnance Officer Ipart-timel Patricla Lewin Ito 31 May 20241 Credlt Control Ipart-timel Joe Mathieson BA, Mst Architectural Advlser Calum Orr BSC IFlonsl, Msc Architectural Advlser Alice PDrter BArch IHonsl, Msc Architectural Support Officer Susan Samuels Office Manager Ipart-tsmel The average staff establlshment In the year ended 31 March 2024 was 10.06 FTE Prolesslonal advlsors and consultants Archlte¢tural Consultant Monica Knight Dlp Arch, BSC Arch, Grad Dip Cons IAAI, ARB Ipart-tlmel Sollcltors Lee. Bolton, Monler-wllllarns l The Sanctuary london SWIP 3JT Bankers HSBC Bank plc Audltors Meniies LLP Ma8na House, 18-32 London Road Staine5-Upon-Thames Surrey TW18 4BP Accountants JS2 Limited One Crown SquaTe Church street East Woking Surrev GU216HR

THÉ HAMPSTEAD GARDEN SUBURB TRUST LIMITED REPORT OF THE COUNCIL The Councll membery, who act in the role of dlrettors and trustees, present their fifty-slxth annual report, toEether with the audited accounts of the Trust for the year ended 31 M3rch 2024. For the purposes ol thi5 report the term"Trust" is used to mean the company whose directors are referred to as 'rhe trustees" the board 15 referred to a5-the Counciy. OUR PURPOSE The object and principal attlvlty of the Trust is to do all thin85 Possible to maintain and preserve the preseni eharacter and amenities of Hompstead Garden SubLrb. The original Hampstead Garden Suburb Trust wa5 fOu￿ded in 1907 and managed a Suburb that was almost entlrely composed of leasehold properties. In 1967, changes legislation obliged landlords to sell their freeholds on demand to long leaseholders. As the original Trust w35 not equipped for this new situation, It was dissolved after pressure from residents and replaced bythe presentTru5t with a new constltutionthe following year. Instead of Shareholders, theTrust has members. who must be Suburb residents, but no owners. The trustees are not permitted to benefit linanclally from their p051tions and on dissolution the assets of the Trust would be at the dlsposal of the Charity Commis510n. The Trust has two princlpal functions.. l. For all resldents.. The Trust holds its assets and its remainlng unenlranchised leaseholds in trust for all the resldents of the Hampstead Garden Suburb. It manages these assets to maximize their value, and it devotes any operatlnB surplu5 to the (hariiable purposes described in its Memorandum of Association and to maintaining its flnancial security. The Trust's charftable purpose5 cover the advancement of the arts. culture and heritage, environmental protection and irnprovernent. Hampstead Garden Suburb Is Internatlonally recognised as the finest and best realised ex3mple of En8llsh twentieth-century domestc architecture and plannin8. The public benefit extends far beyond the 16.000 or 50 resldents of the Suburb to the national and Snternational cornmunity- lay and prole55ional- with an interest in architecture, urban planning and social hlstory. Th& lessons to be learnt from the ethos, history, landscape and architecture of the Stjburb benefit both present and futuregeneration5. 2. For freehold property owner5 only. The Trust also operates a Scherne ol Management, as provided for in section 19 of the Leasehold Reforrn Act of 1967. In 1974. the High Court authorised a Scheme under which the appearance of the bu51dings and 8rounds of all enfranchlsÈd freehold properties is iegulated bytheTrust. The purpose of the Scherne Is to ensure that the Suburb'5 architectural integrity and it5 amentties in terms of its trees, open spaces and gardens fe preserved and rnantained, and that unreasonable development Is prevented. The Scheme is funded by a Management Charge payable annually by freeholders. This money is held in trust for the freeholders alone and reTDains their property until spent, The Scheme's flnances have to balance Year￿n-ye8r. and any surplus Fnu5t be returned to Charge payers the lolltswlng year. The Scheme does not have any re5e¥ves and does not own anything. Since 1974, the great malorlry of the houses and many Of the flat blocks on the Suburb have enfranchised and fall withln the Scheme of MansEement, the numbers ncreasingyear by year. In 1988 thelrvst 3cquired thefreeholds of all the long leasehold properties on the Suburb lincludlng rn05t of the blocks of Ilatsl frorn A5hdale Land aTrd Property Company Ltd. Throu8h these leases, thefreehold ownership of 11 allotment sites, 27 unadopted roads, sorne 50 other commun?1 open Spac￿ aThd the Scheme of Management itself, the Trust can maintaln a IJnSfied control over changes to neaFly all Suburb propertie5, together wlth the tree5. hedges. and many of the communal area5 around them. The London Bfjrou8h of arnet and Transport for London control and maint)In ihe publlc hlghways and the larger open space5. The Heath Extenslon is owned and maintained by the City of Londtsn Corporat*on. OUR STATUS AND ORGANISATIONAL STRucfuRE The Trust IS 3 COFnpany Ilmlted by guarantee (registered in England number 9285201, not having a share capital and Is reglstered a5 a charlty (Number 10500981. It is governed by its Memorandum and Article5 of A550ciation dated 8 March 1968 and most recently amencled on 20 September 2023. TheTrust Councll Is respDnsiblefor decisioThsof theTrust. TheTrust Council is advised on relevant rnattefs bythe Property & Plans Ctsmmittee. Finance & Organi5ation Committee, Estate Cornmittee and Grants & Amenlties CommSttee. Pollcles are developed by senior staff (Chief Executive, Head ol Architetture and Head of Estatesl and the advt50ry committees. Decision5 are Implemented by 5t3ff.

THE HAMPSTEAD GAROEN SUBURB TRV5T LIMITED REPORT OF THE COUNCIL We confirm that we have compliecl wlth the duty in section 17 Df the Charities Act 2011 to have due regard to the publEe benefit guldafice published by the Commlsslon in determlning the activitie5 undertaken by the Chaiity. The TrusV5 key actlvltles are.. Regulatlng change on the Suburb through applying the terrn5 of the Scheme ol Management to enfranchlsed freehold propertles. and through the terrn5 01 the leases on properti￿ where the Trv5t retains the freehold reverslon.. Dlrectly maintai￿ing our residual estate, includin8 communal open spaces. private roads ard èllotments.. Providng an expert architectural advSso<y service for residents, owners and their professional agents and contractors.. Prornoting an understanding and appreciation of the Suburb throu8h walk5, talks, publications, broadcast and new media.. Making charitable donatSon$ to Suburb groups and associations.. Managin8 and building the Trust's financ￿ to permanently eliminate its long-term revenue def5clt. Through the care, regulation and control over the Suburb, the TTUSt 85 a Charity IS 3ble to provide the public benefits identified above, not only to resldents but 31so to stuclents Df and v151tors to the Subvrb. We set out these aspects of the Trust's work during the year in more detail below. THE YEAR ENDED 31 MAACH 2024 IN REVIEW In summary Afterthe disruption of the last two year5, Covld pandemic, 2023124 saw a return to comparative normality in the Trust's actlvitles. Appllcations for Trust Consent, tree 5nspections and other service5 were generally at the expected level, although the hlgher demand for conveyancing packs over the year may indicate an increasing turnover In i)wnership. Concern over the Influe￿te of natural and rDan-made pressure5 on the Suburb's historic natural and bu1￿ environments also droveseveral new inltlarlves durin8 the year. Much staff time cont1nued to be taken up advising resident5 and thelr agents on change5 to their properties, and staff changes in-yea¥ allowed resource5 to be re-allocated to bo15ter key areas of activlty. The Trusvs Incorne 3ntl expenditure continLsed the p051tive trend of recent years, with Income in near￿ all areas exceedlng budget predictions and expenditure falling w*thin budget. While the incomefiomground rent fell as propertSes enfranchised in-year, thi5 was more than compensated for bythe growth in rent5 from the Trust's portfolio of investment propertles. Two new properties were acquired in 2023124.. one is now let and the other wlll be let 2024125. In addition to the Trust's day-to-day work, other key events durlng the year included.. Developing detailed guidance on retrofltting properties to itnprove their energy efflclency and conservation. Taklng back the tree advisory service in-house and doubling the number of available appointment5. Aw3rdin8 a record level of grants to 12 local organi5at1ons that benefit the Suburb. Hostlng publlc walks to promote and explain the value of the Stjburb's history, and Its bullt and natural environment. Holding a well-received Wlnter Lecture. Purchasing two investment properties. Participating in the national Tree Forum BirminEham in September. Presenting to the International Garden City RetrofittSn8 Congress in May, subsequentty written up by the Town and Country Plannlng A550clation. Meeting with the senlor team at DulwSch to share in5￿ght anil best practice. Appointlng a new Head of Estates. Welcomin8 a new elected trustee and two new members of staff.

THE HAMP5TEAD GARDEN SUBURB TRUST LIMITED REPORTOF ThE COUNCIL Regulatlon Appllcotfonsfor Trust Consent In the year ended 31 March 2024 we reteived 192 appllcatlons (compared to 214 In the year ended 31 March 20231 change the external appearance, use or structure of property. Two applications were received whlch InvoSved the construction of a basementto an existlng property Icornpared to two in the year ended 31 March 20231.. one wa5 granted provisional consent and the other remains outstandlng. One applicatitsn was received for the total demolition and rebuilding ol 8 property loriginal￿ a partial rebuild). whlch has yet to be determined. Many applications involved work to Improve the property's energy efficiency. Flfty appllcatx)ns were recelved for double 8laiin8 (compared to 21 the year ended 31 March 20231. Of these 43 received consent and seven rernalned unresolved at the end of the ye8r. Fifteen applicatlons included an electric vehlcle charger (compared to 6 the year ended 31 M8rch 20231 of which nine receNed consent ènd s+x were referred back for amendments not relatlns to the electric charger. Advlce und Enfvrcement Throughout the year, we gave practlcal guldance to residents, potentlal residents and their professional advisers on matters concernlng iher properties. Thls included preliminary advlce regarding appllcatlons, routine care and mèintenance work, slte visits durlng consiruction, property advice, the pruning and fellinE ol trees and the care ol landscape and hedges. As the quallty ol appllcations for Trust Consent Can vary considerobly, the planning team spend rnuch time providing expen advice on the design and det3ilin8 of Suburb horne5, Although timLYonsumlng, it is increasingly necessary In order to ensure that the hSgh standaids set by the origin31 designers of the Suburb's houses are respected in newwork. Around 540 plannln8 vlsSts were rnade to inilivldual properties in theyear endng 31 March 2024. We 81ways seek to enforce the Scheme ol MaTragernent through discussion and neEOtlation with re51dents, whether through the applicatlon and oon5truction process, or the reinstatement ol unauthori5ed akerations to Suburb property. Thls is particularly the case where a new application is received lor work on a house with an eK15ting Infringement. A realignment of staff duties in-year has strengthened the Trust's approach to infringements: 7 new infringements were registered and 11 Infringement5 lifted in the year ended 31 March 2024. The need for enforcernent throu8h court action ha5 again been avoided th55 year throtjgh successful negotlation with property owner over uncon5ented work or. if nece55ary, legal letters. Awareness and Education Wider awareness and apprec+atlon of the Suburb as a landmark in the evolutlon of domestic arthltectvre and town planning 15 critlcal to its continued preservation. We therefore workto promote an informed understanding of the special nature of the Suburb with talks, gulded tours and publicatlons, both prlnted and on-llne, as well as en8a8ing w5th group5 and organi5ations that Share our aims and interests. As pèrt of the annual Proms at StJu15e's festlval, three staff led well-attended walks coverln8 Suburb Radic315,The Suburb in TV and Cinema. and Unwin$ 03ks. Mernbers of staff also led walks for the London Festival Df Architecture, Open House and Kenwood House staff, and we welcomed a number of visitors from home and abroad. Our annLJal WSnter Lettvre took a new path thls year, wlth two excellent speaker5 talking on'7rees forthe Futu￿. to an engaged audience of over sixty people. Dr Samantha Dobbie from the Birmingham Instltute for Forest Research at Birmingham University, and Keith Sacre. from 8archam Trees 8ave tompellin8 pr￿entatIons on the science and practlce of creating resilience In the tree populatlon. We also 5trlveto keep our Tr￿st Members and other resident5 Informed ol the Trusvs work and responsibilY(les through our website. social media athd printed pub15catlons. We published three editions of the new Trust Tirnes on-llne and In paper form, and we contributed regular Informative articles to the Suburb News and e-News. by courtesy ol the HGS Residents A5soclation. MalntalnlnB the fabrlc of the S￿bu￿b Garden maintenance work tontinued on schedule through the year, although some chargeable work was delayed by the need to Bet common agreement from the residents concerned. The gardening contiact was re-tendered Competit￿VelY at the end 012023 on a new specification, although only three of the eleven comp3nie5 approached submitted tenders. The prEsent contractor was duly appointed for a further year. and the contrart will then be re-tendered in 2025.

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED REPORT OF THE COUNCIL The Suburb was carefully planned around the pre-existing landscape ol hedges and oak trees, many of whch are sever81 hundred Yea￿ old and need careful and continual rnaintenance if they are to survive. Our external and in-hotjse arboricLlturists made 395 visits to properties to 3dvise cn trees and hedges during the year. Staff ch3nge5 meant that the annual tree survey wlll now be undertsken in 5tsrnrner 2024. We continue to receive aPp1￿call0ns to fell healthy rnature trees under pressure from insurance compan1&, sometimes accompanied by threats of legal èction Should the Trust not COn5ent. We have $0-far resisted these, w5th the welcome support of the HGSRA, and we are working to find mutually acceptable solutlons that presetve one of the Suburb's rnost distinctive assets. The tennis court5 zgain Saw heavy usaEe through the summer and autumn months, althou8h poor summer weather affected OVErall use. compared wilh the previou5 year, There were 4243 booklngs In the year12022123'. 4485 bookings) in the period and 765 advante tancellations, allowing others to book vacated slots. The court5 were booked for approxirnately 71% of the useable tin)e available. Following representatlons from players, we have instituted a new boOk￿n8 and access system for the courts for 2024125, to prevent misuse and maximlse availability. The alloltnents remain popular, and there is a short waitlng list. The volunteer Allotment Secretaries provlded valued 5UPPDrt over the year in overseeing the best use of plots. offerlnB adV￿Ce to plot holders and collecting allotment fee5. We had hoped to install a water supplyto a furtherset of allotments durin8 the year. but the cost and practical dillicultie5 of access prevented thi5. We wlll however be looklng at alternative arran8ements and rther improvements during the coming year. Charltable grant5 We provide grant ald to local charitable 8roups and 3ssociation5 whose 8Ctivities are based on the Suburb and are likelv to be beneficial to residents. Durlng the year endSng 31 March 2024 we made 14 grant5 totalling £34,070 to 12 local organisations, a con5idErable increase on the previous year12022123.. E13,2251. These compr15ed.. £1,200 ro Youth Music Centre,. £1,300 to HGS Archives frust., £l,O(Y) to HGS Heritage; £5,350 In two grants to Proms at St Jvde'5,' £850 to HGS Fellowship., £500 to HGS Residents Association., £15,000 to St Jude's-on-the-Hlll PCC,. £5.000 to the HGS Free Church,. £1,￿0 to the HGS Infant School.. ESOO to 8rookl&nd Junior School PA,. El,370 to Northway Gardens Or8anisation' and EIOIK) in two grants to Garden Suburb Theatre. Our volunteers We again benefited frorn the hlghly valued coTrtributlon of our volunteer commlttee members, includln8 non-Trustee rnernber5 of the Property & Plans Committee. the Estate Committee, the Finance Committee and the Grants & Amenlties Cornrnittee. Altogether there are 14 residents servifig tsn the Trust Council and committees, plu5 rnany Othe￿ who help the Trust in varlous vè1uèble ways. We were sorry to lose Jonathan Ser￿. whose death on 31 March 2024 deprived the Trust ol a valued and committed rnember of the Grant5 & Amenities Committee. He wlll be Much mls5ed by ihe many who knew hlm. FINANCIAL MAThERS The statement of Flnanclal Artlvltles ISOFAI The form In which the 5tatÈment ol financial adSvSiles is set out on pa8e 19 com￿leS wth the Charlty Commission requirements to relate expendlture to the TrusV5 Qbseciives. rather than under head5 of expenditure. The statement a150 Identifies and details the fSnances of the Schemeol Managernent separateSyfrom those of the Trust. A5 8 supplement to asslst members and Charge pèyers. we include 8n analysis of the Management Charge as an append1¥ to the report and accounts. This 8iv a breakdown under heads of expenditure (see page 341 and does not form part of the Report and Accounts. Our flnancial obli8Otlons As explained above, the Trust has a dual financial obll8atSon. All Its assets are held In trust for the benefit ol all Suburb fesidersts. regardls of their property tenure. The Trust also Operèt￿ a Scheme of Management, funded by a Managernent Charge paid by enfranchised freeholder5 only. These fu￿d5 afe accounted for separately frorn the Tiust's own funds and are held in trust lor the freeholders until they are spent. Any funds KeceSved under other provision5 of the Scheme are also held in tTUSt, to be applied Subsequent years I￿ aEcordance wlth the term5 of the Scherne.

THE HAMPSTEAD GARDEN SUBURB TrUST LIMITED AEPORT OF THE COUNCIL A. A55et5 held In Trustfvroll re51dents In the course of the year ended 31 Mèrch 2024, our reserves increased by E508,978. Revenue from the grotjnd ￿ntS and other charges relat￿n8 to the Trust's leased propertles totalled £293,877. In addition, income from the sale of freeholds and lease extensions las reoulred by the Leasehold Reform Acts) and from one-off payrnents for v3riation5 to leases and covenants, together totalled £528,295. A lurthÈr new income stTeam from providlng conveyancing packs on property sales raised £26,464 De51gnated incorne, constituted by donatio￿$ received from re51dents duringtheyear, totalled £596, The increase in reserves is again greater than the recelpts from the sales of assets. These assets can only be disposed of once, and they will eventually be exhausted. We therefore recogn15e the need to husband these receipt5 Wlth great care, arnd to invest them wisely to provide a secure income to support the Trusys woik golng forward. We consider that the overall state of the Tru5V5 financial affairs continues to be strengthened. The Trust's a55et5 are avallable and adequate to lulfil its current obligations, but we recognise th£t they are capable of further improvement to achieve a 8uarantÈed surplus year-on-year. As one step toward5 thi5 end, we have reviewed the disposition of the Trust's funds across its bank accounts, and wewfjll be reallocating thesefunds across a range of accounts bearing hi8her rates ol interest in 2024125. B. Thescheme oAMum7gefftent Incorne and expenditure underthe Scheme budget for the year wer2 the equlvalent of an 3rtual charge of £210.21 per household, based on the median number of chargeable properties Ill the year ended 31 March 2024. This is below the @st￿rnated charge of E217.92 per budgeted enfranchlsed property and the equlvalent of a reb8tÈ to charge payers of £35.07 per actual enfranchised property for the year ending 31 March 2025. This wi11 be set against the estimated charge for the year ending 31 March 2025 when the Management Charge bi115 are sent out In August 2024. The Man3eement Charge Is a local land ch&r8e thai runs with the property. The law reovlres that Tebates must be made to the current owTrer, Even when the costs they relate to were iricurred before a transfer of ownershlp. We maintain a credit control policy to rninimise arrears in-year. including rerlamation through the County Court In cases of Serious or long-term default. Thls allows us to obtain a Charging Order on the property and a Charge on the Title. Twenty County Court appllcatlons were made In the year. M05t were settled and Char8lng Orders have needed to be applied ltsr against two propertles. In cases of genuine hardshlp, we wll offer various stage payment options or arrange for an a551Stance grant through HGS Fellowship. 20 payment plan5 for major debt are currently in place1202V23.' 121 and one asslstance grant was made In 2023124 Flnanclal ManaBement During the period. the st8ted v81ue of the Trust's general unrestricted reserve5 grew by an amount £508,483. After stripping out the £528,295 surplus on freehold sales, licence5 and varlatlons and the net losse5 on ￿nVeStMentS of £24,369 there was an operational surplu5 of £4,557. Thi5 surplus refiects the fact that annual runnin8 Costs did not req￿+re the 5UPPOrt of one-off sales of a5set5 In 2023124. £3,738,364 is held +n the Trusvs general fund15ee note 231. This Includes the Tru5Vs worklng capltal, the calls on which Include the fundin8 of the deficit in the cash flow of the Scheme of Management that occur5 in the course of the year. £137,900 is held in restr5cted funds (see note 211. The Council has deS￿gnated those funds that are Intended to be held lor the long term and that constitute the foundation of the Trust's future income. Property investment5 in these de51gnated ftjnds are Intended to be held lor the long term and expenditure Irom them is intended to be lim*ted to amounts that do not exceed in any one year more than half the real growth in eapital and income. Funds designated by the Trust Council total £3,442.183. These resources Bre in the form of.. £3,177,050 in property assets and E265,133 of cash on deposlt (see note 22a. b and c and 231. TheTru5t does not have any obllgations in respect of a defined be￿efit pen51on scheme. Pay and remuneration The trustees comprise the Trust Council. No trustee5 recelved remuneration In the period. The senior mènaeement team comprlses the key management personnel of the Trust. i.e. Chlef Executive, Head of Architecture and Head of E5tate5. The reffluTreration of all staff is reviewed at least annually by the Finance & 10

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED REPORT OF THE COUNCIL Organisètion Committee who make recomrneThdatlons to the Trust Council forthelr decision. The Finance & organis￿l0n Committee are asked to: Review Trust staff Salari￿ and condltSons, and make sure recommended amendrnents ensure that they remain competitive. Recomrnend the annual percentage Sncrease In the payroll for each member of staff Iwhlch can be zero) taking into account changes in relevant publlshed Indices ol IlvlnE Costs (such as CPI, RPI and Liv1ng Wagel. Recommend any consolidated pay awards and staff Salary increases outside olthe annual review process, taking 1nto account the recommendatlons received from time to tirne by the Chief Executive. Recommend any non<onsolidated pay awards or bonuses, tak5ng Into account the recornrneThdatlons received from tlme to tlme by the Chlel Executive. Recommend pension arrangements and ensure that coHtr3Ctual terms on termSnation are falr to the Ind￿¥$dual and the Trust, that Poof perforrnance is not rewarded ènd a duty to fflitlEate loss is reco8nised. The appropriateness and relevance of the remunEratlon pollry is revlewed annuallyj Includ￿ng reference to comparisons with other charities and property companes ensurln8 theTrust remain5 sensitive tD the br08der issues such as infl8tion, or pay and employment conditions elsewhere. Reserves arbd investmeni pollcy Our fundamental financial objectlve to build the Trust's Investable assets to a level that will enable St to lil brin8 its operating account, In chronii deficSt lor many years, into balance,. and lill produce èn increasing operating surplus independent of the Scherne of Management. Our investment policy is predicated on these two objectlves. Since 2005, the Trust's own revenue has been generated by the sale of assets which were on the balance sheet at book value, by fees from the variatlon of covenant5 which had no assigned balance sheet value, and by ground rent5 on leasehold propertSes for which pi holds thefreehold tltle. We expect the recelpts from these 5ale5 to decline progressively to a level whlch no longer 8enerates arny signif5tant income. Long-mooted changes in leasehold enfranchisernent legislatlon may remove the ablI￿V to charge a premium on such sales. Incorne from flxed ground rents was always modest and decline5 Iteratlvely with Every freehold enfranchisement. The Trust the￿lOre looked to Èstèblish a reliable source of income to replace the present arrangement while this was stlll capableof geTher3t￿ng slgnlflcant revenue. Since 2011, we have usedthe proceeds frorn asset sales to purchase resldential property on the Suburb, the rental incorne from whlch support5 the TrusV5 obligations to contrfbute towards shared costs from its own funds, and to meet its own costs. Overtlme, the steadlly 5ncrea5ing revenue for this growing portfolio would reduce, and then wipe tsut the chronic deficit in the Trusvs own accounts once sales of assets are di5countEd. Trustees revlewed and reaffirmed this policy in-year. We consider that contSnuin8 to Invest In 3 mixed portfollo of fentable local property provides a robust and responsble approach to protectSng and building theTrust's re5erve5 in the mediurn-to-long term, and one that Is adaptable to changes In exteTnal economic circurn5tancÈs, In50f3r as they can be foreseen. With a Current portfolio of 13 Snvestment properties, we have rnana8ed to rnake good prDgre55 towawds this goal. so much $0 that Trust funds showed a modest surplus in 2023124, fof the flrst time. However, it will neeLI several further years of well controlled expenditL4re and investment before this p051tion is firmly and reliably established year£)n-year. THE TRLIST COUNCIL Information regardingtheTrust Councll, IncludSn8 detai15 01 those members in office during the period and at the date of approval of this report, Is shown under Legal, Administrative 8nd Other Information. Councll mernberg responslbillties in ￿spect of the Pfeparation of accounts The trustees Iwho are 3150 directors ol The Harnpstead Garden Suburb Trust for the purpose5 of company lawl are responsSble fof preparin8 the Report ol the Council and the financial statements accordance with appllcable law and United Klngdom Account+ng St3ndards Ivnited Kingdom Generally Accepted Accountlng Practicel. Company law fequires the tr115tees to prepare financial statements for each financlal ye3r that give a true and fair view of the state of affairs of the charitable company and of the Incorning resources and application of resources, including

THE HAMPSTEAD GARDEN SUBURB TRLIST LIMITED REPORT OF THE COUNCIL the Income and expenditure, of the charitable company lor that period. In preparing these ftnancièl statements, the trustees are required to.. Select 5ultable accounting pollcSes and then apply them consistently. Observe the methods and princlples In the Charities 50RP. Make judgements and estlmates that are reasonable and prudent. Stale whetherapplicable UKAccountlng standards havebeen followed, subjectto any material departurES disclosed and explained In the financial statements. Prepare the financial statements on a going concern basls unless it Is Inappropriète to presume that the charitable company will £ontlnLie In business. The trustees are responsible for keeping proper accounting re£ords that disclose with reasonable accuracy at any time the financlal position of the charitable company and enable them to ensure that the flnancial statements comply with the Companles Act 2￿6. We are also responsible for safeguarding the assets of the charftable cornpany and hence for takn8 reasonable steps for the prevention and detection of fratjd and other Irregular5ties. In so far as we are aware.. There 15 no relevant audit informarion ol which the charitable company's auditor is unaware,. and we have taken all step5 that we ought to have taken to make ourselve5 aware of any relevant audlt information and to establish that the auditor is aware of that infoirnation. RISK MANAGEMENT We have reviewed the Trusvs rlsk rnanagemeni strategy. This included examlning the Tru5Vs buildin& public liabillty and professional indemnfty Snsurance. banking arrangements, health and safety issues. elc. We consider that procedures are in place to mltigate any rfsks to whlch ihe Trust could be exposed. We Identify the principal risks and uncertalnties 35 follows- a successful legal claim against the Trust arisinE from its role as landlord or its adminlstration of the Scheme of Mana8ernent,. damage to real property,. fèilL+re of or severe attack on IT systems, and fraud. The plans and 5trate8les for mana8in8 these risks are.. profes$lon3lly qualified and trained staff.. advlce Irorn relevant professional advisors,. regular review ol cases by trustee5-. HÈalth & Safetv risk assessment and policry,. regular inspectio and repar regime,. appropriate policies lor the use of property,. regular maintenance of the Trust'5 property.. appropriate 1iablllty and other insurance., regular back up ol data and an external ITsupport contracr,. regular upgiades of IT hardware and Softwa￿.. financial controls and an annual independent audkt. OLtR FUTURE PLANS By managing the Trust'5 own resources as we have described, we plan to generate sufficlent predictable year-on-year r￿enue to enable the Trust to.. act effectively and re5ponslvely in maintalnlng and preservlng the character and amenltles of the Suburb, including developing practical guidance on 3ddressing any emergln8 issues that may affect this.. ensure that the Scherne of Management expenditures are managed consSstent with the requlrement5 of the heme, 8nd to endeavour to keep them within a predKted range conslstent wlth the actual need5 of admlnistering the Scheme of Management over time.. Invest in improvements to the Trust's estate that wlll benefit resldents of the Suburb, including the provlsSon of additional arnenities of benefit to ￿sIdentS, Improvement of the Tru5t'5 own publlc estate, and addressirlg emergin8 ISSU￿ such as succe55itsn tree planting. Oetblled plans for these w511 be developed over thE coming vears as funds and other resources permit. ensure the Trust's own long-term future as the Suburb's regulatory body. In line with the alms of the rese￿e$ and investments polScy, and with the rlsk management strate8les in p18ce, we believe that theTru51 15 a Golng Concem atthe date of approvlngthe report and accounts. The bud8etfor 2024125 and 18-month Cash-flow projectlon take5 into account the Ilkely impact ol known threats to income, and retnedial rnE4sures will be put 12

THE HAMPSTEAD GARDEN SUBURB TRUST IIMITED REPORTOF THECOUNaL in plate as and when necessary, to ensure that the Trust rernains a Golng Concern and can maSntain its core busSness activities. biscLOSURE OF INFORMATSON TO THE AUDITOAS We, the Trustees of the company who held office at the dale of approval of these FSnancial Statements as Set out above each confirm, $0 far as we are aware, that.. there is no relevant audit informatlon of wh￿ch the company's audltors are unaware,. and we have taken 811 the steps that we ought to have taken as Trustees in order to make ourselves aware of anv relevant audit information and to establish that the company's audito￿ are aware of that informatlon. AVDITORS Under section 487121 of the Companies Act 2006, MeThzies LLP will be deemed to have been reappointed as auditors 28 days after these financSal staternents were sent to members or 28 days after the latest date prescribed lor flllng the accounts wlth the registrar, whichever 15 earller. y order of the Councll Simon Hende150n Secretary

THE HAMP5TEAD GARDEN SUBURB TRLIST LIMITEO INDEPENDENT AUDfrTOR'S REPORT TO THE MEMBERS OF THE HAMPSTEAD GAROEN SUBURB TRUST LIMrrED Oplnlon We have audlted Èhe financ131 staternent5 of The Hampstead Garden SuburbTrust Limited Ithe'charitable compan(I for the perlod ended 31 March 2024 which compr15e Statement ol financial activities. Balance sheet. Statement of cashflows and notes to the financial statements. including significant accountlng policies. The flnanclal reportlng frarnework thai has been applied in their preparation Is applicable law and United ￿-ngdOM AcCoU￿ting standards, Including Financlal Reportlng Standard 102 'The Finon£iolReportlng Stondurd upplicable in the UKund Republlc of Irelt7nd IUnSted Kingdom Generally Accepted AccouDtin8 Practicel. In our opSnlon the financial statements.. Ive a true and lair view of the state ol the tharitable cornpanls affairs as at 31 March 2024. and of the charitable compan¢s incornin8 resources and application of resources, including its income and expenditure for the period then ended,. have been properly prepared ill accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance with the requirements of the Companies Acr 2W6. Basls for oplnlon We conducted our audit In accordance with International Standards on Audlting IUKI IISAS IUKII arsd applicable law. Our responsib115ties under those st3ndard5 are further described in the AuditoPs responsibilities for the audit of the financlal statements section ol our report. We are independent of the cornpany In accordance with the ethical requlrement5 that are relevant to our audit of the financial statements in the VK, includlng the FRC5 Ethical Standard, and we have lullilled our other ethical responslbilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to piovide a basis for our oplnlon. Conclusions relating to going concern In auditing the linanclal staternents, we have concluded that the trustees, use of the goln8 concern ba515 of accounting in the preparation of the financial statements Is approprlate, B3sed on the work we have performed, we have not identified any materlal ur+certainties relatlng to events or Conditions th3L individually or collectivelyi fflay cast significant doubt on the charitable company's abili(y to continue as going concern for a perlod of at least twelve months frorn when the flnanclal statements are authori5ed fof 155ue. Our responsibillties and the responsibilities of the directors with respect to going concern are d￿crIbed in the relevant settions of thls report. other Informatlon The other inforfflation cornpri5es the inlorffiatlon included in the annual report, other than the financlèl statements and our audltorf5 report thereon. The tru5tee5 are responsible forthe other information contained within the 3nnual rEPOrt. Our opinion on the flnancial statements doeg not cover the other information and, except to the extent otherwSse explic5tly stated In our report. we do not express any form of assurance conclusion the¥eon. Our ponsibility15 to read rhe other informatlon and, in doing $0, consider whether the other Informatlon is materially inconslstent with the rinancial staterDents or our knowledge obtained in the course of the audit, or otherwlse appears to be materially misstated. If we idEntify such material lnconsistenc￿es or apparent materlal mlsstatements. we are required to determine whether thi5 gives rise to a rnaterlal misstaternent in the flnancial statements themselves. If, based on the work we have performed, we cDnclude that there is a material misstatement of thi5 Other Information. we are reqtslred to report that fact. We have nothln8 to report in thls regard. 14

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED INDEPENDENT AVDITOR'S REPORT TO THE MEMBER5 OF THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED OplnÈons ort other mattef5 prescrfbed by thè Companles Act Z006 In our oplnion, based on the work undertaken in the course of the audit.. the information given in the report of the council lor the flnancial perlod forwhich the linanclal statements are prepared is conslstent with the financial 5tatement5,' and the report of the councll has been prepared in accordance with applicable legal requirements M8tters on whlth we are reqylred to report by exceptio In the light of the kno¥￿ed8e and under5tandin8 01 the charitable company and its environmeni obtèined in the course of the audit, WÈ have not identified material misstatements in the report ol the counci1. We have nothing to report in respett ol the followlng matters in relatSon to which the Companies Act 21M)6 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our aud5t have not been received from branche5 Flot vlsited by u5.. or the financial statements are not In agreement wlth the accountlng records and returns,. or certain dsc105ures of tru5tees' remuneratlon specified by law are not rnade,. or we have not received all thè Information and explanatlons we require for our audit.. or the trustee5 were not entltled to prepare the financial statements In accordance with the small companies, regirne and take advanta8e ol the small companies, exernptions in prepar¢ng the trustees report and frorn the requlrement to p￿Pa￿ a strategic report. Re5ponslbilltle5 of trustees As explained more fvlly in the trustees, responstbilltles staternent, the trustees Iwho are also the directors of the charitable company for the purpose5 of company lawl a￿ responsible forthe preparation of the financial statements and lor belng satisfied that they give a true and lairview, and for such Internal control a5 the tfustees determine is necessary to enable the preparation of flnanclal statements ihat are free from material mi55tatement. whether due to fraud or erro¥. In preparing the fin3nclal staternents, rhe trvstees are reSponS￿bIe for a55èssing the charltable company's ability to continue as a going concern, disclosin& as appllcable, matters related to go1n8 concern and using the going concern basi5 of accounting unless the director5 elther Intend to Ilquidate the charitable company or to cease operatlons, or have no realistic alternatfve but to do so. Audiiofs responslbllltles for the audlt of the ftnancial statements Our objectlves are to obtaSn reasonable assurance abovt whether the financial statements as a whole are free from materlal misstaternefit, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurènce Ss a high level of assurance, but is not a guarantee that an audli conducted in accordance with ISAS IUKI will always detect a material misstaternent when it exists. Misststements ian arlse frorn fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to Influence the economi declslons of users taken on the basis of these fnancial statements. rregulariti￿, Including fraud. are instances of non-compllance with laws and regularlons. We design procedures in line with our responsibilities, outlined above, to detect materlal mlsstatements in respect of Irre8u1arities, including fraud. The extent to which these are capable of detectlng Irregularities, in£ludlng fraud 15 dÈtailed below.. 15

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED INDEPENDENT AUDffOR'S REPORTTO THÉ MEMBEAS OF THE HAMPSTEAD GARDEN SUBURB TRUST UMITED The chafltable company Ss subject to law5 and regul3tions that directly affect the flnancial statements Including li￿ancIal reporting legislation. We determined that the following laws and regulètlons were mQSt significant Inclucling FRS 102, chariti￿ SORP, Companies Att 2006, Charities Act 2011 and cotnpliance with the seheme of management. WE assessed the extent of compliance with these law5 and regulations as part of our procedure5 on the related financial Statement items. We understood how the charitable company is complying with those legal and regul3toryframewoTks by. maklng nquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inqulries through our review of board mSnutes. The engagement partner assessed whether the engagement tearn collectively had the appropriate competente and capabilitie5 to identify or recognsze non-compllance with laws and regulations. The assessment did llot identifv any issues In this area. We assessed the susceplibillty of the Cornpanls financial statements to mateflal mlsstatement, includln8 how fraud might occur. We considered the opportunities and Incentives that may exlst within the organisatlon for fraud and identified the greatest potential for fraud in the following aTea5- management override of controls to rnanipulate resLJIt5. or to cause the Company to enter into transactlons not In Its best Interests. Aud￿ procedures performed by the engagement team included..

Identifying and assessing the deslgn effectlveness of controls rnanagement has in placeto prevent and detect fraud,. Understandln8 how those char8eil with governance consldered and addressed the potentlal for override of controls or other inappropriate 5nfluence over the financial reportlllE proces5,' Reviewing the basis and 311ocations to the scherne of management., Challengin8 6SSUrnPtion5 and judgment5 made by management in Its slgnificant accountlng estimates., and Identifying and testlnglournal entrie5, in particular any journal entrie5 Posted with unusual account combinations. Because of the inherent Ilmitations of an audit, there 15 a Tisk that we will not deiett all Srregularities, Including those leèdingto a m3terial mi55tatement in the financial statements or non-compSiance w5th re8ulation. Thls dsk increases the more that compliance with 3 law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less 5ikely to become aware ol instances ol non-compllance. The risk is also greater regardin8 irregularities occurring due to fraud rather than error, as fraud involves Intentional concealrHent, forgery, collusion, OrnIS5ion or misrepresentation. A further de5criptlon of our responslblllties 15 avallable on the Flnanc531 Reporting Council's web51te at.. httP5'.l/www.frc.org.uk/Our-Work/AuditlAudSr-and-assurancel5tandard5-and-ÉuidancelStandards-and-guidance-for- auditor5lAuditors-responsibilities-for-audit/Description-of-aUd￿0rS-reSpon5ibIlltl￿5-for-aud1t.a5px. 16

THE HAMP5TEAD GARDEN SUBURB TRUST LIMITED INDEPENDENT AUDITOR'S REPOR7 TO THE MEMBERS OF THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED Use of our feport This report is madesolelytothe cornp3n¢s fflembers, as a body. in accordancewith Chapter3 of Part 16of the Companles Act 2006. Our audlt work has been undertaken $0 that we Might State to the cornpanvs fflembers those matter5 we a requlred to state to them In an auditor's report and for no other purptsse. To the fullest extent permitted by law, we do not accept or assume iesponsibility to anyone other than the company and the company's members a5 a body, for our audit work, lor this report, or for the opinions we have formed. JAWACL n￿¢1￿1$ é￿311￿￿117PcA (Senior Statutory Auditor) for 3nd on behalf of Menzie$ LLP Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 48P Date- 02-Aug-2024 17

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED Company number 00928S20 STATEMENT OF FINANCIAL AcfiviTIES (Including the ineome and expenditure a¢countl FOR THE YEAR ENDED 31 MARCH 2024 UnresttlclÈd Ge￿traI Deslgnated Restrirled SElitrne ol Ycarendt Y￿> ende4J Othor JI March 2024 31 Mar£h 2023 Tol0 Note N•t¢21 Note20 Notc 20 In£•me rtonj.. DoD8tioDS leeAcle8'. LE￿¢bO￿￿e[S voluntory & oth Ila&dl 596 596 Other tTding Attivltie8'. Sundry ￿¢Orne TnYogimeDIs'. iiental and oihEr Investmeni incorne ChirifAbltAcliYitie5- Applieaiion fees MinAgemETrr ClHrg¢s￿Yab1e by freeholdtrs Legal ftes rpAN>vered Esraie MainteiiBncB Charges Other inwthe.. Ft¢ehold sales. liC￿ceS & variaiions 26,4fj4 2&464 15,940 325,7é9 325.769 248,833 14,636 94.469 858,430 1.874 887.158 509 887,158 605 Iio 528.295 528295 563,7Q3 Total Income 1.046.910 988,802 2.036,308 1.901 J27 Kxpendltui'c on= RgI8Sng fund5- Re￿￿1 and other inves￿e￿I ChkTltable Acllvlties.. 135 J18 131,729 227.423 274,318 348.865 258.798 347.617 471.382 210,564 332541 340,815 Regulatio AWdrenesslAdvice￿f0ICtmtrnl MaintaiNing the f3brKor￿ Suillub Rechatg#ble estste rn8innanrE 73.299 Iio TolAI ExpeThdlturè 514,058 85Q.6L 1,364,765 Nel (lo55yylTh tsrt lthve8lments 124.3691 124J691 90,IJ(K) Ntl INuJmelltXPETrthllwrÈl 508,483 $96 138,196 647.174 859,515 BAlun¢eofFteehokn Mwwgtmt Charges." rtfunded 2&17 IZ05,60111 Net moVE￿Ilt Ill fiLllds 508,483 185.9271 423,051 65J.915 RetondllRtioTh Offy￿a$.. Funds tOnYArd l Apt>l 2023 3229,881 3.441.587 lJ8.(lJl 6,809.469 6,174,077 Funds brought forward li l April 2D23 tdore return orthatgeof￿lan(e of M¥nagen￿l Charge Bil3nccof Freehold¢15 Management ¢h4rBes to be refund•J 3,229,881 3.441 J87 224,123 IJ8.001 7.033,592 6,379,677 2&17 1138.1961 Q24,1231 Carrt￿ fonvardwt31 MArcb 2J 6.809,469 2024 3.738,364 3.442,183 137,5 7 J18.447 All of the above are continuin8 activities oftheTru5t. TheTrust had no recognised gaiDS gnd1039es other than those included ly)ve. The notes on p88es 21 to 34 foTm part of these a¢o)unls. 18

THE HAMPSTEAD CARDEN SUBURB TRUST LIMITED Compwny number 00928520 BALANCE SHEET AT 31 MARCH 2024 31 Mirth 2024 31 Marth 2023 Notts FIXED ASSETS T&ngible a55ds Frerhold and lon8 leasehold estate, at C05t Freehold property, at cost less depreciation Estate works, at cost less depreciation Inwe$tments Property inve5tmenl8 initially at cost subsquently al fair value Other invesiments 10 & l[cl 38,615 358,021 3,046 40.235 366,103 6.093 12 13 14 5,237.500 265,134 4,340,000 259,624 Toialfvedagsets 5,902,316 5,012,055 CURRENT ASSETS Debiors Cash at bavk And in hand 15 296,609 1.429,891 242,344 1,897 J56 Totol curre￿1 amets 1.726,500 2,139,700 LIABILITIES Creditors.. amounts f811ing due within on¢ year 16 {310.369) 1342.286) NET CURRENT ASSETS 1.416,131 1,797,414 TOTAL NET ASSETS OR LIABILITIES 7,318,447 6,809,469 Repr&sentlDg the fund5 for th¢ eh9rlty.' Unre5trieted fllnds.. GeneTal fund Desig[￿ted tund5 3.738,364 3,442,183 3.229.881 3.441.587 221a,b &ol Restricted fund$= Scheme of Munagcment compensation 21 I37,￿0 138,(K)I 7.318.447 6,809,469 Approved iuthorisc issue on beh f of the Cwncil on 30 July 2024 and signed on its behalf by Richard Towley Yle Manu¢l The notes on page5 21 to 34 fomi part of these ancial statements. 19

THE HAMPSTEAD CARDEN SUBURB TRUST LIMITED Company numbÈr 00928520 STA TEMEiYf OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Ye&r ended 31 March 2024 Y￿r ended JI March 2023 Cash flows from operating lcttvitles 132,525 266,999 Cgsb flow5 from Inv¢$tSng Activltles Rental and oiher investmenl income Proceeds from the salc of inv£thents Purchase of inveytrnents 325,769 1,620 (921,8691 248,833 1,350 Net Cash generatedl(u5edl by ittvestlng activitie5 594,480 250 183 Change in casb and cash equivalents In the reporting period 1461,955) 517,182 Cash #nd ¢gsh equivalents at the beglnning of the reporting period 2.156.980 1.639,798 Cash cash equivalents It the end of the reportthg perlod 1,695.025 2,156,980 NOTES TO THE CASH FLOW STA TEMENTS Year ended 31 M&rch 2024 Year ethded 31 Mgrch 2023 Retoncillatson of Net Income to Net C&$h Flow from Operating Activities Net income for the reporting period Depre¢iAtion charges LossllGain) on investments Rental and other invetstment incomE DecrcaseJ{in¢re￿eI in debtors (Decre￿)/1￿¢rease in creditors 423,051 11.129 24,369 1325,7691 1542651 54,010 653,915 190,(KIO} 1248,833) 37,936 (97.148) Net ¢&sh provided by operaurtg activitie5 132,525 266,999 Analysi5 of Cash and Cgsh EqutvaleRts Cash at bank snd in hand Short i¢m depostts 1,429,891 265.134 1.897,356 259,624 1,695,1)25 2,156,980 Analysis of chAnges in net debt At 31" Mar¢h 2023 Cashflows At 31° MaTch 2024 Cash and ¢3sh equivalents 2.156,980 (461,955) 1,695,025 2.156,980 1461,955) 1.695.025 The notes on pa8e5 21 to 34 form part of these finan¢ial staiemeThls. 20

THE HAMpsfEAD GARDEN SUBURB TRUST LIMITED NOTKS TO THE P"INANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The Chgrity IS 8 ¢omp8ny limited by gu8r&ntee and is incorpY)rated and registered in England and Wales. Its registered otTJce and principle place of bustne55 15 862 Finchley Road, London NWI 16AB. The financial stateTtLents are presented In Sterling 1£). The objecis and principal acuvity of the ¢harity is io m&iniain and preserve the ¢hatracter and amenities of Harnps(ead Garden Suburb. I. ACCOUNTIIYG POLICIES The following are the accountin8 poIiciE5 adopted by the Trust= al Basis of preparation The Financial statements are prepared in accordance with Accounting and Rewrting by Charitic5= Statcment of Recornmended PractTrce appli¢able 10 ¢hari¢ies preparing their aecounls in aclordanee with the Financial Rewrting Standard applicable in the UK and Republic of ITeland Il'.RS 102), the l.'inancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 ar¥J the Companies Act 2006. The HFrnPStead Garden SuburbTrust meetsthedefjnitionofa public benefitentity under FRS102.AssetS 8nd Itabiliti are initially reco8nised at historical cost or transaction value unless otherwise Stated in the relevant accounting policy. b) Going concern The Irusiees ¢onsid¢r th8t there are no m&teriai uncertainties ￿80rdIng the ¢haritsble ¢ompMny's ability to continue As a going ¢onc¢m. c) Flxed A55ets and depreciatlon Freehold and long leasebold estate: This 15 slated Y¢t cost and i5 not being dcpreciated, but the book valuc is reduced on the sale of eth freehold and lease ¢Ktension. Freehold land hnd buildlng- Freehold land is not being depre¢￿ated. Depreciation was provided on the freehold building at £500 pei. annum Irom 6 April 1978 to 5 ApTiI 1984. This wlicy was changed from ihai date so that no further depreciation is provided as the property is maintained to a sufficiently high standard to extend ils useful life IDdefinitel>'. The book value of the Trust'% freehold land and buildin8 is based on a professional valuation carried out &5 al 12 December 1968. Until the year ending 5 Apr￿1 2019. the Trust's office extension was held st it8 investment value. In line with the Charitie5 SORP IFRS 102) from that date onwards the oifice Exlen5i0n ts Shown at cost (from completion in 20131 of £404,035 le5$ deprerialion on a straight line bÈsis oveT 50 yeÈrs. Th¢ parts ot the Trust's office building thai are WTrenUy used AS IEsidential could be taken back in io ihe Trns¢'s use at short notice. The Trust Considers that reliably measuring the re5id¢ntiAI el¢m¢nt in isolation of the rest of the land and building would involve the Trust in undue cost andlor effort. Office eq￿1pment and furnltllre: The chsrity curr¢ntly has a eapitalisation policy, whereby only items over £5,000 11 be capitalÈsed and inCl￿ded wiihin the a55ets of the charily* #ll costs below thi5 th￿Shold are written off in the y￿r of pur¢h&se. The depre¢iaiion Tale provided on offi¢e equipment and furniture 1$ 3 years so as to write off the cost of the office fumiture and equipment over its expected ￿sef1[1 working lift. E$t&te works.. The charity has a capitalisation policy whereby appropriate estate works ovex£S,1)OOwill be eapitalised and included within the gssels of the charity. all costs below this threshold are writien off in the year the works are undertakcn. The deprecialion rate provided on appropriate estate works i5 10 year5 so a5 to write o(f Ihe costs over theiT expected usefvl lite. 21

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS leoNtinucdl FOR THE YEAR ENDED 31 MARCH 2024 d) Ineome expendlthre All incoming resources and a]1 resources expended are a¢¢ounied lor in the period to which they relate, tss follows.. Donations are acujunted for whett they are received into the Trust's bank 2Lcount. LegaLie$ thre atcounted f()r ottce notification of entitlement has been receiv&l. Income frorn invesiTnent PToperty Tents is recognised in the period of rental being provided. Ground r¢nt5. quarterly & annu81 rents retognised in the period of rentdl beittg PTovided as the leases prescribe. Application fee5 for TTUSt Con5¢nt arr actounted for when they 8re received into the Trust's bank accounl. Managemeni Charge5 are billed annually in Septetnber. with arwrs reminders in De¢ember, M8t¢h and Jwi¢. Receipts are accounted for and recognised in the period to which the in¢ome relates. Re¢haTgeable Estate Chai'ges.. theTrusi ¢arries out vartous re¢harge&ble works to ¢ommvn81 or shared 8re8s, such As gardening and Yoad works. The dir¢ct co$t of these works is re¢harged to Ihose owners obligated to contribute to such ¢ostsas a¢ondition of their propeily title. Cosls are added to property occounls and accounted forquarierly but billed annually. Cslate management expenditure 18 accounted for monthly. Ineomc from frcehold salcs, licences and variations is notified to the Trust on completion of the legal 8greemenl but only accounted forwhcn rcceived fromthETru5t'5 solicitors and allocated as above. IncotnE Irom cornpletions within ihe fillancial year received atier 31° March are noi accrued. This is in *CCOTdance with the Tnjsts rules. Re5trictEd fund5 comprise Tnonies raised For, and their use restricted lo, a specific wrpose. or donations subject to donor impDsed conditions {see Note 20). Dire¢ily attributable expenditure is d)arged to charitable aLtivities or governance coyts &s appropriate. Support Costs. which are defined #s those costs necessary to deliver an actiwily but which do not contribute to it5 Output, are allocated on the basis of cstimated staff time. Govemance costs are those which relate to the generaj TLtnning of the charity. Tather than charitable activity. These include audit fees. legal advice for tTUStee$ and Costs associated with ¢onstitutionAI and sia¢utory requiirmenls together with the appropriate #llocauort of 5UPPOrt costs. e) TaxaÉiDII The charity is considered to pa￿ the iests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a ¢harilable company for UK coiporalion tax purposes. ACcord￿nglY the charity 15 Potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the T&xAiion of Chargeable Gains Act 1992 to the extent ihat sueh income or gains are yplied exclusively 10 lis ¢h&riiable purposes. O Pension5 The Trusi hjs coniribulory pension arrangements, which it accounts for on an 8ccru&ls bhsiS. £1 Investments Inveslments comprise short ternJ depD5jt5 and property asse15. Investment PTopertie5 are held at tru5teEs' bE5t Estimate of market vglue at ihe balance sheet date in accordance with the SOEiI' 1'he'frust tnaintains a regular review of local propertiES prices. and irtve5tment property v&lues are reviewed by the Trvsl's, Head of Estates against a comparable rang¢ of lo(xl PTOPertiES of equivulent 10¢8tion and siz¢. Any gains or losses oll investmeni assets are shown ¢)n Ih¢ SOFA. No depreciation 1$ charged on investment property. 22

THE HAMPSTEAD GARDF.N SUBURB TRusf LIMITED NOTES TO THE FINANCIAL STATEMENTS (eoNtinuedl FOR THE YEAR ENDED 31 MARCH 2024 h) CritiCY4l accountlLg judgements And estknRtes In prep&rin8 these account5, management ha5 made judgements, estimgtes and a%sumptions that dffect the application of the ¢harity's accounting policies and the rewrtcd assets, liabilities, income and expenLlilUte and the disclosures made in the 8CcO￿nts. ESt￿MateS and judgetnents aTe ¢oniinu811y evalu&ted and are based on hi5tori¢al expetience and other f8thrs, including expEGtstioDs of future events that are believed to bc ￿aSOnable Under the circumstance5. Si8nificallt accouniing judgements and estimates include.. Valuation (>f invesimen¢ property (see note Ilh). Allocation of expendiiure io the S¢hem¢ of Managemellt (see tJo¢e 21. 11 Debtvrs Short-temi d¢btor3 are measured at transaction price. less any impaimient. tX)Ens receivable are measured initially at fair value, net of transaction costs. and are tnegsured subsequently &t omortised c05t Using theeftective in(￿reSt method, less any impairment j) Credltors Creditors and provisions 8r¢ reco8nised wheTe the charity has a present oblig8tion resulting from a pa* Lvent that will probably T¢suIt in the transfer of funds lo a third party and the amount due Lo 5ett]e the obligation can be ffteasured or e5t1m81￿ r¢liably. k) Finallcfial Instruments The Lharity only ha5 financial assets &nd financial liabilities of & kind that qualify as b8si¢ financial instrnments. Basic rjnancial instruments, including trade and other debtors and creditors are initially re¢ognised at Iransactioll Wdlue and 5ubscquently measured at their settlement v&Jue. 11 Red￿nd￿nCY And termination costs The charity recognise% employee Fcdund&n¢y and temination Ix>sts in full on the date the redutKlan¢y or temiination is confirm¢XJ. m) Comparative Re#llDtatlon For the year ended 3 ISI March 2024 a nc8ative debior balance relating to Re￿nd of Management Charge has been reallocai¢d to creditors. from debtor5. to better reflect ¢h¢ nature (¥f the amount. 23

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOT8S TO THE FINANCIAL STATEMENTS leorttinued) FOR THE YEAR ENDED 31 MARCH 2024 2. SCHEME OF I￿NAGEMENT The Trust adrninisters a Scheme of Management under the 1967 Leasehold Reform Act. This w3s passed by the Hi8h Court in 1974 amended in 1983. The purpose of Schetne is to preserve and ¢onseTve the Hampstead Garden Suburb and applie$ to all freehold properties enfranchised sin¢¢ the Act came inio force. Each itetn of income and expenditUTe 1$ 211ocated to either the Scheme of Managemeoi or thc general fund, or where appropTiate sh￿Ed between both. The basis on which Freeholders have consryuently been chsrged with a proportionate part of the expenses of the Trust in operating the Schetne hAS been agrEed by thE auditor% Items of expenditUTe and income th&t relat¢ to both the Scheme of M8n88em¢nt and the general fund are appDrtioned as follows GcnEral overheads are apth)rtioned according to the propDrtion of enfranchised li.e, freehold) Properties to 811 propertits in itspect ol Nvhich the 144anaEement Charge or lease rents Are p8yable to the Trust. Within this calGul8tion nats are weighied against house5 Ill the proportion l..10. The weighiing ha5 been detemiined by an analysis of stsff tirlle whi¢h showed that Otl average more than len limes as mLTrch tirne. weighted for salary, was S￿n( on houses ￿ on flats. This calculation results for 2023r2024 in an apportionmentof 88Q/o'.12% (Year ended 31 March 2023 88VD'.12¥o1 betwcen the Scheme of M&nagemeni tthd the general fund. Le8ol costs are 411Dcattd or apportioned or) 8 ca5c by case basis, in ac￿rdanCe with 1¢881 advice. The apportionment is deterniined according io the balance of Si￿1f1Callce of the eov¢nanis relaltng to the Scherne of Monagetn¢ni and to the Trust as Ihe owner of the T￿IdUal estat& balanced by consideration of the over¥idiThg rtssotLS for the Trust defetLdiDg or taking the adion. Costs for piojects and arnenities of benefit to all residents are 8PPOrtioned ELccording to the prowjrtion of enfranthised li.e. freehold) propertiesto all properties in rcspect of which the Management Charge or leAse rents arc payable to the Trust, with each property weighted equally. For 2023f2024, thi5 results in an apportionment of 80Vo.'20Y. (Yearended 31 March 2023 80%..20%) b¢twe¢n the Scheme of Managemeniand the 8encral fund. The Trus¢5 auditors are satisfied that Ihese apportionments are an appropriate ba515 Ott which to allocate expenditur¢ to the activitie5 01 Ihe Trusl and the Schetne of Management. The accounting systems used by the Trust ensure that all items of iThcome and expenditstTe attrtbutablc to the Scheme of Management are separaiely ab¢ounied for. Given the separate sccounting records, the trustees do not Considerthatthe S¢hemeof Managernent wvuld be any more effectively opeT8ted with a sepaTate bank 8ccounL and the duditors concuT with this decision. A summary of the rcsources expended by the Trus¢ allooated belween the general fund and the Scheme of Management &nd related to an individual Management ChaTge, is set out on page 34 by way of add2tional infi)nnation as that page does not fonn part of the report & a¢count8. The net 5urpllls of £138.196 (Yegr ended 31 March 2023.. net surplus of £224,123} attribulable to the SGheme will be returned by a balancing credit tD CaLh Freeholder in a¢coTdance with clduse 8 (bl lil) of the Schetne of Man88ement. 24

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {contlYJued) FOR THE YEAR ENDED 31 MARCH 2024 INVES'fMENT INCOME Year Year ended ended 31 Mareh 31 Mar¢h 2024 2023 Rental incom¢ Bank snteresi 293,877 31,892 240,696 8.137 325,769 248,833 Allocated to.. Tnjst and estate management (general fund) 325,769 248,833 BUILDING APPLICATIOPI FEES Year Y¢wr ended tnded 31 March 31 March 2024 2023 Leasehold Freehold 14.636 IOL,135 8,830 85,619 115,771 94,469 Freehold Sal¢s, L1eeDS￿ & V*rl#tlons Year Year ended ended 31 Mur¢h 31 M2reh 2024 2023 Freehold Sales Variatioos Lease Extensions 225,541 221,254 81,500 167.543 396.160 528295 563,703 25

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THE FIIYANCIAL STATEMENTS {eontinutdl FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE Year ended 31 Mireh 2024 Dlrert Support Totsl Costs of Cenerfitlng Funds Rentalllnveslrnent Management Charltable activitie5 lint. Governance costs) Regulaiion.. Applications Regulation.. AwaTenesslAdvtcelEnforc¢M￿i Maintaining the Fabric of the Suburb Rechargeable Estsle Maintenance 102,740 32,578 135,318 172,731 245.742 396,816 151,630 86,067 258,798 101.875 347,617 74.566 471.382 151,650 1,069.679 295,086 1.364,765 Ye#r ended 31 March 2023 Dirett Support Tot8Tr C05*5 of Gtntrfitlng Funds Rentalllnvesiment Management Charltable &ctivitie8 linc. Governante c05t51 Regulation.. Applications e8ulation.' Awarene551AdvTce/Bnfor¢eM￿l Maintaining the F8bric of the Suburb Rechargeable Estate Mainten8n¢e 106,846 24,883 131.729 151,439 255 J95 293,294 116,163 59.125 77,146 47,521 210.564 332,541 340,815 116.163 923,137 208,675 26

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (COn￿rtU¢d) FOR THE YEAR ENDED 3J MARCH 2024 DIREcf AND SUPPORT COSTS Year ended 31 Myrch 2024 Arnenities LegHV & Project Professional Total Costs Cost5 Staff Co$t$ Support Costs Cost$ of Generatlng Funds Renlallinvestment tnanA8ement ChArltable Activiti line. Governance tosts) REgulatioo.. Applications Regulation.. Awaren￿￿Adv1eej F.nfor¢ement Maintaining the Fabric of the Suburb Rechar8e8ble E5tut¢ Maintenance 102,740 32,578 135,318 172,731 86.067 258,798 200,785 101,875 44,957 347,617 91,228 74,566 282.244 151.650 23,344 471,382 151,650 567,485 295.086 433,894 68.301 1,364,765 Yegr ended 31 Marnh 2023 Amenlties Legav & Proje¢t Professional Total Costs Stsff Co$t$ Support Costs Co$ts of Gtnerating Funds Rentallinve5tment TnAn8gement Chgritable Actlviti¢$ Ilnc. Governance tosts} Re8ul8tion.' Applications Regulation.. AwarenES￿Ady]C¢I Enfoi¢ement Maintaining the Fobiic ofthe Suburb Rechargeable E$t8te Maintenance 106,846 24,883 131,729 151,439 59.125 210,564 181,577 77.146 73,818 332.541 58.894 47,521 199,390 116.163 35,010 340,815 16,163 498,756 208,675 315.553 108,828 Support costs include £122.948 {YeaT ended 31 Mar¢h 2023.. £65.136} of management atld staff costs. 27

THE HAMPSTEAD CARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS leontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 NET INCOME Year end¢d 31 Mirth 2024 YeRr ended 31 March 2023 Net incoming tesources foi. the period ha5 been Stated after ch8r8in8'. D¢preciatton ofrfice Depreciation- B51at¢ Auditors remuneTOtion- audit 8,082 3,047 18.438 8.082 3,047 13,979 MANACEMENT AND STAFF COSTS Tht 8verage nuTnber of full 8nd pBrt-time st8ff (ernployee5 and ¢ontr&rted stsffj during the period was l ) (Year ended 31 March 2023,, 10) of which 3 (Year ended 31 March 2023.. 31 were parl-time and all of whom were involved in the delivery of the Trust's arlivities. The avei?ge number of Full Time Equivalent employees contracted staff during the period WAS 10.06 {Year ended 31 Mw¢h 2023 10.67). YEar ended Ytar ended 31 Mgrth 2024 31 M8reb 2023 Man&gement and S￿ff ¢osts during the period comprised: Wages and salaries Employers Nl Pen5ion- Defin¢d Contribution Oih¢r mAn28¢ment Costs and ¢xpen5es incurred 503,060 50,119 37,065 IIK).189 428,597 50.583 34,341 77,592 690,433 591,113 For the Ye8r Ended 31 MarGh 2024 no employee reteived emoluments in the range £70,000-£80.000 (Year ended 31 March 2023., one). two employee received eTholtsmenis in the range £80,000- £90,000 (Year ended 3 1 March 2021.. one). no ernployee received emolumenis in the range £90,000- £100,000 Iyear ended 3 1 March 2023.. one). And one employee received emoluments in the range £IOO,000. £1 10,IK>O (Year ended 31 Mgrch 2023.. none). The totsl employee b¢nefit5 of the key management personnel of th¢ Trust were £298 J69 (Year ended 31 Mar¢h 2023- £273,837) No trustees received remuneration in either this period or the previous yw. 10. FREEFIOLD AND LONG LEASEHOLD ESTATE, ATCOST 31 Marcb 2024 31 March 2023 At l April 2023 Disposals during the year 40.235 {1.6201 41,585 11,350) At 31 March 2024 38,615 40,235 The Trust has an intercsi in a nwnber of freehold properties. On enfranchisement of the interest the Trust receives the proceeds and reco8Di5es this amount in full on Ihe faceof the SOFA under Other income Fr¢ehold $￿es. licenccs & vaTiations net of allocation of the original cost. 28

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTFS TO THE FIIYANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 31 MARCH 2024 11. FREEHOLD PROPERTY L4lld Building TotAI 31 March 2024 Total JI Marcb 2023 Cost At 31 March 23 Additions 7.800 390,626 398,426 398.426 At 31 MArch 2024 7,800 390.626 398,426 398.426 Dtprtcl#tlon At 31 Mar¢h 23 Chgrge for period 32 J23 8.082 32.323 8,082 24,241 8.082 At 31 Marth 2024 40,405 40,405 32,323 Net Book Valttc At 31 M&Tch 2024 At 31 March 2023 358021 366 103 366 103 374 185 358 303 Th¢ p4rts of Ih¢Trust'5 office building Ihal arc currently used as residentiFAI could be thken back into the Trust's use ot short notice. ThcTrust is uoable to reliably determine the f&ir value of the r¢$ideni element in isolation from the rest of the land 8nd buildings. For thi5 reason, the hi$loric construction eost oFthe extension completed in 2013 is depreciated in a strAight line over 50 year5. 12. ESTA TE WORKS 31 Mareh 2024 31 Mgrtb 2023 Cost At 31 March 2023 Additions during the period 241,511 241,511 At 31 Mar¢h 2024 241.511 241,511 Depreciation At 31 M4rLh 2023 Lhar8e for thE period 235,418 3,047 232,371 3,047 At 31 March 2024 2J8.465 235,418 Net Book Value At 31 March 2024 3,046 6,093 At 31 Mar¢h 2023 6.093 9,140 29

THE HAMPSTEAD CARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 13. PROPERTY INVESTMENTS 31 March 2024 31 Mareh 2023 Cost At 31 M8rch 2023 Addilions Revaluation 4.340.000 921,869 124,3691 4250.000 90,OC4) At 3 1 March 2024 5237.500 4,340,000 Property inv¢stments comprise 13 residential ptoperties located on Hamp5tead Garden Suburb. I'hese investment3 are let on 8ssured shorthuld ien8t)cies. They are held for their rental income which matches the Ttust's long term obligaitons to contribute towards shared eosts from the Tnjst's own funds. See note l (h) for the Trust'5 policy on valuation of investsllents. 14. INVESTMENTS 31 Mareh 2024 31 M&r¢b 2023 Cash held on thort term deposit 265.134 259,624 15. DEBTORS 31 March 2024 31 March 2023 Man8gement income Ow￿1 to theTrust BBd Debi Provision Other debtors Prepayrn￿ts and acKrued income 253,795 113.010) 2,185 53,639 182.389 111,412) 9,866 61,501 296,609 242.344 16. CREDITORS: aTnounts falllng due within one year 31 March 2024 31 Mar¢h 2023 Trude Creditors Aecru&ls and deferred income Other T&xation and Social Security Other creditors 57.596 52.641 15,539 46,397 22.232 63,946 13,146 18,839 Sub total Refvnd of Management Charge 172,173 138,196 224,123 310J69 342.286 Deftrrcd JI MArch 2024 31 MArch 2023 Brought forward Relc85cd the period Deferred in the period 29,561 {29,561) 13,478 40,754 CatTied fonvard 13,478 29.561 Deferred inwme repreS￿ts billing in advance. 30

THE HAMPSTKAD GARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {¢ontlllued) FOR THE YEAR ENDED 31 MARCH 2024 L7. FREEHOLD SCHEME OF MANAGEMENT 31 March 2024 31 March 2023 Surplus Balanff Tefundable to freehold charge payeTS for 202312024 (138,196) 138.196 1224,123) 224,123 Funds carri￿{ forward at 31 March 2024 18. INDEMNITY INSURANCE During thr Ye8r Ended 31 March 2024 the TTilSt paid £7.762 {Ye&r ended 31 March 2023.. £7J92) in respec¢ of 8n insuran¢e policy which indemnifies its truste￿ and orrjcers against the consequence5 of any negle¢l or default on their part and protecis the Trusi Irom any loss Ar￿sIng from the neglect or defaults lo its trustees or officer5. 19. REMUNERATION OF THR TRUSTEES No rctnuThcratiOll iSPF4id to 8ny of theTrust's trustees (Year ended 31 M&rch 2023.. Nil). No tru5tEe5 were reimbursed for expenses {Yegr ended 3 1 March 2023: N211. TheTe wEre rto related party transactions during the period IY¢ar ended 3 1 March 2023.. none). 20. MEMBERS LIABILITY The liability of rnetnbers is limited by guardntee up to A maximum of £1 per member. 31

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {colltiAued) FOR THE YEAR ENDED 31 MARCH 2024 21. RESTRICTF.D FUNDS Year Ended 31 March 2024 Dtficlt or (Surplus) belonging to Scheme of Management Asat l April 2023 Asat 31 March 2024 Income ExpettdSture Management Charge for Scheme of Managemetlt Schetn¢ ofmanagernent ompensation 988,802 1850.6061 1138,1961 138,001 (ioi) 137,900 138,001 988,802 {850,707) (138,196) 137,900 Year ended 31 March 2023 Deficit or {Surplus) belonging t Scheme of Expenditure Management Asht l April 2022 Asat 31 Mareh 2023 Income Management Charge for Scheme of Management Scheme of Management compensation 944,455 1720J32) (224,123) 149,243 111,2421 138.001 149243 944,455 {731.574) 1224.123) J38,tK)I The M8Thagement Charge for Schetne of Management fund shows the amount due io ￿franchised freeholders after thc costs of operating th¢ Scheme of Management in the period have been ascertained in cotnparison to the estimated Management Charge for the period. The Scheme of Management eompens&tion fund rel&te8 to the net amount laftu le881 fees were deducted and returned ti> the rclevant funds) paid ￿ the Trust in settlement for an unauthoiis¢d developrnertt. This fund is restricted by thc term5 of the Scheme of Management to be applied in sub$eqtJenl years in the manner Authorised by the Scheme of Managthnent, which is made for the purFose of en5UTing the maintenance of the character and amenities of Hamp5tead Garden Suburb. Thi5 fund is held in tnJ5t for ihe members of the Scheme of Managernent. The funds and any inteTest ￿ruIn8 is kept in a bank account s¢paT&te to ony othei. funds held by Ihe Trust. Opp)rtunities to invest monies from the Compenbation Fund on ￿'ojeCtS to prolect and maintaiD the ¢har2cter and smenity of the Suburb will be identif1￿ durit)8 202415. for delivery in future yeaT$ &s r¢sources allow. 32

THE HAMPSTEAD CARDRN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STATEM£NTS (cott¢inlledl FOR THE YEAR ENDED31 MARCH 2024 22 lal. ENDOWMENT DESIGNATED FUND Year Ended 31 M#r¢h 2024 A5at l Aprll 2023 Ineome Expenditure Trfin$f¢rs A5at 31 Marth 2024 Endowment Designated Fund 59.396 596 59,992 Year ¢nded JI March 2023 Asat A5&t 31 March 2023 l Aprll 2022 Jncome Expenditure TrAnsfers Endowmcnt Designaled Fund 57,481 1.915 59.396 The endowment design&ted fund contaitts donations to support the TFUSt's ability LO pre$￿ve the amenities and ¢harwier of the Suburb in the long lem; for that reason the Trust Council hA$ determined that not more thon ha]f the Cund's real growth in capitsl and income will be spent in ADY year. 22 (b). DESICNATED FUND Ye*r Ended 31 MAr¢h 2024 Asot l Aprll 2023 Transfers & gain5110$5È$ A$at 31 Mftrch 2024 Expendlture Designated Fund 3.382.191 3,382,191 Period ended 31 Marth 2023 AsAt Tr&nsfers & galnsllos5es Asat 31 Mart 2023 April 2022 Income Expenditure Designated Fund 3,382.191 3J82.191 The designated fund was set up in 2008f2009 for (hc puipose of ensuring the long-temi fulure of the Trust Rnd the Subui'b. The designated fund repr¢senls the invc5tments of the Trusi which it is intended shall be ¢ons¢rved and grown so that the Trust can continue to meet ils obje¢ts io preserve the chaTacter and amenily of the Suburb. In line with its Reserve5 and investment Policy. the Trust uses the revenue from the sale of a55¢ts to purchase inveslrnent properties, the income from which 15 Set agttinst the Trust's own financial obligations to the 8cheme of M4nagernent. 1'h¢ higher than anli¢ipA¢ed income from a55et 5alt5 in the YeaT Ended 31 March 2023 allowed th¢ Trust to purch8se Iwo ntw Inves￿lent properties in the Year Ended 31 March 2024. Similar good PeTfortDance in the Year Ended 3 1 March 2024 will allow the TTU5t io purchase & further property ITh 2￿24125, ¢ommensura¢¢ with the need to retain adequate funds against tuture risk and operating contin8encics. 33

THE HAMPSTEAD GARDEN SUBURB TRUST LIMITED NOTES TO THE FINANCIAL STA TEMENTS Icontinuedl FOR THE YEAR EIYDED31 MARCH 2024 22 Icl. DESICNATED FUNDS TOTAL Ye&r Ended 31 March 2024 A$at l Aprll 2023 A5at 31 Mereh 2024 Income Eipenditure Transfers Designoted Funds Total 3,441,587 596 3,442,183 Year ended 31 MArch 2023 A$8¢ Asat 31 LMar¢h 2023 6 Apr51 2022 Expenditure Transfers Designated Funds To¢al 3,439.672 1,915 3,441,587 23. ANALYSIS OP NET ASSETS BY FUND Fund b￿an￿$ at 31 Mgrch 2024 CenerAI Fund De5igngted Funds Rtstrlcted Funds Total FuDds Fixed assets CAsh on short teml deposits Net current ￿ets 2J22,232 3.177,050 265,133 137,900 5,637,182 265,133 1,416,132 1.416,132 3,738.364 3,442.183 137,900 7,318,447 Fund balances at 31 March 2023 General Fund Dtstgnated Funds Restricted Fund$ TotRI Funds Fixed a55et8 Cash on Short terrn deposi15 Net ¢urrent assets 1.432,467 3,181,963 259,624 138,001 4.752,431 259,624 1.797.414 1,797,414 3229.881 3.441,587 138,IX)I 6,809.469 The short-tem) deposits have maturities of thre¢ months or less. 34

THE FOLLOWING PAGE INO.34) DOES NOT FORM PART OF THE STATUTORY REPORT & ACCOUNTS 35

General Management Charge Year Ended 31 Mareh 2024 Cost per charge Ye&r Ended 31 March 2023 Cost per charge Expendlture Ittm$ Total De5igDated Restricted Funds Staff costJ'. Staff 5alarie5 inc. PAYE & tqI, contract temp)rary Staff. employee and volunteer cxpense5, training costs 690.432 82,852 607,S80 149.91 129.61 Premise5 C05tS: Office rent. utililie5. telephone. Council Tax, repairs and renewals, cleanin8 etc. 47,600 5,712 41,888 10.39 7.59 AdmlDl$tratlv¢ costs.. Insurance (excq)I for Iru$teesl, olFi¢e equipm¢Dt, printing. FQStage & siationery, publi¢ relaiions. bank charges, depreciatioo 88,884 12,072 76,812 19.06 14.27 CxQVtrn%nce costs.. Trustee insurafi¢e etc. 14,625 1,755 12.870 3.19 1.12 Projects amenltl¢s ¢ost$: Maintenanct of amettity 8rea8 and other PToje¢ts eost5 2f2.244 216,949 65,294 16.20 10.19 Legal ¢Trsts- 29214 20.860 8J54 2.07 5.69 other professlon81 costs: Ai'boriculiurisi. human resoutces, valuaiion and other advice 41,678 20,095 21383 5.36 7.94 Audlt costs.. 8,438 2,213 16,22S 4.03 3.07 EXPENDITURE 1.212.510 362.41 8SD,099 210.2J 179.48 Less: Income from fees on freehold applications Legal costs recovered {101,1351 15091 125.10) 10.121 {21.3J) 10.10) NET COST 748,964 184.99 158.05 INCOME Managernellt Charges Includlng In-yeAr enfranchistrs 887,158 Balance of man￿¢M￿t Charges to be (charged) credited to Freeholders 138,195 35.07 55.84 At l April 2023, 4021 Mana8ement Charges payable. At 31 March 2024, 4039 Managernent Charg&8 payable. 34