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← The Hampstead Wells And Campden Trust

2024-09-30-accounts

THE HAMPSTEAD WELLS AND CAMPDEN TRUST Charity Number: 1094611

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024

The Hampstead Wells and Campden Trust Contents Comuneties

Trustees' Report
Teese! Report		 1 to13
iz
Report of the Auditors to the Trustees
Rages! of tie Aceii-es in fo Tiree		 14to16
f4to'é
Statement of Financial Activities
‘Retwavatt of Freencind Aether		 17
F
Balance Sheet
Bains Shes		 18
48
Notes to the Accounts
HiotenybytreRuwais		 19 to 30
{91030

The Hampstead Wells and Campden Trust Tommeata’ Trustees' Report Kapa’

Trust Director

Stuart Woltkamp-Moon

Trust Registered Office 344-354 Gray's Inn Road, London WC1X 8BP Bankers Charities Aid Foundation, 25 Kings Hill Ave, West Malling ME19 4TA Accountant Azets, First Floor, River House, 1 Maidstone Road, Sidcup, Kent, BAA DA14 SRH

Accountant Azets, First Floor, River House, 1 Maidstone Road, Sidcup, Kent, BAA DA14 SRH Auditors Moore Kingston Smith LLP, 9 Appold Street, London EC2A 2AP Pfincipel Principal Solicitors Satuitrary Petes, Bates, Wells Wels & & Srafinweke Braithwaite LLP, 2-6 Cannon Street, 13, 2-6 Quavor nest, Beion London EC43 6YH &Os8 oT eanoed Manuel Swaden Ltd, 340 West End Lane, London NW6 1LN Sexton Led, 36) West Sud Lane, Lerche MG Property Advisers Cedar Harp, 70/78 West Hendon Broadway, London NW9 7BT letras Investment Managers (hes Pink Held at the yearend set thar pment Casenaes Cazenave Capital, 1 Copladt, 2 London Wall Place, London, Lentius Wall Hikes,Lartion, EC2Y SAU LZ 80) Meridiem Investment Management Limited, Riverside House, 2a Southwark Bridge Rd, London, SE1 9HA

CCLA, 1 Angel Lane, London, EC4R 3AB

Hemi Held at the start of the year at Me Wear af tteyemr Toe The Charities Property Fund, 33 Gieriies Prepemy ond, 33 Margaret Street, London W1G 0JD Maugiree Sess, borrienA SA The The Property Income Trust for Charities, 55 Wells Piopetty Inecegie Trae foe Clisrities, 5 Walle Street, London Wl Stepet, Lemdinn WET T ST 3PT Ruffer LLP, 80 Victoria Street, London SW1 SJL Trey Troy Asset Management Ltd, 33 Davies Acued Managuaniane (hd, 35 thavaes Street, London W1K 4BP Sooest, Leyton WIR 4r Yengraid Vanguard Investments UK Ltd, 25 Walbr haenctments i fal, 25 Wattirmod k, London EC4N 8AF Looton Gai t RAF, COLA, CCLA, 2 1 Angel Lane, London, EC4R 3AB Angel Lane, london, Goat han

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The Hampstead Wells and Campden Trust Truatesn’ Trustees' Report fhpade

Trees Trustees Board at 30 September 2024 Unser et 20 Uicaaicainas Robin Woolfson, Chair appointed 4 December 2023 ony Fiona Dunsire srancien appaines appointed 24 February 2022 irene Jamie Firby Frty bpgsdnbed appointed 7 June 2023 7$4June Petruncy 2079 2022 Nina Fletcher appointed 7 June 2023 Simone Hensby appointed 20 January 2020 Rasitt David Lazarus Larus Repetmess appointed 7 June 2023 3 ioe SHES Amanda Lewis appointed 6 March 2023 Ashish Mehta retired 22 January 2025 ailsh Moles retired22 lerunry 2235 Katie Slater appointed 7 June 2023 _-Eapernry Jeremy Wells, Voie, Wop Vice Chair Stee escoitied 24 appointed 24 February 2022 Pelneary SHEE

Appointed following year end

Carol Barrett-Ford Metals Michele Martin blr

appointed 2 January 2025 feypditieed appointed 13 January 2025 23 trang BREE

Valen Also serving during the year 2023-24 euayrede therein tty gummy DSA tin

Gaynor Humphreys retired 4 December 2023 Siannan Steven Bobasch faliaccti Pete retired 29 May 2024 29 Way BIBS Jenny Stevens retired 23 September 2024

We have said farewell to 3 long serving Trustees who have left the Board since December 2023. Both Steven Kobe Bobasch and Jenny Stevens completed 9 years as Trustees, and each brought immense experience and loc am denny Severs compicted 5 poems es Nusiexs, zed cect brovelt eecoes grotto and Som! al hnawlovGge knowledge to the Board and to the Finance and Grants subcommittees. Steven made particular contribution to the Tesed end to tha Finan: and Gent mibewomiitecs. Siren mule perilaglor contrition ta to the Finance Subcommittee, most recently serving as Vice Chair, bringing his financial acumen and the Prigee: Sultramuy ins, ost recaSy serving ve Wow Ginby, fvingiag We Bnancte! sere ed leluahis invaluable contribution to the Trust's sound financial management. Jenny served as Chair of the Grants comttibutien to te Veust's send! fmercted neanagenai. bovcy aaved a Chat of Whe Sean subcuermitves subcommittee unti unt] l September 2024 and significantly advanced our efforts to support both individuals and September 2084 eal ayn Maantiy shurpsed gor afforta bo sugayertt bork indaetifcals wed ional local initiatives. Gaynor Humphreys retired in December 2023 having served as a Trustee since December inacivex. Geyiay Humphreys reinod in Tecenrber 32S having oerwed ae 2 Treetes 1993, most recently as Chair for the final 15 months. Her leadership was instrumental in guiding the Trust MOF, reeege nocemntty a5 Chel: lex Oye Cee TE pevrerithe. lew hanrttrestily vers lemtrntregetal te yosi n cegOoonmnlicethie Feet ‘tenveeds towards achieving its mission and enhancing its impact in the community, as well as overseeing significant eefteeteg fs mien sng exhendag mddenihatne modernisation of processes and governance. Their commitment and service have left a ol pracssas: ond gosetence.taTheirieypeci commitamant(a thaGamay,en] sarvice-heve&: wel imbritrereceing0 l susting asting positive pookinsdyeElnent impact on the Trust, and we are profoundly appreciative of their contribution and dedication. Naar? ot thee Trust, vcd we ars gooncy appre of thalr cocistucion ani datcetur.

During the year, substantial re-organisation of Investment strategy and Audit arrangements has been completed. The role of Chair of the Finance Committee has transitioned to two Co-Chairs, both current Treaster. Trustees. Towards the end of the financial year, a current Trustee assumed the role of Chair of the G Towentis the end of the Hinaecis) yey, © carne ‘Tooke: amomeed the cole of Chair af thin Greate rants Committee due to retirement of the previous Chair. These organisational and leadership tran Comntitesus te raitiranunt of the porous Chek, Tiss organizavionst are] jseduestilp feansitions sitions have beve ensured a smooth continuation of our grantmaking priorities and sustained focus on supporting our community. mares,

Eoblorwing, Following Gaynor's retirement, I was appointed Trustee Chair on 4 December 2023. As author of this report, Gisenenr’s receoresnt, i vanes apgpedinted ‘Nessige (alr on 4 Qeornbar 2025. Ps wrthiorof Otis reget, 1 I am honoured to lead the Trust into its next chapter. I look forward to working closely with our committed cyamey Dinenaneep pment te Nace tes "Divert Tere Wise where cearetiete, [Lune Citewerered le anatlilegg Gheanlly velthi ome corvette Trustee team and with the voluntary and community groups which we support to further develop our vielen mission and enhance our impact within the community. and undterrse ow lem wets fe ommentty. feotin Robin Woolfson, Board Chair Bocien,Sours Gholr

What the Trust does

Tha The Hampstead Wells and Campden Trust (HWCT} is governed by its constitution as a charitable company Haprractt firrefeedt limited by guarantee ly euureartar,Weds , as detailed in its Memorandum and Articles of Associat ssendchonathedCempéarbi iteromMiritocsriiuanPCT) fs gqw e leeretArtitesBy teof comeatAaeotiat io ion. This document sets out the n,n osWits« Stetabledaompent metaoep o utny the

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The Hampstead Wells and Campden Trust Trustees' Report

charity's objectives, the powers and responsibilities of its trustees, and governance procedures, including trustee appointments. Registered under both the Charity Commission and Companies House, HWCT operates with the dual compliance required for charitable companies in the UK, ensuring robust governance and accountability in line with the Companies Act 2006 and the Charities Act 2022.

The Trust is a grantmaker and our purpose is to relieve poverty and support health in our area of benefit. We interpret health broadly, including both physical and mental health and we are all too aware of the inter­ relationship between poverty and ill-health and how disadvantage carries a toll of chronic disease, poor mental health and restriction of life opportunities.

Our grantmaking is divided between direct support of individuals and families (accounting for almost 30% of our spend in this financial year), and grants to charities and local projects and services in our area of benefit. We are an open grantmaker, welcoming applications from organisations throughout the year. Larger grants are considered at quarterly meetings of the Trustees' Grants Committee, while smaller grants and grants to individuals are reviewed on a rolling basis, enabling us to respond more flexibly to needs.

The 2023--24 financial year (our financial year runs from 1 October to 30 September) continued to be a challenging period due to the persistent increase in the cost of living. The ongoing rise in prices has further eroded the value of earnings and benefits, bearing particularly heavily on individuals and families in low-paid work and those dependent on social security benefits. This sustained financial pressure has increased the demand within the community for support from local organisations and it has intensified the financial challenge which these organisations face, with escalating operational costs. The Trust recognises the unwavering dedication of these local services and remains committed to supporting them as they navigate these difficult times.

Recognising the ongoing impact of the cost of living crisis on charities and the communities which they support, we increased our grant-making budget to £650,000 this year. While we did not establish a specific "cost of living crisis fund" this year, we acknowledged that the crisis continues to affect operational costs for local organisations and intensifies the needs of the people they serve. Our ambition moving forward is to increase our grant budget in line with inflation, ensuring sustained and effective support for those most vulnerable in our community and for those charities dedicated to assisting them. community and for those charities dedicated to assisting them. and for those charities dedicated to assisting them. This year's grantmaking Budgeted £650,000 Committed £590,096 made up of 22 large organisational grants £401,181 6 small organisation grants £ 12,045 206 direct grants to individuals £121,412 Supporting up to 63 pensioners £ 55,458 Details of grants committed to within the year are given on the following 7 pages We extend sincere thanks and recognition to the voluntary and community groups which we support. It is their vision, dedication, and focus that transform our grants into meaningful, constructive services for local people. Their knowledge and expertise in addressing specific issues within their neighbourhoods ensures that available funds are used to tackle local challenges, alleviating poverty and enhancing health. We have listed all our grants, both large and small, awarded to these organisations. This serves not only as an

vulnerable in our community and for those charities dedicated to assisting them. community and for those charities dedicated to assisting them. and for those charities dedicated to assisting them.

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The Hampstead Wells and Campden Trust Truvtsse’ Trustees' Report Rapec’ opportunity to showcase their invaluable work but also reflects our hope that every grant we've provided Tus has been effectively utilised by these local services to make a real difference. Geen afficctively utilized fy thema kecal urs to weds 2 real differen,

fe In analysing the allocation of our grants made directly to organisations this year, it's evident that our support mumbai (So aliteetion cf nye grants uses Slegetty tas orgpilentions this year, s wuitant that ex’ saert embodies a holistic approach to addressing the multifaceted needs within our community. While we have allocated 21% (£83,714) of our grants to Debt Advice & Support, we recognise that the organisations we frisd fund in this category offer much more than debt-specific assistance. in Wits cstngury oer wach more tinin debt rpaatiy saben.

These organisations, such as Citizens Advice Camden, provide comprehensive services that extend beyond debt management. They offer support with reviewing social security entitlements, employment advice, feonsingy housing issues, mental health support, and referrals to other vital services like f isco, mente) haut epee, cord Petsias to aideer witel seectces [Nhe Poor! d banks. This integrated bani, This oogratnd wpprOuT approach ensures that individuals receive help across various aspects of their lives, acknowledging that cxewes thie indivikaris mcetee fells arcs vestoun anpecs of thetr lives, vokmewhediyfnyg Unt financial difficulties are often interconnected with other challenges.

Ger Our commitment to a holistic support strategy is further reflected in the distribution of our grants across cwersomact tes hollett maypett stebagy & Tare eelievirt ty Se Gistrintion of eur gréne: arose multiple multiple areas: ater:

ity By funding organisations that adopt a holistic approach, we aim to address the r tooling onpinisetions thet adept = hothti rpeuedi, we sie to adkiress the root t causes and cen wd interconnected interconnected nature of poverty and poor health. We understand that issues such as debt, health, nature ef powarty und poor theatth. Win urtentord (het Seco aah an delet, Saati, smplpae| employment, and education are often intertwined, and effective support must consider the full spectrum of atl edycatie ert often tteterined, sed offerte suyesct mum quetite tin fel soeztrens of an individual's circumstances.

Ree Our grants are designed to empower organisations to provide comprehensive assistance, ensuring that prints anc <eukned te coqenere crppnicnioess So provide compmbarciion sanketance, enatiting that beneficiaries receive tailored support that meets multiple needs. This strategy enhances the effectiveness of raatr our funding, maximising the positive impact on individuals and the community as a whole. Feomediitye, etertintiseng ther posiye lepec? on ieadtebhoerls ant tee enereostiy es a echote.

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The Hampstead Wells and Campden Trust Trustees' Report

Through this integrated approach, we strive to make a meaningful and lasting difference in the lives of local residents. By recognising and supporting the efforts of these organisations, we reinforce the resilience of our community and work towards alleviating poverty in all its forms.

The borough of Camden was formed from three smaller boroughs-Hampstead, St Pancras, and Holborn­ each with their own long-established grant-making trusts. Our own origins date back to 1698 with a charitable gift of land, and over the years, additional funding sources have been added. Over time, our focus expanded from Hampstead Town to encompass the entire former Metropolitan Borough of Hampstead. Today, our area of benefit includes all of NW3 and NW6, along with some neighbouring parts of NW2 and NW8. We recognise that there are people in need and responsive local charities and projects in every part of our area. However, we are particularly focused on the most disadvantaged areas and strive to ensure our grants especially support people living in Kilburn, West and South Hampstead, and Gospel Oak.

"While the worst effects of inflation may have subsided, charities are still having to do much more with less. They are dealing with ever-increasing demand which is only expected to rise as we head into winter - yet their income is not keeping up and there is less funding to go around." Ashling Cashmore, Head of Impact and Advisory at the Charities Aid Foundation aes

Larger grants to organisations

We understand the significant impact that both large and small grants can have when directed effectively. This year, we supported a diverse range of projects addressing various needs within our community, fostering well-being, reducing isolation, and empowering vulnerable populations.

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The Hampstead Wells and Campden Trust Trustees' Report

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The Hampstead Wells and Campden Trust Trustees' Report

These grants illustrate our commitment to supporting organisations that make a tangible difference in our community. Recognising the profound impact of both large and small grants, we aim to continue and increase our support in these areas, addressing a broader range of needs and enhancing our contribution to vital projects that improve people's lives.

Smaller grants to organisations

We also provide grants of up to £2,500, with the average award this year being £2,050. We recognise how much can be achieved with small amounts in the right place at the right time. This year's small grants included:

These grants demonstrate how modest funding can significantly impact individuals and communities when

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The Hampstead Wells and Campden Trust Trustees' Report

directed effectively. Recognising the profound difference that small grants can make, we aim to increase our support in this area. By expanding our grants programme, we intend to help more organisations and address a broader range of needs within our community, fostering well-being, reducing isolation, and empowering vulnerable populations. We are committed to enhancing our contribution to these vital projects and look forward to supporting even more initiatives that make a real difference in people's lives.

Grants to individuals and families

In 2023--24, we committed 218 grants to individuals and families, totalling £121,412 (accounting for 21% of our spend in this financial year). Throughout the year, we receive urgent applications from local organisations and services on behalf of clients and service users requesting grants for a wide range of personal and household needs. Our average grant is approximately £557, ranging up to £1,000.

While we do not directly assist with debt relief, we respond to applications submitted by trusted agencies on behalf of their clients. We particularly value working with organisations like Citizens Advice Camden and Camden Carers, whose clients are supported with ensuring they receive their full entitlement to social security benefits and are advised on managing priority debts or rescheduling payments to more realistic levels. For applications where debt is an issue but not part of the organisation's services, we strongly recommend referral to a local debt support service.

A number of the requests we receive involve families needing support with school clothing for their children. One such case came from Camden Council, involving a family with no recourse to public funds. The parents and their three children were without essential clothing, including school uniforms and shoes. We were pleased to provide a grant of £1,000 to help address their immediate needs. However, we recognise that this family wi likely require ongoing support beyond this initial assistance, as they continue to face significant challenges.

This year, we've frequently been asked to assist single men transitioning from hostel accommodation to independent living. While these moves typically come with practical and emotional support for adjusting to life on their own, there remains the challenge of furnishing their new homes. New tenants often find themselves needing essential items such as carpets (as councils usually remove flooring before they move in), beds, bedding, cookers, and washing machines. Recently, we provided £1,000 to help an individual who had spent over 20 months in a hostel. We know that by helping him secure these basic necessities, we're contributing to his ability to settle in, manage independently, and maintain his new home.

Sometimes, a small grant provided quickly can alleviate immediate pressure. For example, a f196 grant was requested by a woman who had suffered a stroke and needed a reclining chair. With no family support and no one else to turn to, this grant offered her the essential comfort she needed during her recovery.

Pensioner awards

For many years, the Trust has been committed to supporting individuals of pensionable age within our area of benefit who were identified as experiencing significant financial hardship. This support has traditionally come in the form of a monthly payment, provided for life unless their financial circumstances improved, or they relocated. However, in recent years, Trustees made the decision to discontinue offering this ongoing assistance to new recipients in order to allocate more resources to a broader range of people. By shifting focus to providing one-off urgent support, we are able to offer more flexible, responsive assistance to individuals of all ages who find themselves in crisis situations. As a result of this change, the number of older individuals receiving regular payments has gradually declined, starting the 2023-24 year at 63 recipients and reducing to 59 by year's end.

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The Hampstead Wells and Campden Trust Trustees' Report

Governance and administration

This year has been one of consolidation rather than major new initiatives. Following the significant work in 2022-23, we have focused on implementing the changes and improvements agreed previously.

Key areas of progress include:

Additionally, we have started the development of a new five-year strategy, which we will implement in 2025. This strategic plan will build upon our recent achievements and guide the Trust's focus for the coming years, ensuring we continue to address the changing landscape and pressing needs in our community and maximise the impact of our grantmaking.

Other areas of operational and organisational development have remained relatively stable as we continue to embed the changes made in recent years, such as the refreshed grant application processes, investment policy updates, and tendering for finance and accounting services. We believe these foundational changes will continue to strengthen the Trust's ability to operate efficiently and deliver impactful grantmaking.

During the year, the Board Chair has been supported by Jeremy Wells, Vice Chair. Board and committee meetings have been held both in person and online. This balanced approach has allowed us to maintain effective communication and governance while providing flexibility to accommodate the varied schedules and preferences of our Trustees and staff.

Grants Committee

The Trustees appoint a minimum of five members of the Board to form a Grants Committee which is responsible to the Trustee Board for overseeing and reviewing grantmaking policy and practice and works closely with the Director. The Committee is aware of the need to focus on the Trust's key mission and to ensure that the grants budget is used to maximum effectiveness. It aims to ensure that its work is informed by the most urgent needs within the Trust's area of benefit.

At the year end, the Grants Committee membership was Robin Woolfson (Chair), Nina Fletcher (Vice Chair), Simone Hensby, Jamie Firby, Ashish Mehta and Katie Slater.

Finance Committee

The Trustees appoint a minimum of five members of the Board to form this Committee which is responsible to the Trustee Board for ensuring that regular reporting procedures are in operation to monitor all financial affairs of the Trust, working closely with the Director. This includes the performance of the investment portfolio, investment policy guidelines, insurance cover, risk management, banking and audit arrangements, staff evaluation, salaries and terms and conditions, and other matters specifically delegated by the Board. The Finance Committee additionally makes recommendations in respect of the annual budget, and appointment of professional advisers including commercial property managers, investment managers, auditors, and solicitors. They also recommend the Annual Report and Accounts for adoption.

At the year end, the Finance Committee membership was David Lazarus (co-Chair), Jeremy Wells (co-Chair), Fiona Dunsire, Amanda Lewis and Robin Woolfson.

In the course of the year members of this committee, in a series of sub-groups, contributed a great deal of careful and hard work to the reviews described above of investment, accounting and audit services.

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Fhe The Hampstead Wells and Campden Trust Wempestasd) Shaks anil Sewieiien Trest ‘Tructwan! Trustees' Report fingaet

Szee'eetame Nominations Working Group Warting Crang

There There is a recurring need for recruitment of new trustees, based on an annual skills audit of Board members and a diversity audit and the Committee will continue to exist, mobilising as needed. and » diveray8 2 peccoingauditpeelatutt forthe: rsceuGamyyi t itieronent ofil] nowcxptoweinosems,tn wxeZ%, lanai nnoc e anhlebamrssalaf peeis i t i fiaet,gsnuift of Borel momdicad

For the Chair recruitment, the Committee was co-chaired by Simone Hensby and Amanda Lewis and was supported by Jamie Firby and Ashish Mehta.

pcs Staff

The Trust is managed by our Trust Director, Stuart Woltkamp-Moon, supported by our part-time Administrative Support Worker, Valerie Wilsher. Trustees greatly appreciate the commitment, hard work, fod and expertise they bring to their roles, enabling us to fulfil our mission effectively. sapaction thoy tortirg Do tisaly mains, nivaiing os beSift ow misston Stacteuiy.

Patihc Public benefit statement Domaiie seive

‘Fhe The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have Temesan cocclrer, fleet Myery Haves cbeeryalled ith ie tuts In snetliey 17 of tine Carriles Ret 22S te Here regard to the Charity Commission's general guidance on public benefit. In particular, the Trustees are fully Tees to the Gisyity Comanbaie’s payed prices: on pobile eanett, sn partincios, the Truutens ace fully aware aware of and committed to the objects of HWCT which include helping disadvantaged people in the area of odand conentind fe Cur chifects of HBFCY hia loduls heipauy Giadventayed peonla hs ihe aren of hhanwit. benefit. These objects ensure a wide range of beneficiaries are assisted, either directly by HWCT or through Hiesn objects amare a wile cane ct banuficduries ort omeizteed, o'er Girexsty thy WET of through! grants by HWCT to other organisations, most of these being registered charities, providing such assistance. et Effort is made through careful assessment of grant applications and monitoring and work undertaken with b pde thrcugh neil escennerd of grant dppiitetints end temitoring Cun our grants, to assess the impact of work supported and maximise the effectiveness of (rents, t exsest Gin ipect of week anpparte:l ens comeiaites tthe aftea n dlthamof wove HNC? HWCT resources. ravihpxpcer e rtaks es es, whit Seasoning Assessment of risk The Trust's new Risk Register, with steps taken so far to mitigate risk, has no areas identified as high risk. All “Hie Warts pewof FarkMalt eegiahor, still steps toliati eo Mer tie mieigson risk, Bes ne creas MeoratMesd-ze Nigh risk. AN moderate risks will be reviewed six-monthly, and all low risks annually.

Trastess Trustees take care to avoid the possibility of insufficient funds to meet grant and pensioner award talty coro we eeohd the pemalitiitly of tro fictant feasts to meet greet anal parstener meen applicatines applications by ensuring that, with careful co-ordination between the Finance and Grants Committees by enzuring thas, eh cut occrdinetion bovesen the Tingnn and desis Cownetteas further grants commitments are only made when funds are assured. Vee The Trust's endowment funds are managed with the objective of preserving value in real terms over rolling Tries nudownroas tands are managed with the cllecttas of preemrving watus in neal farms over rolling Se 5-year psor periods. The Trust depends strongly on its small staff group but the risk of adverse operational impact pari’. The Test dagerd: sitangty an fis reall tel group Sat tite cist of wivern operational eapest of of the tiie loss of key staff is mitigated by documented systems and plans and short-term arrangements for joan of dory staff iv iidtigsned doeurnantedDy aytturs and pla and shost-term arrengavnerts Par temporary loss of key staff.

Boma Financial Review Seater

Terneuatend Hampstead Wells and Campden Trust is a grant making charity, which relies on its historic endowment to Welle end Campden Trust es ent mekieg cleastog bien mefice wn tes Nieto: endieement bo support its charitable expenditure in its area of benefit. In the latest year under review, the endowment of the charity grew to £18.5m by September 2024 from £17.9m in September 2023, which supported grants of S5925 £590,096 (2022-23: £640,759). Ze,

Duviitg During the latest year the i tie fehest peas the hevesunent nvestment po porskllio rtfolio of the charity was transitioned to two new discretionar ef Wis chiss ity sus wresliiowant= eo emer disecullonery y investment managers from the previous five non-discretionary investment manager arrangements. This transition of the investment management arrangements of the charity's endowment followed a formal review review by trustees in by Sumtess In tho the previous year, with the aim of prudently maximising the retu groviows yor, with the atm of prntertity pasimizing tha stam rns on the charity's accu, assets to suppo in supnert rt aameaunaiting more grant more -making in In f future uture years. Inevitably in the mo yous. trasetiably in dhs mows ve fr fae om the old non She vk) anron-diretionary - thn discretionar ahneity’s y arrangements to the new discretionary arrangements, there was some disruption to income received from investments, with £237,765 received in the current period (compared with £485,965 in the previous period). This This s sortie hortfall i in n i Inoome ncome re semevnil ceived was more than offset by the growth in value of the investment vans acer then eiteet by the greets in watue of the lemsterent p porffolie ortfolio of af (FE £1,136,193, w OS, maf hich as the os vite c Hheeiyy harity has total retu fae Qiks Deen rn powers pewwnes f= (see investment policy below Investors policy Dickuan fo foe r definit roofiniion) ion) can be caw be used to support charitable expenditure if income is insufficient. Now that the new discretionary arrempmenens arrangements a wn re fu folly lly i tn n p piece, lace, trustees expe teuttess supect ct reg meptar ular investment income imeetanert moos in 2024-25 will by UELES wt} si cigniificantty gnificantly exceed the 2022-23 figure of £485,965 and bring income and expenditure much more closely into line.

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The Hampstead Wells and Campden Trust Trustees' Report

During the year small grants totalling £121,412 were awarded to 218 individuals and families (2022-23: £136,960 to 248 beneficiaries) and 25 larger grants totalling £413,226 were made to other charitable organisations in the area of benefit (2022-23: 36 grants totalling £441,555). The number of individuals receiving a Trust pensioner award was 60 (2022-23, 72) with a total of £55,458 awarded (2022-23: £62,244).

Fixed assets of £18,286,863 (2022-23: £17,853,467) comprise an investment portfolio, cash of £400,000 (2022-23: 700,000), and a charitable property (the Wharrie Cabmen's Shelter) held under licence with a net book value of £2,000.

Investment Policy

Since 2012, the charity has managed the investment assets of the endowment on a total return basis, under an order approved by the Charity Commission (9 November 2012). This enables the Trustees to invest the permanently endowed assets of the charity to maximise total return and to decide which part of the unapplied total return can be applied to income each year, under the power given in section 105 of the Charities Act 2011. The initial value of the trust for investment was £9,959,617. This was established as the value of the investment funds (i.e. excluding directly held property) at 30 September 2012. The value of this permanent part of the charity's endowment is maintained in real terms (to allow for inflation over time), and as at 30 September 2024 was £13,868,708 (2023: £13,636,881).

The investment policy of the charity is to generate an investment return of 4.0% in excess of inflation over the long term, to support grant-making to current and future beneficiaries at this level. The charity applies certain ethical constraints to the management of its endowment, so as not to conflict with its mission to alleviate poverty and ease suffering, as well as seeking to positively invest its endowment sustainably and with good environmental, social, and governance policies.

Reserves Policy

The charity's only income derives from its endowment, which is invested to deliver long term growth of capital and income, so as to support current and future beneficiaries to the same degree now and in the years ahead. As the endowment is invested with two different investment managers, in two well diversified and separate portfolios, the income the charity has to spend from year to year is relatively predictable and reliable, and unlikely to suffer a significant interruption in any one year in normal circumstances. Nonetheless the charity divides its total reserves between what it expects to spend in the next 12 months (grants and overheads - the spending reserve), and the rest of the reserves, which are invested to provide a return above inflation, to maintain the real value of the assets though both income and capital growth and to sustain the long-term spending commitments of the charity (the long term reserves). It is intended that the spending reserve should be no more than 5% of total reserves, to preserve the endowment in perpetuity. The spending reserve for 2024-25 has been set at £850,000, with long term reserves of £17.6m, which the Trustees consider sufficient for their purpose, given the long-term investment strategy. The reserves policy is reviewed annually.

Looking to 2024-25

Trustees agreed a Strategic Plan for 2021-25 with six strategic goals:

12

The Hampstead Wells and Campden Trust Trustees' Report

As we move into 2024--25, we are enthusiastic about advancing these strategic goals. With the leadership of the Trust's new Board Chair, the coming year will bring fresh perspectives and renewed commitment to our vision of reducing poverty, improving physical and mental health, and ensuring greater equality of access to services and support within our geographic area.

In early 2025, we will begin developing our next five-year strategy. This upcoming planning phase will allow us to reflect on our achievements, learn from our experiences, and set ambitious goals for the future. We are eager to engage with our community, partners, and stakeholders throughout this process to ensure that our strategy aligns with the evolving needs of those we serve.

Trustees are fully aware of the deepening poverty and increasing inequality affecting local communities ever more harshly. We are dedicated to working diligently over the coming year to address these challenges and to make meaningful progress towards our strategic objectives. Together, we will continue to enhance the impact of our work and strive towards a more equitable and supportive community for all.

Statement of Trustees' Responsibilities

Company law requires Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Audit information

In so far as the Trustees are aware:

Small Company Rules

The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

For and on behalf of the Trustees ge

Chair

Date: 24 1 2 .

13

indeyendient Independent Auditors' Report Andlince’ Rapport To the Trustees of The Hampstead Wells and Campden Trust

We have audited the financial statements of We Here maior! ihe Qomarid smteeve of The The Hampstead Wells and Campden Trust for terpenes! Wete eal Cmgeos Tart ie the year ended 30th September Te peer arta SO ligplember 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet anit and notes to the financial statements, including a summary nevis to Hibs Datei disternents, incioiieg s omemary of significant accounting policies. ol vigiiflcet eoasctine peices. The financial reporting Ths Grepeint mpcettra:

framework Reapaneeut that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Friti FRS 102 'The Financial Reporting Standard 102 "ThGa e t Fsercteeok Sein alesFegan &Stand!Rcd pepernins Applicable in the Ayptioabip |e epobadlén feein Deo UK UN and uid Ireland' w l lvet Vaated (United Kingdom Generally Accepted (iningMingeiomRingerAgeouniingGaneeilySkenderse,Accopindnduebs Accounting Practice).

CBpitevdemy Opinion on the financial statements roe: Sep Decaeecetes or bereerng ets

Meets Basis for opinion Gor cote

As explained more fully in the trustees' responsibilities, the trustees (who are also the directors of the charitable company for feAg the purposes of exqiecceadpeyoene enonof company law) are comgncy fullylprbey) on responsible for the preparation of the financial statements and for being satisfied that they pemutissteve&, the progowsiin:bene mapsof oneyhanicarwteaacantibs}hiasercterteo Orencisl cop steers und fey denn met (Petototesy! dive give a true and fair a tras ane (tale view, and for such internal control as the vite, ene! fie epoll famast cnt os Bee facts trustees determine is necessary to Goteerefay be themomegeey! to enable oust the Now peeesdon preparation of of Savoia financial statements Selercoes that She! are wo free from material misstatement, whether due to fraud fag fos ene: Sine, tee Coe ip fied or er of aren ror. Cxscobery Conclusions relating to going concern mening te gatig anew tn In audi eating ting the financial statements, Ho ficmnetsl sicher, w ww e have concluded that the trustees' use of the goin Tern corintiod gue the byesima’ vee of ma going g conce owresm rn basis of tees of accoun acsurtrg ting i In n the ts Rupeeize preparation of the financial statements of te Geek omar is app * apo, ropriate.

Fleet Based on oer the work fig eee: wag we fee have pe pearton rformed, we have not identi eyed, was herve roel ievtSSead fied any material unce ony mntariel uneertioiles rtainties relatin roteding g to events or io eure ce conditions that, cece ona Disk, SiGuitaahy individually oo or co tethaat llectivel ety, y, taj may wie! cast significant doubt tigethit Death on in the charitable company's abili Uae Canine camemenya diiayte ty to continue Camas as a going conce Gk Sting commas rn for G:a a presto period of lt at least dee! tw SOAS elve months tees fr or om when the etre Ce Shen financial statements gecdesncts are aoe authorised eerie! fo My r issue. om Our responsibilities and the responsibilities of the trustees with respect to going 2 gore co caliort ncern are art described in the relevant sections feces fi hs eer eck SN of this repo ape, rt. OE EN eaSeper

Obst Other Information iewstion

They The other in isiiter Stor forma vente tion comprises comyuboes the information included in the annual report Hess ieetetaier: outed Ur 808 cerns rape, , other than the Oe Daas thee financial s cerca! catmnents tatements and our GH auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion to on the financ thes Chackad ial statements iets does not ieee eed cover the comer fey other information and oftee Woe est), , cep except to tp the e th cote xtent othe eteretnn rwise exp pep fet licitl ty y stated in our whee! ur Cegeh report, we do not express any vam Oe peel grees very fo Crem rm o af f assurance conclusion thereon ems coo epee, .

Our Our res Sang ponsi Shty bility le is to read the other in te sent Se yes ieaaficr formation and, ip in doing so deieg at, , consider whether the other information copekler phe fhe oft intention i te s ees materially ieeumiscadatd inconsistent with wl me the financ teeta ial statements or our knowledge obtained in the c eatsenaots goes emsionion ining Sos come ourse of the a of fe arile udit or othe or chown rwise appears to be nppeees $0 be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to departs determine whether whither there is a trate boo mater mtasty) ial misstatement reterent in the hr to finan ena! cial statements soererents themselves Gerreniees . I 5, f, base bemed d on the re Te work seh we ws “us have pateoe!, performed, we conclude that there is a material We aseds ft Gees pc mere! eters misstatement of ol this (ie other in coe be, formation, we are re Ss ee Pee quired t eo o report that Pecest fort Set fact.

We have nothing to report in this regard.

Dipteten Opinion on other matters prescribed by the Companies Act 2006 on olles paige: peed bp ee Dampers: Set

th In our opinion, based on cue opinben, baemad on the Fie w woth ork unde Wrelectaion rtaken in the course of im He Couey of the the audi eee t:

14 i

Independent Auditors' Report (Continued) To the Trustees of The Hampstead Wells and Campden Trust

Matters on which we are reauired to report bv exception

Responsibility of Trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (UK) (ISAs (UK)) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

15

Independent Auditors' Report (Continued)

To the Trustees of The Hampstead Wells and Campden Trust

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company'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 responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

lcsre Si a . leg¢ts

Jonathan Aikens, (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6th Floor

9 Appold Street London EC2A2AP

oa. I3 [ a

16

The Hampstead Wells and Campden Trust Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the year ended 30th September 2024

Restricted Endowment Total Total
Note Funds Funds 2024 2023
£ £ £ £
Incomeandendowments from:
Investments
Dividends and interest on securities 237,765 237,765 485,965
Bankdepositand other interest 615
615
1,488
LS
615 237,765 238,380 487,453
Expenditure on:
Raising funds 2 2,796 2,796 1,980
Charitable activities 3 740,936 740,936 805,216
Total 740,936 2,796 743,732 807,196
(Losses)/Gains on investments
Unrealised 7 1,136,193
1,136,193
(675,308)
-
esms
ee
Net (expenditure)/ income (740,321) 1,371,162 630,841 (995,051)
Transfers between funds 12, 13 12, 13
740,321
a		 (740,321)
SSE
Net movement in funds 630,841 630,841 (995,051)
Reconciliation of funds:
Total funds brought forward (SSS 17,884,993
SSS		 17,884,993
18,880,044
SS,
Total funds carried forward =
—a		 18,515,834
18,515,834
17,884,993
Se.

All gains and losses arising in the year have been included in the Statement of Financial Activities and relate to continuing activities.

17

The Hampstead Wells and Campden Trust Balance Sheet at 30th September 2024

Note 2024 2024 2023 2023
£ £ £ £
FixedAssets
Tangible assets 8 2,000 2,000
Investments and investment properties 9 18,684,863 17,851,467
TotalFixed As ets 18,686,863 17,853,467
Debtors 10 80,610 135,876
Cash at bank and in hand 97,504 112,422
Total Current As ets 178,114 248,298
Creditors: Amountsfalling due
withinone year 11 (349,143) (216,772)
NetCurrent Assets (171,029) 31,526
Long termdebtors
Total NetAssets 18,515,834 17,884,993
The Funds of the Charity
Capital Funds
Endowments 12 18,515,834 17,884,993
Income Funds
Restricted income funds 13
Total Charity Funds 18,515,834
—_—___l		 17,884,993
EG~maS———=—=——

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved byt 23_{2s5 Rabin Woalfss: 7%%

Company number: 04541031

18

The Hampstead Wells and Campden Trust Notes to the Accounts For the year ended 30th September 2024

1 Accounting Policies

Basis of Accounting

The Hampstead Wells and Campden Trust is a charity limited by guarantee and incorporated in England and Wales. The registered office is 344-354 Gray's Inn Road, London WC1X 8BP.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charitable company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements are prepared on a going concern basis, under the historical cost convention as amended for investments and investment properties stated at fair value.

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of the financial statements. In particular, the trustees have considered the charitable company's forecasts and projections and have taken account of pressures on investment income. Noting that there is £4.6m of unapplied total return at the year end and after making enquiries, the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

Tangible Fixed Assets and Depreciation

The Wharrie Cabmen's shelter is stated in the accounts at book cost. Assets costing less that £5,000 are written off to the Statement of Financial Activities as incurred.

There has been no depreciation charged in the current year due to this asset and depreciation being immaterial.

Investments and investment properties

Quoted investments are stated in the accounts at closing market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities. The board, with the additional advice of the property advisers, contains sufficient expertise in order to value the properties at each year end.

The charity adopts a 'total return' basis for the investment of its permanent endowment. The total return is accumulated as a component of the endowment known as the unapplied total return that can either be retained for investment or released to income at the discretion of the trustees. Further details can be found in the notes to the financial statements.

Cash held with investment providers is included within investments.

Operating Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Staff pensions

The Trust makes contributions to a defined contribution pension scheme on behalf of all its employees at the rate of 10% of basic salary. These costs are recognised on an accruals basis.

19

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

1 Accounting Policies (Continued)

Statement of Financial Activities

Expenditure is included on an accruals basis.

Expenditure on raising funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.

Grants and beneficiary pensions payable are accrued when approved by the trustees. The future pension payments are not accrued for as a reassessment is completed on each person who receives the pension payments to ensure they are still entitled to the pension.

The three year debt advice grant awarded to Citizens Advice Camden is subject to receipt of satisfactory six monthly reporting in an agreed format, to authorise the release of the next instalment of this grant. Under accounting standards, this next instalment does not meet the definition of a liability for the charity at the year end and so has not been accrued in these financial statements.

Support costs comprise costs for processing pensions and grants, including support to actual and potential applicants. Governance costs are those costs of providing the regulatory framework of the charity and of meeting regulatory requirements. These costs have been allocated to charitable activities.

Income from investments is brought into the accounts when receipt becomes due.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Restricted funds

These represent funds held to be utilised for specific activity, or activity that is deemed narrower than the wider objects of the charity. Transfers are made each year form the unapplied total return on the permanent endowment fund, the receipt of income specifically restricted to these projects (as outlined in note 13).

Endowment funds

These are funds that the donor has stated are to be held as capital or expended over the long term.

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exception of prepayments and deferred income, all other debtor and creditor balances are considered to be basic instrument under FRS 102.

Judgements and key sources of estimation uncertainty

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

The trustees do not consider the charity to have any significant estimates and judgements to disclose.

20

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

2 Expenditure on raising funds

Expenditure on raising funds
Restricted Endowment 2024 2023
£ £ £ £
Building management and maintenance
costs and investment management fees 2,796 2,796 1,980

3 Expenditure on charitable activities

Expenditure on charitable activities
Restricted Endowment Restricted Endowment 2024 2023
£ £ £ £
Grants (note 4) 534,638 534,638 578,515
Pensions (note 4) 55,458 55,458 62,244
Total grants 590,096 590,096 640,759
Grant making support costs (note 5) 86,668 86,668 88,959
Governance costs (note 5) 64,172 64,172 75,498
= =
——
740,936
740,936
805,216
-
a
nr
eee

21

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

4 Grants and pensions

Grants and pensions payable comprises:

2024 2023
Grants to Individuals Number £ Number £
Clothing 21 8,928 19 7,192
Furniture and starter packs 165 83,475 183 97,884
Summer vouchers 1 16,415 17 16,830
TV and Phone 1 365 = -
Christmas == 5 4,003
Medical 1 720 4 1,299
Education 5 2,130
Baby Items 3 1 , 1 1 5 2 1,250
Utilities 7 3,084
Miscellaneous 14 5,180 18 8,502
218 121,412 248 136,960
Grants to Organisations 25 413,226 36 441,555
Grants returned =
=
SS
—-		 ———-- = P
—.
qe
—-—
243 534,638 284 578,515
ESS See ————————EEEE_R EE _——
et
Pensions 60
Sese		 55,458 SS 72
SST		 ee 62,244
SSS
Grants to Organisations fell in the following ranges: Grants to Organisations fell in the following ranges:
£1-£2,500 6 12,045 10 20,480
£2,500 -£60,000 (see below) 19 401,181 26 421,075
25 413,226 36 441,555

Grants exceeding £2,500 were made to the following 19 organisations in the year ended 30" September 2024:

September 2024:
£ £
Bloomsbury Football Foundation 6,788 The Winchester Project 19,360
Sidings Community Centre 8,036 St Mungo's 20,000
Abbey Community Centre 8,180 West Hampstead Women's Centre 30,000
Queen's Crescent Community
Give. Help. Share. 8,500 Association 30,000
Stage 81 9,000 Umoja Health Forum 54,539
Home-Start Camden &Islington 9,985 Citizens Advice Camden 111,745
Henna Asian Women's Group 10,000
SHAK 10,000
Action Youth BoxingIntervention 10,000
The FelixProject 10,000
Kids 11,948
C4WS Homeless Project 15,000 401,181
Age UK Camden 18,100

22

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

5 Support and Governance costs

Support Governance 2024 2023
Costs Costs Total Total
Costs Costs
£ £ £ £
Office expenses 17,718 2,685 20,403 23,928
Professional Charges
Legal fees 12,620
Consultancy fees 547
Audit fees for work on audit 17,892 17,892 17,199
Accountancy fees 31,422 31,422 28,460
Recruitment fees 975
Staff costs (see below) 68,950 12,173 81,123 80,728
Total costs 86,668 64,172 150,840 164,457
2023 88,959
_		 75,498
eee		 164,457
eee
2024 2023
£ £
Wages and salaries 72,226 69,228
Employer's National Insurance 317 3,534
Pension costs 8,580
DAAA:		 7,966
 ia
81,123
Se		 80,728
eee

The average monthly number of full time equivalent employees during the year was 2.0 (2023: 2.1). One employee received remuneration including benefits in kind between £60,000 - £70,000 during the current year (2023: no staff received remuneration of over £60,000).

The remuneration of key management personnel, which comprises the trustees and Director and Clerk to the Trustees was £75,378 (2023: £68,568). This includes employer pension contributions and employer National Insurance contributions.

6 Trustees

Trustees did not receive any remuneration during the current or previous year and had no reimbursed expenses.

23

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

7 Gains onInvestments 2024 2023
£ £
lncrease/(Decrease) in market value of Property Trust Funds (137,888) (664,464)
Increase/(Decrease) in market value of listed investments 1,274,081 (10,844)
1,136,193
——_____>E		 (675,308)
EHC]!
8 Tangible Fixed Assets Property
under
Licence
Cost £
At1stOctober 2023 and 30th September 2024 2,000
Depreciation
At1stOctober 2023 and 30th September 2024
Net Book Value
At 30th September 2024 2,000
At30th September2023 2,000

The property under licence held at 30th September 2024 is employed by the Wharrie Cabmen's Shelter Fund to provide shelter for the use and advantage of cabmen. Depreciation is not provided for as it is felt to be immaterial by the trustees.

The Endowment Trust also has an interest in a plot of land used as a garden by local residents under the terms of their former lease agreements, which have attached to their subsequent freehold agreements. The Trust does not receive any income nor incur any expenditure in relation to this land and consequently the trustees have not attributed any value to this property in the accounts.

9 Investments and investment properties

Investments andinvestment properties
Investments andinvestment properties Property
Trust Listed 2024 2023
Funds Investments Total Total
£ £ £ £
Market value brought forward 3,107,167 14,044,300 17,151,467 17,826,775
Additions atcost 17,619,793 17,619,793
Disposals (at proceeds value) (2,969,280) (14,650,513) (17,619,793)
Realised gain/(loss) on disposals (137,887) (137,887)
Unrealised gain/(loss) on investments ee 1,271,283 (675,308)
1,271,283
OC
Market value carriedforward - 18,284,863 18,284,863 17,151,467
Cash held by investment manager 400,000 400,000 700,000
Total value of investments *
ee		 18,684,863 18,684,863 17,851,467
Historical cost at 30th September 2,866,166
13,077,368
si		 15,943,534
15,943,534
CO

24

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

9 Investments {Continued)
2024 2023
Listed investments comprise: £ £
Other listed investments 18,284,863 17,151,467
CashInstruments 400,000 700,000
18,684,863 17,851,467

Investments held within endowments are managed on a total return basis. The fund balances include an unapplied total return analysed as follows:

Trust for Unapplied Total
investment Total Return endowment
£ £ £
As at 1 October 2023
Gift component ofthe permanent endowment 9,959,617 9,959,617
Accumulated inflationary uplift 3,677,264 3,677,264
Unapplied totalreturn 4,248,112 4,248,112
4,248,112
Total 13,636,881 4,248,112 4,248,112
17,884,993
Movements in the reporting period:
Allocationfor investment 231,827 (231,827) (231,827)
Investment return: dividends and interest 182,782 182,782
182,782
Investment return:gains andlosses 1,136,193 1,136,193
1,136,193
Less: Investmentmanagement costs (2,798} (2,798}
(2,798)
Total 231,827 1,084,350 1,084,350
1,316,177
Unapplied total return allocated to
income/(expenditure) in the reporting period: (740,934) (740,934)
(740,934)
Net movements in reporting period 231,827 343,416 343,416
575,243
As at 30 September 2024
Gift component of the permanent endowment 9,959,617 9,959,617
Accumulated inflationaryuplift 3,909,091 3,909,091
Unapplied total return 4,591,528 4,591,528
4,591,528
Total 13,868,708
4,591,528
OOO		 4,591,528
18,460,236
EEE

The Charity Trusteos have exercised their powers to adopt a total return approach under section 104/ of the Charities Act 2011 as amended by the Trust (Capital and Income) Act 2013.

The trustees have adopted a policy of maintaining the real value of the trusts for investment and therefore apply an inflationary uplift (based on CPI) to the value of the Trust for investment and do not make this available for distribution. The inflationary uplift for the year was £231,827 (2023: £856,299). All income and gains over and above the inflationary uplift are allocated as unapplied total return. Each year a portion of the cumulative unapplied total return, equal to the difference between restricted bank interest and total expenditure grant/support cost expenditure, is applied and transferred from the endowment fund to the restricted fund accordingly.

10 Debtors

10 Debtors
2024 2023
£ £
Trade debtors
Dividends and interest receivable 74,995 132,583
Otherdebtors 5,615 3,293
80,610 135,876

25

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

11 Creditors: Amounts falling due within one year

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Trade Creditors|4,238|2,304| |Other creditors|836| |Taxation payable|1,537|1,674| |Accruals|342,532|212,794| |eee—————E—Eeeeen|349,143|216,772|

----- End of picture text -----

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |12 Endowment Funds - 2024|Balance|Balance| |Brought|Investment|Other|Carried| |Forward|gains (losses)|Movement|Forward| |£|£|£|£| |The|HWCT|Fund|ee|17,884,993|1,136,193|(505,352)|-|18,515,834|—| |17,884,993|1,136,193|(505,352)|18,515,834|

----- End of picture text -----

The purposes and restrictions of each fund are set out in the trustees' report. Fund amalgamations are pursuant to the Charity Commission Scheme dated 18th July 2018 and Trustee resolutions under s268 and s275 of the Charities Act 2011.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Endowment Funds - 2023|Balance|Balance| |Brought|Investment|Other|Carried| |Forward|gains (losses)|Movement|Forward| |£|£|£|£| |The HWCT Fund|18,880,044|(675.308)|(319,743)|17,884,993| |On|18,880,044|(675.308)|gy|TR|EE|(319,743)|SSS Ooo|17,884,993|

----- End of picture text -----

Each year a transfer is made from the endowment fund to the restricted fund to cover the costs which have occurred in the year which go through the restricted fund when there is not enough restricted funds to cover the expenses.

13 Restricted Funds - 2024

The income funds of this charity are restricted funds comprising the following unexpended balances held on trust to be applied for special purposes:

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||||| |---|---|---|---| |Balance|Balance| |Brought|Income|Carried| |Forward|& Transfers In|Expenditure|Forward| |£|£|£|£| |The HWCT|Fund|740,936|(740,936)| |740,936|(740,936)| |ss|—————|Een|

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26

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

13 Restricted Funds - 2023 (continued)

Balance Balance
Brought Income Carried
Forward &Transfers In Expenditure Forward
£ £ £ £
The HWCT Fund 805,216 (805,216)
He
SSee		 805,216 (805,216)
es

The purposes and restrictions of each fund are set out in the trustees' report. Fund amalgamations are pursuant to the Charity Commission Scheme dated July 2018 and Trustee resolutions under s268 and s275 of the Charities Act 2011.

Each year a transfer is made from the endowment fund to the restricted fund to cover the costs which have occurred in the year which go through the restricted fund when there is not enough restricted funds to cover the expenses.

14 Analysis of Funds between Charities - 2024

funds to cover the expenses.
14 Analysis of Funds between Charities - 2024 2024
Endowment Restricted Total
Funds Funds Funds
£ £ £
The HWCT Fund 18,515,834 18,515,834
18,515,834 18,515,834
LLB ExOO OO
Analysis of Funds between Charities - 2023 2023
Endowment Restricted Total
Funds Funds Funds
£ £ £
The HWCT Fund 17,884,993 17,884,993
17,884,993 17,884,993

15 Analysis of Net Assets between Funds

2024

2024
Endowment Restricted Total
Fund Funds Funds
£ £ £
Tangible fixed assets 2,000 2,000
Investments 18,684,863 18,684,863
Net currentassets (171,029) (171,029)
18,515,834 18,515,834

27

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued} For the year ended 30th September 2024

15 Analysis of Net Assets between Funds (continued)

2023
Endowment Restricted Total
Fund Funds Funds
£ £ £
Tangible fixed assets 2,000 2,000
Investments 17,851,467 17,851,467
Net current assets 31,526 31,526
17,884,993 17,884,993

16 Related party transactions

There were no related party transactions during the current or previous year.

28

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2024

17 Comparative Information Under FRS 102, comparatives are required for all information. The following comparatives are not disclosed elsewhere in the financial statements.

2023 Statement of Financial Activities
—).]4
Restricted Endowment Total
Funds Funds 2023
£ £ £
Income andendowments from:
Investments
Dividends and interest on securities 485,965 485,965
Bank deposit and other interest 1,488 1,488
Total 1,488 485,965 487,453
Expenditure on:
Raising funds 1,980 1,980
Charitableactivities 805,216 805,216
Total TT ees —S
Gains/{losses) oninvestment assets 805,216
ee		 1,980
a		 807,196
ee
———
Realised
Unrealised
(675,308) (675,308)
Net (expenditure)/ income
(803,728) (191,323) (995,051)
Transfers between funds
Net Movement in Funds 803,728
———		 (803,728)
as a		 ————
(995,051) (995,051)
Total funds brought forward 18,880,044 18,880,044
Total fundscarried forward 17,884,993 17,884,993
2023 Support andGovernance costs waa —LLLLLLLLLEaaEaeEelEl)EOw ———_S—
Support Governance Total
Costs Costs Costs
£ £ £
Office expenses 20,340 3,588 23,928
Professional Charges
Legal fees 12,620 12,620
Consultancy fees 547 547
Accountancy fees
Audit fees for work on audit		 28,460
17,199		 28,460
17,199
Recruitment costs = 975 975
Staff costs
Total costs		 68,619
88,959
Ss
———ooree		 12,109
75,498
——SEE
————		 80,728
164,457
—
SS
——

29

The Hampstead Wells and Campden Trust Supplementary Information For the year ended 30th September 2024

2024 2023
£ £
Operating expenses
Office Expenses
Office rent and maintenance charge 1,208
Rates, electricity, water rates and cleaning
Telephone 620 32
Printing and stationery 260 318
Postage 244 138
Insurance 1,892 2,183
Computer expenses and office equipment 5,217 5,115
Subscriptions 4,721 4,77
Bank charges 191 320
Office closure costs 5,144
Sundry expenses 4,754 4,693
17,899 23,928
Less: 85% allocated to grantmakingsupport costs (15,214) (20,340)
2,685 3,588
Professional Charges
Legal fees 12,620
Auditors' fees for audit work 17,892 17,199
Accountancy fees 31,422 28,460
Consultancy fees 547
Recruitment fees 975
49,314 59,801
Salaries 72,258 69,228
Employers National Insurance 317 3,534
Pensioncosts 8,580 7,966
81,155 80,728
Less: 85% allocated to grant making supportcosts (68,982) (68,619)
12,173 12,109
Governance costs 64,172 75,498
Grant Making Support Costs
85% allocatedfrom office expenses 15,214 20,340
85% allocated from salaries costs 68,982 68,619
84,196 88,959

30