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← The Hampstead Wells And Campden Trust

2025-09-30-accounts

THE HAMPSTEAD WELLS AND CAMPDEN TRUST Charity Number: 1094611

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025

The Hampstead Wells and Campden Trust Contents

Trustees' Report 1to9
Reportofthe Auditors tothe Trustees 10 to 12
Statement of Financial Activities 13
Balance Sheet 14
NotestotheAccounts 15to25

The Hampstead Wells and Campden Trust Trustees' Report

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 National Westminster Bank Plc, 50 Bishopsgate, London, EC2M 3UR

Accountant

Auditors Moore Kingston Smith LLP, 9 Appold Street, London EC2A 2AP Principal Solicitors Bates, Wells & Braithwaite LLP, 2-6 Cannon Street, London EC43 6YH Manuel Swaden Ltd, 340 West End Lane, London NW6 1LN Property Advisers Cedar Harp, 70/78 West Hendon Broadway, London NW9 7BT

Investment Managers

Cazenove Capital, 1 London Wall Place, London, EC2Y 5AU CCLA, 1 Angel Lane, London, EC4R 3AB Navera Investment Management Limited, Riverside House, 2a Southwark Bridge Rd, London, SE1 9HA

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The Hampstead Wells and Campden Trust Trustees’ Report

Trustees

Trustees Trustees
Board at30September2025
Robin Woolfson, Chair appointed 4 December2023
Carol Barrett-Ford ({ex-Officio) appointed 2January2025
Fiona Dunsire appointed 24 February 2022
Jamie Firby retired 4 December 2025
Nina Fletcher appointed 7June 2023
. Simone Hensby appointed 20January 2020
David Lazarus appointed 7 June 2023
Michele Martin appointed 13 January 2025
JeremyWells, ViceChair appointed 24 February 2022
Ashish Mehta retired 22 January 2025
Katie Slater retired 22 July 2025
Amanda Lewis retired 18 November 2025
Advisers Katie Slater
RachelLasserson

For the third consecutive year, The Hampstead Wells and Campden Trust (HWCT) has sustained a 40% increase in expenditure compared with years up to 2022. This reflects the success of the restructured investment strategy and increasing need for support due to the cost of living crisis and other pressures. In 2024-25, we were able to commit over £700,000 to support individuals and charities working in our area of benefit.

This year, the main focus for the Board has been the development of the 2025-30 strategy, clarifying our mission, vision and values and identifying six strategic aims:

  1. Increase impact;

  2. Support organisations to become sustainable and resilient;

  3. Ensure equitable access to HWCT funding;

  4. Responsive and inclusive grantmaking to reflect the needs of the local communities;

  5. Strengthening impact through learning from grantees; and,

  6. Safeguard and steward HWCT’s resources responsibly to deliver public benefit over the long term.

The Board recognises the importance of continuing to provide crisis funding for individuals and support for charities working in our area of benefit, and the increasing importance of specific issues, such as mental health disorders affecting young people, which may have far reaching consequences for the wider community. We intend to work with charities, local communities and residents to deliver our strategic aims, making the most effective use of our resources to develop our mission. The work of HWCT remains very important to this community and our Trustee and staff team are committed to maximising our impact.

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.

Robin Woolfson, Board Chair

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The Hampstead Wells and Campden Trust Trustees' Report

About HWCT

HWCT is a grantmaking charity and is governed by its constitution as a charitable company limited by guarantee, as detailed in its Memorandum and Articles of Association. This document sets out the 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.

HWCT’s 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 NW3 and NW6, along with some neighbouring parts of NW2 and NW8.

Our focus is to relieve poverty and support both mental and physical wellbeing within our area of benefit, recognising that poverty and poor health are deeply interconnected and that disadvantage often results in chronic conditions, poor mental health, and reduced life opportunities. To address these challenges, our grantmaking includes both support for individuals and families, and grants to charities and local projects operating in our area. We are an open grantmaker, welcoming applications throughout the year; larger grants are considered at quarterly Trustee meetings, while smaller grants and grants to individuals are reviewed on a rolling basis by the Director, allowing us to respond flexibly to emerging and urgent needs.

The 2024-25 financial year (our financial year runs from 1 October to 30 September) continued to be a challenging period. Ongoing price rises have further eroded the value of earnings and benefits. This has fallen particularly heavily on individuals and families in low-paid work and those who rely on social security. 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. We recognise the unwavering dedication of these local services and remain committed to supporting them as they navigate these difficult times.

Our Grantmaking

In 2024-25 our grant budget was £665,000, however, by year end we had committed £702,177 in grants in response to increased levels of need. In comparison, we committed £590,096 in 2023-24.

This year’s grantmaking
Budgeted £665,000
Committed £702,177 made up of
22 large organisational grants £493,855
30 small organisation grants £ 45,429
242 direct grantsto individuals & Families £117,497
Supportingupto59pensioners £45,396

Our organisational grants reflect our commitment to addressing the varied and interconnected needs within our community. While we allocated 20% (£107,248.86) of our grants to Debt Advice & Support, we recognise that the organisations we fund in this category offer much more than debt-specific assistance. Organisations, such as Citizens Advice Camden, provide comprehensive services that extend beyond debt management. They offer support with reviewing social security entitlements, employment advice, housing issues, mental health support, and referrals to other vital services like food banks. This integrated approach

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Pensioner awards

For many years HWCT has supported individuals of pensionable age within our area of benefit who are experiencing significant financial hardship by providing an annual grant of £936, paid quarterly. Trustees have made a considered decision to discontinue offering this form of ongoing support to new recipients, allowing us to redirect resources towards more flexible one-off grants that can assist people of all ages who find themselves in urgent need. As a result of this change, the number of older individuals receiving regular payments has gradually declined, starting the 2024-25 year at 59 recipients and reducing to 42 by year’s end.

Grants to individuals and families

In 2024-25, we received 256 applications to support individuals and families of which 242 were awarded, totalling £117,497 (20% of our spend in this financial year). Throughout the year, we receive urgent applications from local organisations on behalf of their clients requesting grants for a wide range of personal and household needs.

In total, 507 people were supported across the 242 grants awarded. Half of these grants were to single people and nearly a quarter (23%) of all items we fund are for bed and bedding, including bed bases, mattress, duvet and covers. This highlights the extent to which many applicants lack access to basic comfort and quality sleep, both of which are essential to maintain health and wellbeing. Our average grant is approximately £486, with a maximum grant level of £1,000.

We do not fund debt repayments or arrears, but we do accept applications from trusted agencies supporting individuals who are experiencing financial difficulty. We particularly value working with organisations like Citizens Advice Camden and Age UK, whose clients are supported to ensure that 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.

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The Hampstead Wells and Campden Trust Trustees’ Report

Even though we were able to support everyone who met our criteria, we could not meet all requests in full due to limited available funds. The total value of requests that met our criteria was £154,838, of which we provided grants totalling £117,497. On average, this meant each applicant received £146 less than they requested.

We recognise the importance of these grants in alleviating immediate pressures and providing essential help at critical moments, and we remain committed to offering this support.

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 spanning food security, mental health support, youth development, disability inclusion, community connection, advice and advocacy, homelessness support, and early years provision, reflecting the breadth of need across our area of benefit.

----- Start of picture text -----
We received 32 large grant applications, of which Large Grants Awarded
22 were awarded totalling £493,855. The grants
ranged from £10,000 up to £61,000,, with the Number of
average amount being £22,447. Among these
were grants such as £16,685 to Sidings £2,501 to £10,000
Community Centre to sustain the West £10,001 to £15,000
Hampstead Community Food Hub, which supports £15,001 to £20,000
hundreds of households each week, and £29,257 £20,001 to £25,000
to the Brandon Centre to provide free, specialist ’ 2 :
psychotherapy for young people aged 16-25. This £25,001 to £30,000
funding will enable the Centre to provide 12-16 £30,001 to £40,000 oo
weeks of one-to-one therapy to local young £40,001 to £50,000
peoplerelationship experiencingdifficulties, anxiety,and other depression, complex trauma, re£50,001+ ee 2
challenges
----- End of picture text -----

Two grants over £60,000 were made to Citizens Advice Camden. These grants are significantly higher than our average grants and reflect our commitment to provide high quality debt and advice support for people within our area of benefit.

Our small grants programme provides grants of up to £2,500. This year, we received 34 applications, of which 30 were awarded, totalling £45,429, with an average grant value of £1,514. Of this total, 50% (£22,940) supported organisations to provide food assistance to the people they work with over the winter and summer periods, reaching up to 708 individuals and families. This reflects both the continuing impact of the cost of living crisis and the heightened pressure experienced by households during school holidays and the colder months, when essential costs rise and other sources of support may be limited.

We recognise how much can be achieved with small amounts in the right place at the right time. These grants demonstrate how modest funding can significantly impact individuals and communities when directed effectively.

Our organisational grants illustrate our commitment to supporting organisations that make a tangible difference in our community, and full details of all organisational grants awarded are available on our website. By funding organisations that adopt a holistic approach, we seek to tackle the root causes and interconnected nature of poverty and poor health, acknowledging that issues such as debt, health, employment, and education are often deeply intertwined and require comprehensive, person-centred responses. Our grants are therefore designed to empower organisations to provide tailored, multi-layered

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The Hampstead Wells and Campden Trust Trustees’ Report support that meets multiple needs, enhancing the effectiveness of our funding and maximising positive outcomes for individuals and the community as a whole. We are reviewing the large organisational grant programme over the coming year to ensure it aligns with our strategic priorities. We have already redesigned our Small Grants Programme, which now comprises three complementary funding streams providing targeted and flexible support across our Area of Benefit. Together, these streams aim to strengthen community wellbeing, respond to emerging needs, and ensure support reaches residents most affected by financial hardship and inequality.

Governance and administration

This year has been one of purposeful development, building on the consolidation achieved in previous years. The Board has focused on completing the new 2025-30 strategy, setting out a clear mission, vision, and set of strategic aims to guide our work over the next five years. This process has strengthened our direction and ensured that our priorities remain closely aligned with the needs of the community we serve.

The grants committee continues to be fully integrated into the Full Trustee Board, enabling all Trustees to participate directly in all grantmaking decisions. We remain confident that this approach ensures a richer consideration of applications and benefits from the collective insight of the whole Board.

To further strengthen the expertise available to the Board, we introduced a new Advisory Member role. This role enables us to draw on valuable skills and knowledge from individuals who wish to contribute to our work but are not in a position to serve as Trustees. The introduction of Advisory Members enhances our capacity, broadens the expertise available to the Board, and supports the continued effectiveness of our governance.

Other aspects of our governance and administration have remained stable as we continue to embed improvements made in recent years, including refreshed grant application processes, updates to our investment policy, and strengthened financial and administrative procedures. These developments provide an important foundation for delivering effective and impactful grantmaking.

Throughout the year, the Board Chair has been supported by Jeremy Wells, Vice Chair. Board and committee meetings have continued to be held both in person and online. This balanced approach supports effective communication and governance while offering flexibility to accommodate the varied schedules and commitments of Trustees and staff.

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 HWCT’s financial affairs, working closely with the Trust Director. This includes the performance ofthe 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.

Nominations Working Group

There is a recurring need for recruitment of new Trustees, based on an annual skills audit of Board members and a diversity audit and this group will continue to exist, mobilising as needed.

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The Hampstead Wells and Campden Trust Trustees' Report Staff ae HWCT is managed by the Trust Director, Stuart Woltkamp-Moon, supported by our part-time Administrative Support Worker, Valerie Wilsher. Trustees greatly appreciate the commitment, hard work, and expertise they bring to their roles, enabling us to fulfil our mission effectively.

Public benefit statement

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit. In particular, the Trustees are fully aware of and committed to the objects of HWCT which include helping disadvantaged people in the area of benefit. These objects ensure a wide range of beneficiaries are assisted, either directly by HWCT or through grants by HWCT to other organisations, most of these being registered charities, providing such assistance. Effort is made through careful assessment of grant applications and monitoring and work undertaken with our grants, to assess the impact of work supported and maximise the effectiveness of HWCT resources.

Assessment of risk

HWCT’s Risk Register, with steps taken so far to mitigate risk, has no areas identified as high risk. All moderate risks are reviewed six-monthly, and all low risks annually.

The Board exercises careful financial oversight to ensure that we hold sufficient funds to meet all existing grant and pensioner award commitments. Further commitments are made only when the Board is satisfied that adequate resources are available to support them. HWCT’s endowment funds are managed with the objective of preserving value in real terms over rolling 5-year periods. We depend strongly on our small staff group but the risk of adverse operational impact of the loss of key staff is mitigated by documented systems and plans and short-term arrangements for temporary loss of key staff.

Financial Review

HWCT relies on its historic endowment to support its charitable expenditure in its area of benefit. In the latest year under review, the value of the charity’s endowment stood at £18.3m in September 2025 from £18.5m in September 2024. This supported grants of £702,177 (2023-24: £590,096).

During the year, the Trust was honoured to receive a legacy of £227,386 from the estate of Professor Victoria Chick, a respected economist, emeritus professor at University College London and an influential figure in the development of post-Keynesian economics. We are deeply grateful for her generosity. This significant legacy strengthens HWCT’s ability to support our charitable aims, and the Trustees will consider how best to apply these funds to benefit our Area of Benefit in line with our long-term priorities.

The latest year under review was the first full year of the new discretionary investment management arrangements, following the year of transition in 2023-24 (implementing the conclusions of the formal review that took place in 2022-23). As such, year on year comparisons remain of limited use, as the prior periods were marked by unsatisfactory non-discretionary arrangements and then a year of disruption. The latest year by contrast was much more settled, with a steady quarterly flow of investment income to support the grant making activities of the charity. In the latest year investment income rose to £751,202, 3.8% ahead of expectation at the start of the period. This investment income figure contrasts very favourably with the £237,765 generated in 2023-24, and also very favourably with the £485,965 generated under the prior nondiscretionary arrangements in 2022-23. While the latest year was not a outstanding year for investment returns overall from the charity’s two discretionary managers, the Trustees remain confident that the charity’s endowment will be able to maintain a similar level of investment income into the current financial year, and thus support a similar level of grant making as in 2024-25.

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The Hampstead Wells and Campden Trust Trustees’ Report Fixed assets of £18,247,537 (2023-24: £18,286,863) comprise an investment portfolio and a charitable property (the Wharrie Cabmen’s Shelter) held under licence with a net book value of £2,000. In addition, cash of £150,000 (2023-24: £400,000) is held with the investment managers and is included within current assets.

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 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 2025 was £14,049,001 (2024: £13,868,708).

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 2025-26 has been set at £860,000, with long term reserves of £17.4m, which the Trustees consider sufficient for their purpose, given the long-term investment strategy. The reserves policy is reviewed annually.

Looking to 2025-26

Trustees have adopted the Strategic Plan for 2025-30, which sets out six strategic goals to guide our work over the next five years:

As we move into 2025-26, we are encouraged by the completion of our strategic review for 2025-30 and look forward to implementing the plan in the year ahead. Guided by the strategic priorities, we remain committed to deepening our impact, strengthening the resilience of local organisations, and ensuring fair

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The Hampstead Wells and Campden Trust Trustees’ Report

and inclusive access to our funding. The coming year will focus on embedding these principles across our grantmaking, enhancing our learning from grantees, and continuing to steward HWCT’s resources responsibly so that we can deliver meaningful and sustainable public benefit for our communities.

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 behalfjof the Trustees 1 WCDoefy“ Robin Woolfson Chair

Date: 2 Taiuaty Us

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Independent[Auditors’] . ' Report To the Trustees of The Hampstead Wells and Campden Trust We have audited the financial statements of The Hampstead Wells and Campden Trust for the year ended 30th September 2025 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

Opinion on the financial statements

Basis for opinion

As explained more fully in the trustees’ responsibilities, 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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Independent Auditors’s v Report (Continued)s 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:

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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.

Mao (2 heathA Crd LAF -

Jonathan Aikens, (Senior Statutory Auditor)

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

6th Floor 9 Appold Street London EC2A 2AP

Date: 2, Tansvaey ZU,

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The Hampstead Wells and Campden Trust Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the year ended 30th September 2025

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Note|UnestrictedFunds|RestrictedFunds|EndowmentFunds|Total2025|Total2024| |Income|and|endowments|from:|£|£|£|£|£| |Investments| |Dividends and|interest on|securities|-|-|750,750|750,750|237,765| |Legacy income|227,396|-|-|227,396|-| |Bank|deposit and|other|interest|-|452|-|452|615| |227,396|452|750,750|978,597|238,380| |Expenditure|on:| |Raising funds|2|.|-|13,235|13,235|2,796| |Charitable|activities|3|-|871,645|-|871,645|740,936| |Total|-|871,645|13,235|884,880|743,732| |(Losses)/Gains|on|investments| |Unrealised|7|-|-|(26,092)|(26,092)|1,136,193| |Net|(expenditure)|/ income|227,396|(871,194)|711,423|67,625|630,841| |Transfers|between funds|12,|13|-|871,194|(871,194)|~|-| |Net movement|in funds|227,396|-|(159,771)|67,625|630,841| |Reconciliation|of funds:| |Total funds|brought forward|-|-|18,515,834|18,515,834|17,884,993| |Total funds|carried|forward|227,396|-|18,356,063|18,583,459|18,515,834|

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

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

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The Hampstead Wells and Campden Trust Balance Sheet at 30th September 2025

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||||||| |---|---|---|---|---|---| |Note|2025|2025|2024|2024| |£|£|£|£|;| |Fixed|Assets| |Tangible assets|8|2,000|2,000| |Investments|9|18,395,537|18,684,863| |Total|Fixed Assets|18,397,537|18,686,863| |Debtors|10|233,940|80,610| |Cash|at bank and|in|hand|325,622|97,504| |Total|Current Assets|559,562|178,114| |Creditors:|Amounts falling|due| |within one year|11|(373,640)|(349,143)| |Net Current Assets|185,922|(171,029)| |Long|term|debtors|-|-| |Total|Net Assets|18,583,459|18,515,834| |The|Funds|of the|Charity| |Capital|Funds| |Endowments|12|18,356,063|18,515,834| |Income|Funds| |Unrestricted|funds|14|227,396|-| |Restricted|funds|13|-|-| |Total|Charity Funds|18,583,459|18,515,834|

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. Approved by the Board on He. Nawvac 2026 Robin Woolfson - Chair Lb; { CN Company number: 04541031 fr

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1 Accounting Policies

The Hampstead Wells and Campden Trust Notes to the Accounts For the year ended 30th September 2025

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 £4.3m 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.

Land is held at nil value as a valuation is being completed.

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.

15

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025 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.

Unrestricted funds

Unrestricted funds are those where there are no externally imposed restrictions. They include those freely available to the Trust for expenditure or appropriation to reserves for internally designated purposes.

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.

16

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

2 Expenditure on raising funds

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Restricted|Endowment|2025|2024| |Building|management|and|maintenance|£|£|£|£| |costs|and|investment management fees|-|13,235|13,235|2,796|

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

3 Expenditure on charitable activities

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Restricted|Endowment|2025|2024| |£|£|£|£| |Grants|(note 4)|656,781|-|656,781|534,638| |Pensions|(note 4)|45,396|-|45,396|55,458| |Total|grants|702,177|-|702,177|590,096| |Grant making|support|costs|(note|5)|96,134|-|96,134|86,668| |Governance|costs|(note|5)|73,335|-|73,335|64,172| |871,645|-|871,645|740,936|

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

17

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

4 Grants and pensions

Grants and pensions payable comprises:

Grants and pensions payable comprises:
2025 2024
Number £ Number £
Grants to Individuals 242 117,497 218 121,412
Grants to Organisations 52 539,284 25 413,226
Grants returned - - - -
294 656,781 243 534,638
Pensions 99 __45,396 —80 ___ 458
Grants to Organisationsfell in the following ranges:
£1 -£2,500
£2,500 -£60,000 (see below)		 30
22		 45,429
493,855		 6
19		 12,045
401,181
52 539,284 25 413,226

In the year ended 30th September 2025, 22 grants exceeding £2,500 were made to the following 21 organisations:

In the year endedthe year endedyear endedended 30th September 2025, 22 grants exceeding2025, 22 grants exceeding22 grants exceeding
organisations:		 September 2025, 22 grants exceeding2025, 22 grants exceeding22 grants exceedinggrants exceedingexceeding September 2025, 22 grants exceeding2025, 22 grants exceeding22 grants exceedinggrants exceedingexceeding £2,500 were made to the followingwere made to the followingmade to the followingto the followingthe following £2,500 were made to the followingwere made to the followingmade to the followingto the followingthe following 21
£ £
Icandance £15,000 KIDS £12,502
Refugee Community Kitchen
WacArts
WestHampstead Women’s Centre		 £10,000
SidingsCommunityCentre
£25,000 _Kilburn State ofMind
£15,000
Young Camden Foundation		 £16,685
£10,000
£30,000
TheWinch
AbbeyCommunityCentre		 £23,809
£15,000		 SwissCottage CommunityCentre
LikewiseCommunity		 £20,000
£18,000
CPU London £10,000 Bloomsbury Football Foundation £14,328
Umoja Health Forum
The Felix Project		 £41,165 — BlindAid
£15,000
The Brandon Centre		 £17,000
£29,257
Caris CamdenC4WS Homeless Project £15,000
Action Youth Boxing intervention CIC £20,000
CitizensAdviceCamden £121,109 493,855

18

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

5 Support and Governance costs

Support Governance 2025 2024
Costs Costs Total Total
Costs Costs
£ £ £ £
Office expenses
Professional Charges		 17,908 - 17,908 20,403
Consultancyfees - 8,798 8,798 -
Auditfees forwork on audit
Accountancyfees
Overheads
Staffcosts (see below)		 -
-
-
78,226		 18,580
28,511
4,854
12,592		 18,580
28,511
4,854
90,818		 17,892
31,422
-
81,123
Total costs 96,134 73,335 169,469 150,840
2024 86,668 64,172 150,840
2025 2024
Wagesand salaries
Employer's National Insurance
Pension costs		 £
78,714
3,075
9,029		 £
72,226
317
8,580
90,818 81,123

The average monthly number of full time equivalent employees during the year was 2 (2024: 2). One employee received remuneration including benefits in kind between £60,000 - £70,000 during the current year (2024: One employee received remuneration including benefits in kind between £60,000 - £70,000).

The remuneration of key management personnel, which comprises the director was £81,241 (2024: £75,378). 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.

19

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

7 Gains on Investments 2025 2024
£ £
Increase/(Decrease) in marketvalue of PropertyTrustFunds
Increase/ (Decrease) in market value of listed investments		 -
26,092		 (137,888)
1,274,081
26,092 1,136,193
8 TangibleFixedAssets Property
under
Licence
Cost £
At 1stOctober2024and 30th September2025 2,000
Depreciation
At 1stOctober2024 and 30th September 2025 =
Net Book Value
At 30th September 2025 2,000
At30thSeptember2024 2,000

The property under licence held at 30th September 2025 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 andand investment properties
Listed 2025 2024
Investments Total Total
£ £ £
Marketvalue broughtforward
Additions at cost
Disposals (atproceeds value)
Realised gain/(loss) on disposals
Management charges
Unrealised gain/(loss) on investments		 18,284,863
-
-
-
(13,234)
(26,092)		 18,284,863
-
-
-
(13,234)
(26,092)		 17,151,467
17,619,793
(17,619,793)
(137,887)
-
1,271,283
Marketvalue carriedforward
Cash held byinvestment manager		 18,245,537
150,000		 18,245,537
150,000		 18,284,863
400,000
Totalvalue ofinvestments 18,395,537 18,395,537 18,684,863
Historicalcostat30thSeptember 13,077,368 13,077,368 15,943,534

20

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

9 Investments (Continued)
2025 2024
Listed investments comprise: £ £
Other listed investments 18,245,537 18,284,863
Cash Instruments 150,000 400,000
18,395,537 18,684,863

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

Trustfor Unapplied Total
investment Total Return endowment
£ £ £
As at 1 October 2024
Gift component ofthe permanentendowment 9,959,617 - 9,959,617
Accumulated inflationary uplift 3,909,091 - 3,909,091
Unapplied total return - 4,647,125 4,647,125
Total 13,868,708 4,647,125 18,515,833
Movements in the reporting period:
Allocation for investment 180,293 (180,293) -
Investment return: dividends and interest - 751,202 751,201
Investment return: gains and losses - (26,092) (26,092)
Less: Investment management costs
Total		 -
180,293		 (13,235)
531,582		 (13,235)
711,874
Unapplied totalreturn allocated toincome - (871,645) (871,645)
Netmovementsinreportingperiod 180,293 (340,063) (159,771)
As at30September 2025
Giftcomponent ofthe permanent endowment 9,959,617 - 9,959,617
Accumulated inflationary uplift 4,089,384 - 4,089,384
Unapplied total return
Total		 -
14,049,001		 4,307,062
4,307,062		 4,307,062
18,356,063

The Charity Trustees have exercised their powers to adopt a total return approach under section 104A 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 £180,293 (2024: £231,827). 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.

----- Start of picture text -----
10 Debtors
2025 2024
£ £
Dividends and interest receivable 505 74,995
Other debtors 233,435 5,615
233,940 80,610
----- End of picture text -----

21

11 Creditors: Amounts falling due within one year

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

11 Creditors: Amounts falling due within one year
2025 2024
£ £
Trade Creditors 2,188 4,238
Other creditors 877 836
Taxation payable 1,638 1,537
Accruals 368,937 342,532
373,640 349,143
12 Endowment Funds - 2025 Balance Balance
Brought Investment Other Carried
Forward gains (losses) Movement Forward
£ £ £ £
The HWCT Fund 18,515,834 (26,092) (133,679) 18,356,063
18,515,834 (26,092) (133,679) 18,356,063

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 $268 and s275 of the Charities Act 2011.

Endowment Funds - 2024 Balance Balance
Brought Investment Other Carried
Forward gains (losses) Movement Forward
£ £ £ £
The HWCT Fund 17,884,993 1,136,193 (505,352) 18,515,834
17,884,993 1,136,193 (505,352) 18,515,834

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 - 2025

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

----- Start of picture text -----
Balance Balance
Brought Income Carried
Forward & Transfers In Expenditure Forward
£ £ £ £
The HWCT Fund - 871,645 (871,645) -
- 871,645 (871,645) -
----- End of picture text -----

22

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

13 Restricted Funds - 2024 (continued)

----- Start of picture text -----
Balance Balance
Brought Income Carried
Forward &Transfersin Expenditure Forward
£ £ £ £
The HWCT Fund - 740,936 (740,936) -
- 740,936 (740,936) -
----- End of picture text -----

The HWCT Fund

(1) The principle objects of The HWCT Fund are for the benefit of persons who are residents in the Trust's Area of Benefit, they are:

(1.1) relief and prevention poverty

(1.2) relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage;

(1.3) advancement of health; and

(1.4) preservation of the Wharrie Cabman's Shelter as a heritage property for the benefit of the public.

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 Unrestricted Funds - 2025

----- Start of picture text -----
Balance Balance
Brought Income Carried
Forward &Transfersin Expenditure Forward
£ £ £ £
Unrestricted funds - 227,396 - 227,396
- 227,396 - 227 396
15 Analysis of Funds between Charities - 2025 2025
Unrestricted Endowment Restricted Total
Funds Funds Funds Funds
£ £ £ £
The HWCT Fund 227,396 18,356,063 - 18,583,459
227,396 18,356,063 - 18,583,459
Analysis of Funds between Charities - 2024 2024
Unresiricted Endowment Restricted Total
Funds Funds Funds Funds
£ £ £ £
The HWCT Fund - 18,515,834 - 18,515,834
- 18,515,834 - 18,515,834
----- End of picture text -----

23

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

16 Analysis of Net Assets between Funds

2025
Unrestricted Endowment Restricted Total
Fund Fund Funds Funds
£ £ £ £
Tangible fixed assets - 2,000 - 2,000
Investments - 18,395,537 - 18,395,537
Net current assets 227,396 (41,474) - 185,922
227,396 18,356,063 - 18,583,459
2024
Unrestricted Endowment Restricted Total
Fund Fund Funds Funds
£ £ £ £
Tangible fixed assets - 2,000 - 2,000
Investments - 18,684,863 - 18,684,863
Net current assets - (171,029) - (171,029)
- 18,515,834 - 18,515,834

17 Related party transactions

During the year £800 was paid by Umoja Health Forum (an organisation receiving funding from Hampstead Wells and Campden Trust) to Ludimus Ltd, a company wherea trustee of the charity is a director (2024: £nil).

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

24

The Hampstead Wells and Campden Trust Notes to the Accounts (Continued) For the year ended 30th September 2025

17 Comparative Information

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

2024 Statement of Financial Activities
Restricted Endowment Total
Funds Funds 2024
£ £ £
Income and endowments from:
Investments
Dividends and interest on securities - 237,765 237,765
Bank deposit and other interest 615 - 615
Total 615 237,765 238,380
Expenditure on:
Raisingfunds - 2,796 2,796
Charitable activities 740,936 - 740,936
Total
740,936 2,796 807,196
Gains/(losses) on investmentassets
Unrealised - 1,136,193 1,136,193
Net (expenditure) /income (740,321) 1,371,162 630,841
Transfers between funds
740,321 (740,321) -
Net Movement in Funds
- 630,841 630,841
Totalfunds broughtforward - 17,884,993 17,884,993
Total funds carried forward - 18,515,834 18,515,834
2024Supportand Governance costs
Support Governance Total
Costs Costs Costs
£ £ £
Office expenses 17,718 2,685 20,403
Professional Charges
Legal fees = - e
Consultancyfees - = -
Accountancyfees - 17,892 17,892
Auditfees forwork on audit - 31,422 31,422
Recruitment costs - - -
Staffcosts
Totalcosts		 68,950
86,668		 12,173
64,172		 81,123
150,840

25