REGISTERED CHARITY NUMBER: 208941 ort of the Trustees and Unaudited Financial Statements For The Year Ended 31 March 2025 for Parochial Chari Wcst Hacknc W¢st Hackn¢ Parochial Chari R¢ art of the Truste¢% for tlic Year E,ndcd 31 March 2025 Page Report of the Trustees 1105 Independent Examiner's Report Statement of Financial Activities Comparative Statement of Financial Acrivities Balance Sheet Comparative Balance Sheet Notes to the Finaneial Statements 11 to 19 Detailed Statement of Financial Activiries 2U W¢st Hackn¢ Parochial Charit rt of the Trustees for tlie Year Ended 31 March 2025 The tru￿tee5 pre8ent their report with the finat]cial ststements of the charity for the year ended 31 March 2025. Thc financial %tatcmcnts havc bccn prcparcd in accordancc with thc accounting policics sct out on pagc% I I to 13 of thc attached account5 and cornply with the charity's tTU5t deed, the Charities Act 2011, regulations applicable to that Act. and Accounting and Reporting by Charities.. Statement of Recommended PTaCtice applicable to chaTities preparing their accounts in accordance with the Fiiiancial Reportit]¥ Standard applicable in the UK and Republic of Ireland {FRS 102), effective from accounting periods comniencing 1st January 2019 or later. REfERENCE AND ADI￿11￿[STRATIVE DETAILS Registered Charity number 208941 Principal address Hackney Parochial ch￿ltieS Unit 11, 8-20 Well Street LONDON E9 7PX Trustecs Reverend N Weir Reverend B Fletcher-James Mr I S Malik Ms K Johnson Ms E Plouviez Ms F Fieber Mr J Cardale Ms P Mann R¢vercnd Justin Gau Mr B Innis Mr C Adams C.oun¢illor G Smyth Coun¢illor F Baffour Mr Ci Evan8 Chair Chair Retired 08.05.24 Appoinied 23.07.25 Retired 18.07.25 Acting Chair Rctircd 05.08.25 Treasurer Appointcd 13.11.24 Independent Examiner Dunkley's Chartered Accountants and Statutory Auditors Woodlat]d Grange, Woodlands Lane, BTadley Stoke Bristol BS32 4JY Administrators The Trust Partnership 6 Trull FaTm Buildings Tetbury Gloucestershire GL8 8SQ Stoekbrokers Sardsin & Partners LLP Juxtsii House 100 St Paul's Chuichyaid Londvn EC4NI 8BU Page I W¢st Hackn¢ Parochial Charit rt of the Trustees for tlie Year Ended 31 March 2025 STRUCTURE, GOI'ERNANCE AND MANAGEMENT Governing document Wc8t Hackncy Parochial Charitics wcrc constitutcd undcr a Trnst Dwd datcd 12th March 1974 which continllcs thc work of 32 charitic% in thc ccclc%ia8tical pari%h of Wc%t Hackncy. A ncw Schcmc wa% .%calcd on 5th July 2007 and a8 part of this Scheme the charity changed its name to West Hackney Parochial Charity. The Charity i5 constituted to receive froni Hackney Joint Estate Charity (HJEC) 25 /n of its funds available for distribution. On 1st April 1994, following agreement with HJEC and other constituent charities, it was agreed the charities should assuine custody and control of tlieir piDportion of the investments representing the proceeds of tlie sale by HJEC of a proportion of its property portfolio. Tiie transfer of investmeiits amounted to £1,802,888 and these are beiii¥ held as capitLtI as instructed by the Trustees. This tiedtinent Was Tiltified by the Chdrity Coinmi5sion. Recruitment and appointment of new trustees The Trust Deed provides lor thirteen trustees; three ex-olficio trustees, thTet nominated trustees seven co-opted tTuslees. The ex-offiLio tTUStee5 the ReLtor und Church Wardens or PCC rnernberb of St Paul's. West HaLkney. The co-opied trustees niust be elected by ihe irustees at a special meeiing. Ir trustees consider there would be a need for new co-opted trustees. those co-opied trustees would be identilied and appointed by the cuttent trustees. The Lhair of trustees is responsible lor the induction ofany new trustee which involves a briefii)g on a tiustee's responsibilities. the governing document, administrative procedures, and the history of tl)e tiust and ihe philosophical approach of the charity. Key Management Personnel The trusiees consider that ihey comprise the key management of the charity in charge of directing and conirolling, running and operating the Lharity on a day to day basis. The trustees receive no remuneration. Risk management In linc with thc rcquircrncnt for trustccs to und¢rtakc a risk assessmcnt ¢xcrcis¢ and r¢port on the sam¢ in th¢ir annual report, the twstees have identified five main areas where risks may occur and considered how they might mitigate against them.. Governance and management risk. The trnstees undertake str)tegic reviews to ensure the charitable objectives are met. Thc tru%tccs arc offcrcd and takc up training, and administrativc %llpport from Thc Trn8t Partncr8hip to cnsurc propcr managcmcnt of thc charity. Operational risk5 Centre upon the ri$k inherent in the charity's grant-making a¢tiN'itie8 including iinsuitable requc.%t%.applicalions from charities and ensuring continuity of administration. The Charity's administrators (The Trust Partnership} screen applicants making sure tlie award5 are made in accordance with the charity objectives prior to trnstee screening and consideTation. The Trnst Partnership operates with sufficient staff to support the charity shollld the priniary administrator be unavailable. FinaThcial risk5 include those arising a5 a re5lllt of budgetary controls, inappropriate Spending, poor accounting, inappi'opriate investinent policies. The Charity'5 investments and funds are reviewed by trllstees at each t[￿stee inecting. Investments are managed on a day to day basis by Sarasin and Parther5 LLP. The annual accounts are independeiitly reviewed. Reputational risk and the possible daina¥e to the charity's repiitation through association with unsuitable charities, or with inappropriate activity. Applicant5 are subjected to a due dilibFeiice check by the C.Iiarity's adininistrator and tl)e local nature of the gTant-making process allows Trustees bFreater iilSlSFI)t into kiiowingF the beneficiarie5. Laws, re£ulations, external #nd environmental risk priTnarily as a iesult of the effects of gioveTninental policies. the consequences of non-CVTnpliance with laws diid regulations and the effect of external matters on the charity's principal aSSet, its investment portfolio. The chaTlty maintainb effective liaison with piofessional advists15,' The Trust Partnership, d the Inveblment Fund Manager, Sarasin and Partners LLP. Having assessed the niajor risks to which the Lharity Ib exposed, in particular to its finances, the trustees believe that by Inonitoring reseive le*els. by ensuring that Lontrols exibt over key financial systemb, and by examining the operational and business risks faced by ihe charily, they have esiablished etyeclive Systems io Iniligaie ihose risks. Page 2 W¢st Hackn¢ Parochial Charit on of the Trustees foT the Year Ended 31 March 2025 0￿ECTIVEs AND ACTIVITIES Objectives and aims The object5 of the charity as defined by the Scheme are as the advancement of life of Pe￿On5 under age 25 years resident in the area of benefit and who are in need of financial assistance the relief of persons resident in the area of benefit who are in need, hardship OT distress if and in 50 lai ab the iiicome of the charity cannot be applied towards the objects specified above, the tTUStees Indy apply it for buch chillitable putposes foi the general benefit of the iesidents of the area of benefit a5 they think fit. Publie Benefit The trustees Lonfitm that they have complied with their duty under the 2011 Charities Act to have due rebard to bwuidance published by the Charily Commission on public benefii when reviewing the charity's aims and objectives in planning future activilies and selting grani making policy lor the year. Grnnts are made in line with the objects of the Charity, being.. the advanceinent in lite ol'those under the age of 25, living in the area of benefit and who are in need of financial assistance,. and tl)ose living in the area of benefit and who are in hardship or distress. and lastly to support applicaiions as the Trustees see fit: in the area of benefit. The Twstees only consider applications thai have first been screened by an independent organisation (The Trust Partnership} tl) ensure that they are wiihin the charitable objects. Grant beneficiaries are alivays resident in the area of benefit. in need of financial assisianee and ihe grants made are bUPPOrting thlise in hardship or distress. Th¢ trustccs ar¢ satisficd that all grants madc during th¢ y¢ar arc for th¢ bcncfit of thc public and thc bcn¢fits of cach grant are clearly identifiable. A ￿11 list of grants can be seen in note 4 in the notes to the financial statements. Grant Tnaking The trust¢¢s meet four times ayear to considerwhat grants they will make and to review any feedback they have received. The trustees consider appli¢ations for grants and ftinding for projects from individuals and from organisaiions which must bc rcgistcrcd charitic% or hai'c cxcmpt Sta￿8. Applieations arc madc via thc eharity'% wcbsitc using an onlinc portal. Thc web%ite is shared with the Hackney Parochial Charitie%, the South Hackney Parochial Charity and the Hackney Joint Estste Charity. The truftees expect the applicant to say how the fut]dq will be u%ed and what would be achieved. Thc trustc¢s always s¢¢k f¢¢dback on th¢ impact and us¢ of thc grants giv¢n and any rcsulting a¢hi¢v¢incnts Iwhcr¢ relevant), including those given to individuals. The explanations and feedback received are considered sufficient for monitoring the quality of grants made. Nlqien necessary, tlie trLiStees make visits to organi5ations to wliich grant5 al'e made and to OTganisations being considered for payment of grants. Jn the case of individuals, personal ideiitification is checked when grants are paid, applications must be endorsed by two refeTees, and grants are paid via third party organisatjoll. The Trust ParttleTship handles the correspondence relating to grants and also looks after the financial affairs of the charity on a ddy tv day basis. Page 3 West Hackne Parochial Charit Re ort of tl)e Trustees for the Year Ended 31 March 2025 ACHIEVEMENT AND PERFORMANCE Duiing the year the charity bten able to make grai)ts of £171.17O (2024 £194,291) to a divetse range of piojectg to assist the local COTnmunity and Indi￿.]dual5 in hardship, as detailed in note 3 on page 15. Twenty one {2024'. 22) grants were made to chariiies applying for funding for projects within the area of benefit and nineleen12024.' 14} grants were made to eligible individuals. All of the individual granis given were for hardbhip. FINANCIAL REVIEW het expenditure, after granL$ and operation expenses of £186,226 12()24 £207,553) for the year was £35,614 12n24 £55,681 expense), this 1% excluding the gain8 and 108qes on investment assets (from the endowment fund). At the end of the financial year unrestri¢ied reserves were £214,568 12024 £265,182) and designated funds for forward grant Commitments totalled (£15,000) (2024 (£30,000)). There has been a pause in distributions from HJEC, but Trustees anticipate that these will recommence shortly ag that charity overcomes medium-term challenges presented by the recent pandemic. The charity holds its funds in bank accounts ivith CAF and CCLA and investments with Sarasin & Partners LLP. The day to day Jnanagement of receipts and payments is Iialldl¢d by the charity's administrator and bookk¢¢per, with r¢gular oversight from Truste¢s at me¢tings. Reserves policy It is th¢ policy of th¢ trust¢¢s to hold sufficicnt fvnds in hand to covcr grant cotnmitm¢nts and ¢xpcnscs for thc ¢urrcnt rinancial ycar and io maintain an appropria1¢ budg¢t for futurc ycars to cnsur¢ that thcy could covcr longcr tcrni commitments. Thc commitmcnts and liabilitic8 within onc year wcrc £22,240 12024.. £23.3951 at 31 March 2025. Thc Trllstccs con%idcrcd that thc anticipatcd incomc for thc ycar cndcd 31 March 2026 togcthcr with thc cash balancc of £309,508 {2024.. £355,882) at 31 March 2025 were more thall %ufficient to cover these commitments. Invest￿ent polic). and objectives The tn]5tees haN'e set a policy tl)at the endoThTrnent funds should be invested in order to obtain a reasonable lonb-term overall remlli at nioderate risk, with tlie einphasis on income. The income from investments foT the year was £150,612 (2024 £151,872). The chatity employs Sardsin and Partners LLP as In￿'eStment advisers and Tnanagers. They charge a fee based on the value of the portfolio undei theii Inuna¥enient. The trustees invebt in Sardsin's Climate Active endow'meiit fund. Going Concern The Trustees of the charity beliei'e that there gre no material un¢ertainlies thigt may ¢ast signifi¢ant doubt about the ability of the Lharity to continue as 3 going concern. Despite the additional challenges of the Cost of Living crisis, the trustees are of the opinion thai the charity will have sufficient resources to meet its liabilities as they fall due. FUTURE DEVELOPMENTS The ti￿Ste¢S plan to coiitinue theirgTant Inaking activity ￿'Ithin the area of benefit, in collaboration with the otherparochial chaiitie5. They w'ill also continue to play an active role in the management of the Hackney Joint Estate Charity through nomination rights. Page 4 W¢st Hackn¢ Parochial Charit on of the Trustees foT the Year Endcd 31 March 2025 STATEMENT OF TRUSTEES RESPONSIBILITIES Thc tru.%tcc8 arc re￿pOn￿lbIC for prcparing thc t￿￿tCc$. rcport and accounts in accordancc ￿'1th applicablc law and United Kingdorn Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Et]¥land and Wales require5 the trustees to prepaTe accounts for each financial year which give a t￿￿e and fair view of the state of affairs of the charity and of the incoine and expenditure of tlie charity for that period. In preparing these accounts, the t[￿ste¢S are reqiiired to.. select suitable a¢Ltsuntiiig policies and then apply theni consistently; obsetve the methods klnd piinciples in Accounting diid Reporting by Chillities.. Statement of RecvTninended Practice dpplicable tv chillitieb prepdrin¥ their dccounts Ill iiccoidance with the Finuncial Repvrtlllbw Staiiddrd appliLdble in the UK dnd Republic ul. Ireland IFRS 102}; Indkt jud¥FementS dnd estimates that reasonable and pnjdent. state whether appliLHblt United KingFdom AcLounliIib Standards have been followed, subject to any maierial depariures disclosed and explained in the accouiiis," and prepare ihe tinanLial slaitmenls on the going concem basis unlebs It is inappropriate io presume thai the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of Ihe chariiy and lo enable them to ensure thai the financial staieinents comply wilh the Chariiies Act 201 I, Ihe Charity (Accounts and Repoftsl Regulations and the provisions of the chariiy's trust deed. They are also responsible for safeguarding the assets of the charity and hence fortaking reaslinable S￿p8 for the prevention and deteciion of fraud and L)ther irregularities. The trustees are responsible for the maintenance and integrity Lif the corporate and financial infornjation included on the Charity's website. ON BEHALF OF THE BOARD.. Rcvcrcnd B Flctchcr-Jamcs- Chairman 2910112026 Date.. Page 5 Inde endent Examiner's Re ort to the Trustees of West Hackne ' Parochial Charit Independent examiner's report to the trustees of West Hackney Parochial Charity I report to the charity trnstees on my examination of the accounts of West Hackney Parochial Charity for the year ended 31 March 2025. Responsibilities #Dd basis of report A5 the charity tn]5tee5 of the Trust you aTe responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('tl)e Act,). I report in respect of my examination of the Trllst'5 accollnt5 carried ollt under Section 145 of the Act and in canying oiit my examination I have followed all applicable Directions given by the Charity ComTlli5sion under section 14515llbl of the Act. Independent examlner's statement I hdve Lompleted my examindtion. l Lunfitrn that tn&terial matter5 have Lorne to niy iittentioti Itl LoIllieLtion with the examination giving me Lau5e to believe that in any rnilt¢Tial resp¢Lt-. accounling records were not kept in respecl of the Trnsl as required by Section 130 of Ihe Aci,. or Ihe aLcounls du nui accuTd wilh iht)se reLurds", or Ihe accounts do noi comply with ihe applicable requiremenlg concerning the fomi and conienl ofaccounis sel oul in the Charities (Accounis and Reportbl Regulations 2008 other than any requireinent that tlie accounts give a true and fair view wl)ich is not a matter considered as part of an independent examination. T have no concerns and have come across no other mairers in connection with the examination lo which atiention should be drawn in this report in order io enable a proper understanding of ihe accounts to be reached. Matthew tk)bbins FCA Dunklcy, Woodlands Cirangc Woodlands Lane Bradley Stoke Bristol BS32 4JY 2910112026 Date-. Page 6 W¢st Hackn¢ Paro¢hial Charit Statement of Financial Activities foT the Year Endcd 31 Marcli 2025 31.03.25 31.03.24 Unre%tricted Designated Endowment funds nds funds Total Totsl fiinds funds Not¢s INCOIIE Income frnm Investment inclime 135,612 15.000 150,612 151,872 Total income 135,612 15.OUO 150,012 151,872 EXPENDITURE Costs of raising funds Investment manager fees (14.131) {12.600) Charltable aetli'itles Grants lo inslitutions 314 191.267 191,267 213,628 Grants to individuals 314 9,090 9,090 6,525 Total expendlture 186,226 186,226 207,553 Net intomel{expenditure) before yains11055es (50,614) 15,000 (35,614) (55,681) Net bTain51llosses) on inveslmet]ts 31.679 31,679 399,256 Net movement in funds (50,614) 15,000 31,679 (3,935} 343,575 RECONCILIATION OF FUNDS Total funds brought forward 265,182 130,000) 5,488,061 5,723,243 5,379,668 TOTAL FUNDS CARRIED FORWARD 214,568 115,0001 5,519,740 5,719,308 5,723,243 The note5 fonn purt of these findncidl stuteTnents' Page 7 W¢st Hackn¢ Parochial Charit Com arative Statenient of Financial Activities foT thc Year Endcd 31 Marcli 2024 31.03.25 Unrestricted Designated Endowment funds funds funds Total funds Notes INCOME Jneome from Donkltiuns Invest￿ent income 115.372 36,500 151.872 Total inetsme 115.372 36,500 151,872 EXPENDITURE Costs of raising funds Investment manager fees (12,6001 (12,6001 Charitable activitie5 Grants to institutions 314 168,628 45,000 213,628 GTants to individua15 314 6,525 6,525 Total expenditure 162,553 45,000 207,553 Net ineomel(exp¢nditure) before gain51l05ses 147,1811 (8,500) 155,6811 Net gain￿{10￿￿e81 on invesiments 399,256 399,256 Net movement In funds 147,1811 18,500) 399.256 343.575 RECONCILIATIO￿ OF FLNDS Total funds brought forward 312,363 (21,500) 5,088.805 5.379,668 TOTAL FUNDS CARRIED FORIVARD 265,182 (.io,00()) 5,488,061 5,723,243 The note5 fonn part of thebe financial ￿t￿teTnents Page 8 W¢st Hackn¢ Parochial Charit Balance Sheet At 31 March 2025 31.0325 Total funds 31 03.24 Total Funds Unrestricted Designated End0￿.Ment funds funds funds Notes FIXED ASSETS tnvesttnents 5,432,040 5,432,040 5.405,756 CURRENT ASSETS Cash at bank 221,808 87,700 309,508 355,882 221,808 87,700 309,508 355,882 CREDITORS Amounis falling due within Line year (7,240) (15,0001 {22,240) (23.395) NET CURRENT ASSETS 214,568 (15.000} 87,700 287.268 332,487 TOTAL ASSETS LESS CURRENT LIABILITIES 214.568 (15,0001 5.519,740 5.719,308 5,738.243 CREDITORS ATnounts falling due in more than one year {15,(X)O) NET ASSETS 214,568 15,000 5 519,740 5,719.308 5,723.243 FUNDS Unr¢strict¢d tsnds 214,568 214,568 265,182 Dcsignatcd ￿nd 115,00(11 {15,0001 (30,000) Endowmcnt ￿ndS 5,519,740 5,519,740 5,4R8,061 TOTAL FUNDS 214,568 15,000 5,519.740 5,719,308 5,723,243 The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by.. Reverei)d B Flet¢her-Jaines- Chaiiinan Trustee The note5 fonn purt of these financial stuteTnents Page 9 W¢st Hackn¢ Par￿hla1 Charit Com arative Balance Sheet At 31 March 2024 31.0324 Total funds Unrestricted Designated Endowment funds funds funds Notes FIXED ASSETS tnvesttnents 5,405,756 5,405.756 CURRENT ASSETS Cash at bank 273,577 82,305 355,882 273,577 82,305 355,882 CREDITORS Amounis lalling due within L)ne year (8.395) (15.000} 123,3951 NET CURRENT ASSETS 265,182 {15.(KJO) 82,305 332,487 TOTAL ASSETS LESS CURRENT LIABILITIES 265.182 (15.000} 5.488,061 5,738,243 CREDITORS ATnounts falling due in more than one year (15,(M)O) 115,0001 NET ASSETS 265,182 30,000 5 488.061 5,723 243 FUNDS Unr¢strict¢d fvnds 265,182 265,182 Dcsignatcd ￿nd (30,000} 130,000) Endowmcnt ￿ndS 5,488,061 5,488,061 TOTAL FUNDS 265,182 30,000 5,488,061 5,723,243 The note5 fonn part of these financial ststeTnents Page 10 W¢st Hackn¢ Parochial Charit Notes to tlie Fiiiancial StatenientS foT tlie Year Endcd 31 Marcli 2025 ACCOUNTING POLICIES Thc principal accounting policic% adoptcd, judgcmcnts and kcy sourcc% of cstimation unccrtainty in thc prcparation of the account5 are laid out below. Basis of preparatio These accouiits have been prepared for the year to 31 March 2025. The accounts have beeii prepaTed under the historical cost convention witli item5 recognised at cost or transaction value unless othetwise ststed in the relevant aLcouiiting policies below or the notes to tliebe accounts. The dccounts have beeli prepdied in acctsrddnce ￿'ith Accounting Lind Repvrtiiig by Cliarities.. StdteTnent of ReLoinmended PraLtiLe dppIiLable to Lharities prep[￿l￿¥F their dLLouiIts in aLLvrdanLe with the Fin[￿lIa[ Reporting Stsndard ￿Pplicable in the UK dnd Republic of Ireldnd IFRS 1021 (Chaiities SORP FRS 102) issued on 16 July 2014. Update Bulletin l issued on 2 FebrU￿ry 2016, Upddle Bulletin 2 ibsued OLtober 2019, the Financial Reportinb Siandard applicable in the UK and Republic ofLreland IFRS 1021 and ihe Charities Act 2011. The dale oftransiiion its the Chatities SORP FRS 102 was l July 2014. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rliunded to the nearest pound. Critical accounting estimates and areas of judgement Preparaiion of the financial statements requires the trustees to make significant judgements and estimates. The trustees acknowledge thal there are key judgements made in the preparation of the financial statements regarding al support cost allocation bases and b) recognition of grant commitments (i.e. timing when constructive obligation aris¢s). As$essment of gning cnncern The trusteeq hape assessed whether the use of the going concern assumption 18 appropriate in preparing these financial siatements. The trustees have made this assegsment in respeci to a period of one year from the date of approval of thcsc flnancial statcmcnt8. The tru%tees of the charity have eoncluded that there are no material uncertainties related to events or condition8 that may cast 8ignifJeant doubt on the ability of the Charity to Continue as a going con¢erll. The most %ignificant areas ofjudgement that affect items in the accounts are detailed ahove. With regard to the next accounting peri()d, the year ending 31. March 2026, the most significant areas that affect the carrying value of the assets held by the charity are tlie level of investment return and the perfollnance of the investment Inarkets (see the investment policy and tlie Tisk management sections of the tn]stees' report for more infoTmation). iv) Income recognitio Income is rtcogni%cd in the period in which the charity has entitlement to the income, the amount of income can be measured i"eliably. and it is probable that the income will be received. Income is def¢￿ed only when the group or charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the iiicome is to be expended in a future accountin¥ period. Income comprises investment income. inteTe5t receivable and donation5. Dividends are recoginised once the dividend has been declared and t)otifi¢ation l)as been ieeeived of the dividend due. Interest on funds held on depobit is included when receivable and the dinount Cdn be measured ieliably by the cliarity; this ib llOTmally upon notificdtion of the Interest paid or paydble by the bunk. Pagell W¢st Hackn¢ Parochial Charit Notes to tlie Fiiiancial StatenientS foT tlit Year Endcd 31 Marcli 2025 Donations aTC rccogniscd whcn thc charity has confiTmation of both thc amount and scttlcmcnt datc. In thc cvcnt of donations plcdgcd biit not rcccivcd, thc amount 1% accrucd for %￿hCre thc rcccipt 1% eon%idcrcd probablc. In thc event that a donation is subject to condition5 that i'equire a level of perfom]ance before the charity is entitled to the funds, the income is deferred and not recogni5ed until either those conditiot15 are fully met, or the fuifilment of those coiiditions is wholly within the control of the charity at]d it is probable that those conditions will be fulfilled in the reporting period. Expenditure recognitiort Lidbilities are reLo¥llibed as expenditure as soon as tliere is a legal 01 congtTUCtive obligatlOTI Lommitting the group or churity to mdke a Pdyinent to &1 third party, it is probdble that a t1<￿￿fer of econoinic beiiefits. will be iequired in settlement and the dlllount ot'the vbli¥ation Cdn be ineilsured reliably. All exptnditUTe is dLLounted for on aLLiuHlb basis klnd inLludes attiibutable VAT which cannot be reLovtred. Expenditure compTiSeS direct Lubts. and support cost&. All expenses, InLluditlbT SUPPOrt Losts, are ￿lI￿Lated to the applicable expendiiure heading. Costs ofGenerating Funds relate to investment management for both income generation and capital maintetvdnce. The cost of charitable activities coinprises grants payable and support and governanee costs. Adminisirative costs and other overheads are allocated by the Trnsiees between direcr charitable expenditure and govemance costs on the basis of time spent on these activities. Costs which relaie solely to charithble actiiwiiy or govemance are ascribed directly to the relevani heading. (irants payable are included in the statement of y￿artLIal activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all related conditions. Grants offcrcd subjcct to conditions which havc not bccn mct at thc ycar-cnd datc arc not¢d as 3 commitment but not accwed as expenditure. Should circumstances arise where the grant is repayable, this is accounted for at the ry)int when the grant is received. If this is afier the balance sheet date and known abLlUt it is reflected in the accounts &s a post balance sheei event. Allocation of support and governance eosts Siipport cost8 rcpTc%ent indircet charitablc cxpcnditurc. In ordcr to cary out thc primary purpo8c8 of thc charity it is neces8ary to provide support in the forni of financial and governance procedures, provi%ion of offjce services and equipment and a suitable ￿Orking environment. Governance costs coniprise all costs relating to the public accountability of the chaTlty alld its coinpliance M'ith regulation and good PTactice. These costs include costs relating to the independent exainination of the fit]ancial statenients and legal fees. Support costs and governance costs are allocated to the charity's single charitable activity. vii) Investments L15ted iiivestments are a foTm of basic financial instrument and are initially recO￿lised at their transaction value and Subsequently measured at their fair value as at the balance sheet date Using the c105ing quoted market price. The charity does not acquire put options, derivatives or other complex financial in5truinents. As noted above the tnain fomi of financial risk faced by the charity is that of volatility in equity markets and investmeiit markets. due to wider ectsiioniiL conditlollb. tl)e attitude of invebt015 to investment iisk, and Changes it) sentiment conLetniii¥ equitieb aiid witliin partlLulai sectols or bub secttsts. Redlised ¥dins (01 losbes} on invebtment i￿￿Ets are calculated the differeiice between disposiil proceeds dnil their opening CdTryifisF value or their purchdse value is dcquired bubsequent to the tirbt day of the fIn{￿Cial year. Unrealised gains and Iosbes are Lalculated as the dilTerence between the fair Nalue at the year end and their catrying value at that date. Realibed and unrealised invebtment gains (or ltsbsebl are combined in the statement of finanLial aciiviiies and are crediied (or debiiedl in ihe year in which they arise. Other investments are included at cost, which is considered to be approximate to their market value. Page 12 W¢st Hackn¢ Parochial Charit Notes to tlie Fiiiancial StatenientS foT tlit Year Endcd 31 Marcli 2025 iii) Debtor5 Dcbtor.% arc rceogniscd at thcir Scttlcmcnt amount, Ic8% any provision for non-rccovcrability. Prcpaymcnts aTC valued at the amount prepaid. They have been discounted to the present value of the fu￿re cash Teceipt where such di5COUllting is mateTial. Cash at bank and in hand Cash at baiik and in liat]d represents such accounts and instnjments that are available on demand OT have a rnaturity of less than t]iree months froTn the date of acquisition. Credltors and provlslong Creditors {￿d provibions dre ieco¥nibed when thete is an obligation at the balance sheet dilte ab a Tebult vf a Pi15t event, it is probdble that a tiansfeT of eLoIivInic benefit will be required in settlement, the of the stttlement can be e5tiinHttd reliably. Creditors dnd pl"0￿.]510￿]s ￿￿e reLObTnised at the ￿MOunt tlie Lharity anticipates it will p￿Y to sellle the debt. They have been d15Luunted to the present ￿.￿luC uf the luture Lash puyinent where such discouniing is malerial. Fund accounting Restrietcd lunds are monies raised for a specific purpose. or donations subject to donor-iinposed conditions Unrestricted funds represent those monies that are freely available for application towards achieving any charitable purpose that fall ￿'1th1n the charity's charitable objects and can be used in accordance wilh the chariiable objectives at the discretion of the trustees. Designated funds represent future grani commilmenis which have been accwed at the balance sheet dale and will be paid in luluie accounting periods from new income. Endowment funds r¢pr¢s¢nt th¢ invcstmcnt ass¢ts transfcrrcd to thc chariry by Hackncy Joint Estat¢ Charity which must bc hcld as capital las instructed by the Trustees}. Income arising on the endowment fund may be used in accordance ivith the objectq of the charity and is included as unrestricted income. All realised and unrealised gains or losses have been attributed to the endowment fund. xii) Statement of cash flows Thc tinancial statcmcnt.% do not includc a statcmcnt of c&%h flow% bccau%c thc charity qualifics &$ a %mall cntity and has taken the exemption in FRS 102 IA.7 from preparillg a %tatetnent of ca%h flow%; thi% ]% pemitted by the Charities SORP IFRS 102). xiii) Reserves The Endowinent fund represents an amollnt allocated by the tnistees to secure the long-term futtire of the charity by ensuTing there is adequate resources to Ineet the Cliarity's anticipated charitable obligations. The [￿Ste£S will continue to Teview the level of grants they make on an annual basis. xiv) Value Added Tax Value Added Tax is not Tecoverable by the charity and as such is included in the relevant Costs in the Statement of Financial Activitie5. xv) T#xation The charity is exempt froin tax on its charitable activities. Page 13 W¢st Hackn¢ Paro¢hial Charit Notes to the Fiiiancial Statenient5 foT the Year Ended 31 Marcli 2025 INVESTMENT INCOME 31.03.25 31.03.24 Dividends Teceived Deposit account interest 136,622 136,595 15,277 150,612 151,872 GRANTS PAYABLE 31.03.25 31.03.24 Committed grant5 brought forward Grants awarded to institutions and individuals during the year le￿5 gwrant conllnitment5 no lonbFer requiied Cornmitted wnt5 carried forward 30,000 21,500 171,170 15,0001 194,291 30,0001 Grants paid during the year 186.170 185 791 The charity has coinmitted to existing grants totalling £15,000 {2024 £30,000) which are subject to review before payment is authorised. Future Grant c0￿Mil￿entS as at 3110312025 The grants Ckuried fonvard of £15,000 is k) tranche grant that will be paid over the next year. 31.03.25 31.03.24 North London Actiun foT the Homeless (due November 2025) 15.(X)O Grants are made iii liiie with the objeLts of the Charity, being.. the advancement in lite of those under the age of 25, living in the area of benetit and who ale in need of finanLial assistanLe," and those living in the ￿ed of benefit and who are in hardbhip or dislress, and lasily to suppori applicaiions as the Trustees see fit, in ihe area ofbenefil. The Trustees only consider applications that have first been screened by an independent organisation (The Trust Partnership) to ensure thai they are within the charitable objects. Grant benefjciaries are always resident in the area of benefit, in need of financial assistance, and the grants made are supp)rting those in hardship or distress. Page 14 W¢st Hackn¢ Parochial Charit Notes to tlie Financial Statenients for tlie Year Endcd 31 Marcli 2025 GRANTS PAYABLE (continlled) The total grant% agrccd to inSti￿tiOn% and individuals during thc ycar wcrc follows.. 31.03.25 31.03.24 Rt¢1pie￿t PurwTrse ofcttnt Ath￿1 Suppkrt Ba¥s ot'Tast¢ British Re￿e Council East End Citizens Advice BureAU Mentored Hon￿ Coolan¥ Course ndon Destitution ser￿lee 5.000 5.000 20,000 Welfare Benefits Debt Advice Service 20,000 Eng.lish lor Aclloll Fratwton Park Baptist Cmwch Haekne) MI￿￿nI C'erttre MRS I￿ePe1￿ent Living North L&)ndon A¢tion for Hort￿1¢$$ Skillspool TraI￿n¥C]c Si J()%eph'% Hi)%PILe St Paul's West Ilanie Clth R￿0]fi]S CIK)ral Acadeiny Par15h of West Hackney. th¢ Fir5t?(K) years Refill￿ ofgrant for Canti￿Or0￿8 Cknir Fanily FwKlay 2024 ConJrtJuniLy in WesiHack] 2,(J)O 5.000 13,0001 2.000 6.000 29.Y65 40.234 l]MliTriduxl Gra￿t5 GianLs' paid to I￿livIdualS Granits. to assist 19 Hackn¢y i¢side]ts.. 12024 14 HaclJKyRe¥idents'l 7.765 7.76.$ 5.758 171.170 194,291 Page 15 W¢st Hackn¢ Paro¢hial Charit Notes to the Fiiiancial Statenient5 foT the Year Ended 31 Marcli 2025 SUPPORT AND GOVERNANCE COSTS 31.03.25 31.03.24 Accouiitancy and book-keeping Incidentsl expenses Independent exainination 1,800 2,175 1,524 1,800 2,214 1,524 Administiatioii Adminibtiatioii governance (See support costs beloivl other (See support costs below) 8,913 4,432 6.508 4,145 18,844 16,191 31.03.2025 Total Siipport Cost 31.03.2024 Total Support Cost Adininistration Costs Management Costs Accoill)tsncy Costs Grant Adtyjinistration GoVer￿nCe Administraiion Other Administration 8,289 2,054 10,343 8,913 4,432 9,671 6,508 4,145 8,913 3.552 880 Totsl Cost 8,913 2,934 23.688 20,324 SUPPORT COSTS 70 /D of work by (he administrator and the accounts team is attributable to grant making and 30/0 attributable ro other administrativc and fil￿ne131 diitics. 31.03.2025 31.03.2024 Grants Administration Governawe Toral Total Grants to Instilution5 163.405 7,765 9.873 470 17.989 855 191.267 9,090 213,628 6,525 CJrants to Indii'iduals Totsl Cost 171,170 10,343 18,844 200,357 220,153 Investtttnt n*nager fees {14.131) 112,6001 Total Expenditure 186.226 207,553 Administration aryl govenmnce costs are allocated to categories of grants based on the value of grants awarded in each Categ￿ry. Page 16 W¢st Hackn¢ Paro¢hial Charit Notes to the Fiiiancial Statenient5 foT the Year Ended 31 Marcli 2025 TRUSTEES, REMUNERATION AND BENEFITS Staff costs and remuneration of key maThagement personnel The charity eniployed no member5 of staff during the PeTiod. The adrninistration and financial management of the charity 15 Outsourced to Tlie Trust Partnership. The thistees consider that they compTise the key inanageinent of the charity in charge of diTecting and controlling, running and operating the charity on a day to day basis. The tnjstees i'eceiN'ed no reTnuneration or other benefits in connection with their dutie5 for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. Expenses There WeTe nv ttustees, expenseb paid tor the year ended 31 March 2025 nor lui the yeai ended 31 Maich 2024. FIXED ASSET INVESTMENTS Listsd invesimenis MARKET VALUE At l April 2024 DispL)sals Additions Revaluations 5,405,756 (8,7451 3,350 31.679 At 31 March 2025 5,432,040 NET BOOK VALUE At 31 Marcli 2025 5 432 040 At 31 March 2024 5,405.756 There were no investment assets outside the UK. Tnvestments are held primarily for investment retum. CREDITORS: 31.03.25 31.03.24 Other credirors Grants Payable within l year Accrued expenses 3,916 15,000 5,071 15,000 22,240 23.395 31.03.25 31.03.24 Grants Payable in more than l year 15,000 15,000 Page 17 W¢st Hackn¢ Parochial Charit Notes to the Fiiiancial StatenientS foT the Year Endcd 31 Marcli 2025 MOVEMEprr IN FUNDS Nct movcmcnt in funds At 01.04.24 At 31.03.25 UThreslricted funds General fund 265,182 150.614) 214,568 Designated funds Funvaid ¥raiit conimitinents 130,0001 15,000 115,0001 Endowment funds Eiidowineiit lund 5,488,061 31,679 5.519,740 TOTAL FUNDS 5,723,243 3,935) 5,719,308 Net Tnovement in fuiids, included in the above are as follows.. Income Expenditure Gains and Movement in losses funds Unrestricted funds Gtner(Il I'und 135.612 1186.226) 150.6141 Dcsignatcd funds Fonvard grani commitments 15,000 15,000 Endowment funds Endowmei)I fund 31,679 31,679 TOTAL FUNDS 150.612 186,226) 31,679 3,9351 ANALYSIS OF NET ASSETS BETWEEN FUiYDS 2025 Fixed Assets Net Assets Total Unre5tri£t¢d funds General fund 214,568 214,568 DesignAted funds Fonvard grant coinmitmcnts 115,0001 (15,0001 EThdnwment fund5 Endoivmcnt ￿nd 5,432,040 87,700 5,519,740 TOTAL FUNDS 5,432.040 2117.268 5,719.308 Page 18 W¢st Hackn¢ Parochial Charit Notes to tlie Fiiiancial StatenientS for the Year Endcd 31 Marcli 2025 MOVEMENT IN FUNDS Icontinued} ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Fixed A5set5 Net Assets Total Unrestricted funds General fund 265,182 265,182 Deslgnated funds Fotwdid ¥rdllt comTnittnents 130.0(H)I 130.0001 Endowment funds Endomqnent fund 5,405.756 82,305 5,488,061 TOTAL FUNDS 5 405.756 317.487 5,723,243 RELATED PARTY DISCLOSURES Connected Charltles H