HACKNEY JOINT ESTATE CHARITY
Charlty Registration No. 219875
HACKNEY JOINT ESTATE CHARITY
REPORT AND FINANCIAL STATEMENTS
31 MARCH 2021

HACKNEY JOINT ESTATE CHARITY
Page
Legal and administrative inforrnation
Report of the Trustee
Independent auditor's report
Statement of financial activities
Balance 5heel
10
Statement of cashflows
Notes to the financial statements
12

HACKNEY JOINT ESTATE CHARITY
LECAL AND ADMINISTRATIVE INFORMATION
Governlng Instrument
Charity Commission Scheme dated l March 1898 as
amended by Scheme d&led 24 August 2004 and Scheme
dated 23 July 2010.
Trustee
Hackney Endowed Trustee Limited
Directors of the Trustee
Hackney Paroehial Charities
Ms M Cannon
Councillor C Kennedy
Mr A Hilton
Councillor R Chapman
Mr D Paul-worika
Mrs J Andrews
Mr l Malik (Chair)
Ms K Johnson
Reverend Justin Gau
South Hackney Parocbial CharSty
West Hackney Parocbial Charities
Charity registered number
219875
Clerk to the Trustee
Kellie Carson
The Trusi Partnership
6 Trull Fami Buildings
Tetbury
Glou¢estershire
GL8 8SQ
Auditor
Buwcott LLP
130 Wood Street
London
EC2V 6DL
Property Agents
Sirettons Ltd
Centrdl House
189 - 203 Hoe Stre¢l
London
E173SZ
Ikgal advisors
Charles Russell Speechly LLP
5 Fl¢et Place
Londo
EC4M 7RD
Page I

HACKNEY JOtNr ESTATE CHARITY
REPORT OF THE TRUSTEE
The financial statements have been prepared in aecordance with th¢ accounting policies set out on pages 12 10
14 of the attached accounts and cotnply with the charity's trust deed, the Charities Act 2011, regulations
applicable to that Act, and Accounting and Reporting by Charities- Statement of Recommended Practice
applicable to charities preparing their accounts tn a¢¢ordance with the Financial Reporting Standard appli¢abl¢
in the UK and Republi¢ of Ireland (FRS 102).
The year
These accounts record the 409Eh year of our stewardship of the gifts of Hackney people to their fellow
parishioners. In 1898 the management of these assets was united in this single body. In lin¢ with the 1898
Scheme, the income from these assets is used to repair and insure the property with the remaining income being
distributed to thr¢¢ parochial charities in the Borough of Hackney. These bodies appoint the Directors of the
Corporate Trustee known as Hackney Endowed Trusl¢e Ltd.
Strllctur¢y governance and mattagement
Role
The Trustee's role. as defined by section 17 of the 1898 Scheme, is to manage the endowed Estate. This
consists of historic properties in Ha¢kn¢y comprising long and short residential leaseholds. shops and
officelcommercial units. The Trustee regards itself as accountable to the th￿¢ beneficiary grant-rnaking
charities: Hackney Parochial Charily, West Hackney Parochial Charity and South Hackney Paroehial Charity-
In turn the Parochial Chariiies, who are individually ￿gIstered with the Charity Commission, mak¢ grants to
local cause5 in need such as youth groups, parenting groups and individuals in need as well as providing so¢ial
housing through almshouses.
Direetor appolntment
There were no resignations or appointments during Ihe year. The constitution and governance is kept under
review and no major change hos been seen &s necessary. Directors are appointed to the Corporate Trustee,
Hackney Endowed Trustee Limited and are put forward by three local Parochial Chariii¢S in a¢cordance with
the governing documents.
Opcratlons
The Directors of the Trust¢e meet quarterly wiih standing arrangements a￿j delegations perniilfing effective
decision making between meetings. Sub-committees and Working Parties are established as required. The
Clerk does not have direct operational control of the Estate, bul insread facilitat￿ the decision making of the
directors and executes those decisions. The committee consists of three or more board Directors, each also
represenling their co￿tItUe￿t ¢haTily (West Hackney Parochial Charity, Hackney Parochial Charities and the
South Hackney Parochial Charity), to facilitate broad consent and decision making.
Key management personnel
The Directors of the Trust¢¢ considerthat ihey Comprise the key management ofthechariiy in ¢harge of directing
and controllingy running and operating the ch2rity on a day to day basi& The Directors re¢¢iv¢ no remuneration.
Risk management
The Charity regularly reviews its risk polici¢s and procedures. Directors maintain a risk register which is
regularly updated and considered at quarterly meeiings by the Board of Directors. The impact of the Covid-19
pandemic on operations, activities and future plans is ¢onsidered below. In lerms of the impact of the pandemic
on risL Directors consider the main impact to be a redu¢ed rental income particularly from commercial units
and the potential for a loss of fixed asset value. In summary, the main risks to the Charity are considered lo be..
Financial Risk Properties remaining vacant awaiting redevelopment. Reduction in income from rents from
market fluctuations especially during and after the Covid pandemi¢. Reduced asset valuation in real term5.
Additional cost to the current refurbishment programme from shutdown during th¢ pandemi¢ when building
supplies were unavailable and an incre&se in the Contract Sum for the works to 204-210 Well Street ￿ a result
of essential unforeseen works.
Page 2

HACKNEY JOINT ESTATE CHARITY
REPORT OF THE TRusfEE
Mitigation- Regular Board meetings with commercial agents. Sirettons, to review empty properties and ensure
rent reviews and collections are condu¢led on time. Strategi¢ review of asset management planned. Additional
Director meetings with project managers and advisors during the pandemic and the refurbishm¢nt.
Statement of Trustee's responsibilitie5
The Trustee is responsible for Preparing the Trust¢￿, report and accounts in accordanc¢ with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally A¢cepted Accounting Practice).
The law applicable to charities in England and Wales requires ihe Trust¢e to prepare accounis for each financial
year which give a Irue and fair view of the state of affairs of the charity and of the income and expenditure of
the ¢harity for that period. In preparing these accounts, the trustees are required 10:
select suitable accounting policies and th¢n apply them consistently-
observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended
Practice applicable to charilies preparing their a¢¢ounts in accordanee with the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 102).
rnake judgements and estimates that are reasonable and prudent-
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material
departures disclos¢d and explained in the accounts,. and
prepare th¢ accounts on the going concern basis unless it is inappropriate to presume that the charity will
continue operation.
The Trustee is responsible for keeping proper accounting records that disclos¢ with reasonable a￿UraCY at any
time ihe financial position of the charity and enable thetn to ensure that the accounts comply with the Charities
Act 2011. applicable Charity (Accounts and Reports) R¢8ulations and th¢ provisions of the charity's
constilulion. They are also responsible for safeguarding the assets of the charity and hen¢e for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Objectives and activities
The objeet of the Charity is to manage its endowed propety Portfolio to M￿]Mise the net rental in¢ome (aft¢r
costs) for distribution to three benefi¢iaries-. Hackney Parochial Charities, South Hackney Parochial Charities
and West Hackney Parochial Charities. The Trustee continues to impl¢meTrt its ten-year strat¢gy and to reaffirni
its mission statement to arhieve the Charity's objective whilst to contributing to the local comtnunity in Hackney
and maintaining a reputation for honest, ethical and responsible operating. The main activity throughout the
year has been to maintain the property portfolio in order to prolect its va]ue for the long term. Individual va¢ant
properties are refurbished as nec¢ssary and re-let as soon as possible to minimise loss of income through voids.
Public benefit
In carrying out the Charity's objectives, the Trustee has had regard to the Charity C0￿MIsSIon,S guidance on
public benefit. The purpos¢ of the Charity is to distribute surplus income to three individual parochial charities
each charity with separate identifiable objectives to relieve hardship and need to the publi¢ within the lo¢al
cornmunity. A distribution of £260,000 was made in the year. (2020- £260,OQO).
Page 3

HACKNEY JOINT ESTATE CHAIUTY
REPORT OF THE TRUSTEE
Acbievements? perfoTJnxnee and financial review
During ihe year gro55 property revenues reduced by 6.85Q/o from £1,619,682 for the year ended 31 March 2020
to £1,508,660 for the year ended 31 March 2021 primarily due to loss of income from eommercial rents during
the pandemic. Expenditure for the year reduced by 2.560/0 from £1,065,516 for the year ended 31 March 2020
to £1,038,233 for the year ended 31 March 2021. Before expenditure on property redeveloprnent, expenses
reduced by 3.390/0 from £805,516 for the year ended 31 March 2020 to £778,233 for the year ended 31 Mar¢h
2021. The Charity maintained the di5tribuiion to the three Parochial Charities this year. Investment properties
are included in the a¢¢ounts at 31 March 2021 are based on a desktop valuation perfomied by Stretton5 Ltd, on
behalf of the charity. This ￿$vIted in a1055 on revaluation of £584,657 for ihe year ended 31 March 2021, there
was no revaluation during the year ended 31 Mar¢h 2020.
The Trustee has resolved to redevelop a block of mixed-us¢ historic properties known as 184- 214 Well Street
through refurbishment and extension. A contract to provide refurbished retail and residential units and a mansard
roof extension to create a total of four shops and eight flats at 204- 210 Well Street began En April 2019. The
contra¢t sum of £1.4m h&s risen lo £1.97m as a result of unforeseen essential work5. The contract is due to be
substantially ¢ornpleted by the end of 2021. Throughout the year the Trustee has closely monitored the costs and
a qualified Project Manager was appointed IN 2020 to oversee the contract and budget. The Project Manager and
Director5 attend monthly progress site meetings with the contractor and conlraGt adtninistrator. In addition to
respO￿1ve repairs, Vyner Court refurbishments have been completed using the budget of £60,000 and part of
the contingency fund. The planned refurbishment of 212 Well Street (£150,000 in the capital budget) did not
take place in the year ended March 2021 due to time and budget commitments on the 204-210 Well Street
contract. A decision was taken to review and reduce the scope of refurbishment and the funding was re-allo¢ated
to the 204-210 Well Sireet contract.
Reserves policy
The adopted approach to reserves is explained in notes 14 and 15 to these awounts. Commitments and
liabilities due within one year total £296.469 al 31 March 2021. The Trusiee believes that the anticipated income
for the year ending 31 March 2022, together with the cash balance of £133,967 as at 31 March 2021 is sufficient
to cover these comrnitrnents and liabilities. At 31 March 2021 the Charity had Endowment funds of £21,903.004
(2020 £22.347.629), and designated funds of £400,000 (2020 - £400.000). This left the Charity with general
unrestricied funds, of £768,827 (2020- £438,430).
Despite ihe additional challeng¢s of the pandemic in 2021, the Trustee is of the opinion that the charity will have
sufficient resources to meet its liabilities as they fall due.
Future plans
In 2020. the Trustee established a Working Paty to consider the options for redeveloping a block of properties
known as"The Triangle" adjacent to Well Street market. The initial proposals comprise 19 residential flats and
associated ground floor ¢ommercial/retail properties. During the year Trustees reassessed the financial
commitment required for the redevelopment and has decided not to proceed for the time being. Professional
asset management advice is being ¢onsidered regarding future possibilities.
Approved by the Trustee and signed on its behalf on
29.11.21
DiTe¢tor o
the Trustee
Page 4

HACKNEY JOINT ESTATE CHARITY
REPORT OF THE TRUSTEE
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF HACKNEY JOINT ESTATE
CHARITY
Opinion
We haye audited the ac¢ounis of Ha¢kney Joint Estate Charzty (the'charity.) fortheyearended 31 March 2021 which ¢ompri5¢
the statem¢nt of financial activities, the balance sheet, th¢ statements of cash flows principal a¢¢ounting policies and the note5
to the ac¢ounts. The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Stsndard 102 'The Ftnancial Reporting Standard appli¢able in
the UK and Republic oflr¢lartd' (United Kingdom Gen¢rally Ac¢¢pted Accounting Practice).
In our opinion. the a¢countS'.
• giv¢ a true and fair view of the State of the Charity's affair5 ￿ at 31 March 2021 and of its income and expenditure for the
year thencnded,.
• hav¢ been pJDperly prepared in accordancK with United Kingdom Generally Ac¢¢pted Accountin8 Pr2¢ti¢e; and
have been prepared in accordance with the requijrments of th¢ Charities Act 2011.
Basis for opinion
We conducted our audit in ac¢ordance with International Stsndards on Auditing {UK) (ISAS (UK)) and applicable law. Our
responsibilities under those standards are ￿rther described in the auditor'5 responsibilities forthe audit of theacwunts section
of our report. We or¢ indepcndent of the charity in a¢¢ordanc¢ with the ethical requirements that are relevant to our audit of the
accounts in th¢ LtK, ittcluding the FRC'S Ethical Standard, and we have fjjlfilled our otherethical responsibilities in accordance
with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
forour opinion.
CoD¢Iusions relatirtg to going eoncern
In auditing the accounts, we have eoncluded that the ttusEee5' use of the going concern basis of accounting in the preparation
of the accounts is appropriate. Based on the work we have perfomied, we have not identified any tnateriol uncertainties relating
to events or conditions tha¢ individually or wlleGtively, may ¢a5t signifi¢ant doubt on the charity's ability to contioue as a
going ¢on¢ern for a period of at least twelve months from when the a¢¢ounts are allthtsrised for issue. Our responsibilities and
the re5poThsibilitie$ of the trustees with re5peet to going concern are describ¢d in the relevant sections of thi5 report.
Other information
The trustee5 responsible for the other information. The other infomiation comprises the infomjatitsn in¢luded in the annu81
report and ac¢ounts, other than the a¢counts and our auditor's report ihereon. Our opinion on the accounis does not cov¢r the
oiher infomjation and we do not express any form of assurance conclusion thereon.
In¢onnectionwtthourauditoftheaccounts.ourresponsibility isto read the othertnformation and. in doing so, consider whether
the other infoTrnatlOn Is materially inconsistent with th¢ accounts or our knowledge obtained in the audit or otherwise appears
to b¢ materially misstat¢d. If we identify such Enaterial ineonsistencies or apparent material misstatements. we are requiTed to
deterttsine whetherthere is a material missiatement in th¢ accounts or a material misstatementoftheother informaiion. If, based
on the work we have performed. weconclud¢ thai there j5 a material misstatement of this other infomiation, we are required io
report that tact.
We have nothin8 to report in thts r¢gard.
Page 5

HACKNEY JOINT EsfATE CHARITY
REPORT OF THE TRUSTEE
INDEPENDENT AUDITORYS REPORT TO THE TRUSTEE OF HACKJYEY JOINT ESTATE
CHARITY
Matters on which we are required to report by exception
We hav¢ nothing to rew)rt in respect of the followitlg matters in relation to which the Charities Act 2011 require5 US to rerK)rt
to you if, in our opinion..
the information given in the ¢Mstees' annual report is inconsistent in any material respectwith the accounts. tsr
sufficient accounting records have not been k¢pt' or
• the accounts are not in agr¢ement with the accounting records and retUrn5- or
w¢ have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the tn]stees are re5ponsibl¢ for the preparation of the
accounts and for being satisfied that they give a t￿e and fair view. amd for such intemal control as the trustees detemine is
De¢e5sary to enable the p￿paratIOn of accounts that are fr¢¢ from material misStatemenL whether due io fraud or tr￿[.
In preparing the accounts. the trustees are responsible for assessing the charity's ability to continue as a going concern,
disclosin& as applicable, mattcrs related to going concern and using the going concem basis of accounting unless the iruste¢s
¢ither intend to liquidate the charity or ¢0 cease operaiion& or have no r¢alistic alternative but to do so.
Auditor's re5ponsibilitie5 for the audit of the accounts
Our objectives are to obtain re&sonable assurance about whether the accounts as a whole are free from material misstatement,
whether due to fraud or error, and to issue an audÈior's re]y)rt that includes ouropinion. Reasonable &ssurance is ahigh level of
assurance. butis notaguaranteethatan audiiconducted inaccordancewithlSAs(UKlwill alwaysdetectamateriolmisstatement
when it¢xists. Misst2tements can arise from fraud or error and are considered material if. individually or in the aggregate, they
¢ould reasonably be expected to influ¢D¢¢ the economic decisions of users tsken on the basis of these accounts.
Irregularities, including fraud, are instances of no￿.￿Mpliance with laws and regulations. We design procedures in line with
our responsibili¢ies, outliDed al)ove, to detect rnaterial missiatements in respect of i￿eSUlarltieS, including fraud. The extent to
which our procedure5 are capable of detecting irregularities. including fraud is detailed b¢low'.
Our approach to identifying and assessing the risks of materÉal tni5Statement in respect of irregularities, including fraud and
non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement tearn collectively had the approprJat¢ ¢ompetenc< capabilLties
and ski115 to identify or recognise non-compliance with applicable laws atld regulations. and
we obtained an und¢rstanditLg of the legal and regulatory frameworks that are applicable to the charity and deterniined
that the most Sl8nifJcant frameworks which are directly relevant to specific assertions in the financial statements are
those ¢hat relate to the reporting framework IStat¢meni of Recommended Practice.. Aceounling and Rekk)rting by
Charities preparing th¢ir accounts in accordance wilh the Finan¢ial Rep(Trrting Standard applicable in the United
Kingdom and Republic of Ireland (FRS 1021 and the Charities A¢t 201 I} and those that relate to data protection
(G¢neral Data Protection Regulaiion)-
We understood how the charity is complying with those legal and regulatory frameworks by making enquiries of
managemeni and those responsible for legal and compliance procedures. We corroborated our enquiries through our
review of the minutes of tn]stees' meetings and repotts from regulatory boNJies.
We assessed the susceptibility of the charity's financial statements to material misstatement. in¢luding obtaining an
understanding of how froud might occur. Audit pro¢edures performed by the engagement team included..
Page 6

HACKNEY JOINT ESTATE CHARITY
REPORT OF THE TRUSTEE
INDEPENDENT AUDITOR>S REPORT TO THE TRUSTEE OF HACKNEY JOINT ESTATE
CHARITY
Auditor's responslbilit1¢5 for the gudlt Of the Accounts (continucdl
Jdentifying and &8se$sing the dc5i8n eff￿liVenesS of¢oRlrols in plac¢ to pr¢vent and detect fraud.
Understanding how thos¢ charged with govcrnanee considered and addrcssed the wtential foroverride of cortrols or other
inappropriate influence over the Fin2n¢ial reporting process..
Challengtng assumptions aThJ judgements Tnade by managcrneni in its 5ignifJcant 4ccounttDg estimale$-
Identifying end testing jOuM￿ entries.
Asse$5ing the extentof Compliance with the relevant laws and tegulatLOILS as partofour procedures onthe relevant accounts
item to which they rtlate.
To 8ddress th¢ risk of fraud through man8gemeJ)t bia5 and overridc of controls, we-.
perfornicd ana]ytical procedures to identify any unusual or ￿expected relation5hips,'
performed substantive testrng on expenditure., and
tested journal ¢nlries to identify unusual transactions.
In response to the risk of irregularities ￿ Th)n.¢4)mplianc¢ with laws and Tegulalions, w¢ d¢si8ned procedtJr¢s which included, but
were ]￿t litnit¢d to..
reading the minutes of meetings of those chargcd with govemance. and
enquiring of mznag¢ment to actu￿ and potential litigation and claims.
As a result of our prothJure5 we did not identify any kcy audit matters relatlng to iryegulariiies.
Ther¢arc inherent lirllitatioThs inour auditprocedures described above. The more removed that laws andregulation$ are from financial
trartsaction5. the less likely it Ts that we would kcome awart of non-compliance. Auditing 5tandard5 also limit the audit procedures
r¢quir¢d to identify non-compliance with laws and tegulations lo enquiry of the ttil$*¢s and oiher tnanaEem¢nt and the inspection of
regulatory and l¢gal corresponden¢e, if any.
Material rni55tatements that 4rise du¢ to fraud can be hardeT to detect ihao those that arise from error as Ihcy may involve delThi eraie
¢onc¢almentor collusion.
A further description of our responsibilities for the audit of the a¢counts is located on the Financial Reporting Council's website at
www.frc.org.uk1auditor5￿sP0nS1bll1t1cs. This description fortns part of our auditor's report.
Use of owr report
This re￿rt 15 made solely ￿ the charity's trus*ffj &8 a btyjy, in accordan￿ with section 144 of the ch￿ltieS Act 2011 and with
regulations made under stttion l 54 of that Act. Our audit work has been undenaken $0 that we might slate to thc charity's trust¢es
those matters we are Tequired to state ¢0 them in an auditor's rerA)rt tnd for no other purpose. To the fijllest extent permitted by law.
we do not accept or asstjme responsibility io anyone other than the charity and the eharity's tr￿glee$ 45 a body, for our audit worK
for this r¢rx)rt. or for the opinions we have fomie41.
Buzzacott LLP
Statutory Auditor. 130 Wood Sired, London, EC2V 6DL
Dal¢ 1010112022
Buzzacott LLP is eligible to ad a5 2n aUdi￿r in temis ofs¢¢tion 1212 of the Companies AGt 2006
Page 7

az

HACKNEY JOINT ESTATE CHARITY
BALANCE SHEET
31 MARCH 2021
Notes
2021
2020
Fixed assets
InvestmeDt property
25,715,000
25,118,871
Current assets
Debtors
Cash at bank and in hand
275,990
207,875
325 499
533.374
409,957
Current liabiliti
Creditors: amounts falling due
within one year
Net current assets
113,488
117,862
Creditors: amounts falling due
after mor¢ than one year
10
2 756 657
2 050 674
Net assets
23,071,831
23,186,059
Represented by:
Endowment funds
14
21,903,004
22,347,629
UDre5trlcted funds
Designated funds
General funds
15
15
400,000
400.0(10
15
768 827
23,071,831
438 430
23,186,059
Approved by the Trustee on
29 November
2021 signed on its behalf by..
Coun¢illor R Chapman
Mr l Malik
Directors
The notes on pages 12 to 22 forni part of these accounts.
Page 10

HACKNEY JOINT ESTATE CHARITY
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2021
2021
2020
Iyote
C8sb flows from operating aetivities:
Net ￿￿h provided by operating activities
12
191.534
211881
Cash tlows from Investing aetlvities:
Interest received
833
Iyet casb provided by investing activities:
833
Change in ¢a5h and cash equivalents in the year
(191,532)
(211,048)
Cash equivalents at the beginning of the year
325 499
536,547
Cash and cash equivatents at the end of the year
133 967
325 499
The notes on pages 12 to 22 form part of these accounts.
Page 11

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNrs
FOR THE YEAR ENDED 31 MARCH 2021
l. Accounting policies
The principal accounting poli¢i¢s adoptedi judgetnents and key sources of estimation un¢ertainty in the
preparaiion of the finan¢ial statements are laid out below.
1.1. Basi5 ofa¢couDting
The financial statements have been prepared for the year lo 31 March 2021.
The financial statements have been prepared under ihe historic￿ cost convenlion with itetns recognised at ¢ost
or transaction value unle55 OtheNiise stated in the relevant ac¢ounting policies below or the notes to these
financial statements.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities..
Ststetnent of Recommended Practice applicable io charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS
102), the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) and Ihe
Companies Act 2006.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
1.2. Critieal accounting estimates and areas of judgement
Preparation of the financial statements requires the Trustee and managernent to make significant judgements
and estimates.
The items in the a¢¢ounts where these judgements and estimates have been made in¢lude:
assessing the appropriateness of the assumptions and methodology ￿ in detennining the fair value of
investment propertie5- and
eslimating future incotne and expenditure flows for the purpose of &5sessing gtsing concem.
1.3. Assessment of going Concern
The Trustee has assessed whether the use of the going concern assumption is appropriate in preparing these
fingn¢ial statements. The Trustee has made this assessment in respect to a period of one year from the date of
approval of these financial statements.
The Trustee of the Charity has concluded that there are no material uncertainties related to events or conditions
ihal may cast significant doubt on the ability of the Charity to continue as a going concern. Despite the
additional challenges of Coronavirus and Covid-19 in 2020 and 2021, the Trustee 15 of the opinion that the
charity will have suffici¢nt resources to meet its liabilities as they fall due.
PaRe 12

HACKNEY JOINT LSTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ETrIDED 31 MARCH 2021
1.4. Income recognition
Income is recognised in the period in which the ctwily has entitlement to the income, the amount of income
can be m¢asuTed reliably and it is probable that the income will be received.
Income is deferred only when the charity has to fulfil conditioTrs before becoming entitled to it OT where the
donor has specified that the incom¢ is to be expended in a future accounting period. Income comprises rentaI
income from investment property and interest receivable. Rental income from investment property is
recognised when il becomes contractually due utKier th¢ relevant l¢ase or tenancy agreement and receipt is
onsidered probable. Interest on funds held on deposit is included when receivable and the amount can be
measured reliably by the charity- this is nortnally upon notification of the interest paid or payable by the batth.
Expenditure reeognition
Liabilities are recognised as expenditure as s￿n as there is a legal or constructive obligation ¢ornmitting the
charity to tnake a paym¢nt to a third paty. it is probable that a transfer of economi¢ benefits will be required
in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an ac¢ruals basis and includes attributable VAT which cannot be
recovered. Expenditure comprises direct ¢osts and support costs. All expenses, including support eosts, are
allocated to the applieable expenditure heading.
Expenditure cornpris¢s the following-.
Expenditure on raising funds comprises expenditure incurred on investment properties.
Expenditure on charitsble activities comprises grants payable in the fom) of distributions to connected
charities.
Grants payable are included in the statement of financial activities when approved and wheu the intended
recipient has ¢iiher received the funds or been infornied of the decision to make the grant and h&s satisfied all
related conditions.
Allocation of support and governance costs
Support ¢osls represent indirect charitable expenditure. In order to carry out the primary purposes of ihe
charity it is necessary to provide 5UPPOrt in the forni of financial and governan¢e procedures, provision of
office services and equipment and a suitable working environment.
oveTn8nce costs comprise the ¢OSis involving the public accountability of the charity (including audit costs)
and costs in respeci io its compliance with regulation and good pra¢li¢e.
Support costs and governance costs allocated directly to expenditure on raising funds.
Paxe 13

HACKNEY JOINT ESTATE CHARrrY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 NIARCH 2021
1.7. Investment properties
Investment properties are included in the awounts at 31 March 2021 are based on a desktop valuation
perfomed by Stiettons Ltd, on behalf of the charity. At 31 March 2020, investment properties were in¢luded
in the a¢counts at a Trustee estimate of the open market value. Prior to that the property valuation had been
informed by a desktop valuation performed by Strettons Ltd, on behalf of the charity in 2019 and histori¢
valuations undertaken in 2009 and 2010 and internal valvations as ai 311t March 2015.
Development rosts are written off as expenditure in the year in which ihey are incurred. Trustees also consider
the impact of capital works performed within the properties Since the last full revaluation when detern)ining
the year end valuation. Gains and losses on the revaluation of investment properties are included in the
Statement of financial activities.
1.8. Debtors
Debtors are reeognis¢d at the settlement amounl, less any provision for non-recoverability. Prepaytnents are
valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where
such discounting is material.
1.9. Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a
maturity of less than three months from the date of acquisition.
1.10. Creditors and provi5lOnS
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a
past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of
the settlement Can be estimated reliably. Creditors and provisions are rec4)gnised al the amount the Charity
anticipates il will pay to settle the debt. They have been discounted to the present valu¢ of the future cash
payrnent where such discounting is material.
1.11. Fund accounting
Endowment funds ¢omprise the value of the freehold prop¢rty settled on the Charity at market valuation.
Designated funds are monies set aside of unrestri¢led general funds and designated for specific purposes by
the trustee.
General funds represent thos¢ monies that are freely available for application towards achieving any charitable
purpose that fall within the charity's ¢haTitable objects.
Further details on the nature and purpose of each fund is set out in notes 14 and 15 to the financial staternents.
2 Taxatlon
The Charity is exempt from taxation on its income and gains where they are applied for charitable
purposes.
PaRe 14

HACKNEY JOINT ESTATE CHARITY
r40TES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2021
3 Rental income
General funds
2021
Source of rental income:
2020
Residenti
604,302
697.287
Commercial
904,358
1,508,660
922,395
1,619.682
PaEe 15

tmtnm
m ehm
¥OtTh￿traI0
00 rTh

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2021 (continued)
Net income for the year
This is stated after charging:
2021
2020
Auditor's rernuneration (prior year)
3.010
620
Auditor's remuneration (current year)
7,220
6.050
Investment PToperty
Balance
l Aprll 2020
Property Revaluation
Additions
BalaDee
31 March 2021
25.118,871
1.180,786
(584,657)
25,715,000
All freehold investment properties are vested in Hackney Endowed Trustee Limited. th¢ 'trust
corpordtion, that is now ihe Trust¢e. The propertie5 are currently included on the balance sheet based
on a desktop valuation performed by Stretton5 Ltd on behalf of the charity at 31 March 2021. Certain
properties have been used a5 security for bank loa￿ and further details provid¢d in note 10 to these
accounts.
Debtors and prepayments
2021
2020
Due fTOrn ag¢nt
Rent receivable, less sp¢¢ific provision
Prepayments
Other debtors
138,765
89,778
30,666
16,781
275,990
66,150
88,605
36,339
16,781
207,875
Credltors: amounts falling due within one year
2021
2020
Bank loan {note 10)
Deferred income
Other creditors
88,540
141.431
103,464
144,861
296,469
415,512
Deferred income comprises rents. s¢ryice charge5 and
insurance refunds received in advance.
2021
2020
Balanc¢ as at l April
Amounted released to income
Amount deferred in year
Balance &s at 31 March
144,861
(144,861)
141,431
141,431
146.238
(146,238)
144.861
144.861
Page 17

HACKNEY JOtNT ESTATE CHARITY
NOTES TO THE ACCOUNrs
FOR THE YEAR ENDED 31 MARCH 2021 (continu¢d}
io
Creditors: amounts falling due after more than one
year
2021
2020
Bank108ns
2,756.657
2,050,674
The above liability is payable as follow5..
Within on¢ year (note 9)
Between one and two years
Between two and five years
After rnore than five years
88,540
91,919
293,481
2,371.257
103,464
64,811
207,920
1,777,943
2 845 197
2 154 138
A loan with CAF Bank was entered into by the end of March 2014 and the first draw down of funds was
made in August 2014. Th¢ CAF Bank loan totalling £700,000 will be repaid over the next 18 years, with
interest being payable monthly at a rate of 4.5 /0 over the Bank of England Base Rate. The10on is secured
on properties at 184-186 Well Street and Celia Fiennes House.
During 2019120 the two loans from Charity Bank £700,000 and £338,005 which were in place as at 31
March 2019 w¢re consolidated inio a new loan with a facility totalling £3,165,467, which provides an
additional £2,200,000 funding for a projects in Well Street. The loan. of which £2,243,017 was uÉilised,
as at 31 March 2021 will be repaid over th¢ next 24 years, with interest being payable monihly at a rat¢
of 2.650/0 over the Bank of England Base Rat¢. The loan is secured on properties at 184-186 Well Sireet.
Celia Fiennes House and 204, 206. 208, 210 and 226 Well Street.
li
Capital Commitments
As at 31 March 2021, the Truste¢ had entered into capital commitmettts totalling £848,441, subject to
planning p¢mission, in respect of the redevelopmeni of the freehold investJnent properties at 204~210
Well Street Hackney. The funding for this project was Secured via bank a loan from ChaTity Bank. As at
31 March 2021. £1,300.000 of the £2.200,000 had been drawn down.

HACKNEY JOINT ESTATE CHARtTY
NOTES TO THE Accouf4TS
FOR THE YEAR ENDED 31 MARCH 2021 Page 18
12
Re¢oneiliatlOD of net movement in funds to net eash flow from operating aetlvities
2021
2020
Net movement In funds 85
per the $tsteJnent of finaneial Activitles
AdJ￿tMeftts for..
(114.228)
554.999
Additions to property portfolio
(1,180,786)
(1,311,871)
Revaluatiot) of property portfolio
584.657
Int¢rest receivable
(2)
{833)
(In¢reaSe)ID￿r¢8se in debtors
(68,115)
148,772
Increase in credttors
586 940
397 052
Net cash used in operating Activlties
191534
211.881
13
Key managejnent personnel
The Charity considers its key management personnel comprise the Directors of the TTUSte¢. The total
employment benefits, including employer pension costs of key management personnel were £nil (2020 -
£nil}. There were no employees in this charity in 2021 (2020- £nil).
Page 19

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2021 {contillued)
14
EDdoivment (unds
The endowment fund5 comprise the freehold property settled on the Charity at market valuation. Net
movement in funds reflects any change in the market value of the properties and the value of the loans
se¢ured against thern in the year. GeneTal expenditure related to the properties is treated as an expense
of the general unrestricted fund which ha5 the benefit of the related rental in¢om¢.
Balance
31 Mareh 2020
Net movement
Balan¢¢
in fund 31 March 2021
Trgnsfer
22.347,629
140,032
(584,657)
21,903,004
Balance
31 Marcb 2019
Net movement
in fund
Balanee
31 March 2020
Transfer
22,000,246
347.383
22 J47,629
The transfer to ¢ndowment funds 15 to bring the value of the fund in line with the mark¢t value of the
endowed property, less the loans secured against them.
Is
Unrestricted funds- current year 2020121
The Gerheral Fund has accumulated over a number of years, due to the Parochial Charities waiving their
rI￿t to a full distribution. This ensures that the Charity can me¢t its financial commitments into the
future.
The Trustee acknowl¢dges that it is prudent to set aside part of the Charity's unrestri¢led funds for the
purpose of rnaintaining the freehold properties and distribution to its constituent charities. As such, these
are included in the a¢¢ounts as designated funds 2$ follows-.
Balance
l Aprll
2020
Balance
31 March
2021
Net incomel Transfer
{expenditure)
General fund
Estate Repairs Reserve
Future D¢velopments Fund
438,430
100,000
670,285
{199,856)
(339,888)
199,856
768,827
i 00,￿0
838,430
470,429
(140.032}
1,168,827
Unrestricted funds- prior year 2019120
Balance
l April
2019
Balance
31 March
2020
Net illcomel Transfer
(expenditure)
General fund
Estate Repairs Reserve
Future Developments Fund
230.814
100,000
790,491
(235,492)
{582,875)
235,492
438.430
i 00,000
300 000
838,430
630,814
554,999
(347,383)
Page 20

HACKNEY Joif4T ESTATE CHARITY
IYOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)
Design¥ted funds
The Estete Repairs Reserve is dedicated for repairs of the Properties. £1 00,000 is maintained in reserve
to meet the immediate requirements of the Estat¢ during the new financial y¢aT.
The Future D¢velopmenls Fund is dedicated to meet extraordinary and planned future repairs on
properties. Th¢ balance of net current assets (after transfer to the Estate Repairs Reserve of
£IOO,000) is held in reserve at the year end. The Trustees mairttained this reserve at £300,000 at the
year-end to allow for pla[￿ed repairs in 2021122.
The Directors of the Tru51ee agreed to consider thes¢ funds and take sto¢k of their requirements in future
years.
16
ADalysis of net assets between fllnd5- current year 2020121
Endoivment
Genergl
Funds
Funds
Designated
Funds
Total
Funds
Jnvestments
Current assets
Current liabiliti¢s
Long tertn liabilities
24.748,201
966,799
9.957
(207,929)
25,715,0110
409,957
(296,469)
(2,756,657)
400,000
(88,540)
(2,756,657)
Total
21903 004
768 827
400 000
23 071831
Analysis of net assets betsveen funds- prlor year 2019120
Endowment
General
Funds
Funds
Designated
Funds
Total
Funds
Investments
Current assets
Current liabilities
Long term liabilities
24,501.767
617,104
133,374
(312.048)
25,118,871
S33J74
(415,512)
(2,050,674)
400,000
(103,464)
(2,050,674)
Total
22 347 629
438 430
23 186 059
Pa£¢21

HACKNEY JOINT ESTATE CHARrrY
NOTES TO THE Accouf+rrs
FOR THE YEAR ENDED 31 MARCH 2021 (continued)
17
Connected eharities
During the year ended 31 March 2021 Hackney Joint Estates Charity rnade di5tribulitsns to the
¢onnected Charities of £260,000. Addresses, purw)ses and charitable data of the connected paro¢hial
charities are a5 follows:
The Ha¢kney Parochial Charili¢s
Charity No.:
219876
Address:
6 TNII Farni Buildings
Tetbury
Gloucestershire
GL8 8SQ
Area of benefit..
Fonner ecclesiastical parish of St John Hackney
Purpose..
Relief of poverty
Distribution received: one half
£130,000 (Grants Awarded by the Charity - £236,634)
South Hackney Par4xhia] Charity
Charity No.:
212336
Addre5S'.
6 Trull Farni Buildings
Tetbury
Gloucestershire
£65,000 (Grants Awarded by the Charity - £164,326)
GL8 8SQ
Area of benefit..
Ecclesiasti¢al parish of South Hackney
Purposes..
Almshouses, education, relief of need
Distribution received- one quarter
West Hackney Parochial Charities
Charity No.:
208941
Address..
6 Trull Fann Buildings
Tetbury
Gloucestershire
GL8 8SQ
Area of benefit..
Ecclesiastical parish of West Hackney
Purposes..
Education and youth advancement, relief of need, local benefit
Distribution received.. one quarter
£65.000 (Grants Awarded by the Charity- £117.147)
The following pages are for MANAGEMENT PURPOSES ONLY; the information does not form
part of the Financial Statements on which the Independent Auditor has reported.
Page 22

HACKNEY JOINT ESTATE CHARITY
REVENUE ACCOUNT
YEAR ENDED 31 MARCH 2021
31 March 2021
31 M8r¢h 2020
Net Income from properties
Rent and service charges receivable
1.508.660
1,619.682
Deduc¢ direct expenditur¢
General rates
Repairs
Vyner Court- lighting and caretaking
Kenton Road- lighting and caretaking
T¢rrac¢ Road- lighting and caretaking
Valentine Road
Well Street- phone, lighting and
Caretaking
Commission on collection of rents
Insurance premiums
Estate agent's f¢es
Bad debts and provision for rent
in arrears
61,355
199.856
3,241
1.477
270
2,101
81,420
235.492
8,538
1.393
822
2,438
48,369
85,130
32,339
16.267
51,076
93,536
30.310
44,065
117534
57
940.721
574
01
1,045,381
Miseellaneous revenue
Other income
Deposit and bank interest
Cross surplus
940,723
1,046.214
Indirect expenditure
Remuneration of the Clerk- The Trust
Partnership
Trust administration- The Trust
Partnership
Legal and professional charges
Bookkeeping and accountancy
Audit and accountancy
Miscellaneous
Mortgage interest
Mortgage legal and arrangement fee
40.282
68.052
17.484
22,268
13,967
10,230
1.822
77,825
14.995
36,230
21,388
6,670
6.306
71,799
210 294
730,429
231215
814,999
Net income for the year
Distributions
The Hackney Parochial Charities
South Hackney Parochial Charities
Wesi Hackney Parochial Charities
130,000
65,000
130,000
65,000
000
260 000
554,999
Net surplus for the year
470,429
Page 23