HACKNEY JOINT ESTATE CHARITY
Cbarity Registration No. 219875
HACKNEY JOINT ESTATE CHARITY
REPORT AND FINANCIAL STATEMENTS
31 MARCH 2022

HACKNEY JOINT ESTATE CHARfTY
Page
Legal atid administrative information
RepoTt of the Trustee
Independent auditor's report
Statement of financial activities
Balance sheet
10
Siatement of cashflows
Notes to the financial 5tat¢rn¢nt5
12

HACKNEY JOINT ESTATE CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
GoverDing IDStrumeDt
Charity Commission Scheme dated l March 1898 as
amended by Scheme dated 24 August 2004 and Scheme
dated 23 July 2010.
Trustee
Hackney Endowed Trustee Limited
Directors of the Trustee
Haekney Paroehial Charities
Ms M Cannon
Councillor C Kennedy
Mr A Hilton
Coun¢illoi R Chapman
Councillor S Patri¢k (appoinied 7 June '21)
Mr D P&ul-Worika
Mrs J ARdrews
Mr l Malik (Chair)
Ms K Johnson
Reverend Justin Gau
South H#ckDey Parochial Charity
West HackDey Paroebial Charities
Charity registered number
219875
Clerk to tbe Trustee
Kellie Carson
The Trust Partnership
6 Trull Farm Buildings
Tetbury
Glou¢estershire
GL8 8SQ
Auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Property Agents
Strettons Ltd
Central Hous¢
189 - 203 Hoe Street
London
E17 3SZ
Legal advisors
Charles Russell Speechiy LLP
5 Fleet Place
London
EC4M 7RD
Page I

HACKNEY JOINT ESTATE CHARtTY
REPORT OF THE TRUSTEE
The financial 5tatement5 have been PTcpar¢d in a¢oordan¢e with the ac¢ounting policies set out on pages 12 to
14 of the attached accounts and coinply with the charity's trust deed. the Charities Act 2011. regulations
applicable lo that Acl, and A¢¢ounting and Reporting by Charities.. Statement of Recommended Practi¢e
applicable to charilies preparing their a¢¢ounts in accordance with th¢ Financial Reporting Standard applicable
in ihe UK and Republic of Ireland {FRS 102).
The year
These accounts record the 416th year of our stewardship of the gifts of Hackney people to their fellow
parishioners. In 1898 ilie management of these assets united in this single body. In line with the 1898
Scheme, the income from these assets is used to repair and insure the property with the reinaining income being
distributed lo three parochial charities in the Borough of Hackney. These bodies appoint the Direciors of the
Corporate Trustee known as Ha¢kney Endowed Trustee Ltd.
Structurei governance and managernent
Rol¢
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 Hackney comprising long and short residential leaseholds, shops, and
officelcomTnercial units. The Trusiee regards itself as accountable to the three beneficiary grant-making
eharities.. Hackney Paro¢hial Charity, West Hackney Parochial Charity, and South Ha¢kney Parochial Charity.
In tum the Parochial Charities, who are individually registered with the Charity Commission, make grants to
Ii)cal causes in need such as youth groups, parenting groups and individuals in need as well as providing social
housing through almshouses.
Direetor appointment
Th¢rc were no resignations or appointments during the year. The constitution and governaiice is kept under
review and no major change has been seen, ￿ necessary. Directors are appointed to the Corporate Trustee,
Ha¢kncy Endowed Trustee Limited and are put forward by three local Parochial Charities in accordance with
the goveming documents.
Operations
The Directors of the Trustee m¢¢t quarterly with standing arrangements and delegations pern)itting effective
decision tnaking between meetings. Sub-committees and Working Partie5 ar¢ established as required. The
Clerk does not have direct operational ¢onlrol of the Estate, but instead facilitate5 the decision tnaking of the
directors and executes those decisions. Th¢ ¢ommittee consists of three or toor¢ board Directors, each also
representing their constituent charity (West Harknej. Parochial Charity, Hackney Parochial Charities, and the
South Hackney Parochial Charity). to facilitate broad consrnt and d¢¢isiQll tnaking.
Key management personnel
The Dire¢tors of the Trusiee consider that they comprise the key management of the charity in charge of directing
and controlling, running, and operating the charity on a day to day basi5. The Director5 receive no remuneration.
Risk management
The Charity r¢gularly reviews its risk policies and piocedures. Directors maintain a risk register wliich is
Tegularly updated and considered at quarterly meetings by the Board of Directors. The impact of the Covid-
19 pandemi¢ on operations, a¢tivilies and future plans is considered below. In terms of the irnpact of the
pandemic on risk, Directors Consider the main impact to b¢ a reduced r¢ntal income particularly from
cointnercial uniis and ihe potential for a loss of fix¢d ass¢1 value. In summary, th¢ main risks to the Charity
are considered lo be..
Financial Risk - Properties remaining vacani awaiting redevelopment. Reduction in income from Tents from
market fluctuations especially during and after the Covid pandemic. Reduced asset valuation in Teal terms.
Additional cost to the current refurbishment programme from shutdown during the pandemic when building
supplies were unavailable and an increase in the Contract Sum for the works to 204-210 Well Street as a result
of essential unforeseen works.
Page 2

HACKNEY JOINT ESTATE CHARITY
REPORT OF THE TRUSTEE
Risk managemellt (continued)
Mitigation - Regular Board meetings with ¢ommer¢ial agents, Strettons, to review empty properties and ensure
rent r¢vi¢ws and collections are conducted on time. Srrategic review of asset manag¢ment plann¢d. Additional
Director meetings with project managers and advisors during the pandemic and the refurbishment.
S¢atemeDt of Trustee's Tesponsibilities
The Trustee is responsible for preparing the Trustees, report and accounts in accordance with applicable law
and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accoutiting Practice}.
The law applicabl¢ to charities in England aJ)d Wales require5 Ihc Trusl¢e to pr¢par¢ 2¢¢ounls ftsr each financial
year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of
the charity for that period. In preparing these accounts, the trustees are required to=
5elecl 5Uitable accounting p)licies and then apply them consistently>
observe ihe method5 and principles in Accounting and Reporting by Charities.. Statement of Recommended
Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102)-
make judgements and estimates that are reasonable and prudent-
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material
departures disclosed and explained in the a¢count5' and
prepare the arxounts on the going concern basis unless it is inappropriaie to presume that the charity will
continue in operation.
The Trust¢¢ is r¢swnsible for keeping prO￿r a¢¢ounting r¢¢ords that disclose with reasonable accuracy at any
lime the financial position of the Charity and enable ihem to ensure thai the ac¢ounts comply with the Charities
Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity's
constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Objectives Xnd activities
The object of the Charity is to manage its endowed property portfolio to m&xirnise the net rental incoine (after
05ts) for distribution to three beneficiaries.. Hackney Parochial Charities, South Hackney P3Tochial Charities
and West Hackney Parochial Charities. The Trusiee continues 10 implement ils len-year strategy and to reaffirm
its mission statement to achieve the Charity's objective whilst to Contributing to ihe local Community in
Hackney. The main activity throughout the year has been to maintain the propety Portfolio in order to protect
its value for the long terni. Individual vacant properties are refurbished as necessary 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 Commission's guidance on
public benefit. The purpose of the Charity is to distributc surplus income to three individual parochial charitics
each charity with separate identifiable objectives to relieve hardship and need io the public within th¢ local
community. A distribution of £300,000 was made in the year. (2021- £260,000).
Page 3

HACKNEY JOINT ESTATE CHARITY
REPORT OF THE TRUSTEE
Aehlevementsy performanee and r)nan¢ial review
During the year gross property revenues reduced by 1.5fj/0 from £1,508,660 for the year ¢ndcd 31 Marcli 2021
to £1,485,768 for the y¢ar ended 31 Marcli 2022 primarily due to1055 of income from commercial rents during
the pandemic. Expenditure for the year reduced by 6.50/0 from £1,038,233 for the year ended 31 March 2021
10 £971,143 for the year ended 31 March 2022. Before expenditure on propety redevelopment, expenses
reduced by 13.760/0 froin £778,233 for the year ended 3 1 March 2021 to £671,143 for the year ended 31 MarGI)
2022. The Charity increased the distribution to the three parochial chaiiti¢s from £260,OOQ in 2020-21 to
£300,000 in 2021-22.
Investment properties are included in the accounts at 31 March 2022 based on a desktop valuation performed by
Strettons Ltd, on behalf of the charity. This resulted in a gain on revaluation of £424.849 for the year ended 31
March 2022 {2021= loss of £584,657).
The Tn)stee has resolved to redevelop a block of mixed-use historic properties known as 184 - 214 Well Street
through refurbishment and exiension. A contract to PTovidc Tefurbished retail and residcntial units and a mansard
roof extension to create a total of four Shops and eiglit flats at 204- 210 Well Street began in April 2019. The
coiitract sum of £1.4m has risen to £1.97m as a result of unforeseen e55ential works. The contract was substantially
completed 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 DirectOTS
attended monthly progress site meetings with the contractor and contract administrator. Four r¢5idential units
have been completed, with a paqsing rent of £70,200 per anJ)um. Two commercial units are being marketed. In
addition to responsive repairs, Vyner Court refurbishments have been completed using the budget of £60,000 and
part of the contingen¢y fund. The planned refurbishment of 212 Well Streei (£150,000 in the capital budget) did
not take pla¢¢ in th¢ year ended Mar¢h 2022 due to time and budgei ¢ommitmenrs the 204-210 Well Street
contract. A decision was taken to review and reduce the scop¢ of refurbishment and the funding was re-allocated
to the 204-210 Well Streei contract.
Reserves policy
The adopted approach to reserves is explained in notes 14 and 15 to these accounts. Commitments and
liabilities due within one year total £294,71 l at 31 March 2022. The Trustee believes that the anticipated income
for the year ending 31 March 2023, together With the c&sh balance of £374,797 as at 31 March 2022 is sufficient
to cover these commitments and liabilities. At 31 March 2022 the Charity had Endowment funds of £22,221,693
(2021 £21,903,004), and designated funds of £400.000 (2021 £400,000). This lefi the Charity with general
unrestricted funds of £1.389,612 (2021 £768,827).
Despite the additional challenges of the pandemic in 2022, the Trustee is of the opinion that the charity will hav¢
sufficient r¢50ur¢¢s lo meet its liabiliti¢s &8 they fall du¢.
Future plAns
In 2021. the Trustee established a Working Party to consider the options for redeveloping a block of properties
known as "The Triangle" adjacent to Well Street markel. The initial proposals comprise 19 residential flats and
associated ground floor coinmerciallretail 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 has been obtained and rhe WoTking Party will further consider future p05sibilities.
Approved by
e Trustee and signed on its behalf on 04.01.2023
Director
e Trystee
Page 4

HACKNEY JOINT ESTATE CHARITY
INDEPEI¥DENT AUDITOR'S REPORT TO THE TRUSTEE OF HACKNEY JOINf ESTATE CHARITY
Opinion
We have audited the accounts of Hackney Joint Estate Charity {the'charity'l forthe year ended 31 March 2022 which comprise
the statement of financial activities, the balance sheet, the statements of cash flows principal accounting policies and the notes
to the accounts. The financial reporting framework that ha5 been applied in their piepardtion is applicabl¢ law and United
Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stand￿d applieable in
th¢ UK and Republic of Ireland. (United Kingdom Gener￿lY A¢cepted Accounting Practic¢).
In our opinion, the ac¢ounlS'.
• give a true and fair view of the state of the charity'5 affairs as at 31 March 2022 and of its income and expenditure for the
year then ended.
+ have been properly prepared in a¢cordaLce with United KiTLgdom Generally Accepted A¢¢ounting Pra¢ti¢e,' and
• have been prepared iTh accordance with the rcquirements of the Charities Act 2011.
Basis for opinion
We conducied oui audit in a¢cordatL¢e with International Standards on Auditing (UK) (ISAS {UKII and applicable law. Our
responsibilities under those Standards ar¢ fi2rther described iti the auditor'5 responsibilities for the audit of the account5 Section
of ollt report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the
accounts in lh¢ UK, including the FRC'S Eihical Siandard, and we have fulfJll¢d our other ethical responsibilities in ac¢ordan¢¢
with these requirements. We believe that the audit evidence we have obtained is suffLGient and appropriat¢ to proyide a ba515
forour OPiDlOn.
Conclusions reliting to going concern
In auditing the accounts, we hav¢ concludcd that the tru5t¢¢s' use of th¢ going ronrem basis of a¢¢oiinting in the preparatio
ofthe accounts is appropriate. Based on the work we have perfomied. we have not identified atty maierial uncertainties relating
to events or conditions that, individually or collectively, may cast $18nifJcant doubt on the charity'5 ability to continue a5 a
going concern for a period of at least twelve rrJonth5 from when the accounts are authoris¢d for issue. Our responsibilities and
the responsibilitses of the trustees with re5￿ctIO going concern are described in the relevant sections of this report.
Otlher information
The trustees are responsible for the othcr inforrnation. The other infomiation Comprises the information included in the annual
report and accounts. other Than the accounts and our auditor's report thereon. Our opinion on the a¢¢ounts does noi cover the
other tnformation and we do not express any fomi of assurance conclusion thereoTh.
Inconnectionwith ourauditofthe accounts, oufTesp)tLsibility isto read the other informatton and. in doing 50, constderwherher
the other infomiation is materially inconsistent with the accounts or our knowledge obtained ID th¢ audit or otherwise appears
to b¢ mal¢riaily misstated. If we identify such material inconsisieneies or apparent material misstatemetLt& wc are required to
d¢terJnine whetherther¢ i5 a material misstatement in the &cGountsor a material misstatementoftheotherinformation. If, based
on the workwe have performed. we cotlclude thatthere is a material tnisstaiement of this oiher infonnaiion, w¢ Ore required to
report fa¢t.
We ha¥e nothing to report in this regard.
Matters on which we ar¢ required to report by exception
We havc nothing to report itl respect of the following tnattets in relation to which the Charities Act 201 I requires us to report
to you if, in our opinion..
the inforn]ation given in the Irustee5' atlnual report is inconsisteni in any materiai r¢sp¢¢t with the accounts., or
suffjcient accounting records have not been kept. or
Page 5

HACKNEY JOINT ESTATE CHARITY
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF HACKNEY JOINT ESTATE CHARITV
• the accounts ar¢ not in agre¢m¢nt with the accounting records and relurns. or
we have not received all the information and explan*ions we require for our audiL
Responsibilities of trustees
As explained more fullj irt the rtustees, responsibilities statemenr, Ihe trustees are responsible for th¢ preparaiion of the
a¢¢ounis and for bein8 satisfied that they give a true and fair view. and for such internal Colltrol a5 the trustees determine is
necessary to enable the preparation of accounts that are free from material misstatcment, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity's ability to Contirhue as a going concern.
disclosing. as applicable, matters related to goin8 concern and using the going concern basis of accounting unless the irlls*e$
either intend io liquidate the charity or to cease operations, or have no realistic alternative but to do 50.
Auditor's responsibilities for the Audit of the gccounts
Our objectives are (o obtain Teasonable assuranc¢ about whether the 0¢¢0unts as a whole are free from materiai missratemettt,
whether due to fraud or error, and to issue an auditor'5 report that includes ouropinion. Rea50nabl¢ a5suranc¢ is a high level of
assuTance, but is notaguaranieethatan auditconducted in accordance with ISAS IUKI will alwaysdeiectamaterial misstatement
when itexists. m[￿tateMents catt arise from fraud or errol and ate considered maierial if, iftdividually or in ihe aggiegate, they
could reasonably be expected to influence the economtc decisions of users taken on the basis of these accounts.
IrregulaTities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our re5ponsibiliti¢s. outlined above, to dekrt material fftisstat¢ments in respe¢¢ of irr¢gulariries, including fraud. The extenl to
whi¢h our procedures are capable of detectin8 irregularitie5. including fraud is detailed below..
Our approa¢h to identtfying and a$3essing the risks of material misstatement in respect of irregularities. including fraud and
non-Mmplsan¢e with laws and tEgulationi was as follows..
the engagement partner ensured that the engagement team collectivcly had the appmpTiate competence. capabilitie5
and skills to identify or recognise non-cotETrpliance with applicable law5 and regulations., and
we obtained an und¢rstandingof the legal and regulatory frameworks thai are applicable to the chaTity and deteTmined
that the most significant frameworks which are directly relevant to specifjc assertions in the financial staternents are
those ihat relate to the reporting framework {Statement of Recommended Practice.. Accouniing and Reporting by
Charities preparing their a¢¢ounis in a¢¢ordan¢e with ihe Financial ReportlDg Standard applicable in the Uniied
Kingdom and R¢publi¢ of Ireland IFRS 102) and the Charitie$ Act 2011 l and those that r¢late io data proiection
(General Data Protectiott Regulatioti).
We undeTStood how th¢ chaTity is wmplying with those legal and iegulatory frameworks by making enquiries of
managetnent and those re5ponsrble for legal and wmpliance proceduies. We ¢orttsborated our enquiries through our
review of the minutes of Iruste¢s' meetiiigs and reports froTll rcgulatory bodie5.
We assessed the susceptibility of the charity's financial statements io material misstatement. including obtaining an
understanding of how fraud might occtsr. Audit procedures perfortned by the engagement team included..
Auditor's responsibilities for the audit of the accowryts {rontinu¢dl
Identifying and assessing the design effectivene￿ of control$ in place io pievent and detect fiwd-
Understanding how those charged with govemancc considered and addresscd the P)tentI￿ for override of contro15 or other
iniiPPTopriate influLnce over the financial rcportinE process.,
Challenging assumptions and judgements made by management in its significani accounting estimates..
Identifying and testing joumal en¢ries',
Assessirt8 the extent of compliance with the Televant laws and regulations LS part of our procedures on the relevant accounts
il¢m to which they relaie.
Page 6

HACKNEY JOINT ESTATE CHARITY
INDEPENDENf AUDITOR'S REPORT TO THE TRUSTKE OF HACKNEY JOINT ESTATE CHARITY
To address the risk of fraud through management bias artd override of controls, we..
perfomied analyti¢aJ pr¢¢edur¢s to identify any unusual or unoxpected relationships;
performed substantive testin8 on expendiluTe,' atLd
t¢st¢d joumal ¢ntri¢5 to idetLtify unusual transactions.
Jn response to thc risk of intgularities artd non-tompliantt with laws and re8ulations, we designed procedures which includd.
weTe not limited to..
reading the minutes of merfings of thosc charged with govcmance.. and
ertquiring gfmanagetnent as to &tual and polential litigation and Glaitrjs.
A5 a ￿5vIt of our FYo¢¢dures w¢ did [￿t identify any key audit matt¢r5 rclating to ITrcgularitie5.
There aye inhcrent limitations inouT audit procedures descTibed abovc. Themote removed that laws and regulations arc from financial
transactions, Ihe less likely it is thai we would beeottte aware of non-compliance. Audiiin8 siandards also limit the audit PTQL¢durts
requir¢d lo idcntify non.cofflplianc¢ with law5 and Tegulatiorss It> cnquiry of th¢ trustec5 and oih¢T ma￿a￿￿ent and the in5p¢clion of
r¢gulaiory and legal corresp)nd¢nce, if any.
Material misstatements arise due to fraud Can Ix harder than Ihose that arise from error &$ th¢y may involve deliberate
Concealment or collu51Qti.
A fvnher description of our responsibilities for ihe audit of ihe accounrs is located on the FinaJLcial Re￿￿AIng Council's w¢bsiie
www.frc.org.uklaudilorsres￿nSlbllitles. This dtscripiion form5 part of our aUdi￿r'S report.
Use of our report
Thi5 report is mad¢ sol¢ly to th¢ ¢harity'5 trustees, as a body, in accordance with section 144 of the ch￿l(leS A¢1 2011 and with
r¢gulalions made under section 154 of thai Act. Our audit work has been underlaken 50 that we tllight stale to the cliarity'5 Irusiees
those matters wc arc required to 51atc to them in an auditor's rep)rt and tor no other purpos¢. To the fullest extfflt permitted by law,
we do no¢ a¢¢ept OT assume resTknn5ibility to anyone other thon the ¢harity And th¢ charity's trustees as a Lx)dy. for our audit work,
for this report. or for the opinions we have formed.
Buzza¢ott LLP
Stsiutory Auditor, 130 Wood Street. London, EC2V 6DL
Date 20 January 2023
Buzza¢ott LLP is eligible to a¢t as auditor in tertn$ of se¢tion 1212 of the Companies Act 2006
Page 7

HACKNEY JOINT ESTATE CHARITY
BALANCE SHEET
31 MARCH 2022
Notes
2022
2021
Fixed #ssets
Investment property
26,530,000
25,715,000
Current assets
Debtors
Cash at bank and in hand
261,802
374 797
636.599
275,990
133 967
409,957
Curr¢D¢ li*bilities
Creditors.. amounts falling due
within one year
296 469
Net current #ssets
341,888
113,488
Creditors.. amounts falling due
after more than one year
10
2 860 583
2 756 657
Pl¢¢ assets
24,011,305
23,071,831
Represented by:
Endowment fund5
14
22,221,693
21,903,004
Unrestricted fun
15
Designaled funds
15
400,000
400,000
General fund5
15
1 389612
24,011,305
768 827
23,071,831
Approv¢d by the Trustee o
04.01.2023
Si￿ed on its behalf by..
Councillor R Chapman
Mr l Malik
Directors
The notes on pages 12 to 22 fornj part of these a¢¢ouths.
Page 10

HACKNEY JOINT ESTATE CHARITY
STATEMENT OF CASHFLOWS VOR THE YEAR ENDED 31 MARCH 2022
2022
2021
Not¢
Cash flows from operxtillg activities:
Net ¢*$h provlded by operating actlvltles
12
240,830
191,534
Cash flows from investlng aetivities:
Inte￿5t received
Net ¢ash provided by Investillg a¢tivities:
Change in c￿h and cash equivalents in the year
240,830
(191,532)
Cash equivalents at the beginning of the year
325,499
Cash and cash equivalents al the end of the year
374,797
133,967
The noies on pages 12 to 22 form part of th¢s¢ a¢¢ounts.
Pagell

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022
l. Aecounting policies
The princkpal accounting policies adop￿d, judgements and key sources of estimation uncerlainty in ihe
preparation of the finan¢ial srktements are laid out below.
1.1. B¥$i$ of aeeounting
The financial statements have been prepared for ihe year 10 31 March 2022.
The financial statements have been prepared under the historical cosi convention with items r¢¢ognised at cost
or transaction value unless otherwise stated in the relevant a¢oounting policies below or th¢ rLQtes to these
financial staiements.
The financial statements have been prepared in ac¢ordan¢e with Accounting and Reporting by Charities..
Statement of Recommended Practi¢e applicable to 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), th¢ Financial Reporting Standard applicable in ihe UK and Republi¢ of ITeland (FRS 102) and the
Companies A¢1 2006.
The charity constitutes a public benefit enttty as defined by FRS 102.
The financiaI statements are presented in sterling and are rounded to the nearest pound.
1.2. Critical accounting estimates and aTeas of judgement
Preparation of the financial statements requires the T[￿ree and management to make significant judgements
and estimates.
The items in the a¢¢tsunts where these judgemenis and estimates have been made include..
2ssessing the appropriateness of the assumptions and methodology used in determining the fair value of
investment properties- and
estimatii)g future incoille and exp¢ndilure flows for ihe purpose of &8sessing going concern.
l.J. Assessment of going concern
The Trustee has assessed whetlier the use of the going concern assumption is appropriate in preparing these
financial siaiements. The Trusiee has made this assessment in respect lo a period of one year from the dale of
approval olthese financial statements.
The Trust¢¢ of the Charity has concluded that there are no material un¢¢rtainlies rclaled to ¢vents or conditions
that may ¢￿t significant doubt on the ability of the Charity to continu¢ as a going ¢on¢ern. Despite the
additional challenges of the current cost of living crisis, the Trustee is of the opinion ihat the ¢harity will have
sufficient Tesources to meet its liabilities as they fall due.
PaRe 12

HACKNEY JOINT ESTATE CHARITY
OTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022
1.4. Income recognitlon
Income 15 recogniscd in the period in which the charity has entitlement to the incoine, the arnount of income
can be measured reliably and it is probable that ihe income will be received.
Income is deferred only when the chariiy has to fulfil conditions before becomtng entitled to it or wher¢ the
donor has sprfifi¢d that the iJJcom¢ is to be expended in a futur¢ accounting period. Incom¢ cotnpri5es rental
in¢om¢ from inv¢stm¢nl property and inteTest receivable. Rental income from inv¢slment property is
recognised when it be¢oJnes contractually due under the relevant lease or tenan¢y agreement and receipt is
considered probable. Interest on funds held on deposit is included when receivable and ihe arntsunt can be
m¢asur¢d reliably by the ¢harity- this 15 norn)a]ly upon notification olthe interest paid or payabl¢ by the bank.
1.5. Expenditure reeognition
Liabilities arc recognised as expenditure as soon as there is a legal or construclive obligatlOD committing the
charity to make a payEnent to a third party. il is probable that a transfer of economic benefits will be required
in settlement and the amount of the obligation can be measured reliably.
All expenditLtre is accounted for on an accruals basis and includes attributable VAT which cannot be
recovered. Expenditure comprises direct costs and support costs. All expenses, including support costs, are
allocated to the applicable expenditure h¢ading.
Expenditure comprises the following..
Expenditure on raising funds comprises expenditure incurred on investment propeffies.
Expenditure on charitable acttvities comprises grants payable in Ihe forni of distributions to connected
charitiC5.
Grants payabl¢ are included in th¢ statement of fiiian¢ial activities when approved and when the intended
Tecipieni has either received the funds or been informed of the decision lo make the grant and has satisfied all
related conditions.
AllocatlOD ofsupport and governance Costs
Support costs represent indirect charilable expenditure. In order to carry out the primary purposes of the
charity it is necessary to provide support in the form of financial and governance prw¢dures, provision of
office services and equipment and a suitable working environmeni.
Governance costs comprise the Costs involving the public accouniabiliry of the charity (including audit ¢osls)
and costs in respect to ils complian¢e wirh regulation and good practi¢¢.
Support costs and governance costs are allocated directly to expenditure on raiSlDg funds.
Paxe 13

HACKNKY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022
1.7. InvestmeDt properties
Inv¢stment properties are included in the accounts at market value at the year end. 31 March 2022 valuation is
based oo a desktop valuation perfornied by Strettons Ltd on behalf of the charity. At 31 March 2021,
investment properties wer¢ included in rhe accounts based on a desktop valuation perfomed by Strettons Ltd
as at that dale. Prior to thai the property valualion had b¢¢n infornied by a desktop valuation p¢rfom)ed by
Strettons Ltd, on behalf of the ¢harity in 2019 and historic valuations Lmdertaken in 2009 and 2010 and
internal valuations as at 31" Ma￿h 2015.
Developmen( costs are written off as expenditure in the year in which they are incurred. Trustees also consider
the impact of capital works perfom)ed within the properties since the I￿1 full revaluation when deterniining
Ihe year end valuation. Gains and losses on the revaluation of investment properties are included in the
statement of financia] activities.
1.8. Debtors
Debtors are recogDi5¢d al the settletnenl atnount, less any provision for non-rewverabilily. Prepayments are
valued at the amount prepaid. They have been discounted to the preseni value of the future cash receipl where
such discounting is material.
1.9. Cash at bank and in hand
Cash at bank and in hand represents su¢h a¢count% and instruments that are available on demand or have
maturity of less than three months from the dale of a¢quisilion.
1.10. Creditors and provisions
Creditors and provisions are recogiiiscd when there É5 an obligation at the baltnce sheet date as a result of a
past event. it is probab5e that a transfer of economic benefit will be required in settlement, and the atnount of
the 5ettlem¢ni can be estimated r¢liably. Creditors and provisions are recognised at the amollnt th¢ charity
anticipates il will pay to settle the debi. They have been discounted to the present valu¢ of rhe future ¢Lsh
payment where such discounting is material.
1.11. Fund a¢couNtillg
Endowment funds Comprise the value of ihe freehold property seitled on the Charity at market valuation.
Designated funds are monies Set aside of unrestricted general funds and designated for specific purpose5 by
the trustee.
G¢n¢ral funds represent those monies thal are freely available for application towards achieving any charitabl¢
purpose that fall within the charity's charitable objects.
Further details on the nature and purpose of ¢ach fund is s¢t out in notes 14 and 15 to the financial stat¢ments.
2 Taxation
The Charity is exempi from taxation on ils income and gains where they are applied for charitable
purw>ses.
PaRe 14

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022
3 Rental income
G¢neral fuDds
2022
2021
Sour¢e of rental income..
Residential
821,451
749,436
Commercia]
664,317
1.485.768
759,224
1,508.660
PaEe 15

00
r•
-•
Iir
*r

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022 (continued)
Net income for tbe year
This is stated atter charging:
2022
2021
Auditor's retnuneration (prior year)
104
3,010
Auditor's remuneration (¢urreni year)
7,220
7,220
Investment property
Balance
l April 2021
Property Rev*luatio
Additions
Balance
31 Mareh 2022
25,715,000
390,151
424,849
26.530,000
All freehold investment properties are v¢st¢d in Ha¢kn¢y Endowed Trustee Limited, th¢ 'tntsl
corporation, tl)at is now the Trust¢¢. The properties ar¢ currently included on the balance sh¢¢l based
on a desktop valuation performed by Strettons Ltd on behalf of the charity at 31 March 2022. Certain
properties have been used as security for bank loans and further details are provided in note 10 lo Ih¢se
accounts.
Debtors 2nd prep8yments
2022
2021
Due from agent
Rent receivable, les5 specific provision
Prepayments
Other debtors
173,582
47,822
23,617
16,781
261,802
138,765
89.778
30,666
16,781
275,990
Creditors: amounts falling due within one year
2022
2021
Bank loan (note l O)
D¢ferred incotne
OtheT creditors
90,773
130,514
88,540
141.431
294,711
296,469
Deferred income comprises rent5. seryice charges and
insurance refunds received in advance.
2022
2021
Balance at l April
Amounted rele￿d to income
Amount deferred in year
Balance as ai 3 l March
141,431
(141,431)
130,514
130,514
144.861
(144,861)
141431
141,431
Page 17

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022 (eontinued)
io
Creditors: amounts falling due after more than one
year
2022
2021
Bank loans
2,860.583
2,756.657
Th¢ above liability is payable as follows..
Within one year (note 9)
Between one and two years
Between two and fIve years
After more than five y¢ars
90.773
93,891
304.793
2.461,899
88,540
91,919
293.481
2,371,257
2951356
2 845 197
A loan with CAF Bank was enlered into by the end of March 2014 and the firsi draw down of funds was
made in August 2014. The CAF Bank loan totalling £700,000 will be repaid over the next 17 years, with
interest being payable monthly at a rate of 4.50/0 over th¢ Bank of England Base Rate. The loan is secured
on properties at 184-186 Well Street and Celia Fiennes House.
During 2019120 tlie two loans from Charity Bank £700,000 and £338,005 which were in place ag at 31
March 2019 were consolidated into a new loan with a facility totalling £3.165,467, which provides an
additional £2.200,000 funding for a projeets in Well Sireet. The loan. of which £2,243.017 was utilised,
as at 31 March 2022 will be repaid over the next 23 years, with interest being payable monthly at a raie
of 2.650/0 over the Bank of England Base Rate. Th¢ loan is sccured (>n propert1¢5 at 184-186 Well StTeet,
Celia Fiennes House and 204, 206. 208. 210 and 226 Well Street.
li
Capital Commitments
As at 31 March 2022, Ihe Trus*e had entered into capital eommitrnents totalling £518,175, subject to
planiiing p¢miission, in respect of the redevelopment of the freehold investment prtsperties at 204-210
Well Strcet Hackncy. The funding for this project was secured via bank a loan from Charity Bank. As at
31 March 2022, £1,500,000 of thc £2,200,000 had been drawn down.
Page 18

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022 (contlnued)
12
Reeollciliatiott of net movement in funds to net cash flow from operating *ctivilies
2022
2021
P4et movemen¢ in fund$ as
per the statemtnt of financial *ttivities
Adjustments for..
939.474
(114.228)
Additions to property portfolio
1390,151)
{1.180.786}
Revaluation of property portfolio
{424,849)
584.657
Inierest re¢eivable
(21
Decre&5e {increasel in debtors
14.188
{68.1151
Increase in creditors
102 168
586 940
Net cash used In operatlng *ttivities
240,830
1915341
13
Key management personnel
The Charity considers its key management personnel comprise the Directors of the Trustee. The total
employment benefits, including employer pension costs of key management personnel were £nil (2021
£nil)- There We￿ no employees in this charity in 2022 (2021 nil).
Page 19

HACKNEY JO￿T ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR EfqDED 31 MARCH 2022 (continued)
14
Endowment funds
The endowment fiinds comprise the freehold property settled on the Charity at market valuation. Net
movetn¢nt in funds reflects any change in the market value of the properties and the value of the loans
secured against them in ihe year. General expenditure related to the properties is treated as an expense
of ihe general unrestri¢led fund which has th¢ benefit of the related rental income.
Balance
31 MaTch 2021
Net movement
B*lance
in f￿nd JI March 2022
TT*n$fer
21.903.004
{106,160)
424,849
22,221,693
B¥lanc¢
31 MaT¢h 2020
Net movement
Bxl4D¢e
in fund 31 Mar¢h 2021
Transfer
22,347,629
140,032
(584,657)
21,903,004
The iransfer lo endowment funds is to bring the Ya]ue of the fund in line with the market value of the
endowed property, less the loans secured against them.
15
Unreslricted fund$- eurrent yeAr 2021122
The Gen¢ral Fund has accumulated over a number of years, due to ihe Parochial Cliarities waiving their
riglit to a full distribution. This e1￿ureS that the Charity can meet its financial commitments into the
future.
The Trustee acknowledge5 that it is prudent to sei aside part of the Charity's unrestricied funds for the
purpose of Inaintaining the freehold properties and distribution to ils constituent charities. As such, these
are included iii the accounts as design¢iied funds as follows:
Balance
l April
2021
Balance
31 Mare
2022
Net infomel Transfer
(expenditure)
General fund
Estate Repairs Reserve
FutUTe D¢velopm¢nts Fund
768,827
100.000
719,783
(205.158)
(98,998)
205,158
1,389,612
i 00,000
300 000
1.789.612
1,168,827
514,625
106,160
Unrestricted funds- prior year 2020121
Bai¥nct
l April
2020
Bg19n¢e
31 March
2021
Net ineomel Transfer
{expenditure)
General furkd
Esta1¢ Repairs Reserve
Future tkvelopments Fund
438,430
100.O(M)
300 000
838,430
670,285
(199.856)
(339,888)
199,856
768,827
100.000
300 000
1,168,827
470,429
(140,032)
Page 20

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 (continued)
Desienated funds
The Estate Repairs Reserve is dedicated for repairs of the properties. £IOO.000 is maintained in reserve
to meet the immediate requirements of the Estate during the new financi￿ year.
The Future Developments Fund is dedicated to meet extraordinary and planned futu￿ repairs on
properties. The balance of net current assets (after transfer to the Estate Repairs Reserve of
£IOO,000) is held in reserve at the year end. The Trusl¢es maintsined this reserve at £300,000 at the
year-end to allow for planned repairs in 2022123.
The Directors of th¢ Tru5t¢¢ agreed lo cortsid¢r thes¢ funds and take stttk of their requirements in future
years.
16
Analysis of net assets between funds- current year 2021122
EndoiTrinent
Funds
GenerAI
Funds
Designated
Funds
Total
Funds
Invesltnents
Current assets
Current h"abilitie5
Long term liabilities
25,173,050
1.356,950
236,599
(203,937)
26,530.000
636,599
{294,711)
{2,860,583)
(90,774)
{1860583)
Total
22 221693
1,389,612
400,000
24 OIA 305
Analysi5 of Det assets between funds - prioryear 2020121
Endowment
Genernl
Designated
Funds
Funds
Funds
Total
Funds
Investments
Current assets
Current Lwbisiiies
Long term ]iabiiities
24,748201
966,799
9,957
{207,929)
25,715,000
409,957
{296,469)
{2,756,657)
188540)
(1756,657)
Total
21903 004
768 827
400 000
23 071831
Page21

HACKNEY JOINT ESTATE CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JI MARCH 2022 (continved)
17
Connected ebarities
During the year ended 31 March 2022 Hackney Joini Estates Charily made distributions to the
connected charities of £300,000. Addresses, purposes and charitable data of the connected parochial
charities are as follows..
The Hackney Parochial Charities
Charity No.:
219876
Addres5.'
6 Trull Fami Buildings
Tetbuiy
Gloucestershire
£150,000 {Granis Awarded by th¢ Charity- £328,912)
GL8 8SQ
ATea of benefit..
Former ecclesiastical parlsh of St John Hackney
Purpose:
Relief of poverty
Distribution received: one half
South Hackney Parochial Charity
Charity No.-
212336
Address..
6 Trull Farm Buildings
Teibury
Gloucestershire
£75,000 (Grants Awarded by the Charity - £140,131)
GL8 8SQ
Ecclesiastical parish of South Ha¢kney
Almshouses, education, relief of need
one qiiarter
Area of benefit-.
Purposes..
Distribution received..
West Hackney Parochial Chariiies
Charity No.
208941
Address..
6 Trull Farm Buildings
Tetbury
Gloucestershire
£75.000 (Grants Awarded by the Charity- £175.656)
GL8 8SQ
Area of knefit..
Ecclesiastical parish of West Hackney
Purposes..
Education and youth advancement, relief of need, local benefit
Distribution rec¢ived.. one quarter
Page 22

HACKNEY JOINT ESTATE CHARITY
The following pages are for MANAGEMENT PURPOSES ONLY. the information does not form
part of the Financial Statements on Ivhich the Independent Auditor has reported.

HACKNEY JOINT ESTATE CHARITY
REVENUE ACCOUNT
YEAR ENDED 31 MARCH 2022
31 March 2022
31 March 2021
Net ineome from properties
Reni and service charges receivable
1,485,768
1,508.660
Deduct direct expenditure
Genera] rate5
Repairs
Vyner Court- lighting and caretaking
Kenton Road- lighting and caretaking
Tcrrare Road- lighting and caretaking
Valentine Road- lighting and caretaking
Well Sir¢¢t- phone, lighting and
Caretaking
Commission on collection of rents
Insurance premiums
Estate agent's fees
Bad debts and provision for rent
in arrears
39,363
205,158
4,393
1,238
14
898
61,355
199,856
3,241
1,477
270
2,101
59,356
97.339
33,580
4,727
48,369
85.130
32,339
16,267
117534
1,080,019
940,721
Miscellaneous revenue
Other incorne
Dep051t and bank interest
Gross surplus
1,080,019
940,723
Indirect expenditure
Remuneration of the Clerk- The Trust
Partnership
Trusi administration- The Trust
Partnership
Legal and professional charges
Bookkecping and accounlancy
Audit and a¢¢ount8ncy
Miseellaneou5
Mortgage interest
Mortgage legal and arrangement fee
37,455
40,282
9,436
85,169
12,349
7,324
4,263
95,113
17,484
22,268
13,967
10.230
1,822
77,825
265 394
814.625
210294
730,429
Net income for the ye4r
Distributions
The Hackney Parochial Charities
South Haekney Paro¢hial Charities
West Hackney Parochial Charities
150,000
75,000
130,000
65,000
260 000
470.429
Net surplus for the year
514.625
Page 23