Charity reglstratlon number 289423 Company rgglstration number 01659324 (England and Wales) THE HOXTON TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE HOXTON TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Ruth Lomax- Chair Maria Way Kimson Alexander Sharon Mgager Cllr Katn Adaffl5 Warren Drew Rev Ben Bell Br(Igan McPherson Richard Barlram VScloriaActua Sudenaz Top IApp(xn18d on 02107120231 (Appointed on 29106r20231 IReswJned on 08106f20231 IResigned on 08106120231 (Resigned on 01106r20231 (Appointed L)n 18107120221 Secretary Paul Fleming Charlly number 289423 Company number 01659324 Senior Management Paul Fl8ming- ExeculNe D1￿ctor Website www.hoxlontru51.org Règlstered ofllce 156 Hoxlon Slreel London N16SH Independent examiner David Torry FGA Ramon Lee Ltd Charlpred Arcounlanls 93 Tabernaole Slreel London EC2A4BA Bankers B8FLk ol Scot18nd Lon(kin Chief Office Branch P.0. Box 1000 BX2 1LB Solicitors Nicholas & Co. 18-22 Wigmore Slfeel London WIU2RG THE HOXTON TRUST CONTENTS Page Chairfs slalernenl Trustees. ieport Independenl examinerfs report 10 Statement ol financial activitlES Balance sh881 12 Notes lo the financial staternents 13-23 THE HOXTON TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 am delighted ttr inlroduce The Hoxlon TrustAnnual Report for the financial year 2023124. 11 has been another very busy year with our legal advice Service often lull, our beautiful garden opening for longer, the popular ¢venls wo OCg8nisè b@corning established and our health and wellbeEng aclivib'es developing apace. Th8 Hoxlon Trust was registered as a charity ot7 May 18, 1984. Thmugh this yeai we have been enjoying a series ol anniversary events lo celebrale our 40lh anniversary and look forward to ovr successful future. Thank you Fiislly, let me lake this opportunity lo Ihank all staff and volunteers al the Trust. I continue lo be blown away by the professionalism, kindngss and empathy everyone shows in every contact with our clients and the wider community. The sheer volume of high-quality work the Trust team achieves is truly amazing. Together you make a real difference-, a positive impact on so many people's lives and wellbeing. The one overrldlng laclor impa¢llng us and the community we serve over the last twelve months has been the cost- ol-living crisis, a conlinualion f¥om 18sI yeai. More and more local people have accessed our free legal advice s¢tvice- anxious, woiiied and in somc cascs fttghl¢nod about the situation they are in. The cost of gas and electric has soared.. lood cosls, especially essentials have risen sh(iiply whilst IncomB, whtrlher from work or frorn welfare payments has hardly gone up. Our moniloring tell8 us Ihal while we have had a great impaGt on people's lives there is only so much we can do and, worse, the underlying Irends do nol seetn to be itnpioving any lime soon. I pay credit to the work of the Legal Advice Sejvice leam.. Margaret Laudei who has worked wilh us lor over 30 yecll5. Clarissa Trevor who now has 15 yeals with the Trust and our newe$l membei of the team Abbas Kaplai. whD we welcotned thi5 year. One of our respDn585 to th8 seiious cha118ng85 affecting our community has been a pilot mental health and woll- being project based on gardèning. Thi5 enabled tjs lo try out some new organised activities Éind has been huge successful thanks to the skills and hard wo(k of our Community Gardener, Stephen fviason and thE Gaiden Manager, Max M350n. The Board arbd I look lorward lo this area of work being developed furlher. buitding on this posilive and well-receNed initiative. As well as the impacl on the work we do, the cost-of-living crisis impacts on our own ability to dellver. Our running costs not just gas and electric, bLtrI all our supplies have risen much faslei Ihan our ir>cotne. We are being squeezed and while I have full ¢onfiden¢e in Paul Fleming our Executive Director to tnanage costs and socure increased income for the Trust, I know just how uncomfortable the situalion is riuhl now. We absolutely undersland Ihe slress and anxiety fell across our community because we feel il too! Income and Expendlturp In¢ome sn the period w8s £194,370 lup from £189,377 in 20221231. Much ol our incotne is secured through charilable grants. This year our grant income includes support of £31,470 from City Bridge, the Iirkal year of a Ihree- year grant Ihal oovers 50ffle of the costs ol delNering a free legal advice service from our oftic&s on Hoxlon Street. This allows us lo suppcirt len new Clients every week, in addition to our existing case load. We were particularly grateful to National Lottery for a grant of £21,500 whsGh helped us expand the advice and support we gTVE Its the m05t disadvantaged residents. all of whonTr ale really struggling lo make ends meet to help them Ihrough the cosl-ol-living crisis. Wlh this grant, we were able to meet the acute additional demand. Our key stakeholder, Ihe London Borough of Hackney also understood the pressures we are under gave some much needed additional suppcirt1£4,5001, on lop ol the income we receive from their Public Health leam1£8.250110 provide free legal advice al The GreenhoL¢se Cenlie. We appreciate our continued partnership with Shoredilch P2rk and Ihe Cily Primary Care Nelwork1£22,0(X)I lo piovide free legal advice in their practices bul after nearty a decade of working logelher we were sad Barton House ended their conliact with us 1£6.4001. in part due lo the social prescribing aclwity there ovedapping wilh our advice provision. Funding from Mind City klackney and Waltham Foresl1£14,500) was the final ol three funded pei.iods of an exciting pilot project for us.. using our garden and gardening lo improve people's health and wellbeing. We were delighted that over 100 people allended the project over the course of its duration Illoie Ihan we had anticipated. We found some of the tnoniloring and itnpacl measuring quite challenging due to Ihe nature of the work.. l)ow do you measure how people feel in an accurate and meaningful way? However, the pilot helped us lo d8velop some methods and THE HOXTON TRUST CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 metrics which were welcomed by the (under and we are now in a strong po811ion lo develop this strand of WO￿ with greater confidence. Thal satd, we cannot commit any expenditure wilhoul secuiing funding fiisl,. the Board and l are lear that we rnustn'l lose sight Df the colè principle of charity managemenl - doii'l spend more m(bney than you have secured. We are fortunate to gènerate rental income from propertie8. £69,3481£70.137 in 20221231. We are aware thal we need to update our approach as a landlord in line with Ihe local pioperty matkel. to illclude a more regLJlar review of our rtsntal contracts. Our most iecent rent review in 2020 coincided wilh the pandemie and as a board we did what we eould to support our Icnanls financialty through that crisis. We look back with piide al thos8 decisions, they were Ihg iighl ones, but tl)ey came with a financial hil which is having an impact on ciur aGcounls, which rnust now be addressod far the sake ol the Twst's financtal restlienc6. Expendilufe in the period was £202.888 Idown from £205,117 in 20221231. 75% of our expenditure is staff and volunteers. So. whÈle we continue to examine the cost ba8c ar)d sliNe for efficiencie5. we are also realistic. We know that most if not all pos51ble efficiency savings have already been made and we are left with very narrow m8rgiris. The challenge lor small communÈly-based charities like the Hoxton Twst is long lerrll suslainabilily. I pay enoirnou5 credit lo Paul Fletning our F.xecutive Director in 8chiÈving fundraising success, yoar aftcr ycar. For example, the funding from National Loltery was hard won and meant we helped tnore peuple ialher than havir)g lo Cul back and help lewer, but I know just how difficult fundraising is. Al every bDard tneeting we review the riskq lo th& organisation and every time, short term funding Ilhis financial year and nexll and medium to long-teim funding Ilwo or more years in Ihe fulurel are the bigge51 £ifbd second biqgesl risks. With Ihis in mind, we further progressed some innovative ideas Ihal have been building over the last lew years. There is a possibility of sotne redevèlopment of space we have on a long lease frotn Hackney Council, bth for Ihal lo be explored thal leasè will need to be extended. and for Ihat to happon a financial viability assesstnent needed to be prepared. The Board took a brave decision lo go ahead with thi5 work and 2s 2 resull, this exceplÈonal cost falls in this finanual year. This means despite an opeialional surplu5 01 £8,762, we are posltn9 8 deftcrf of £8,518. The Board of Trustees l am immensely gratelLJI to our board of Iruslees, who have committed to give their lime. experience and expertise to over¥e2 the work ol the Hoxton Trust. l am proud that our Board rellecls the local community and has Hoxton al its hear(. This year we wekomed some new tru5te.es. Kimson Alexander 13 8 local iesident with a long-standing connection lo the charity and brings exlensive kTrowledge and experience,. Sudenaz Top is a younger IEsident of Hackney wilh a strong background of community engagement, and has ftind memories of vis11ing our Communily Gaiden glowing up,. and Sharon Mparher, 8 resident of Hoxlon with great knowledgo and a sliong interest in the value of communily spaces. They joined me and valued fellow Iiustees Brogao McPhersoii, Warren Drew, Kam Adarns and Maiia Way. thank them all for Iheir time and dedication and again to Paul Fleming our Executive Dire¢tor lor the ongotn9 51JPPOrt he provides lo the Board. Charity trusl8es have an important role to play whalever Ihe remit ol thelr organisation, but I sinCe￿IY believe that on the Board of lh8 Hoxton Trust, cwr trustees make decisions Ihal have a direct impact OTr the live5 01 local pewle in Hoxlon. On b8half of all al the Hoxlon Trust, thank you to all our stakehDSders and friends lor your on90ing support. Ruth Lomax Chair Dal&.' THE HOXTON TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annL¢al ieport and finaneial statements for the year ended 31 March 2024. The financial slatemenls have been PTepared in accoidance with Ihe accounting pol%ciÈs set oul in note 1 to the linancia151glements and comply with the eharily's Memorandum and Articles ol Association, the Companies Act 2006 and "Accounting and Reporting by ChaTilies.. Stalemenl of Recotnmènded Practice applicable lo chaiitie5 prep(Iring their accounts in accordance wilh the Finanaal Reptsrting Slandard apPI￿able in Ihe UK and Republic ol Iieland IFRS 1021" (effective l January 20191. Oblectiv&s and actlvitles Vision: Our vlsion is ol a respectful and friendly communtly, where people help each olher leam, develop and grow a neiwork o15UPPOrt. MS$sion: Our rnission is lo build the ski115, knowledge and confidencè of the commuT)ity 80 that together we can make our area 8 better place lo live. We do this by.. Invesling in people lo enable them to realise their wtenlial. Creating a rnutually respectful. friendly, supportive environment wh818 we work wilh people lo help them leam, devclop and sofve their problems. Working with olhers Ipublic, private and voluntary sector groups and organisationsl lo create a nelwork irf SUPPOrt for Dur community. Charitabl8 objects The charity's objeels {"Objecls" l ale specifically restricted to the following". The Felrf ol fiiiancial hardship by Ihe provision ol free legal advice and assistance lo peFsons who. throLFgh lack of means. would otherwise be uftable to obtain such advÈce. To advance the education and 11gining of thE public in the subject of horticulture and in the geography, history, naluial history and architecture of Floxton. To deveSop the capacity and skills of the members of the socially and economi¢ally disadvantaged comrnunily ol Hoxton I Shoreditch in such a way thal they are beller able to identify and. help to meel, their needs, and lo participate lu11y in society. The promotion, for the benefit ol the public, of urban regeneration in areas of social and economic dEpiivalion land in particular in Hoxlon in the London Borough rjf Hackneyl. Such other means as may from time to lime be determined by the Trust, subject to prior wrillen consent of th8 Charity Commissioners for England & Wales. THE HOXTON TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Hoxton Trust Community Garden It's been 8 very busy and productive year in the garden. Volunteer numbers ale increasing, and our regular corporate groups return regularly. We have run regt¢lar weekly sessions with blind and learning di5abilitylmenlal health issue clien15 fiotll the Hub Club_ These are very popular, and we hope lo build on this progress 8nd expand the activity. Alli in all. visitor numbers have recovereil lo P￿-pandèM￿c levels as those who work and study in the aiea have returned lo the office or classroom and so ofton spend breaks and lunchtimes in the garden, rf( being SLEch a quiet and beaulilul space. Biodiversily in the garden is gelling beller, and overall impact is excellent. More insect and bird specles are now actively involved 2nd living iri the garden. Log pile habitats and other smaller areas are working well and feedback from the public is exlietnely posilive. They love the fact thal it is being cared lor in suGh a gentle and unusual way. We have planted several new tree species in the g8rden over the year bringing the lolal numbei of species up to 40. This is in additional lo the 180 species of planls including 40 different tree species. Allh(iugh the absolute amount is small it is heartening lo see In￿Me frorn th8 sale of plants growing steadily. As result, w8 have also inc¥eased the longe of plants available. F.venis in the gsrden began in th¢ spring with some workshops by the Grand Union and Shoredilch Cornrtiunily Orchestra., ￿uSIC is a￿ayS a suc¢essfvl way of bringing the community into the gaFdElI. We celebrated King Charles 111 coronation weekend wilh lea, coffee and chat which, de$F￿'(e Ihe rain was popular. The stand-out actsvity was our Windfush evenl where, thanks to a £2,000 grant frotn Hackney Council we piovÈded free food and music and decorated the garden with a set ol'grip. style suitcases with boardinu card8 from criginal arrivals. The Hackney counciSlor5 and Deputy Speaker who attended weie impiessed and we were iwited to the Town Hall and Ihanked officially. We were also Successful in ieceiving fur)diiig lor Qui Mayors ComM￿nitY Weekend allowing us to orgariise free food, a band and DJ. arts and cr8As and children's activities which was very POPLÈlar. The East London Shakespeare Company came and performed a brilliant version of Rotneo and Juliet whi¢h w2S very entertaining and Saw a grjod turnout of people. As part of Ihe Hoxton Sumtner Fair, we h&d a puppet workshop and circus school IEI the garden with a high footfall of local children pafli¢ipaling. The Bub Aub ran a lew art classes for u5 11ii'tsuqh the sutllmer for childrell and pul togelher a cainival wepk*nd in August. The year was rounded off with our Wintergarden event with a groat singei, ciafts and mulled wine. and were ablo lo raiSB tnonEy through sales. Our health and wellbeing activity Saw a communily health and well-being day with a family mindfulness and movemenl workshop, Yoga, Zurnba. health checks, a herbalist and HIV and sexual health awareness provided by HIV charity. Positive East. We also provided yoga and slow Zumba ev8ry Sunday throughout the summer. An interesting collaboralion with the London School (If Ar¢hileclL¢re has Seen the garden become home lo a locally designed wooden'rainbow reading room, structure which is a book swap, Our Food GardentGardening Club The pilot project to use Ihe garden as Ihe vehiGle lo improve people's mental health and wellbeing endèd in th surntner of 2023. We learned a lot about how to market and promote the initiative and how lo measure the impact of a proiect like IhÉs. 109 people allended, almost all reported an improvement in mood, a reduction in leve15 01 anxiely and being in a generally happier place thanks lo having come, done some gardening, grown something they could lake home and eat and mel some new people and made friends. Sadly, we weren'l succÈssful in securing continuation funding bul were 8ble lo incorporate some of the activities inlo the day-lo-day responsibilities of Stephen Mason Ihe Community Gardener and Max Mason the Garden Managef. We hope to secure funding foi a sitnpler, s1itnmEd dDwn version of the pilot next year. Legal Advice ServSce Our legal a￿v￿e service ha5 had another incredibly busy year, often operating al or above, full capacily. The ongoing cost ol Iwing crisis is impa¢ling massively across the whole community as people struggle to keep their heads above water and pay the bills, pul food on the table and maintain a level of dignity despile the adversity. Beiween April 2D22 and March 2023. we helped 853 individua15 1852 13s1 yearl and dealt with 8D equally high number of matters- 4273 malters14270 lasl yearl. This means on average each client comes with five diffeienl, but inlercoTrnected things lo Sort out. THE HOXTON TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Two thirds of the work we do relate to either welfar$137°/o of the totall or housing128°/u of the lolal). 11% Is debt ielaled and the remainder, overylhing else., from employment lo famity related fo paiking or Iraflic lines. Iiiespeclive of the subject maller, we heaid so mafby PEople express their rèlief in recetving the governments C081 of Living Payments (paid automalicalty lo those on rneans-lested benefits in Spring 2023 - £301, Autumn 2023 - £300 and Spring 2024- £299, and a one-off paym&nl for those on a disability benefit. Howevei, all cliEnts were equally looking ahead lo the iesl of 2024 and beyond as Iheie no more paymenls were planned. The anxiety across the communily is tangible. We do whatever we can and the office physically being open and accessible we believe is vilal. We give freo advi¢e every day of the worting week.. Monday and Thursday al our drop-in sessions on Hoxton St (we ran 90 of these in 20221231 aTMI Tuesday, Wednesday and Friday al diflerent GP praptices in Hackney. City Biidge Foundation support our drop-in sessions. Shoreditch Park and the City PCN and the London Borough of Hackney (Public Her Hackney Food Bank. We issued 1405 voucher5 (the equivalenl ol over 31,￿0 rneals} 10 239 different htsuseho1ds in Hackney in fhe period. Thc 239 households are made up tsf 279 adults and 439 childien. Sadly, ttjoie and more people meet (he eligibility criteria and thete is no obviou5 Indication that things will begin lo improve foi our community any litne soorh. CASE STUDY Mi B is a very vulnerable resident. He's been the viclim of drjmestic abuse, is severely disable and in a wheelchair and has lillle or no confidence 01 knowtedge in dealing with large inslilulions like the council ol the Depailmenl for Woth and Pensions. He just assum88 they must a￿ayS be right and il anyone 15 Èn the wrong il tnust be him. He'd rO￿lved what for him was a frvJhlentng detnand for Iwo years council lax, demanding mtrney which he didn't have. He was un8ware Ihal when his wife left hÈtn and lett the famity home, Iwo years PTeviously, that would change Ihe amtsunt of council tax he had lo pay We advised him that whilst he WAS liable bul also inloitNed him of the welfare entitlernent5 he could cind should apply for (he didn't know about any ol them) and helped him apply. A combination of a ieductFon of counal lax plus the single person's discount the disabiltly discount, reduced his bill by £1,015. making Èt affoidable and relieving a lot cif Ihe stress and anxiety he was under. Finally. we got his council lax ieduct¢on backdated, iesultlng in a further £1648 being paid into hi5 council lax account and leaving him in credit by £2951 'You'v8 S8ved my life,, Mr 8. February 2023 Publi¢ beneflt statemont In shaping our objectives for the yeai and planning our aciivilies. the trustees have constdered the Charity Commission's guidanrp on public benefit, including the guidance 'public b8nefit.- running a charity IPD21. The achievemanls and activities above demonsltate Ihe public benefit arising IhroLJgh the charily's activities. THE HOXTON TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT> (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnancial review The Slalemenl of Financial Aclivities show net deficit of £8,51812023 - £15,740) for the year and reserves siand al £47,81712023 - £56,3351, The finanBial posilioft at the year revealed by the Balance Sheet on page 11 shows net currÈnl assets or working capitsl of £47.39312023 £55,177). The net book value ol fixed assets held, all ol which are used directly for charitable purposes, arnounted to £42412023- 1.1581. Investment powers and policy Tho M¢morandum and Articles of Association authorises the Trustees lo expend Ihe funds of the charity in Such manner a5 Ihey sha15 consider tno8t beneficial for the achievement of the objects and lo invest in the na¥ne ol the chaiity such parl ol the funds as they may sèe fit and to direct the sale or transposition of any SLFch investments and to expend the proceeds of any stKh sale in lurtherance of the objects ol the charity. At the piesent time the Trust does not invest ils money. Reserves policy Reserves are needed lo bridge the gap belween the recebving and spending of income and to cover unplanne(f emefgency repairs and other expendituie such as redundancies. The Iruslees considered that the ideal level ol reserves a5 41131 March 2024 would be a minimum 014 monlhs, expenditure (around £55,000). This is reviewed in the light of changes lo aplivity, staffing and funding, and is monitored as part ol the budgeting process. The year-end financial statements showed feseTves Df £47.817 12023 £56,335). The unre81iicted funds not designated or invested in tangible fixed assels held by the chaTity are £47,39312023- £55.1771. The trustees have reviewed the circumstances of the charity for the foreseeable lulure and are of the view that th8 charity is a going conc81n. Plan5 for fLtture periods We will build on our initial progress and further develop our health and wéllbelng actlvities focused on gardening and growing food. We will conlinue to apply r(*)us1 financial management prLKedures and aim to have 811 charitablè activities lully fund8d. Collaboialive working wilh tslher Community groups, Ofganisalions and stakeholders across the borough Is Central to our philosophy and WE will CDnlinu81D work hard to maintain and improve these. Structure, governance and managèment Governing document The Hoxton Tiust is iegi51Ered under the Companies Act 1985 as a company limited by guarantee and not having a capital divided by Shares. The cotnpany was incorporated on 8th August 1982 and was regisleied a5 a chaiity on 18 May 1964. Th8 Cotnpany was established under the Memorandum ol Association, which established the objects and power of the chaiitable company and is governed, under the Articles olAsso¢iation. In the event trf the company being wound up membèrs are requirod lo contribute an atnounl not exceeding E1. The charity registration nurnber is 289423 and the company IEgistratson number is 1659324. Recruitment and appolnlment of Trustees Individuals ale sought who hav@ an inlerest in one 01 more areas of work of The Hoxlon Trust and can offer area5 of specialism where appropriate. Al each general meeling one-third of the directors musl reliie Irom Offic8. This will be by rolalion, Ihose who have been longest in office Since their last appoinlfflent. A director shall cease to hold office if Islhe is absent wilhoul permission of the direclois from all their meetings held within a period of six consecutive months, and the directors resolve Ihal his I hei offic8 b8 vacated. THE HOXTON TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 IVJARCH 2024 Trustee induction and tralning New tIU5tees are inducled on the work and culture ol The Hoxlon Trust and on the roles and responsibilities ol Trust82s. The Truslees mainlain a good working knowledge of charity and company law and best pigclise by allendance at charity and company courses tun by outside providers. New TrusteES are given copies ol the Memorandum and Articles of Association. Organlsztlon The board ol Iruslees (who aTe also direclorsl shall nol be less than three and there is no maximum numbei, The company is organtsed so that the Tiustees meet quarierly, whereby any major iisks lo which the charily il exposed are rEviewed and systems and procedures 8ré eslabli5hed to manage those risks. 11 the need arise8, Iherc will be occasitrnal extra meetings to discuss problems which aiise unexpectedly. Ttubleeb liobl ws. The financial statements have departed from the Charilies (Accounts and Reports) Regulations 2008 only to Ihe extent required lo provide <1 Irue and fair view. This departure has involved lollowing the Slatement of Recommended PraGtice for chafilies applying FRS 102 rather than the version of (he Statemenl of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The fillancial slatements are prepared in slerllng, which is Ihe functional currency ol the charity. Monetary amounts in these financial slalemen15 are rounded to the nearest £. The tinancial slalement5 have been prepared und81 th8 historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Goin9 concem The charily's financial statements show a nol doficil of £8,51812023 - £15,740) for the year arml free reserves of £47.39312023- £55,177) a5 at the year eiid. The tru8tees are of the view Ihal Ihese resulls and furKlrai5ing plans for the future have secured the immediate future of the charlty for the next 12 months aFtd on this basis the chaftly is a going concern. 1.3 Charltable funds Unreslii¢led funds are available lor use al the discretion Df Ihe Iwslees in fvrtherance ol their charitable objectives. Reslricted funds are subject Io specific condition5 by donors as lo how they may be used. The purposes and uses of the iestricted futxls are sel out in th8 notes lo the financial slalements. 1.4 Income Income is iecognised when the charity has enlillemenl lo the funds, any performance conditions att8Ghed lo the ileFnls1 ol income have been met, it is probable that the income will be received and amount can be measured reliably. In￿me received by donations is included in full in the Slalement ol Financial Aclivitses when receivEd, unlESS they relale lo a specified ￿tUre period. in which case they arE defprred. Income frotn charilablo activities ieoeived by way of revenve grants and donalions are ¢￿dIted to restricted incoming on the earlier dale ol when thEy are ￿Ceived or when they are recewable, unless Ihey relale to a specified lulure period, in which case they are deferred. Grants and donations ol general nalu¥e which are not conditional on delivering certain leve15 01 service are included a5 part ol Donations as shown under Note 2. Performance ielated 9ran15 and donalions which have conditions for a specific outcrjme are include as Incom8 Iiom Chaiitabse Activities as shown in Note 3. Income from ch8rilable activities include income iecognÈsed as earned (as the related goods and seEviEes are provided) uiider conlract. Rental income and Se￿iGe charge incotnÈ are credited to sncome in the year in which they are receivable. 13- THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policle8 Contlnuedl 1.5 Expenditure Expenditure is recognised once there is a legal or construct¢ve obligat￿n lo transfer 8cx>nomic benefit to a third pariy, it is probable that a Iransfei of econDmic benefit5 wi11 be iequired in selllement, and the amount of the obli9ation can be measured reliabty. Expondiluie is classtfied by activily. The cosls of Èach aclwity are made up ol the total ol direct costs and shared costs, inctuding suppoll costs involved in undertaking each activity. Direct eosts altiibutable to a single activily are allocated directly to that aclNity. Sha￿d costs which contribute lo rnoie than one actwity and support costs whiph are not altiibul8ble to a single activity are apportioned between those aclivilie5 on a basis consistent with the use of resources. Cenlral 51aff costs ale allDcaled on the basis of tim& sp8nt, and depreci8lion charges are allocated on the portion of the asset's use. Allocation ol support costs Support Costs are those functions that a5Stsl the work of the charity bul do not direclly undertake charitable activities. Support costs include back offico ¢osls, finan¢e, personnel, payroll and ￿VernanCe costs which support the charity's programmes arKI aclivilies. These costs have b8en allocated between ctsst of raising funds and expenditure on chaiitable aclivities. 1.6 Tangible fixed assets Tangible fixed assets are Initial￿ measured at cost and subsequently measU￿d al cost or valL¢alion, nel Df depre¢ialion and any itnpaim)ent losses. It)dividual fixed assets co$ling £1,IKK) or more are capitalised at cost. Depreciation is reeo9nised so as to write off the cost or valuation of assels less iheir residual values over their useful live8 on th¢ following bases: Fixture8, fittin9s and equipments Compulers equipments 25Uh slraighl-line fflethod 25Yo Straight-line method The gain 01 loss arising on the dispos&l tsf an asset is determin￿ as the difference between the sale proceed5 and the carrying value of the asset, and 15 recognised in Ihe stalement of financial activities. 1.7 Cash and cash equivalents Cash an(f cash equivalents include cash in hand, deposits held at caN with banks. olher short-term liquid investments with original maluritie5 of three months or less, and bank overdfafts. Bank overdrafts are shown wtthTrn borrowings in curr8nt liabilÈlies. 1.8 Taxatton The charily is a registered charily ar￿. therefore, is nol liable for Income Tax or Coiporalion Tax on income deiived Irtsm ils charitable activÈlies, as it falls within ffte various exemptions available to registered charitie5. 1.9 Creditors and Provi51on5 Creditors and Provisions are recogni5ed when the charily has a legal or conslrtsclive prèsent obligallon as a result of 8 pasl event, it is probablo that (he charÈly wi11 bè reqUI￿d lo seltle that obligation and a reliable eslimale can be made Of the amount of the obligation. The amount rècognised as a provision is the b2st estitnale Df (he consideration required lo settle the present obli9alion at the reporting end dale, 18king into accoun( the risks and unCertainl￿S surrovnding the obligation. Where the effect ol the lime value ol money m818rial, the amount expected lo be required to sellle the obligalion is recognised at Pfesenl walue. When a provision is rneasured al presenl value, the unwinding of Ihe di$￿Unt is iecognised as a fit)ance cosl in nel inGomellexpendilurel the period in which il arises. 14- THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Iconflnuedl 1.10 Volunteers and donated servlces and faclllties Donaled professional servi￿8 and dotTrated facilities are recogni8ed as income when the charity has control civer the item. any condilions associated with the dtsnaled iletn have b&8n mel, Ihe receipt of economic benefit Irom the use by Ihe charily of the item is prL>bable and Ihal economic benefil can be measured reliably. In accoidance with Ihe Charitie5 SORP IFRS 1021. the goncral volunleer lirno ol Ihe charity is not reeognised in Ihe main bo(ty ol the fin8rhcial stalements, bul detail is contained in the Twslee5 iepotl. On receipt, donated professional services, donated facililies and goods aTe i&cognised on the basis of the value of Ihe gift to the charily whioh is the amount the charity would h&ve been willirwJ lo pay to obtain setvices or facilitie¥ ol equivalent economiG benefit on the open markel., a corresponding amount is then recognis8d in expeDdtLure in the period of receipt. 1.11 Debtors Trade and olh8r d8btors are recognised at the setllernent amounl after any trade discount olfered. Prepaymenls are valued at Ihe amounl prepaid net of any Imde discounts due. 1.12 Ponslon The charily operdles a defined contribution pension srheme. The assets of the scheme are held sepai(Itely from those of the rompany in an indcpcndenlly administered fund. The pension cost charge repiEsenls contributions payable by Ihe charity lu the fund. The tharily has liability under the scheme fFlher than for Ihe payment of those contriiwlions. Crltical accounling Èstlmates and judgtments In the application of th8 charily's accounting policies. th8 Irustees are required lo make judgements, eslima18S and assumptlDn5 about the carrying amount of assels and liabililies Ihal are not readily apparent from other sources. The estimate8 2nd associated assumptior15 are based on hislorical experience and other fact015 thal are consid818d to be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are ieviewed on an ongoing basis. Revisions to acoounting estimates are recogni5ed in the period in which the estitnalp is fevised where the 18vision affects only that period, or in the peiiod ol the revision and future periods where the ievision affects both current and lulure periods. Donations and legacies Unrestricted funds Total 2024 Total 2023 Donations 3,195 3.195 2,885 3,195 3,195 2,885 For the year ended 31 March 2023 2,885 2,885 15 THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Legal Advlc61 Communlty Mental Health Projects Prolecl Total 2024 Total 2023 L. B. Hackney- Granl income City Bridge Trust East End Citizens Advice Bureaux National Lollery Cornmunity Fund CIHWF Mind Imental Health ProjeGII RBG City and Shoredilch PCN 19,811 19.811 31,470 6.000 33,516 15,000 31,470 23.D71 23,071 14,50CI 2,OOQI 22,000 14,500 2.000 22.000 29,￿0 500 18,[ 69,970 42,882 112,852 102,016 For the year ended 31 March 2023 Reslricted lunds 95,516 6.500 102,016 other trading activiti88 Unrestricted funds Total 2024 Total 2023 Garden hire in¢omo Garden incoEn8 Rèntal Ineome Sales ol Product Income Misoellaneous Incotne 5,000 839 70,137 8,500 2,175 69,348 6,400 4DO 2,175 69,348 6,40 400 other trading aclivilies 78,323 78.323 84,476 For the y8ar 8nded 31 March 2023 84.476 84,476 16- THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising lunds Unrestricted funds Total 2024 Total 2023 Staff costs Premises costs Shale of support costs (see note 81 Share of governance costs (see note 81 11.714 7,560 1,098 8S 11.714 7,560 1.098 86 11,390 7,203 551 20.458 20,458 Ig.144 For the year ended 31 March 2D23 Fundraisino and publicity 19,144 19.144 19.144 19.144 Charitable activities Legal Advicel Community Mental Health Projects Project Total 2024 Total 2023 Staff costs Volunteer expens88 Premises costs Other direct woject costs 71,534 778 7,560 7,976 46,325 1,556 7,560 g.Q94 117,859 2,￿4 15,120 17,07 128,093 2,126 14,4Q6 27,￿2 87.848 64,535 152.383 171,987 Share of support cosls (see nole 81 sha￿ ol governance costs Isee note 81 17,576 1,4 10,253 818 27,829 2,218 11.832 2,154 1[￿,824 75,606 182.430 185,973 Analysis by fund Unrestricted funi8s Restricted funds 17,043 89,781 52.535 23,071 69,578 112.852 75,767 110.206 106.824 75,606 182,430 165,973 17 THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support cost$ Support Governancè costs ost5 Total 2024 Total 2023 Finance and adminislralion slaff Communication and tr c051s Legal and professional costs General office c05ts Independent Exarninerf8 foes Trustees expens85 3,￿5 6,252 18,215 555 3,￿5 e,252 18,215 555 2,31M 3.797 6.860 956 686 2,138 102 2,304 28.927 2,304 31,231 14,537 Anatyqed beiween Fundraising Charitable activities 1,098 27,829 86 2,218 1.184 3f1,047 551 13,986 28,927 2,3Q4 31,231 14,537 Net movement in funds 2024 2023 N8t movement in funds is slated after chargingllcreditingl Independent examinEd5 fees Deprectalion of owned langible fixed assets Operaling leas8 r8nt 2,304 1.100 8,000 2,136 1.875 8,OCIO 10 Employees The average number of lull- lime equivalent employees was as follow8.. 2024 Number 2023 Number Direct charitable work 2.80 2.90 Total 2.80 2.9D The av8r8ge monthly number of employee5 durÉng the year was.'812023- 81 Employment costs 2024 2023 Salaiies National Insuranc8 Pension costs 126,180 4,620 2.678 133.730 6,471 3,173 133,478 143,374 18- THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees (Continued) No Irusteès receNed relmbursed expenses duFÉng the year12023- £nÉll. The key management personnel ol the charity compiise the Execulive Director. The lolal employee benefits of the key managemenl personn810l the charity were £39.04612023- £38,059). The￿ were no employees whose annual remunerallon was more than 260,000. 11 Tangible fixed a55ets Flxtur•s, Iittlngs and equlpMfj￿tS Computers oqulpmfrnts Total 2023 Cost Al 1 April 2023 Additions 21.431 36S 8.842 28,273 36S At 31 March 2024 21,797 6,842 28,639 Depreciation and Impairment Al 1 April 2023 Depreciation charged in Ihe year 21,267 255 5,848 845 27,115 1.100 Al 31 Maich 2024 21.522 6,693 28,215 Carrying amount Al 31 March 2024 275 149 424 At 31 March 2023 164 994 1.158 12 Dèbtors 2024 2023 Amounts falling due within one year: Trade d8btot5 Accrued Income 9,775 3.282 3,282 9,775 3.282 9,775 19- THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Creditors.. amounts falllng due within one year 2024 2023 Notes Taxaliorh and social securlly Defefred income Other credilors Accruals 1,838 1.000 424 3,047 3,058 14 823 2.802 6,309 6,683 14 Deferrèd Income Deferred inwme 15 included in the financial slalem8nts as follows.. 2024 2023 Movements in the year.. Dcleried income al 1 April 2023 Resources delerr8d in the year 1,0 Delerreil incotne at 31 March 2024 1.000 -20- vDOOr Doo- a￿00 OOOr OOOr 0￿00L0 o>oooo oDw)o ) ￿ co oi ro 000 ooats o 00￿0 wz<)u(r uo c- uoo tJ)tyui cccc u iL iL iL IL THE HOXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds Total Unrestricted Restricted 2024 fLEnds funds Total 2023 Fund balances at 31 March 2024 are repiesenled by.. Tangible a58els Current assetsllliabilities) 424 47,393 424 47.393 1,158 55,177 1.158 55,177 47,817 47.817 56,335 56,335 17 Operating lease eommÉtn)ents 2024 2023 Within one year Between Iwo and flve years 8,000 32,000 8,￿0 32,(￿0 40.000 40,[￿0 18 Pension The pension cost charge represents contributions payable by the charity lo the fund and amounted lo £2,677 12023 - £3,264). Conliibulions lolallin9 £42412023 £9141 were payable to the fund al the year end and are included in credilois. 19 Related party transactions During the year, Ihe charity received renlal income of £2,600 12023 £5.￿0) from The Mlgrant Law Partnership Ltd in which Richard Bartram is the sole diTeclor. There are no other ielaled party transact￿n$. 20 Share Capltsl The company is limited by guaranlee and does nol have a share capital divided by sh8re8. 23-