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← Hampstead Heath

2025-03-31-accounts

Hampstead Heath

Incorporating:

Hampstead Heath Trust Fund

Annual Report and Financial Statements for the year ended 31 March 2025

Charity registration numbers 803392 and 803392-1

CONTENTS

Origins of the charity ............................................................................................... 1 Structure and governance ....................................................................................... 2 Achievements and performance .............................................................................. 7 Financial review ...................................................................................................... 9 Trustee’s responsibilities ....................................................................................... 16 Independent auditor’s report ........................................................................................... 18 Statement of financial activities ............................................................................. 22 Balance sheet ....................................................................................................... 23 Notes to the financial statements .......................................................................... 24 Reference and administration details .................................................................... 43

ORIGINS OF THE CHARITIES

Hampstead Heath is the collective name for an area of land in North London, including Parliament Hill and Golders Hill, comprising a total of 791 acres (320 hectares). The origins of Hampstead Heath lie in the transfer of Hampstead Heath into public ownership on the terms of the Hampstead Heath Act 1871. Subsequent land has been added over the years. The Heath is held by City of London Corporation, as Trustee, as an open space for the recreation and enjoyment of the public. The Heath falls within two London Boroughs: Camden and Barnet.

The Heath was transferred to the London Residuary Body on 1 April 1986, on the abolition of the Greater London Council, and was transferred to the City of London Corporation on 31 March 1989 under provisions of the London Government Reorganisation (Hampstead Heath) Order 1989. This Order covered the transfer of the Heath and the related rights and liabilities, the functions of the Corporation, the financial arrangements, and the establishment of the Hampstead Heath Trust Fund for future revenue funding.

By virtue of this Order, the City of London Corporation acquired responsibility for the management of Hampstead Heath with effect from 31 March 1989. At the same time, the London Residuary Body transferred £15 million to the City of London Corporation for the establishment of the Hampstead Heath Trust Fund.

The City of London Corporation is committed to conserving the Heath and its wildlife and vegetation and providing recreational facilities for the public appropriate to such an important London open space.

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TRUSTEE’S ANNUAL REPORT

STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The primary governing documents for Hampstead Heath are the Hampstead Heath Act 1871 and the London Government Reorganisation (Hampstead Heath) Order 1989 (“the 1989 Order”). The primary governing documents for the Hampstead Heath Trust Fund are the London Government Reorganisation (Hampstead Heath) Order 1989 and a Declaration of Trust dated 31 March 1989. The charities are constituted as charitable trusts.

GOVERNANCE ARRANGEMENTS

The Mayor and Commonalty and Citizens of the City of London (also referred to as ‘the City Corporation’ or ‘the City of London Corporation’), a body corporate and politic, is the Trustee of Hampstead Heath and the Hampstead Heath Trust Fund. The City Corporation is Trustee acting by the Court of Common Council of the City of London in its general corporate capacity and that executive body has delegated responsibility in respect of the administration and management of this charity to various committees and sub-committees of the Common Council, membership of which is drawn from 125 elected Members of the Common Council and external appointees to those committees. Members of the Court of Common Council are elected by the electorate of the City of London and are unpaid for support provided to Hampstead Heath and the Hampstead Heath Trust Fund. In making appointments to committees, the Court of Common Council will take into consideration any particular expertise and knowledge of the elected Members, and where relevant, external appointees.

In line with the terms of the 1989 Order, elected Members of the City of London Corporation are appointed to the Hampstead Heath, Highgate Wood and Queen’s Park Committee by the Court of Common Council. Membership of the Committee also comprises six non City of London Corporation members appointed by the Court of Common Council: one appointed after consultation with the London Borough of Barnet, one appointed after consultation with the London Borough of Camden, one appointed after consultation with the owners of the Kenwood lands and three who are appointed after consultation with bodies representing local, archaeological, environmental or sporting interests governing Hampstead Heath.

The Key Committees which had responsibility for directly managing matters related to the Hampstead Heath charity during 2024/25 were as follows:

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All the above committees are ultimately responsible to the Court of Common Council of the City of London. Committee meetings are held at the Trustee’s discretion in public (except where it is not considered in a charity’s best interest to do so), enabling the decision-making process to be clear, transparent, and publicly accountable. Details of the membership of Committees of the City Corporation are available at www.cityoflondon.gov.uk

In addition, the Hampsted Heath Consultative Committee was established pursuant to the 1989 Order, and is responsible for making representations to the Hampstead Heath Committee about any matter it considers to affect the Heath. It consists of representatives of local organisations, sporting interests, nature conservation, the disabled and those concerned with the Heath, and provides a forum for local residents and users of the Heath to comment upon the management of the Heath.

The charities are consolidated within City’s Estate as the City of London Corporation exercises operational control over their activities. City’s Estate is a fund of the City Corporation that can be traced back to the 15th century and has been built up from a combination of properties, land, bequests and transfers under statute since that time. Investments in properties, stocks and shares are managed to provide a total return that:

The Trustee believes that good governance is fundamental to the success of the charities. An initial review of governance was undertaken to ensure that the charities are effective in fulfilling their objectives, and further more detailed work is underway as part of a corporate review of the open space charities of which the City Corporation is the Trustee. Reference is being made to the good practices recommended within the Charity Governance Code, with a focus on ensuring regulatory compliance and the ongoing maintenance of an efficient and effective portfolio of charities that maximise impact for beneficiaries.

ORGANISATIONAL STRUCTURE AND DECISION-MAKING PROCESS

The charities are administered in accordance with their governing instruments and the City Corporation’s own corporate governance and administration framework, including Committee Terms of Reference, Standing Orders, Financial Regulations and Officer Scheme of Delegations. These governance documents can be obtained via a request to the email address stated on page 43.

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Each Member by virtue of their membership of the Court of Common Council, and its relevant committees and sub-committees, has a duty to support the City Corporation in the proper exercise of its functions and in meeting its duties as trustee of the charities by faithfully acting in accordance with charity law, the Terms of Reference of the relevant committee or sub-committee, and the City Corporation’s agreed corporate governance framework as noted above, backed up by its standards regime.

INDUCTION AND TRAINING OF MEMBERS AND COMMITTEE MEMBERS

The City Corporation makes seminars and briefings on various aspects of its activities, including those concerning the charities, available to its Members and others serving on committees which are involved with the charities to enable them to carry out their duties efficiently and effectively. If suitable seminars or other training options are identified that are relevant to the charities, Members and other committee members are advised of these opportunities.

OBJECTIVES AND ACTIVITIES

Hampstead Heath (charity 1)

The objective of the charity is the preservation of Hampstead Heath in perpetuity, as an open space for the recreation and enjoyment of the public.

In support of these objectives the Hampstead Heath Management Strategy sets out the themes which are underpinned by the Heath Vision; developed in collaboration with stakeholders. The themes are:

By means of these outcomes the management of the Heath can be focussed to ensure that the elements vital to the maintenance, care and management of the open space are delivering the objectives of the charity.

Hampstead Heath Trust Fund (charity 2)

By virtue of the London Government Reorganisation (Hampstead Heath) Order 1989, the City of London Corporation acquired responsibility for the management of Hampstead Heath with effect from 31 March 1989. At the same time the London Residuary Body transferred £15 million to the City of London Corporation for the establishment of the Hampstead Heath Trust Fund, the purpose of which is the preservation and enhancement of Hampstead Heath as an open space for recreation and enjoyment of the general public.

Contributions towards the running cost of the Heath are assessed on a triennial basis. The aim for the Trust Fund is to meet a proportion of the maintenance cost of the Heath. In doing so, it is anticipated that the resulting upkeep and improvements will enhance the use made of the Heath by all of those who visit it.

Investment Policy

The investments are held within both the Hampstead Heath Trust segregated portfolio and the City of London Corporation Charities Pool, a charity registered in the UK with

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the Charity Commission (charity number: 1021138). The investment policy is to provide a real increase in annual income in the long term whilst preserving the value of the capital base. The annual report and financial statements of the Charities Pool (which include an analysis of investment performance against objectives set) are available from the Chamberlain of London & Chief Financial Officer, at the email address stated on page 43.

Volunteers

Hampstead Heath is particularly successful in providing volunteer opportunities. Working in partnership with a dedicated charity, Heath Hands, Hampstead Heath had a contribution in excess of 13,896 hours of volunteer input for 2024/25.

Remuneration Policy

The charity’s senior staff are employees of the City Corporation and, alongside all staff, pay is reviewed annually. The City Corporation is committed to attracting, recruiting and retaining skilled people and rewarding employees fairly for their contribution. As part of this commitment, staff are regularly appraised and, subject to performance, eligible for the payment of recognition awards.

The above policy applies to staff within the charity’s key management personnel, as defined within note 7 to the financial statements.

The City Corporation is committed to equal opportunities for all employees. An Equality, Diversity and Inclusion Sub-Committee has been established to actively promote equality, diversity and inclusion in service delivery and employment practices. The SubCommittee is responsible for monitoring the delivery of the Equality and Inclusion Action Plan and progress against the Equality Objectives. This also includes addressing the City Corporation’s gender, ethnicity and disability pay gaps.

The City’s Equality Objectives were reviewed in accordance with the Equality Act 2010 which requires public bodies to publish equality objectives every four years. The City’s Equality Objectives were approved by Policy and Resources Committee in March 2024 covering the five year period from 2024 to 2029 to coincide with the City’s Corporate Plan for 2024-29.

Fundraising

Section 162A of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. Donations are presented in the financial statements as “voluntary income” including grants.

In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The day-to-day management of all income generation is delegated to the executive team, who are accountable to the trustee. The charity is not bound by any regulatory scheme and does not consider it necessary to comply with any voluntary code of practice.

The charity has received no complaints in relation to fundraising activities in 2024/25 (2023/24: £nil). Individuals are not approached for funds; hence the charity does not consider it necessary to design specific procedures to monitor such activities.

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Public benefit statement

The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Hampstead Heath and the Hampstead Heath Trust Fund’s aims and objectives and in planning future activities. The purpose of charity 1 is the preservation in perpetuity of Hampstead Heath as an open space for the recreation and enjoyment of the public; the purpose of charity 2 is the preservation and enhancement of Hampstead Heath as an open space for the recreation and enjoyment of the public.

Consequently, the Trustee considers that Hampstead Heath and Hampstead Heath Trust Fund operate to benefit the general public and satisfy the public benefit test.

REFERENCE AND ADMINISTRATIVE DETAILS

The administrative details of the charities are stated on page 43.

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ACHIEVEMENTS AND PERFORMANCE

A full programme of conservation management, community engagement and educational activity was delivered by staff, volunteers and contractors. These activities are considered to contribute to meeting the objects of the charities, including: the preservation in perpetuity of Hampstead Heath as an open space for the recreation and enjoyment of the public; and the preservation and enhancement of Hampstead Heath as an open space for the recreation and enjoyment of the public.

Hampstead Heath’s 2024/25 aims together with their outcomes were:

Maintain Green Flag Award and Green Heritage Accreditation for 2024/25

Hampstead Heath has retained both the Green Flag Award and Green Heritage Site Accreditation in 2024/25.

Work to Golders Hill Park Pergola – work with City Surveyors to identify restoration needs to retain public access.

This is ongoing and will continue into next fiscal year. CSD appointed Andrew Coles architect who completed full review and survey of the Pergola; there were 11 urgent issues. Structural repair and timber strengthening works began in December 2024 funded through Cyclical Works Programme, and will continue into 2025 and further funding is being sourced.

Cafe retendering – complete during 2024/25.

This has been delayed and will be progressed during 2025/26.

Management plan – perform mid-term review of Hampstead Heath management strategy.

Officers worked with external consultants for the half-way review of the Heath's 10-year management strategy, consulting with local groups and stakeholders. This was accepted by committee in early 2025.

Ponds access to be completed - snagging list completed and signed off.

The Ponds project has been completed, but there are still some items on the snagging list which are being followed up by CSD and appointed contractor in financial year ~~'2~~ 025/26.

Budgets - perform as per stated budget and continue to maximise income where possible and appropriate.

This target was achieved in 2024/25. We are looking to carry forward around £50k into the next financial year subject to approval by committees for the Pond aerators project.

Introduction of ANPR across car parks including implementation.

ANPR was implemented during this fiscal year resulting in increased revenue for the charity to fund operations.

Complete recruitment of staff following implementation of staffing restructure.

Recruitment complete and operations teams fully staffed.

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PLANS FOR FUTURE PERIODS

Hampstead Heath

The team will focus on delivering the following key projects over the next 12 months:

Hampstead Heath Trust Fund

The charity continues to be affected by the global economic environment and the impact of inflation in the UK during 2024/25. There has been a significant recovery in the market value of the investments held by the charity although and, the current economic environment continues to affect the income generating abilities of the charity’s investments and may impact upon the future level of distributable income available to meet the grant-making objectives of the charity.

During 2023/24, the charity made several strategic adjustments to manage risk and optimize long-term growth. A resilient global economy, as well as inflation that has continued to moderate, has created a supportive environment for equities, and the charity’s portfolio is set to deliver a high calibre of cash flow.

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FINANCIAL REVIEW

Overview of Financial Performance

Income

In 2024/25, Hampstead Heath’s Charity total income for the year was £11,475,212 an overall decrease of £1,773,225 against the previous year (£13,248,437). The principal source of income was from City of London Corporation’s City’s Estate fund (see below).

Income from Charitable Activities comprised £3,591,317 from fees charged (2023/24: £3,272,770), £257,247 from rents (2023/24: £232,553) and £38,976 from sales of goods, products and materials (2023/24: £688). Grant Income of £23,000 from the EW Cricket Trust was received in 2024/25 (2023/24: £nil). A busy 2024 summer, in part due to good weather, caused a general increase in the use of facilities. The increase in income from sales compared with the previous year can be explained by a one-off sale of a chipper taking place during 2024/25.

£3,000 in donations were received to support improvements to the playground (2023/24: £9,956). Donations can also be made on the Hampstead Heath webpage, to either Hampstead Heath Bird and Mammal Shelters campaign or Hampstead Heath Model Boating Pond Island – Wildlife Sanctuary campaign. In total, £44,000 was received during the year (2023/24: £4,337). An amount was held of £44,000 (2023/24: £18,617) as at 31 March 2025 in a restricted fund for ‘Campaign Donations’.

Investment income of £1,598,575 (2023/24: £1,360,948) was received during the year from the Hampstead Heath Trust Fund.

An amount of £6,233,927 (2023/24: £8,591,335) was received from the City of London Corporation’s City’s Estate as a contribution towards the running costs of the charity. The decrease compared with 2023/24 is explained by a reduction in funding received from the City Corporation to meet the cost of capital expenditure incurred during the previous year.

Expenditure

Total expenditure for the year was £11,418,242 (2023/24: £10,259,935) with charitable activities expenditure in the year totalling £9,819,667 (2023/24: £8,898,987). The decrease in expenditure can be explained by a combination of lower costs related to staffing and greater than expected parking income. Expenditure on raising funds for the year was £203,267 (2023/24: £168,359).

Funds held

The charities’ combined total funds held increased by £2,760,616 to £63,042,037 as at 31 March 2025 (2023/24: £60,281,421). The net gain on investments represents the difference in the market value of investments between 1 April 2024 and 31 March 2025 after taking account of any purchases and sales which were made during 2024/25.

Within the total funds held, £39,353,272 (2023/24: £36,852,892) represent permanent and expendable endowment funds.

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The permanent endowment is held in perpetuity as a capital fund to generate income for the activities of the charity, with income arising from this capital being available to contribute to the running costs of the Heath in accordance with the terms of the endowment.

The expendable endowment funds are used for the primary objectives of the charity.

Should net income from the endowment funds be greater than the required contribution towards the running costs of the Heath, then the surplus is retained within unrestricted funds held for use in future years in accordance with the objectives of the charity. A surplus of £203,267 was generated in the year (2023/24: £185,640).

Unrestricted funds (General funds) – these funds can be used in accordance with the charitable object at the discretion of the Trustee and include income generated by assets representing unrestricted funds. For the Hampstead Heath Charity this represents surplus of income of £11,181 (2023/24: £7,313). For the Hampstead Heath Trust this represents surplus of income of £1,105,399 (2023/24: £902,261) over and above expenditure of the Trust distributed annually towards the running costs of the Heath.

The charity’s designated funds consist of unrestricted funds which the Trustee has chosen to set aside for specific purposes. Such designations are not legally binding, and the Trustee can decide to “indesignate” these funds at any time. Designations as at 31 March 2025 totalled £22,492,553 (2023/24: £22,485,136). These represent designated funds within the unrestricted fund which represents the Capital fund and the net book value of fixed assets held.

Restricted funds of £79,633 (2023/24: £33,819) were held at year-end for the Parliament Hill Outdoor Gym project and from campaign donations as well as unspent grant monies received to fund the installation of non-turf pitches at Hampstead Heath.

Details of all funds held, including their purposes, are set out within note 15 to the financial statements.

Investments performance

The investments are held within both a segregated portfolio primarily invested in UK shares and the City of London Corporation Charities Pool. The performance of these investments are analysed as follows:

1) Segregated portfolio

The funds of the charity are managed by Artemis Investment Management LLP. Market values and performance against benchmarks for the year was as follows:

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2) Hampstead Heath Trust Fund

As at 31 March 2025, the investments held in the Hampstead Heath Trust Fund achieved a return of +11.47% (2023/24: +14.10%) compared to the FTSE All Share Index return of +10.46% (2023/24: +8.43%) Over three years this fund achieved a return of +9.13% (2023/24: +9.01%) compared to the FTSE All Share Index return of +7.22% (2023/24: +8.05%). Over five years, the fund achieved a return of +13.53% (2023/24: +7.64%) compared to the FTSE All Share Index return of +12.04% (2023/24: +5.44%).

3) City of London Corporation Charities Pool

As at 31 March 2025, the investments held in the Charities Pool achieved a return of +11.44% (2023/24: +14.18%) compared to the FTSE All Share Index return of +10.46% (2023/24: +8.43%). Over three years this fund achieved a return of +9.16% (2023/24: +9.03%) compared to the FTSE All Share Index return of +7.22% (2023/24: +8.05%). Over five years, the fund achieved a return of +13.56% (2023/24: +7.62%) compared to the FTSE All Share Index of +12.04% (2023/24: +5.44%).

Reserves

The charity receives significant support from the City of London Corporation which contributes as necessary to the funds of the Charity; it does so out of City’s Estate. These funds are currently used to meet the deficit on running expenses on a year-by-year basis. From 2025/26, the charity will instead receive a grant from City’s Estate and so the development of a reserves policy will be kept under review. Unrestricted funds of £1,116,579 were held as at 31 March 2025 (2023/24: £909,574) relating to surplus unrestricted donations income held in reserve as well as amounts formerly held as designated funds which the Trustee previously agreed to ‘indesignate’ until a purpose to utilise the funds has been identified.

The Hampstead Heath Trust Fund contribution towards the running costs of Hampstead Heath is determined in accordance with a formula set out in the governing document. Reserves therefore represent the accumulated net income that cannot be distributed under the existing governance arrangements.

The Trustee does not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 24.

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Spending Policy

The reserves policy of the charity is that the original endowment of £15 million (now worth £39.4 million) should produce income to cover a proportion of the running costs of Hampstead Heath. The contribution for 2024/25 of £1,395,308 (2023/24: £1,175,309) consists of £1,363,658 from the permanent endowment (2023/24: £1,148,059), and income arising from the former T.J. Barratt Trust, which was transferred to the Hampstead Heath Trust Fund in November 2011, of £31,651 (2023/24: £27,250).

Should the actual income earnt in any specific year, added to the surpluses from previous years, be less than the contribution based on the funds from the original endowment, then the lower sum is attributed. The Finance Committee may decide that an allocation is to be made from the permanent endowment reserves of the Trust Fund. This is within the terms of the Transfer Order for the original endowment. The contribution of £1,395,308 for 2024/25 from the permanent endowment was met entirely from net income and no further allocation from the permanent endowment reserves was required.

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Principal Risks and Uncertainties

The Trustee has given consideration to the major risks to which the charities are exposed and is satisfied that systems or procedures are established in order to manage those risks.

The charities are committed to a programme of risk management to support effective charity governance (consistent with its various trustee duties), to help ensure that the aims and objectives of the charities are achieved more successfully, and as an element of their strategy to protect and preserve the charities assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an ongoing review of activity, and that appropriate advice and support is provided. A key risk register has been prepared for the charities, which is reviewed regularly by the Trustee. This identifies the potential impact of key risks and the measures which are in place to manage and mitigate such risks.

The principal risks faced by the charity, and actions taken to manage and mitigate them, are as follows:

Risks which are specific to Hampstead Heath:

Risk Actions to manage risks
Decline in condition
of assets		 Structures are kept under regular review to ensure they
remain safe and in usable condition.
Officers work closely with colleagues in the City
Corporation’s City Surveyor’s Department to identify repair
and maintenance needs and arrange for works to be
undertaken.
A full review of built assets has been undertaken.
Impacts of anti-social
behaviour on staff
and site		 Enforcement partnerships with relevant local agencies and
partners are ongoing, with supplemental security resource
provided where necessary.
Social media messaging, press releases, signage, and
face to face engagement with members of the public to
encourage responsible behaviours is ongoing as
appropriate.
Processes are in place to tackle abuse of staff as well as
conflict management training for front-line employees.
Work related stress Work is underway to identify additional funding to increase
staff resource.
Staff rotas are being reviewed to update schedules and
identify staffing gaps.
Ongoing liaison with HR and the Occupational Health
service enables the provision of appropriate support to
staff.
Budget pressures The budget position is kept under regular review.
Income generation opportunities are sought and
developed.
Adverse impacts of
extreme weather and
climate change		 Extreme weather event warnings are monitored and
managed. This includes MET Office Storm and Flood
Alerts and the Fire Severity Index.

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An Emergency Action Plan is place and kept under regular
review.
Sites are closed during extreme weather events such as
high winds, lightning/storms or flooding.
Negative impacts of
visitor pressure		 A range of ongoing actions are undertaken to mitigate the
impacts of visitor pressure including:
Surveys to monitor visitor numbers and evaluate
environmental impacts; educational and messaging
campaigns encouraging responsible use of the site;
programmed restoration work; regular Ranger and
Constable activity; temporary closure of severely affected
areas to enable recovery.
Outbreak of fire in
woodland/heathland		 Fire Safety Plans are in place and are reviewed annually.
An Emergency Action Plan is reviewed and updated
annually and/or after an emergency event.
Signage and social media messaging reminds visitors not
to light fires or barbecues.
Staff receive appropriate training on fire prevention and
response.
Risk to health and
safety		 Proactive Health and Safety management is in place,
including appropriate procedures, audits, inspections,
communications and staffing.
Staff receive training in H&S awareness, compliance and
to ensure they are fully aware of their responsibilities.
Water facilities -
safety		 Supervised water facilities are fully staffed during opening
hours with trained lifeguards and swimming stewards.
The facilities are subject to an annual assessment of
health and safety compliance, undertaken by an
independent auditor.
Unsupervised water facilities are not designated swimming
facilities and suitable signage is erected and maintained.
Front-line staff continue to patrol non-lifeguarded ponds,
particularlyduringextreme weather conditions.
Deterioration of water
bodies		 Recommendations within the Ponds and Wetlands Plan is
being implemented to conserve the water bodies.
New aeration equipment has been installed in one pond
and options for installing this at other ponds are being
investigated.
Recruitment of
suitable staff		 Recruitment to vacant posts is progressing.
Support and training are provided to existing and new staff
to enable the creation of strong, supportive teams with
consistent management support and good development
opportunities.
Tree event or failure Robust tree management systems are in place, including
regular inspections of trees to identify any which are more
likely to fail due to structural or health issues. Works are
prioritised to ensure the most urgent issues are addressed
quickly.

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An Extreme Weather Protocol includes criteria for closing
relevant parts of the Heath or Golders Hill in extreme
weather conditions.
Negative impacts of
pests and diseases		 Staff continue to be vigilant and inspect for all tree pest
and diseases.
Tree provenance is considered with planting stock
sourced and used in accordance with best practice.

Risks which are specific to Hampstead Heath Trust Fund:

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TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the group for that period.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

In so far as the Trustee is aware:

Financial statements are published on the Trustee’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustee’s website is the responsibility of the Trustee. The Trustee’s responsibility also extends to the ongoing integrity of the financial statements contained therein.

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Adopted and signed for on behalf of the Trustee.

Deputy Henry Nicholas Almroth Colthurst Chairman, Finance Committee City of London Corporation

Andrien Gereith Dominic Meyers Deputy Chairman, Finance Committee City of London Corporation

11[th ] December 2025

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF HAMPSTEAD HEATH INCORPORATING HAMPSTEAD HEATH TRUST FUND

Opinion

We have audited the financial statements of Hampstead Heath incorporating Hampstead Heath Trust Fund for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinions

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

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obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the trustee’s responsibilities statement set out on page 16, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the charities’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charities’ ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit, legal counsel and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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Use of our report

This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor

55 Ludgate Hill, London, EC4M 7JW

Date: 11th December 2025

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted Endowment 2024/25 2023/24
Notes Funds Funds Funds Total Funds Total Funds
£ £ £ £ £
Income and endowments from:
Voluntary activities 2 1,840 49,682 51,522 23,384
Charitable activities 3 3,568,317 23,000 3,591,317 3,272,770
Grant from City of London Corporation 4 6,233,927 - 6,233,927 8,591,335
Investments 5 1,598,446 - - 1,598,446 1,360,948
Total income and endowments 11,402,530 72,682 - 11,475,212 13,248,437
Expenditure on:
Raising funds 6 - - 203,267 203,267 185,640
Charitable activities: 1,395,308 - 1,395,308
Preservation of Hampstead Heath 6 9,792,799 26,868 9,819,667 10,074,295
Total expenditure 11,188,107 26,868 203,267 11,418,242 10,259,935
Netgains on investments 11 2,703,646 2,703,646 2,051,032
Net income 214,423 45,814 2,500,379 2,760,616 5,039,534
Net movement in funds 214,423 45,814 2,500,379 2,760,616 5,039,534
Reconciliation of funds:
Total funds brought forward 15 23,394,709 33,819 36,852,893 60,281,421 55,241,887
Total funds carried forward 15 23,609,132 79,633 39,353,272 63,042,037 60,281,421

All of the above results are derived from continuing activities.

There were no other recognised gains and losses other than those shown above. The notes on pages 24 to 43 form part of these financial statements.

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BALANCE SHEET

AS AT 31 MARCH 2025

The notes on pages 24 to 43 form part of these financial statements

Approved and signed on behalf of the Trustee.

Caroline Al-Beyerty

Chamberlain of London and Chief Financial Officer

11[th ] December 2025

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NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charities.

(a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.

(b) Going concern

The financial statements have been prepared on a going concern basis as the Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Charity’s governing documents require the City of London Corporation to preserve Epping Forest for the benefit of the public. Funding is contributed from the City of London Corporation’s City’s Estate. On an annual basis, a medium-term financial forecast is prepared for City’s Estate, covering the next 5 years from the period covered by these financial statements. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of these financial statements being signed to enable the charity to continue to fulfil its obligations.

In making this assessment, the Trustee has considered the current inflationary pressures on the financial position, including future income levels, planned expenditure and the liquidity of the charity over the next 12-month period. The assessment helps to provide assurances that the Charity can continue to keep operating over the next 12-month period from these financial statements being signed. For this reason, the Trustee continues to adopt a going concern basis for the preparation of the financial statements.

(c) Key management judgements and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure.

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In preparing the financial statements, management has made the following key judgements: useful economic life of fixed assets and the recovery of debts.

As one of the key judgements, the Trustee will include fixed investments and their market valuations as key accounting estimates in their consideration of the operating of the charities. The Trustee will be aware that the market valuations included in the financial statements are taken at one single point in time and that the movements on general UK and global stock markets, and the likely impact of them upon the running costs of the Hampstead Heath, will affect their decision making.

(d) Statement of Cash Flows

As per section 14.1 of the Charities SORP (the exemption in FRS102 (paragraph 1.12b)) the Charity is not required to produce a statement of cash flows on the grounds that it is a qualifying entity.

A Statement of Cash Flows is included within the City’s Estate Annual Report and Financial Statements 2024 which is publicly available at www.cityoflondon.gov.uk.

(e) Income

All income is included in the Statements of Financial Activities (SOFA) when the charities are legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of donations, charges for use of facilities, contributions, grants (including government grants), investment income, interest, sales and rental income.

The City of London Corporation’s City’s Estate meets the deficit on running expenses of the charity and also provides funding for certain capital works. This income is considered due each year end once the deficit on running expenses and capital works funding has been confirmed, and is recognised in the SOFA at this point.

(f) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under the principal categories of ‘expenditure on raising funds’ and ‘expenditure on charitable activities’. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Governance costs include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management of functions inherent in the activities undertaken. These include the costs associated with constitutional and statutory requirements such as the cost of Trustee meetings.

Support costs (including governance costs) include activities undertaken by the City Corporation on behalf of the charity, such as human resources, digital services, legal support, accounting services, committee administration, public relations and premises costs. The basis of the cost allocation is set out in note 8.

The Trustee, the City Corporation, accounts centrally for all payroll related deductions. As a result, the charity accounts for all such sums due as having been paid. Costs incurred for the administration of the charity are recharged by the Corporation and these costs are included within support costs.

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(g) Foreign currencies

Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are valued at the year-end rate exchange. All gains or losses on translation are taken to Statement of Financial Activities in the year in which they occur.

(h) Pension costs

Staff are employed by the City of London Corporation and are eligible to contribute to the City of London Local Government Pension Fund, which is a funded defined benefit scheme. The estimated net deficit on the Fund is the responsibility of the City of London Corporation as a whole, as one employer, rather than the specific responsibility of any of its three main funds (City Fund, City’s Estate and Bridge House Estates) or the trusts it supports.

The Fund’s estimated net liability has been determined by independent actuaries in accordance with FRS102 as £2.7m as at 31 March 2025 (£49.9m as at 31 March 2024). Since any net deficit is apportioned between the financial statements of the City of London’s three main funds, the charity’s Trustee does not anticipate that any of the liability will fall on the charity. The charity is unable to identify its share of the pension scheme assets and liabilities and therefore the Pension Fund is accounted for as a defined contribution scheme in these financial statements.

Barnett Waddingham, an independent actuary, carried out the latest triennial actuarial assessment of the scheme as at 31 March 2022, using the projected unit method. The 31 March 2022 valuation was carried out in 2022/23 and has set the contribution rates for the period 01 April 2023 to 31 March 2026 at 21%. Contribution rates adopted for the financial years 2020/21, 2021/22 and 2022/23 had been set at 21%.

(i) Taxation

The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

(j) Fixed Assets

Heritage Land and Associated Buildings

Hampstead Heath comprises 275 hectares (680 acres) of land located in the London Boroughs of Camden and Barnet, together with associated buildings. The object of the charity is the preservation of Hampstead Heath in perpetuity as an open space for the recreation and enjoyment of the public. Hampstead Heath is considered to be inalienable (i.e. may not be disposed of without specific statutory powers).

Land and the original associated buildings acquired prior to 1 April 2009 are considered to be heritage assets. In respect of the original land and buildings, cost or valuation amounts are not included in these financial statements as reliable cost information is not available and a significant cost would be involved in the reconstruction of past accounting

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records, or in the valuation, which would be onerous compared to the benefit to the users of these accounts.

Additions to the original land and capital expenditure on buildings and other assets would be included as fixed assets at historic cost, less provision for depreciation and any impairment, where this cost can be reliably measured.

Tangible fixed assets

Assets that are capable of being used for more than one year and have a cost greater than £50,000 are capitalised. Such assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged from the year following that of acquisition, on a straight-line basis, in order to write off each asset over its estimated useful life as follows. Land is not depreciated.

Years
Operational buildings 30 to 50
Improvements and refurbishments to buildings up to 30
Equipment 5 to 25
Infrastructure up to 20*
Vehicles up to 10

With the exception of certain ponds infrastructure whose useful life has been determined at 120 years. The Hampstead Heath Ponds Project major Civil Engineering earthworks/structures (such as the foundations, sheet piling and earth bunds) fall into design working Life category 5 which is set out in the BS EN 1990:2002+A1:2005, Eurocode — Basis of structural design, with Indicative design working Life being 120 years.

(k) Investments

The major part of the investments are in a segregated mandate externally managed by Artemis Investment Management LLP. Hampstead Heath Trust Fund also holds investments in the City of London Charities Pool (charity number 1021138) which is an investment mechanism operating in a similar way to a unit trust. This enables the City of London Corporation to “pool” small charitable investments together and consequently obtain better returns than would be the case if investments were made individually.

Investments are valued at bid-price. Gains and losses for the year on investments held as fixed assets are included in the Statement of Financial Activities.

(l) Stocks

Stocks are valued at the lower of cost or net realisable value. All stocks are finished goods and are held for resale as part of the charity operation.

(m) Cash

Cash and cash equivalents include cash in hand, overdrafts (if any) and short term deposits and other instruments held as part of the Corporation’s treasury management activities with original maturities of three months or less.

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(n) Funds structure

Income, expenditure and gains/losses are allocated to particular funds according to their purpose:

Permanent endowment fund – this fund consists of funds which are held in perpetuity for the benefit of the charity as a result of conditions imposed by the original donors and trusts. Income generated from the investments which represent these funds can be spent on the charitable purpose of the charity, hence is allocated to the unrestricted income fund. Gains/losses on the underlying assets remain as part of the endowment.

Expendable endowment fund – the purpose of this fund is to provide income for the benefit of the charity as a result of conditions imposed by the original donors and trusts.

Restricted funds – these include income that is subject to specific restrictions imposed by donors, with related expenditure deducted when incurred.

Unrestricted funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustee and include income generated by assets representing unrestricted funds. Specifically for the Hampstead Heath Trust, this represents the net undistributed income and for Hampstead Heath the surplus unrestricted donations.

Designated funds – these are funds set aside by the Trustee out of unrestricted funds for a specific purpose.

(o) Insurance

The charity, elected Members and staff supporting the charity’s administration are covered by the City Corporation’s insurance liability policies, and otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Estate.

2. INCOME FROM VOLUNTARY ACTIVITIES

Charity 1 – Hampstead Heath

3. INCOME FROM CHARITABLE ACTIVITIES

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4. INCOME FROM THE CITY OF LONDON CORPORATION

5. INCOME FROM INVESTMENTS

Income for the year included:

Donations – being amount received from the public at the ponds and paddling pool as well as donations received for the playground improvements campaign. From March 2021 a donations page has been created on the Hampstead Heath webpage, inviting and enabling the public to make on-line donations to either Hampstead Heath Bird and Mammal Shelters campaign or Hampstead Heath Model Boating Pond Island – Wildlife Sanctuary campaign. This is in addition to unrestricted donations received by the charity.

Charitable activities – being amounts generated from the sales of leaflets, books, maps cards and other publications relating to Hampstead Heath; charges made to the public for the use of facilities, admissions and services and from rental income.

Grants from the City of London Corporation – being the amount received from the City of London Corporation’s City’s Estate to meet the deficit on running expenses of the charity, alongside funding for capital purchases.

Investment income – being the amount received from the Charities Pool and interest receivable on cash balances held on behalf of the Trust.

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6. Expenditure

Expenditure on raising funds Charity 2 – Hampstead Heath Trust Fund

In line with the Statement of Recommended Practice (SORP) for charities, investment management fees incurred by the Hampstead Heath Trust Fund are charged to the charity’s endowment fund with any of the support costs met by the charity’s unrestricted fund.

Expenditure on charitable activities Charity 1 – Hampstead Heath

Charity 2 – Hampstead Heath Trust Fund

Charities 1 & 2 – total

Charitable activities

Expenditure on the charitable activities includes labour, premises costs, equipment, materials and other supplies and services incurred in the running of Hampstead Heath.

Auditor’s remuneration and fees for other services

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Crowe U.K. LLP are the auditors of the City of London’s City’s Estate Fund and all of the different charities of which it is Trustee. In 2024/25 an audit fee of £24,800 was recharged (2023/24: £6,930). No other services were provided to the charity by its auditors during the year (2023/24: £nil).

7. SUPPORT COSTS

Support costs include activities undertaken by the City of London Corporation on behalf of the Charity, such as human resources, digital services, legal support, accounting services, committee administration and premises costs. Such costs are determined on a departmental basis, and are allocated on a cost recovery basis to the charity based on time spent, with associated office accommodation charged proportionately to the space occupied by the respective activities, with the split of costs as follows:

Charity 1 – Hampstead Heath

Charity 2 – Hampstead Heath Trust Fund

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Charities 1 & 2 – total

All support costs are undertaken from unrestricted funds. Governance costs are allocated based on a proportion of officer time spent on the administration of Trustee and Committee related meetings.

8. DETAILS OF STAFF COSTS

Charity 1 – Hampstead Heath

All staff that work on behalf of the charity are employed by the City Corporation. The average number of people directly undertaking activities on behalf of the charity during the year was 83 (2023/24: 88).

Amounts paid in respect of employees directly undertaking activities on behalf of the charity were as follows:

The number of directly charged employees whose emoluments (excluding employer’s pension contribution and national insurance contribution) for the year were over £60,000 was 0.0 (2023/24: 0.0).

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Remuneration of Key Management Personnel

The charity considers its key management personnel to comprise the Members of the City of London Corporation, acting collectively for the City Corporation in its capacity as the Trustee, and the Director of Natural Environment who manages the eight open spaces for which the City of London Corporation is a charity trustee. A proportion of the Directors’ employment benefits are allocated to this charity.

Support is also provided by other chief officers and their departments from across the City of London Corporation, including the Town Clerk and Chief Executive, Chamberlain, Comptroller and City Solicitor and City Surveyor.

The amount of employee benefits received by key management personnel totalled £42,174 (2023/24: £44,025). No Members received any remuneration for acting on behalf of the Trustee, with directly incurred expenses reimbursed, if claimed. No expenses were claimed in 2024/25 (2023/24: nil).

9. HERITAGE ASSETS

Charity 1 – Hampstead Heath

Since 1871 the primary purpose of the charity has been the preservation of Hampstead Heath for the recreation and enjoyment of the public. As set out in Note 1(j), the original heritage land and buildings are not recognised in the Financial Statements. Policies for the preservation and management of Hampstead Heath are contained in the Hampstead Heath Management Plan. Records of heritage assets owned and maintained by Hampstead Heath can be obtained from the Executive Director Environment at the principal address as stated on page 43.

10. TANGIBLE FIXED ASSETS

Charity 1 – Hampstead Heath

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11. FIXED ASSET INVESTMENTS

Charity 2 – Hampstead Heath Trust Fund

The investments are held within both the Hampstead Heath Trust segregated portfolio and the City of London Corporation Charities Pool, a charity registered in the UK with the Charity Commission (charity number: 1021138). The Charities Pool is a UK registered unit trust.

The value of investments held by the charity are as follows:

Total investments as at 31 March are analysed between long term and short-term investments as follows:

The geographical spread of listed investments as at 31 March was as follows:

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12. DEBTORS – AMOUNTS DUE WITHIN ONE YEAR

Charities 1 & 2 – total

Other debtors consist of non-property related debtors of £227,476 (2023/24: £42,008) and dividends of £324,221 receivable from the fund manager (2023/24: £320,167).

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13. CREDITORS – AMOUNTS DUE WITHIN ONE YEAR

Charities 1 & 2 – total

Deferred income relates to rental income as well as season ticket income for the use of facilities received in advance for periods after the year-end. Other creditors consist of sundry creditors.

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14. ANALYSIS OF NET ASSETS BY FUND

Charity 1 – Hampstead Heath

Charity 2 – Hampstead Heath Trust Fund

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Charities 1 & 2 – total

Expendable endowment movements 2011-2025

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15. MOVEMENT IN FUNDS

Charity 1 – Hampstead Heath

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Charity 2 – Hampstead Heath Trust Fund

Charities 1 & 2 – total

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Purpose of the endowment funds

The expendable endowment fund is invested as a capital fund to generate income for the activities of the charity. Any income generated is used in accordance with the objectives of the trust. The purpose of this fund is to provide net income to be used to contribute towards the running costs of the Heath, transferred from the former T J Barratt bequest in December 2011.

The permanent endowment fund is held in perpetuity as a capital fund to generate income for the activities of the charity. Before any potential gains on investments are considered, should net income be more than any year’s contribution to the running costs of the Heath, then the surplus funds are retained as unrestricted funds to be used in future years. During 2024/25 the surplus was £203,267 (2023/24: £185,640). Should the actual income earnt in any specific year, added to the surpluses from previous years, be less than the contribution based on the funds from the original endowment, then the lower sum is attributed. The Finance Committee may decide that an allocation is to be made from the permanent endowment reserves of the Trust Fund. This is within the terms of the Transfer Order for the original endowment.

Purposes of restricted funds

The restricted fund represents funds received from London Borough of Camden (Sports and Physical Activity Service) for the creation of a new outdoor gym at Parliament Hill. This is in addition to a grant received from the England and Wales Cricket Board for the supply and installation of non turf pitches at Parliament Hill and the Heath Extension as well as unspent campaign donations.

Purposes of designated funds

Designated funds have been set aside by the Trustee for the following purposes:

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provision for impairment. As at 31 March 2025 the net book value of fixed assets relating to direct charitable purposes amounted to £22,489,222 (2023/24: £22,481,805). There were additions of £385,397 during the year relating to the Swimming Facilities and Lido Photovoltaic Panels.

16. RELATED PARTY TRANSACTIONS

The City Corporation is the sole Trustee of the charity, as described on page 2. The City Corporation provides various services to the charity, the costs of which are recharged to the charity. This includes the provision of banking services, charging all transactions to the charity at cost and crediting or charging interest at a commercial rate. The cost of these services is included within expenditure, as set out in note 7.

The charity is consolidated within the accounts of City’s Estate, a fund of the City of London Corporation (the City Corporation, the Corporate Trustee of the charity), by virtue of the deemed control arising from the provision of the shortfall between the charity’s income and expenditure by City’s Estate, whose place of business is Guildhall, London EC2P 2EJ. The principal purpose of City’s Estate is to manage its investments in properties, stocks and shares to provide returns which allows the City Corporation to use the income for the provision of services that are of importance to the City and Greater London as well as nationally and internationally, and to maintain the asset base so that income will be available to fund services for the benefit of future generations. The financial statements of City’s Estate can be obtained from the address provided above.

The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.

Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.

Figures in brackets represent the amounts due at the balance sheet date. Other figures represent the value of the transactions during the year.

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Hampstead Heath | Annual Report and Financial Statements 2023/24

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAMES: Hampstead Heath, Hampstead Heath Trust Fund

Registered charity number: 803392, 80339-1

PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:

Guildhall, London, EC2P 2EJ

TRUSTEE:

The Mayor and Commonalty & Citizens of the City of London

SENIOR MANAGEMENT:

Chief Executive

Ian Thomas CBE - The Town Clerk and Chief Executive of the City of London Corporation

Treasurer

Caroline Al-Beyerty - The Chamberlain and Chief Financial Officer of the City of London Corporation

Solicitor

Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation

Environment Department

Katie Stewart – Executive Director of Environment Emily Brennan – Director of Natural Environment

AUDITORS:

Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW

BANKERS:

Lloyds Bank Plc., P.O.Box 1000, BX1 1LT

INVESTMENT ADVISORS:

Artemis Investment Management Limited, Cassini House, 57 St. James's Street, London, SW1A 1LD

Contact for The Chamberlain & City’s Estate Officer, to request copies of governance documents & of the

Annual Report of City’s Estate: CHBOffice-BusinessSupport@cityoflondon.gov.uk

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