Epping Forest Horology Centre Annual Report and Accounts for year ending 31 July 2025
Finance Report The legal stuff The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements each year which give a view of the state of affairs of the charity including receipts, payments, assets and liabilities. In preparing these financial statements the trustees are required to.. select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP make judgements and estimates which are reasonable and prudent to note separately monies paid to trustees for ServIS state whether applicable accounting standards have been followed, subject to arsy material departures disclosed and explained in the financial statements prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Overview Almost all of the club's income comes from session fees paid by members. This year saw a drop in member numbers from 99 last year to 86 at the end of this year which led to a serious decrease in session fee income. Nevertheless, in order to bolster renewals and new membership, the decision was taken not to increase fees this coming year. Fees have therefore been held at 2023 and 2024 levels. Income from short courses made a contribution of over £3000 and we also benefitted from a number of generous donations. Costs have been carefully controlled. In particular our energy costs have been reduced some 25°/o on last year. The resulting Receipts and Payments position is shown below using the Charity Commission CC16a pro-forma. This shows how our current financial position stacks up with cash at £48,971 against liabilities of £22,785 Investments Valuations as at Aug 2025.. £13,363 in the IFSL CAF ESG Cautious Fund £25.042 in the IFSL CAF ESG Growth Fund £27,385 in the IFSL CAF ESG Income and Growth Fund By category.. Val Valentine bequest- £32,754 Reserve fund - £26,316 Invested operating monies - £6720
Outlook The Trustees maintain that we must continue to budget on the basis of balancing session income and expenditure each year to ensure the ongoing viability of the Centre. This remains extremely challenging going forward. This year we again benefitted from a large drawdown from the Val Valentine fund covering tuition of 3 disabled members and from very significant income from short ourses. These income streams are outwith day-to-day session operations. A further rent review is overdue and tutor costs, insurance and utilities are set to increase this coming year Recruitment therefore remains a priority and we must work to create a programme of short courses and market demand for them to augment session fees. Regarding other liabilities and risks, as a registered charity we do not anticipate being liable for business rates payments. However, at the time of writing a formal business rate liability assessment is with the local authority. Whilst there is every possibility that we will be zero rated, this is not guaranteed and we may see a rateable value assessment of 200/0 amounting to some £4800 per annum. A provision of £4800 is therefore shown in the accounts. Accounting policies The accounts were independently inspected on September 10th 2025 and will be submitted to the Charities Commission once approved by the AGM. The accounts have been prepared in accordan with the Accounting and Reporting by Charities - Statement of Recommended Practice (SORP 2005) and appropriate UK Accounting Standards. 2. Unrestricted funds are available to use to further any of the purposes of the charity Restricted funds are designated for particular areas of the charity's work or specific projects 3. The charity owns significant amounts of tools, equipment and fittings, much of which is old but has residual value. An asset register (which is a separate document and not included in these summary accounts) has been compiled for those items with value greater than £100. Older items have been listed on the basis of estimated residual value. Newer assets are listed at cost. 4. Although depreciation of most of our equipment has not historically been charged in the operating accounts it is clear that modernisation and update of equipment is now overdue. A clock workshop inventory was begun in July 2020 but not completed. Last year we felt it prudent to reduce the estimated value of fixed assets on the books to £55,000. 5. Equipment renewal will be a considerable challenge given the loss of income we are experiencing, however, reserves are held to cover unplanned emergency expenditure including repairs to equipment, fittings and other expenditure. 6. Financial planning is based upon the premise that operating costs should always be covered by operating income in order to ensure the overall financial viability of the Centre. 7. Operational finance is managed through a current account with Barclays and
an Instant Saver Account with Nationwide. Notes to the accounts 1. The Centre has no potential liability relating to guarantees given by the charity 2. The Centre has zero outstanding debt secured on the charity's assets 3. No remuneration was made to officials of the Centre in this financial year. 4. As a charity, EFHC is eligible for Gift Aid, which is paid by HMRC in arrears. There are strict guidelines on donation eligibility and although membership and session fees would not normally qualify. refunds on fees caused by Covid closures not claimed by members were successftjlly claimed last year. Dave Mowbray (Thursday clocks and Trustee Treasurer)
leceipts and payments account! CC16a For the period 01-Au -24 31Jul-25 Section A Receipts and payments Unrestricted funds Restricted funds Total funds Last ygar to the n88rast to tho nearest£ to the n8are8t £ tr¥ th¢ nearest £ A1 Recelpts M8mbr*rship Fee5 Tuilion and Course Fees Gifts and Donations Surplus Equipment and Material Auclions and other fundr2sing Interesl From 8eqvest fun(1 Oth8r 960 46,606 960 46,606 1,2 55.026 460 243 588 588 274 6,720 193 274 6,720 193 296 5.636 3,206 tota ross income or AR) 55,341 55,341 66,067 A2 Asset and investment sales. (see tablel- CAF funds Total receipts A3 Pa ments Tuitson Rent Insuranc8 Equipment Tn3teri3ls 20,994 22.851 1,942 497 2,682 20,994 22,851 1,942 497 2,682 29.907 26,957 1.851 259 3.733 Auction a ments Re airs and Maintenance Other 432 370 432 370 1.082 525 Sub total 49,768 49.768 64,314 A4 Asset and investment urchases see table CAF funds Sub total 49,768 49,768 64,314 Net of recelpts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash fvnds this year end 5,573 5,573 1,753 41.6 43,397 48,970 48,970
Section B Statement of assets and liabilities at the end of the period Unrestricted funds to nearest e Rgstricted funds Endowment funds Catggories Detsils t¢* n•aroS1 £ to near•st£ B1 Cash funds Current Account 27.753 D8POSIt A¢¢ountslin¢ ¥wth CAFI 20.938 Cash in Han 280 Total cash funds 48,971 (agree b818n¢es wilh ¢¢eipl$ and payments aGcounMsll Unrestricted funds Restridgd funds Endowment funds Details to ntatsst £ to neaSt £ to n•are$t £ B2 Other monetary assets Fund to whlch asset belon $ CUYr•nt valuè tion81 13,363 Details CAF Cautious fund Cost loptionall B3 Investment assets 11,986 CAF Growth fund 21,175 25,042 CAF GrowLh + Income fnd 21.175 27,385 Fund to whlch asset bÈlon Plsni and Details Fixed Assets Cost loptionall Cufrent valuè tÈonal 55,000 B4 Assets retained for the charity's own use Stock Materials 150 Fund to which relates ount due iona 12,649 When du8 onal within 12 mths Detalls B5 Liabilities Income received in advance Tutor fees 5,336 within 12 mths Provision for busin8ss rales @20% 4,800 within 12 mths 22.785 withiTr 12 mths Signed by one or trustees on behalf of all the trustees Signature Print Name Dale of approval PIXI /z 26
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of ffl QJG rf6f724 1 orzoLoQ On accounts for the year ended Charity no (if any) 2oz¥/2)25 1I,T-ly'Zf I I f2SCz Set out on pages I report to the trustees on my examination of the accounts of the above charity ('the Trust.) for the year ended Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145{5){b) of the Act. I have completed my examination. I confirm that no material matters have come to my attention (other than that disclosed below ") in connection with the examination which gives me cause to believe that in, any material respect.. accounting records were not kept in accordan with section 130 of the Act or the accounts do not accord with the accounting records Independent examiner's statement I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a understanding of the accounts to be reached. e delete the words in th8 brackets if they do not apply. Ple Signed: Dats: Name: Relevant professional qualification(s) or body {if any): Address: I I Cw3 Cr4 IER October 2018