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 ServI￿S
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 nea￿St £
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 f￿nd
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