Charity Reglstration Number: 207840 THE OLD ENFIELD CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ## **THE OLD ENFIELD CHARITABLE TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1 - 2| |**Trustees' Report**|3 - 12| |**Statement of Trustees' Responsibilities**|13| |**Independent Auditor's Report on the Financial Statements**|14 - 17| |**Statement of Financial Activities**|18| |**Balance Sheet**|19| |**Statement of Cash Flows**|20| |**Notes to the Financial Statements**|21 - 44| **THE OLD ENFIELD CHARITABLE TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021** |**Trustees**|Mrs Susan Attwood JP, Chair of Trustees| |---|---| ||Mr Clive Parker FCA, Vice-Chair of Trustees| ||Mrs Anne Whitehorn| ||Ms Cheryl Byamukama| ||Mr Chris Bond (deceased 17 July 2020)| ||Mr Geoffrey Hill| ||Councillor Hass Yusuf (appointed 30 September 2020)| ||Mr Jim Eustance| ||Mr John Tanner| ||Mr Jonathan McGrath| ||Mr Michael Braithwaite (resigned 30 June 2020)| ||Cllr Michael Rye| ||Mr Neil Thompson| ||Mr Nicholas Maunder Taylor| ||Dr Patrick O'Mahony| ||Mr Rex Bourne| ||Ms Sophie Doran (appointed 16 March 2021)| |**Charity registered**
**number**
207840
**Principal office**
The Old Vestry Office
22 The Town
Enfield
Middlesex
EN2 6LT
**Trust Manager**
Ms Bindya Amin
**Independent auditor**
MHA MacIntyre Hudson
Statutory Auditor
Chartered Accountants
6th Floor
2 London Wall Place
London
EC2Y 5AU
**Bankers**
Barclays Bank Plc
Enfield
Middlesex
EN6 6LY|| Page 1 **THE OLD ENFIELD CHARITABLE TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** **Solicitors** Barker Gooch & Swailes 37 The Green Winchmore Hill London N21 1HT **Solicitors** Bates Wells 10 Queen Street Place London EC4R 1BE **Investment Managers** CCLA Black Rock Investment Management (UK) Ltd M&G Securities Page 2 THE OLD ENFIELD CHAR ￿ABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees piesent their Annual Report together wrth the audrted finAnclal 5taternents of The Old Enfield Charitsble Trust Ithe Ch&rityl for lh2 1 April 2020 to 31 March 2021. stru￿ure, governance and management CONSTITUTION The governing document is the Charily Commission S¢herne dated 30th March 1994, which amalgamat&Y the forner Enfield Paroehial and Hundred Acres Charities. The Trusfs Re￿stered Office and number arè-. Thè Old V8sty Office 22 The Town Enfield EN2 6LT Telep￿ne E-mail Website Reg. No. 020 8367 8941 enquires@ thetrustenfield.org.uk ww.thetrustenfield.org.uk 207840 The Trust is for the bènèfit ol the residents of the Ancient Parish of Enfpld. Exceplionalty the Trust may help rÈsKJents Igenerally or indriidualtyl who are re54dent immediately outside of the Ancient Parish. The objects of the Trust arè". To assist those whts are in condthons of need. hardship or distress by way of grants, provislon of ttams, sarvicÈg and faCIl￿e$ lal in paying for items. servlces orfacilitiès by way of donations orsubscriptions to institulions or gTganis8tion5 which provide them., Ibl foradvancement in life, or anabling rèsidents to eam theirlfving by providing clothing, payinglees, travelling or mainten8nce expenses., in promoting edu(ation, including social and physical training-, Idl in improving the condition of life in the interests of social weffare, fa￿litIeS for recreation or other leisu titn8 occupation- lel in any other Charrtab￿ purposes. There have been no changes in th8 objectives since the last Annual ReporL The Trustees have had regard to thtr Charty Cornmission guidance on public benefftwhile shaping the obiectives and actiwtie5 of the Charity. m￿HoD OF APPOINTMENT OR ELECTION OF TRUSTEES The managementol the Charity Ss the responsibilty of thg Tnjstees who are elected and C￿0p￿d undgrthe terrn$ ofthe Charity Commission Scheme. There are 15 Trustees. four Nominatèd and eleven Co-opted, who through resKlence, occupatiDn, employm8nl, or otherwise, have specialist knowledge of the Ancient Parish of Enfield. Page 3 THE OLD ENFIELD CHAR ￿ABLE TRUST TRUSTEES. REPORT FOR THEYEAR ENDED 31 MARCH 2021 Nominated Trustees Two arè nominated by the Council of the London Borough of Enfield, and Iwo by the Vicar and Church wardens of the Ecclesiastical Parish (>f St Andrew, Enfield. Each appointment is made for a term of four y8ars 8t 8 rn88ting convened and held according to the ordinary practi￿ of the appointing body. The persons appointed may be, but need not be, a meFnb8r ol the aptK)inting body. C(H)Pted Trustee5 are appoSnted for a term of five ye815 by a resolution of the Trustees passed 8t a special meeting. A list of Trustees showing oifice held and committee membership during the year is shown on page 1. The Trdstèes are all voluntsers. and as such. are not remunerated, e(ther for their contribLrtion of time. or their Dut of pocket expenses. They set the Trusvs policies and supervise its operations. They are accountable for t performance 2nrJ adherence to legal requirements, bul depend on a close and effective ￿latIonShIp wrth their paid staff, whosè commitment and skills are reflected in the Trusf5 continuing progress. The nature of the Trusys operation5 does not at present require the involvement of other volunteers. POLICIES ADOPTEO FOR THE INDUCTION AND TrAINING OF TRUSTEES Appropriate training is made available to new Trustees according to need. Each new Trustee is issued with aft Information paek at appointmènt. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Trust Manager and Clerk to the Trustees is Bindya Amin. Thè Trust's d8y-tO-day busin8SS is Co-ordinated by the Trust Manager, as appropriate. in consuttation wth the Chairman. Adrnini5tration of the Trust The rnain business of the Trust Ss deaK with at ts)e Tnjstèes quarterly meetings. Policy decisions are made here and the work and deoi8ions ofthe other committees are discussed and endotsed. Finance Committee The Finance Cornrnittee recornrnends the bud9et to the Trustees, taking into aocount the nel revenue available for charitable purposes, after the cost of operating lh8 marketlcar park and administration hav8 b28n set against anticipated incorn8. Exp8nditur8 is rnonitored throughout the year and adjustments are ￿commended in the light of grant applications. Thi8 ¢ommittee aL%o monitors the Trust's investments and makes recomrnendatK)ns, as necessary to the Trustees. The Trust's invèstments policy is cornrnent8d on in more detail in the 'lnve5trnent Policl Section below. Market Committee This mrnmittee oversees the operation of the market held in the Market Place, Enfield Town. Thursdays. Fridays and S81urdays of eaGh week. It 81$0 has responsibilily for the car park, which operates in the Market Place on the remaining days. The Saturday rnarket operates by virtue of a Royal Charter granted by James l in 1618. The market promdes part of thè Trusys incomé and is a focal 4x)int al the heart of Enfigld Town. Page 4 THE OLD ENFIELD CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 HR The Human Resourcès Committee assists the Trust wrth recrurtment, staff devebpment 8nd appraisal policies etc 8nd thetr irnplementation. Develo tnent Committ8e The Development Committee reviews the grant making 51rat&gl¢ direction of the Trust and manages updatss and discussion opportunities for the Trust Board quarter￿ meeting. Personal Grants Comrnittee The Personal Grants Committee considers direct applicakn.ons for help from Ancient Parish of Enfield residents and from third party professionals who recomtll8nd help ft)r c8rtain of their clients. The committee meets every six to eight weeks and considers the circum5tance5 of each application before making a decision on the amount of grant to b8 awarded. Prior to thi5. direct applicants will have submitted an application form and a dèdicatèd member of the Trusts slaff wll have made a home visit to verfy the inforThation provldèd. An assèssm8llt rep¥Jrt 15 prepared for each applicant and these are submitted to th& comrnittee for wnsideration. Referred applications arè also submitted a5 they are receNed from third paty professionals. who the Trust 8xpects to have verrfied the inf0Ma￿On providsd. Education Comrnitte8 The Education Comrnlttee usualty meets on an 'as neèded, basis, around every 8 weeks to consider application5 for Ancient Parish of Enfield residents frir help wth their¢hosen educational course. These can vary from a degree (X)U15e, wurse, driver inslructor training, counselling training etc. Applicants are invited for an inform81 intemew with the cornmittee and 8 decision i8 then made. Students in h8ir second and subsequent years of their course are not interviewed if they re-appty for funding, unless their circumstances have changed. RELATED PARTY RELATIONSHIPS The Trusteès are also TnJ5tÈès of Ann Crowe's and Wrights Almshouse Charity which is a Charity In its own right. The Old Enfield Charitable Trust administers the two sets of Alrnshouses and an admSnistratk)n charge of £8.97412020 - £9.7431 was made for this purpose during the yèar. RISK MANAGEMENT The Trust regularly reviews ts proTrdures to minimise risk to its assets and incorne, and to ensure that where risks are ident5fJed, procedures are in place to obviate them as far as possiblè. Page 5 THE OLD ENFIELD CHAR￿ABLE TRUST TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2021 ObjectiV85 and Activities ACTIVITIES FOR ACHIEVING OBJECTIVES Enf181d Market The Trust owns Enfiekl Market Ptace and runs the Market th￿e days a we8k, Thursday - Saturday and the car park operates four days a week, SuTvJay to Wednesday. ar Park Five tickets are in action ranging from one hour to all day tickets at a cost of between £1.20 and £6.00. Vans aThJ largè vèhiclès are ch8rged at£10. GRANT MAKING POLICIES The Trusys abilty to rnake grants is dependent on income from investments, property rents and a surplus from running Enfield market and Car Park. The market continued throughout this year to be adversely affected by reduced occupancy. The general financial climate has affected inYè5trnents and atthough thEs has been mitigated by tha Trusys active management ol the balance of the portfolb) hèld in equiti&s and Lkjnds (t has still had a signfficant effect. The Trust had attempted to address the reduced market rental income by relaunching the rnark8t on October 2015. As a resull of the COVID-19 pandefflic's serious financial impact on retall tenants and those in the hospitaltiy sector the Trust agreed to ease rent payment terrns where tt was felt necessary to support the tenant. These have included significant short term rent reductions. In lin8 With govemment directives trading activrties in the market We￿ a150 significantly curtailèd although it remains the objective of the Trust to d8v8Iop and expand commercial and community actiwtiès on thè market 8qU8re. In the light of this impact on the income of the Trust and the dffICu￿es of managing sorne of the grant making activit18S the amount of expendiiure has been reduce(l. Personal Grants 2020121 saw 1141136 last yearl peoplè bènefit from personal grants 8warded £92.318 12020 - £119,199). The grants covered a similar range of needs as in previous years, including bedsJbedding, furniture, househoky appliances. The level of second and subsequent ￿9￿ests for help was rèduced du8 to the decision to S8t a ￿￿0-year gap for Peop￿ to apply for a person81 grant, thus leaving funds for people who had not r8ceiv8d a grant in the reoenl past. An exception to the twtryear gap was made foT white goo(ts that had broken. These were expensNe items that Could not be easily replaced. The Trust ttas a working arrangement wrth Tharnes Water to refer clients with arrears (with their consent) to thelr charitable arm for help wrth these arrears. Thè Trust also refers clients to the Charity 'Step Change, and Tum to Us,. The TrLtst works wth local CitEens Advice BU￿aU to provide advlce on money, lègal and consumèr and other problems. Apartfrom household needs, help continues to be given to ne2dy families for school journeys during the final year of Primary School. In many cases, when thè as5e55ment visit to the family is made, other needs are identified and in the majority of casès, a grant is made by the Trust to provide for these needs. Page 6 THE OLD ENAELD CHARrrA8LE TRUST TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARQH 2021 The Trusys work with other agencies continues, including the food bank to help people who for many drfterent re8sons. income has stoppèd 8nd the Council's Mental Health Team who are helping many of their Clients set up hotne for the fjrst time in the community. The Trust has helpèd with grants for household Items for these referred clients. In addthon. rnental heayth suff?rers in long term care have been helped with clothing. Word-of-mouth and Trust Website re¢ommendations continues to forrn by far the largest proportx)n of enquiries, but the number of second and subsequent requests is eonstant. The Trust has raised its profile this yÈar by promoting through social media. uarter Grants 3 peop￿ who receiv8 regular help by wayof a qutsrtèr￿ grantto provide wanm clothing, shogs, or p8rhaps towards Ih8ir telephone bill or television lieènce. Quarterfy grants a￿ ￿VieWed annually to ensure that they keep pac8 wrth inflation. £250 per quarter a￿ awarded to each of th8 3 grantees. ConsKlerable folbw-up work is undertaken amongst this client gFOUP, which often identthes other areas of real need. IA addition to their quarterly grdnt, they rnay qualify for other help in thè htsu58hDId. Applicatlons from various agencies on behaK of treir cIi8nts, including Social serV￿e$. One Supptsrt. He8Ah Centre s and Probation Servieè h85 fell this year as bst year. Applications for assistance are also re￿IVed dI￿¢t from members of the publr who are vlsitod and assèssed by the Trust's staff. The Council's Housing. Social Services Teams and schools Continue to give the Trust's detaiL to their clients who are being re-housed or are in need of items that cannot or ara not provided by the Council under thetr Statutory responsibilty. The Trust pleased to help these residents, bLrt concerns remain about the decoratr¢e condition of 50rne ol the propertie5, which r8quir8 considerable attention. Education Grants Applications for oducation grants were consistent throughout the yaar, and the budget for education grants was £100,000. 2020121 saw 60168 last yearl grants made,. Grants awarded £96,81612020- £123,686). Grants were given acr05S 8 whole spectrum of courses where no other 50urr£ of fijnding was avaiL3ble. Tru5t8e5 continue to take Ihe view that applicants who apply for a grant should havp irK%LEfficient in(xJrne, or insufficient other means of funding. to undertake their courses. Students should apply to the coll8ge5' Access or student support funds, or apply for student loans. befo￿ approaching the Trust However. Trustees are mrndful that contribution from the Trust often makes it possible for the students to start or continye with a course. The Education Committee personally interviews eligible applicants prior to B grant being made. The work and progress of the studènt ￿ monitored throughout the course, and end of terrn reports received from tutots trigger payment ol the next inslalm8nt of the grant. Payment by term of grants is ¢onditional on receipt of satisfactory reports. Comrnunil Grants The community grant for 2020121 was withdrawn due to COVID 19 implications. However, a total of£2,00012020 £17,294) was awarded to local community groups such as the Royal Free H05Pital. Enfi8ld Stands Together nd the Cooking Champions. These eommunity groups were awarded srnall gfants to help towards th8 COVID 19 pandamic. Page 7 THE OLD ENFIELD CHARITABLE TRUST TRUSTEES. REPORT FOR THEYEAR ENDED 31 MARCH2021 The criteriaforgrant rnaking are setout inthe Trusfs scheme-that beneficiaries should be resKlent in the Ancient Parish of Enfield and in need. The Trust has autt)ority to rnake grants in the areas of general need, educxtion and 1he Community. Trustees would not usually consider more than one grdnt for any applicant in a financial year. but exc8plions are made. according lo cirtumstanae$. Each application is considered on its own Merits and each grant making commtttpe has certain benchmarks it uses in agreeing a grant. Generally, Trustees would wish to see that applicants are attempting to help themselves and avoi(J making repeatèd grants to the sam8 applicanL which rnay encourage dependency. The Trust re-affirmed that it would continue lo make grants acros5 a wide variety of organisations against th& following crateria to which exceptron may only be m8de 8fter specffic consideration by thè Trustees-. Thè proposal must Cover the Anuent Parish of Enfield IAPEI and project venues must be wtthin the APE. Where a project is targeted wider than the APE, it must provlde for at least 50% of APE residents. Grants will not be awarded to national Charibes un18SS the 8pplicalion is from a local branch wilh separst8 aco)unts. Applieants must t)e registered CharitEs, but the Trustees, attheir discret￿￿, will ¢onsKler applications from small local groups that are not WISte￿d. Grants will not be awarded for projects1￿m￿serViCsS that the lornl authority or central government have a statutory responsibility to provide. Grants wll not be awarded for ongoing staff 581aries or other ongotng costs. Grants will not be awarded for tnore than one year, unle55 the application is to be considerad as a Special Project. when it will be al the Trustees. discrètion to 8llocate lunds for more than one year. Grants will nol bè awardèrt for denominational purposes. Whan a proporhon of the amount requested k% ￿rded, thiswill beon the understanding thatthe remainder of the funds needed will be raised within six months of the giant being awarded. After this peTrod, the offer will be withdrawn if no evidence of seourino the remaining fund5 15 provided. Applicatkjns under £1,000 will be dealt with by either the Education or General Grants Committees, whichever is the sooner. to speèd up thè application process for smaller grants. ApplicatTons for Lgrger projÈ¢ts will be considered for funding from thè Trust'g rè*rves, at Trustees, di8¢retion. A latest set ol certified accounts must be provided with each application. ecial Pro 8cts The Citizens AdvTce Burèau in Enf181d were awarded £17,000 to provide debt advke to paople wth debt and Financi81 problems. A lications From OutsKle of the An lent Par￿h of Enlield A small number of appfications are recewed directty from Enfield residents who INe outside of the Ancient Parish of Enfiekl IAPEI. whe￿ possible, staff refers them to another Charity or organisation that can help them. We continue to build a list of such contscts and lo widen our knowledge in this 8re8. Page 8 THE OLD ENFIELD CfrLARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 In 8XC8Ptional circumstances, the Trustees may award a grant to #n applicant whose is permanentty residentjust outsSde the APE boundary, rf there is justtfi&qtion to do so. Grants to organisations. whether based in or outsidè the APE, will generally rgfflect tha ratio of APE resid&nts benefiting. Future Ptan Wg will continue to prforitk%e ourèngagement in education and comTTiuntiygr8nts. with an emphasis on hou58hok needs. Y8ar Review of Grants Over th8 last fve years the totsl spènd on giants has fluctuated. as shown below-. Item 2016117 2017118 2018119 2019120 2020121 Income 679,594 662.616 669,981 648,671 503,725 Totsl grant Allocations 270,699 249.14T 270,903 280.179 212,717 Quarterty Grants 4,800 3,200 2,400 3,000 3,000 Education Grants 124,853 123,424 117,089 123,686 98,876 Personal Grants Iformerty General Graritsl 113.391 115,233 99,363 119.199 93.901 Cornmunrty Grants 27,655 7,290 8,812 17,294 2.000 Special Projects 43,SOO 17,000 17.000 No. of Grant5 Quart8rty Grants Education Grsnts 72 67 62 68 60 Personal Grants Ifortner General Grants) 164 160 126 136 114 Community Grants 14 13 13 Page 9 THE OLD ENFIELD CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 Achievem8nts and performance GOING CONCERN After makiro appropriate enquiries, the Trustees have a reasonable expect8tion that the Charrty has adequate resources to continue in operational existence for the foreseeable future. For this reason, th8y Continue to adopt e going concern basis in p￿ParIng the financial statement$. Further detaijs regarding th8 adoption of the going con￿rn basis Can be found in the A¢￿unting Policies. KEY FINANCIAL PERFORMANCE INDICATORS The Trust's in¢Dme is r8i59d through investments dwidends, property rents, the m3rket and car park. All investments held by the Trust a￿ in accordance with the powers available to the Tnjstees and have been thoroughty reviewed this year. REVIEW OF ACTivifiES The budget settlng exèicise in April 2020121 again included a proposed spend which was hvJher than anticipated income for the year. although the deficit could be met from the Trust's reserves. Totsl income eamed for the 2020121 financial yèarwas £503,72512020- £648.6711 agalnsttotal èxpènditurg at £533,81612020- £724,677). The Trustees confim) that the anticipated income from Permanent Endowrnents together with the balance of unrestricted funds currently available should be adequate to fuhll the future obfigabons of the Trust. 2018119 2019120 2020121 Gross Income 669.981 648,671 503,725 Market & Car Park running Costs 205,125 231,867 211,206 Managemènt & Administration costs 127,738 140,260 118,138 Pen$ion costs Ilncluded Sn above) AVAILABLE FUNDS FOR GRANTS 10.518 8,591 10,737 311,500 276,900 174.400 Grants made 270.904 281,880 212,717 FUNDRAISING ACTMTIEsnNCOME GENERATION Th& Tru5t'5 income is ra￿￿ed through investments dlvidends, property rènts. tha mark8t and car park. All inv8sttn8nts held by the Trust are in accordance with the pmrg availabl8 to the Trustees and have been thoroughty revlewed this year. Page 10 The Trust's total reserves were £8,101,991 at the year end, of which £1,866,537 are unrestricted funds and £6,235,454 are endowment funds. THE OLD ENFIELD CHARrrABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 MATERIAL INVESTMENTS POLICY The Trust owns the following erwjowed freehold propertiés: The Market Pla The Kings Hèad Public House 20 The Town (Barclays Bank) 21 The Town (Grays Newsagent) 22 The Town (Old Vesty Officesl- the Trusys offices Thèsè properties, comprising the an(yent Market Pkce and surrounding btsildings. a￿ regarded by the Trustees as being historic assets. and inalienable in practice. However, the Old Vestry Office is the Trust's offi1￿8. and as a functional propèrty 18 CAPitalised and included in the Trust's accounts. All other properties, other than the Markèt Place, arè warded as investment proPert￿S. They are capitalised within the Bafance Sh8el and are sh)wn at market value. Further inf0m￿tIOn is given in the notes to the financial statements. Polic for Dis tssal an on of Pro ertEs The purposè of holding these propertie5 15 to generate funds to further the purpose of the Trust. Thèy arè treated as part of thè peirnanent endowment fund and as assets held permanently by the Trust As part of the Trusfs review of investments it was ag￿ed not to invest in any more propertie5 at this stage. Enfield Market The Enfiefd Market tskes place 3 days per week in the Market Place and provtdes a small income for the TrusL On the ￿mainIng weekdays, the Market Place ￿ used as a car park. for which charges are made, and which provide further income foi the Trust. The Trust took back responsibilfy for managing tt)è rnarketfrom a rnarket management comp8ny.A Market Place Manager has been appointèd in April 2019 for the purpose to manage the Market and within poliae$ set by the TTUStees' Market Committee. The regenetation of the market continues by looking at altemative methods of opèrating the market. a. PAY POLICY FOR SENIOR STAFF The salaries of the staff of The OEd Enfield Charitable Trust arè regularty benchmarked by the Trustees against simiLqr roles within organisatiOn5 that engage in simibr activities in order to attract highly qualified staff. This reportwas approved and authorised for issue by the TNstees and signed on its behalf by.. san Attwoo(i JP Chair of Trustees Mr CItV8 Parker FCA Vi¢e4halr of Trustees Date: ?,z ZOI I Page 12 THE OLD ENFIELD CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicabl& law and United Kingdom Accounting Standards (United Kingdom Generally Accepteol Accounting Practice). The law applicable to Charities in England & Wales requires the Trustees to prepare financial statements for each financial year. which g(ve a true and fair view of the stste of affairs Df the Charity and of ils incoming respurces and application of resources. including its income and expenditure. for that period. In preparing thèse ffinanci81 statements, the Trustees are required lo.. seiecl suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estirnales that are reasonable and prudent- state whether applicable UK Accounting Star>dards IFRS 1021 havè been followed, subject to any rnaterial departures disclosed and explained in the financial statements., P￿pare the financial statements on the going concern basis unless il is inappropriate lo presume that thp Charity will continije in business. The Trustees are responsible for keeping proper accounting records that are SLrfficienl to shDW and explain the Charity's transactions and disc105e with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial s18lemenls comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Trust deed. They are a150 responsible ft)r safeguarding the assets of the Charity and hen¢e for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the TNstees are aware.. there is no relevant audit information of which the Charws auditor is unaware., an the Trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audtt information and to establish that the auditor is aware of that information. Approved by order of the Members of the Board of Trustees and signed on its beha￿ by= san Attwood JP Chair of Trustees Dale.. 3 2011 Mr Cllve Parker FCA Vice-chair of Trustees Page 13 THE OLD ENFIELD CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLD ENFIELD CHARITABLE TRUST Opinion We have audil8d the financial ststements of The Old Enfield charitable Trust (the 'ChartVI for the year ended 31 March 2021 which comprise the Slalement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the rèlated notes, including a summary of significant accounting polici&s. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial ReportTng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally A¢￿pIed Accounting Practice}. The financial statements have been prepared in accordance with Accounting and Repothng by Charities preparing their accounts in accordance with the Financ(al Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in prèference to the Accounting and Reporbng by Charities- Slalemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Acceptecl Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our Opinion the finan¢ial statements.. giv& a true and fair view of the stst8 of the Charitys affairs as at 31 March 2021 and of Its incoming resources and application of resources for the year then ended- have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and appllcable law. Our respon5ibiltties under those standards are fvrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant ID our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other gthical responsibilities in accordan￿ wtth these requirements. We believe that the audit eviden￿ we have obtsined is sufficient and appropriate ID provide a basis for our opinion. Conclusions r•latÈng to going concern In audthng the financial statements, we have conclLJded that the Trustees, use of the going concem basis of accounting in the preparation Df the financial ststements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to avents or conditions that, individually or collectively, m8y cast significant doubl Dn the Charivs ability lo continue as a going concern for a period of at least ￿e1ve months from when thg financial statements are aulhorised for issue. Our responsibilities and the r8sponsibilitles of the Trustees wf(h respect to going concern are described Sn the r818vanl sèctions of this reporL Page 14 THE OLD ENFIELD CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE OLD ENFIELD CHARITABLE TRUST ICONTINUEDI Other information The other information comprises the information included in the Annual Report other than the finanaal statements and our Audilols Report Ihereon. The Trust8es are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not CDver the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the othei information and, in doing so, consider whether the other infomation is malerialty inconsistent with the financial ststements or our knowledge obtained in the Course of the audrft, or otherwise appears lo be materially misstated. If we identfy such material inconsistencies or apparent material misslalemenls, we are required to determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have performed, we condude that theTe is a material misslalemenl Df this other information, w& are Tequired lo report that fact. We have nothing to report in this reg8rd. Matter5 on which we are requlred to report by exception We have nothing to rèport in r&specl ol the following matters where th8 Charities (Accounts and Reports) Regulations 2008 requires us to report to yOLt rf. in our opinion.. the information gwen in the TTUStees' Report is inconsis18nl in any material respect with the financial ststemenls., or sufficient accounting ￿CordS have not been kept- or the finanGial stalernents are not in agreement with the accounting records and returns., or we have not received all the infom)alion and explanations we requi￿ for our audit. Responsibilities of Trustees As explained more fulty in the Statement of Trustees. Responsibilities, the Trustees are responslble for the preparation of the financial ststements which give a true and fair view, and for such intemal control as the Trust&es detèrmine 15 ne￿SSary lo enable the preparation of financlal slalements ttial are free from material misstatement, whether due lo fraud or arror. In preparlng the financial slalements. the Trustees are responsible for assessing the Charitys ability to continue as a going concern. disclDsing, as applicable, m8tteT5 related lo going concem and using the going concem basis of accounting unless the Trustees either intend lo liquidate the charity or to cease operations. or have no realistic altemative bul lo do so. Page15 THE OLD ENFIELD CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLD ENFIELD CHARITABLE TRUST ICONTINUEDI Auditorfs re$ponsibilitie5 for the audit of the linancial ststements Vve have been appointed as auditrjr under section 144 of the Charities Act 2011 and report in accordance the Act and ￿ levanl ￿gulationS made or having effect thereunder. Our objectives are ID Dblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issu& an Audttor'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 IUKI will always detect a rnaterial misststemenl when it exists. Misstatements can arise from Iraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo ir1fluen￿ the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instan￿5 of non-compliance with laws and regulations. We design pro¢edur&s in line with our responsibilities, outlined above, to delecl material misslatemenls in respect of irregularities. including fraud. Thè extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-. Enquiry of management and those charged with governan￿ around actual and potential litlgation and claims., Enquiry of staff to idsntify any instsnces of non-compliance with laws and regulations. Performing audit work over the risk of management override of controls. including testing of joumal entries and other adjustments for appropriateness, ev8lu8kn.ng the business rationale of signrficant transactions outside the nornial course of business and reviewing accounting estimates for bias., Reviewing minutes Df rneetings of those charged with governan￿., Reviewing financial statement disclosures and lesling to supporttng documentation to assess compliance with applicable laws and regulations. Because of the inherent limitaliDns of an audit, there is a risk that we will not detect all irregularitles, including those leading to a material misstatement in the financial statements or nonr the year derives from continuing operations. The notes on pages 21 to 44 form part of these financial ststements. Page18 THE OLD ENFIELD CHAR￿ABLE TRUST BALANCE SHEET AS AT 31 MARCH 2021 2021 2021 2020 2020 Note Fixed assets Tangible assets Investments Investment property 15 17 293,866 3,128.945 4,635,000 302,4BO 2,707,760 4,635,000 16 8,057.811 7,645,240 Current assets Debtors Investments Cash at bank and in hand 18 11,220 109,007 67,523 21.477 108,917 170,500 19 187,750 240.894 Creditors.. amounts falling due within one year 20 (143,570) (175,237) Net current assets 44,180 65,657 Total net assets 8,101,991 7, 710,897 Charty fund5 Endowment funds Unrestricted funds 21 21 6,235,454 1,866,537 6,076, 119 1,634, 778 Total funds 8,101,991 7,710.897 The financial statements were approved and aLtthorised for issue by the Trusl&es and signed on their bèhaw by= an Attwood JP Chair of Trustees Dale.. Zz The notes on pages 21 to 44 form part of these financial slalements. Page19 THE OLD ENFIELD CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Note Cash flows from operating activities Net cash used in operating actiwties 23 (499.5111 (678.949) Cash flows from investing activitiès Divid2nds, interest and rents from investments Purchase of tangible fix8d assets 460,424 (3,800) 620.23T (72.299) Net cash provided by invèsting activities 456.624 607,938 Change in cash and cash equivalents in the year Cash and cash equival8nts at the beginning of the year (42,8871 219.417 (71,011) 290,428 Cash and cash Èquivalents at the end of the year 24 176.530 219,417 The notes on pages 21 to 44 form part of these financial statements. Page 20 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2021 General irrformation The Old Enfield Charitable Trust is an unincorporated Charity reglSt?r8d with the Charity Commission (Charity Registered Number 2078401 in England and Wales. In the event of the Charity being wound up. the liability of the guarantee is limf(ed to £1 per Member of the Charity. The address of th8 registered Offi￿ is given in the Charity informstion on page 1 of these financial slalements. The nature of the Charity's operations and princ(pal activFties are detailed in the Truste8S Report. The signfficanl accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless oth&Mse stated. Accounting policies 2.1 Basis of preparation of financial statements The financial ststements hav& been prepared in accordancè with the CharTties SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their acwunls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Th2 financial statements have been prepared to give a 'tru& and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to prDvide a 'true and f81¢ view. This departure has involvgd following the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recomm&nded Practi￿ which has since be&n withdrawn. The Old Enfield Charitable Trust meets the definition of a public benefft entity under FRS 102. Assets and liabilrtses are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. These financial statements have been presented in slerting. which is the functional currency of the Charity, and are rounded to the nearest pound. 22 Going concern The financial statements have been prepared on a going ¢oncem ba5i%. The Trustees have considered relevant information, including the annual budget, f0￿caSt future cash flows and the impact of subsequent events in making their assessment. In response to the COVID-19 pandemic, the Trustèes have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future s¢enarios arising from the impact of COVID-19. This analysis also considers the effectEveness of available measures to assi51 in mitigating the impact. B85ed on these assessments and having regard lo the resources available to the entity, the Trustees have concluded that there is no material uncertainty and that they Can continue to adopt the going concern basis in preparing the Trustees Report and accounts. Page 21 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies (contlnuèdl 2.3 Incorne All income is recognised On￿ the Charity has entiuement lo the income. it is probable that the income will be receNed and th& amount of income receNable can be measured reliably. Donations are recognised when communication is received in wribng with nolfficalion of both the amount and settlement dale. In the event that a donation is subject lo conditions that require a level of pgrformance before the Charity is entitled lo th& funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfillmenl of those conditions is Whol￿ wtthin the control of the Charity and it is probable th8t those conditions will be fulfilled in the reporting period. The Charity has been eligible lo claim additional funding in year from govemment support schemes in response to the coronavirus outbreak. The funding received is shown in donations under "CJRS furfough income.. Rèntal incorne and charges are included in the perK)d lo which they relate. Arnounts received in aévance in respect of rent are included in deferred income in creditors. Other income is recognised in the period in which il is receNable and to the extent the goods have been provided or on completion of the servi￿. 2.4 Expenditure Resources expended ar& included in the Statement of Financial Activities on an accruals basis, inclusivè of any VAT which cannot be recovered. They are recognised when there is a legal or conslructwe obligation lo pay for expendit{J￿. Certain expenditure is directly attributable lo specific activtbes and has been included in those cost categories on the basis of an estimate of the proportion of time spent by staff or resources used on those activitie5. Shared costs which ¢ontribute lo mor& than one activity and support ¢osls which are not attributable to a single activity are apport(oned bebmeen those activities on a basis consistent with the use of resources. Employment termination benefits are payable when employment is terminated by the Charity before normal retirement dale or whenever an employee 8ccepts voluntary redundancy in exchange for termination benefits. Charitable expenditure comprises those costs incurred by the Charity in th& delNery of its actwities and services for tt5 beneficiaries. Govemance costs include those costs associated wtth mèeting the constitutional and statutory requirements of the Charty. ExpenLlilure on charitable activities and governance costs are costs incurred on the Chariws charitable operations, including support costs and costs relating to the govèrnance of the Charity apportioned to Charitable activities. Grants payable are charged in the year when the offer is made except in those cases whgre the offer is conditional, such grants being recognis2d as eXpendItLJ￿ when unfulfilled condttions are outside of the contrDI of the Charity. Gmnls offered subject lo conditions which have not been mel at the year end are noted as a commitment, bul not accrued as expenditure. Page 22 THE OLD ENFIELD CHARffABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 counting policies {continuedl 2.5 Interest receivable Int8resl on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notificatlon of thè interest paid or payable by the inslttulion with whom the funds are deposited. 2.6 Tangible fixed assets and depre¢iation Tangible fixed assets costing £250 or more are capitalised and Tecognised when ftjture economic benefits are probable and the cost Dr value of the asset can be rneasured reliably. Ass&ts costing lès5 than £250 are charged to expenditure on the Slalemenl of Financial PDSition. Tangible fixed assets are initialty recognisecl at cost. After recognsiion, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. Atl costs incurred lo bring a tangible fixed asset into its intended working cond]tion should be included in the measurement of cost. At each reporting datè the Charity assesses whèther there is any indication of impairment. 11 such indication exists, the recoverable amount of the asset is determined to be the higher ol its fair value less costs to sell and its value in use. An impairment loss is recognised where thè carrying amount exceeds the recoverable amount. Impaimient losses are recognised in the Statement Of Financial ActNilies. Depreciation is charged so as lo allocate the cost of tsngible fixed assets less their rgsidual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following bases= Freehold propety Fixtures and fittings Other fixed assets - 50 years - 5 years - 3 years Freehold land is not depreciated. Thè property occupied by the Charity, The Old Vestry, is regarded as a functional propety and is capitalised and included at the market value as al 31 March 2021. It was valued by Brown & Lee, Chartered Surveyors, in 2018 and valued by the Trustees 8t 31 March 2021. 2.7 Investments Fixed asset investments arè a form of financial instrument and are initially recognised at their transaction cost and subseqLJently measured al fair value at the Balance Sheet dale, unless the value cannot be measured reliabty in which case il is measured at cost less impairment. Investment gains 8nd losses, whether realised or unrealised. are combined and presented as 'Gainsl(Lossesl on investments, in the Statement of Financial Aclivilies. Page 23 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng policies Icontinuedl 2.8 Debtors Trade and other debtors are recognised al the settlement amount after any trad8 discount offered. Prepayments are valued at the amount prepaid n&t of any trade discounts due. Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met. the amount ¢an be measured reliably and il is probable that the income will be received. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilitres and provision5 Liabilities are recognised when the￿ is an obligation al the Balance Sheet dale as a result of a past 8venl, il is probable that a transfer of economic benefit will be reqUI￿d in setNement. and the amount of the settlement Can be estimated reliably. Liabilities are recognised at the amount that the Charty anlicipales il will pay lo settle the debt or the amount il has recevied as advanced payments for the goods or seTvices Il musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligatron. Where the effect of the lime value of money is material, the provisiDn is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial ActNilies as a ffnance cost. 2.11 Finan¢lal instruments The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows.. Debtors - trade and other debtors (including accrued incornel are basic financial instruments and are debt instruments measured at amortised Cost as detaI￿d in Note 18. Pr&payments are not financial instrnments. Cash al bank- is classified as a basic financial instrument and is measured at fa￿ value. Liabilities tradè cr8ditors, accruals and other creditors wll be classified as financial instruments, and are measu￿d at amortised cost as detailed in Note 20. Taxation and social security are not included in the financial instruments disclosure. Defèrred income is not deemed to be a financial liabiltty, as in the ￿ash settlement has already taken place and there is simply an obligation lo delNer charitable services rather than cash or another financial instrument. Page 24 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies {eantinuedl 2.12 Endowed freehold properties - Investment property Detsils of endow￿ freehold properties are given In Note 16 in the financial statements. The Market Place ha5 historic importance and date5 back to 1618 when James I grantecl the right to hold a weekly market. 11 cannot bè sold wrf(houl external con$8nl and as a heritage asset it is regarded as inalienable and historic. The property has not been capilalised as reliable cost information is nDt available and conventional approaches to valuation lack sufficient reliability. All other properties are regarded as investment properti&s. They are held primarily for the pU￿oSe of producing an incoTTie for the Charity, any rental income being negotiated al arms length. They are stated al their estimated value on an open market basis with valuations by RICS valuers or by the Trustèes. Property valuations took plèce in 2019 and were carried out by Brown and Lee Chartered Surveyors external advisors lo the Charity. The valuations were made in accordance with the RICS Appraisal and Valuation Manual. The property occupied by the Charity was valued by the Trustees al 31 March 2021. 2.13 Grants payable Grants payable arè Charged to the Ststemenl of Financial Activities in the period at which they have been approved and committed and a conslru¢tive obligation exists. Any grants approved in principle bul where condikn.ons attached lo the award have not yel been met are included in the note5 to thè accounts as a commitment INote 261. 2.14 Operating leasgs Rentals paid under operating leases are charged to the Slalement of Financial Activities on straight line basis over the kase term. 2.15 Pansion$ The Charity operates a defined contribution pension schemg and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. The Charitys contribution is restricl2d to the Contributions disclosed in Note 13. There were pension contributions of £7,638 (2020 - £4,5391 OLrtstanding at the year end. The pension costs are included within support and govemance costs Dfthe Charity. 2.16 Reststement of activities During the year the Charity decided lo redistribute the 'Support C05ts' charitable actlvity across the remaining charitable activities, in accordance wth Accounting Policy 2.4. The prior year comparatives relating to 'Support costs, have also been reclistributed to ensure mparability with the current financial reporting period. Affected notes have been marked as such throughout these financial slalements. This reclassification did not affect the Charitys deficit nor ts net assets for thè year ended 31 March 2020. Page 25 THE OLD ENFIELD CHAR ￿A￿LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies (continued) 2.17 Fund a¢counting General funds are unrestrieted funds which are available for use at the discretion of the Trustees in furtheranc? of thè general objectives of the Charity and which have not been designated for other purposes. Designat?d funds cornprise unreslricled funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial statements. Endowment funds represent those assets which musl be held pemianenlly by the Charity. principally. Income arising on the endowment funds can be us&d in accordan￿ wtth the objects of the Charity and is included as unreslricled income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advi￿ relating lo the tund are charged against the fund. The n8ture and purpose of each fund is explained in Note 21. Critical accounting Èstimatss and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting eslimatas and assurnplions.. The Charity makes estimates and assumptions concerning the future. The resulting accounting eslimales and assumptions wll, by definition, seldom equal the related actual results. Thg eslimale5 and assumptions th8t have a significant risk of causing a material adjuslmenl to the carwng amounts of assets and liabilities within the next finanual year are discussed below. The valuations of the properties of the Charity- Th8 Tnjstees consider that the valuations at 31 March 2021 are appropriate. The annual depreciation charge is sensitive to changes in the eslimaled useful lives and residual value of assets. The useful lives and residual valugs are re-assessed annually and amended where necessary. Accruals. Estimation uncèrtainty around income. Page 26 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Amalgamatlon of charities Under a Scheme of the Charity Commission dated 30 March 1994, The Enfield Parochial Charity and The Hundred Acres Charity were amalgamated as one Charity. The Old Enfield Charitable Trust. By agreement with The Charity Commission, the assets of The Hundred Acr&s Charity were merged with the assets of The Enfield Parochial Charity from 1 April 1994. Following the introduction of the new awunling regulations for Charities. Investments previously treated as Capital Investments by The Hundred Acres Charity were th8n included as Pernianent Capital Endowments Isee Note 211. Income from donations Unrestrictgd funds 2021 Total funds 2021 Total fvnds 2020 CJRS furlough income 26,676 26.676 There are no unfijhllled conditions or other continggn(¥es attached to the govèrnment grants above. Page 27 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of In¢ome from charitable activities - by type The Charity generates ils main source of income from the collection of propety rents, market rents and takings from the car park sllual&d in Church Street. Enfield. Such income is included in thè Statement of Financial Activities when the Trust is enlilled lo the income and the amount be quantth&d. The income is used for the primary purpose of the Trust which is the payment of grants to those Tesidents of the Ancient PaNsh of Enfield who are in need, in distress or are suffering hardship. Unrestricted funds 2021 Total funds 2021 Property rentsls Car park Market place Others 197,938 40,369 127,159 6.050 197,93B 40,369 127.159 6,050 Total 2021 371.516 3T1,516 Unrestricted fvnds 2020 Total funds 2020 Property rentals Car park Market pla Metro Bank PIC Others 253.480 52,884 181,804 8, 6QO 21,000 253.480 52.884 181,804 8.600 21.000 rolsl 2020 517.768 517,768 Pagè 28 TrIE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income from invèstments Unr8Stricted funds 2021 Total fund$ 2021 Investment income - listed investments Investment income - cash 94,868 90 94,868 90 Total 2021 94.958 94,958 Unrestncled fvnds 2020 Totsl funds 2020 Investment income- listed investments Investment income- cash 101.765 T04 101, 765 704 Total 2020 102.469 702.469 Pagè 29 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Other trading income Unrestricted funds 2021 Total funds 2021 Other income Administration charge 1,601 8,974 1.601 8.974 Total 2021 10,575 10,575 Unrgstri¢t&d funds 2020 Total funds 2020 Other income Administratson charge 18,691 9, 743 18,691 9, 743 Total 2020 28,434 28,434 Page 30 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of expenditure on charitable activities - by fund un￿strICted Endowment funds funds 2021 2021 Total funds 2021 Grants payable Market place Car park 319,787 172,200 31,829 6.100 3,300 600 325,887 175,500 32,429 Total 2021 523,816 10,000 533,816 As restated As restated As restated Unrestricted Endowment Total funds funds fvnds 2020 2020 2020 Grants payable Markèt place Car park 400,624 286,655 27,398 5,600 4,OQO 400 406.224 290, S55 27, 798 Total 2020 as restated 714.677 10,000 724.677 Page31 THE OLD ENFIELD CHARITA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. Analy515 of expenditure on charltable activities - by type Activitles undgrtaken directly 2021 Grant funding of activities 2021 Support costs 2021 Total funds 2021 Grants payable Market placg Car park 212.717 113,170 61,222 11,129 325.887 175,500 32,429 114,278 21.300 Totsl 2021 135.578 212,717 185.521 533.816 Activities undertaken directly 2020 Grant As restated As reslaled funding ol Support Total activities costs funds 2020 2020 2020 Grants payable Market place Car park 281,880 124.344 88,818 8,883 406,224 290, 555 27,798 207.837 18,915 Total 2020 as restated 220, 752 281,880 222,Q45 724.677 Page 32 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. Analysis of expendlture on charitablè activities - by type (continued) Analysis of $upport costs Total funds 2021 Total funds 2020 Stsff costs Depr&cialion Governance costs Administration costs 151.307 12,414 16,110 5,690 148,851 11.115 14,350 47,729 Total 2021 185,521 222.045 Govemance cos15 are anatysed in Note 11. 11. Governance costs 2021 2020 Auditorf8 remuneration- Audit of the financial stat&￿ents Auditorfs remuneration- Other services Auditorfs remuneration - Under-ac¢rual of prior year feps Lègal and professional 10,740 3,120 2,250 13.450 900 16,110 14,350 Page 33 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 12. Analy515 of grants Grants to Glants to Institutlons Individuals 2021 2021 Total funds 2021 Grants payable 17,000 195,717 212,717 Grants to Institihions 2020 Grants lo Individuals 2020 Totsl funds 2020 Grants payable 38,544 243,336 281.880 The Charity has made the followng material grants to instilulion5 during thè year= 2021 2020 Name of institution Citizens Advice Bur8au in Enfield 17.000 38,544 Page 34 THE OLD ENFIELD CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. Staff costs 2021 2020 Wages and salaries Social security costs Pension costs 194,275 18,297 10,737 200,564 20.OT6 8,591 223,309 229,231 The average number of persons employed by the Char7ty during the year was as follows: 2021 No. 2020 No. Employees No employee received remuneration amounting lo morp than £60,000 in either ￿ar. The Charity oper8les a defined contribution pension scheme and pays pension contrtbulions lo an Independent￿ administered Pension Fund. Contributions in the year totslled £10.73712020- £8,591)- The Key Management Personnel of the Charty are considered to be the Trustees. They received no remuneration in thè year. 14. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneratson or other benefits (2020- £NIL)- During the year ended 31 March 2021, no Trustee expenses have been incurrad (2020- £NIL). Page 35 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. Tangible fixed assets Freehold Fmures and Other fixed property fittings assets Total Cost or valuation At 1 April 2020 Addibons 310.000 30,558 88.805 3,800 429.363 3,800 Al 31 March 2021 310,000 30,558 92,605 433,163 Depreclation At 1 April 2020 Charge for the year 20,000 10,000 27,506 1.115 79,377 1299 126,883 12,414 Al 31 March 2021 30.000 28,621 80,676 139,297 Net book value At 31 March 2021 280,000 1,937 11,929 293,866 At 31 March 2020 290.000 3,052 9,428 302,480 2021 2020 Old Vestry offi￿ Ifundional propetyl. Approx age.. 220 years 280.000 290,000 280.000 290,000 Freehold property represents The Old VeslW. The enhancement costs undertaken to The Old Vestry in 2001 totalled £74,023. On 31 March 2002 they had a book value after dep￿ciall0n of £71,062. The property was valLJed on by Brown & Lee, Chartered Surveyor5 on 31 March 2018 al £310,000 (from the previous valuation rnade in March 2013 of £125,000). Page 36 THE OLD ENFIELD CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16. Invè$trnent propgrty Freohold investment property Valuation At 1 April 2020 and 31 March 2021 4.635,000 The 2018 valuations were made by Brown & Lee, Chartered Surveyors, Dn an op&n market value for existing use basis with a revalualitsn surplus of £1.270,000 arising on the revaluation in 2018. Endowed freghold investment properties Comprise: 2021 2020 The Kings Head Inn linveslment property). ApprDx age.. 120 years 20 The Town Ilnvestment property). Approx age.. 120 years 21 The Town (investment property). ApprDX age.. 120 years 1,050,000 3,155.000 430,OOD 7,050.000 3,155,000 430,000 4,635,000 4,635,000 The Market Place is regar(Jed as a heritage asset and Is preserved for its historic impDrtance (see Policy 2.12}. Its valuation on an existing use basis had been provided in 2018 by èxtemal valuers al £675,000 bLrt this valuation does not encompass the historical importance of the inalienable asset. The valuation at 31 March 2021 is a Trustee valuation. There is no histtsrical cost available for the investment properties. Page 37 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 17. Fixed asset investments Listsd invastments Cost or valuation Al 1 April 2020 Revaluations 2.707.760 421,185 At 31 March 2021 3,128,945 Net book value Al 31 March 2021 3,128.945 At 31 March 2020 2, 707,760 2021 2020 Matsrial investments M&G Charity Investment Funds Charisharg Common Investment Fund Charinco Charities= Speclal Range Common lftvestment Fund CCLA Charity Investment Funds 1,235,292 573,902 494,438 825,313 1,064.041 650,483 250,947 742,289 3,128,945 2,707,760 18. Debtor5 2021 2020 Due within on8 yèar Trade debtors Other debtors Prepayments and accrued income 1,990 1, 130 15,076 5,271 9.230 11,220 27,477 Page 38 THE OLD ENFIELD CHARITABLE TRUST NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. Current assgt investments 2021 2020 Deposit with COIF charities deposit fund 109,007 108,917 20. Creditors.. Amounts falling due withln one year 2021 2020 Trade creditors Other taxaliDn and social Security other Creditors Accruals and deferred income Grants payable 49,959 11,663 28,255 53,693 64,325 12,534 25.156 55,955 17,267 143,570 175,237 Inclltded in other credttors is a rent deposit of £12.50012020- £12.500) due in greater than one year. 2021 2020 Defgrrad income Defèrred incorne al 1 April Resource5 deferred during the year Amounts released from previous periods 38,250 38,250 (382501 42,000 38,250 (42,OOOJ Deferred income at 31 March 38.250 38.250 Deferred income held at 31 March 2021 represents funds re￿iVed ia advance for the rental of investment propety. Page 39 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 21. Statement of funds Statemènt of funds- Current year Balancè at 31 March 2021 Balance at 1 April 2020 Galnsl (Losses) Income Expendlture Unrestricted funds General Fund 1.634,778 503,725 1523,8161 251,850 1.866,537 Endowment funds Inv6slments acquired on merger of charities Charinco common investment fund Charishare income fund The Old Vestry office Invesknent properttes 1.055.379 171.268 1,226.647 84,166 11.574 290.000 4,635.000 {1,9331 82,233 11,574 280,000 4,635,000 {10,0001 6.076,119 110,000} 769,335 6,235,454 Total of funds 7,710,897 503.725 1533,8161 421.1B5 8,101,991 Page 40 THE OLD ENFIELD CHARITABLE TRLIST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 21. Statement of funds (continued) Statemènt of funds - prior year Balan￿ at 31 March 2020 Balance at 1 Aptr712019 Gainsl (Losses) Income Expenditure Unrestricted fund5 Designated funds Designatsd Fund 26.523 (26,523J General funds General Fund 1.792,261 648,671 {688,154) (178,QOO) 1.634, 778 Totsl Unrestrictèd funds 1,818, 784 (714,677) fl 18.0(k)J 1,634, 778 Endowment funds Investments acquired on merger of charities Charinco common investment fund Charishare income fund The Old Vestry office Investment properties 1,266,557 (217, 178) 1,055.379 83,375 12,544 300,000 4,635,000 791 (970) 84.166 11.574 29Q,OQO 4.635,000 (io,oooJ 6,297,476 flO.OOOJ {2f1.357) 6,076, 7 19 Total of funds 8. 116.260 (724,677) (329,357) 7,710.897 Designated funds are comprised of accumulated donations and legacies left to the Trust and any other special income the Trustees se8 fil lo place in the designated fund. These fvnds can then be utillsed at the truslses discrolion on special grants. General fLtnds a￿ unrestricted tunds which are not restricted lo special grants. All Endowment funds were inherited from the merger with the Hundred Acres and Enfield Pastoral Charities in 1994. The income frDm the assets is available for charitablè purposes. Page 41 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 22. Analysis of net assgts between funds Analysis of net assets betwèèn funds - current year Unrestricted Endowment fundts funds 2021 2021 Total funds 2021 Tangible fixeLI assets Fixed asset investments Invgslment propety Current assets Creditors due within one year 13,866 1.808,491 280,000 1.320,454 4,635.000 293,866 3,128.945 4.635,000 187,750 1143,570) 187,750 1143,5701 Total 1,866,537 6,235,454 8.101,991 Analysis of net a$sets bètween funds - prior year Unrestricted Endowment funds funds 2020 2020 Total funds 2020 Tangible r￿ed assets Fixed asset investments Investment property CuTrenl assets CredilDrs due within ong year f 2,480 1,556.641 290.000 1, 151. 119 4,635,000 302.480 2,707.760 4.635,000 240,894 (175,237J 240,894 (175,237J Total 1,634,fK8 6,076, 119 7,710,897 Page 42 THE OLD ENFIELD CHAR￿ABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 23. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Nel incomelexpenditure for the year (as per Stslement of Financial Aclivilies) 391,094 (405,363J Adjustments for: Depreciation charges Revaluation of investments Drvidends, interest ancl rents from investmènts Decreas8 in debtors Decr&8se in creditors 15 17 12,414 (421.1851 1460.4241 10.257 131,667) 13.984 329,357 {620.237J 4,595 (1,285) 18 20 Net Cash used in operatlng activities 1499,511) (678,949) 24. Analysis of cash and cash equivalents 2021 2020 Cash in hand Noti￿ deposits {l&ss than 3 months) 67,523 109.007 710.500 108,917 Totsl cash and Cash equivalents 176,530 219.417 25. Analysis of ¢hanges In net debt At 1 April 2020 Cash flows At 31 March 2021 Cash al bank and in hand Notice deposits (less than 3 months) 110,500 108,917 142,9771 90 67.523 109.007 219.417 142,8871 176.530 Page 43 THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 26. Grant commitments Grants approverj by the Charity al the Balance Sheèt date, that are payable upon the grantees satisfying conditions of the grant, total £39,54712020 £17,267). As sel out in Policy 2.13. these amounts are not provided for in the finanual ststements. 27. Related party transactions The Trustees are also Trustees of Ann Crowe's and Wrighys Almshouse Charity which is a Charty in its own right. The bNo sets of Almshouses are administered by The Old Enfield Charitable Trust and an adminislralion charge of £8,97412020 - £9,743) was made for this purpose during the year under review. The Old Enfield Charitable Trust holds these properties, as custodian, on behalf of Ann Crowe's and Wright's Almshouses Charity. in a non beneficial capacity. There are no balances outstanding al the year end {2020- £NIL). The Charity works with related parties, other Charities ancl organisations on a variety of levels. This invofves dealing with IDcal Charities and organisations in which the Trustefys may have an involvement. Where Dne of the Trustees holds the position of the TTUSteelDireclor of another Charity there may bg an involvem@nt in the discussions at Trustees mèètings in relation lo thesè Charities, but has lo be openly declared at the meeting, or meètings, whère the item is discussed and thè decision is made. Page 44