OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Charity Registration Number: 207840

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

THE OLD ENFIELD CHARITABLE TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 11
Statement of Trustees' Responsibilities 12
Independent Auditor's Report on the Financial Statements 13 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 - 43

THE OLD ENFIELD CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees Mrs Susan Attwood JP, Chair of Trustees
Mr Clive Parker FCA, Vice-Chair of Trustees
Mrs Anne Whitehorn
Ms Cheryl Byamukama
Mr Geoffrey Hill
Councillor Hass Yusuf
Mr Jim Eustance
Mr John Tanner (resigned 31 October 2021, re-appointed 1 March 2022)
Mr Jonathan McGrath
Ms Sophie Doran
Dr Patrick O'Mahony
Cllr Michael Rye (re-appointed 19 May 2022)
Mr Neil Thompson
Mr Nicholas Maunder Taylor
Mr Rex Bourne (resigned 15 July 2022)
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 2022

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 CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their Annual Report together with the audited financial statements of The Old Enfield Charitable Trust (the Charity) for the 1 April 2021 to 31 March 2022.

Structure, governance and management

a. CONSTITUTION

The governing document is the Charity Commission Scheme dated 30th March 1994, which amalgamated the former Enfield Parochial and Hundred Acres Charities.

The Trust’s Registered Office and number are:

The Old Vestry Office Telephone 020 8367 8941 22 The Town E-mail enquires@ thetrustenfield.org.uk Enfield Website www.thetrustenfield.org.uk EN2 6LT Reg. No. 207840

The Trust is for the benefit of the residents of the Ancient Parish of Enfield. Exceptionally the Trust may help residents (generally or individually) who are resident immediately outside of the Ancient Parish.

The objects of the Trust are:

To assist those who are in conditions of need, hardship or distress by way of grants, provision of items, services and facilities

There have been no changes in the objectives since the last Annual Report.

The Trustees have had regard to the Charity Commission guidance on public benefit while shaping the objectives and activities of the Charity.

b. TRUSTEES

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme.

There are 15 Trustees, four Nominated and eleven Co-opted, who through residence, occupation, employment, or otherwise, have specialist knowledge of the Ancient Parish of Enfield.

Page 3

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

Nominated Trustees

Two are nominated by the Council of the London Borough of Enfield, and two by the Vicar and Church wardens of the Ecclesiastical Parish of St Andrew, Enfield. Each appointment is made for a term of four years at a meeting convened and held according to the ordinary practice of the appointing body. The persons appointed may be, but need not be, a member of the appointing body.

Co-opted Trustees

Co-opted Trustees are appointed for a term of five years by a resolution of the Trustees passed at a special meeting.

A list of Trustees showing office held and committee membership during the year is shown on page 1. The Trustees are all volunteers, and as such, are not remunerated, either for their contribution of time, or their out of pocket expenses. They set the Trust's policies and supervise its operations. They are accountable for its performance and adherence to legal requirements, but depend on a close and effective relationship with their paid staff, whose commitment and skills are reflected in the Trust's continuing progress. The nature of the Trust’s operations does not at present require the involvement of other volunteers.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

Appropriate training is made available to new Trustees according to need. Each new Trustee is issued with an information pack at appointment.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

Trust Manager and Clerk

The Trust Manager and Clerk to the Trustees is Bindya Amin.

The Trust’s day-to-day business is co-ordinated by the Trust Manager, as appropriate, in consultation with the Chairman.

Administration of the Trust

The main business of the Trust is dealt with at the Trustees quarterly meetings. Policy decisions are made here and the work and decisions of the other committees are discussed and endorsed.

Finance Committee

The Finance Committee recommends the budget to the Trustees, taking into account the net revenue available for charitable purposes, after the cost of operating the market/car park and administration have been set against anticipated income. Expenditure is monitored throughout the year and adjustments are recommended in the light of grant applications. This committee also monitors the Trust’s investments and makes recommendations, as necessary to the Trustees. The Trust’s investments policy is commented on in more detail in the ‘Investment Policy' section below.

Market Committee

This committee oversees the operation of the market held in the Market Place, Enfield Town, Thursdays, Fridays and Saturdays of each week. It also has responsibility for the car park, which operates in the Market Place on the remaining days. The Saturday market operates by virtue of a Royal Charter granted by James I in 1618. The market provides part of the Trust’s income and is a focal point at the heart of Enfield Town.

Page 4

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

HR Committee

The Human Resources Committee assists the Trust with recruitment, staff development and appraisal policies etc and their implementation.

Development Committee

The Development Committee reviews the grant making strategic direction of the Trust and manages updates and discussion opportunities for the Trust Board quarterly meeting.

Personal Grants Committee

The Personal Grants Committee considers direct applications for help from Ancient Parish of Enfield residents and from third party professionals who recommend help for certain of their clients. The committee meets every six to eight weeks and considers the circumstances of each application before making a decision on the amount of grant to be awarded. Prior to this, direct applicants will have submitted an application form and a dedicated member of the Trust’s staff will have made a home visit to verify the information provided. An assessment report is prepared for each applicant and these are submitted to the committee for consideration.

Referred applications are also submitted as they are received from third party professionals, who the Trust expects to have verified the information provided.

Education Committee

The Education Committee usually meets on an ‘as needed’ basis, around every 8 weeks to consider applications for Ancient Parish of Enfield residents for help with their chosen educational course. These can vary from a degree course, access course, driver instructor training, counselling training etc. Applicants are invited for an informal interview with the committee and a decision is then made.

Students in their second and subsequent years of their course are not interviewed if they re-apply for funding, unless their circumstances have changed.

e.

RELATED PARTY RELATIONSHIPS

The Trustees are also Trustees of Ann Crowe’s and Wright’s Almshouse Charity which is a Charity in its own right. The Old Enfield Charitable Trust administers the two sets of Almshouses and an administration charge of £9,474 (2021 - £8,974) was made for this purpose during the year.

f. RISK MANAGEMENT

The Trust regularly reviews its procedures to minimise risk to its assets and income, and to ensure that where risks are identified, procedures are in place to obviate them as far as possible.

Page 5

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

Objectives and Activities

a. ACTIVITIES FOR ACHIEVING OBJECTIVES

Enfield Market

The Trust owns Enfield Market Place and runs the Market three days a week, Thursday - Saturday and the car park operates four days a week, Sunday to Wednesday.

Car Park

Five tickets are in action ranging from one hour to all day tickets.

b. GRANT MAKING POLICIES

The Trust’s ability to make 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 investments and although this has been mitigated by the Trust’s active management of the balance of the portfolio held in equities and bonds it has still had a significant effect.

Grants

Grants are awarded across five areas, as summarised in the table below, and discussed in turn and in more detail thereafter.

2021/22 2020/21
Personal grants 105,909 93,901
Quarterly grants 2,000 3,000
Education grants 92,729 96,816
Community grants 8,572 2,000
Special projects - 17,000
209,210 212,717

Personal Grants

2021/22 saw 126 (2021 - 126) people benefit from personal grants awarded £105,909 (2021 - £93,901). The grants covered a similar range of needs as in previous years, including beds/bedding, furniture, household appliances.

The level of second and subsequent requests for help was reduced due to the decision to set a two-year gap for people to apply for a personal grant, thus leaving funds for people who had not received a grant in the recent past. An exception to the two-year gap was made for white goods that had broken. These were expensive items that could not be easily replaced.

The Trust has a working arrangement with Thames Water to refer clients with arrears (with their consent) to their charitable arm for help with these arrears. The Trust also refers clients to the Charity ‘Step Change’ and ‘Turn to Us’. The Trust works with local Citizens Advice Bureau to provide advice on money, legal and consumer and other problems.

Apart from household needs, help continues to be given to needy families for school journeys during the final year of Primary School. In many cases, when the assessment visit to the family is made, other needs are identified and in the majority of cases, a grant is made by the Trust to provide for these needs.

Page 6

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trust’s work with other agencies continues, including the food bank to help people who for many different reasons, income has stopped and the Council’s Mental Health Team who are helping many of their clients set up home for the first time in the community. The Trust has helped with grants for household items for these referred clients. In addition, mental health sufferers in long term care have been helped with clothing.

Word-of-mouth and Trust Website recommendations continues to form by far the largest proportion of enquiries, but the number of second and subsequent requests is constant. The Trust has raised its profile this year by promoting through social media

Applications from various agencies on behalf of their clients, including Social Services, One Support, Health Centre’s and Probation Service has fell this year as last year.

Applications for assistance are also received direct from members of the public who are visited and assessed by the Trust’s staff. The Council’s Housing, Social Services Teams and schools continue to give the Trust’s details to their clients who are being re-housed or are in need of items that cannot or are not provided by the Council under their statutory responsibility. The Trust is pleased to help these residents, but concerns remain about the decorative condition of some of the properties, which require considerable attention.

Quarterly Grants

Quarterly Grants are now restricted to just two people as Trustees decided to phase out this type of grant and not to adopt future beneficiaries. The grants provide day to day help at a current rate of £250 per quarter, a figure reviewed annually.

It was decided to discontinue quarterly grants in future.

Education Grants

Applications for education grants were consistent throughout the year, and the budget for education grants was £100,000.

2021/22 saw 48 (2021 - 60) grants made; Grants awarded £92,792 (2021 - £96,816).

Grants were given across a whole spectrum of courses where no other source of funding was available. Trustees continue to take the view that applicants who apply for a grant should have insufficient income, or insufficient other means of funding, to undertake their courses. Students should apply to the colleges’ Access or student support funds, or apply for student loans, before approaching the Trust. However, Trustees are mindful that a contribution from the Trust often makes it possible for the students to start or continue with a course.

The Education Committee personally interviews eligible applicants prior to a grant being made. The work and progress of the student is monitored throughout the course, and end of term reports received from tutors trigger payment of the next instalment of the grant. Payment by term of grants is conditional on receipt of satisfactory reports.

Community Grants

The committee awarded a total of £8,572 of community grants in 2021/22. Community Grants were awarded to The Nightingale Centre, Cheviots, DJ & Mc Academy and Enfield Voluntary Police Academy.

The criteria for grant making are set out in the Trust’s scheme – that beneficiaries should be resident in the Ancient Parish of Enfield and in need. The Trust has authority to make grants in the areas of general need, education and the community. Trustees would not usually consider more than one grant for any applicant in a financial year, but exceptions are made, according to circumstances. Each application is considered on its own merits and each grant making committee has certain benchmarks it uses in agreeing a grant. Generally, Trustees would wish to see that applicants are attempting to help themselves and avoid making repeated grants to the same applicant, which may encourage dependency.

Page 7

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trust re-affirmed that it would continue to make grants across a wide variety of organisations against the following criteria to which exception may only be made after specific consideration by the Trustees:

Special Projects

There were no special project grants awarded in 2021/22.

Applications From Outside of the Ancient Parish of Enfield

A small number of applications are received directly from Enfield residents who live outside of the Ancient Parish of Enfield (APE). Where possible, staff refers them to another Charity or organisation that can help them. We continue to build a list of such contacts and to widen our knowledge in this area.

In exceptional circumstances, the Trustees may award a grant to an applicant whose is permanently resident just outside the APE boundary, if there is justification to do so.

Grants to organisations, whether based in or outside the APE, will generally reflect the ratio of APE residents benefiting.

Future Plans

We will continue to prioritise our engagement in education and community grants, with an emphasis on household needs.

Page 8

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance

a. GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. KEY FINANCIAL PERFORMANCE INDICATORS

The Trust’s income is raised through investments dividends, property rents, the market and car park.

The Trust's key financial performance indicator is its performance against its budget. The Trust's Finance Committee meet quarterly and in doing so review the Trust’s financial performance, including that of investments, against budget. All investments held by the Trust are in accordance with the powers available to the Trustees.

c. REVIEW OF ACTIVITIES

Total income earned was £633,936 (2021 - £503,725) against total expenditure at £586,732 (2021 - £533,816).

The Trustees confirm that the anticipated income from Permanent Endowments together with the balance of unrestricted funds currently available should be adequate to fulfil the future obligations of the Trust.

d. FUNDRAISING ACTIVITIES/INCOME GENERATION

The Trust’s income is raised through investments dividends, property rents, the market and car park.

All investments held by the Trust are in accordance with the powers available to the Trustees and have been thoroughly reviewed this year.

The Trust does not engage any third-party fundraisers and did not receive any fundraising complaints during the year.

e. INVESTMENT POLICY AND PERFORMANCE

The Trust’s investments at 31 March 2022 totalled £3,248,099 invested approximately 65% in equities and 35% in bonds.

The Trust’s investment policy is generally not to allow interest and dividends from investments to accumulate, but to use it in fulfilling the Trust’s charitable objects. This practice continues, subject to annual review.

In addition, the rentals that are received from the investment properties are used to make charitable grants and cover running costs.

Financial review

a. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Trust regularly reviews its procedures to minimise risk to its assets and income, and to ensure that where risks are identified, procedures are in place to obviate them as far as possible. The principal risks and uncertainties facing the Charity have been identified as the fluctuation of rental income and investment returns. The Trustees have considered the investment policy and are satisfied that the risk has been minimised.

Page 9

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

b. RESERVES POLICY

The Trust holds reserves to mitigate the impact of unexpected drops in income, to maintain working capital levels, and to enable it to react to any significant and/or unexpected events (such as the recent Covid-19 pandemic).

The level of 'free reserves' the Trustees deem suitable to hold for the matters detailed above is equal to between three and six months' worth of 'operational expenditure'. The Trustees consider free reserves to constitute total unrestricted funds less tangible fixed assets and fixed asset investments, and operational expenditure to constitute total expenditure less grant funding of activities.

The Trust held free reserves of £95,312 as at the year-end (2021 - £44,180).

With the current budgeted level of operational expenditure, the Trustees are content that the level of the free reserves held at the year-end is adequate in order to meet the requirements of its reserves policy.

c. MATERIAL INVESTMENTS POLICY

The Trust owns the following endowed freehold properties:

The Market Place The Kings Head Public House 20 The Town (Barclays Bank) 21 The Town (Grays Newsagent) 22 The Town (Old Vestry Offices) – the Trust’s offices

These properties, comprising the ancient Market Place and surrounding buildings, are regarded by the Trustees as being historic assets, and inalienable in practice. However, the Old Vestry Office is the Trust’s offices, and as a functional property is capitalised and included in the Trust’s accounts. All other properties, other than the Market Place, are regarded as investment properties. They are capitalised within the Balance Sheet and are shown at market value. Further information is given in the notes to the financial statements.

Policy for Disposal and Acquisition of Properties

The purpose of holding these properties is to generate funds to further the purpose of the Trust. They are treated as part of the permanent endowment fund and as assets held permanently by the Trust. As part of the Trust’s review of investments it was agreed not to invest in any more properties at this stage.

Enfield Market

The Enfield Market takes place 3 days per week in the Market Place and provides a small income for the Trust. On the remaining weekdays, the Market Place is used as a car park, for which charges are made, and which provide further income for the Trust.

The Trust took back responsibility for managing the market from a market management company. A Market Place Manager has been appointed in April 2019 for the purpose to manage the Market and within the policies set by the Trustees’ Market Committee.

The regeneration of the market continues by looking at alternative methods of operating the market.

d. PAY POLICY FOR SENIOR STAFF

The salaries of the staff of The Old Enfield Charitable Trust are regularly benchmarked by the Trustees against similar roles within organisations that engage in similar activities in order to attract highly qualified staff.

Page 10

THE OLD ENFIELD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

This report was approved and authorised for issue by the Trustees and signed on its behalf by:

................................................ ................................................ Mrs Susan Attwood JP Mr Geoff Hill Chair of Trustees Chair of Finance

Date: 08.11.2022

Page 11

THE OLD ENFIELD CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to Charities in England & Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper 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, 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

in so far as the Trustees are aware:

Approved by order of the Members of the Board of Trustees and signed on its behalf by:

................................................ ................................................ Mrs Susan Attwood JP Mr Geoff Hill Chair of Trustees Chair of Finance Date: 08.11.2022

Page 12

THE OLD ENFIELD CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLD ENFIELD CHARITABLE TRUST

Opinion

We have audited the financial statements of The Old Enfield Charitable Trust (the 'Charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

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 the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Trustees' 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 Charity's 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 Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

THE OLD ENFIELD CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLD ENFIELD CHARITABLE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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 obtained in the course of 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees 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 Trustees are responsible for assessing the Charity's 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 Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 14

THE OLD ENFIELD CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLD ENFIELD CHARITABLE TRUST (CONTINUED)

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 Act 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Page 15

THE OLD ENFIELD CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLD ENFIELD CHARITABLE TRUST (CONTINUED)

Use of our report

This report is made solely to the Charity's Trustees, 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 Trustees 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 its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart McKay BSc FCA DchA (Senior Statutory Auditor) MHA MacIntyre Hudson Statutory Auditor London, United Kingdom

Date: 15/12/2022

MHA MacIntyre Hudson are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

THE OLD ENFIELD CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Note
Income and endowments from:
Grants
5
Charitable activities
6
Investments
7
Other trading activities
8
Total income and endowments
Expenditure on:
Charitable activities
9,10
Total expenditure
Net gains on investments
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
16,509
495,119
109,627
12,681
633,936
580,532
580,532
67,454
120,858
1,866,537
120,858
1,987,395		 Endowment
funds
2022
£
-
-
-
-
-
6,200
6,200
51,700
45,500
6,235,454
45,500
6,280,954		 Total
funds
2022
£
16,509
495,119
109,627
12,681
633,936
586,732
586,732
119,154
166,358
8,101,991
166,358
8,268,349		 Total
funds
2021
£
26,676
371,516
94,958
10,575
503,725
533,816
533,816
421,185
391,094
7,710,897
391,094
8,101,991

All income and expenditure for the year derives from continuing operations.

The notes on pages 20 to 43 form part of these financial statements.

Page 17

THE OLD ENFIELD CHARITABLE TRUST

BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
15
Investments
16
Investment properties
17
Current assets
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total net assets
Charity funds
Endowment funds
21
Unrestricted funds
21
Total funds		 2022
£
11,904
109,091
125,583
246,578
(151,266)		 2022
£
289,938
3,248,099
4,635,000
8,173,037
95,312
8,268,349
6,280,954
1,987,395
8,268,349		 2021
£
11,220
109,007
67,523
187,750
(143,570)		 2021
£
293,866
3,128,945
4,635,000
8,057,811
44,180
8,101,991
6,235,454
1,866,537
8,101,991

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Mrs Susan Attwood JP

Chair of Trustees Date: 08.11.2022

The notes on pages 20 to 43 form part of these financial statements.

Page 18

THE OLD ENFIELD CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Note
Cash flows from operating activities
Net cash used in operating activities
23
Cash flows from investing activities
Dividends, interest and rents from investments
6 & 7
Purchase of tangible fixed assets
15
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
24		 2022
£
(537,377)
604,746
(9,225)
595,521
58,144
176,530
234,674		 2021
£
(499,511)
460,424
(3,800)
456,624
(42,887)
219,417
176,530

The notes on pages 20 to 43 form part of these financial statements.

Page 19

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. General information

The Old Enfield Charitable Trust is an unincorporated Charity registered with the Charity Commission (Charity Registered Number 207840) in England and Wales.

In the event of the Charity being wound up, the liability of the guarantee is limited to £1 per Member of the Charity.

The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are detailed in the Trustees Report.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Old Enfield Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. These financial statements have been presented in sterling, which is the functional currency of the Charity, and are rounded to the nearest pound.

2.2 Going concern

The financial statements have been prepared on a going concern basis. The Trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

Based on these assessments and having regard to 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 20

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The Charity receives government grants in respect of furthering its charitable objectives. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Rental income and charges are included in the period to which they relate. Amounts received in advance in respect of rent are included in deferred income in creditors.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. They are recognised when there is a legal or constructive obligation to pay for expenditure.

Certain expenditure is directly attributable to specific activities 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 activities. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between 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 date or whenever an employee accepts voluntary redundancy in exchange for termination benefits.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.

Expenditure on charitable activities and governance costs are costs incurred on the Charity's charitable operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when unfulfilled conditions are outside of the control of the Charity. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 21

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Assets costing less than £250 are charged to expenditure on the Statement of Financial Position.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Impairment losses are recognised in the Statement of Financial Activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 50 years
Fixtures and fittings - 5 years
Other fixed assets - 3 years

Freehold land is not depreciated.

The property occupied by the Charity, The Old Vestry, is regarded as a functional property and is capitalised and included at the market value as at 31 March 2022. It was valued by Brown & Lee, Chartered Surveyors, in 2018 and valued by the Trustees at 31 March 2022.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net 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 can be measured reliably and it is probable that the income will be received.

Page 22

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

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 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial 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 income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 18. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 20. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

Page 23

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.12 Endowed freehold properties - investment properties

Details of endowed freehold properties are given in Note 17 in the financial statements.

The Market Place has historic importance and dates back to 1618 when James I granted the right to hold a weekly market. It cannot be sold without external consent and as a heritage asset it is regarded as inalienable and historic. The property has not been capitalised as reliable cost information is not available and conventional approaches to valuation lack sufficient reliability.

All other properties are regarded as investment properties. They are held primarily for the purpose of producing an income for the Charity, any rental income being negotiated at arms length. They are stated at their estimated value on an open market basis with valuations by RICS valuers or by the Trustees.

Property valuations took place in 2018 and were carried out by Brown and Lee Chartered Surveyors external advisors to 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 at 31 March 2022.

2.13 Grants payable

Grants payable are charged to the Statement of Financial Activities in the period at which they have been approved and committed and a constructive obligation exists. Any grants approved in principle but where conditions attached to the award have not yet been met are included in the notes to the accounts as a commitment (Note ).

2.14 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.15 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. The Charity’s contribution is restricted to the contributions disclosed in Note 13. There were pension contributions of £NIL (2021 - £7,638) outstanding at the year end. The pension costs are included within support and governance costs of the Charity.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the Charity, principally. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

The nature and purpose of each fund is explained in Note 21.

Page 24

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3. Critical accounting estimates 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 estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

4. Amalgamation 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 Acres Charity were merged with the assets of The Enfield Parochial Charity from 1 April 1994.

Following the introduction of the new accounting regulations for Charities, investments previously treated as Capital Investments by The Hundred Acres Charity were then included as Permanent Capital Endowments (see Note 21).

Page 25

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5. Income from grants

Unrestricted Total
funds funds
2022 2022
£ £
Government grants 16,509 16,509

Government grants recognised in the year relate to Coronavirus Job Retention Scheme funding of £5,509 (2021 - £26,676) and business rates relief of £11,000 (2021 - £NIL).

There are no unfulfilled conditions or other contingencies attached to the government grants above.

Unrestricted Total
funds funds
2021 2021
£ £
Government grants 26,676 26,676

Page 26

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of income from charitable activities - by type

The Charity generates its main source of income from the collection of property rents, market rents and takings from the car park situated in Church Street, Enfield. Such income is included in the Statement of Financial Activities when the Trust is entitled to the income and the amount can be quantified. The income is used for the primary purpose of the Trust which is the payment of grants to those residents of the Ancient Parish of Enfield who are in need, in distress or are suffering hardship.

Unrestricted
funds
2022
£
Property rentals
244,363
Car park
62,632
Market place
188,124
Total 2022
495,119
Unrestricted
funds
2021
£
Property rentals
197,938
Car park
40,369
Market place
127,159
Others
6,050
Total 2021
371,516		 Total
funds
2022
£
244,363
62,632
188,124
495,119
Total
funds
2021
£
197,938
40,369
127,159
6,050
371,516

Page 27

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7. Income from investments

Unrestricted
funds
2022
£
Investment income - listed investments
109,543
Investment income - cash
84
Total 2022
109,627
Unrestricted
funds
2021
£
Investment income - listed investments
94,868
Investment income - cash
90
Total 2021
94,958		 Total
funds
2022
£
109,543
84
109,627
Total
funds
2021
£
94,868
90
94,958

Page 28

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Other trading income

Other income
Administration charge
Total 2022
Other income
Administration charge
Total 2021		 Unrestricted
funds
2022
£
3,207
9,474
12,681
Unrestricted
funds
2021
£
1,601
8,974
10,575		 Total
funds
2022
£
3,207
9,474
12,681
Total
funds
2021
£
1,601
8,974
10,575

Page 29

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Analysis of expenditure on charitable activities - by fund

Unrestricted
funds
2022
£
Grants payable
333,614
Market place
215,371
Car park
31,547
Total 2022
580,532
Unrestricted
funds
2021
£
Grants payable
319,787
Market place
172,200
Car park
31,829
Total 2021
523,816		 Endowment
funds
2022
£
3,596
2,294
310
6,200
Endowment
funds
2021
£
6,100
3,300
600
10,000		 Total
funds
2022
£
337,210
217,665
31,857
586,732
Total
funds
2021
£
325,887
175,500
32,429
533,816

Page 30

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. Analysis of expenditure on charitable activities - by type

Grants payable
Market place
Car park
Total 2022		 Activities
undertaken
directly
2022
£
-
136,010
20,824
156,834		 Grant
funding of
activities
2022
£
209,210
-
-
209,210		 Support
costs
2022
£
128,000
81,655
11,033
220,688		 Total
funds
2022
£
337,210
217,665
31,857
586,732
Grants payable
Market place
Car park
Total 2021		 Activities
undertaken
directly
2021
£
-
114,278
21,300
135,578		 Grant
funding of
activities
2021
£
212,717
-
-
212,717		 Support
costs
2021
£
113,170
61,222
11,129
185,521		 Total
funds
2021
£
325,887
175,500
32,429
533,816

Please refer to the Grant making policy section in the Trustees' Report for a further breakdown of grants payable.

Page 31

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. Analysis of expenditure on charitable activities - by type (continued)

Analysis of support costs

Staff costs
Depreciation
Governance costs
Administration costs
Total 2022
Governance costs are analysed in Note 11.		 Total
funds
2022
£
141,900
13,153
18,574
47,061
220,688		 Total
funds
2021
£
151,307
12,414
16,110
5,690
185,521

11. Governance costs

Auditor's remuneration - Audit of the financial statements
Auditor's remuneration - Other services
Auditor's remuneration - Under-accrual of prior year fees
Legal and professional		 2022
£
11,700
3,600
-
3,274
18,574		 2021
£
10,740
3,120
2,250
-
16,110

Page 32

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Analysis of grants

Grants to
Institutions
2022
Grants to
Individuals
2022
£
£
Grants payable
8,572
200,638
Grants to
Institutions
2021
Grants to
Individuals
2021
£
£
Grants payable
17,000
195,717
The Charity has made the following material grants to institutions during the year:
2022
£
Name of institution
Citizens Advice Bureau in Enfield
8,572		 Total
funds
2022
£
209,210
Total
funds
2021
£
212,717
2021
£
17,000

Page 33

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Staff costs

Wages and salaries
Social security costs
Pension costs		 2022
£
192,610
17,632
7,894
218,136		 2021
£
194,275
18,297
10,737
223,309

The average number of persons employed by the Charity during the year was as follows:

2022 2021
No. No.
Employees 7 7

No employee received remuneration amounting to more than £60,000 in either year.

The Charity operates a defined contribution pension scheme and pays pension contributions to an independently administered Pension Fund. Contributions in the year totalled £7,894 (2021 - £10,737).

The Key Management Personnel of the Charity are considered to be the Trustees. They received no remuneration in the year.

Total staff costs have been allocated between direct and support costs based on a weighted average of total expenditure.

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Page 34

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Tangible fixed assets

Freehold
property
Fixtures and
fittings
£
£
Cost or valuation
At 1 April 2021
310,000
30,558
Additions
-
9,225
At 31 March 2022
310,000
39,783
Depreciation
At 1 April 2021
30,000
28,621
Charge for the year
6,200
3,782
At 31 March 2022
36,200
32,403
Net book value
At 31 March 2022
273,800
7,380
At 31 March 2021
280,000
1,937
Old Vestry Office (functional property). Approx age: 220 years		 Other fixed
assets
£
92,605
-
92,605
80,676
3,171
83,847
8,758
11,929
2022
£
273,800
273,800		 Total
£
433,163
9,225
442,388
139,297
13,153
152,450
289,938
293,866
2021
£
280,000
280,000

Freehold property represents 'The Old Vestry'.

The enhancement costs undertaken to The Old Vestry in 2001 totalled £74,023. On 31 March 2002 they had a book value after depreciation of £71,062. The property was valued on by Brown & Lee, Chartered Surveyors on 31 March 2018 at £310,000 (from the previous valuation made in March 2013 of £125,000).

Page 35

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Fixed asset investments

Cost or valuation
At 1 April 2021
Revaluations
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
Material investments
M&G Charity Investment Funds
Charishare Common Investment Fund
Charinco Charities: Special Range Common Investment Fund
CCLA Charity Investment Funds		 2022
£
1,286,992
594,194
518,421
848,492
3,248,099		 Listed
investments
£
3,128,945
119,154
3,248,099
3,248,099
3,128,945
2021
£
1,235,292
573,902
494,438
825,313
3,128,945

Page 36

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17. Investment properties

Freehold
investment
properties
£
Valuation
At 1 April 2021 and 31 March 2022 4,635,000

The 2018 valuations were made by Brown & Lee, Chartered Surveyors, on an open market value for existing use basis with a revaluation surplus of £1,270,000 arising on the revaluation in 2018.

Endowed freehold investment properties comprise:

The Kings Head Inn (investment property). Approx age: 120 years
20 The Town (investment property). Approx age: 120 years
21 The Town (investment property). Approx age: 120 years		 2022
£
1,050,000
3,155,000
430,000
4,635,000		 2021
£
1,050,000
3,155,000
430,000
4,635,000

The Market Place is regarded as a heritage asset and is preserved for its historic importance (see Policy 2.12). Its valuation on an existing use basis had been provided in 2018 by external valuers at £675,000 but this valuation does not encompass the historical importance of the inalienable asset. The valuation at 31 March 2022 is a Trustee valuation.

There is no historical cost available for the investment properties.

18. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2022
£
3,923
7,981
11,904		 2021
£
1,990
9,230
11,220

Page 37

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Current asset investments

2022 2021
£ £
Deposit with COIF charities deposit fund 109,091 109,007

20. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants payable		 2022
£
41,347
-
12,500
59,800
37,619
151,266		 2021
£
49,959
11,663
28,255
53,693
-
143,570

Included in other creditors is a rent deposit of £12,500 (2021 - £12,500) due in greater than one year.

Deferred income
Deferred income at 1 April
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 March		 2022
£
38,250
44,500
(38,250)
44,500		 2021
£
38,250
38,250
(38,250)
38,250

Deferred income held at 31 March 2022 represents funds received in advance for the rental of investment property.

Page 38

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. Statement of funds

Statement of funds - current year

Unrestricted funds
General Fund
Endowment funds
Investments acquired on
merger of charities
Charinco common investment
fund
Charishare income fund
The Old Vestry office
Investment properties
Total of funds		 Balance at 1
April 2021
£
1,866,537
1,226,647
82,233
11,574
280,000
4,635,000
6,235,454
8,101,991		 Income
£
633,936
-
-
-
-
-
-
633,936		 Expenditure
£
(580,532)
-
-
-
(6,200)
-
(6,200)
(586,732)		 Gains/
(Losses)
£
67,454
51,700
-
-
-
-
51,700
119,154		 Balance at
31 March
2022
£
1,987,395
1,278,347
82,233
11,574
273,800
4,635,000
6,280,954
8,268,349

Page 39

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Fund
Endowment funds
Investments acquired on
merger of charities
Charinco common investment
fund
Charishare income fund
The Old Vestry office
Investment properties
Total of funds		 Balance at
1 April 2020
£
1,634,778
1,055,379
84,166
11,574
290,000
4,635,000
6,076,119
7,710,897		 Income
£
503,725
-
-
-
-
-
-
-		 Expenditure
£
(523,816)
-
-
-
(10,000)
-
(10,000)
(533,816)		 Gains/
(Losses)
£
251,850
171,268
(1,933)
-
-
-
169,335
421,185		 Balance at
31 March
2021
£
1,866,537
1,226,647
82,233
11,574
280,000
4,635,000
6,235,454
8,101,991

General funds are unrestricted funds which are not restricted to special grants.

All Endowment funds were inherited from the merger with the Hundred Acres and Enfield Pastoral Charities in 1994. The income from the assets is available for charitable purposes.

Page 40

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
16,138
Fixed asset investments
1,875,945
Investment property
-
Current assets
246,578
Creditors due within one year
(151,266)
Total
1,987,395		 Endowment
funds
2022
£
273,800
1,372,154
4,635,000
-
-
6,280,954		 Total
funds
2022
£
289,938
3,248,099
4,635,000
246,578
(151,266)
8,268,349

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
13,866
1,808,491
-
187,750
(143,570)
1,866,537		 Endowment
funds
2021
£
280,000
1,320,454
4,635,000
-
-
6,235,454		 Total
funds
2021
£
293,866
3,128,945
4,635,000
187,750
(143,570)
8,101,991

Page 41

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
15
Revaluation of investments
16
Dividends, interest and rents from investments
6 & 7
(Increase)/decrease in debtors
18
Increase/(decrease) in creditors
20
Net cash used in operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1 April
2021
£
Cash at bank and in hand
67,523
Notice deposits (less than 3 months)
109,007
176,530		 2022
£
166,358
13,153
(119,154)
(604,746)
(684)
7,696
(537,377)
2022
£
125,583
109,091
234,674
Cash flows
£
58,060
84
58,144		 2021
£
391,094
12,414
(421,185)
(460,424)
10,257
(31,667)
(499,511)
2021
£
67,523
109,007
176,530
At 31 March
2022
£
125,583
109,091
234,674

Page 42

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

26. Related party transactions

The Trustees are also Trustees of Ann Crowe's and Wright's Almshouse Charity which is a Charity in its own right. The two sets of Almshouses are administered by The Old Enfield Charitable Trust and an administration charge of £9,474 (2021 - £8,974) 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 at the year end (2021 - £NIL).

The Charity works with related parties, other Charities and organisations on a variety of levels. This involves dealing with local Charities and organisations in which the Trustees may have an involvement. Where one of the Trustees holds the position of the Trustee/Director of another Charity there may be an involvement in the discussions at Trustees meetings in relation to these Charities, but has to be openly declared at the meeting, or meetings, where the item is discussed and the decision is made.

Page 43