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2023-03-31-accounts

REGISTERED CHARITY NUMBER: 207840

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

THE OLD ENFIELD CHARITABLE TRUST

THE OLD ENFIELD CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Financial Statements 13 to 25

THE OLD ENFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

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,

(a) in paying for items, services or facilities by way of donations or subscriptions to institutions or organisations which provide them;

(b) for advancement in life, or enabling residents to earn their living by providing clothing, paying fees, travelling or maintenance expenses;

(c) in promoting education, including social and physical training;

(d) in improving the condition of life in the interests of social welfare, facilities for recreation or other leisure time occupation; and

(e) in any other charitable purposes.

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.

Page 1

THE OLD ENFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

Grantmaking

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 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.

2022/23 2021/22
Personal grants 102,231 105,909
Quarterly grants 500 2,000
Education grants 74,304 92,729
Community grants 7,141 8,572
184,476 209,210

Personal Grants

The year to 31 March 2023 saw 135 (2022 - 126) people benefit from personal grants awarded totalling £102,231 (2022 - £105,909); the personal grants budget was £115,000 for the year. The grants covered a similar range of needs as in previous years, including beds/bedding, furniture and household appliances.

The Trust 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.

The Trust’s work with other agencies continues, including the food bank, to help people who for many different reasons have been unable to earn an income, 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 via the Trust's website continues to form by far the largest proportion of enquiries, but the number of second and subsequent requests is constant. The Trust continues to raise its profile by promoting itself through social media.

Applications from various agencies on behalf of their clients, including Social Services, One Support, Health Centre’s and Probation Service are at the same level 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 one of the quarterly grants from the beginning of the year and continue the second for two quarters of 2022/23 before discontinuing the remaining grant. Going forward, there will be no further quarterly grants.

Education Grants

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

The year ended 31 March 2023 saw 54 (2022 - 48) grants made; grants awarded £74,304 (2022 - £92,792).

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.

Page 2

THE OLD ENFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

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 £7,141 of community grants in year ended 31 March 2023 (2022 - £8,572); the community grants budget was £15,000 for the year. Community Grants were awarded to Love Your Doorstep Community, Gough Park Explorer Scouts, Parade of Light, BEVAD The Big Lunch, Southgate Adelaide FC and AGE UK Enfield. .

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.

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 refer 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.

Future Plans

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

ACHIEVEMENT AND PERFORMANCE

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.

Key financial performance indicators

Trust 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.

Review of financial activities

The charity’s financial position is set out in the statement of financial activities, together with the balance sheet and notes to the financial statements.

Total income earned was £666,726 (2022 - £633,936) against total expenditure at £608,888 (2022 - £586,732). This resulted in a surplus of £57,838 (2022 - £47,204), before revaluations of investments. In addition, there was £162,113 decrease (2022 - £119,154 increase) in the market value of investments during the year. At overall deficit of £104,275 (2022 - surplus of £166,358) resulted.

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.

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.

Page 3

THE OLD ENFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE

Investment policy and performance

The Trust’s investments at 31 March 2023 totalled £3,085,986 (2022 - £3,248,099) invested approximately 60% in equities and 40% 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

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.

Material investment 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.

Since 2019, a Market Place Manager has been in place 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.

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.

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 £168,593 as at the year-end (2022 - £95,312).

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.

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 4

THE OLD ENFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Charity constitution

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

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.

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.

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 in the report of the trustees. 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.

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

Administration of the Trust is carried out by committees for Finance, Market, Human Resources, Development, Personal Grants and Education Grants. These committees are made up of appropriate trustees and staff and report to the main board on a quarterly basis.

Induction and training of new trustees

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

Related parties

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 £9,650 (2022 - £9,474) was made for this purpose during the year.

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.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

207840

Page 5

THE OLD ENFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Principal address

The Old Vestry Office 22 The Town Enfield EN2 6LT

Trustees

Mrs S J Attwood JP Chair of Trustees C Parker Vice-Chair of Trustees Cllr M Rye (appointed 19.5.2022) J Tanner Ms S Doran G S Hill Ms A Whitehorn J F McGrath N Thompson (resigned 1.8.2023) Ms C Byamukama N B Maunder Taylor Dr P O'Mahony J Eustance H Yusuf R Bourne (resigned 15.7.2022) P Edwards (appointed 1.8.2022)

Auditors

Keelings Limited Statutory Auditors, Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 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:

Page 6

THE OLD ENFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Approved by order of the board of trustees on 23 January 2024 and signed on its behalf by:

Mrs S J Attwood JP - Trustee

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES 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 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE OLD ENFIELD CHARITABLE TRUST

Our responsibilities for the audit of the financial statements

We have been appointed as auditors 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 a Report of the Independent Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the Entity and the industry in which it operates and considered the risk of acts by Management and which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with Financial Reporting Framework FRS 102, Charities Act 2011, General Data Protection Regulations, and applicable Health and Safety and Employment Legislation. We made enquiries of the Trustees of the Charity to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. 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 Report of the Independent Auditors.

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alfonso Del Basso Keelings Limited Statutory Auditors, Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG

23 January 2024

Page 9

THE OLD ENFIELD CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Other trading activities
5
Investment income
6
Other income
7
Total
EXPENDITURE ON
Charitable activities
8
Grants payable
Market place
Car park
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
-
-
-
531,281
-
531,281
120,795
-
120,795
14,650
-
14,650
666,726
-
666,726
305,029
3,596
308,625
258,340
2,294
260,634
39,319
310
39,629
602,688
6,200
608,888
(82,812)
(79,301)
(162,113)
(18,774)
(85,501)
(104,275)
1,987,395
6,280,954
8,268,349
1,968,621
6,195,453
8,164,074		 2022
Total
funds
£
16,509
495,119
109,627
12,681
633,936
337,210
217,665
31,857
586,732
119,154
166,358
8,101,991
8,268,349

The notes form part of these financial statements

Page 10

THE OLD ENFIELD CHARITABLE TRUST

BALANCE SHEET 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
15
Investments
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 ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
21
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 FUNDS		 Unrestricted
fund
£
6,895
1,793,133
-
1,800,028
11,891
110,986
145,884
268,761
(100,168)
168,593
1,968,621
1,968,621		 Endowment
funds
£
267,600
1,292,853
4,635,000
6,195,453
-
-
-
-
-
-
6,195,453
6,195,453		 2023
Total
funds
£
274,495
3,085,986
4,635,000
7,995,481
11,891
110,986
145,884
268,761
(100,168)
168,593
8,164,074
8,164,074
1,968,621
1,199,046
82,233
11,574
267,600
4,635,000
6,195,453
8,164,074		 2022
Total
funds
£
289,938
3,248,099
4,635,000
8,173,037
11,904
109,091
125,583
246,578
(151,266)
95,312
8,268,349
8,268,349
1,987,395
1,278,347
82,233
11,574
273,800
4,635,000
6,280,954
8,268,349

The financial statements were approved by the Board of Trustees and authorised for issue on 23 January 2024 and were signed on its behalf by:

S J Attwood JP - Trustee

The notes form part of these financial statements

Page 11

THE OLD ENFIELD CHARITABLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 23 28,396 73,569
Net cash provided by operating activities 28,396 73,569
Cash flows from investing activities
Purchase of tangible fixed assets - (9,225)
CCLA Short Term Deposit (1,895) (84)
Net cash used in investing activities (1,895) (9,309)
Cash flows from financing activities
Expenditure attributable to endowment (6,200) (6,200)
Net cash used in financing activities (6,200) (6,200)
Change in cash and cash equivalents in the
reporting period 20,301 58,060
Cash and cash equivalents at the beginning of
the reporting period 125,583 67,523
Cash and cash equivalents at the end of the
reporting period 145,884 125,583

The notes form part of these financial statements

Page 12

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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, 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

Basis of preparing the 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.

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.

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.

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.

continued...

Page 13

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Expenditure

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.

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 in the accounts at its fair value.

Endowed freehold properties - investment properties

Details of endowed freehold properties are given in the notes to 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 their fair value by the Trustees.

Property valuations were carried out in 2018 by Brown and Lee Chartered Surveyors, external advisors, to the Charity. The valuations were made in accordance with the RICS Appraisal and Valuation Manual.

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.

Taxation

The charity is exempt from tax on its charitable activities.

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.

continued...

Page 14

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Fund accounting

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 the notes to the financial statements.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Repayments 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.

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.

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.

Pension costs and other post-retirement benefits

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 the notes to the financial statements. There were pension contributions of £NIL (2022 - £NIL) outstanding at the year end. The pension costs are included within support and governance costs of the Charity.

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 the notes to the financial statements. 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 the notes to the financial statements. 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.

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 financial statements as a commitment.

Operating leases

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

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.

continued...

Page 15

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

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.

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. DONATIONS AND LEGACIES

Unrestricted
Endowment
funds
funds
£
£
Government grants
-
-
Grants received, included in the above, are as follows:
Government grants
OTHER TRADING ACTIVITIES
Unrestricted
Endowment
funds
funds
£
£
Property rentals
256,091
-
Market place
207,092
-
Car park
68,098
-
531,281
-		 2023
Total
funds
£
-
2023
£
-
2023
Total
funds
£
256,091
207,092
68,098
531,281		 2022
Total
funds
£
16,509
2022
£
16,509
2022
Total
funds
£
244,363
188,124
62,632		 2022
Total
funds
£
16,509
2022
£
16,509
495,119

5. OTHER TRADING ACTIVITIES

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.

continued...

Page 16

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

6. INVESTMENT INCOME

Unrestricted
Endowment
funds
funds
£
£
Investment income - listed investments
118,900
-
Investment income - cash
1,895
-
120,795
-
7.
OTHER INCOME
Unrestricted
Endowment
funds
funds
£
£
Administration charge
9,650
-
Other income
-
-
Employment allowance
5,000
-
14,650
-
8.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Direct
(see note
Costs
9)
£
£
Grants payable
-
184,476
Market place
181,435
-
Car park
28,926
-
210,361
184,476		 2023
Total
funds
£
118,900
1,895
120,795
2023
Total
funds
£
9,650
-
5,000
14,650
Support
costs (see
note 10)
£
124,149
79,199
10,703
214,051		 2022
Total
funds
£
109,543
84
109,627
2022
Total
funds
£
9,474
3,207
-
12,681
Totals
£
308,625
260,634
39,629
608,888

Comparatives for charitable activities costs

Grants payable
Market place
Car park		 2022
Direct
costs
£
-
136,010
20,824
156,834		 2022
Grant
funding of
activities
(see note
9)
£
209,210
-
-
209,210		 2022
Support
costs (see
note 10)
£
128,000
81,655
11,033
220,688		 2022
Totals
£
337,210
217,665
31,857
586,732

continued...

Page 17

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9. GRANTS PAYABLE

Grants payable
The total grants paid to institutions during the year was as follows:
Grants to institutions
The Charity has made the following material grants to institutions during the year:
Name of institution
Gough Park Explorer Scouts
Parade of Light
Love Your Doorstep Community
Age UK Enfield
BEVAD The Big Lunch
Southgate Adelaide FC
Citizens Advice Bureau in Enfield
The total grants paid to individuals during the year was as follows:
Grants to individuals
10.
SUPPORT COSTS
Management
£
Grants payable
117,711
Market place
75,092
Car park
10,148
202,951
Comparatives for support costs
2022
Management
£
Grants payable
117,227
Market place
74,783
Car park
10,104
202,114		 2023
£
184,476
2023
£
7,141
2023
£
4,000
3,455
2,500
1,630
1,500
600
(6,544)
7,141
2023
£
177,335
Governance
costs
£
6,438
4,107
555
11,100
2022
Governance
costs
£
10,773
6,872
929
18,574		 2022
£
209,210
2022
£
8,572
2022
£
-
-
-
-
-
-
8,572
8,572
2022
£
200,638
Totals
£
124,149
79,199
10,703
214,051
2022
Totals
£
128,000
81,655
11,033
220,688

continued...

Page 18

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

11. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
2023 2022
£ £
Fees payable to the charity's auditors for the audit of the charity's financial statements 11,100 18,574

12. TRUSTEES' REMUNERATION AND BENEFITS

During the current and previous year, no Trustees received any remuneration or other benefits.

Trustees' expenses

During the current and previous year, no Trustee expenses have been incurred.

13. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Employees		 2023
£
195,232
19,064
7,815
222,111
2023
7		 2022
£
192,610
17,632
7,894
218,136
2022
7

No employees received emoluments in excess of £60,000.

The Charity operates a defined contribution pension scheme and pays pension contributions to an independently administered Pension Fund.

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. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Grants payable
Market place
Car park
Total
Net gains on investments		 Unrestricted
fund
£
16,509
495,119
109,627
12,681
633,936
333,614
215,371
31,547
580,532
67,454		 Endowment
funds
£
-
-
-
-
-
3,596
2,294
310
6,200
51,700		 Total
funds
£
16,509
495,119
109,627
12,681
633,936
337,210
217,665
31,857
586,732
119,154

continued...

Page 19

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Endowment
fund
funds
£
£
NET INCOME
120,858
45,500
RECONCILIATION OF FUNDS
Total funds brought forward
1,866,537
6,235,454
TOTAL FUNDS CARRIED FORWARD
1,987,395
6,280,954
15.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
and
Computer
property
fittings
equipment
£
£
£
COST
At 1 April 2022 and 31 March 2023
310,000
39,783
92,605
DEPRECIATION
At 1 April 2022
36,200
32,403
83,847
Charge for year
6,200
2,517
6,726
At 31 March 2023
42,400
34,920
90,573
NET BOOK VALUE
At 31 March 2023
267,600
4,863
2,032
At 31 March 2022
273,800
7,380
8,758
2023
£
Old Vestry Office (functional property). Approx age: 220 years
267,600
267,600		 Total
funds
£
166,358
8,101,991
8,268,349
Totals
£
442,388
152,450
15,443
167,893
274,495
289,938
2022
£
273,800
273,800

Freehold property represents 'The Old Vestry'. The property was valued by Brown & Lee, Chartered Surveyors, on 31 March 2018 at £310,000.

16. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2022
Revaluations
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Listed
investments
£
3,248,099
(162,113)
3,085,986
3,085,986
3,248,099

There were no investment assets outside the UK.

continued...

Page 20

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. FIXED ASSET INVESTMENTS - continued

Material investments
M&G Charity Investment Funds
Black Rock Charity Portfolio (Charishare)
Black Rock Charity Portfolio (Charinco)
CCLA Charity Investment Fund
17.
INVESTMENT PROPERTIES
FAIR VALUE
At 1 April 2022
and 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 2023
£
1,205,082
567,900
502,793
810,211
3,085,986		 2022
£
1,286,992
594,194
518,421
848,492
3,248,099
£
4,635,000
4,635,000
4,635,000

The properties were valued in 2018 valuations by Brown & Lee, Chartered Surveyors, on an open market value for existing use basis.

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		 2023
£
1,050,000
3,155,000
430,000
4,635,000		 2022
£
1,050,000
3,155,000
430,000
4,635,000

There is no historical cost available for the investment properties.

The Market Place is regarded as a heritage asset because of its contribution to knowledge and culture and is preserved for its historic importance. It has not be included as an asset on the balance sheet as its valuation does not encompass the historical importance of the inalienable asset, as stated in the accounting policy note.

continued...

Page 21

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments
19.
CURRENT ASSET INVESTMENTS
Listed investments
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Grants payable
Deferred income
Accrued expenses		 2023
£
8,203
3,688
11,891
2023
£
110,986
2023
£
26,061
6,250
12,557
44,500
10,800
100,168		 2022
£
3,923
7,981
11,904
2022
£
109,091
2022
£
41,347
12,500
37,619
44,500
15,300
151,266

Included in other creditors is a rent deposit of £6,250 (2022 - £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		 2023
£
44,500
44,500
(44,500)
44,500		 2022
£
38,250
44,500
(38,250
44,500

Deferred income held at 31 March 2023 represents funds received in advance for the rental of investment property.

21. MOVEMENT IN FUNDS

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 FUNDS		 At 1.4.22
£
1,987,395
1,278,347
82,233
11,574
273,800
4,635,000
6,280,954
8,268,349		 Net
movement
in funds
£
(18,774)
(79,301)
-
-
(6,200)
-
(85,501)
(104,275)		 At
31.3.23
£
1,968,621
1,199,046
82,233
11,574
267,600
4,635,000
6,195,453
8,164,074

continued...

Page 22

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

21. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Investments acquired on merger of charities
The Old Vestry office
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
666,726
(602,688)
(82,812)
(18,774)
-
-
(79,301)
(79,301)
-
(6,200)
-
(6,200)
-
(6,200)
(79,301)
(85,501)
666,726
(608,888)
(162,113)
(104,275)

Comparatives for movement in funds

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 FUNDS
Comparative net movement in funds, included in the above
Unrestricted funds
General fund
Endowment funds
Investments acquired on merger of charities
The Old Vestry office
TOTAL FUNDS		 are as follows:
Incoming
resources
£
633,936
-
-
-
633,936		 At 1.4.21
£
1,866,537
1,226,647
82,233
11,574
280,000
4,635,000
6,235,454
8,101,991
Resources
expended
£
(580,532)
-
(6,200)
(6,200)
(586,732)		 Net
movement
in funds
£
120,858
51,700
-
-
(6,200)
-
45,500
166,358
Gains and
losses
£
67,454
51,700
-
51,700
119,154		 At
31.3.22
£
1,987,395
1,278,347
82,233
11,574
273,800
4,635,000
6,280,954
8,268,349
Movement
in funds
£
120,858
51,700
(6,200)
45,500
166,358

continued...

Page 23

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

21. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

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 FUNDS		 At 1.4.21
£
1,866,537
1,226,647
82,233
11,574
280,000
4,635,000
6,235,454
8,101,991		 Net
movement
in funds
£
102,084
(27,601)
-
-
(12,400)
-
(40,001)
62,083		 At
31.3.23
£
1,968,621
1,199,046
82,233
11,574
267,600
4,635,000
6,195,453
8,164,074

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 1,300,662 (1,183,220) (15,358) 102,084
Endowment funds
Investments acquired on merger of charities - - (27,601) (27,601)
The Old Vestry office - (12,400) - (12,400)
- (12,400) (27,601) (40,001)
TOTAL FUNDS 1,300,662 (1,195,620) (42,959) 62,083

22. RELATED PARTY DISCLOSURES

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 £9,650 (2022 - £9,474) 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 (2022 - £NIL).

23. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2023 2022
£ £
Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities) (104,275) 166,358
Adjustments for:
Depreciation charges 15,443 13,153
Losses/(gain) on investments 162,113 (119,154)
Expenditure attributable to endowment 6,200 6,200
Decrease/(increase) in debtors 13 (684)
(Decrease)/increase in creditors (51,098) 7,696
Net cash provided by operations 28,396 73,569

continued...

Page 24

THE OLD ENFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

24. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£ £ £
Net cash
Cash at bank and in hand 125,583 20,301 145,884
125,583 20,301 145,884
Liquid resources
Deposits included in cash - - -
Current asset investments 109,091 1,895 110,986
109,091 1,895 110,986
Total 234,674 22,196 256,870

Page 25