REGISTERED CHARITY NUMBER: 207840 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE OLD ENFIELD CHARITABLE TRUST
THE OLD ENFIELD CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Aetivitits 12 Balanee Sheet 13 Cash Flow Statement 14 Notes to the Financial Statements 15 to 29
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED31 MARCH 2024 The trllstees present their report with the financial statements of the charity for the vear ended 31 March 2024. The trustees have adopted the provisions of Ac¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UtQ and Republic of Ireland {FRS 102) {effective l January 20191. OBJECTIVES AND ACTIVITIES Objective5 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 item5, services and (al in paying for items, services or facilities by way of donations or subscriptions to institutions or organisation5 which provide them; (bl for advancement in life, or enabling residents to eam their living by providing clothing, paying fees, travelling or maintenance expenses., (cl in promoting education, including social and physical training., (dl in improving the condition of life in the interests of social welfare, facilities for recreation or other leisure time occupation; and (el in any other charitsble purposes. The Trustees have had regard to the Charity Commission guidance on publi¢ benefit while shaping the objeciiv¢s and activities of the Chariry. Page I
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED31 MARCH 2024 OBJECTIVES AND ACTIVITIES Grantmaking The Trust's ability to make grants is depeiideiit on income from investments, properry rents and a surplus from ruiinii)g Et]field Market and Car Park. Tlie gTeneral financial climate has affected investtnents and although this has been mitigated by the Trust'5 active management of the balance of the portfolio held in equities and bonds it has still liad a significant effect. Grants Grants are awarded aLross four areas, as suinmarised in the table below, and discussed in tum and iii more detail thereafter. 2023124 112,903 2022123 102,231 500 74,304 7,141 Personal grants Quarterly grants Educaiion grants Community grants 84.272 13.255 210,430 184.476 Personal Granrs The year to 31 March 2024 saw 113 12023 - 135) people benefit from personal grants awarded totalling £112.903 (2023 £102,231),. the personal grants budget was £1 15,00(I fnr the year. The grants covered a similar range of needs as in previoiis yeaTS, including bedslbedding, furniture and household appliances. The Trust's work with other agencies ¢ontinii¢s. including the food bank, to help people who for many different reasons have been unable to earn an income, and the Council'% Mcntal Health Team who are helping many of their clients set up home for the first time in the community. The Triist has hclpcd witli grants for hoiisehold items for these referred clients. In addition, mental health suffereTS in long term care have been lielped with clothing. Word-of-rnouth and via the Trust's website continues to fom) by far the largest proportion of enquiries, biit the number of second and subsequeiit reqiiests is constant. The Trust continues to ra15e its profile by promoting itself through social media. Applications from various ageiicies on behalf of their clients, including Social Services, One Support, Health Centre's and Probation Service are at the saime level as last year. Applications for assistai)ce are alsts received direct from members of the public who are visited and assessed by the Trust's stal'f. Tl)e Council's Housing, Social Servitts Teams and schools Lontinue to give the Trust's details to their elients who ale being re-housed or ale in need ol. items that cannot 01 are not piovided by the Council under their statutory responsibility. The Trust is pleased to help these residents, but ctsncems ren)ain about the decorative Londition of some of the properties. which require considerdble attention. Educaiion Grants Applicaiions for education grants were consistent throughout the year, and the budget for education grants was £100,iwo. The year ended 31 March 2024 saw 44 (2023 54) peliple benefit from educarion grants awarded totalling £84,272 (2023 £74,304). 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 insiifficient income, or insufficicnt i)ther nieans of funding, to undertake their COiiTses. Stiidents sliould apply to the colleges, Access or Sdent support funds, or apply for student loans, before approaching the Trnst. However, Triistees gre mindful that a contribution from the frust often makes li possible for the students to start or continue with a course. Page 2
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED31 MARCH 2024 OBJECTIVES AND ACTIVITIES The work and progress of the stlldeni is monitored throughout the course, and end of term reports received from tutors trigger payn)ent of the next instalment of the grant. Payment by term of grants is conditional on receipt of satisfactory reports. Communi Grants The committee awarded a ttstal of £13,255 of comTnunity ¥rants in year ended 31 March 2024 {2023 £7,141),. the Ltstnmunity ¥rants budget was £15,0(X) for the year. Comtnuiiity Grants were awarded to Boys Brigade, Love Your Doorstep Cominunity. Enfield Voluiiteer Police Cadets, Proud Enfield, Food Bank and Parade of Ligl)ts. A lications from within the Ancient Parish of Enfield The CrirIa for grdni making are set out in the Trusi's scheme; beneficiaries should be resident in the Ancient Parish of Enfield and in need. The Trust has authoriry 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. bui exeepiions 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. Generall)., Trustees would wish to see that applicants are attempting 10 help Ihemselves and avoid making repeated grants to Ihe same applicanL which may encourage dependency. A licaiions outside of the Ancient Parish of Enfield A small number of appli¢ations are received dire¢ily from Enfield residents who live outside of Ihe An¢ient Parish of Enfield (APE). Wliere possible, staff refer thein to anoiher Chariry or organisation that can help them. We continue to build a list of such con6qcts and to widen our knowledge in this area. Fiiture Plans We will continue to prioritise our engageTnent in education and comTnunity grants, with an emphasis on household needs. ACHIEVEMENT AND PERFORMANCE Going concern After making appropriate enqiiiries: the Trustees have a reasonable expectation that the Charity has adequate resource5 to continue in operational existence for the foreseeable future. For this rea50n, they continue to adopt the gToing concern basis in preparing the financial statements. Further details regarding the adoption of the going conceln basis can be found in the Accounting Policies. Key finaneial performanee indieators The Trust's key Iinancial perfomiance indicator is lis perfomance against lis budget. The Trusi's Finance Commiitee meei quarterly and in doing so review the Trusi's financial perfomiance. including that of investh)ents, against budget. All investments held by ihe Trust are in accordance with Ihe powers available to the Trustees. Income generation The Trust's incoine 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 10 the Trustees and have been thoroughly reviewed this year. Page 3
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED31 MARCH 2024 ACHIEVEMENT AND PERFORMAIYCE Inves¢m¢nl policy and p¢rforman¢e The Trnst's investments at 31 March 2024 totalled £3,155,139 (2023 £3,085,986) invested approximatel J. 600/0 in equities and 400/0 in bonds. The Trust's investment policy is generally not to allom. interest and dividends from investments to accumulate, but to use it in fulfillinu the TSt'S charitable objects. This practice coi)tinues, Subject to annual review. In addition, the Trust'5 investTnent properties at 31 March 2024 were valued at £4,140,000 {2023 £4,635,000). The rentals that are received from the investnient properties are used to Inake charitable urants and cover runnin¥ costs. FINANCIAL REVIEW Revivw vf financiMI activities The charity'5 fin(InLial positioii is set out in the statement of financial activities, together with the balance sheet and notes to tl)e Iinancial statements. Total income eamed was £657,588 {?023 - £666,7?61 against iotal expenditure at £625.254 (20?3 - £608,888). This resulted in a surplus of £32,i34 12023 £57,8J8), before revaluaiions of investments. In addition, there was a fall of £425,847 {202) £162,113} in the market value of investments during the year. An overall deficit of £393,513 (2023 £104 ?75) resulted. As referred to above, there was a fall in the market of investments, made up of £497,958 on the endowment fund and partiallv offset by a rise in the value of investments on the unrestricted fund of £72,11 l. Of the fall relating to the endowment fund, £495,000 relatss to the revaluation of the investment properties held,. reflecting the pressure of market Clinditions. The Tn]stees confirm that the anti¢ipatcd income from Permanent Endnwments. together with the balance of unrestricted funds currently availahle, should be adcquaie to fulfil the fi]ttire obligations of the Trust. Financial risk management Objectiv and policies The -I"ru%t rcgularl}' rcvicws its prncediires to niinimise risk to its assets and in¢ome, and to ensure that where risks are identified, procedure% are in place to obviate them as far as possible. The principal risks and uncertainties facing the Charity have been identified as th¢ fluctuation of rental income and investment returns. The Trustees have considcr¢d th¢ investment poli¢y and ar¢ satisfied that the risk has been minimis¢d. Page 4
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED31 MARCH 2024 FINANCIAL REVIEW Mal¢rial investment policy The Trust own5 the following endowed freehold properties.. The Market Place The Kings Head Public House 20 The Town (Barclays Bank) 21 The Tom'n (Gray5 Newsagent) 22 The Town (Old Vestry Offices)- the Trust's offices Tliese proptrtie5, coniprisiii¥ the ancient niarket Place and surrounding building5, are regarded bj. the fru5tee5 a5 beiii¥ historic a5Sets, and inalienable in PfclCtiLe. How'ever, the Old Vestry Office is the Trust's offices, and a5 a fuiictional property is capitdli5ed and included in the Trust's accounts. All other properties, otl)er than the Market Place, art regarded as investinent propertle5. They are Cclpltdlised within the BalanLe Sheet and are shown at market value. Further inforrnation 18 given in the notes 10 the financial slen1ents. Polic for Dis osal and Ae uisition of Pro eflies The purpose of holding these properties is to generate funds to furiher the purpose of the Trust. Thev are treated as part of the permanent endowment fund and thus 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 Ihis stage. Enfield Market The Enfield Market takes place three days per week in the Market Plgce gnd provides a income for the Trllst. On the remaining M'eekdavs, the Market Pla¢e is used as a car park, for which ¢harges are made, and therefore provides further income for the Trust. Since 2019, a Market Place Manager has been in place to manage the Market within the policies set by the Tn]stee5' Market Cominittee. The trllstees continue to consider the regeneration of the inarket by looking at alternative methods of opeTatinu5 jt. Reserve5 policy The TnJ5t holds reserve5 to mitibFate the impact of unexpected drop5 in income, to maintain workiiig capital leve15, and to et)able it to ieact to any significant andlor unexpected events. The level of 'free reserves, the Tiustees deem suitable to hold lor the matters detailed above is equal to between three ai)d six months, Worth of 'operational expenditure,. The Trustees Lonsider free reserves to coi)stitute total ui)restricted funds less tangible fixed assets and fixed asset investments, and operational expenditure to constitute total expeiiditure less grant funding of activities. The Trust held free reserves of £207,294 12023 £168,593) ai the year-end. With the current budgeted level of operaiional expendiiure, Ihe Trustees are content that the level of the free reserves held ai the year-end is adequa in order to meei the requirements of its reserves policy. Pay policy for senior staff The salaries of the staff of The Old Enfield Charitable Trust are regularlv benchmarked by the Trustees against similar roles within organisations that engage in similar activities in order to attraci highly qualified staff. STRUCTURF., GOVERNANCE Af4D MANAGEMENT Governing document The chariry is controlled by ils governing document, a deed L)f trust and constirutes an uninconx)rated charity. Page 5
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Charity ¢on5titution The governiii(T docun)ent is the Charity Coinn)ission Scheme dated 30th March 1994, which amalgamated the former Enfield Parochial Charity, and The Hundred Acres Charit),. The Trust Is for the benefit of the residents of the Aiicient Parish of Enfield. Exceptionally the Tst may help residents (generally or individually) who are resident immediately outside of the Ancient Parish. Trustees Tlie Inana¥ement of the Charity is the responsibility of the Trustees who are elected and co-opted under the tem15 of the Cliaritv Commission Scheme. There are 15 Trnstees, four Nominated and eleven Co-opted, M'ho through resideiiee, occupation, employinent, or otherwise, have 5peciali5t knowledge Of the AtJLient Parish of Enfitld. Non)inated TrUSe$ Two are nominated bv 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 ai a meeting convened and held according to the ordinary practice of the appointing body. The persons appointed may be, bui need not be. a member of the appointing body. Co-o ted Trustees Co-opted Trustees are appointed for a temi of five years by a resolution of the Trustees passed at a specigl meeting. A list of Trnste¢s showing office held and committee membership during the year is shoivn in the report of the tN%tee%. The Trnstee% are all voluT]teers, and as such, are not remunerated, either for their contribution of time. or their out of pocket expenses. They Set the Trust'5 policies and supervise its operations. Tliey are accountable for its perfonnance and adherence to legal requirements, biit depend on a c105e and effective relationship with their paid staff, whose commitment aiid skills are reflected in the Trust's continuing progre55. The nature of the Trust's opeTation5 doe5 not at present requiTe tlie involvement of other volunteers. Organisational structure and decision making Trust Mana er and Clerk The Trust Manager and Clerk to the Trustees is Bindva Amin. The Trnst's day-to-day buginess is Co-ordinated by the Trust Manager, as appropriate, in consultation with the Chairnian. Administraiion of the Trusi Administration of the Trust is carried out by commiitees 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 quai'terly basis. Induction and training of trustees Appropriate training is made available to new Trustees according 10 need. Each new Trustee is issued with an information pack at appointmeni. 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 Tst adininisters tlie Iwo sets of Almshouses and an administration cliarge of £10,572 (2023 £9,650) w95 inade for this purpose during the year. Risk managernent The Triist regularl}. reviews its procedures to minimise risk to its assets and income, and to ensure that where risks ar¢ identified, procedures are in place to obviate them as far as possible. Page 6
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 207840 Principal addre55 The Old Vestrj. Office 22 The Tom'n Eiifield EN2 6LT Trustees Mr5 S J Attwood JP Chair of Trustees J Tanner Ifroin 14.5.24 Vice-chair of Trustees) Cllr M Rye C Parker (to 14.5.24 Vice-chair of Trusieeg) Ms S Doran GSHill Ms A Whitehom J F McGrath N Thompson (resigned 1.8.2023) Ms C Byamukama N B Maunder TaylL)r Dr P O'mahony J Eustance H Yusuf (resigned 15.5.2024) P Edwards D Hargreaves {appointed 27.11.2023) Ms G Needs (appointed 15.5.2024) Auditors Keelings Limited StatOry Auditors, Chartered Tax Advisers and Chartered Certified Accountat]ts Broad House l The Broadway Old Hatfield Hertfordshire AL9 5BG STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the lii)ancial statements in a¢cordanLe with applicable law aiid Unittd Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. Ihe Charities Act 2011, Charity (Accounis and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees 10 prepare financial staInentS for each financial year which give a true and fair view of the slate of aftairs of the charity and of the incoming resources and applicaiion ol. resources, including the income and expenditure, of the charity for thai period. In preparing Ihose financial statements, the trustees are required to select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP. make judgements and estimates thai are reasonable and prL]dent' state whether applicable accounting standards have been followed, subject to any material depgrtur¢s disclosed and explained in the financial statements,. prepare the fiiiancial statements on the going concern basis unless it is inappropriate to presume that the ¢harity will continue in business. Page 7
THE OLD ENFIELD CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued 111 50 far a5 the Trustees are aware.. there is no relevani audit information of which the Charity's auditor is unaware.. and the Trustees have taken all steps that they ought to have taken to inake theinselves aware of any relevant audit inforniation and to establish that the auditor is aware of that information. Approved by order of tl)e board of tSleeS on 30 September 2024 and signed on its behalf by.. Mrs S J Attwood JP- Trustee Page 8
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 Trus1 (the 'chgrity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheei, the Cash Flow Statement and notes to the financial statements, including a SummEY of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United tQingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a tnje aiid fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and applicatioii of resources, for the year then ended,. have been properly prepared in acLordance with United Kingdom Generally Accepted Accountin¥ Practice; and have been prepared in aLLordanLe m.ith the rtquireinent5 of the Charities Act 2011. B#515 for upinion We conducted our audii in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audiiors. responsibiliiies for the audit of the financial stateinenrs section of our report. We are independent ol. the charity in accordance with the ethical requiremenis that are relevant to our audit of the financial statemei)ts ii) the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical respoi)sibiliiies in accordance with these requirements. We believe that the audit evidence we have obtained is suITicieni and appropriaie to provide a basis for our opinion. Conelusions relatin£ to goin£ concern In auditing the financial statements, we have Clincluded that the irustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriaie. B&sed on the work we have performed, we have not identified any material uncertainiies 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 flir issue. Our responsibilities and the responsibilities of the trustees with respect to going conc¢m are described in the relevani se¢iions of thi£ report. Other information The trnstccs are responsible for the other infomiation. The other information Comprises the information included in the Annual Report, other tlian the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial ststement5 does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any forn] of assurance conclusion thereon. In connection with our audit of tlie financial Statements, our responsibility 15 tts read the other infomiation and, in doing so, ctsnsider whether the other information is materially inconsistent witli tlie financial stateinent5 or our knowledge obtained in the audit or otherwise appears to be Inaterially misstated. If we identify such material inLon5lStencies or apparent material misstatements. we are required to determine whether this gives rise to a inateiial n)isstatemtnt in the financial statements themselves. If, based on the work we have perfotn)ed, w'e conclude that there is a inaterial inisstatement of this other infonnation. we are requiied to report that fact. We l)ave nothing to report in this regard. Matters on which we are required to report by exeeption We have noihing io report in respect of the tollowing maiters where the Chariiies (Accounts and Rewrts) Regulations 2008 requires us to report to }'ou if, in our opinion-. the inflimiaiion given in the Report of the Trustees is inconsistent in any material respect wilh the financial statements., or sufficient accounting records have not b¢en kept,. or the financial statcments are not in agreement with the accounting records and rethrns. or we have not received all the inforniation and explanations we require for our audit. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE OLD ENFIELD CHARITABLE TRUST Responsibilities of trustees As explained more fully in the Siatement of Trustees, Responsibiliiies, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for siich internal control as the trustees deterniine is necessary to enable the preparation of financial statements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trllstees aTe responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to twoing conceTn and using the going concern basi5 of accounting unless the trllstees either intend to liquidate the charity or to cease operations, or have no realistic alternative bui to do so. Our re5pon5ibilitie5 for the audit of the finaneial statements We have been appointed a5 auditors under Section 144 of the Charities Act 201 l and report in accordance with the Act and relevant regulations made or Iiavin¥ effect thereunder. Our objectives are to obtain reasonable assurance about whetl)er the fii)ancial stateinents as a whole are free from n)aterial mi55tdtemtnt, whether due to fraud or error, and to 155ue a Report of tl)e Independent Auditor5 that incliide5 our opinion. Reasonablt assuraiice is a hiu level of assiirance, but is not a guarantee that an audit Ltsnducted in acLordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise froin fraud or error and are considered Inaterial if, individually or in tl)e aggregate, they could reasonably be expected to intluence the econoinic decisions of users taken on the basis of these financial staMentS. Irregulariiies, iiicluding 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 Iegular1t1es. including fraud is detailed below.. We gained an understanding of the legal and regulatL)ry framework applicable to the Eniity and the industry in M,hieh it operates and considered the risk of acts b}, Management and which were contrary to applicable laws and regulations. including fraud. These included, but Th'ere 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 la1.$ and regulations that could give rise to a matcrial misstatcmcnt iii the financial siatements. Our tests included, but were not limited to.. agreement of the financial statement dis¢losures to underlying supporting documentation., ¢nqlliries of Management regarding know'n or su%pcct¢d in%tan¢¢s of non-complian¢e with laws and regulations,. review of minutes of the Trustcc meetings throughout the year. obtaining an under%tanding of the control environment in pla¢e to prevent and detect irreglllarities. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detectiniT a material inisstateineiit due to fraud is higFlier than the risk of not detectings one re5ultingF from error. Because of tl)e inhereiit liinitations of an aiidit, there is a risk tl)at we will not detect all iTre&Tularities, includingF those leadiiig to a material Inisstateinent in the financial statements or non-compliance with re¥ulatioii. This risk increases the more that compliance with a law or regulation is reinoved from the events and transactions reflected in the financial statements, as we will be less likel), to become aware of instances of non-COTnpliance. The risk 15 also greater regarding itTegularities OCCUTring due to fraud rather than etTor, as fraud involve5 intentional concealment, forgery, collusioii, 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 ai www.frc.org.uklauditorsresponsibilities. This description forms part of our Repori of the Independeni Auditors. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE OLD ENFIELD CHARITABLE TRUST Use of our report This report is made solely to the charity's trustees, as a body. in accordance NTrith Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we mighi state to the charitv's trustees those Inatters we are iequired to state to then) in an auditors, report and for no other purpose. To the lullest extent peimitted by law, M".e do not accept or assume responsibility to anyone other than th¢ charity and the charity's trusiees as a body, for our audii work, for this report. or for Ihe opinions 'e have formed. Keeling5 Limited Statutory, AuditOTS, Chanered Tax Advisers and Chartered Certified Accountants Broad House l The Broadway Old Hatfield Hertford5hire AL9 5BG 30 Septen)ber 2024 Pagell
THE OLD ENFIELD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 MARCH 2024 2024 Total funds 2023 Total fiinds Unrestricted fund Endowment funds Notes INCOME AND ENDOWMENTS FROM DonatlOll5 and le(Tacies lJ56 lJ56 Other tradin¥ activities IiivestTnent income Other incoine 510,960 129,700 510,960 129,700 15,572 531,281 120,795 Total 657 S88 6S7 588 666 7?6 EXPF.NDITURF. ON Charitxble activities Grant5 payable Market place Car park 332,816 254,656 3,596 2,294 310 336,412 256,950 308,625 260,634 Total 019,054 6,200 625,254 608.888 Net income before net gainsl(losses) on investments 38.534 (6.200) 32J34 57,838 Net gainsl(losses) on investments 72.111 497,958) 425,847 162,113) NET INCOMEI(EXPENDITURE) 110.645 (504,158) (393,513) {104,275) RECONCILIATION OF FUNDS Toial funds broughi forward 1,968.621 6.195,453 8,164.074 8,268.349 TOTAL FUNDS CARRIED FORWARD 2,079 266 5 691,295 7 770J61 8,164 074 The notes forni part of these financial Statements Page 12
THE OLD ENFIELD CHARITABLE TRUST BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds unrestrlcd fijnd Endowment funds Notes FIXED ASSETS Tangible assets Inve5tnJ¢nts Investments Invesiment propenies 6,728 261,400 268,128 274,495 16 17 1,865244 ,289,895 4,140,000 3.155,139 4,140,000 3,085.986 4,635,000 1,871,972 5,691295 7,$63,267 7,995,481 CURRENT ASSETS Debtors Investments Cash at bank and in hand 3,939 116J82 195,104 3,939 116,382 195,104 11,891 110.986 145,884 19 315.425 315,425 268,761 CREDITORS Amounts falling due within one year 20 (108.131) (108,131} (100.168} NET CURRENT ASSETS 207394 207,294 168.593 TOTAL ASSETS LESS CURRENT LIABILITIES 2,079266 S,691295 7,770,561 8,164.074 NET ASSETS 2,079266 S,691295 7,770,561 8,164,074 FUNDS Unrestricted funds.. General fund Endownieiit funds.. Investments acquired on merger of charities Chariiico COTninoii investtnent fund Charishare inconie fund The Old Vestry office Investment properties 21 2,079,266 1,968,621 1,196,088 82,233 11,574 261,400 4,140,000 1,199,046 82,233 11,574 267,600 4.635,000 5,691,295 6.195,45i TOTAL FUNDS 7,770.561 8.164,074 The financial statements w'ere approved by the Board of Trustees and authorised for issue on 30 Sepiember 2024 and were sigied on its behalf by.. S J Attw'ood JP - Trustee The notes fortn part of these financial ststemeiits Page 13
THE OLD ENFIELD CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED31 MARCH 2024 2024 2023 Notes Cash flows from operating activitie5 Cash generated from operatiot]5 23 Nei cash provided by operating activities 65,317 28.396 Cash flows from investing activities Purchase of tangible fixed assets Interest received CCLA Short Temi Deposit (5.081) 5J96 1,895 Net cash used in investing activities 9,897 1.895) Cash flows from financin2 aetii'ities Expenditure aiiributsble io endowment 6,200) 6,200) Net cash used in financing activities Change in cash and cash equii'alents in the reporting period Cash and cash equivalents at the beginning of the reporting period 49,220 20,301 145,884 125,583 Cash and cash equivalents at the end of the reporting period 195.104 145.884 The notes forni part of these financial Statements Page 14
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2024 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 die event of the Cliarity being wound up, the liability of the guarantee is liinited to £1 per Member of the Charity. Tl)e address of the registered office. the nature of the Charity's operations and principal activities are detailed in the Trustees, Report. The presentation cutTency of the financial stateinent5 15 Pound Sterling {£). The significant accounting policies applied in the pieparation of these financial statements are set out below. These poIiLies have been consistently applied to all year5 presented unlt5S OtheTwise stdted. ACCOUNTING POLICIES Basis of preparing the finaneial statements The financial statements have been prepared in accordance with ihe Charities SORP (FRS 102) - Accouniing and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance ivith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Aci 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 oiherwise stated in the relevant accounting policy. These finaiicial statements have been presented in sterling, Ivhich is Ihe functional currency of the Charity, and are rounded to the nearest pound. CTning concern I'he financial statemcnts have been prepared on a going concern basis. The Trustees have ¢onsidered relevant informatinn, including the annual budget, forecast futhre ¢ash flows and the impact of subsequent events in making their ass¢ssment. Based on these assessments and having r¢gard to the resources available to the entity, th¢ Trustees have concluded that there is no Inaterial uncertainty and that they can continue to adopt the goinu concern basis in preparing the Trnstees Report and accounts. Incorne All income is recognised once the Charity has entitlement to the itjcoine, it is probable that the income will be received and the amount of income receivable can be measured ieliably. Rental income and Charges are included in the period to which they relate. Amounts received in advance in respect of rent are included in defetred income in creditors. Othei income is recognised in the period in which it is ieceivable and to the extent the goods have been provided or on compleiion of Ihe service. Expenditure Resources expended are included in the Siatemenr of Financial Activities on an accruals basis. inclusive of any VAT M,hich cannot be recovered. They are recognised when there is a legal or constructive obligaiion to pay for expenditure. Ceffain expendiiure is directly attributable 10 specific activities and has been included in those cost categories on Ihe basis of an estimate of the proponion of time spent by staff or resources used on those activities. Shared costs hich contribute to more than one activity and suppon costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Page 15 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 ACCOUNTING POLICIES- continued Exp¢nditur¢ Emplo}'ment termination beiiefit5 are payable when etnployment is terininated by the Charity before norn)al retireinent date or whenever an employee accept5 olUntary redundancy in excl)ange for tern]ination benefits. Charitable expeiiditure coinprises those costs incurred by the Charity iii the delivery of its activities atjd setvices for its beneficiaries. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity. Expenditure on charitable a¢tivitie5 and governance costs are costs incurred on the Charity'5 charitable operations, including support costs and costs relating to the ¥oveTnanLe tsf the Charity apportioned to charitable activitie5. Grants pavable are charged in the year when (he offer is made except in those cases where the ofter is conditional, such grants being recognised as expendiiure when unfullilled conditions are outside of the control of the Charii5'. Grants offered subject io conditions which have not been met ai the year end are noted as a commiunent. bui not accrued as expenditure. Tangible fixed assets and depreciation Tangible fixed assets cosiing £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 cosr. After recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumiilatcd impairment 108ses. 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 Chariry assesses hether 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 ,here the carrying amount exceeds tlie recoverable gmount. Impainnent losses ar¢ recognis¢d in th¢ Stat¢m¢nt of Finan¢ial A¢tivitie5. D¢pre¢iation 15 charged so as to allocat¢ the cost of tangible fixed ass¢ts less their residual value over their estin)ated useful lives, using the straight-line Inethod. tkpreciation is provided ot) the following7 bases.. Freehold property Fixtures and fittings Other fixed assets - 50 years 5 years J years Freehold land is not depreciated. The property occupied by the Charity. The Old Vestry, is regarded as a functional property and is eapitalised in the accounts at its fair value. Endowed freehold properties- i'eStMent properties Details of end01ed freehold properties are given in the notes to the financial siatements. The Market Place has historic imw)rtance and dates back to 1618 when James I granted the right to hold a weekly market. It cgnnot 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 infomiation is not available and conventional approaches to valuation lack sufficient reliabiliry. Page 16 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 ACCOUNTING POLICIES- continued Endowed freehold properties- investment properties All other properties are regarded as inve5tn)ent properties. They are held primarily for tlie purpose of producing an income for the Charity, any rental inconie being negotiated at arm's leiigth. They are stated at their estimated value on an open market ba5lS Wlth valuations b), RICS valuers or by tlieir fair value by the Trustees. Property valuations were Caled out in 2024 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 a55et inve5tTnents are a fonn of finanLial instruinent and are initially recognised at tlieir transaction cost and subseqiiently me(15ured at fair value at the Balaiice Sheet date. unless the value Lannot be measured reliably in 4,hiLh Lase it is measured at cost less impaitment. Investment gains 11 nd losses, whether reali5ed Or unrealised. are combined and pre5eiited as 'Gain51(Losses) oil investments, in the Stateinent of Financial ALtivitie5. Taxation The charity is exempt from lax on its charitable activities. Fund accounting General ndS are unrestricted funds which are available for use at the discretion of ihe Trustees in furtherance of Ihe general objectives of the Charity and which have noi been designated for other purposes. Endowment funds represent those assets which must be held pemianently 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 capiial gains or losses arising on the investments form part of Ihe fund. Investmeni management charges and legal advice relating to the fund are chwged agginst the fund. The nature and purpose of each fund is explained in the notes to the financial statements. Debtors I'radc and other debtors are recognised at the settlement amouni after any trade dis¢ount offered. Repayments are valued at the amount prepaid net of any trade discollnt5 due. D¢btors 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 15 probable that the incoTne will be received. Cash at bank and in hand Cash at bank and in hand includes cash and 5hort-term highly liquid investment5 Wlth a short marity of three mont115 or les5 from the date of acquisition or opeiiingF of the deposit or similar account. Li#bilitit5 and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past evenL It is probable that a transter of economic benefit will be required in settlement, and the amount tsf the settlement Can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay io settle the debt or Ihe amount it has received as advanced payinents tor ihe goods or services it must provide. Provisions are measured at the best esiimate 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, discliunted at the pre-iax discount rate that reflects the risks specific to the liabiliiy. The unwinding of the discount is recognised in Ihe Statement ot Financial Activities as a finance cosi. Page 17 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 ACCOUNTING POLICIES- continued Pension ¢05ts and other p05t-relirem¢nl benefits The Charity operates a defined contribution pension scheme at]d the pension charge represents the amounts pa}'able by the Cliarity. to the fund in respect of the year. The Cliarity's contribution is restricted to the contributioiis disc105ed in tlie notes to tlie financial ststements. The pension costs are included within support and governance costs of the Charity. Finaneial instruments Tl)e Charity only holds basic Financial Instruments. The financial as5et5 and fiiiancial liabilities of the Charity are a5 follows.. Debtors trade and other debtors (iiicluding acLrued income) are basic finanLial instruinent5 and are debt il15trumei)t5 tned511red at amortised tost a5 detailed in the notes to the financial statetnents. Prepayments are not financial insiruments. Cash at bank- is classified as a basic financial instrument and is measured at face value. Liabiliiies - trade creditlirs. accruals and other crediiors will be classified as financial instruments. and are measured at amortised cost as detailed in the noies to the financial statements. Taxation and social security are not included in the f1nancial instruments disclosure. Deferred income is not deemed to be a financial liability, as the cash settlemeni has already taken place and there is simply an obligation to deliver charitable services rather ihan cash or another financial instrument. Grants payable Cirant% payablc are charged to the Statement of Financial Aciivities in the period in which they have been approved and committed and in which a ¢onstruciive obligatiOT] exists. Any grants approved in principle but where condiiions attached to the gward have not yet been met are included in the notes to the fingncial statemcnis as a commitment. Operating le2ses Reiitals paid under operating leases are ¢harged io the Staiement of Financial Activities on a straight line basis over the l¢as¢ t¢rm. Amalgarnation of Charities Uiider a Sclieme of the Charity Comn)i5sion dated 30 March 1994. Nie Enfield Parochial Charity and The Hundred Acres Charity were anialbFaTnated as one Charity, The Old Enfield Charitable Trnst. By agreement with The Charity Commission, the asset5 of The Hundred Acres Charity were merged with the assets of The Eiifield Parochial Charity from l April 1994. Following the it)troduction of the new accounting regulations for Charities, investinents previously treated as Capital Investsnents by The Hundred Acres Chaiity were then included as Pernianent Capital Endowments. Page 18 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 CRITICAL ACCOUNTING ESTIMATES AIYD AREAS OFJUDGEMENT 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 circumstance5. Critical accounting estimates and assumptlOllS'. The Charity makes e5titnates ]d assumptions Concernin the fUre. The resulting accounting estimates and as5111nptions will. by definition, seldom eqiial the related actual results. The estiinates and assiiinptions tliat have a significant risk of caiising a niaterial adju5tinent to tlie carryin¥ aniount5 of assets and liabilities witl)in the next financial year are described below. The valuations of the properties of the Charity. The Trustees consider that the valuations at 31 March 2024 are appropridte. The c1nnudl depreciatioi) cl)arge is sensitive to ch1( nges in the estimated useful lives and residual value of assets. The useful lives and residual values are re-assessed annuallj and ainended, Ivhere necessary. DONATIONS AND LEGACIES 2024 Total funds 2023 Toial funds Unrestricted funds Endowment funds Donations lJ56 OTHER TRADING ACTIVITIES 2024 Total fund5 2023 Total funds Unrestricted nds Endowment funds Property rentals Market place Car park 239,$00 190,171 239,500 190,171 256,091 207,092 68,098 510,960 510,960 531281 The Charity ¥enerate5 its main source of incoine froin the collection of property rents, market rents and takiiigs fi'om the car paTk situated in Church Street, Enfield. Such inconie 15 included in the Statemeiit of Fiiiancial Aetivities ivl)en tl)e Trust is entitled to the income and the amount can be quantified. The income is used lor the prin)ary purpose of tl)e Trust which is the payment of grants to those residents of tl)e Ancient Parish of Enfield who are in need. in distress or are suffering hardship. INVESTMENT INCOME 2024 Total funds 2023 Total funds Unrestricted funds Endowment funds Investment income- listed investments Investmeni income- cash Bank interest received 123.724 5.396 123,724 5J96 580 118.900 1.895 129,700 129,71MI 120,795 Page 19 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 OTHER If44COME 2024 Tol81 funds 2023 Total fiinds Unrestricted nds Endowment funds Administration charge Employment allowance 10,S72 10,S72 9,650 5,000 15,572 15,572 14,650 CHARITABLE ACTIVITIES COSTS Grant fundin¥ of Support Costs (see iiote l 01 Direct Costs (see note 91 Tota15 Grdnts pavable Market place Car park 210,430 125,982 85,459 336,412 256,950 31,892 171,491 21.041 192,532 210430 222,292 625254 Comparatives for charitable activities costs 2023 2023 2023 Support costs Iscc noic 101 2023 Toials DirLCI Cosis Grani funding of ISLL noic 91 Grdnis pa>ablL Market place Car park 184.476 124,149 79,199 10.703 308,625 260,634 39.629 181,435 28.926 210.361 184,476 214,051 608.888 Details regarding grants payable are stated in the Trustees. annual report. GRANTS PAYABLE 2024 2023 GTants payable 210,430 184,476 The total grants paid to institutions during the year wa5 as follows.. 2024 2023 Grdnts to in5titution5 Page 20 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 GRANTS PAYABLE- continued The total grants paid to individuals during the year was gs follows.. 2024 2023 Grants to individuals 187936 177 3i5 io. SUPPORT COSTS Govemance costs Management Totals Grants pa}'able Markei place Car park 119,092 81,063 10,257 6,890 4J96 594 125,982 10,851 210,412 11,880 222.292 Comparatives for support eosts 2023 Governance costs 20?3 Management 2023 Totals Grants payable Market place Car park 6,438 4,107 555 124,149 79,199 10,073 75,092 10.148 202,951 214,051 AUDITORS, REMUNERATION 2024 2023 Fees payable to th¢ ¢harity's auditors for th¢ audit of the charity's financial statements 12. TRUSTEES, REMUNERATION AND BENEFITS During the current and previous year. no Trustees received any remuneration or other benefits. Page21 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 12. TRUSTEES, REMUNERATiof+4 AND BENEFITS- continued Trustee$, ¢xp¢nse5 DuTing the current and previous year, no Trustee expenses have been incurred. 13. STAFF COSTS 2024 2023 Wage5 and salaries Social 5eLurity Costs Other pension ¢05ts 191.6SI 17.068 195,232 19,064 7,815 21566S The average monthly number of employee5 during the year was as follows.. 2024 2023 Employees No employees received emoluments in excess of £60.000. The Charitj operates a defined contribution pension scheme and pays pension coniributions 10 an independently administered Pension Fund. The Key Management Personnel of the Charity ar¢ ¢onsidered to be the frustees. Th¢y received no remuneration in the year. Total staff costs have been allocgted betw¢en direct and support costs bas¢d on a weighted average of totsl expenditiir¢. 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES UnrestTlCted fund EndowTnent funds Total funds INCOME AND ENDOWMENTS FROM Other trading activities Investment ii)coine Other income 531,281 120,795 14,650 531,281 120,795 Total 666 726 666 726 EXPENDITURE ON Charitable activities Grants payable Market place Car park 305,029 258,340 3,596 2,294 310 308,625 260,634 Total 602,688 6,200 608.888 Net gainsl{lossesl on investments 82,812) (79,301 162,113) Page 22 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 14. COMPARATIVES FOR THE STATEMEf44T OF FINANCIAL ACTIVITIES- continued Unrestricted End0ment fund funds Total funds NET INCOMEI(EXPENDITURE) 118,774) (85,5011 {104,275) RECONCILIATION OF FUNDS Total fllnd5 brou¥ht forward 1,987,395 6,280,954 8,268,349 TOTAL FUNDS CARRIED FORWARD 1968621 6 195453 8 164 074 Is. TANGIBLE FIXED ASSETS Fixtures and fiitings Freehold property Computer equipmeni Totals COST At l April 2023 Additions Disposals 310,000 39,783 92,605 5,081 72,222) 442,388 5,081 102.780) At 31 March 2024 922S 344,689 DEPRECIATION At l April 2023 e for year Eliminated oil disposal 42,400 6,200 34,920 2,447 30,548) 90,S73 2,801 72 222} 167,893 11,448 102 780) At 31 March 2024 NET BOOK VALUE At 31 March 2024 261,400 2,416 4J12 268,128 At 31 Mwch 2023 267 600 274 495 2024 2023 Old Vestry Office (futjctional property). Approx age.. 220 years 261.400 267 600 261400 267 600 Freeliold property repre5ent5 'The Old Vt5try'. The property wa5 valued by Browii & Lee, Chartered Surveyors, ill 2024 at £250,000. The TTU5tee5 do not consider there 15 a perrnaiient diminution in value and Ro adjustment is needed to the freel)old property carried in these accounts. Page 23 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 16. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l April 2023 3,085,986 69,IS3 Revaluations At 31 March 2024 3,155,139 NET BOOK VALUE At 31 March 2024 3,155,139 At 31 March 2023 3,085,986 There were no investment assets held outside the UK. 2024 2023 Muterial inve5tment$ M&G Charity Investment Funds BlaLk RoLk c.harity Portfolio IChari5hare) Black Rock Charitj Portlolio (Charinco) CCLA Charity Investment Fund 1,190,747 578.809 514,617 870,966 1,20.5,082 567,900 502,793 810,211 3 ISS 139 i 085 986 17. INVESTMENT PROPERTIES FAIR VALUE Al l April 2023 Revaluation 4,635.000 495.000 At 31 March 2024 4 140 000 NET BOOK VALUE At 31 March 2024 4 140 000 At 31 March 2023 4 635,000 The properties were valued in 2024 by Brown & Lee. Chartered Surveyors, on an open market value for existing use basis. Endowed freehold investment properties comprise.. 2024 2023 The Kings Head Inn (investment property). Approx age.. 120 years 20 The Town {investment property). Approx age.. 120 years 21 The Town {investm¢nt property). Approx age.. 120 years 93ll,llOO 2,87i,nOO 335 noo 1,050,000 3,155.000 430.000 4.140,000 4.635,000 Th¢re is no historical ¢ost available for the investment properties. Page 24 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 17. INVESTMENT PROPERTIES- Continued The Market Place is regarded as a heTltage asset because of its contribution to knowledge and culture and is preserved for it5 historic importance. It has not be included as an asset on the balance sheet as its valuation does not encompas5 t]ie historical importance of the inalienable asset. as stated in the accounting policy note. Fair value at 31 March 2024 is represeiited by.. Valuation in 2024 4 140000 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 202i Trade debtors Prepaymenis 8,203 3,688 3,664 3,939 19. CURRENT ASSET INVESTMENTS 2024 2023 Listed investments 116J82 110,986 20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other creditor5 Grants payable Defeed incoTne Accrued expense5 23,705 6,250 21,796 44,SOO 26,061 6,250 12,557 44,500 108,131 100 168 2024 2023 Deferred illcome Defeed income at l April Resources deferred during the year Amounts released from previous periods 38,250 44,500 38 250) 44,500 44 500) Deferred income at 31 March Deferred incoine held at 31 March 2024 represents funds received in advance for the rental of investment property. Page 25 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 21. MOVEMENT FUNDS Net movement in fiinds At 31.i.24 At 1.4.23 Unrestricted funds General fund 1,968,621 J 10,645 2,079,266 Endowment fund5 Investments acquired on imertser of charities ChdrinLO Lommon investment fund Chdrisl)are income fund The Old Vestsy office Investment properties 1,199,046 82,233 11,574 267,600 4,635,000 (2,958) 1,196,088 82,233 (6,200) 495,000) 261,41)0 4.140,01)0 6 19S453 S04,IS8 TOTAL FUNDS 8 164 074 393 $13} 7 770S61 Net movement in fund5, included in the above aTe as follows.. Inconiing resources Resources expended Gains and 105se5 Movtnient in funds Unrestricted funds Gei)eral fund 657,588 (619,054) 72,111 110,645 Endowment funds Investinents acquired on merger of charities The Old Vestry office Investmeni properties (2.958) (2,958) (6,200) 495,000) (0,200) 495.000) 504,158 TOTAL FUNDS 6S7,S88 625,2S4) 425,847} 393,S13) Page 26 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 21. MOVEMENT IN FUNDS- continued Comparalives for movement in funds Net movement in funds At 31.i.23 At 1.4.22 Unrestricted fund5 General fund 1,987,395 (18,774} 1,968,621 Endowment fund5 Inve5tmentS (Icquired on merger of charities Charinco common invesllnent fund Charisl)are income lund The Old Vestry office Invesimenr properties 1,278,347 82,233 1,574 27i.800 4,6J5,000 (79,3011 1,199.046 11,574 267,600 4,635.000 (6,200} 6.280,954 85 501) 6 195,453 TOTAL FUNDS 8 268 349 104 275} 8 164074 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Moven)ent in funds Unrestricted funds General lund 666,726 (602,688) (82,812} {18,774) Endowment funds Investmenis acquired on merger of charities The Old Vestry olTice (79,3011 {79.301) 6,200) 6,200 6,200 85,501 TOTAL FUNDS 666 726 608,8881 162,113} 104 275) Page 27 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 21. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months Combined position is gs follows.. Net movement in funds At 31.i.24 At 1.4.22 Unrestricted fund5 General fund 1,987,395 91,871 2,079,266 Endowment fund5 Inve5tmentS (Icquired on merger of charities Charinco common invesllnent fund Charisl)are income lund The Old Vestry office Invesiment properties 1,278,347 82,233 1,574 273,800 4,6J5,000 (82,2591 1,196.088 11,574 261,400 4,140,000 (12,400) 495,000} 6.280,954 589 659) 5 691,295 TOTAL FUNDS 8 268 349 497 788) 7 770561 A current year 12 inonths and prior year 12 rnonths cotnbined net movement in fund5, included in the above are as follow5.. Incoming resources Resources expended Gairts and losses Moven)ent in funds Unrestricted funds General fund 1,324,314 (1,221.742) (10.701} 91.871 Endowment funds Investments acquired on merger of charities The Old Vestry otTice Investment properties (82,2591 {82.259) {12,400) 495.000) (12,400) 495,000} 12.400 577.259 589,659 TOTAL FUNDS 1,324 314 (1234 142) 587,960} 497 788) 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. These N'o sets of Almshouses are administered by The Old Enf1eld Charitable Trusi and an administration charge of £ l O,-f 72 12023 £9,650} 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 Chariiy, in a non beneficial capacity. There were no balances outstanding at the previous or current year end. Page 28 continued...
THE OLD ENFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 MARCH 2024 23. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOIV FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adju5tment5 for: Depreciation charges Losses on investinents Interest received Expenditure attributable to endowinent Decrease iii debtors Increasel{deLrease) in Lreditors {393,S13} (104,275) 11,448 425,847 {580) 6.200 7.952 7,963 15,443 162,113 6,200 51.098 Net cash proTr'ided by operations 65 24. ANALYSIS OF CHANGES IN NET FUNDS Ai 1.4.23 Cash tlow At 31.3.24 Net eash Cash at bank and in hand 145.884 49,220 195.104 145884 49,220 195.104 Liquid resources Dep051ts included in cash CuTrent asset investments 110986 5,396 110986 116 Total 256.870 54,616 311,486 Page 29