**REGISTERED CHARITY NUMBER: 207840**
**REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **FOR**
**THE OLD ENFIELD CHARITABLE TRUST**
**THE OLD ENFIELD CHARITABLE TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|7|
|**Report of the Independent Auditors**|8|to|10|
|**Statement of Financial Activities**||11||
|**Balance Sheet**||12||
|**Cash Flow Statement**||13||
|**Notes to the Financial Statements**|14|to|27|
**THE OLD ENFIELD CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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) by 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.
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 2025**
## **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. There was a surplus on the investments held this year and this is reflected in the Statement of Financial Activities.
## Grants
Grants are awarded across three areas, as summarised in the table below, and discussed in turn and in more detail thereafter.
|Personal grants
Education grants
Community grants|**2024/25**
100,891
99,993
14,032
**214,916**|**2023/24**|
|---|---|---|
|||112,903
84,272
13,255
**210,430**|
## Personal Grants
The year to 31 March 2025 saw 124 (2024 - 113) people benefit from personal grants awarded totalling £100,891 (2024 - £112,903); 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’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.
## Education Grants
Applications for the year ended 31 March 2025 for education grants were consistent throughout the year, and the budget for education grants was £105,000 **.** 52 (2024 - 44) people benefited from education grants awarded totalling £99,993 (2024 - £84,272).
Grants were given across a whole spectrum of courses where no other source of funding was available. Trustees continue to take the view that applicants who apply for a grant should have insufficient income, or insufficient other means of funding, to undertake their courses. Students should apply to the colleges’ Access or student support funds, or apply for student loans, before approaching the Trust. However, Trustees are mindful that a contribution from the Trust often makes it possible for the students to start or continue with a course.
The 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.
Page 2
**THE OLD ENFIELD CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **OBJECTIVES AND ACTIVITIES** Community Grants
The committee awarded a total of £14,032 (2024 - £13,255) of community grants in the year; the community grants budget was £15,000 for the year. Community Grants were awarded to Enfield Health and Wellbeing, Lancaster Foot Care, One To One Enfield, African French Speaking Organisation, Enfield Volunteer Police Cadets, Cooking Champions CIC, Christian Alliance, The Dread House CIC and Parade of Lights Event.
## Applications from within the Enfield area
The criteria for grantmaking are set out in the Trust’s scheme, which has been updated in 2025 with the permission of the Charity Commission to incorporate the full postcode areas of EN1, EN2 and EN3, only in the London Borough of Enfield; beneficiaries should be resident in this specific area within the London Borough of Enfield and be 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 grantmaking committee has certain benchmarks it uses in agreeing a grant. Generally, Trustees wish to see that applicants are attempting to help themselves and wish to avoid making repeated grants to the same applicant, which may encourage dependency.
## Applications outside the Enfield area
A small number of applications are received directly from Enfield residents who live outside the area covered by the Charity's objects. Where possible, staff refer them to another Charity or organisation that can help them. The Charity continues to build a list of such contacts and to widen its knowledge in this area.
## Future Plans
We will continue to prioritise our engagement in education and community grants, with an emphasis on household needs.
## **ACHIEVEMENTS 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**
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.
## **Income generation**
The Trust’s income is raised through investment dividends and interest, 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.
## **Investment policy and performance**
The Trust’s investments at 31 March 2025 totalled £3,198,260 (2024 - £3,155,139) 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 be used in fulfilling the Trust’s charitable objects. This practice continues, subject to annual review.
In addition, the Trust's investment properties were valued at £4,140,000 (2024 - £4,140,000) at the year end. The rentals that are received from the investment properties are used to make charitable grants and cover running costs.
Page 3
**THE OLD ENFIELD CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **FINANCIAL REVIEW**
## **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 £684,635 (2024 - £657,588) and total expenditure was £618,145 (2024 - £625,254). This resulted in a surplus of £66,490 (2024 - £32,334), before revaluations of investments. In addition, there was a gain of £43,121 (2024 - £425,847 fall) in the market value of investments during the year. An overall surplus of £109,611 (2024 - £393,513 deficit) resulted.
As referred to above, there was an overall rise in the market value of investments, made up of a rise of £14,112 in the value of the unrestricted fund investments and a rise of £29,009 in the value of endowment fund investments.
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.
## **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
The ancient Market Place is regarded by the Trustees as being an historic asset, 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 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 this stage.
## Enfield Market
The Enfield Market takes place three days per week in the Market Place and provides an income for the Trust. On the remaining weekdays, the Market Place is used as a car park, for which charges 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 Trustees’ Market Committee. The trustees continue to consider the regeneration of the market by looking at alternative methods of operating it.
Page 4
**THE OLD ENFIELD CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **FINANCIAL REVIEW**
## **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 £272,281 (2024 - £207,294) at the year-end. 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.
## **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 a particular area within the London Borough of Enfield. Exceptionally the Trust may help residents (generally or individually) who are resident immediately outside this area.
## **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 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.
Page 5
**THE OLD ENFIELD CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT 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 £12,069 (2024 - £10,572) 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
## **Principal address**
The Old Vestry Office 22 The Town Enfield EN2 6LT
## **Trustees**
Mrs S J Attwood JP Chair of Trustees J Tanner Vice-Chair of Trustees Cllr M Rye C Parker Ms S Doran G S Hill Ms A Whitehorn J F McGrath Ms C Byamukama N B Maunder Taylor Dr P O'Mahony J Eustance H Yusuf (resigned 15.5.2024) P Edwards D Hargreaves Ms G Needs (appointed 15.5.2024)
Page 6
**THE OLD ENFIELD CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **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).
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records 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 and The Charity (Accounts and Reports) Regulations 2008. 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.
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
In so far as the Trustees are aware:
- there is no relevant audit information of which the Charity's auditor is unaware; and
- the Trustees have taken all steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information.
## **AUDITORS**
The auditors, Keelings Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 11 November 2025 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 2025 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).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 8
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE OLD ENFIELD CHARITABLE TRUST**
## **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.
## **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.
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:
- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of Management regarding known or suspected instances of non-compliance with laws and regulations;
- review of minutes of the Board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.
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 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.
Page 9
**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 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.
Keelings Limited Statutory Auditors, Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
11 November 2025
Page 10
**THE OLD ENFIELD CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|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 income before gains/(losses) on investments
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
**6,101**
**521,906**
**139,560**
**17,069**
**684,636**
**318,573**
**260,588**
**32,785**
**611,946**
**72,690**
**14,112**
**86,802**
**2,079,266**
**2,166,068**|Endowment
funds
£
**-**
**-**
**-**
**-**
**-**
**3,596**
**2,294**
**310**
**6,200**
**(6,200)**
**29,009**
**22,809**
**5,691,295**
**5,714,104 **|**2025**
**Total**
**funds**
**£**
**6,101**
**521,906**
**139,560**
**17,069**
**684,636**
**322,169**
**262,882**
**33,095**
**618,146**
**66,490**
**43,121**
**109,611**
**7,770,561**
**7,880,172 **|2024
Total
funds
£
1,356
510,960
129,700
15,572
657,588
336,412
256,950
31,892
625,254
32,334
(425,847)
(393,513)
8,164,074
7,770,561|
|---|---|---|---|---|
The notes form part of these financial statements
Page 11
**THE OLD ENFIELD CHARITABLE TRUST**
## **BALANCE SHEET 31 MARCH 2025**
|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
£
**14,431**
**1,879,356**
**-**
**1,893,787**
**7,195**
**122,147**
**237,887**
**367,229**
**(94,948)**
**272,281**
**2,166,068**
**2,166,068**|Endowment
funds
£
**255,200**
**1,318,904**
**4,140,000**
**5,714,104**
**-**
**-**
**-**
**-**
**-**
**-**
**5,714,104**
**5,714,104**|**2025**
**Total**
**funds**
**£**
**269,631**
**3,198,260**
**4,140,000**
**7,607,891**
**7,195**
**122,147**
**237,887**
**367,229**
**(94,948)**
**272,281**
**7,880,172**
**7,880,172**
**2,166,068**
**1,225,097**
**82,233**
**11,574**
**255,200**
**4,140,000**
**5,714,104**
**7,880,172**|2024
Total
funds
£
268,128
3,155,139
4,140,000
7,563,267
3,939
116,382
195,104
315,425
(108,131)
207,294
7,770,561
7,770,561
2,079,266
1,196,088
82,233
11,574
261,400
4,140,000
5,691,295
7,770,561|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 11 November 2025 and were signed on its behalf by:
S J Attwood JP - Trustee
The notes form part of these financial statements
Page 12
**THE OLD ENFIELD CHARITABLE TRUST**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
23
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
CCLA Short Term Deposit
Net cash used in investing activities
**Cash flows from financing activities**
Expenditure attributable to endowment
Net cash used in financing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2025**
**£**
**66,151 **
**66,151 **
**(13,092)**
**1,689**
**(5,765)**
**(17,168)**
**(6,200)**
**(6,200)**
**42,783**
**195,104 **
**237,887**|2024
£
65,317
65,317
(5,081)
580
(5,396)
(9,897)
(6,200)
(6,200)
49,220
145,884
195,104|
|---|---|---|
The notes form part of these financial statements
Page 13
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **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 presentation currency of the financial statements is Pound Sterling (£).
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 accounts (financial statements) have been prepared to give a "true and fair view" and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following 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) issued in October 2019 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.
## **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.
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.
continued...
Page 14
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **2. ACCOUNTING POLICIES - continued**
## **Expenditure**
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.
Expenditure on charitable activities and governance costs are costs incurred on the Charity's charitable operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when unfulfilled conditions are outside of the control of the Charity. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
## **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 in the Statement of Financial Activities.
Tangible fixed assets are initially recognised at cost. After recognition, 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 arm's 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.
continued...
Page 15
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **2. ACCOUNTING POLICIES - continued**
## **Endowed freehold properties - investment properties**
Property valuations were carried 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 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.
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.
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. 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:
continued...
Page 16
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **2. ACCOUNTING POLICIES - continued**
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 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 in which they have been approved and committed and in which 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.
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.
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 described below:
- The valuations of the properties of the Charity. The Trustees consider that the valuations are appropriate. - The annual depreciation charge is sensitive to changes in the estimated useful lives and residual value of assets. The useful lives and residual values are re-assessed annually and amended, where necessary.
continued...
Page 17
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **4. DONATIONS AND LEGACIES**
|Unrestricted
Endowment
funds
funds
£
£
Donations
**6,101**
**-**
**5.**
**OTHER TRADING ACTIVITIES**
Unrestricted
Endowment
funds
funds
£
£
Property rentals
**239,500**
**-**
Market place
**189,391**
**-**
Food traders
**46,631**
**-**
Car parking fees
**46,384 **
**-**
**521,906**
**-**|**2025**
**Total**
**funds**
**£**
**6,101**
**2025**
**Total**
**funds**
**£**
**239,500**
**189,391**
**46,631**
**46,384 **
**521,906**|2024
Total
funds
£
1,356
2024
Total
funds
£
239,500
190,171
40,385
40,904|
|---|---|---|
|||510,960|
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 who live in a particular area of the London Borough of Enfield and who are in need, in distress or are suffering hardship.
## **6. INVESTMENT INCOME**
|Unrestricted
Endowment
funds
funds
£
£
Investment income - listed investments
**132,106**
**-**
Investment income - cash
**5,765**
**-**
Bank interest received
**1,689**
**-**
**139,560**
**-**
**7.**
**OTHER INCOME**
Unrestricted
Endowment
funds
funds
£
£
Administration charge
**12,069**
**-**
Employment allowance
**5,000**
**-**
**17,069**
**-**|**2025**
**Total**
**funds**
**£**
**132,106**
**5,765**
**1,689**
**139,560**
**2025**
**Total**
**funds**
**£**
**12,069**
**5,000**
**17,069**|2024
Total
funds
£
123,724
5,396
580|2024
Total
funds
£
123,724
5,396
580|
|---|---|---|---|
|||129,700||
||||2024
Total
funds
£
10,572
5,000|
||||15,572|
continued...
Page 18
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **8. CHARITABLE ACTIVITIES COSTS**
|Grants payable
Market place
Car park
**Comparatives for charitable activities costs**
Grants payable
Market place
Car park|Direct
Costs
£
**-**
**180,784**
**21,408**
**202,192 **
2024
Direct
Costs
£
-
171,491
21,041
192,532|Grant
funding of
activities
(see note
9)
£
**183,239**
**-**
**-**
**183,239**
2024
Grant
funding of
activities
(see note
9)
£
210,430
-
-
210,430|Support
costs (see
note 10)
£
**138,930**
**82,098**
**11,687**
**232,715**
2024
Support
costs (see
note 10)
£
125,982
85,459
10,851
222,292|Totals
£
**322,169**
**262,882**
**33,095**|
|---|---|---|---|---|
|||||**618,146**|
|||||2024
Totals
£
336,412
256,950
31,892
625,254|
Details regarding grants payable are stated in the Trustees' annual report.
## **9. GRANTS PAYABLE**
|Grants payable
The total grants paid to institutions during the year was as follows:
Grants to institutions
The total grants paid to individuals during the year was as follows:
Grants to individuals||
|---|---|
continued...
Page 19
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **10. SUPPORT COSTS**
|Governance
Management
costs
£
£
Grants payable
**131,274**
**7,656**
Market place
**77,214**
**4,884**
Car park
**11,027**
**660**
**219,515**
**13,200**
**Comparatives for support costs**
2024
Management
2024
Governance
costs
£
£
Grants payable
119,092
6,890
Market place
81,063
4,396
Car park
10,257
594
210,412
11,880
**11.**
**AUDITORS' REMUNERATION**
**2025**
**£**
Fees payable to the charity's auditors for the audit of the charity's financial
statements
**13,200**|Totals
£
**138,930**
**82,098**
**11,687**
**232,715**
2024
Totals
£
125,982
85,459
10,851
222,292
2024
£
11,880|Totals
£
**138,930**
**82,098**
**11,687**
**232,715**
2024
Totals
£
125,982
85,459
10,851
222,292
2024
£
11,880|
|---|---|---|
||||
|||222,292|
|||2024
£
11,880|
## **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||**2025**
**£**
**203,519**
**14,250**
**8,003**
**225,772 **
**2025**
**6**||2024
£
191,651
17,068
6,946|
|---|---|---|---|---|
|||||215,665|
|||||2024
7|
The average monthly number of employees during the year was as follows:
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.
continued...
Page 20
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **13. STAFF COSTS - continued**
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**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
1,356
Other trading activities
510,960
Investment income
129,700
Other income
15,572
**Total**
657,588
**EXPENDITURE ON**
**Charitable activities**
Grants payable
332,816
Market place
254,656
Car park
31,582
**Total**
619,054
Net gains/(losses) on investments
72,111
**NET INCOME/(EXPENDITURE)**
110,645
**RECONCILIATION OF FUNDS**
Total funds brought forward
1,968,621
**TOTAL FUNDS CARRIED FORWARD**
2,079,266|
Endowment
funds
£
-
-
-
-
-
3,596
2,294
310
6,200
(497,958)
(504,158)
6,195,453
5,691,295|Total
funds
£
1,356
510,960
129,700
15,572
657,588
336,412
256,950
31,892
625,254
(425,847)
(393,513)
8,164,074
7,770,561|
|---|---|---|
continued...
Page 21
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **15. TANGIBLE FIXED ASSETS**
|Freehold
property
£
**COST**
At 1 April 2024
**310,000**
Additions
**-**
At 31 March 2025
**310,000**
**DEPRECIATION**
At 1 April 2024
**48,600**
Charge for year
**6,200**
At 31 March 2025
**54,800**
**NET BOOK VALUE**
At 31 March 2025
**255,200**
At 31 March 2024
261,400
Old Vestry Office (functional property). Approx age: 220 years|Fixtures
and
fittings
£
**9,225**
**7,665**
**16,890**
**6,809**
**2,356**
**9,165**
**7,725**
2,416|Computer
equipment
£
**25,464**
**5,427**
**30,891 **
**21,152**
**3,033**
**24,185**
**6,706**
4,312
**2025**
**£**
**255,200 **
**255,200**||Totals
£
**344,689**
**13,092**
**357,781 **
**76,561**
**11,589**
**88,150**
**269,631 **
268,128
2024
£
261,400
261,400|
|---|---|---|---|---|
||||||
Freehold property represents 'The Old Vestry'. The property was valued by Brown & Lee, Chartered Surveyors, in 2024 at £250,000. The Trustees do not consider there is a permanent diminution in value and no adjustment is needed to the freehold property value carried in these accounts.
## **16. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 April 2024
Revaluations
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024|Listed
investments
£
**3,155,139**
**43,121**
**3,198,260**
**3,198,260**
3,155,139|
|---|---|
There were no investment assets held outside the UK.
continued...
Page 22
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **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 2024
and 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024|**2025**
**£**
**1,222,031**
**594,045**
**531,202**
**850,982 **
**3,198,260**|2024
£
1,190,747
578,809
514,617
870,966|
|---|---|---|
|||3,155,139|
|||**£**
**4,140,000**
**4,140,000**
4,140,000|
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:
|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
There is no historical cost available for the investment properties.
Fair value at 31 March 2025 is represented by:
Valuation in 2024|**2025**
**£**
**930,000**
**2,875,000**
**335,000 **
**4,140,000**|2024
£
930,000
2,875,000
335,000|
|---|---|---|
|||4,140,000|
|||**£**
**4,140,000**|
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 been 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 23
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
|**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
**Deferred income**
Deferred income at 1 April
Resources deferred during the year
Amounts released from previous periods
**Deferred income at 31 March**|||**2025**
**£**
**-**
**7,195**
**7,195**
**2025**
**£**
**122,147**
**2025**
**£**
**5,623**
**6,250**
**25,375**
**44,500**
**13,200**
**94,948**
**2025**
**£**
**44,500**
**44,500**
**(44,500) **
**44,500 **|||2024
£
275
3,664
3,939
2024
£
116,382
2024
£
23,705
6,250
21,796
44,500
11,880
108,131
2024
£
44,500
44,500
(44,500)
44,500|
|---|---|---|---|---|---|---|
||||||||
||||||||
Deferred income held at 31 March 2025 represents funds received in advance for the rental of investment property.
continued...
Page 24
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **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**
Net movement in funds, included in the above are
**Unrestricted funds**
General fund
**Endowment funds**
Investments acquired on merger of charities
The Old Vestry office
**TOTAL FUNDS**
**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**|as follows:
Incoming
resources
£
**684,636**
**-**
**-**
**-**
**684,636**|At 1.4.24
£
**2,079,266**
**1,196,088**
**82,233**
**11,574**
**261,400**
**4,140,000**
**5,691,295**
**7,770,561 **
Resources
expended
£
**(611,946)**
**-**
**(6,200)**
**(6,200)**
**(618,146)**
At 1.4.23
£
1,968,621
1,199,046
82,233
11,574
267,600
4,635,000
6,195,453
8,164,074||Net
movement
in funds
£
**86,802**
**29,009**
**-**
**-**
**(6,200)**
**-**
**22,809**
**109,611**
Gains and
losses
£
**14,112**
**29,009**
**-**
**29,009**
**43,121**
Net
movement
in funds
£
110,645
(2,958)
-
-
(6,200)
(495,000)
(504,158)
(393,513)|At
31.3.25
£
**2,166,068**
**1,225,097**
**82,233**
**11,574**
**255,200**
**4,140,000**
**5,714,104 **
**7,880,172 **
Movement
in funds
£
**86,802**
**29,009**
**(6,200)**
**22,809**
**109,611**
At
31.3.24
£
2,079,266
1,196,088
82,233
11,574
261,400
4,140,000
5,691,295
7,770,561|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
continued...
Page 25
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **21. MOVEMENT IN FUNDS - continued**
Comparative 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
Investment properties
**TOTAL FUNDS**|Incoming
resources
£
657,588
-
-
-
-
657,588|Resources
expended
£
(619,054)
-
(6,200)
-
(6,200)
(625,254)|Gains and
Movement
losses
in funds
£
£
72,111
110,645
(2,958)
(2,958)
-
(6,200)
(495,000)
(495,000)
(497,958)
(504,158)
(425,847)
(393,513)|
|---|---|---|---|
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 1.4.23
£
1,968,621
1,199,046
82,233
11,574
267,600
4,635,000
6,195,453
8,164,074|Net
movement
in funds
£
197,447
26,051
-
-
(12,400)
(495,000)
(481,349)
(283,902)|At
31.3.25
£
2,166,068
1,225,097
82,233
11,574
255,200
4,140,000
5,714,104
7,880,172|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,342,224
(1,231,000)
**Endowment funds**
Investments acquired on merger of charities
-
-
The Old Vestry office
-
(12,400)
Investment properties
-
-
-
(12,400)
**TOTAL FUNDS**
1,342,224
(1,243,400)|Gains and
Movement
losses
in funds
£
£
86,223
197,447
26,051
26,051
-
(12,400)
(495,000)
(495,000)
(468,949)
(481,349)
(382,726)
(283,902)|
|---|---|
continued...
Page 26
**THE OLD ENFIELD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **22. RELATED PARTY DISCLOSURES**
The Trustees are also Trustees of Ann Crowe's and Wright's Almshouse Charity ('AC&WAC') which is a Charity in its own right. AC&WAC have two sets of Almshouses that are administered by The Old Enfield Charitable Trust and an administration charge of £12,069 (2024 - £10,572) 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 were no balances outstanding at the current or previous year end.
## **23. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation charges
(Gain)/losses on investments
Interest received
Expenditure attributable to endowment
(Increase)/decrease in debtors
(Decrease)/increase in creditors
**Net cash provided by operations**|**2025**
**£**
**109,611**
**11,589**
**(43,121)**
**(1,689)**
**6,200**
**(3,256)**
**(13,183)**
**66,151 **|2024
£
(393,513)
11,448
425,847
(580)
6,200
7,952
7,963
65,317|
|---|---|---|
## **24. ANALYSIS OF CHANGES IN NET FUNDS**
||At 1.4.24|Cash flow|**At 31.3.25**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank and in hand|**195,104**|**42,783**|**237,887**|
||**195,104 **|**42,783**|**237,887**|
|**Liquid resources**||||
|Deposits included in cash|**-**|**-**|**-**|
|Current asset investments|**116,382 **|**5,765**|**122,147**|
||**116,382 **|**5,765**|**122,147**|
|**Total**|**311,486**|**48,548**|**360,034 **|
Page 27