2023-07-31-accounts

REGISTERED CHARITY NUMBER: 275684

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 JULY 2023

	Page
Report of the Trustees	1 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Financial Statements	7 to 12
Detailed Statement of Financial Activities	13

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 JULY 2023

The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. They are prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

ACHIEVEMENT AND PERFORMANCE

Development, activities and achievements

The trustees consider that the Trust had a successful financial year.

The Pageant was held in May 2023.

The trust would not be able to operate without the support of a number of people who gave their services voluntarily at key points during the year. This is especially so in relation to the work parties at the Museum. The trustees wish to extend their gratitude to these people and the voluntary groups to which some of these people belong.

Investment powers

The Trust Deed authorises the trustees to make and hold investments according to the law relating to the investment of trust funds. The fixed rate investments at the end of the year are detailed below.

In the year to 31 July 2020 the trustees invested £80,000 in a 3-year bond with The Charity Bank Ltd, £80,000 in a 3-year bond with the Hampshire Trust Bank and £40,000 in a 95-day notice account with the Redwood Bank. The bonds with The Charity Bank Ltd and Hampshire Trust Bank matured and were re-invested during the year. These investments have earned £4,324 in interest during the year (2022 - £3,874).

Financial review

The trust had a surplus in the year of £52,550 (2022 - £78,520) . For this year, the repairs and maintenance costs were £34,981 compared to £25,838 in the previous year. The surplus is stated after charging depreciation of £17,433.

Donations received in the year were £3,586, compared to £2,481 in the previous year. Income from Museum open days was £34,922 for the year compared to £25,711 in the previous year. The income from the sale of autojumble and the regular shows has risen to £14,514 in the year, compared to £12,270 in the previous year.

Income from the cafe and bar has been treated as belonging to the Trust since 1 December 2019. The net income amounted to £7,747 in the year, compared to £13,817 in the previous year.

The main source of income is the annual Enfield Pageant of Motoring. In 2023, the event generated income of £156,038 and incurred costs of £73,920 leaving a net surplus of £82,118. In 2022, the income was £164,127 and the costs were £85,311 leaving a net surplus of £78,816.

The trustees review the level of reserves periodically to ensure that the charity is able to be managed efficiently. It is their policy to maintain unrestricted funds at a level which is sufficient to meet all known and future commitments as they fall due.

FUTURE PLANS

As new funds are generated, the trust will continue to deliver its objective of keeping a permanent Museum in Enfield open and will continue to improve the fabric of the building. During the pandemic, the buildings were almost completely redecorated, a new office created and a new filing and record system put in place with the aim of making the administration much more efficient. Now, a new heating system and LED lighting has been installed. In addition, the Trust has replaced the roof and heating system in the buildings between the fire station and workshop. The trustees are planning to renovate a railway carriage in the grounds of the museum as a new exhibition space.The acquisition of exhibits as and when they become available will also continue. The trust is in an excellent position to secure new exhibits because of its links to The Enfield & District Veteran Vehicle Society Limited.

The trustees are satisfied that there are adequate resources in the Trust's funds to fulfil the objectives of the charity.

Page 1

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 JULY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution, objectives and policies

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

The trust is constituted by the Trust Deed dated 11 April 1978 as amended in November 2019. The objects of the trust are to promote the permanent preservation of vehicles of any type being old and of historic interest or scientific importance, and to educate the public in the history of transport and the technical details, engineering and performance of such vehicles.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

It is the policy of the trustees to continue to promote events that both further the above objects and raise funds towards the ongoing project to establish a Museum of Transport in the London Borough of Enfield.

The majority of the trust's work is carried out by volunteers working under the direction of the trustees.

The trustees carry out an annual review of the risks which the charity may face and have established systems and procedures to mitigate any risks identified and minimise any potential impact should any identified risks materialise.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

275684

Principal address

Whitewebbs Museum of Transport Whitewebbs Road Enfield EN2 9HW

Trustees

Mr A J Watt Chairman Mr K H Oswick Vice Chairman Mr D J Crooks Treasurer Mr C E W Whippe (resigned September 2023) Mr M J Price (resigned 25.10.22) Mr R A Haydock Mr T W Wordsworth Secretary Mr A H Clinton Mr H G Velleman Mr H Prior (resigned 26.11.22)

Independent Examiner

Tara Aldwin ACA Foxley Kingham Chartered Accountants 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL

The trustees named above have served throughout the year, unless stated otherwise. The trustees appointments are governed by the Trust Deed of the Charity. At present, the Trust Deed provides that the trustees from time to time will be elected committee members of The Enfield & District Veteran Vehicle Society Limited, an Industrial & Provident Society.

Page 2

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 JULY 2023

Approved by order of the board of trustees on 31[st] May 2024 and signed on its behalf by:

Mr A J Watt - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ENFIELD & DISTRICT VETERAN VEHICLE TRUST

Independent examiner's report to the trustees of Enfield & District Veteran Vehicle Trust

I report to the charity trustees on my examination of the accounts of Enfield & District Veteran Vehicle Trust (the Trust) for the year ended 31 July 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Tara Aldwin ACA

Foxley Kingham Chartered Accountants 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL

Date: 31[st] May 2024

Page 4

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 JULY 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable activities NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2023 Unrestricted funds £ 3,586 223,323 4,864 231,773 179,223 52,550 1,446,047 1,498,597	2022 Total funds £ 2,481 232,089 3,970 238,540 160,020 78,520 1,367,527 1,446,047

The notes form part of these financial statements

Page 5

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

BALANCE SHEET 31 JULY 2023

Notes FIXED ASSETS Tangible assets 8 Heritage assets 9 CURRENT ASSETS Stocks 10 Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds: General fund TOTAL FUNDS	2023 Unrestricted funds £ 594,244 511,775 1,106,019 3,595 10,079 384,370 398,044 (5,466) 392,578 1,498,597 1,498,597 1,498,597 1,498,597	2022 Total funds £ 568,261 511,775 1,080,036 7,183 19,112 346,652 372,947 (6,936) 366,011 1,446,047 1,446,047 1,446,047 1,446,047

The financial statements were approved by the Board of Trustees and authorised for issue on 31[st] May 2024 and were signed on its behalf by:

Mr A J Watt - Trustee

Mr D J Crooks - Trustee

The notes form part of these financial statements

Page 6

ENFIELD & DISTRICT VETERAN VEHICLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 JULY 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) ' Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is in Pounds Sterling (£), which is the functional currency of the charity.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Costs of raising funds comprise the costs associated with attracting voluntary income; mainly in relation to fund raising events.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity.

Goodwill

Goodwill is amortised evenly over its estimated useful life of 2 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - at varying rates on cost Plant and machinery - 25% on cost Fixtures and fittings - 25% on cost

Heritage assets

Heritage assets are stated at their cost to the charity and are not depreciated on the basis that they are deemed to have an indefinate life due to their ongoing maintenance and likelihood of appreciating in value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

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ENFIELD & DISTRICT VETERAN VEHICLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 JULY 2023

1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments

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

2. CHARITABLE ACTIVITIES

Pageant income Shop sales Autojumble, bike shows etc Museum entrance fees Other income Café and bar income Vehicle sales	2023 £ 156,038 2,720 14,514 34,922 5,367 7,747 2,015 223,323	2022 £ 164,127 2,000 12,270 25,711 7,528 13,817 6,636
		232,089

3.

INVESTMENT INCOME

INVESTMENT INCOME
	2023	2022
	£	£
Investment income	4,864	3,970

4. CHARITABLE ACTIVITIES COSTS

Costs directly allocated to activities

Basis of allocation Raising funds Charitable activities Actual Total £ Staff costs - 6,500 6,500 General office costs - 8,023 8,023 Pageant costs 73,920 - 73,920 Motor expenses - 1,183 1,183 Bank charges - 2,119 2,119 Legal and professional fees Hire of plant and machinery Advertising - - - 768 5,798 345 768 5,798 345 Governance costs: Audit and accountancy - 3,182 3,182 73,920 27,918 101,838 Support costs allocated to activities Usage Premises - 58,073 58,073 Communications - 1,879 1,879 Depreciation - 17,433 17,433 77,385 77,385 73,920 105,303 179,223

Total £ 7,104 4,914 85,311 2,537 670 1,938 - - 3,216 105,690 41,457 1,636 11,237 54,330 160,020

continued...

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ENFIELD & DISTRICT VETERAN VEHICLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 JULY 2023

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.

6. STAFF COSTS

Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Administration No employees received emoluments in excess of £60,000.	2023 £ 6,500 - - 6,500 2023 1	2022 £ 7,104 - - 7,104 2022 1

7.

INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
	Goodwill
	£
COST
At 1 August 2022 and 31 July 2023	670
AMORTISATION
At 1 August 2022 and 31 July 2023	670
NET BOOK VALUE
At 31 July 2023	-
At 31 July 2022	-

continued...

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ENFIELD & DISTRICT VETERAN VEHICLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 JULY 2023

8. TANGIBLE FIXED ASSETS

COST At 1 August 2022 Additions At 31 July 2023 DEPRECIATION At 1 August 2022 Charge for year At 31 July 2023 NET BOOK VALUE At 31 July 2023 At 31 July 2022 9. HERITAGE ASSETS COST At 1 August 2022 and 31 July 2023 NET BOOK VALUE At 31 July 2023 At 31 July 2022 10. STOCKS Stocks	Freehold Plant and property machinery £ £ 577,191 57,873 43,416 - 620,607 57,873 13,930 57,126 13,070 746 27,000 57,872 593,607 1 563,261 747 Victorian Fire Station £ 295,731 295,731 295,731	Fixtures and fittings £ 112,572 - 112,572 108,319 3,617 111,936 636 4,253 Museum Exhibits £ 216,044 216,044 216,044 2023 £ 3,595	Totals £ 747,636 43,416 791,052 179,375 17,433 196,808 594,244 568,261 Totals £ 511,775 511,775 511,775 2022 £ 7,183

continued...

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ENFIELD & DISTRICT VETERAN VEHICLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 JULY 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 13. MOVEMENT IN FUNDS At 1.8.22 £ Unrestricted funds General fund 1,446,047 TOTAL FUNDS 1,446,047 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 231,773 TOTAL FUNDS 231,773 Comparatives for movement in funds At 1.8.21 £ Unrestricted funds General fund 1,367,527 TOTAL FUNDS 1,367,527		2023 £ 10,079 2023 £ 5,466 Net movement in funds £ 52,550 52,550 Resources expended £ (179,223) (179,223) Net movement in funds £ 78,520 78,520	2022 £ 19,112 2022 £ 6,936 At 31.7.23 £ 1,498,597 1,498,597 Movement in funds £ 52,550 52,550 At 31.7.22 £ 1,446,047 1,446,047

continued...

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ENFIELD & DISTRICT VETERAN VEHICLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 JULY 2023

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 238,540 238,540	Resources Movement expended in funds £ £ (160,020) 78,520 (160,020) 78,520

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

Unrestricted funds General fund TOTAL FUNDS	At 1.8.21 £ 1,367,527 1,367,527	Net movement in funds £ 131,070 131,070	At 31.7.23 £ 1,498,597 1,498,597

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

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 470,313 470,313	Resources Movement expended in funds £ £ (339,243) 131,070 (339,243) 131,070

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2023.

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ENFIELD & DISTRICT VETERAN VEHICLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 JULY 2023

INCOME AND ENDOWMENTS Donations and legacies Donations Charitable activities Pageant income Shop sales Autojumble, bike shows etc Museum entrance fees Other income Café and bar income Vehicle sales Investment income Investment income Total incoming resources EXPENDITURE Charitable activities Staff costs Hire of plant and machinery Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Motor expenses Repairs and maintenance Sundries Bank charges Other professional fees Accountancy Pageant expenses Depreciation - freehold property Depreciation - plant and machinery Depreciation - fixtures and fittings Total resources expended Net income	2023 £ 3,586 156,038 2,720 14,514 34,922 5,367 7,747 2,015 223,323 4,864 231,773 6,500 5,798 1,034 11,022 11,036 1,879 603 345 1,183 34,981 7,420 2,119 768 3,182 73,920 13,070 746 3,617 179,223 179,223 52,550	2022 £ 2,481 164,127 2,000 12,270 25,711 7,528 13,817 6,636 232,089 3,970 238,540 7,104 - 1,507 10,764 3,348 1,636 99 - 2,537 25,838 4,815 670 1,938 3,216 85,311 5,834 1,050 4,353 160,020 160,020 78,520

This page does not form part of the statutory financial statements

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