REGISTERED CHARITY f4UMBER: 27S684 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 FOR ENFIELD & DISTRICT VETERAN VEIIICLE TRUST
ENFIELD & DISTRICT VETERAN VEHICLE TRUST cor4TENTS OF THE FINANCIAL STATEMENTS for tbe Year Ended 31 JULY 2024 P8ge Report of the Trustee$ Independent Ex#rniDer'$ Report Statement of Financial A¢tivitits B414nee Sheet r4otes to tbe Financial Statements 7 10 12 Detxiitd StatemeDt of Financial Activities 13
ENFIELD & DISTRICT VETERAN VEHICLE TRUST REPORT OF THE TRUSTEES for the Year Ellded 31 JULY 2024 The InreeS present their report with the fll)an¢ial statements of the charity for the year ended 31 July 2024. They are PTppared in atcnrdance with the accountin¥ policies set oui in note I to the fmanctal stht¢ments and comply with the Charities Act 2011 and Accounting and Reporting by Charities- Stetnertt of Recornjnended Practice applicable to ehariiies preparing their fUl£la1 statements in accordance with ihe Financial Reporting Standard applicable in the UK 2nd Republic of Ireland IFRS 102) {effective l January 2019). ACHIEVEMENT AND PERFORMANCE DeYelopJnellt, activities and aehievemeDtS The trustees consider thai th¢ Trusi had a successfvl finan¢ial year. Th¢ Pa8¢11 wo5 h¢ld in May 2024. The trnst would not be able to operdte without the suppon 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 parries at the Museum. The trystees wish to exiend their gratitude to these people and the voluntary groups to which some of these people belong. Investment powers The Trust Deed authorizes the trustees to rnake and hold investments according io the law r¢lating to the inve5unent of st funds. The red rate investments at the end of the year are deiailed below. In the year to 31 July 2020 the uusiees inyesied £80,000 in a 3-year bond with The Chariry Bank Lid, £80.000 ID a 3-year bond with the Hatnpshire Twsi Bank and £40.000 in a 95-day notice account with the Redwood Ba]]k. The bonds with The Ciwity Bank Ltd and Hampshire Trust Bank matured and were re-invested during the previous year. These iiivtstsiiellts liav¢ ¢aL"ii¢d £7,969 in inttr¢st during th¢ y¢ar12023 - £4,324). FinAn¢ial review The trust had a surplus in the year of £43.347 {2023 - £52,550) . For this year, th¢ repairs and maintenance costs were £26,116 cornpared 10 £34.981 in the previous year. The surplus is stat¢d after charging depreciation of £27,946. Donations received in the year were £5.470, compared to £3,586 in Ihe previous year. Income from Museutn open days wa5 £38.063 for the year compaTed 10 £34,922 in th¢ previous year. The income from the sale of autojumble and the regular shows has fallen ro £9,698 in the year. compared to £14,514 in the previous yedr. Income from the cafe and bar has been ated as belonging to theTrust since l Decemb¢r2019. The nei income atnounted to £18.855 in the year, Compared to £7,747 in the previous year. The main source of income 15 the annual Enfield Pageant of Motoring. It) 2024, tht event generated income of £128,284 and incurred cosis of £80,713 leaving a net sUlUS of £47,571. In 2023, the income was £156.038 and the costs were £73,920 leaving a net surplus of £82,118. The trustees review the leyel of reserves periodically to ¢n5ure that the ehariry is able to be rnanaged etTiciently. It is their policy to maintain unrestricted funds at a level which is sufficlent to meet all known and futtwe commiunents a5 they fall due. FUTURE PLANS new funds are generate(L the trust will continue w deliver its objective of keepthg a pernianent Museum in Enficld open and will continue to improve the fabric of the building. 'fhe tJust¢cs platjning to replace the roof and replace the lighting in the workshop. They also plan to improve the cafeteria and continue with the renovation of the railway carriage in the grounds of the mu5eLUJ] as a new exhibition space. The Trustees are also considering a refujbishmeni and new heating $tern for the basernern¢ and the feasibility of installing a lift between the 1st and 3rd floors. The ac9UlSltion of exhibits as and when they become available will also coniinue. The trust is in an excellent position to secure new exhibits because of its links to The Enfjeld & District Veteran Vehicle Sociery Lirnited. The tSt£eS are satisfied that there ar¢ ad¢quate resources in the TNSVS funds to fulfil the objeciives of the charity. Page I
ENTr'IELD & DISTRICT VETERAN VEHICLE TRUST REPORT OF THE TRUSTEES lor the Year Ended 31 JULY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution, objective5 and policies The trust 18 constituted by the Trust Deed datsd I l April 1978 as athended in Nnve.mbe.r ?.019. The r>bjecls of the trust are to prornote the petmaneni preservation of vehicleb of any typc being old and of historic interesi or scientific in)portance, and to educat¢ the public in the history of transport and the technical details, cngineering and perfomance of such vehicles. The rrusiees have referred to the guidance Contained in the Chariry Commission's general guidance on public benefit when reviewing their aims and objectives and inplanning future activities. Inparticular, the trusiees considerhow planned activities will Contribute io the aims and objectives they have set. It 15 the policy of the tnLStees to coniinue 10 pff)moie evenis thai both funh¢r Ili¥ obuvr vbjrits and iais¢ fut5 towards the ongoing project to establish a Museum of Transport in the London Borough of Enfield. The majority of the ttusi's work is Carried out by volUner9 working un(kr the direction of the trustees. The kn1SeS ¢aTry Out an annual review of the risks which the chariiy may face and have esiablished systems and pmctdure4 ta mitigate any riks identifled and minimise any pot¢ntial impact should any identified risks materialise. REFERENCE AND ADMIIYISTIi4TIVE DETAILS Registered Charity number 275684 Principal address Whitewebbs Museum of Trdllsport Whitewebbs Road Eiifield EN2 9HW Trustees Mr A I Wail Chaimian Mr K H Oswick Vice Chairnian Mr D J Crooks Treasurer Mr C E W Whippe Mr R A Haydock Mr T W Wordsworth Secretary Mr A H Clinion Mr H G Velleman Mr A J Watt r¢signed as Chaimian on I ith Mawh 2025. but remains a TNste¢. Mr K H Oswick becan)e Chaimian on that date. Independent Examitier Tara Aldwin ACA Foxley Kingham Chartered Accountants 260 - 270 Butterfield Grea¢ Marling Luion Bedfordshire LU2 8DL The tnLStees named above have .%erved throughout the year, unless stated othenvise. The trustees aPpoinents are governed by the Trusi Deed of the Charity. At present. the Tnisi ne.pd prnvide% Ih2t the tn]sieeq from time lo lime will be elecied committee members of The Enfield & Distri¢É Veterdn Vehicle Society Limited, an Indusirial & Provident Society. Page 2
ENFIELD & DISTRICT VETERAN VEHICLE TRUST REPORT OF THE TRUSTEES for the Year Ended 31 JULY 2024 Approved by order of the board of tntee5 on .. Sl8ned on its behalf by.. Mr K H Oswick- TNst¢e Page 3
Ir4DEPENDEIYT EXAMINLR'S REPORT TO THE TRUSTEES OF ENFIELD & DISTIiICT VETERAN VEHICLL 'I'KUS'1' IDdepelldent examiner's report to the trustees of Enfield & District Veteran Vehlcle Trust I report lo the charily Inistees on my examination of the flnancial statements of Enfield & District Veteran Vehicle Trust (the Trust) for the year ended 3 1 July 2024. Responsibilities basi8 of report AS the charity uwiees of the Tst you are responsible for the preparauon of the f]nancial statements in accordgnce with the requirejnents tsf the Charities Act 2011 I'the Act'}. I report in respect of my examination of the Trust's flnancial statements carried out under Se¢tion 145 of the Aci and in carying out my examination I have followed all applicable Direction5 given by the Charity Conunission under Section 145(5){bl of th¢ Act. Independent examiDer's statemellt I have completed tny examlnaiion. l ¢onfirni thai no maierial mailers have com¢ to my atten(IUIL in wnn¥LLiou widi tli¢ ¢xamination giving me cause to believe ihai Ln atty maierial respect.. accounting records were not kept in respe¢1 of the Trnst a5 required by Se¢tion 130 of the Act. or the finan¢ial statements do not accord with those records: or the f]nancial statements do not comply with the applicable requiremenis concerning the fomi aJJd cont¢nt of Rr.p.niints Set ()ut in the Clwities (Accounts and Reports) Re£ulation5 2008 other than any requirerneni that the rinancial stat¢ments give a ttue and fair view which is not a matter considered as part of an independent examinaiion. I have no concerns and have come across no other mairers in connection with the examination to which attention should b¢ drawn in this repon in order to enable a proper understhnding of the fjnancial sthtements to be reached. Tarn Aldwin ACA Foxley Kingham Chanered Accountants 260- 270 Butterfleld Great Marlings Luton Bedfordshire LU? 8DL Date.. Page 4
ENFIELD & DISTRICT VETERAN VEHICLE TRUST STATEMENT OF FINANCIAL ACTIVITIES for tbe Year Ended 31 JULY 2024 2024 Unrestricted hinds 2023 Toral Notes COME AND ENDOWMEIYTS FROM Donations and legacies 5,470 3,586 Clwitable activities Invesm)ent incom¢ 220,526 8,718 238,732 4,864 Total 234,714 247 182 EXPEf4DITURE ON Charitable activities Charithble activities 191,367 194.632 NET INCOME 43,347 52.550 REC0Tr4CRLIATION OF FUNDS Tot21 funds brought forward 1,498,597 1.446,047 TOTAL FUNDS CARRIED FORWARD 1,541,944 1498,597 The noies fomi part of these financial statements Page 5
ENFIELD & DISTRICT VETEIL4N VEHICLE TRUST BALANCE SHEET 31 JULY 2024 2024 Unrestricted fi)nds 2023 Total Notes FIXED ASSETS Tangible assets Herithge asseis 651.744 509 550 594.244 511.775 1.161,294 1.106.019 CURRENT ASSETS Stocks Debtors Cash at baajk and in hartd 10 5,879 2,447 3,595 10,079 384,370 384,772 398,044 CREDITORS Aynounts falling due within one year 12 (4,122} {5,466) NET CURRENT ASSETS 380.650 392 578 TOTAL ASSETS LESS CURRENT LIABILITIES 1.541,944 1,498.597 NET ASSETS 1.541,944 1,498,597 13 Unr¢qtricted fiinds". G¢n¥rdl IuDd L $41 944 1.498.597 TOTAL FUNDS 1,541,944 1.498.597 The financial staternenls were approved by thc Board of Trustees and authorised for issue on ... and were signed on its behalf by.. MrK H Oswick- rustee MrDJC ook$- Trustee The notes forni part ol these financial statements Page 6
ENFIELD & DISTRICT VETERAN VEHICLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 JUL Y 2024 ACCOUNTING POLICIES Basis of prcparing thc fitLtstseithl statem¢nt$ The financial siatements of the ¢h8rRiy. which is a public benefit entiiy under FRS102, have been prepared in accordance wsth the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommend¢d Practice applicable to charities preparing their a¢¢ounts in accordatlce with the Financial Repolling Standard applicable in the UK and Republic of Ireland IFRS 102) leffective l January 20191, and the Chariii¢s Aot 2011. The fmancial stsrements bave been prepared under the historical cost conv¢ntion. The presentation currency of the financial statements 15 in Pounds Swling (£1, which is the tiinctional cutrency of thc ¢h8rity. Intome All irL¢ome is recognised in the Statemeni of Fitwicial Activities once the charity has elltitlement io the funds. it is probable ihat the income will be received and the amount can be measured reliably. Expenditllre Costs of raising fwids tomprise the costs aSW.iSJte.A with attracting voluntary income: mainly in rtlatson to raising events. Charitable expendirnre comprises th0e costs incurred by the charity in the delivery of its activities and services for its benefLciarLes. It includes both co.%ts thai can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Govemance costs include those costs asswiated with Tneeting the consiiwiional and statuiory requir¢ments of th¥ chariry and include the accountancy fees and costs linked to the strdregic managernent of the charity. Goodwlli Goodwill is amortised evenly over its estimated useful life of 2 years. Tangible fixed as$els Depr¢ciation is pr(>vided at ihe following annu21 rates in order to write off each asset over its estimated usefvl life. Freehold property Plant and rnachinery Fixtures and fittings at varying rates on cosi 250/0 on cost 25 /• on cgst Heritage assets Heritage assets are stated ai iheir cosi to the charity and are not depreciaied on the basis thai they are d¢¢rned 10 hav¥ ind¥flliair lifr lu tsieiI oi)goLiig Lilaliiten1Cc and likclihtsod of appr¢ciatin8 in valuc. Stock5 Stocks are valued ai the lower of cost and nei realisable value, after making due allowance for obsolete and slow oving itetns. T8x¥tioll The charity is exempi from tax on lis charitable activities. Fund accounting Unrestricted funds can be used in accordance with the ¢tlble objectives at the discretaon of the trnsiee5. Restricted funds Can only be used for particular iestricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when fiujds arr raitsed for particular restricted purposes. Further explanation of the nature and puwse of each fund is included in the notes to tbe fmantial gtaiemellis Pag¢ 7 continued..
ENFIELD & DISTRICT VETERAN VEHICLE TRUST NOTES TO THE FINANCIAL STATEMENTS- colltillued for the Year Ended 31 JULY 2024 Accouf4TING POLICIES- colltiDued Hite puiih#se and leasiDg commitments RentaL% paid under operating leases are charged to the Statement of Financial A¢tivilies on a straight line basis over the penod of the lease. CHARITABLE ACTIVITIES 2024 2023 Pageant income Shop sales Auiojumble. bike shows et¢ Museum entrance fee Other income Café and bar inCOULe Vehicle sales 128.284 2,965 9,ti98 38.063 11.382 28.509 1.625 156.038 2,720 14.5 14 34.922 5.367 23.156 2.015 220.526 238.712 INVESTMENT INCOME 2024 2023 Lnv¢slm¢nt income CHAIUTABLE ACTIVITIES COSTS Cost$ directly alloeated to activities BA315 of al]oeation Actual Rai$illg funds Chayitablf
etivities
2024 2023 Sthfl'cosis Café and bJT PUTchases Generdl office costs Pagcani cos15 Moiur expenses Bank charge5 Legal and professional fees Hire of plant and machin Advertising 6.500 15.409 8.023 73,920 9.654 10,642 9,654 10,642 80,713 2,667 2.187 360 974 80.713 2.667 2,187 360 974 768 5,798 345 Gov9Cc G03ty'. Audit and aCLnt8ftcY 3,120 3.120 3,182 29,604 117,247 Support cost¥ allo¢*ted to aeti¥ltlts PmiseS Communication5 D¢pteLiaiion Usage 50,620 2.484 27.946 50,620 2,484 58.073 1.879 17.433 81.050 81.050 77.385 80,713 110,654 191367 194,632 Pag¢ 8 continued...
ENFIELD & DISTRICT VETERAF4 VEHICLE TRUST NOTES TO THE FINANCIAL STATEMENTS- tontinued for the Year EDded 31 JULY 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustc¢' [rur[lIV ur bellrfits foi die y¢at uidcd 31 July 2024 nor for thc ycar cndcd 31 luly 2023. Tru5tee8 expell$es Expenses incuTTed by trnstees on behalf of the Trust have been reimbursed in the years ended 3 1st July 2024 and 3 1st July 2023. In the year 10 31st July 2024, 6 trustees were reimbursed a total of £4,096 in expenses {2023 - 4 trustees, £3,458). STAFF COSTS 2024 2023 Wages and salaries Social security cosis Other pension ctssts 6,500 6,500 The average monthly numberof employees during the year was as follow5.. 2024 2023 Athninistration No employee5 received emoluments in excess of £60,000. INTANGIBLE FIXED ASSETS Good711 COST At l August 2023 and 31 July 2024 670 AMORTISATION At l August 2023 and 31 July 2024 670 F4ET BOOK VALUE At 31 July 2024 At 31 July 2023 Page 9 continued...
ENFIELD & DISTRICT VETEiW4 VEHICLE TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢ont5nued for the Year EDdtd 31 JULY 2024 TANGIBLE FIXED ASSETS Fixtures Fre¢hold property Plant and machinery fittings Totsls COST At l August 2023 Additions 620,607 85.446 57,873 112.572 791.052 85.446 At 31 July 2024 706.053 112572 876 498 DEPRECIATION At l August 2023 Charge for year 27,000 27,311 57.872 111,936 635 196,808 27,946 At 31 July 2024 54.311 57,872 112.571 224,734 NET BOOK VALUE At 31 July 2024 651742 651,744 At 31 July 2023 593,607 636 594.244 HERITAGE ASSETS Victorian Fire Station Museum Exhibits Tothls COST At l August 2023 Disposa]s 295.731 216.044 12,225) 511,775 (2.22)) 295.731 213,819 509.550 NET BOOK VALUE At 31 July 2024 295,731 511,775 At 31 July 2023 295.731 216.044 511,775 io. STOCKS 2024 2023 Stocks 5.879 3.595 Page 10 continued...
ENFIELD & DISTrICT VETERAN VEHICLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CODtiDued for the Ytar Ended 31 JULY 2024 ii. DEBTORS: AMOUNTS FALLING DUE WITHITrI ONE YEAR 2024 2023 Prepayrnents and accrued in¢om¢ 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 13. MOVEMENT IN FUNDS Net movenlellt in funds At 3 1.7.24 Ai 1.8.23 Ullrestriettd lunds Generdl fvnd 1,498,597 43.347 1,541,944 TOTAL FULYDS 1.498,597 43.347 1,541944 Net movem¢nt in funds, included in the above are &$ follows= Incoming resources ResoUe5 expended Movement in funds Unrestrleted funds General fund 234,714 1191.367) 43,347 TOTAL FUNDS 234,714 191.367} 43.347 Comparatives for tnovement in funds Net movement in funds At 31.7.23 At 1.8.22 Unrestrfieted fuDds General fLd 1.446,047 52,550 1.498,597 TOTAL FUNDS 1,446,047 52,550 1.498.597 Page 11 coniinued...
ENFIELD & DISTRICT VETERAN VEHICLE TRUST NOTES TO THE FINANCIAL STATEMENTS- eontlnued for the Year Ended 31 JULY 2024 13. MOVEMENT IN FUNDS - Continued Comparativc nct rnovcrncnt in fLmds, included in the above tsre as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 247,182 1194.632) 52,550 TOTAL FUNDS 247.182 194,632) A current yeat 12 months and prior year 12 months combined position is as (ollowg.. Net movcmcnt At 31.7.24 At 1.8.22 in funds Unrestricted funds General futjd 1.446,047 95,897 .541.944 TOTAL FUNDS 1446,047 95,897 ,541,944 A current year 12 months and prior year 12 months ¢ombin¢d net movement in funds. includ¢d in the above are as follows-. Incomjng resources Resour¢¢s expended Movement in ndS Unrestricted fuud$ Generdl fund 481,896 1385,999) 95.897 TOTAL FUNDS 481896 385,999) 95.897 14. RELATED PARTY DISCLOSURES There were no related party t]Sa¢ll0S for the year ended 31 July 2024. Page 12