ENFIELD ISLAND VILLAGE TRUST

Registered Charity and Company Limited by Guarantee

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2014

Charity number: 1131604 Company number: 3415138 (England and Wales)

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ENFIELD ISLAND VILLAGE TRUST

FOR THE YEAR ENDED 31 MARCH 2014

Registered Charity Number : 1131604

Registered Company Number: 3415138 Principal address: 40-42 Island Centre Way Enfield EN3 6GS Directors and Trustees: Ms Carmen Wallace – Retired 17/04/2014 Ms Iveta Nemcova – Resigned 09/06/2014 Mr Vladimir Ioannou - Treasurer Mr Daniel Campos Mr Abhay Shah– Chairperson – Resigned 20/06/2014 Mr Trevor Gibson Mr Luke John Harding – Resigned 14/04/2014 Mr Demetris Cosma Mr D Varsani – Chair Mr N Nicolaou – Appointed 01/10/2014 Ms A Kyriacou – Appointed 09/12/2014 Company Secretary VI Corporate Limited Governing document: The charity is operated under the rules of its Memorandum and Articles of Association. Bankers: Royal Bank of Scotland, HSBC and Close Brothers Independent Examiner and Accountant: TACTS ACCOUNTANT Chartered Certified Accountant 81 Rayleigh Road Palmers Green London, N13 5QW

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ENFIELD ISLAND VILLAGE TRUST FINANCIAL ACCOUNTS FOR YEAR ENDED 31ST MARCH 2014

CONTENTS

Pages

4-7. Directors and Trustees Report

8. Independent Examiners Report

9. Statement of Financial Activities

10. Income and Expenditure

11. Balance Sheet

12-16. Notes to account

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ENFIELD ISLAND VILLAGE TRUST

TRUSTEES’ REPORTFOR THE YEAR ENDED 31 MARCH 2014

The trustees present their report and accounts for the year ended 31 March 2014.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011, as amended by the Charities Act 2006, the charity’s governing document, the Companies Act 2006 and the Statement of Recommended Practice, “Accounting and Reporting by Charities”, issued in March 2005.

The trustees, who are also the directors for the purposes of company law, who served during the year and up to the date of this reports were: Ms Carmen Wallace – Retired 17/04/2014 Ms Iveta Nemcova – Resigned 09/06/2014 Mr Vladimir Ioannou - Treasurer Mr Daniel Campos Mr Abhay Shah – Chairperson – Resigned 20/06/2014 Mr Trevor Gibson Mr Luke John Harding – Resigned 14/04/2014 Mr Demetris Cosma Mr D Varsani – Chair Mr N Nicolaou – Appointed 01/10/2014 Ms A Kyriacou – Appointed 09/12/2014 The company is limited by guarantee. All of the trustees are members of the company and guarantee to contribute £1 in the event of winding up. Structure, governance and management Governing document The company registered with the Charities Commission on 14th September 2009. The governing document of the charity is the Memorandum and Articles of Association dated 11th December 2010. Organisational structure The trustees are responsible for the general control and management of the charity. The trustees give up time freely and receive no remuneration or other financial benefits. The trustees meet quarterly and at other times when considered necessary and are responsible for all business and financial decisions in relation to the running of the charity.

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ENFIELD ISLAND VILLAGE TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2014

Recruitment and appointment of trustees In selecting new trustees, we seek to identify people who regularly attend events and functions organised by the charity and are willing to volunteer to help with our broader community work. Potential trustees are invited to attend trustees’ meetings as observers and are given more details of the charity’s aims and activities and, if all agree, they are then proposed as new trustees at the subsequent trustees’ meeting. This process allows due consideration of the person’s eligibility, personal competence, specialist knowledge and skills. Appropriate Criminal Records bureau (CRB) checks are made for all trustees. Objectives and activities Our aims The objectives of the charity are set out in the charity’s Memorandum and Articles of Association and are summarised as follows:

- To improve the quality of life for residents, visitors and homeowners on Enfield Island Village (“the Estate”), in the London Borough of Enfield.

- To keep and maintain the Estate’s infrastructure. This includes river banks, canal basin, walkways, the river wall, the landscaped ecological areas and public open space, the estate sewers, primate pumping station, headwall and drains, the play areas, the private lighting on the estate and any other areas owned by the charity.

- To promote facilities and public amenities that benefit different groups of people in the community. For example we own and run the community centre where various groups host classes and activities to bring people together.

- Focus on public safety and protection of people and property from crime. - To promote conservation protection and improvement of the physical and natural

environment. - To advance any other charitable purposes as the trustees determine from time to time.

Our objectives Our objectives are set to improve the Estate’s quality of life and reflect our community aims. Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission’s general guidance on public benefit. Activities and achievements The charity carries out a number of activities in pursuance of its charitable aims. The trustees consider that these activities provide benefit to homeowners, residents and visitors on the Estate and the local community. Infrastructure We own and look after local land, canal and parkland, footpaths and cycle ways so they can be used for leisure and recreation by everyone on the Island. With the passage of time, and cognisant of the prevailing economic austerity measures/conditions, the Trust remains mindful of the need to make provision for adequate funding to meet short, medium and long term maintenance requirements of the Island and its infrastructure. Public safety and protection from crime We work closely with organisations such as the police, council water and parks authorities to fight for the interests of the Estate and we sponsor crime reduction initiatives.

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ENFIELD ISLAND VILLAGE TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2014

Community activities Our community centre provides educational and recreational resources to all in our local community. During the reporting periods the Trust procured, through local government grants, funding of a Community Development Worker and Assistant to promote communal activities, primarily for Island residents but also in partnership with people and officials from the local area and government organisation. A wide variety of activities are organised and take place from our community centre. In the period the community centre has been hired out on a number of occasions to benefit the local community. We were funded by London Borough of Enfield and other institution in delivering information, advice, healthy living and supporting people in the area. Financial review Although the Trust took over the management of the estate in September 2013, the cost commitments inherited from the last management were to December 2013. In reviewing the performance for this year it has to be taken into account that the Trust had contractual commitments and could only apply changes as from January 2014. The real benefits when looking at management costs comparatively will be reflected in next year's accounts. Principal funding sources The Estate’s rent service charge is charity’s main source of income. The Estate rent service charge for the year was £238,394 (2013:£328,956).Restricted fund received relates to information, advice, supporting people and healthy living project for the area. Investment policy and objectives Our cash reserves are held in money market and deposit accounts. Non cash reserves are invested in property. The level of the charity’s reserves is constantly kept under review by the trustees. The trusts' policy is to retain sufficient levels of funds to meet any long-term costs in relation to maintaining the Estate’s infrastructure. The charity’s general reserves stand at £ 768,975 Because of the current low bank deposit rates, and relatively higher inflation, our reserves would be reducing in real value, therefore the trustees decided to retain the two leasehold properties, currently yielding over 8% return per annum, which is being utilised in the current rent charge reduction programme. The two properties were originally purchased by trustees using their powers under the Trustee Act 2000 to diversify investment to include low risk rental property. These properties were purchased in October 2011. Plans for the future The trustees will review the trust's budget with the aim of providing value for money services and ensure that the trust's money is used efficiently for the benefit of the local community. Contingent Liability The previous managing agent has commenced County Court Proceedings against the Trust for breach of contract claiming three years maintenance fees based on an onerous punitive clause. The current Board of Trustees, after taking counsel opinion, believe that this action has no basis for success. On this basis, the Trust has not provided any amount for contingent liability of the sum claimed of £212,000.

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ENFIELD ISLAND VILLAGE TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

Statement of Trustees’ and Directors’ responsibilitiesCharity trustees are the people who serve on the governing body of a charity. They may be known as trustees, directors, board members, governors or committee members. The principles and main duties are the same in all cases. Trustees have, and must accept, ultimate responsibility for directing the affairs of a charity, and ensuring that it is solvent, well-run, and meeting the needs for which it has been set up. The Companies Act 2006 requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company

The charity trustees are responsible for preparing an annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements each year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:

- Select suitable accounting policies and 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 ongoing concern basis unless it is inappropriate

to assume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees for the purpose of charity law who served during the year and up to the date of theirreport are set out on page 3.

Small Company Provisions

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime

Approved by the trustees and signed on their behalf by:

…………………………………..

Mr D Varsani (Chairperson) Date: 20/12/2014

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Independent examiner’s report to the trustees of Enfield Island Village Trust

I report on the accounts of the company for the year ended 31st March 2014, which are set out on pages 9 to 16.

Respec�ve responsibili�es of trustees and examinerThe trustees (who are also the directors of the company for the purposes of company law) are responsible for the prepara�on of the accounts. The trustees consider that an audit is not required for this year under sec�on 144(2) of the Chari�es Act 2011 (the 2011 Act) and that an independent examina�on is needed. The charity is required by company law to prepare accrued accounts and I am qualified to undertake the examina�on by being a qualified member of the Associa�on of Chartered Cer�fied Accountant.Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

• examine the accounts under section 145 of the 2011 Act);

• to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• to state whether particular matters have come to my attention.

Basis of independent examiner's reportMy examina�on was carried out in accordance with the general Direc�ons given by the Charity Commission. An examina�on includes a review of the accoun�ng records kept by the charity and a comparison of the accounts presented with those records. It also includes considera�on of any unusual items or disclosures in the accounts, and seeking explana�ons from you as trustees concerning any such ma�ers. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those ma�ers set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements

• to keep accounting records in accordance with section 386 of the Companies Act 2006 and section 44(1)(a) of the 2005 Act; and

• to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006, section 44(1)(b) of the 2005 Act and Regulation 8 of the 2006 Accounts Regulations; and

• which are consistent with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charitieshave not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

TACTS ACCOUNTANT, 81 Rayleigh Road, London, N13 5QW Date: 20/12/2014

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Enfield Island Village Trust Statement of Financial Activities for the year ended 31st March 2014

Note Unrestricted

Restricted

Total

Total

Funds

Funds

Funds

Funds

Incoming Resources

2014

2013 Income resources from charitable activities

Information and advice grant (9)

9,444

9,444

6,780 Supporting People and Healthy Living

46,274

46,274

39,025

Activities for generating funds Community Centre hire & other contribution 8,794

8,794

11,226

Investment income Bank Interest

958

958

4,203

Other Income Rent Service Charges

238,394

238,394

328,256 Property income

18,877

18,877

19,591

Total Incomings Resources

313,297

9,444

322,741

409,081

Resources Expended Charitable Expenditure Information and Advice

10,404

10,404

5,820 Supporting people and Healthy Living

15,625

15,625

44,237

Management and Administration (16) 341,987

341,987

353,994

Total Resources Expended

357,612

10,404

368,016

404,050

Net incomings /outgoings resources

(44,315)

(960)

(45,275)

5,031

Balance brought forward

813,290

5,962

819,252

802,328 Provision written back

11,893

Balances carried forward

768,975

5,002

773,977

819,252

There were no recognised gains or losses for the above period other than those shown in

the statement of financial activities for the above financial year. All incoming resources

and resources expended are derived from continuing activities.

The notes attached form part of these financial statements.

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Enfield Island Village Trust Income and Expenditure Account For the year ended 31 March 2014

2014 2013

£ £

Income 321,783 404,878

Direct Charitable Expenses 26,029 50,057

295,754 354,822

Management and Administrative expenses 341,987 353,994

Operating Surpluses/ ( deficit) (46,233) 828

Interest receivable 958 4,203

Surplus/ (deficit) on Ordinary Activities before taxation (45,275) 5,031

Tax on ordinary activities - -

Surplus/ (Deficit) on ordinary activities after taxation (45,275) 5,031

all activities relate to continuing activities

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Enfield Island Village TrustBalance Sheet as at 31st march 2014

Notes 2014 2013£ £

Fixed AssetsTangible Fixed assets 15 310,258 303,924

310,258 303,924Current assetsDebtors 10 84,640 161,843Cash in hand and at bank 14 427,091 427,607

511,731 589,450Current liabilitiesTrade creditors 26,085 33,233Other liabilities and accruals 11 21,928 40,890

48,013 74,123Net current assets 463,718 515,327

Net assets 773,977 819,252

Capital and reservesGeneral/ Unrestricted Fund 768,975 813,290Restricted Fund 9 5,002 5,962Total funds 773,977 819,252

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements

The accounts were approved by the Directors on 20/12/2014 and signed on their behalf by:-

Mr D Varsani (Chairperson)

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ENFIELD ISLAND VILLAGE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2014 1. Accounting basis. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2008).

The statements have also been prepared in accordance with the Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities SORP 2005 issued in March 2005

2. Cash Flow Statement The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.

3. Income Income is recognised in the period to which it relates, unless specified otherwise by the funder. Project funding is, in general, repayable if not expended within the relevant project. Such income is only recognised to the extent that it ceases to be repayable. The income is accounted for on a receivable basis.

4. Resource Expended Resources expended are included in the Statement of Financial Activities inclusive of VAT which cannot be recovered. Direct charitable expenditure include includes the direct costs of the activities. Where such costs relate to more than one functional cost category, they have been apportioned in line with the direct costs of the relevant service.

5. Taxation Enfield Island Village Trust is a registered charity and is not liable for corporation tax on its income under section 505 of the Income and Corporation Taxes Act 1988 to the extent that it is applied to its charitable activities.

6. Tangible fixed assets Fixed assets are stated at cost less accumulated depreciation.

Depreciation is provided to write off the cost, of all fixed assets over their expected useful life as follows:-

Fixtures and Fittings - 12.5% straight line

Investment properties are included in the balance sheet at their open market value.

7. Staff Costs The total Salary Costs for the year was £19,907 including Tax and National Insurance Contributions. One staff was employed during this financial year. None of the employees received emoluments in excess of £60,000 in the year or the previous year.

One trustee was remunerated and paid £12,000 for his professional services.

8. Status

Enfield Island Village Trust is a registered charity and registered company limited by guarantee.

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ENFIELD ISLAND VILLAGE TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2014

9. Restricted Fund

Analysis of Restricted Funds Capacity Building All Stars

Money Management

Think Fit DWP Total

Balance as at 1 Apr 2013 960 271 864 136 3,730 5,962

Income during the year 9,444 0 0 0 0 9,444

Expenditure during the year 10,404 0 0 0 0 10,404

Balance as at 31 Mar 2014 0 271 864 136 3,730 5,002

The purposes of the restricted fund were to provide information and advice session. And to improve employability in the area.

The purpose were also to raise awareness of healthy living through the provision of sports

and keep fit exercise programme.

Funding received during this financial were from Local Authority as part of Resident Priority Fund and Capacity Building fund

10. Debtors

2014 2013

Net Balances owed by residents 76,423 133,041

Opening Balance Tampering

12,077 Prepayments 4,617 14,825 Filey Control Account - 7 Webley Court 2,650 950 Filey Control Account-16 Greener Court 950 950

8,217 28,802

Total Debtors 84,640 161,843

45 of the 1,315 owners are indebted to the Trust for arrears of rent charge and legal recovery fees in excess of £130,000. The previous Managing Agent has secured charges for all outstanding amount on individual properties. This averages £2,800 per owner, equivalent to 12 years of non-payment of rent charges each. As the Trust is a non-profit organisation it is now taking definitive steps to recover these funds.

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ENFIELD ISLAND VILLAGE TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2014

11. Other liabilities and accruals

2014 2013

Accruals 8,640 7,770 Debt Collection Charges 8,072

PAYE and NI (201) 1,797

PAYE and NI - Suspense Historic Balance (44) -

44 Secretarial Services - 20 Rent Deposits Guarantee Scheme 1,950 1,950 Sundry 2,218 25,727 Wages Control Account 1,293

Surplus to be distributed from 2011/2012 uncleared - 11,893

21,928 52,783

12. Movement in Reserves

Movement in Reserves Unrestricted Restricted Total

Reserves brought forward 813,290 5,962 819,252

Net (deficit)/surplus for the year ( 44,315) (960) (45,275)

Reserves carried forward 768,975 5,002 773,977

13. TRADE CREDITORS 2014 2013

Trade creditors 26,085 33,233

26,085 33,233

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ENFIELD ISLAND VILLAGE TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2014

14. Cash in hand and at bank 2014 2013 Close Brothers 53,469 52,678 Amber Management Property Account Bank of Scotland - 24,330 Amber Management Property Account HSBC - 1,900 Amber Management Community Centre Bank of Scotland - 14,027 Amber Management Community Centre HSBC - 107 Amber Reserve Fund - 333,728 Ambers Rent Charge Account - 837 EIVT Current Account 11,228

EIVT Sundries Account 837 EIVT RESERVE Deposit Account 300,828 PROPERTIES Account 43,112 Com Centre Current Account 7,705 Barclays Bank Deposit Account 10,000 Petty cash (88)

427,091 427,607

15. FIXED ASSET Investment Properties Vehicles

Fixtures, fittings & equipment Total

3 years SL Policy: 12.5% SL

COST Balance b/f as at 1 Apr 2013 294,645

11,455 306,100

Additions

4,575 5,390 9,965 Disposals

Balance c/f as at 31 Mar 2014 294,645 4,575 16,845 316,065 DEPRECIATION

Balance b/f as at 1 Apr 2013 -

2,176 2,175.88 Charge for the year

1,525 2,021 3,546.36

Charge on disposal Balance c/f as at 31 Mar

2014 - 1,525 4,197 5,722.24 Net Book Value

As at 31 Mar 2014 294,645 3,050 12,647 310,342 As at 31 Mar 2013 294,645

12,647 307,292

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NOTES TO THE ACCOUNTS (Continued) Year Ending 31st March 2014 16. Management and Administration

2013/2014

2012/2013

Management and administration cost Accountancy fees

3,112

2,000 Bank charges

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114

Canal arm & basin pump maintenance

42,942

63,254 Clay Cap Inspection

4,304

4,183

Cleaning

1,867

3,743 Community Centre- Service charge

5,787

5,787

Consultancy fees

5,000 Depreciation

3,631

1,432

Deferred Rent Charge

277 Drain Pump Repairs

9,222

28,694

Utilities

24,467

15,092 Employers N l Contributions

1,645

Entertaining trustees

101 Information and publications

503

Insurance - Combined liability

6,270

9,263 Insurance Barge

239

239

Insurance Directors Indemnity

829

1,763 Landscaping

56,563

72,291

Late payment charge

840 Legal and professional

26,238

25,324

Licences

2,242 Litter Clearance

17,730

21,099

Management fees

63,335

64,613 Motor expenses

1,986

Office expense and Administration

4,951 Postage

1,151

1,960

Rent Office and Rates

7,191

7,266 Repairs and maintenance

29,279

24,560

Software

493 Subscriptions

161

Sundry

167 Travel and subsistence

5

187

Wages and salaries

19,907 Web design, hosting, domain, maintenance 657

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341,987 353,993

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