Charity Registration Number: 1015430 Company registration number: 02701429 (England and Wales)
**THE CHICKEN SHED PROPERTY COMPANY**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **The Chicken Shed Property Company**
## **Contents**
||**Page**|
|---|---|
|**Reference and Administrative Details**|**1**|
|**Director’s Report**|**2 - 4**|
|**Independent Auditors Report**|**5 - 8**|
|**Financial Statements**|**9 - 10**|
|**Notes to the Financial Statements**|**11 - 15**|
1
## **The Chicken Shed Property Company**
## **Trustees and Directors**
David Silverman - Chair Matthew Rose Roger Shane Thomas Redman James Briggs Richard Poole
## **Company Secretary and Registered Office**
Daniel Beacock Chicken Shed Theatre 290 Chase Side, Southgate, London, N14 4PE
## **Registered Charity**
No. 1015430
## **Registered Company Number**
02701429 (England and Wales)
## **Auditors**
Alliotts LLP Chartered Accountants Imperial House, 8 Kean St, Holborn, London WC2B 4AS
2
## **The Chicken Shed Property Company**
## **Report of the Directors For the year ended 31st March 2021**
## **Structure, Governance and Management**
The Chicken Shed Property Company is a registered charity and a company incorporated by guarantee with no share capital, excepted under Section 5 of the Companies Act 2006 from the requirement to use "Limited" as part of its name.
The Board of Directors has full legal responsibility for the corporate governance of the Chicken Shed Property Company. Directors/Trustees are required to act in accordance with the company’s Memorandum and Articles of Association and as required by Statute.
Directors are appointed on the basis of specific skills and knowledge to enable them to make a contribution to the management of the company. In order to understand their role and current issues facing the organisation, each new Director is provided with specific tailored information, including; copies of Governing Documents, Board Minutes, Annual Accounts and the Charity Commission’s booklet _“The Essential Trustee: What you need to know”_ . Opportunities are provided for new Directors to engage with the Chairman and Managing Director, as well as meeting with staff working within their own area of specialism.
In accordance with the Articles of Association James Briggs and Richard Poole will retire at the forthcoming Annual General Meeting and, being eligible, seek re-election.
Management of the charity is the responsibility of the directors, though they are assisted in this by the management of Chickenshed Theatre Trust. Matthew Rose is also a director of The Chicken Shed Theatre Trust.
## **Directors and trustees**
The directors and trustees who held office during the year and up to the date of signature of the financial statements were as follows:
David Silverman Matthew Rose Roger Shane Thomas Redman James Briggs Richard Poole
## **Objects and Activities of the Charitable Company**
The objects of the company are the advancement of education in the fields of the arts, principally for the benefit of young persons including those who may require help with mobility, communication, behaviour or self-help skills or with social development with a view to educating them in such fields, integrating them into the community and assisting them in their development as full members of society.
The company was originally formed to build the theatre workshop and accompanying premises for the charitable purposes of the Chicken Shed Theatre Trust and it continues to work closely with this charity.
## **Achievements and performance**
As stated above the company is a registered charity established to provide the theatre workshop and accompanying premises for the charitable purposes of The Chicken Shed Theatre Trust.
The company has continued to rent the theatre property to The Chicken Shed Theatre Trust under a long term lease, ensuring that this property continues to meet the needs of The Chicken Shed Theatre Trust.
3
## **The Chicken Shed Property Company**
## **Report of the Directors**
**For the year ended 31st March 2021 (Continued)**
## **Statement of Public Benefit**
The Directors confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the charity.
## **Format of Accounts**
The accounts attached on pages 9 to 15 have been drawn up in compliance with the 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).
## **Financial Results and Commentary**
The company reported a deficit for the year of £22,248 (2020: £23,817) after charging depreciation of £27,790 (2020: £44,516) on the company's leasehold premises and fixtures, fittings and equipment. At the year end it had net assets of £950,326 and free reserves (reserves less fixed assets) of £308,253.
## **Reserves Policy**
The Board has decided that the company should hold at all times a minimum of £150,000 to ensure it has adequate resources to meet any contingent liabilities that may arise with respect to its property assets.
## **Risk Assessment**
The Trustees, having carried out a review of the major risks to which the charity is exposed, are satisfied that the systems currently established to mitigate the major risks identified are appropriate for the size of the charity.
4
## **The Chicken Shed Property Company**
## **Report of the Directors For the year ended 31st March 2021 (Continued)**
## **Directors’ Responsibilities Statement**
The Directors are responsible for preparing the Directors’ Annual Report and the financial statements in accordance with applicable law and regulations.
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and of the profit or loss of the company for that period.
In preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Directors are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors have chosen to take advantage of the small companies exemption from the requirement to prepare a strategic report.
## **Disclosure of Information to Auditors**
In so far as the Directors are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **Small Companies Exemption**
This report has been prepared in accordance with the special provisions of section 415A of the Companies Act 2006 relating to small companies.
By Order of the Board
## Matthew S Rose
Matthew S Rose (Jan 21, 2022 17:40 GMT)
Matthew Rose Director
Date: 21/01/2022
5
## **The Chicken Shed Property Company**
## **Independent Auditor’s Report to the Members of The Chicken Shed Property Company**
We have audited the financial statements of The Chicken Shed Property Company (the ‘charitable company’) for the year ended 31 March 2021 which comprise Statement of Financial Activities, Balance Sheet, 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, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006.
## **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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 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 audit 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 Company’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 auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
6
## **The Chicken Shed Property Company**
## **Independent Auditor’s Report to the Members of The Chicken Shed Property Company (continued)**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors’ Annual Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities Statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
7
## **The Chicken Shed Property Company**
## **Independent Auditor’s Report to the Members of The Chicken Shed Property Company (continued)**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and regulatory correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
8
## **The Chicken Shed Property Company**
**Independent Auditor’s Report to the Members of The Chicken Shed Property Company (continued)**
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Mantel Christopher Mantel (Jan 21, 2022 17:42 GMT)
Christopher Mantel (senior statutory auditor)
For and on behalf of **Alliotts LLP** (Statutory Auditor) London, UK
> Date: 21/01/2022
Alliotts LLP is a limited liability partnership registered in England and Wales (with registered number OC430772).
9
## **The Chicken Shed Property Company**
## **Statement of Financial Activities For the year ended 31st March 2021**
|**Income and endowments**
**from:**
**Other trading activities**
Rent receivable
**Investment income**
Intercompany loan interest
Bank interest receivable
**Income in kind**
**Total Income**
**Expenditure on:**
**Charitable activities**
Audit and accountancy fees
Legal fees
Depreciation
Rent
Sundry expenses
**Total**
**Net Income/(Expenditure)**
Reconciliation of funds:
Fund balances brought
forward at 1stApril 2020
Fund balances carried
forward at 31st March 2021|Note
4
5|Unrestricted
Fund
(Note 2(e))
13,000
2,000
145
-
15,145
3,500
-
27,790
4,500
1,603
37,393
(22,248)
972,574
950,326|Restricted
Fund
(Note 2 (e))
-
-
46,067
46,067
-
46,067
-
-
-
46,067
-
-
-|Total
Funds
2021
13,000
2,000
145
46,067
61,212
3,500
46,067
27,790
4,500
1,603
83,460
(22,248)
972,574
950,326|Total
Funds
2020
28,000
2,000
610
-|
|---|---|---|---|---|---|
||||||30,610|
||||||3,785
-
44,516
6,000
126|
||||||54,427|
||||||(23,817)
996,391|
||||||972,574|
All sources of income are from continuing operations.
10
## **The Chicken Shed Property Company**
## **Balance Sheet as at 31st March 2021**
|**Tangible Fixed Assets**
**Current Assets**
Debtors due within one year
Debtors due in more than one
year
Cash at bank and in hand
**Liabilities**
Creditors, amounts falling
due within one year
**Net Current Assets**
**Net Assets**
**Funds**
Restricted
Unrestricted|Note
8
9
9
10
11
11|2021|
£
642,073
308,253
950,326
-
950,326
950,326|2020||
|---|---|---|---|---|---|
|||£
105,907
-
237,932
343,839
(35,586)||£
2,000
100,000
221,967
323,967
(21,256)|£
669,863
302,711|
|||||||
||||||972,574|
||||||-
972,574|
||||||972,574|
These financial statements have been drawn up in accordance with Charities SORP applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and were approved and authorised by the Board on ……………… 21/01/2022 and signed on their behalf by:
## Matthew S Rose
Matthew S Rose (Jan 21, 2022 17:40 GMT)
MATTHEW ROSE
Director
Company registration number: 02701429
11
## **The Chicken Shed Property Company**
## **Notes to the Financial Statements For the year ended 31st March 2021**
## 1. **Background**
The Chicken Shed Property Company is a registered charity and a company incorporated by guarantee with no share capital, exempted under Section 5 of the Companies Act 2006 from the requirement to use "Limited" as part of its name. It is incorporated in England and Wales under registration number 02701429 and its registered office is Chicken Shed Theatre, Chase Side, Southgate, London N14 4PE.
## 2. **Principal Accounting Policies**
- (a) Basis of accounting
The financial statements are prepared in accordance with 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) and the Companies Act 2006.
The Chicken Shed Property Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or estimated fair value in respect of gifted assets. The financial statements are prepared in sterling which is the functional currency.
## (b) Going concern
In preparing the financial statements the directors have considered whether there are any material uncertainties related to conditions or events that may cast significant doubt as to whether the charity is a going concern and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties.
- (c) Tangible fixed assets
Fixed assets are stated at cost, or at estimated value in the case of assets donated. Depreciation is calculated to write off the cost or valuation of fixed assets on a straight line basis over their expected useful lives at the following rates per annum:
Long leasehold land - unexpired term of lease Long leasehold property - 2 percent Fixture, fittings and equipment - 10 - 20 percent
## (d) Income
Donations are accounted for on a receipts basis. Other income is recorded on a receivable basis. All income is stated net of VAT.
## (e) Funds
## (i) Unrestricted
This fund consists of amounts received for which there are no restrictions as to its use.
## (ii) Restricted
This fund includes income in kind given for specific uses by the company.
12
## **The Chicken Shed Property Company**
## **Notes to the Financial Statements For the year ended 31st March 2021**
## (f) Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## 3. **Employees**
There are no employees in the current or preceding year and therefore no staff costs.
13
## **The Chicken Shed Property Company**
## **Notes to the Financial Statements For the year ended 31st March 2021 (Continued)**
## 4. **Income in kind**
Income in kind consists of legal advice provided by law firm Mischon de Reya LLP in relation to lease negotiations for the leasehold property in Southgate, the total value of which was fully reflected within the total resources expended during the year.
## 5. **Total Resources Expended**
|Total resources expended are stated after charging:
Legal Fees
Auditors' remuneration|2021
2020
£
£
46,067
-
3,500
3,785|
|---|---|
## 6. **Remuneration of Directors and key management personnel**
The charity considers the key management personnel to be all of the directors.
None of the directors received any remuneration in respect of services provided, or reimbursement of expenses incurred on behalf of the company.
## 7. **Taxation**
The company is not subject to taxation on its charitable activities.
## 8. **Tangible Fixed Assets**
|Cost or valuation
At 1st April 2020
Addition during the year
At 31st March 2021
Depreciation
At 1st April 2020
Charge for the year
At 31st March 2021
Net book value
At 31st March 2021
At 31st March 2020|Long
Leasehold
Land
£
100,000
-
100,000
100,000
-
100,000
-
-|Long
Leasehold
Property
£
1,335,536
-
1,335,536
666,752
26,711
693,463
642,073
668,784||Fixtures,
Fittings
and
Equipment
£
434,089
-
434,089
433,010
1,079
434,089
-
1,079|Total
£
1,869,625
-|
|---|---|---|---|---|---|
||||||1,869,625|
||||||1,199,762
27,790|
||||||1,227,552|
||||||642,073|
||||||669,863|
The long leasehold property consists of the Chicken Shed Theatre in Southgate, which in total cost £4,794,696 to build. The property was built in two stages with the initial stage paid for and owned by this charity.
All fixed assets held are for direct charitable purposes.
14
## **The Chicken Shed Property Company**
## **Notes to the Financial Statements For the year ended 31st March 2021 (Continued)**
## 9. **Debtors**
|**Debtors**|||
|---|---|---|
|Owed by related undertakings
Other debtors|2021
£
104,000
1,907
105,907|2020
£
102,000|
|||102,000|
Included in the above balance is £100,000 (2020: £100,000) which is due for repayment by 31[st] March 2022 in line with the terms of the loan agreement between the two entities.
## 10. **Creditors**
|**Creditors**|||
|---|---|---|
|Accruals and deferred income
Other creditors|2021
£
5,175
30,411
35,586|2020
£
3,675
17,581|
|||21,256|
## 11. **Analysis of Net Assets between Funds**
|Fixed assets
Net current assets
As at 31 March 2021
Fixed assets
Net current assets
As at 31 March 2020|Restricted
Funds
£
-
-
-
Restricted
Funds
£
-
-
-|Unrestricted
Funds
£
642,073
308,253
950,326
Unrestricted
Funds
£
669,863
302,711
972,574|Total
£
642,073
308,253|
|---|---|---|---|
||||950,326|
||||Total
£
669,863
302,711|
||||972,574|
The restricted fund represents land gifted by the London Borough of Enfield under a 100-year lease. The terms of the gift specify that the land had to be used for the building of the Theatre.
## 12. **Related Party Transaction**
Chicken Shed Theatre Trust operates from the property owned by the company. An annual rent of £13,000 (2020: £28,000) was receivable during the year. Debtors include a loan to the Chicken Shed Theatre Trust of £100,000 on which interest at the rate of 2% per annum is payable. The final date for repayment of this loan is 31[st] March 2022. At the year end The Chicken Shed Property Company owed the Chicken Shed Theatre Trust £30,411, (2020: £12,867).
15
## **The Chicken Shed Property Company**
## **Notes to the Financial Statements For the year ended 31st March 2021 (Continued)**
## 13. **Lease and capital Commitments**
Total lease commitments in respect of operating lease rentals which expire:
|Less than 1 year
£
Within 2-5 years
£
After 5 years
£||Land and Buildings
2021
2020
6,000
£
6,000
24,000
£
24,000
66,000
£
72,000
|
|---|---|---|
Alliotts LLP Imperial House 8 Kean Street London WC2B 4AS
Date: January 2022
Dear Sirs,
## **Audit of financial statements - Year ended 31 March 2021**
During the course of your audit of our financial statements for the year ended 31 March 2021 the following representations were made to you by the charitable company’s management and/or trustees.
- 1 We have fulfilled our responsibilities as directors under the Companies Act 2006 and “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) and for making accurate representations to you as auditor.
- 2 In our opinion the financial statements give a true and fair view and, in particular, where any additional information must be disclosed in order to give a true and fair view, that information has in fact been disclosed.
- 3 All accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and all the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and trustees’ meetings, have been made available to you. We have given you unrestricted access to persons within the company in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.
- 4 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
- 5 There are no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.
- 6 The charitable company has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.
- 7 All known actual or possible litigation and claims, the effects of which should be considered when preparing the financial statements, have been disclosed to the auditor and accounted for and disclosed in accordance with the applicable financial reporting framework referred to in paragraph 1 above.
Registered Charity Number 1015430 Registered Company Number 02701429 The Chicken Shed Property Company, 290 Chase Side, Southgate, London N14 4PE
- 8 There have been no events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
- 9 We are aware that a related party of the charitable company is a person or entity which either directly or indirectly controls, has joint control of, or significantly influences the charitable company or vice versa and as a result will include: trustees, other key management personnel, close family and other business interests of those individuals. The related party relationships and transactions in Appendix 1 to this letter are a complete list of such relationships and transactions and we are not aware of any further related parties or transactions.
- 10 All related party relationships and transactions have been accounted for and disclosed in accordance with the applicable financial reporting framework referred to in paragraph 1 above.
- 11 The charitable company has had at no time during the accounting period any arrangement, transaction or agreement to provide credit facilities (including advances and credits granted by the charitable company) for trustees, nor to provide guarantees of any kind on behalf of the trustees.
- 12 The company has satisfactory title to all assets included in the balance sheet and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
- 13 The charitable company has no liabilities, contingent liabilities or financial commitments (including capital expenditure authorised or contracted and guarantees or security given to third parties) other than those disclosed or included in the financial statements.
- 14 We are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charitable company conducts its operations and which are central to the charitable company's ability to conduct its operations.
- 15 We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk of fraud in the operations.
- 16 There have been no actual or suspected instances of fraud involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We are not aware of any allegations of fraud by former employees, regulators or others.
- 17 Having considered our expectations and intentions for the next twelve months following the date of this letter and the availability of funding, the charitable company is a going concern.
- 18 There are no unadjusted misstatements identified during the audit.
- 19 We confirm the specific representations made to you during the course of your audit as follows:
- The lease arrangements for the theatre are being re-negotiated with Enfield Council with final agreement expected after the signing of the accounts.
- 20 We acknowledge our legal responsibilities regarding disclosure of information to you as auditor and confirm that:
- so far as each Trustee is aware, there is no relevant audit information of which you as auditor are unaware; and
- each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information.
We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and expertise and, where appropriate, of supporting documentation sufficient to satisfy ourselves that we can properly make these representations to you. To the best of our knowledge and belief they accurately reflect the representations made to you by the management and/or trustees during the course of your audit.
Yours faithfully,
## Matthew S Rose
Matthew S Rose (Jan 21, 2022 17:40 GMT)
Matthew Rose Approved by the Board and signed on its behalf
## **Appendix 1**
|**Name of related party**|**Relationship**
**to**
**the**
**Trust**|**Nature of transactions, if any**|
|---|---|---|
|BRIGGS,James Philip|Director|None|
|POOLE,Richard Einar|Director|None|
|REDMAN,Thomas|Director|None|
|ROSE,Matthew Saul|Director|None|
|SHANE,Roger Alan|Director|None|
|SILVERMAN,David Gary|Director|None|
|Chicken Shed PropertyCompany|Connected charity|Rent and interest receivable|
## THE CHICKEN SHED PROPERTY COMPANY Financial Statements - 31 March 2021
Final Audit Report 2022-01-21
Created: 2022-01-21 By: Alliotts Support Team (londonsupport@alliotts.com) Status: Signed Transaction ID: CBJCHBCAABAAl5xQaj95bmrCvxoIA58w3Amsu0dZbiot
## "THE CHICKEN SHED PROPERTY COMPANY Financial State ments - 31 March 2021" History
Document created by Alliotts Support Team (londonsupport@alliotts.com)
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## Document e-signed by Christopher Mantel (chris.mantel@alliotts.com)
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## Agreement completed.
2022-01-21 - 5:42:25 PM GMT