REGISTERED COMPANY NUMBER: 02913278 (England and Wales) REGISTERED CHARITY NUMBER: 1037121
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
FOR
THE RADLETT CENTRE TRUST
Nagler Simmons Chartered Accountants and Statutory Auditors 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
THE RADLETT CENTRE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Report of the Independent Auditors | 7 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 to 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 to 27 |
THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
The Trustees, who are also the directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
OBJECTIVES AND ACTIVITIES Objectives and charitable aims
The principal objectives and charitable aims of the Company are:
a) To maintain the building as a community centre, for the inhabitants of the Parish of Aldenham and surrounding neighbourhoods, in a condition that will attract high quality performances and appeal to audiences and facility hirers.
b) To provide and promote a diverse programme of concerts, shows and exhibitions which, overall, will appeal to all sections of the community. The programme should include: drama, art and music of all genres and cultural, educational, topical and local events.
c) To provide and promote the building as a community hall and provide meeting rooms for hire for courses, meetings, lectures, classes, seminars, exhibitions and educational, cultural and recreational events.
To achieve these objectives and charitable aims, the Company leases from Aldenham Parish Council the Radlett Centre, which was opened on 27th April 1996.
Strategies
The strategies employed to achieve the Company's charitable aims are to:
a) Offer the residents of the Parish of Aldenham good value, in relation to the subsidy provided by Aldenham Parish Council, and, as far as practicable, meet residents' aspirations.
b) Operate without discrimination against age, being or becoming a transsexual person, being married or in a civil partnership, being pregnant or on maternity leave, disability, race including colour, nationality, ethnic or national origin, religion, belief or lack of religion/belief, sex, sexual orientation and to be politically neutral.
c) Offer local artists the opportunity to promote their work through exhibitions in the Apthorp Gallery and/or in the café bar and foyer area.
d) Allow amateur and professional artists and groups to develop, through the provision of appropriate facilities for hire, at rates discounted where appropriate, to local artists, groups, societies and schools.
e) Promote the involvement of young people in the Arts through facilitating the provision of drama and musical workshops.
f) Celebrate the diversity of cultures in society by programming events involving artists of different cultural backgrounds.
Public Benefit
The Trustees confirm that they have complied with the duty of section 17 of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Company.
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THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
OBJECTIVES AND ACTIVITIES
Significant activities
Putting these strategies into action, the principal areas of activity are concerts, shows and stage performances, educational programmes, art exhibitions and use of the community hall and meeting rooms for public and private functions.
The stage performances combine both amateur community societies and professional productions. The local groups include The Radlett Music Club, Radlett Art Society and Radlett Musical Theatre Company as well as a number of local schools. The professional events include comedians, singers, tribute bands, dramas, ballet, many children's shows and a full pantomime run every December. The music programme achieves a mix of the Arts to suit a range of public tastes with the emphasis on maintaining a popular programme which underpins the viability of the theatre.
The educational programme involves local schools which enable them to perform in the theatre and attend Children's Musical Theatre courses, as well as enjoy performances suitable for their age group.
Volunteers
The Company is very involved in the community and is dependent on voluntary help. Besides the amateur performers and artists who display their talents at the Radlett Centre, volunteers assist with stewarding events and performances, enabling lower staff costs than would otherwise be the case. It is estimated that, without this help, an additional two staff would be required 'front of house' at a cost of approximately £22,000.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Local residents from the Parish of Aldenham still make up a substantial proportion of the users of the Radlett Centre, even after it has been in existence for almost twenty five years. However, the venue is also popular with people and groups clustered in North London and Hertfordshire, which shows the Radlett Centre's reputation for being a provider of good quality entertainment. This attraction from persons outside the Parish benefits local groups by appealing to as wide a market as possible as they try to deal with the economies of balancing the books.
The Company actively encourages the use of the Radlett Centre by other charities, providing a much-reduced hire rate for the theatre and conference rooms. This equates to nearly 80% of hirers (excluding professional shows).
The Company's commitment to the community continues through hosting the Citizens Advice Bureau, Community Hertsmere, Member of Parliament, Police surgeries, the Parish Council meetings, the Annual Winter Fair and Parish Meetings for the Parish of Aldenham.
430 (2020: 37,414) tickets were sold for professional shows in the past year, as well as tickets for charitable events and local amateur groups. The reduced amount of ticket sales arose due to the Covid-19 pandemic and forced closure of The Radlett Centre as further detailed below. The staff are acknowledged for their skill and professionalism, which enables the Radlett Centre to provide a helpful courteous service to its broad range of customers.
Investment performance
During the year the Trustees reviewed the performance of the Company's liquid funds. Taking account of the current economic climate, funds were distributed across various institutions: Barclays and Shawbrook Banks and Close Brothers. The Board reviews annually the Company's investment strategy.
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THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
ACHIEVEMENT AND PERFORMANCE
Internal and External factors
The trustees, through its Resources sub-committee, have made a full assessment of the internal and external factors that may affect these financial statements. It has concluded that they do not deem any factors material enough to report save in respect of the following.
One factor that was not envisaged but which impacted the whole of the financial year was the cancellation of shows and the full closure of the Radlett Centre just before the commencement of the financial year, following government advice regarding the Covid-19 pandemic. The closure lasted the whole of the financial year save for a very short period around Christmas time when some socially distanced shows with heavily reduced capacity were permitted.
FINANCIAL REVIEW
Principal funding sources
The Company is pleased and fortunate to receive funding from a number of organisations and individuals. During the current year it received funding in the form of a substantial grant from Aldenham Parish Council.
Investment policy and objectives
During 2020/21 the Resources sub-committee carried out a thorough review of the funds held by the trust, and predicted spends for the future. The result was a recommendation to the RCT Board to close several accounts where the interest was low and invest monies in a portfolio of medium to low risk investments, in order to provide a better return.
Reserves policy
The trustees' Reserves Policy is based upon guidance from the Charity Commission. The trustees have taken note of this guidance and have taken into account the obligation to keep the building in a good state of repair and to keep sufficient reserves in place to cover approximately 6-9 months of operating costs less depreciation.
The level of reserves is kept under constant review by the Board, and this policy guides the budget each year. The total reserves as at 31st March 2021 were £163,491 (2020: £193,854).
Results for the period
Costs were generally contained within budget. However, planned enhancements and maintenance costs of £36,089 (2020: £17,071) were lower than budget. However, due to the drop in income due to the Covid-19 pandemic, outgoing resources exceed incoming resources by £38,114 (2020 : £78,305 surplus).
The continued support of our partners and generous donors is essential in maintaining the varied programme of creative arts since most concerts and performances are not self-financing.
Overall, considering the impact of Covid-19, the Company has managed its finances well, and hopes results will be back to pre-Covid-19 levels next year.
FUTURE PLANS
The trustees have drawn up a ten-year improvement plan for the building. The trustees review this plan regularly at their meetings. In 2013 the Board and Aldenham Parish Council commissioned a company to carry out a building conditions survey to indicate liabilities over the next ten years. As a result, the Company and Aldenham Parish Council signed a Memorandum of Understanding concerning the funding of lifecycle items.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Radlett Centre Trust (the Company) is a Company Limited by Guarantee, governed by its Memorandum and Articles of Association dated 10th February 2016. It is registered as a charity with the Charity Commission. Each of the trustees is a member of the Company during their own term of service and each agrees to contribute £1 in the event of the Company winding up.
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THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governance
In line with best practice and also guidance from the Charity Commission, the composition of the Board was reviewed in 2021 and the skills/role requirements of the Company assessed. Trustees are appointed to fill the required skill/role sets.
Induction and training of trustees
Trustees are advised of any relevant training material/courses available and are actively encouraged to read or attend.
Recruitment and appointment of new trustees
The trustees are appointed by members of the Company and, with the exception of the two ex officio trustees, retire four years following the commencement of their term of office.
The members may by ordinary resolution appoint any person to be a trustee, either to fill a vacancy or as an additional trustee, where a need for a particular skill has been identified.
Organisational structure
The Board of trustees consists of up to 12 members who administer the Company. The Board meets five times in the year to discuss strategy and policy, and review the budgets etc. Working groups, which report to the Board, meet on an as required basis to consider specific projects or issues. The Board has appointed a General Manager, Greg Dexter, to run the Radlett Centre and has delegated authority for him to deal with operational matters, including bookings, finance and employment. He reports regularly to the Board.
Business Plan
A Finance and Audit sub-committee of the board has been set up to review all aspects of finance and it has been proposed that there should be a strategy meeting of the full board to review the business plan.
Related parties
The Company has a partnership arrangement with Aldenham Parish Council, which provides an annual grant to the Company. Aldenham Parish Council considers that it is important that it provides a local facility which enables its parishioners to appreciate the Arts in all its facets. Aldenham Parish Council actively promotes the work of the Company through its quarterly newsletter delivered to every household in the Parish.
The Company has a subsidiary arm, 'The Art Café Limited', which was set up as a commercial bar, catering and conferencing facility. It has since subcontracted the provision of such services to Susan and Robert Perlmutter trading as Teatro. All profits from the arrangement are donated to the Company under Gift Aid.
Risk management
The trustees take this area seriously and in 2018 carried out a comprehensive review of the risks faced by the Company. This included the risk of fraud and error, catastrophes and reputational risks amongst others to ensure appropriate procedures and processes are in place to mitigate these risks. The risk register is reviewed by the Board on a bi-annual basis.
The key risk to the Company continues to be the failure to raise sufficient income to meet its objectives. In particular the trustees are aware of the risk of Aldenham Parish Council reducing the grant at any time, due to the financial constraints on local councils.
Insurance has been purchased, where necessary, to cover all material insurable risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02913278 (England and Wales)
Registered Charity number
1037121
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THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2021
Registered office
The Radlett Centre 1 Aldenham Avenue Radlett Hertfordshire WD7 8HL
Trustees
The trustees serving during the year were as follows:
Aldenham Parish Council Nominees: Cllr G Walton (Resigned 26th May 2020) Cllr M Cherry (Resigned 17th June 2021) Cllr D J Wickham (Appointed 14th July 2020) Elected trustees: Mrs C Curran (Chair) Mr M A Jeens Mrs R L Davis-Stollar Mr N E Myerson Mrs I Swain Mrs W M Griffin Mr D Barnett (Appointed 17th May 2021) Mr J Needleman (Appointed 22nd April 2021) Mr S B Wilson (Appointed 17th June 2021)
Company Secretary P G Evans Auditors Nagler Simmons Chartered Accountants and Statutory Auditors 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
Bankers Barclays Bank plc, 12 Station Approach Gerrards Cross Buckinghamshire SL9 8PP
Solicitors
Penman Sedgwick LLP 5 George Street Watford Hertfordshire WD18 0SQ
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THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of The Radlett Centre Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the Trustees 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. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
In so far as the Trustees are aware:
- there is no relevant audit information of which the Company's auditors are unaware; and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Nagler Simmons, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 31[st] January 2022 and signed on its behalf by:
.................................................................... I Swain - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
Opinion
We have audited the financial statements of The Radlett Centre Trust (the 'charitable company') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31st March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' 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 other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable 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 Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
· We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, Charities Act 2011, International Financial Reporting Standards, and UK taxation legislation.
· We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
· We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
· We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
· Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
· Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charitable company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the charitable company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of Nagler Simmons Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 5 Beaumont Gate
Shenley Hill Radlett WD7 7AR
Date: 31[st] January 2022
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THE RADLETT CENTRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 1,977 Charitable activities 5 Concerts and stage performance 301,947 Hire of centre 17,162 Educational programmes 160 Art exhibition 228 319,497 Investment income 4 305 Total 321,779 EXPENDITURE ON Charitable activities 6 Concerts and stage performance 328,238 Hire of centre 43,271 Educational programmes 242 Art exhibition 82 Governance costs 4,375 Other - Total 376,208 NET INCOME/(EXPENDITURE) (54,429) Transfers between funds (16,000) Other recognised gains/(losses) Actuarial gain on defined benefit pension scheme - Net movement in funds (70,429) RECONCILIATION OF FUNDS Total funds brought forward 353,848 TOTAL FUNDS CARRIED FORWARD 283,419 |
Restricted funds £ 16,000 - - - - - 315 16,315 - - - - - - - 16,315 16000 - 32,315 339,000 371,315 |
31.3.21 Total funds £ 17,977 301,947 17,162 160 228 319,497 620 338,094 328,238 43,271 242 82 4,375 - 376,208 (38,114) - - (38,114) 692,848 654,734 |
31.3.20 Total funds £ 32,558 644,064 176,933 72,221 4,525 897,743 2,593 932,894 712,758 95,089 40,752 805 5,184 1 854,589 78,305 - 47,000 125,305 567,543 692,848 |
|---|---|---|---|
The notes form part of these financial statements
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THE RADLETT CENTRE TRUST
BALANCE SHEET
31ST MARCH 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 14 119,927 Investments 15 1 119,928 CURRENT ASSETS Stocks 16 396 Debtors 17 38,539 Cash at bank and in hand 245,568 284,503 CREDITORS Amounts falling due within one year 18 (121,012) NET CURRENT ASSETS 163,491 TOTAL ASSETS LESS CURRENT LIABILITIES 283,419 TOTAL NET ASSETS 283,419 FUNDS 19 Unrestricted funds: General fund Restricted funds: Building fund TOTAL FUNDS |
Restricted funds £ - - - - - 371,315 371,315 - 371,315 371,315 371,315 |
31.3.21 Total funds £ 119,927 1 119,928 396 38,539 616,883 655,818 (121,012) 534,806 654,734 654,734 283,419 371,315 654,734 |
31.3.20 Total funds £ 159,993 1 159,994 428 32,804 676,566 709,798 (176,944) 532,854 692,848 692,848 353,848 339,000 692,848 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The notes form part of these financial statements
continued...
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THE RADLETT CENTRE TRUST
BALANCE SHEET - continued 31ST MARCH 2021
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31[st] January 2022 and were signed on its behalf by:
............................................. C Curran - Trustee
............................................. I Swain - Trustee
The notes form part of these financial statements
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THE RADLETT CENTRE TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of investment property Disposal Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.21 £ (59,683) (59,683) - - - - (59,683) 676,566 616,883 |
31.3.20 £ 111,592 111,592 (97,756) 47,000 (47,000) (97,756) 13,836 662,730 676,566 |
|---|---|---|
The notes form part of these financial statements
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THE RADLETT CENTRE TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021
| 1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW | FROM OPERATING | FROM OPERATING |
|---|---|---|---|---|---|
| ACTIVITIES | |||||
| 31.3.21 | 31.3.20 | ||||
| £ | £ | ||||
| Net (expenditure)/income for the reporting period (as per the | |||||
| Statement of Financial Activities) | (38,114) | 125,305 | |||
| Adjustments for: | |||||
| Depreciation charges | 40,065 | 53,687 | |||
| Losses on investments | - | (47,000) | |||
| Loss on disposal of fixed assets | - | 1 | |||
| Decrease/(increase) in stocks | 32 | (48) | |||
| (Increase)/decrease in debtors | (5,734) | 8,475 | |||
| Decrease in creditors | (55,932) | (28,828) | |||
| Net cash (used in)/provided by operations | (59,683) | 111,592 | |||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At | 1.4.20 | Cash flow | At 31.3.21 | ||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank and in hand | 676,566 | (59,683) | 616,883 | ||
| Total | 676,566 | (59,683) | 616,883 |
The notes form part of these financial statements
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THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
1. STATUTORY INFORMATION
The presentation currency of the financial statements is the Pound Sterling (£).
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Preparation of consolidated financial statements
The financial statements contain information about The Radlett Centre Trust as an individual charity and do not contain consolidated financial information as the parent of a group. The Company has taken advantage of the small companies regime and has not taken the option under Section 398 of the Companies Act 2006 to prepare consolidated financial statements.
The Company has taken advantage of the provisions of Section 383 of the Charity SORP and has not prepared consolidated financial statements in accordance with the Charities Act 2011 on the grounds that the results of its subsidiary undertaking, The Art Café Limited, are not material to the group.
Critical accounting judgements and key sources of estimation uncertainty
There are no judgements, estimates or assumptions that affect the amounts recognised in the financial statements.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The trustees have considered the Company's cash flow and trading position in the light of the temporary cessation of activities as a result of the Covid-19 pandemic. Despite the lack of trading activity and provided the anticipated support from Aldenham Parish Council and the Culture Recovery Fund is forthcoming, the trustees are satisfied that the Company will continue to meet its obligations to external creditors as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the trustees consider it appropriate to prepare the accounts on a going concern basis.
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.
Deferred income
A provision for deferred income is made where the income is received in the year but can only be recognised for the next financial year and can be reliably measured at the balance sheet date.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
continued...
Page 16
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
Tangible fixed assets for use by the Company are stated at cost (including any incidental expenses of acquisition) less depreciation.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.
Auditorium seating (restricted fund) 25% reducing balance Sound equipment (restricted fund) 25% reducing balance Light equipment (restricted fund) 25% reducing balance Furniture and equipment (unrestricted fund) 25% reducing balance
Individual fixed assets costing £250 or more are capitalised at cost.
The building is owned by Hertsmere Borough Council. Replacement and enhancement costs are charged to the Company's Statement of Financial Activities.
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 Company is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted general funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Designated funds are funds set aside out of unrestricted general funds for specific future purposes in accordance with the development plans of the organisation and to enable the completion of existing projects.
Restricted funds can only be used for particular restricted purposes within the objects of the Company. 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.
Pension costs and other post-retirement benefits
The Company participates in a multi-employer defined benefit pension plan. The change in value of the assets and liabilities arising from asset valuation, changes in benefit, actuarial assumptions of change in the level of deficit attributable to members is recognised in the Statement of Financial Activities. The resulting pension liability or asset is shown on the balance sheet.
Operating leases
Rentals applicable to operating leases are charged to the Statement of Financial Activities during the period in which the cost is incurred.
Investments
Investment in the unquoted subsidiary undertaking, The Art Café Limited, is shown at market value.
Grant income
Government grants are recognised at the fair value for the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
continued...
Page 17
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
3. DONATIONS AND LEGACIES
| Donation -The Art Cafe Limited Donation - Aldenham Parish Council Other donations |
31.3.21 £ 932 16,000 1,045 17,977 |
31.3.20 £ 11,220 15,000 6,338 32,558 |
|---|---|---|
4. INVESTMENT INCOME
Investment income arises from interest bearing deposit accounts.
5. INCOME FROM CHARITABLE ACTIVITIES
| Activity Hire income and recharges Concerts and stage performance Sales - Box office Concerts and stage performance Local authority grants Concerts and stage performance Hire income and recharges Hire of centre Sales - Box office Educational programmes Course income Educational programmes Art exhibition and foyer sales Art exhibition Grants received, included in the above, are as follows: Aldenham Parish Council Hertsmere Borough Council Art Council Government grants |
31.3.21 £ 430 3,545 297,972 17,162 - 160 228 319,497 31.3.21 £ 120,000 25,000 82,251 70,721 297,972 |
31.3.20 £ 11,519 511,545 121,000 176,933 52,833 19,388 4,525 897,743 31.3.20 £ 120,000 1,000 - - 121,000 |
|---|---|---|
Grants received, included in the above, are as follows:
Government grants totalling £70,721 were paid during the year under the Coronavirus Job Retention Scheme.
continued...
Page 18
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
6. CHARITABLE ACTIVITIES COSTS
| Concerts and stage performance Hire of centre Educational programmes Art exhibition Governance costs Other |
Direct costs (Note 7) 31.3.21 £ 328,238 43,271 242 82 4,375 - 376,208 |
Direct costs (Note 7) 31.3.20 £ 712,758 95,089 40,752 805 5,184 1 854,589 |
|---|---|---|
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Rates and water Insurance Light and heat Telephone Building enhancement, repairs and maintenance Advertising Sundries Event and concert costs Artist fees Tutors' fees Equipment hire Credit card charges Hospitality Transport Postage and stationery Office services Office consumables Staff training and recruitment Depreciation Loss on sale of tangible fixed assets Auditors' remuneration |
31.3.2021 £ 243,968 494 5,787 9,392 3,031 36,089 3,757 4,213 10,551 (3,744) - - 2,177 112 30 2,007 13,001 20 882 40,066 - 4,375 376,208 |
31.3.2020 £ 257,199 3,358 5,628 20,693 2,284 17,071 27,261 14,804 29,825 378,889 6,758 1,537 7,012 1,646 93 1,156 19,236 856 560 53,538 1 5,184 854,589 |
|---|---|---|
continued...
Page 19
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
8. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Governance costs | 4,375 |
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets Deficit on disposal of fixed assets AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements |
31.3.21 £ 40,066 - 31.3.21 £ 4,375 |
31.3.20 £ 53,687 1 |
|---|---|---|
| 31.3.20 £ 5,184 |
10. AUDITORS' REMUNERATION
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.
Trustees' expenses
There were no Trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.
12. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
31.3.21 £ 197,103 12,565 34,300 243,968 |
31.3.20 £ 213,070 14,232 29,897 |
|---|---|---|
| 257,199 |
The average monthly number of employees during the year was as follows:
| Administration Technical Operating |
31.3.21 7 3 1 11 |
31.3.20 7 5 1 13 |
|---|---|---|
continued...
Page 20
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
12. STAFF COSTS - continued
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
£60,001 - £70,000
| 31.3.21 | 31.3.20 |
|---|---|
| 1 | - |
The average number of full time equivalent employees for the year was as follows:
| Administration Technical Operating |
31.3.21 5 3 1 9 |
31.3.20 5 3 1 9 |
|---|---|---|
Key management personnel
The key management personnel of the trust comprise the trustees, the theatre manager and the Company Secretary. The total amount of of employee benefits (including employer pension contributions) received by key management personnel for their services to the trust was £83,966 (2020: £72,258).
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES AS AT 31ST MARCH 2020
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 17,558 Charitable activities Concerts and stage performance 644,064 Hire of centre 176,933 Educational programmes 72,221 Art exhibition 4,525 Investment income 2,593 Total 917,894 EXPENDITURE ON Charitable activities Concerts and stage performance 712,758 Hire of centre 95,089 Educational programmes 40,752 Art exhibition 805 Governance costs 5,184 Other 1 Total 854,589 NET INCOME/(EXPENDITURE) 63,305 |
Restricted funds £ 15,000 - - - - - 15,000 - - - - - - - - |
Total funds £ 32,558 644,064 176,933 72,221 4,525 2,593 932,894 712,758 95,089 40,752 805 5,184 1 854,589 63,304 |
|---|---|---|
continued...
Page 21
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES AS AT 31ST MARCH 2020 - continued
| Transfers between funds Other recongised gains/(looses) Actuarial gain on defined benefit pension scheme Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 14. TANGIBLE FIXED ASSETS COST At 1st April 2020 and 31st March 2021 DEPRECIATION At 1st April 2020 Charge for year At 31st March 2021 NET BOOK VALUE At 31st March 2021 At 31st March 2020 15. FIXED ASSET INVESTMENTS MARKET VALUE At 1st April 2020 and 31st March 2021 NET BOOK VALUE At 31st March 2021 At 31st March 2020 |
Auditorium seating £ 90,897 87,805 773 88,578 2,319 3,092 |
Unrestricted funds £ (15,000) 47,000 95,305 258,543 353,848 Sound and light equipment £ 166,555 140,865 6,488 147,353 19,202 25,690 |
Restricted Total funds funds £ £ 15,000 - - 47,000 30,000 125,305 309,000 567,543 339,000 692,848 Fixtures and fittings Totals £ £ 291,172 548,624 159,961 388,631 32,805 40,066 192,766 428,697 98,406 119,927 131,211 159,993 Unlisted investments £ 1 1 1 |
|
|---|---|---|---|---|
There were no investment assets outside the UK. The company's investments at the balance sheet date in the share capital of companies include the following:
continued...
Page 22
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
15. FIXED ASSET INVESTMENTS - continued
The Art Café Limited
Registered office: 1 Aldenham Avenue, Radlett, WD7 8HL Nature of business: Café and bar
| % Class of share: holding Ordinary 100 Aggregate capital and reserves (Loss)/profit for the year 16. STOCKS Stocks 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors VAT Prepayments and accrued income 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors and accruals Deferred income |
31.3.21 £ 8,456 (571) 31.3.21 £ 396 31.3.21 £ 10,397 - 3,554 8,587 16,001 38,539 31.3.21 £ 27,851 4,110 35,910 53,141 121,012 |
31.3.20 £ 20,790 11,763 31.3.20 £ 428 31.3.20 £ 4,160 10,831 2,152 - 15,661 32,804 31.3.20 £ 12,947 7,365 40,808 115,824 176,944 |
|---|---|---|
continued...
Page 23
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued
DEFERRED INCOME
| Deferred income at 1st January Resources deferred in the period Amount released from previous periods Deferred income at 31st December Deferred income comprises the following: Box office sales Room hires Toilet scheme donation income MOVEMENT IN FUNDS Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 353,848 (54,429) Restricted funds Building fund 339,000 16,315 TOTAL FUNDS 692,848 (38,114) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 321,779 Restricted funds Building fund 16,315 TOTAL FUNDS 338,094 |
31.3.21 £ 115,824 53,141 (115,824) 53,141 40,640 12,334 167 53,141 Transfers between funds £ (16,000) 16,000 - Resources expended £ (376,208) - (376,208) |
31.3.20 £ 143,664 115,824 (143,664) 115,824 94,568 21,173 83 115,824 At 31.3.21 £ 283,419 371,315 654,734 Movement in funds £ (54,429) 16,315 (38,114) |
|---|---|---|
19. MOVEMENT IN FUNDS
continued...
Page 24
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
19. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Building fund TOTAL FUNDS |
At 1.4.19 £ 258,543 309,000 567,543 |
Net movement in funds £ 110,305 15,000 125,305 |
Transfers between funds £ (15,000) 15,000 - |
At 31.3.20 £ 353,848 339,000 692,848 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Building fund TOTAL FUNDS |
Incoming resources £ 917,893 15,001 932,894 |
Resources expended £ (854,588) (1) (854,589) |
Gains and Movement losses in funds £ £ 47,000 110,305 - 15,000 47,000 125,305 |
|---|---|---|---|
continued...
Page 25
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
19. MOVEMENT IN FUNDS - continued
Resources expended on restricted funds relate to the depreciation charged during the year on fixed assets held within restricted funds.
Purpose of Restricted Fund Balances
Building Fund: A fund to finance future life cycle and enhancement works in accordance with the agreement between Aldenham Parish Council and The Radlett Centre.
Prior Year Restricted Fund Balances
The total funds of £692,848 in 2020 were previously incorrectly shown as split between general unrestricted funds of £427,758 and a restricted Building Fund of £265,090. These 2021 financial statements now show the correct split of the comparative balances as at 31 March 2020, with £353,848 in general unrestricted funds (£73,910 lower than previously stated) and £339,000 in restricted Building Fund (£73,910 higher). The total funds were unaffected by this error.
20. RELATED PARTY DISCLOSURES
Included in incoming resources are grants and donations received from Aldenham Parish Council of £136,000 (2020: £135,000). The Council has appointed two trustees to the Company's Board of Trustees.
During the year, Radlett Centre charged Aldenham Parish Council £16,037 (2020: £24,832) for rent and maintenance.
£16,540 (2020: £41,447) was payable to Aldenham Parish Council for utilities and company secretarial services.
Included within debtors is an amount of £12,095 (2020: £2,153) due from Aldenham Parish Council and within creditors is an amount of £26,985 (2020: £3,928) due to Aldenham Parish Council.
continued....
Page 26
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
21. PENSION COSTS
The Company is a participating employer in the Hertfordshire County Council Pension Local Government Pension Scheme, a defined benefit scheme which guarantees to provide benefits based on members' final pay. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit credit method.
The most recent formal actuarial review of the scheme was at 31 March 2019. The market value of the scheme's assets at 31 March 2019 was £646,000. The most recent present value of the scheme's liabilities was £508,000. The latest estimate of the scheme's assets reveals that the present value of the Company's obligations was less than the fair value of the scheme's assets. However, the resulting surplus of £138,000 is not recognised as a defined benefit scheme asset as the Company is not able to recover the surplus either through reduced contributions in the future or through refunds from the scheme.
The assumptions underlying the valuation for the current and previous year are for a pension increase rate of 2.3%, salary increase rate of 2.7%, long term mortality improvement of 1.25% and an investment return of 3.4%.
The pension cost charged to the statement of financial activities was £34,300 (2020: £29,897), which represents the contributions to the pension fund during the year.
Page 27
.
REGISTERED COMPANY NUMBER: 02913278 (England and Wales) REGISTERED CHARITY NUMBER: 1037121
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
FOR
THE RADLETT CENTRE TRUST
Nagler Simmons Chartered Accountants and Statutory Auditors 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
THE RADLETT CENTRE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Report of the Independent Auditors | 7 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 to 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 to 27 |
THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
The Trustees, who are also the directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
OBJECTIVES AND ACTIVITIES Objectives and charitable aims
The principal objectives and charitable aims of the Company are:
a) To maintain the building as a community centre, for the inhabitants of the Parish of Aldenham and surrounding neighbourhoods, in a condition that will attract high quality performances and appeal to audiences and facility hirers.
b) To provide and promote a diverse programme of concerts, shows and exhibitions which, overall, will appeal to all sections of the community. The programme should include: drama, art and music of all genres and cultural, educational, topical and local events.
c) To provide and promote the building as a community hall and provide meeting rooms for hire for courses, meetings, lectures, classes, seminars, exhibitions and educational, cultural and recreational events.
To achieve these objectives and charitable aims, the Company leases from Aldenham Parish Council the Radlett Centre, which was opened on 27th April 1996.
Strategies
The strategies employed to achieve the Company's charitable aims are to:
a) Offer the residents of the Parish of Aldenham good value, in relation to the subsidy provided by Aldenham Parish Council, and, as far as practicable, meet residents' aspirations.
b) Operate without discrimination against age, being or becoming a transsexual person, being married or in a civil partnership, being pregnant or on maternity leave, disability, race including colour, nationality, ethnic or national origin, religion, belief or lack of religion/belief, sex, sexual orientation and to be politically neutral.
c) Offer local artists the opportunity to promote their work through exhibitions in the Apthorp Gallery and/or in the café bar and foyer area.
d) Allow amateur and professional artists and groups to develop, through the provision of appropriate facilities for hire, at rates discounted where appropriate, to local artists, groups, societies and schools.
e) Promote the involvement of young people in the Arts through facilitating the provision of drama and musical workshops.
f) Celebrate the diversity of cultures in society by programming events involving artists of different cultural backgrounds.
Public Benefit
The Trustees confirm that they have complied with the duty of section 17 of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Company.
Page 1
THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
OBJECTIVES AND ACTIVITIES
Significant activities
Putting these strategies into action, the principal areas of activity are concerts, shows and stage performances, educational programmes, art exhibitions and use of the community hall and meeting rooms for public and private functions.
The stage performances combine both amateur community societies and professional productions. The local groups include The Radlett Music Club, Radlett Art Society and Radlett Musical Theatre Company as well as a number of local schools. The professional events include comedians, singers, tribute bands, dramas, ballet, many children's shows and a full pantomime run every December. The music programme achieves a mix of the Arts to suit a range of public tastes with the emphasis on maintaining a popular programme which underpins the viability of the theatre.
The educational programme involves local schools which enable them to perform in the theatre and attend Children's Musical Theatre courses, as well as enjoy performances suitable for their age group.
Volunteers
The Company is very involved in the community and is dependent on voluntary help. Besides the amateur performers and artists who display their talents at the Radlett Centre, volunteers assist with stewarding events and performances, enabling lower staff costs than would otherwise be the case. It is estimated that, without this help, an additional two staff would be required 'front of house' at a cost of approximately £22,000.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Local residents from the Parish of Aldenham still make up a substantial proportion of the users of the Radlett Centre, even after it has been in existence for almost twenty five years. However, the venue is also popular with people and groups clustered in North London and Hertfordshire, which shows the Radlett Centre's reputation for being a provider of good quality entertainment. This attraction from persons outside the Parish benefits local groups by appealing to as wide a market as possible as they try to deal with the economies of balancing the books.
The Company actively encourages the use of the Radlett Centre by other charities, providing a much-reduced hire rate for the theatre and conference rooms. This equates to nearly 80% of hirers (excluding professional shows).
The Company's commitment to the community continues through hosting the Citizens Advice Bureau, Community Hertsmere, Member of Parliament, Police surgeries, the Parish Council meetings, the Annual Winter Fair and Parish Meetings for the Parish of Aldenham.
430 (2020: 37,414) tickets were sold for professional shows in the past year, as well as tickets for charitable events and local amateur groups. The reduced amount of ticket sales arose due to the Covid-19 pandemic and forced closure of The Radlett Centre as further detailed below. The staff are acknowledged for their skill and professionalism, which enables the Radlett Centre to provide a helpful courteous service to its broad range of customers.
Investment performance
During the year the Trustees reviewed the performance of the Company's liquid funds. Taking account of the current economic climate, funds were distributed across various institutions: Barclays and Shawbrook Banks and Close Brothers. The Board reviews annually the Company's investment strategy.
Page 2
THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
ACHIEVEMENT AND PERFORMANCE
Internal and External factors
The trustees, through its Resources sub-committee, have made a full assessment of the internal and external factors that may affect these financial statements. It has concluded that they do not deem any factors material enough to report save in respect of the following.
One factor that was not envisaged but which impacted the whole of the financial year was the cancellation of shows and the full closure of the Radlett Centre just before the commencement of the financial year, following government advice regarding the Covid-19 pandemic. The closure lasted the whole of the financial year save for a very short period around Christmas time when some socially distanced shows with heavily reduced capacity were permitted.
FINANCIAL REVIEW
Principal funding sources
The Company is pleased and fortunate to receive funding from a number of organisations and individuals. During the current year it received funding in the form of a substantial grant from Aldenham Parish Council.
Investment policy and objectives
During 2020/21 the Resources sub-committee carried out a thorough review of the funds held by the trust, and predicted spends for the future. The result was a recommendation to the RCT Board to close several accounts where the interest was low and invest monies in a portfolio of medium to low risk investments, in order to provide a better return.
Reserves policy
The trustees' Reserves Policy is based upon guidance from the Charity Commission. The trustees have taken note of this guidance and have taken into account the obligation to keep the building in a good state of repair and to keep sufficient reserves in place to cover approximately 6-9 months of operating costs less depreciation.
The level of reserves is kept under constant review by the Board, and this policy guides the budget each year. The total reserves as at 31st March 2021 were £163,491 (2020: £193,854).
Results for the period
Costs were generally contained within budget. However, planned enhancements and maintenance costs of £36,089 (2020: £17,071) were lower than budget. However, due to the drop in income due to the Covid-19 pandemic, outgoing resources exceed incoming resources by £38,114 (2020 : £78,305 surplus).
The continued support of our partners and generous donors is essential in maintaining the varied programme of creative arts since most concerts and performances are not self-financing.
Overall, considering the impact of Covid-19, the Company has managed its finances well, and hopes results will be back to pre-Covid-19 levels next year.
FUTURE PLANS
The trustees have drawn up a ten-year improvement plan for the building. The trustees review this plan regularly at their meetings. In 2013 the Board and Aldenham Parish Council commissioned a company to carry out a building conditions survey to indicate liabilities over the next ten years. As a result, the Company and Aldenham Parish Council signed a Memorandum of Understanding concerning the funding of lifecycle items.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Radlett Centre Trust (the Company) is a Company Limited by Guarantee, governed by its Memorandum and Articles of Association dated 10th February 2016. It is registered as a charity with the Charity Commission. Each of the trustees is a member of the Company during their own term of service and each agrees to contribute £1 in the event of the Company winding up.
Page 3
THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governance
In line with best practice and also guidance from the Charity Commission, the composition of the Board was reviewed in 2021 and the skills/role requirements of the Company assessed. Trustees are appointed to fill the required skill/role sets.
Induction and training of trustees
Trustees are advised of any relevant training material/courses available and are actively encouraged to read or attend.
Recruitment and appointment of new trustees
The trustees are appointed by members of the Company and, with the exception of the two ex officio trustees, retire four years following the commencement of their term of office.
The members may by ordinary resolution appoint any person to be a trustee, either to fill a vacancy or as an additional trustee, where a need for a particular skill has been identified.
Organisational structure
The Board of trustees consists of up to 12 members who administer the Company. The Board meets five times in the year to discuss strategy and policy, and review the budgets etc. Working groups, which report to the Board, meet on an as required basis to consider specific projects or issues. The Board has appointed a General Manager, Greg Dexter, to run the Radlett Centre and has delegated authority for him to deal with operational matters, including bookings, finance and employment. He reports regularly to the Board.
Business Plan
A Finance and Audit sub-committee of the board has been set up to review all aspects of finance and it has been proposed that there should be a strategy meeting of the full board to review the business plan.
Related parties
The Company has a partnership arrangement with Aldenham Parish Council, which provides an annual grant to the Company. Aldenham Parish Council considers that it is important that it provides a local facility which enables its parishioners to appreciate the Arts in all its facets. Aldenham Parish Council actively promotes the work of the Company through its quarterly newsletter delivered to every household in the Parish.
The Company has a subsidiary arm, 'The Art Café Limited', which was set up as a commercial bar, catering and conferencing facility. It has since subcontracted the provision of such services to Susan and Robert Perlmutter trading as Teatro. All profits from the arrangement are donated to the Company under Gift Aid.
Risk management
The trustees take this area seriously and in 2018 carried out a comprehensive review of the risks faced by the Company. This included the risk of fraud and error, catastrophes and reputational risks amongst others to ensure appropriate procedures and processes are in place to mitigate these risks. The risk register is reviewed by the Board on a bi-annual basis.
The key risk to the Company continues to be the failure to raise sufficient income to meet its objectives. In particular the trustees are aware of the risk of Aldenham Parish Council reducing the grant at any time, due to the financial constraints on local councils.
Insurance has been purchased, where necessary, to cover all material insurable risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02913278 (England and Wales)
Registered Charity number
1037121
Page 4
THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2021
Registered office
The Radlett Centre 1 Aldenham Avenue Radlett Hertfordshire WD7 8HL
Trustees
The trustees serving during the year were as follows:
Aldenham Parish Council Nominees: Cllr G Walton (Resigned 26th May 2020) Cllr M Cherry (Resigned 17th June 2021) Cllr D J Wickham (Appointed 14th July 2020) Elected trustees: Mrs C Curran (Chair) Mr M A Jeens Mrs R L Davis-Stollar Mr N E Myerson Mrs I Swain Mrs W M Griffin Mr D Barnett (Appointed 17th May 2021) Mr J Needleman (Appointed 22nd April 2021) Mr S B Wilson (Appointed 17th June 2021)
Company Secretary P G Evans Auditors Nagler Simmons Chartered Accountants and Statutory Auditors 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
Bankers Barclays Bank plc, 12 Station Approach Gerrards Cross Buckinghamshire SL9 8PP
Solicitors
Penman Sedgwick LLP 5 George Street Watford Hertfordshire WD18 0SQ
Page 5
THE RADLETT CENTRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of The Radlett Centre Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the Trustees 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. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
In so far as the Trustees are aware:
- there is no relevant audit information of which the Company's auditors are unaware; and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Nagler Simmons, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 31[st] January 2022 and signed on its behalf by:
.................................................................... I Swain - Trustee
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
Opinion
We have audited the financial statements of The Radlett Centre Trust (the 'charitable company') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31st 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 Auditors' 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 other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable 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 Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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.
Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
· We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, Charities Act 2011, International Financial Reporting Standards, and UK taxation legislation.
· We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
· We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
· We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
· Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control.
Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
· Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charitable company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the charitable company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of Nagler Simmons Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 5 Beaumont Gate
Shenley Hill Radlett WD7 7AR
Date: 31[st] January 2022
Page 10
THE RADLETT CENTRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 1,977 Charitable activities 5 Concerts and stage performance 301,947 Hire of centre 17,162 Educational programmes 160 Art exhibition 228 319,497 Investment income 4 305 Total 321,779 EXPENDITURE ON Charitable activities 6 Concerts and stage performance 328,238 Hire of centre 43,271 Educational programmes 242 Art exhibition 82 Governance costs 4,375 Other - Total 376,208 NET INCOME/(EXPENDITURE) (54,429) Transfers between funds (16,000) Other recognised gains/(losses) Actuarial gain on defined benefit pension scheme - Net movement in funds (70,429) RECONCILIATION OF FUNDS Total funds brought forward 353,848 TOTAL FUNDS CARRIED FORWARD 283,419 |
Restricted funds £ 16,000 - - - - - 315 16,315 - - - - - - - 16,315 16000 - 32,315 339,000 371,315 |
31.3.21 Total funds £ 17,977 301,947 17,162 160 228 319,497 620 338,094 328,238 43,271 242 82 4,375 - 376,208 (38,114) - - (38,114) 692,848 654,734 |
31.3.20 Total funds £ 32,558 644,064 176,933 72,221 4,525 897,743 2,593 932,894 712,758 95,089 40,752 805 5,184 1 854,589 78,305 - 47,000 125,305 567,543 692,848 |
|---|---|---|---|
The notes form part of these financial statements
Page 11
THE RADLETT CENTRE TRUST
BALANCE SHEET
31ST MARCH 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 14 119,927 Investments 15 1 119,928 CURRENT ASSETS Stocks 16 396 Debtors 17 38,539 Cash at bank and in hand 245,568 284,503 CREDITORS Amounts falling due within one year 18 (121,012) NET CURRENT ASSETS 163,491 TOTAL ASSETS LESS CURRENT LIABILITIES 283,419 TOTAL NET ASSETS 283,419 FUNDS 19 Unrestricted funds: General fund Restricted funds: Building fund TOTAL FUNDS |
Restricted funds £ - - - - - 371,315 371,315 - 371,315 371,315 371,315 |
31.3.21 Total funds £ 119,927 1 119,928 396 38,539 616,883 655,818 (121,012) 534,806 654,734 654,734 283,419 371,315 654,734 |
31.3.20 Total funds £ 159,993 1 159,994 428 32,804 676,566 709,798 (176,944) 532,854 692,848 692,848 353,848 339,000 692,848 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The notes form part of these financial statements
continued...
Page 12
THE RADLETT CENTRE TRUST
BALANCE SHEET - continued 31ST MARCH 2021
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31[st] January 2022 and were signed on its behalf by:
............................................. C Curran - Trustee
............................................. I Swain - Trustee
The notes form part of these financial statements
Page 13
THE RADLETT CENTRE TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of investment property Disposal Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.21 £ (59,683) (59,683) - - - - (59,683) 676,566 616,883 |
31.3.20 £ 111,592 111,592 (97,756) 47,000 (47,000) (97,756) 13,836 662,730 676,566 |
|---|---|---|
The notes form part of these financial statements
Page 14
THE RADLETT CENTRE TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021
| 1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW | FROM OPERATING | FROM OPERATING |
|---|---|---|---|---|---|
| ACTIVITIES | |||||
| 31.3.21 | 31.3.20 | ||||
| £ | £ | ||||
| Net (expenditure)/income for the reporting period (as per the | |||||
| Statement of Financial Activities) | (38,114) | 125,305 | |||
| Adjustments for: | |||||
| Depreciation charges | 40,065 | 53,687 | |||
| Losses on investments | - | (47,000) | |||
| Loss on disposal of fixed assets | - | 1 | |||
| Decrease/(increase) in stocks | 32 | (48) | |||
| (Increase)/decrease in debtors | (5,734) | 8,475 | |||
| Decrease in creditors | (55,932) | (28,828) | |||
| Net cash (used in)/provided by operations | (59,683) | 111,592 | |||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At | 1.4.20 | Cash flow | At 31.3.21 | ||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank and in hand | 676,566 | (59,683) | 616,883 | ||
| Total | 676,566 | (59,683) | 616,883 |
The notes form part of these financial statements
Page 15
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
1. STATUTORY INFORMATION
The presentation currency of the financial statements is the Pound Sterling (£).
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Preparation of consolidated financial statements
The financial statements contain information about The Radlett Centre Trust as an individual charity and do not contain consolidated financial information as the parent of a group. The Company has taken advantage of the small companies regime and has not taken the option under Section 398 of the Companies Act 2006 to prepare consolidated financial statements.
The Company has taken advantage of the provisions of Section 383 of the Charity SORP and has not prepared consolidated financial statements in accordance with the Charities Act 2011 on the grounds that the results of its subsidiary undertaking, The Art Café Limited, are not material to the group.
Critical accounting judgements and key sources of estimation uncertainty
There are no judgements, estimates or assumptions that affect the amounts recognised in the financial statements.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The trustees have considered the Company's cash flow and trading position in the light of the temporary cessation of activities as a result of the Covid-19 pandemic. Despite the lack of trading activity and provided the anticipated support from Aldenham Parish Council and the Culture Recovery Fund is forthcoming, the trustees are satisfied that the Company will continue to meet its obligations to external creditors as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the trustees consider it appropriate to prepare the accounts on a going concern basis.
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.
Deferred income
A provision for deferred income is made where the income is received in the year but can only be recognised for the next financial year and can be reliably measured at the balance sheet date.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
continued...
Page 16
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
Tangible fixed assets for use by the Company are stated at cost (including any incidental expenses of acquisition) less depreciation.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.
Auditorium seating (restricted fund) 25% reducing balance Sound equipment (restricted fund) 25% reducing balance Light equipment (restricted fund) 25% reducing balance Furniture and equipment (unrestricted fund) 25% reducing balance
Individual fixed assets costing £250 or more are capitalised at cost.
The building is owned by Hertsmere Borough Council. Replacement and enhancement costs are charged to the Company's Statement of Financial Activities.
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 Company is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted general funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Designated funds are funds set aside out of unrestricted general funds for specific future purposes in accordance with the development plans of the organisation and to enable the completion of existing projects.
Restricted funds can only be used for particular restricted purposes within the objects of the Company. 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.
Pension costs and other post-retirement benefits
The Company participates in a multi-employer defined benefit pension plan. The change in value of the assets and liabilities arising from asset valuation, changes in benefit, actuarial assumptions of change in the level of deficit attributable to members is recognised in the Statement of Financial Activities. The resulting pension liability or asset is shown on the balance sheet.
Operating leases
Rentals applicable to operating leases are charged to the Statement of Financial Activities during the period in which the cost is incurred.
Investments
Investment in the unquoted subsidiary undertaking, The Art Café Limited, is shown at market value.
Grant income
Government grants are recognised at the fair value for the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
continued...
Page 17
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
3. DONATIONS AND LEGACIES
| Donation -The Art Cafe Limited Donation - Aldenham Parish Council Other donations |
31.3.21 £ 932 16,000 1,045 17,977 |
31.3.20 £ 11,220 15,000 6,338 32,558 |
|---|---|---|
4. INVESTMENT INCOME
Investment income arises from interest bearing deposit accounts.
5. INCOME FROM CHARITABLE ACTIVITIES
| Activity Hire income and recharges Concerts and stage performance Sales - Box office Concerts and stage performance Local authority grants Concerts and stage performance Hire income and recharges Hire of centre Sales - Box office Educational programmes Course income Educational programmes Art exhibition and foyer sales Art exhibition Grants received, included in the above, are as follows: Aldenham Parish Council Hertsmere Borough Council Art Council Government grants |
31.3.21 £ 430 3,545 297,972 17,162 - 160 228 319,497 31.3.21 £ 120,000 25,000 82,251 70,721 297,972 |
31.3.20 £ 11,519 511,545 121,000 176,933 52,833 19,388 4,525 897,743 31.3.20 £ 120,000 1,000 - - 121,000 |
|---|---|---|
Grants received, included in the above, are as follows:
Government grants totalling £70,721 were paid during the year under the Coronavirus Job Retention Scheme.
continued...
Page 18
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
6. CHARITABLE ACTIVITIES COSTS
| Concerts and stage performance Hire of centre Educational programmes Art exhibition Governance costs Other |
Direct costs (Note 7) 31.3.21 £ 328,238 43,271 242 82 4,375 - 376,208 |
Direct costs (Note 7) 31.3.20 £ 712,758 95,089 40,752 805 5,184 1 854,589 |
|---|---|---|
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Rates and water Insurance Light and heat Telephone Building enhancement, repairs and maintenance Advertising Sundries Event and concert costs Artist fees Tutors' fees Equipment hire Credit card charges Hospitality Transport Postage and stationery Office services Office consumables Staff training and recruitment Depreciation Loss on sale of tangible fixed assets Auditors' remuneration |
31.3.2021 £ 243,968 494 5,787 9,392 3,031 36,089 3,757 4,213 10,551 (3,744) - - 2,177 112 30 2,007 13,001 20 882 40,066 - 4,375 376,208 |
31.3.2020 £ 257,199 3,358 5,628 20,693 2,284 17,071 27,261 14,804 29,825 378,889 6,758 1,537 7,012 1,646 93 1,156 19,236 856 560 53,538 1 5,184 854,589 |
|---|---|---|
continued...
Page 19
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
8. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Governance costs | 4,375 |
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets Deficit on disposal of fixed assets AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements |
31.3.21 £ 40,066 - 31.3.21 £ 4,375 |
31.3.20 £ 53,687 1 |
|---|---|---|
| 31.3.20 £ 5,184 |
10. AUDITORS' REMUNERATION
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.
Trustees' expenses
There were no Trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.
12. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
31.3.21 £ 197,103 12,565 34,300 243,968 |
31.3.20 £ 213,070 14,232 29,897 |
|---|---|---|
| 257,199 |
The average monthly number of employees during the year was as follows:
| Administration Technical Operating |
31.3.21 7 3 1 11 |
31.3.20 7 5 1 13 |
|---|---|---|
continued...
Page 20
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
12. STAFF COSTS - continued
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
£60,001 - £70,000
| 31.3.21 | 31.3.20 |
|---|---|
| 1 | - |
The average number of full time equivalent employees for the year was as follows:
| Administration Technical Operating |
31.3.21 5 3 1 9 |
31.3.20 5 3 1 9 |
|---|---|---|
Key management personnel
The key management personnel of the trust comprise the trustees, the theatre manager and the Company Secretary. The total amount of of employee benefits (including employer pension contributions) received by key management personnel for their services to the trust was £83,966 (2020: £72,258).
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES AS AT 31ST MARCH 2020
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 17,558 Charitable activities Concerts and stage performance 644,064 Hire of centre 176,933 Educational programmes 72,221 Art exhibition 4,525 Investment income 2,593 Total 917,894 EXPENDITURE ON Charitable activities Concerts and stage performance 712,758 Hire of centre 95,089 Educational programmes 40,752 Art exhibition 805 Governance costs 5,184 Other 1 Total 854,589 NET INCOME/(EXPENDITURE) 63,305 |
Restricted funds £ 15,000 - - - - - 15,000 - - - - - - - - |
Total funds £ 32,558 644,064 176,933 72,221 4,525 2,593 932,894 712,758 95,089 40,752 805 5,184 1 854,589 63,304 |
|---|---|---|
continued...
Page 21
THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES AS AT 31ST MARCH 2020 - continued
| Transfers between funds Other recongised gains/(looses) Actuarial gain on defined benefit pension scheme Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 14. TANGIBLE FIXED ASSETS COST At 1st April 2020 and 31st March 2021 DEPRECIATION At 1st April 2020 Charge for year At 31st March 2021 NET BOOK VALUE At 31st March 2021 At 31st March 2020 15. FIXED ASSET INVESTMENTS MARKET VALUE At 1st April 2020 and 31st March 2021 NET BOOK VALUE At 31st March 2021 At 31st March 2020 |
Auditorium seating £ 90,897 87,805 773 88,578 2,319 3,092 |
Unrestricted funds £ (15,000) 47,000 95,305 258,543 353,848 Sound and light equipment £ 166,555 140,865 6,488 147,353 19,202 25,690 |
Restricted Total funds funds £ £ 15,000 - - 47,000 30,000 125,305 309,000 567,543 339,000 692,848 Fixtures and fittings Totals £ £ 291,172 548,624 159,961 388,631 32,805 40,066 192,766 428,697 98,406 119,927 131,211 159,993 Unlisted investments £ 1 1 1 |
|
|---|---|---|---|---|
There were no investment assets outside the UK. The company's investments at the balance sheet date in the share capital of companies include the following:
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
15. FIXED ASSET INVESTMENTS - continued
The Art Café Limited
Registered office: 1 Aldenham Avenue, Radlett, WD7 8HL Nature of business: Café and bar
| % Class of share: holding Ordinary 100 Aggregate capital and reserves (Loss)/profit for the year 16. STOCKS Stocks 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors VAT Prepayments and accrued income 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors and accruals Deferred income |
31.3.21 £ 8,456 (571) 31.3.21 £ 396 31.3.21 £ 10,397 - 3,554 8,587 16,001 38,539 31.3.21 £ 27,851 4,110 35,910 53,141 121,012 |
31.3.20 £ 20,790 11,763 31.3.20 £ 428 31.3.20 £ 4,160 10,831 2,152 - 15,661 32,804 31.3.20 £ 12,947 7,365 40,808 115,824 176,944 |
|---|---|---|
continued...
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THE RADLETT CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued
DEFERRED INCOME
| Deferred income at 1st January Resources deferred in the period Amount released from previous periods Deferred income at 31st December Deferred income comprises the following: Box office sales Room hires Toilet scheme donation income MOVEMENT IN FUNDS Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 353,848 (54,429) Restricted funds Building fund 339,000 16,315 TOTAL FUNDS 692,848 (38,114) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 321,779 Restricted funds Building fund 16,315 TOTAL FUNDS 338,094 |
31.3.21 £ 115,824 53,141 (115,824) 53,141 40,640 12,334 167 53,141 Transfers between funds £ (16,000) 16,000 - Resources expended £ (376,208) - (376,208) |
31.3.20 £ 143,664 115,824 (143,664) 115,824 94,568 21,173 83 115,824 At 31.3.21 £ 283,419 371,315 654,734 Movement in funds £ (54,429) 16,315 (38,114) |
|---|---|---|
19. MOVEMENT IN FUNDS
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2021
19. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Building fund TOTAL FUNDS |
At 1.4.19 £ 258,543 309,000 567,543 |
Net movement in funds £ 110,305 15,000 125,305 |
Transfers between funds £ (15,000) 15,000 - |
At 31.3.20 £ 353,848 339,000 692,848 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Building fund TOTAL FUNDS |
Incoming resources £ 917,893 15,001 932,894 |
Resources expended £ (854,588) (1) (854,589) |
Gains and Movement losses in funds £ £ 47,000 110,305 - 15,000 47,000 125,305 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
19. MOVEMENT IN FUNDS - continued
Resources expended on restricted funds relate to the depreciation charged during the year on fixed assets held within restricted funds.
Purpose of Restricted Fund Balances
Building Fund: A fund to finance future life cycle and enhancement works in accordance with the agreement between Aldenham Parish Council and The Radlett Centre.
Prior Year Restricted Fund Balances
The total funds of £692,848 in 2020 were previously incorrectly shown as split between general unrestricted funds of £427,758 and a restricted Building Fund of £265,090. These 2021 financial statements now show the correct split of the comparative balances as at 31 March 2020, with £353,848 in general unrestricted funds (£73,910 lower than previously stated) and £339,000 in restricted Building Fund (£73,910 higher). The total funds were unaffected by this error.
20. RELATED PARTY DISCLOSURES
Included in incoming resources are grants and donations received from Aldenham Parish Council of £136,000 (2020: £135,000). The Council has appointed two trustees to the Company's Board of Trustees.
During the year, Radlett Centre charged Aldenham Parish Council £16,037 (2020: £24,832) for rent and maintenance.
£16,540 (2020: £41,447) was payable to Aldenham Parish Council for utilities and company secretarial services.
Included within debtors is an amount of £12,095 (2020: £2,153) due from Aldenham Parish Council and within creditors is an amount of £26,985 (2020: £3,928) due to Aldenham Parish Council.
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021
21. PENSION COSTS
The Company is a participating employer in the Hertfordshire County Council Pension Local Government Pension Scheme, a defined benefit scheme which guarantees to provide benefits based on members' final pay. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit credit method.
The most recent formal actuarial review of the scheme was at 31 March 2019. The market value of the scheme's assets at 31 March 2019 was £646,000. The most recent present value of the scheme's liabilities was £508,000. The latest estimate of the scheme's assets reveals that the present value of the Company's obligations was less than the fair value of the scheme's assets. However, the resulting surplus of £138,000 is not recognised as a defined benefit scheme asset as the Company is not able to recover the surplus either through reduced contributions in the future or through refunds from the scheme.
The assumptions underlying the valuation for the current and previous year are for a pension increase rate of 2.3%, salary increase rate of 2.7%, long term mortality improvement of 1.25% and an investment return of 3.4%.
The pension cost charged to the statement of financial activities was £34,300 (2020: £29,897), which represents the contributions to the pension fund during the year.
Page 27
.
Mr P G Evans The Radlett Centre Trust The Radlett Centre 1 Aldenham Road Radlett Herts WD7 8HL
Our ref: RSH/ T049
31 January 2022
Dear Peter
Further to the finalisation of The Radlett Centre accounts, I would like to draw your attention to various matters that arose during the course of our audit for the year ended 31 March 2021.
Audit Report
There are no expected modifications to the standard unqualified audit report.
Unadjusted misstatements
There were no unadjusted misstatements other than those considered trivial. No adjustment need be made to these financial statements, as the overall effect of any adjustment would be immaterial.
Material weaknesses in the accounting and internal control systems
As you are aware from our letter of engagement, our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the accounts. As a smaller entity, the charity uses less formal means and simpler processes and procedures to achieve its internal control objectives and there is less division of accounting functions than would be found in a larger entity.
Our review did not identify any actual or potential weaknesses that would be capable of rectification in view of the company’s limited ability to segregate duties amongst its employees. Our review is however, not meant to be a full and accurate reflection of all weaknesses that may be present in your systems.
Other matters required by auditing standards to be communicated
There are no other matters that we are required by auditing standards to communicate to you.
Letter of Representation
The letter of representation is enclosed.
Other matters relating to the audit
This letter has been prepared for your private use only. It should not be disclosed to any third party without our written consent, nor will we accept any responsibility whatsoever in the respect of its content to any other party.
Finally, we thank you, Greg and your staff for their assistance and co-operation during the conduct of our audit.
Yours sincerely
Robert Harris NAGLER SIMMONS