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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 02913278 (England and Wales) REGISTERED CHARITY NUMBER: 1037121

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

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 2022

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 30

THE RADLETT CENTRE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

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 2022. 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 subsidised services in relation to the grant 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.

Page 1

THE RADLETT CENTRE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

OBJECTIVES AND ACTIVITIES

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.

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.

Page 2

THE RADLETT CENTRE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

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.

30,932 (2021: 430) 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 economic climate at the time, the Trustees made the decision to close bank accounts with Shawbrook and Close Brothers, where the interest was low, and invest £110,000 in a portfolio of low to medium risk investments with A&J Wealth Management, as shown in note 15 to the accounts. This left Barclays as the Company’s sole banker. The Board reviews annually the Company's investment strategy.

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.

Page 3

THE RADLETT CENTRE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

FINANCIAL REVIEW (Continued)

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 6-9 months of operating costs.

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 2022 were £262,274 (2021: £163,491).

Results for the period

Costs were generally contained within budget. However, planned enhancements and maintenance costs of £21,961 (2021: £36,089) were lower than budget. As a result, incoming resources exceed outgoing resources by £76,143 (2021: £38,114 deficit).

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.

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.

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.

Page 4

THE RADLETT CENTRE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

Registered office

The Radlett Centre 1 Aldenham Avenue Radlett Hertfordshire WD7 8HL

Page 5

THE RADLETT CENTRE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

Trustees

The trustees serving during the year were as follows:

Aldenham Parish Council Nominees: Cllr D J Wickham 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 J Needleman Mr S B Wilson Mr D Barnett (Resigned 3rd February 2022) Mrs B Langdon (Appointed 3rd February 2022) Mr G R Walton (Appointed 21[st] September 2022)

Company Secretary

Mr P G Evans (Resigned 3rd February 2022) Mr P D Davis (Appointed 2nd May 2022)

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 6

THE RADLETT CENTRE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2022

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:

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:

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 21st September 2022 and signed on its behalf by:

................................................................. P D Davis - Secretary

Page 7

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 2022 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:

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 8

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:

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 9

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 144 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.

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:

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST

· 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.

· 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.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLETT CENTRE TRUST

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: 25[th] September 2022

Page 12

THE RADLETT CENTRE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
12,728
Charitable activities
Concerts and stage performance
675,598
Hire of centre
136,073
Educational programmes
54,514
Art exhibition
2,620
Investment income
4
598
Total
882,131
EXPENDITURE ON
Charitable activities
6
Concerts and stage performance
701,038
Hire of centre
64,662
Educational programmes
29,648
Art exhibition
1,134
Governance costs
6,309
Total
802,791
Net gains/(losses) on investments
(3,981)
NET INCOME/(EXPENDITURE)
75,359
RECONCILIATION OF FUNDS
Total funds brought forward
283,419
TOTAL FUNDS CARRIED FORWARD
358,778		 Restricted
funds
£
-
-
-
-
-
784
784
-
-
-
-
-
-
-
784
371,315
372,099		 31.3.22
Total
funds
£
12,728
675,598
136,073
54,514
2,620
1,382
882,915
701,038
64,662
29,648
1,134
6,309
802,791
(3,981)
76,143
654,734
730,877		 31.3.21
Total
funds
£
17,977
301,947
17,162
160
228
620
338,094
328,238
43,271
242
82
4,375
376,208
-
(38,114)
692,848
654,734

The notes form part of these financial statements

Page 13

THE RADLETT CENTRE TRUST

BALANCE SHEET

31ST MARCH 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
14
96,504
Investments
15
100,646
197,150
CURRENT ASSETS
Stocks
16
430
Debtors
17
60,488
Cash at bank and in hand
300,278
361,196
CREDITORS
Amounts falling due within one year
18
(199,568)
NET CURRENT ASSETS
161,628
TOTAL ASSETS LESS CURRENT LIABILITIES
358,778
NET ASSETS
358,778
FUNDS
19
Unrestricted funds:
General fund
Restricted funds:
Building fund
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
-
372,099
372,099
-
372,099
372,099
372,099		 31.3.22
Total
funds
£
96,504
100,646
197,150
430
60,488
672,377
733,295
(199,568)
533,727
730,877
730,877
358,778
372,099
730,877		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

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 14

THE RADLETT CENTRE TRUST

BALANCE SHEET - continued

31ST MARCH 2022

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 21st September 2022 and were signed on its behalf by:

............................................. C Curran - Trustee

............................................. I Swain - Trustee

The notes form part of these financial statements

Page 15

THE RADLETT CENTRE TRUST

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Net cash (used in)/provided by 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		 31.3.22
£
168,882
168,882
(8,762)
(144,386)
39,760
(113,388)
55,494
616,883
672,377		 31.3.21
£
(59,683)
(59,683)
-
-
-
-
(59,683)
676,566
616,883

The notes form part of these financial statements

Page 16

THE RADLETT CENTRE TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
(Increase)/decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations		 31.3.22
£
76,143
32,185
3,981
(34)
(21,949)
78,556
168,882		 31.3.21
£
(38,114)
40,065
-
32
(5,734)
(55,932)
(59,683)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank and in hand 616,883 55,494 672,377
616,883 55,494 672,377
Total 616,883 55,494 672,377

The notes form part of these financial statements

Page 17

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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, as modified by the revaluation of certain assets.

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.

continued...

Page 18

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

2. ACCOUNTING POLICIES - continued

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.

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.

Improvement to property 25% reducing balance Furniture and equipment 25% reducing balance Sound equipment 25% reducing balance Light equipment 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.

continued...

Page 19

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

2. ACCOUNTING POLICIES - continued

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.

Financial instruments

Fixed asset investments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their market value through income and expenditure.

Unlisted 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.

3. DONATIONS AND LEGACIES

Donation -The Art Cafe Limited
Donation - Aldenham Parish Council
Other donations		 31.3.22
£
8,630
-
4,098
12,728		 31.3.21
£
932
16,000
1,045
17,977

4. INVESTMENT INCOME

Investment income arises from interest bearing deposit accounts.

continued...

Page 20

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

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		 31.3.22
£
13,779
495,735
166,084
136,073
48,260
6,254
2,620
868,805
31.3.22
£
120,000
13,000
-
33,084
166,084		 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

Grants received, included in the above, are as follows:

Government grants totalling £33,084 (2021: £70,721) were paid during the year under the Coronavirus Job Retention Scheme.

6. CHARITABLE ACTIVITIES COSTS

Concerts and stage performance
Hire of centre
Educational programmes
Art exhibition
Governance costs		 Direct costs
(See note 7)
31.3.22
£
700,853
64,662
29,833
1,134
6,309		 Direct costs
(See note 7)
31.3.21
£
328,238
43,271
242
82
4,375

376,208
802,791

continued...

Page 21

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

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
Auditors' remuneration
8.
SUPPORT COSTS
Governance costs		 31.3.2022
£
252,557
1,172
10,560
24,701
3,123
21,962
15,689
16,785
29,248
358,841
2,706
1,280
6,357
2,138
37
2,364
13,676
389
712
32,185
6,309
802,791
31.3.22
£
6,309		 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
883
40,065
4,375
376,208
31.3.21
£
4,375

continued...

Page 22

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
10.
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's
financial statements		 31.3.22
£
32,185
31.3.22
£
6,309		 31.3.21
£
40,065
31.3.21
£
4,375

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.

Trustees' expenses

There were no Trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.3.22
£
205,883
13,590
33,084
252,557		 31.3.21
£
197,103
12,565
34,300
243,968

The average monthly number of employees during the year was as follows:

Administration
Technical
Operating		 31.3.22
7
3
1
11		 31.3.21
7
3
1
11

continued...

Page 23

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

12. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.3.22 31.3.21
£60,001 - £70,000 1 1

The average number of full time equivalent employees for the year was as follows:

Administration
Technical
Operating		 31.3.22
5
3
1
9		 31.3.21
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 £82,611 (2021: £83,966).

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
1,977
Charitable activities
Concerts and stage performance
301,947
Hire of centre
17,162
Educational programmes
160
Art exhibition
228
Investment income
305
Total
321,779
EXPENDITURE ON
Charitable activities
Concerts and stage performance
328,238
Hire of centre
43,271
Educational programmes
242
Art exhibition
82		 Restricted
funds
£
16,000
-
-
-
-
315
16,315
-
-
-
-		 Total
funds
£
17,977
301,947
17,162
160
228
620
338,094
328,238
43,271
242
82

continued...

Page 24

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
funds
£
£
Governance costs
4,375
-
Total
376,208
-
NET INCOME/(EXPENDITURE)
(54,429)
16,315
Transfers between funds
(16,000)
16,000
Net movement in funds
(70,429)
32,315
RECONCILIATION OF FUNDS
Total funds brought forward
353,848
339,000
TOTAL FUNDS CARRIED FORWARD
283,419
371,315
14.
TANGIBLE FIXED ASSETS
Sound and
Fixtures
Auditorium
light
and
seating
equipment
fittings
£
£
£
COST
At 1st April 2021
90,897
166,555
291,172
Additions
-
5,733
3,029
At 31st March 2022
90,897
172,288
294,201
DEPRECIATION
At 1st April 2021
88,578
147,353
192,766
Charge for year
351
6,478
25,356
At 31st March 2022
88,929
153,831
218,122
NET BOOK VALUE
At 31st March 2022
1,968
18,457
76,079
At 31st March 2021
2,319
19,202
98,406		 Total
funds
£
4,375
376,208
(38,114)
-
(38,114)
692,848
654,734
Totals
£
548,624
8,762
557,386
428,697
32,185
460,882
96,504
119,927

continued...

Page 25

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

15. FIXED ASSET INVESTMENTS

Listed
Unlisted
investments investments
£
£
MARKET VALUE
At 1st April 2021
-
1
Additions
144,386
-
Disposals
(42,486)
-
Revaluations
(1,255)
-
At 31st March 2022
100,645
1
NET BOOK VALUE
At 31st March 2022
100,645
1
At 31st March 2021
-
1		 Totals
£
1
144,386
(42,486)
(1,255)
100,646
100,646
1

There were no investment assets outside the UK.

Market value of listed investments at 31st March 2022 is represented by:

Payment to investment platform
Net realised loss on sale of shares
Platform charges
Loss on revaluation at 31st March 2022
Cash held with investment platform at 31st March 2022
 Listed
Investments
£
110,000
(2,726)
(307)
(1,255)
(5,067)
100,645

The company's investments at the balance sheet date in the share capital of companies include the following:

The Art Café Limited

Registered office: 1 Aldenham Avenue, Radlett, WD7 8HL Nature of business: Café and bar

Nature of business: Café and bar
%
Class of share: holding
Ordinary 100
31.3.22 31.3.21
£ £
Aggregate capital and reserves (174) 8,456
Loss for the year - (571)

continued...

Page 26

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
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
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 hire
Toilet scheme donation income		 31.3.22
£
430
31.3.22
£
12,237
4,327
9,965
33,959
60,488
31.3.22
£
8,314
4,964
52,927
133,363
199,568
31.3.22
£
53,141
133,363
(53,141)
133,363
116,871
15,409
1,083
133,363		 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
31.3.21
£
115,824
53,141
(115,824)
53,141
40,640
12,334
167
53,141

continued...

Page 27

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

19. MOVEMENT IN FUNDS

At 1.4.21
£
CURRENT YEAR:
Unrestricted funds
General fund
283,419
Restricted funds
Building fund
371,315
TOTAL FUNDS
654,734
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
882,131
(802,791)
Restricted funds
Building fund
784
-
TOTAL FUNDS
882,915
(802,791)
PREVIOUS YEAR:
Comparatives for 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
At
in funds
31.3.22
£
£
75,359
358,778
784
372,099
76,143
730,877
Gains and Movement
losses
in funds
£
£
(3,981)
75,359
-
784
(3,981)
76,143
Transfers
between
At
funds
31.3.21
£
£
(16,000)
283,419
16,000
371,315
-
654,734

continued...

Page 28

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

19. MOVEMENT IN FUNDS - continued

PREVIOUS YEAR:

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

Unrestricted funds
General fund
Restricted funds
Building fund
TOTAL FUNDS		 Incoming
resources
£
321,779
16,315
338,094		 Resources Movement
expended
in funds
£
£
(376,208)
(54,429)
-
16,315
(376,208)
(38,114)

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.

20. RELATED PARTY DISCLOSURES

Included in incoming resources are grants and donations received from Aldenham Parish Council of £120,000 (2021: £136,000). The Council has appointed two trustees to the Company's Board of Trustees.

During the year, The Radlett Centre Trust charged Aldenham Parish Council £24,996 (2021: £16,037) for rent and maintenance.

£56,309 (2021: £16,540) was payable to Aldenham Parish Council for utilities and company secretarial services.

Included within debtors is an amount of £30,453 (2021: £12,095) due from Aldenham Parish Council and within creditors is an amount of £Nil (2021: £26,985) due to Aldenham Parish Council.

continued...

Page 29

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

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 £33,804 (2021: £34,300), which represents the contributions to the pension fund during the year.

Page 30