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2023-03-31-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 2023

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 2023

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 11
Statement of Financial Activities 12
Balance Sheet 13 to 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 31

THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2023

The Trustees of The Radlett Centre Trust (the Company), 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 2023. 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 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.

b) To offer shows and services for the inhabitants of the Parish of Aldenham and surrounding neighbourhoods, in a way that will attract high quality performances and appeal to audiences and facility hirers.

c) To provide and maintain the building as a community centre 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 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.

Page 1

THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

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 £30,000.

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.

38,533 (2022: 30,932) tickets were sold for professional shows in the past year, as well as tickets for charitable events and local amateur groups. 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.

Page 2

THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

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.

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, totalling £120,000.

Investment policy and objectives

The Trustees made the decision during the 2021/22 year to close the bank accounts with Shawbrook and Close Brothers where the interest was low at the time, 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 Trustees have made the decision to invest further funds into a combination of short, medium and long term savings accounts, as a result of the improved interest rate opportunities. The Board reviews the investment strategy annually.

Reserves policy

The Trustees' Reserves Policy is based upon guidance from the Charity Commission. The Trustees have taken note of this guidance and keep the reserves of the Company regularly under review. The total reserves as at 31st March 2023 were £341,717 (2022: £262,274).

Results for the period

The year end results reflect a very successful year, with strong ticket sales, despite the continuing difficult economic climate. Costs were generally contained within budget which meant that incoming resources exceeded outgoing resources by £79,949 (2022: £76,143).

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 maintenance and 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. The results of the original survey are reviewed and updated on an annual basis.

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 (REGISTERED NUMBER: 02913278)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2023

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 up to 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 at least 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 had a subsidiary undertaking, 'The Art Café Limited', which was set up as a commercial bar, catering and conference facility, with all of its profits donated to the Company under Gift Aid. The subsidiary was dissolved during the year, and the Company now subcontracts the provision of these services to an external organisation.

Page 4

THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 (REGISTERED NUMBER: 02913278)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

Trustees

The trustees serving during the year were as follows:

Aldenham Parish Council Nominees: Cllr D J Wickham (Resigned on 5 May 2023) Elected trustees: Mrs K Curran (Chair) Mrs R L Davis-Stollar Mrs W M Griffin Mrs B Langdon (Resigned on 26 January 2023) Mr N E Myerson Mr J Needleman Mrs I Swain Mr G Walton (Appointed on 21 September 2022) Mr S B Wilson (Resigned on 4 May 2023)

The following trustees have been appointed after the year end:

Aldenham Parish Council Nominees: Cllr J M Graham (Appointed on 24 May 2023) Elected trustees: Mr M S Khawaja (Appointed on 24 May 2023) Ms D Alexander (Appointed on 28 June 2023)

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 (REGISTERED NUMBER: 02913278)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2023

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 ............................................. and signed on its behalf by:

.................................................................

Mrs C Curran - Trustee

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 2023 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.

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:

Page 11

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

· We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and also considered the laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006, Charities Act 2011 and Financial Reporting Standards.

· We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We obtained an understanding of internal controls relevant to the audit in order to design appropriate audit procedures to detect irregularities including fraud.

· Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. We reviewed the financial statements and assessed the risk of material misstatement of those financial statements, including the risk of material misstatement due to fraud and how it might occur, by making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. We designed specific audit procedures, recognising that 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.

· We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls.

· We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations, and reviewed the minutes of all Trustees' meetings.

· We used analytical procedures to identify any unusual or unexpected relationships.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the 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: .............................................

Page 11

THE RADLETT CENTRE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Concerts and stage performance
Hire of centre
Educational programmes
Art exhibition
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Concerts and stage performance
Hire of centre
Educational programmes
Art exhibition
Governance costs
Total
Net losses on investments
15
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
funds
funds
£
£
4,423
-
779,687
-
152,378
-
69,416
-
4,895
-
267
278
1,011,066
278
776,511
-
101,949
-
41,591
-
1,677
-
8,701
-
930,429
-
(966)
-
79,671
278
358,778
372,099
438,449
372,377		 31.3.23

Total
funds
£
4,423
779,687
152,378
69,416
4,895
545
1,011,344
776,511
101,949
41,591
1,677
8,701
930,429
(966)
79,949
730,877
810,826		 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

The notes form part of these financial statements

Page 12

THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)

BALANCE SHEET

31ST MARCH 2023

Notes
FIXED ASSETS
Tangible assets
14
Investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds:
General fund
Restricted funds:
Building fund
TOTAL FUNDS		 Unrestricted
Restricted
funds
funds
£
£
96,732
-
97,670
-
194,402
-
534
-
27,799
-
452,421
372,377
480,754
372,377
(236,707)
-
244,047
372,377
438,449
372,377
438,449
372,377		 31.3.23

Total
funds
£
96,732
97,670
194,402
534
27,799
824,798
853,131
(236,707)
616,424
810,826
810,826
438,449
372,377
810,826		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

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 13

THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)

BALANCE SHEET - continued

31ST MARCH 2023

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 ............................................. and were signed on its behalf by:

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

.............................................

I Swain - Trustee

The notes form part of these financial statements

Page 14

THE RADLETT CENTRE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by 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 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		 31.3.23
£
184,463
184,463
(32,796)
(36,508)
37,262
(32,042)
152,421
672,377
824,798		 31.3.22
£
168,882
168,882
(8,762)
(144,386)
39,760
(113,388)
55,494
616,883
672,377

The notes form part of these financial statements

Page 15

THE RADLETT CENTRE TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2023

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.3.23
£
Net income for the reporting period (as per the Statement of
Financial Activities)
79,949
Adjustments for:
Depreciation charges
32,569
Losses on investments
966
Increase in stocks
(104)
Decrease/(increase) in debtors
33,944
Increase in creditors
37,139
Net cash provided by operations
184,463		 31.3.22
£
76,143
32,185
3,981
(34)
(21,949)
78,556
168,882

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£ £ £
Net cash
Cash at bank and in hand 672,377 152,421 824,798
672,377 152,421 824,798
Total 672,377 152,421 824,798

The notes form part of these financial statements

Page 16

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

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 as the Trustees believe that the Company has sufficient support from Aldenham Parish Council and reserves to continue. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of revenues for the company to be able to continue as a going concern.

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 17

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

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 18

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

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.

The Company also operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Operating leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities during the period in which the cost is incurred.

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 Café Limited
Other donations		 31.3.23
£
-
4,423
4,423		 31.3.22
£
8,630
4,098
12,728

4. INVESTMENT INCOME

Deposit account interest
Investment portfolio interest and dividends		 31.3.23
£
380
168
548		 31.3.22
£
1,382
-
1,382

continued...

Page 19

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

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
Government grants		 31.3.23
£
40,929
617,758
121,000
152,378
58,691
10,725
4,895
1,006,376
31.3.23
£
120,000
1,000
-
121,000		 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

Government grants totalling £Nil (2022: £33,084) 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)
31.3.23
£
776,511
101,949
41,591
1,677
8,701
930,429		 Direct costs
(See note
7)
31.3.22
£
700,853
64,662
29,833
1,134
6,309
802,791

continued...

Page 20

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

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
Accountancy		 31.3.2023
£
271,816
722
13,714
24,843
3,002
20,194
30,208
23,100
33,818
423,747
4,248
610
11,072
2,110
42
3,283
19,352
882
2,396
32,569
6,801
1,900
930,429		 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

8. SUPPORT COSTS

Governance costs

Governance costs £ 8,701

continued...

Page 21

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

9. NET INCOME

Net income is stated after charging:

Depreciation - owned assets
10.
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's
financial statements
Auditors' remuneration for non audit work
Total fees payable		 31.3.23
£
32,568
31.3.23
£
6,801
1,900
8,701		 31.3.22
£
32,185
31.3.22
£
6,309
-
6,309

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.

Trustees' expenses

There were no Trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.3.23
£
224,585
14,396
32,835
271,816		 31.3.22
£
205,883
13,590
33,084
252,557

continued...

Page 22

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

12. STAFF COSTS - continued

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

Administration
Technical
Operating		 31.3.23
8
5
1
14		 31.3.22
7
3
1
11

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

31.3.23 31.3.22
£60,001 - £70,000 1 1

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

31.3.23 31.3.22
Administration 5 5
Technical 3 3
Operating 1 1
9 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 £83,448 (2022: £82,611).

continued...

Page 23

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2023

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
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
598
Total
882,131
EXPENDITURE ON
Charitable activities
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 losses on investments
(3,981)
NET INCOME
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

continued...

Page 24

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2023

14. TANGIBLE FIXED ASSETS

14.
TANGIBLE FIXED ASSETS
COST
At 1st April 2022
Additions
At 31st March 2023
DEPRECIATION
At 1st April 2022
Charge for year
At 31st March 2023
NET BOOK VALUE
At 31st March 2023
At 31st March 2022
15.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1st April 2022
Additions
Disposals
At 31st March 2023
PROVISIONS
At 1st April 2022
Provision for year
Eliminated on disposal
At 31st March 2023
NET BOOK VALUE
At 31st March 2023
At 31st March 2022		 Sound and
Fixtures
Auditorium
light
and
seating
equipment
fittings
£
£
£
90,897
172,288
294,201
-
25,568
7,228
90,897
197,856
301,429
88,929
153,831
218,122
492
11,250
20,826
89,421
165,081
238,948
1,476
32,775
62,481
1,968
18,457
76,079
Listed
Unlisted
investments investments
£
£
101,900
1
36,508
-
(41,161)
(1)
97,247
-
1,255
-
(1,630)
-
(48)
-
(423)
-
97,670
-
100,645
1		 Totals
£
557,386
32,796
590,182
460,882
32,568
493,450
96,732
96,504
Totals
£
101,901
36,508
(41,162)
97,247
1,255
(1,630)
(48)
(423)
97,670
100,646
100,645 1

There were no investment assets outside the UK.

Market value of listed investments at 31st March 2023 is represented by:

continued...

Page 25

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

15. FIXED ASSET INVESTMENTS - continued

Year ended 31st March 2022
Payment to investment platform
Transfer to platform cash account
Realised loss on sale of shares
Charges
Unrealised loss
Total at 31st March 2022
Year ended 31st March 2023
Transfer to platform cash account
Realised loss on sale of shares
Charges
Interest and dividends receivable
Unrealised gain
Total at 31st March 2023
Net loss on investments
Realised loss on sale of shares
Unrealised gain/(loss) on revaluation to market value		 Cost
£
110,000
(5,067)
(2,726)
(307)
-
101,900
(678)
(2,597)
(1,498)
168
-
97,295		 Market
value
Adjustment
£
-
-
-
-
(1,255)
(1,255)
-
-
-
-
1,630
375
31.3.23
£
(2,596)
1,630
(966)		 Market
value
£
110,000
(5,067)
(2,726)
(307)
(1,255)
100,645
(678)
(2,597)
(1,498)
168
1,630
97,670
31.3.22
£
(2,726)
(1,255)
(3,981)

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

continued...

Page 26

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

15. FIXED ASSET INVESTMENTS - continued

The Art Café Limited

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

The Art Café Limited
Registered office: 1 Aldenham Avenue,
Nature of business: Café and bar		 Radlett, WD7 8HL
%
Class of share: holding
Ordinary 100
31.3.23 31.3.22
£ £
Aggregate capital and reserves - (174)
Profit for the year - -
The company was dissolved on 24 January 2023.
16. STOCKS
31.3.23 31.3.22
£ £
Stocks 534 430
17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£ £
Trade debtors 10,889 12,237
Accrued income 3,949 -
Other debtors - 4,327
VAT - 9,965
Prepayments and accrued income 12,961 33,959
27,799 60,488

continued...

Page 27

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
VAT
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:
Room hires
Box office sales
Workshops
Mast rental
Toilet scheme
19.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Building fund
TOTAL FUNDS		 At 1.4.22
£
358,778
372,099
730,877		 31.3.23
£
8,787
4,352
15,629
29,475
178,464
236,707
31.3.23
£
133,363
178,464
(133,363)
178,464
25,661
144,029
4,358
3,333
1,083
178,464
Net
movement
in funds
£
79,671
278
79,949		 31.3.23
£
8,787
4,352
15,629
29,475
178,464
236,707		 31.3.22
£
8,314
4,964
-
52,927
133,363
199,568
31.3.22
£
53,141
133,363
(53,141)
133,363
15,409
116,871
-
-
1,083
133,363
At
31.3.23
£
438,449
372,377
810,826

continued...

Page 28

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Building fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Building fund
TOTAL FUNDS		 Incoming
resources
£
1,011,066
278
1,011,344
Resources
expended
£
(930,429)
-
(930,429)
At 1.4.21
£
283,419
371,315
654,734
Gains and
losses
£
(966)
-
(966)
Net
movement
in funds
£
75,359
784
76,143		 Movement
in funds
£
79,671
278
79,949

At

31.3.22
£
358,778
372,099
730,877

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

Unrestricted funds
General fund
Restricted funds
Building fund
TOTAL FUNDS		 Incoming
resources
£
882,131
784
882,915		 Resources
expended
£
(802,791)
-
(802,791)		 Gains and Movement
losses
in funds
£
£
(3,981)
75,359
-
784
(3,981)
76,143

continued...

Page 29

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Building fund
TOTAL FUNDS		 At 1.4.21
£
283,419
371,315
654,734		 Net
movement
in funds
£
155,030
1,062
156,092		 At
31.3.23
£
438,449
372,377
810,826

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Building fund
TOTAL FUNDS		 Incoming
resources
£
1,893,197
1,062
1,894,259
Resources

expended
£
(1,733,220)
-
(1,733,220)
Gains and

losses
£
(4,947)
-
(4,947)		 Movement
in funds
£
155,030
1,062
156,092

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.

continued...

Page 30

THE RADLETT CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

20. RELATED PARTY DISCLOSURES

Included in incoming resources are grants and donations received from Aldenham Parish Council of £120,000 (2022: £120,000). The Council has appointed two trustees to the Company's Board of Trustees.

During the year, The Radlett Centre Trust charged Aldenham Parish Council £17,229 (2022: £24,996) for rent and maintenance.

£42,434 (2022: £56,309) was payable to Aldenham Parish Council for utilities and company secretarial services.

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 2022. The market value of the scheme's assets at 31 March 2022 was £921,000. The most recent present value of the scheme's liabilities was £699,000. 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 £222,000 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 2.7%, salary increase rate of 3.2%, long term mortality improvement of 1.5% and an investment return of 3.6%.

The pension cost charged to the statement of financial activities was £32,835 (2022: £33,084), which represents the contributions to the pension fund during the year.

Page 31