REGISTERED COMPANY NUMBER." 02913278 (England and Wales) REGISTERED CHARITY NUMBER: 1037121 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 FOR THE RADLErr CENTRE TRUST Nagler Simmons Chartered Accountants and Statutory Auditors 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
THE RADLE CENTRE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Page Report of the Trustees Report of the Independent Auditors 8 to 11 Statement of Financial Artivities 12 Balance Sheet 13 to 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Financial Statements 17 to 32
THE RADLE CENTRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 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 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). OBJEcfivES AND AcfiviTIES 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 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. cl 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. To achieve these objectives and charitable aims, the Company leases from Aldenham Parish Council the Radlett Centre, which was opened on 27 April 1996. Strategies The strategies employed to achieve the Company's charitable aims are to: al 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. sexual orientation. disability. nationality, ethnic or national origin, religion and to be politically neutral. cl 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, schools, local societies and groups to develop, through the provision of appropriate facilities for hire, at rates discounted where appropriate. el 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 I
THE RADLE CENTRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 OBJEcfivES AND AcfiviTIES 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. All programmes achieve 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. Page 2
THE RADLE CENTRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 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 over 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. 39,72312023: 38,5331 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. 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 subsidy from Aldenham Parish Counci I, totalling £140,000 12023: £120.0001. £20.000 of which was from its Community Infrastructure Levy. The Company also received generous donations totalling £54,94312023: £4,423), most notably, £50,000 from John Apthorp, which was spent during the year on new auditorium seating. The continued support of our partners and generous donors is essent131 in maintaining the varied programme of creative arts since most concerts and performances are not self-financing. 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 £IIO.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. Page 3
THE RADLE CENTRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 FINANCIAL REVIEW 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 31 March 2024 were £436,28312023: £341,996). The Company and Aldenham Parish Council have jointly set aside moneys within a building fund to enable the f unding of expensive internal non-structural repairs within the building. 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 excluding restricted fund income of £70,000, income exceeded expenditure by £109.039 {2023: £79,950}. 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. STRucfuRE, 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 10 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 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. Page 4
THE RADLE CENTRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT 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 subsidy to the Compa ny. Alden ham 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 newsletter delivered to every household in the Parish. 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 l Aldenham Avenue Radlett Hertfordshire WD7 8HL Page 5
THE RADLE CENTRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Trustees The trustees serving during the year were as follows: Aldenham Parish Council Nominees.. John Graham Mohammed Khawaja Dermot Wickham Shaun Wilson (Appointed on 24 May 20231 (Appointed on 24 May 20231 (Resigned on 5 May 20231 (Resigned on 4 May 20231 Elected trustees: Catherine Curran {Chair) Rachael Davis-stollar Wendy Griffin Martin Jeens Neil Myerson Irene Swain Garry Walton Danielle Alexander (Appointed on 28 June 20231 Auditor5 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 OSQ Page 6
THE RADLE CENTRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of The Radlett Centre Trust for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently,. observe the methods and principles in the Charity SORP- make judgements and estimates that are reasonable and prudent; prepare the f inancial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the asset5 of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there is no relevant audit information of which the Company's auditors are unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Nagler Simmons, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 14 October 2024 and signed on its behalf by: Mrs C Curran - Trustee Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLErr CENTRE TRUST Opinion We have audited the financial statements of The Radlett Centre Trust (the 'charitable company'l for the year ended 31st March 2024 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 f inancial reporting framework that has been applied in their preparation is applicable law and U nited Kingdom AccountinE Standards {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31st March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit i n accordance with International Standards on Auditing IUKI (ISAS IUK}l 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 responsibilitie5 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 relatinE 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 compa ny'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. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLErr CENTRE TRUST Other information The trustees are responsible for the other information. The other information compri5e5 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 give5 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or the charitable company has not kept adequate accounting records- or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the f inancial 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 usi ng 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 RADLErr 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- Enquiring of management and those charged with governance around actual and potential litigation and claims; Reviewing board meeting minutes for all meetings taking place throughout the year and until the date of signature of these financial statements: Reviewing the general ledger in detail for all transactions with related parties; Performing walk through testing to ensure systems and controls are operating a5 recorded, where appropriate,. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of the instances of non-compliance. The risk is also greater regarding irregularities regarding fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also- Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the dirertors: Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RADLErr CENTRE TRUST Conclude on the appropriateness of the directors, 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 company'5 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 f inancial 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 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 transartions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters. the planned scope and timi ng of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report 15 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 2 December 2024 Page 11
THE RADLE CENTRE TRUST STATEMENT OF FINANCIAL AcfiviTIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31ST MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds fvnds Notes INCOMEAND ENDOWMENTS FROM Donations and legacies 4,943 70,000 74,943 4,423 Charitable activities Concerts and stage performance Hire of centre Educational programmes Art exhibition 794.888 200,722 79,316 8,418 794.888 200,722 79,316 8,418 779,687 152,378 69,416 4,895 Investment income 3,335 3,335 546 Total 1,091,622 70,000 1,161,622 1,011,345 EXPENDITURE ON Charitable activities Concerts and stage performance Hire of centre Education31 programmes Art exhibition Governance costs 825,945 112,455 42.626 2,798 6,000 825,945 112,455 42,626 2,798 6,000 775,013 101,949 41,591 1,677 8,701 Other 1.514 1,514 1,498 Total 991.338 991.338 930,429 Net gains/llossesl on investments 8.755 8.755 19661 NEf INCOME Transfers between funds 109.039 70,000 70.000 {70,000) 179,039 79,950 19 Net movement in funds 179,039 179,039 79,950 RECONCILIATION OF FUNDS Total funds brought forward 704.827 106.000 810.827 730,877 TOTAL FUNDS CARRIED FORWARD 883.866 106,000 989,866 810,827 The notes form part of these financial statements Page 12
THE RADLE CENTRE TRUST BALANCE SHEET 31ST MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restrirted funds funds Notes FIXED ASSETS Tangible assets Investments 14 15 181,484 110,207 181,484 110,207 96,732 97,670 291,691 291,691 194,402 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 16 17 263 50,583 781,449 263 50,583 887,449 534 27,799 824,799 106,000 832,295 106,000 938,295 853,132 CREDITORS Amounts falling due within one year 18 1240,120) {240,1201 (236,7071 NET CURRENT ASSErs 592,175 106,000 698,175 616,425 TOTAL ASSETS LESS CURRENT LIABILITIES 883,866 106,000 989,866 810,827 ASSETS 883.866 106,000 989,866 810,827 FUNDS Unrestricted f unds: General fund Building Fund 19 617,767 266,099 438,728 266,099 883,866 704,827 Restritted funds- Building fund 106,000 106,000 TOTAL FUNDS 989,866 810.827 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. The notes form part of these financial statements Page 13 continued...
THE RADLE CENTRE TRUST BALANCE SHEET- continued 31ST MARCH 2024 The member5 have not deposited notice. pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for (al ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fina ncial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Ibl 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 14 October 2024 and were signed on its behalf by: C Curran - Trustee I Swain - Trustee The notes form part of these financial statements Page 14
THE RADLE CENTRE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 31.3.24 31.3.23 Notes Cash flows from operating activities Cash generated from operations 177,807 184.464 Net cash provided by operating activities 177,807 184.464 Cash flows from investing artivities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments 1111,3761 136,2391 32,458 132,7961 136,5081 37,262 Net cash used in investing activities {115,1571 132,042 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 62.650 152.422 824,799 672,377 Cash and cash equivalents at the end of the reporting period 887,449 824,799 The notes form part of these financial statements Page 15
THE RADLE CENTRE TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net income for the reporting period (as per the Statement of Financial Artivities) Adjustments for: Depreciation charges IGainl/losses on investments Loss on disposal of fixed assets Decrease/lincreasel in stocks Ilncreasel/decrease in debtors Increase in creditors 179.039 79,950 25,147 18,7551 1,476 271 {22,7841 3,413 32,569 966 11041 33,944 37,139 Net cash provided by operations 177,807 184,464 ANALYSIS OF CHANGES IN NEf FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 824,799 62,650 887,449 824,799 62,650 887,449 Total 824.799 62,650 887,449 The notes form part of these financial statements Page 16
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STATUTORY INFORMATION The presentation currency of the financial statements is the Pound Sterling {£). 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 1021 '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 I January 20191,, 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 investment5 which are included at market value, as modified by the revaluation of certain assets. 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. Income from charitable activities is measured at the fair value of the consideration receivable, excluding VAT. Deferred income A provision for deferred income is made where the income is received in the year but can only be recognised for the next financial year and can be reliably measured at the balance sheet date. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation com m itting 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. Page 17 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES- continued Tangible fixed assets Tangible fixed assets for use by the Company are stated at cost (including any incidental expenses of acquisition) less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases. Auditorium Seating Fixtures and fittings Sound and light equipment 4% straight line 20% reducing balance 20% reducing balance Individual fixed a5set5 Costing £250 or more are capitalised at Cost. All tangible fixed assets were previously written off on a 25% reducing balance basis. The change has been made this year to reflect the longer expected useful lives of the assets held. 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 unrestrirted 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. Page 18 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 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 The Company has chosen to apply the provisions of Section 11 "Basic Financial Instruments and Section 12 '0ther Financial Instruments Issues of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operation from suppliers. Amount payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction rice and subsequently measured at amortised cost using the effective interest method. Grant income Government and local authority grants and subsidies are recognised at the fair value for the asset received or receivable when there is reasonable assurance that the grant and subsidy conditions will be met and the grants and subsidies will be received. Page 19 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 DONATIONS AND LEGACIES 31.3.24 31.3.23 Donation - Aldenham Parish Council Donation - John Apthorp Other donations 20,000 50.000 4,943 4,423 74,943 4,423 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest Investment portfolio interest and dividends 3,033 297 380 168 3,330 548 INCOME FROM CHARITABLE AcrivlEs 31.3.24 31.3.23 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 16,715 657.173 121,000 200,722 65,127 14,189 40,929 617.758 121,000 152,378 58,691 10,725 Art exhibition 8.418 4.895 1,083,344 1.006,376 Page 20 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 CHARITABLE AcfiviTIES COSTS Support and Governance costs Direct costs (note 7) Total 31 March 2024 Concerts and stage performance Hire of centre Educational programmes Art exhibition Auditors, remuneration (Governance costs) Investment charges {Support costs) 826,841 111,831 42.379 2,773 826,841 111,831 42,379 2,773 6,000 1,514 6,000 1,514 983,824 7,514 991,338 Support and Governance costs Dirert cost5 (note 7) Total 31 March 2023 Concerts and Stage performance Hire of centre Educational programmes Art exhibition Auditors, remuneration (Governance costs) Accountancy (Governance costs) Investment charges {Support costs) 779,410 100,465 38,687 1,668 779,410 100,465 38,687 1,668 6,801 1,900 1,498 6,801 1,900 1,498 920,230 10,199 930,429 Page 21 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 DIREcf COSTS OF CHARITABLE ACTIVITIES 31.3.2024 31.3.2023 Staff costs Rates and water Insurance Light and heat Telephone Building enhancement, repairs and maintenance Advertising Sundries Event and concert costs Artlst fees Tutors, fees Equipment hire Credit card charges Hospitality Transport Postage and stationery Office services Office consumables Staff training and recruitment Depreciation Loss on disposal of tangible fixed assets 278.912 1,104 14,574 27,727 3,434 43.444 27,673 24,927 34,750 457,029 4,506 271.816 722 13,714 24,843 3,002 20,194 30,208 23,100 33,818 423,747 4,248 610 9.574 2.110 42 3,283 19,352 882 2,396 32,569 9.267 2.593 52 2,657 21,330 515 2,705 25,149 1,476 983,824 920,230 Page 22 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 NEf INCOME/{EXPENDITURE) Net income/{expenditure) is stated after charging/{crediting)- 31.3.24 31.3.23 Depreciation - owned assets Deficit on disposal of fixed assets 25,148 1,476 32,568 AUDITORS, REMUNERATION 31.3.24 31.3.23 Fees payable to the charity's auditors for the audit of the charity's financial statements Auditors, remuneration for non audit work 6,000 6,801 1,900 Total fees payable 6,000 8,701 io. TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. Trustees, expenses There were no Trustees, expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. Page 23 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 11. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security costs Other pension costs 242,154 14,672 22,086 224,585 14,396 32,835 278,912 271,816 The average monthly number of employees during the year was as follows- 31.3.24 31.3.23 Adm inistration Technical Operating 14 14 The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was: 31.3.24 31.3.23 £60,001- £70,000 The average number of full time equivalent employees for the year was as follows.. 31.3.24 31.3.23 Administration Technical Operating Key management personnel The key management personnel of the trust comprise the trustees and theatre manager. The total amount of of employee benefits {including employer pension contributions) received by key management personnel fortheir sep4ices to the trust was £84,837 (2023: £83,448). Page 24 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENT5 - continued FOR THE YEAR ENDED 31ST MARCH 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestrirted funds RestTlCted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 4,423 4,423 Charitable activities Concerts and stage performance Hire of centre Educational programmes Art exhibition 779,687 152.378 69,416 4,895 779,687 152,378 69,416 4,895 Investment income 546 546 Total 1.011.345 1,011,345 EXPENDITURE ON Charitable activities Concerts and stage performance Hire of centre Educational programrnes Art exhibition Governance costs 775,013 101,949 41.591 1,677 8,701 775,013 101,949 41,591 1,677 8,701 Other 1,498 1,498 Total 930.429 930,429 Net gains/llossesl on investments (966) 19661 NET INCOME 79,950 79,950 RECONCILIATION OF FUNDS Total funds brought forward 624,877 106,000 730,877 TOTAL FUNDS CARRIED FORWARD 704,827 106,000 810,827 Page 25 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 13. TANGIBLE FIXED ASSErs Sound and light equipment Fixtures and fittings Auditorium seating Totals COST At 1st April 2023 Additions Disposals 90,897 ioi.iii {90.897) 197,856 4,166 301,429 6,099 590,182 111,376 190,897} At 31st March 2024 ioi.iii 202,022 307,528 610,661 DEPRECIATION At 1st April 2023 Charge for year Eliminated on disposal 89,421 4,044 {89.4211 165,081 7,388 238,948 13,716 493,450 25,148 189,421} At 31st March 2024 172,469 252,664 429,177 NET BOOK VALUE At 31st March 2024 97.067 29.553 54.864 181.484 At 31st March 2023 1,476 32.775 62.481 96,732 Page 26 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 14. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1st April 2023 Additions Disposals 97,247 36,239 132,828} At 31st March 2024 100,658 PROVISIONS At 1st April 2023 Provision for year Eliminated on disposal (423) {8.712} {414} At 31st March 2024 {9,549} NET BOOK VALUE At 31st March 2024 110,207 At 31st March 2023 97,670 There were no investment assets outside the UK. Net gain / (loss) on investments 31.3.24 31.3.23 Realised gain / Iloss) on sale of shares Unrealised gain on revaluation to market value 44 8,711 {2.5961 1,630 8,755 {966) Page 27 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 15. STOCKS 31.3.24 31.3.23 Stocks 263 534 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors Prepayments and accrued income 22,604 13,733 14,246 10,889 3,949 12,961 50,583 27,799 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors Social security and other taxes Other creditors and accruals Deferred income 24,144 4,512 34,033 177,431 8,787 19,981 29,475 178,464 240,120 236,707 Page 28 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- continued DEFERRED INCOME 31.3.24 31.3.23 Deferred income at 1st January Resources deferred in the period Amount released from previous periods 178,464 177,431 1178,464} 133,363 178,464 {133,3631 Deferred income at 31st December 177.431 178,464 Deferred income comprises the following: Room hire Box office sales Workshops Mast rental Toilet scheme 19,480 149.518 4.100 3.333 1,000 25,661 144,029 4,358 3,333 1,083 177,431 178,464 18. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds General fund Building Fund 438.728 266,099 109.039 70.000 617.767 266,099 704,827 109,039 70,000 883,866 Restricted funds Auditorium Seating Fund Buildingfund 70,000 170,0001 106.0 106,000 106.000 70.000 (70.000) 106.000 TOTAL FUNDS 810.827 179,039 989,866 Page 29 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 18. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows- Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1,091,622 {991,3381 8,755 109,039 Restricted funds Auditorium Seating Fund 70,0(M) 70,000 TOTAL FUNDS 1,161,622 {991,3381 8,755 179,039 Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Building Fund 358,778 266,099 79.950 438,728 266.099 624,877 79,950 704,827 Restricted funds Building fund 106,000 106,000 TOTAL FUNDS 730,877 79,950 810,827 Page 30 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 18. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows- Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1,011,345 {930,4291 1966} 79,950 TOTAL FUNDS 1.011.345 {930,4291 (966} 79,950 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. Auditorium seating fund: During the year the company received donations and grants totalling £70,000 for refurbishment of the auditorium seating. This fund has been fully utilised so has been transferred to the general fund. 19. RELATED PARTY DISCLOSURE5 Included in incoming resources are subsidies received from Aldenham Parish Council of £140,00012023: £120,000). This included £20,000 which was received during the current year for the Community Infrastructure Levy. During the year, The Radlett Centre Trust charged Aldenham Parish Council £7,41212023: £17,229) for rent and maintenance. £52.244 {2023: £42,434) was payable to Aldenham Parish Council for utilities. Included within creditors at the year end is an amount of £5,950 (2023: Nil) due to Aldenham Parish Council. The Council has appointed two trustees to the Company's Board of Trustees. Page 31 continued...
THE RADLE CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 20. 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 2.7Yo. salary increase rate of 3.2%. long term mortality improvement of 1.5°A and an investment return of 3.6%. The pension cost charged to the statement of financial activities was £21,621 {2023: £32,835), which represents the contributions to the pension fund during the year. Page 32
The Radlett Centre Trust l Aldenham Avenue Radlett Herts WD7 8HL Nagler Simmons 5 Beaumont Gate Shenley Hill Radlett WD7 7AR Company Registration No. 02913278 (England and Wales) Charity number: 1037121 Dear Sirs FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 We confirm that the following representations are made on the basis of enquiries of management or staff with relevant knowledge or experience, and where appropriate inspection of relevant documentation, sufficient to satisfy ourselves that we can properly make each of the following representations to you. We acknowledge as trustees our responsibility under the Companies Act 2006 and Charities Act 2011 for preparing the financial statements that give a true and fair view and for making accurate representations to you as auditors. l. We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the company have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and shareholders, meetings, have been made available to you. We have given you unrestricted access to persons within the company in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit. 2. We confirm that at the year end, there were no contingent liabilities, nor actual or possible litigation pending against the Trust. 3. We confirm that there were, at no time during the year, any arrangements, transactions or agreements to provide credit facilities for members of the Board of Trustees, or to guarantee or provide security for such matters. 4. We confirm that there were no transactions with related parties for disclosure in the accounts. The list of related parties attached to this letter is a complete list. 5. We confirm that at the balance sheet date, there was no material capital expenditure authorised, and which therefore needed to be disclosed in the accounts as capital commitments. 6. It was confirmed that the Board believed that The Radlett Centre Trust would be a going concern for a period of at least one year from the date on which the accounts are approved. 7. We confirm that we are not aware of any possible or actual instance of non- compliance with those laws and regulations which provide a legal framework within which the charity conducts its business and which are central to the charity's ability to conduct its business.
- We confirm that you have discussed objectivity and independence issues related to the provision of non-audit services, and we accept responsibility for any decisions taken.
- We acknowledge our responsibilities for the design and implementation of controls to prevent and detect fraud. We confirm that we have disclosed to you the results of our risk assessment of the risk of fraud in the charity. 10.we confirm that there have been no actual or suspected instances of fraud involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by former employees, regulators or others. 11.The effect of unadjusted misstatements is immaterial, both individually and in aggregate to the financial statements as a whole. With the exception of depreciation, there were no unadjusted misstatements other than those considered trivial. The trustees acknowledge that the rate of depreciation might be too high for certain assets, and this will be reviewed before the audit next year. No adjustment need be made to these financial statements, as the overall effect of any adjustment would be immaterial. 12.we confirm that significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. 13.we confirm that there have been no events since the balance sheet date which require disclosing or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts. 14.we confirm that at the balance sheet date, there were no significant bad or doubtful debts in amounts owing to the trust, and that no material provision was necessary to account for credit notes raised after the balance sheet date against invoices raised before that date. 15.we acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as each trustee is aware, there is no relevant audit information of which you as auditors are unaware, and that each trustee has taken all the steps that they ought to have taken as trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information. Approved by the Board of Trustees and signed on its behalf on 4 October 2024 I Swain Trustee
The Radlett Centre Trust Related Parties Year ended 31 March 2024 Under the Charities SORP {FRS 1021, parties are related when at any time during the financial period one party has direct or indirect control of the other party. or parties are subject to common control, or one party has significant influence over the financial and operating policies of the other party. A trustee who has held office during the year is always considered a related party. Close family members and members of the same household who may be expected to influence or be influenced by a related party in their dealings with The Radlett Centre Trust are considered to be related parties themselves. Key management personnel are also considered to be related parties. Par Relationshi K Curran R Davis-stollar W Griffin N Myerson I Swain G Walton M Jeens D Alexander S Wilson J Graham M Khawaja D Wickham Aldenham Parish Council G Dexter Trustee Trustee Trustee Trustee Trustee Trustee Trustee Trustee Trustee Trustee Trustee Trustee Appoints two trustees Key management No family members are expected to influence or be influenced by the trustees in their dealings with The Trust.