REGISTERED COMPANY NUMBER: 02913278 (England and Wales)
REGISTERED CHARITY NUMBER: 1037121
Report of the Trustees and
Financial Statements
for the Year Ended 31 March 2025
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 31 MARCH 2025
|
Page |
Report of the Trustees |
1 to 8 |
Report of the Independent Auditors |
9 to 12 |
Statement of Financial Activities |
13 |
Balance Sheet |
14 to 15 |
Cash Flow Statement |
16 |
Notes to the Cash Flow Statement |
17 |
Notes to the Financial Statements |
18 to 33 |
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
TheTrusteesofTheRadlettCentreTrust(theCompany),whoarealsothedirectorsofthecharityfor the
purposesoftheCompaniesAct2006,presenttheirreportwiththefinancialstatementsofthecharityfor the
yearended31March2025.TheTrusteeshaveadoptedtheprovisionsoftheStatementof Recommended
Practice(SORP)applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial 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 provideand promotea diverseprogrammeof concerts,showsand exhibitionswhich,overall,will appeal
toallagesandsectionsofthecommunity.Theprogrammeshouldinclude:drama,artandmusicofall genres
and cultural, educational, topical and local events.
b) To provideand maintainthe buildingas a communitycentre and providemeetingroomsfor hire for courses,
meetings, lectures, classes, seminars, exhibitions and educational, cultural and recreational events.
c) To offershowsand servicesfor the inhabitantsof the Parishof Aldenhamand surrounding neighbourhoods,
in a way that will attract high quality performances and appeal to audiences and facility hirers.
To achievethese objectivesand charitableaims, the Companyleases from AldenhamParish Councilthe Radlett
Centre, which was opened on 27 April 1996.
Strategies
The strategies employed to achieve the Company's charitable aims are to:
a)OffertheresidentsoftheParishofAldenhamsubsidisedservicesinrelationtothesubsidyprovided by
Aldenham Parish Council, and, as far as practicable, meet residents' aspirations.
b)Operatewithoutdiscriminationagainstage,sexualorientation,disability,nationality,ethnicor national
origin, religion and to be politically neutral.
c)OfferlocalartiststheopportunitytopromotetheirworkthroughexhibitionsintheApthorpGallery and/or
in the café bar and foyer area.
d) Allowamateurand professionalartists,schools,localsocietiesand groupsto develop,throughthe provision
of appropriate facilities for hire, at rates discounted where appropriate.
e) Promotethe involvementof young people in the Arts throughfacilitatingthe provisionof drama and musical
workshops.
f)Celebratethediversityofculturesinsocietybyprogrammingeventsinvolvingartistsofdifferent cultural
backgrounds.
Page 1
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
OBJECTIVES AND ACTIVITIES
Public Benefit
TheTrusteesconfirmthattheyhavecompliedwiththedutyofsection17oftheCharitiesAct2011to have
regardtothepublicbenefitguidancepublishedbytheCharityCommissionindeterminingthe activities
undertaken by the Company.
Significant activities
Puttingthesestrategiesinto action,the principalareasof activityare concerts,showsand stage performances,
educationalprogrammes,artexhibitionsanduseofthecommunityhallandmeetingroomsforpublic and
private functions.
Thestageperformancescombinebothamateurcommunitysocietiesandprofessionalproductions.The local
groupsincludeTheRadlettMusicClub,RadlettArtSocietyandRadlettMusicalTheatreCompanyaswellas a
numberoflocalschools.Theprofessionaleventsincludecomedians,singers,tributebands,dramas, ballet,
manychildren'sshowsand a full pantomimerun everyDecember.All programmesachievea mix of the Arts to
suitarangeofpublictasteswiththeemphasisonmaintainingapopularprogrammewhichunderpins the
viability of the theatre.
Theeducationalprogrammeinvolveslocalschoolswhichenablethemtoperforminthetheatreand attend
Children's Musical Theatre courses, as well as enjoy performances suitable for their age group.
Volunteers
TheCompanyisveryinvolvedinthecommunityandisdependentonvoluntaryhelp.Besidesthe amateur
performersand artistswho displaytheirtalentsat the RadlettCentre,volunteersassistwith stewarding events
andperformances,enablinglowerstaffcoststhanwouldotherwisebethecase.Itisestimatedthat, without
this help, an additional two staff would be required 'front of house' at a cost of approximately £30,000.
Page 2
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
LocalresidentsfromtheParishofAldenhamstillmakeupa substantialproportionoftheusersofthe Radlett
Centre,evenafterit has beenin existencefor overtwentyfiveyears.However,the venueis alsopopular with
peopleandgroupsclusteredinNorthLondonandHertfordshire,whichshowstheRadlettCentre's reputation
forbeingaproviderofgoodqualityentertainment.ThisattractionfrompersonsoutsidetheParish benefits
localgroupsbyappealingtoaswidea marketaspossibleastheytrytodealwiththeeconomiesof balancing
the books.
TheCompanyactivelyencouragestheuseoftheRadlettCentrebyothercharities,providinga much-reduced
hirerateforthetheatreandconferencerooms.ThemajorityoftheincomefromhiringtheRadlett Centre
derives from this reduced charities' rate.
TheCompany'scommitmenttothecommunitycontinuesthroughhostingtheCitizensAdvice Bureau,
CommunityHertsmere,MemberofParliament,Policesurgeries,theParishCouncilmeetings,the Annual
Winter Fair and Parish Meetings for the Parish of Aldenham.
40,067(2024:39,723)ticketswere sold for professionalshowsin the past year,as well as ticketsfor charitable
eventsand localamateurgroups.The staffare acknowledgedfor theirskilland professionalism,which enables
the Radlett Centre to provide a helpful courteous service to its broad range of customers.
Internal and External factors
TheTrustees,throughitsResourcessub-committee,havemadea fullassessmentoftheinternaland external
factorsthat may affectthese financialstatements.It has concludedthat they do not deem any factors material
enough to report save in respect of the following.
FINANCIAL REVIEW
Principal funding sources
TheCompanyispleasedandfortunatetoreceivefundingfromanumberoforganisationsand individuals.
Duringthecurrentyearit receivedfundingin theformof a substantialsubsidyfromAldenhamParish Council,
totalling £120,000 (2024: £140,000).
Thecontinuedsupportofourpartnersandgenerousdonorsisessentialin maintainingthevaried programme
of creative arts since most concerts and performances are not self-financing.
Page 3
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Investment policy and objectives
InadditiontotheexistinginvestmentwithA&JWealthManagement,showninNote15oftheaccounts, the
Trusteeshavemadethedecisiontoinvestfurtherfundsintoacombinationofshort,medium,andlong term
savings accounts, as a result of the improved interest rate opportunities.
In January2024,an initialinvestmentwasmadewithCambridge& Counties,dueto theircompetitive interest
rates.AfurtheramountwasinvestedwithCambridge&CountiesinJanuary2025,takingadvantage of
continued attractive rates.
Additionally,a decisionwasmadetoopena oneyearfixedbondwithAldermore,as partoftheTrustees plan
to get the best returns on available funds.
Morerecently,the Trusteesdecidedto keepless moneyin the Barclayscurrentaccountand placedfunds with
an instant access account with CCLA, because of their competitive interest rates.
Board reviews the investment strategy annually.
Reserves policy
ThetrusteesoperateareservespolicytoensuretheCompanycanmanagefinancialrisksarising from
unexpectedfinancialpressuresandcancontinuetomeetitsobjectivesofmaintainingTheRadlett Centre
buildingtoahighstandardandprovidingthedeliveryofhighqualityproductionsthroughouttheyear. The
trusteesreviewthenatureandlevelofreservesona regularbasisandaimtokeepsufficientfreereserves to
coverapproximately6-9 monthsof directoperatingcosts.The free reservesat 31 March2025were £567,142,
so this target has been achieved.
TheCompanyandAldenhamParishCouncilhavejointlysetasidemoneyswithina buildingfundtoenable the
funding of expensive internal non-structural repairs within the building.
Results for the period
Theyearendresultsreflecta verysuccessfulyear,withstrongticketsales,despitethecontinuing challenging
economicclimate.Costsweregenerallycontainedwithinbudget:unrestrictedincomeexceeded expenditure
by £126,590 (2024: £109,039).
FUTURE PLANS
TheTrusteeshavedrawnupaten-yearmaintenanceandimprovementplanforthebuilding.The Trustees
work closelywith AldenhamParish council,who hold the head lease on buildingand the maintenanceplans are
reviewedregularlyatmeetingsinvolvingbothparties.In2013theBoardandAldenhamParish Council
commissionedacompanytocarryoutabuildingconditionssurveytoindicateliabilitiesoverthenext ten
years. The results of the original survey are reviewed and updated on an annual basis.
Page 4
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
TheRadlettCentreTrust(theCompany)isaCompanyLimitedbyGuarantee,governedbyits Memorandum
andArticlesofAssociationdated10February2016.ItisregisteredasacharitywiththeCharity Commission.
EachoftheTrusteesisamemberoftheCompanyduringtheirowntermofserviceandeachagrees to
contribute £1 in the event of the Company winding up.
Governance
InlinewithbestpracticeandalsoguidancefromtheCharityCommission,thecompositionoftheBoard was
reviewedin 2021andtheskills/rolerequirementsoftheCompanyassessed.Trusteesareappointedtofill the
required skill/role sets.
Induction and training of trustees
Trusteesare advisedof any relevanttrainingmaterial/coursesavailableand are activelyencouragedto read or
attend.
Recruitment and appointment of new trustees
TheTrusteesare appointedby membersof the Company.Withthe exceptionof up to twoex officio Trustees,
trustees usually retire after four years unless it is deemed in the interest of the Trust for them to continue.
Themembersmaybyordinaryresolutionappointanypersontobea Trustee,eithertofilla vacancyoras an
additional Trustee, where a need for a particular skill has been identified.
Organisational structure
TheBoardofTrusteesconsistsofupto12memberswhoadministertheCompany.TheBoardmeetsat least
fivetimesin the yearto discussstrategyand policy,and reviewthe budgetsetc. Workinggroups,which report
totheBoard,meetonanasrequiredbasistoconsiderspecificprojectsorissues.TheBoardhasappointed a
GeneralManager,GregDexter,toruntheRadlettCentreandhasdelegatedauthorityforhimtodeal with
operational matters, including bookings, finance and employment. He reports regularly to the Board.
Business Plan
AFinanceandAuditsub-committeeoftheboardhasbeensetuptoreviewallaspectsoffinanceandit has
been proposed that there should be a strategy meeting of the full board to review the business plan.
Related parties
The Companyhas a partnershiparrangementwithAldenhamParishCouncil,whichprovidesan annual subsidy
totheCompany.AldenhamParishCouncilconsidersthatitisimportantthatitprovidesalocalfacility which
enablesitsparishionerstoappreciatetheArtsinallitsfacets.AldenhamParishCouncilactivelypromotes the
work of the Company through its newsletter delivered to every household in the Parish.
Page 5
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
TheTrusteestakethisareaseriouslyand in 2018carriedouta comprehensivereviewof the risksfacedby the
Company.Thisincludedtheriskoffraudanderror,catastrophesandreputationalrisksamongstothers to
ensureappropriateproceduresand processesarein placeto mitigatetheserisks.Theriskregisteris reviewed
by the Board on a bi-annual basis.
ThekeyrisktotheCompanycontinuestobethefailuretoraisesufficientincometomeetitsobjectives. In
particularthe Trusteesare awareof the risk of AldenhamParishCouncilreducingthe grantat 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
Trustees
The trustees serving during the year were as follows:
Aldenham Parish Council |
|
|
Nominees: |
John Graham |
|
|
Mohammed Khawaja |
|
Elected trustees: |
Catherine Curran (Chair) |
|
|
Danielle Alexander |
|
|
Wendy Griffin |
|
|
Neil Myerson |
|
|
Irene Swain |
|
|
Garry Walton |
|
|
Martin Jeens |
|
|
John Greatrex |
(Appointed on 25 September 2024) |
|
Rachael Davis-Stollar |
(Resigned on 8 January 2025) |
|
Shaun Wilson |
(Resigned on 4 May 2024) |
Page 6
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINISTRATIVE DETAILS
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 7
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES
TheTrustees(whoarealsothedirectorsofTheRadlettCentreTrustforthepurposesofcompanylaw) are
responsiblefor preparingthe Reportof the Trusteesand the financialstatementsin accordancewith applicable
law and United Kingdom Generally Accepted Accounting Practice.
CompanylawrequirestheTrusteestopreparefinancialstatementsforeachfinancialyearwhichgivea true
and fair viewof the stateof affairsof the charitablecompanyand of the incomingresourcesand application of
resources,includingthe incomeand expenditure,of the charitablecompanyfor 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 financial statements on the going concern basis unless it is inappropriate to presume that the
-
Company will continue in business.
The Trusteesare responsiblefor keepingproperaccountingrecordswhich disclosewith reasonableaccuracy at
anytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthe financial
statementscomplywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsof the
charitablecompanyand hencefor takingreasonablestepsfor the preventionand detectionof fraudand 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 Trusteeshave taken all steps that they ought to have taken to make themselvesaware of any relevant
audit information and to establish that the auditors are aware of that information.
AUDITORS
Theauditors,NaglerSimmons,willbeproposedforre-appointmentattheforthcomingAnnual General
Meeting.
Approved by order of the board of trustees on 1 December 2025 and signed on its behalf by:
Mrs C Curran - Trustee
Page 8
Report of the Independent Auditors to the Trustees of The Radlett Centre Trust
Opinion
WehaveauditedthefinancialstatementsofTheRadlettCentreTrust(the'charitablecompany')forthe year
ended31March2025whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCash Flow
Statementandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies. The
financialreportingframeworkthathas beenappliedin theirpreparationis applicablelaw and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 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 conductedour audit in accordancewith InternationalStandardson Auditing(UK) (ISAs (UK))and applicable
law.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfor the
auditofthefinancialstatementssectionofourreport.Weareindependentofthecharitablecompany in
accordancewiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsin the UK,
includingtheFRC'sEthicalStandard,andwehavefulfilledourotherethicalresponsibilitiesin accordance with
theserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriate to
provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasis of
accounting in the preparation of the financial statements is appropriate.
Basedon the workwe haveperformed,we havenot identifiedany materialuncertaintiesrelatingto events or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sability to
continueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthefinancialstatements are
authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin the
relevant sections of this report.
Page 9
Report of the Independent Auditors to the Trustees of
The Radlett Centre Trust
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedin the Annual Report,otherthan the financialstatementsand our Reportof the Independent Auditors
thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connectionwith our audit of the financialstatements,our responsibilityis to read the other information and,
in doingso,considerwhethertheotherinformationis materiallyinconsistentwiththefinancialstatements or
ourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentify such
materialinconsistenciesor apparentmaterialmisstatements,we are requiredto determinewhetherthis gives
risetoamaterialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwe have
performed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequired to
report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand 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 explainedmorefullyin theStatementof Trustees'Responsibilities,thetrustees(whoarealsothe directors
ofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationof the
financialstatementsand forbeingsatisfiedthattheygivea trueand fairview,and forsuchinternalcontrol as
thetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefree from
material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilityto continueas a goingconcern,disclosing,as applicable,mattersrelatedto goingconcernand using the
goingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyor to
cease operations, or have no realistic alternative but to do so.
Page 10
Report of the Independent Auditors to the Trustees of
The Radlett Centre Trust
Our responsibilities for the audit of the financial statements
We have been appointedas auditorsunder Section144 of the CharitiesAct 2011and reportin accordance with
the Act and relevant regulations made or having effect thereunder.
Ourobjectivesare to obtainreasonableassuranceaboutwhetherthe financialstatementsas a wholeare free
frommaterialmisstatement,whetherdue to fraudor error,and to issuea Reportof the Independent Auditors
thatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethat an
auditconductedinaccordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenit exists.
Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorinthe aggregate,
theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisof these
financialstatements.Irregularities,includingfraud,are instancesof non-compliancewithlawsand regulations.
Wedesignproceduresinlinewithourresponsibilities,outlinedabove,todetectmaterialmisstatements in
respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Wegainedan understandingofthelegalandregulatoryframeworkthatthecharityoperatesin,and assessed
theriskofnon-compliancewithapplicablelawsandregulations.Throughouttheaudit,weremainedalert to
the possible indications of non-compliance.
Wereviewedthecharity'spoliciesandproceduresinrelationtoidentifying,evaluatingandcomplying with
lawsandregulationsandwhethertheywereawareofanyinstancesofnon-compliance;detecting and
respondingtotheriskoffraud,andwhethertheywereawareofanyactual,suspectedorallegedfraud; and
designingand implementinginternalcontrolsto mitigatethe risk of non-compliancewith laws and regulations,
including fraud.
We inspected the minutes of trustee meetings.
Wereviewedthefinancialstatementdisclosuresandassessedtheircompliancewithapplicablelaws and
regulations.
Weperformedanalyticalprocedurestoidentifyanyunusualorunexpectedtransactionsorbalancesthat may
indicate a risk of fraud or error.
We assessedthe risk of fraud throughmanagementoverrideof controlsand carriedout proceduresto address
this risk.Our proceduresincludedtestingthe appropriatenessof journalentries;assessingthe judgements and
accountingestimatesforpotentialbias;reviewingrelatedpartytransactions;andtestingtransactionsthat are
unusual or outside the normal course of business.
A furtherdescriptionof ourresponsibilitiesforthe auditof the financialstatementsis locatedon the Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescriptionformspartof 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
Thisreportismadesolelytothecharitablecompany'strustees,asabody,inaccordancewithPart4of the
Charities(Accountsand Reports)Regulations2008.Our audit work has been undertakenso that we might state
to the charitablecompany'strusteesthosematterswe are requiredto stateto them in an auditors'report and
fornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibility to
anyoneotherthanthecharitablecompanyandthecharitablecompany'strusteesasabody,forour 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 12
THE RADLETT CENTRE TRUST
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2025
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
Other
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
4,205
855,941
203,370
82,507
7,704
12,669
1,166,396
877,945
108,336
42,700
2,394
6,800
1,631
1,039,806
2,677
129,267
883,866
1,013,133 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
106,000
106,000 |
31.3.25
Total
funds
£
4,205
855,941
203,370
82,507
7,704
12,669
1,166,396
877,945
108,336
42,700
2,394
6,800
1,631
1,039,806
2,677
129,267
989,866
1,119,133 |
31.3.24
Total
funds
£
74,943
794,888
200,722
79,316
8,418
3,335 |
|
|
|
|
1,161,622 |
|
|
|
|
825,945
112,455
42,626
2,798
6,000
1,514 |
|
|
|
|
991,338 |
|
|
|
|
8,755 |
|
|
|
|
179,039
810,827 |
|
|
|
|
989,866 |
The notes form part of these financial statements
Page 13
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Balance Sheet
31 MARCH 2025
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
Building Fund
Restricted funds:
Building fund
TOTAL FUNDS |
Unrestricted
funds
£
179,892
111,727
291,619
502
46,618
875,871
922,991
(201,477)
721,514
1,013,133
1,013,133 |
Restricted
funds
£
-
-
-
-
-
106,000
106,000
-
106,000
106,000
106,000 |
31.3.25
Total
funds
£
179,892
111,727
291,619
502
46,618
981,871
1,028,991
(201,477)
827,514
1,119,133
1,119,133
747,034
266,099
1,013,133
106,000
1,119,133 |
31.3.24
Total
funds
£
181,484
110,207
291,691
263
50,583
887,449
938,295
(240,120)
698,175
989,866
989,866
617,767
266,099
883,866
106,000
989,866 |
|
|
|
|
|
Thecharitablecompanyis entitledtoexemptionfromauditunderSection477oftheCompaniesAct2006 for
the year ended 31 March 2025.
The notes form part of these financial statements
continued...
Page 14
THE RADLETT CENTRE TRUST (REGISTERED NUMBER: 02913278)
Balance Sheet - continued
31 MARCH 2025
Themembershavenotdepositednotice,pursuanttoSection476oftheCompaniesAct2006requiring an
audit of these financial statements.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
1 December 2025 and were signed on its behalf by:
C Curran - Trustee
I Swain - Trustee
The notes form part of these financial statements
Page 15
THE RADLETT CENTRE TRUST
Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2025
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 |
31.3.25
£
124,742
124,742
(31,477)
(20,195)
21,352
(30,320)
94,422
887,449
981,871 |
31.3.24
£
177,807
177,807
(111,376)
(36,239)
32,458
(115,157)
62,650
824,799
887,449 |
|
|
|
The notes form part of these financial statements
Page 16
THE RADLETT CENTRE TRUST
Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2025
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
Loss on disposal of fixed assets
(Increase)/decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operations |
31.3.25
£
129,267
25,819
(2,677)
7,250
(239)
3,965
(38,643)
124,742 |
31.3.24
£
179,039
25,147
(8,755)
1,476
271
(22,784)
3,413
177,807 |
|
|
|
2.
ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.4.24 |
Cash flow |
At 31.3.25 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
887,449 |
94,422 |
981,871 |
|
887,449 |
94,422 |
981,871 |
Total |
887,449 |
94,422 |
981,871 |
The notes form part of these financial statements
Page 17
THE RADLETT CENTRE TRUST
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2025
1. STATUTORY INFORMATION
The presentation currency of the financial statements is the Pound Sterling (£).
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,which is a public benefitentityunder FRS 102, have
beenpreparedin accordancewiththe CharitiesSORP(FRS102)'Accountingand Reportingby Charities:
Statementof RecommendedPracticeapplicableto charitiespreparingtheir accountsin accordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January2019)',FinancialReportingStandard102'TheFinancialReportingStandardapplicablein the UK
andRepublicofIreland'andtheCompaniesAct2006.Thefinancialstatementshavebeen prepared
underthehistoricalcostconvention,withtheexceptionofinvestmentswhichareincludedat market
value, as modified by the revaluation of certain assets.
Critical accounting judgements and key sources of estimation uncertainty
Thereareno judgements,estimatesorassumptionsthataffecttheamountsrecognisedin the financial
statements.
Going concern
Thefinancialstatementshavebeenpreparedona goingconcernbasisastheTrusteesbelievethat the
CompanyhassufficientsupportfromAldenhamParishCouncilandreservestocontinue.The Trustees
haveconsideredtheleveloffundsheldandtheexpectedlevelofincomeandexpenditurefor 12
monthsfromauthorisingthesefinancialstatements.The budgetedincomeand expenditureis sufficient
with the level of revenues for the company to be able to continue as a going concern.
Income
All incomeis recognisedin theStatementof FinancialActivitiesoncethecharityhas entitlementto the
funds,it is probablethat the incomewill be receivedand the amountcan be measuredreliably. Income
from charitable activities is measured at the fair value of the consideration receivable, excluding VAT.
Deferred income
Aprovisionfordeferredincomeismadewheretheincomeisreceivedintheyearbutcanonly be
recognised for the next financial year and can be reliably measured at the balance sheet date.
Expenditure
Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligation committing
thecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequired in
settlementand the amountof the obligationcan be measuredreliably.Expenditureis accountedfor on
an accrualsbasisand has beenclassifiedunderheadingsthataggregateall costrelatedto the category.
Wherecostscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocatedto activities
on a basis consistent with the use of resources.
continued...
Page 18
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
TangiblefixedassetsforusebytheCompanyarestatedatcost(includinganyincidentalexpenses of
acquisition) less depreciation.
Depreciationisprovidedatratescalculatedtowriteoffthecostoffixedassets,lesstheir estimated
residual value, over their expected useful lives on the following bases.
Auditorium seating 4% straight line
Fixtures and fittings 20% reducing balance
Sound and light equipment 20% reducing balance
Individual fixed assets costing £2,000 or more are capitalised at cost.
The buildingis ownedby HertsmereBoroughCouncil.Replacementand enhancementcosts are charged
to the Company's Statement of Financial Activities.
Stocks
Stocksare valuedat the lowerof costand net realisablevalue,aftermakingdue allowancefor obsolete
and slow moving items.
Taxation
The Company is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedgeneralfundscan be usedin accordancewiththe charitableobjectivesat the discretion of
the Trustees.
Designatedfundsarefundssetasideoutofunrestrictedgeneralfundsforspecificfuturepurposes in
accordancewiththedevelopmentplansoftheorganisationandtoenablethecompletionof existing
projects.
Restrictedfundscan onlybe usedforparticularrestrictedpurposeswithintheobjectsof the Company.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
Page 19
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
2. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
TheCompanyoperatesadefinedcontributionspensionschemeandalsoparticipatesin a
multi-employerdefinedbenefitpensionplan.Thepensionchargeinthefinancialstatements includes
totalcontributionspayableinrespectofbothtypesofschemes.Thechangeinvalueoftheassets and
liabilitiesarisingfrom asset valuation,changesin benefit,actuarialassumptionsof changein the level of
deficitattributabletomembersisrecognisedintheStatementofFinancialActivities.The resulting
pension liability or asset is shown on the balance sheet.
Operating leases
RentalsapplicabletooperatingleasesarechargedtotheStatementofFinancialActivitiesduring the
period in which the cost is incurred.
Financial instruments
The Companyhas chosento apply the provisionsof Section11 "Basic FinancialInstruments"and Section
12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.
Basic financial assets
Basicfinancialassets,whichincludedebtorsandcashandbankbalances,areinitiallymeasured at
transactionpriceincludingtransactioncostsandaresubsequentlycarriedatamortisedcostusing the
effectiveinterestmethodunlessthearrangementconstitutesafinancingtransaction,where the
transactionismeasuredatthepresentvalueofthefuturereceiptsdiscountedatamarketrate of
interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basicfinancialliabilities,includingcreditors,areinitiallyrecognisedattransactionpriceunless the
arrangementconstitutesa financingtransaction,wherethe debt instrumentis measuredat the present
valueofthefuturereceiptsdiscountedatamarketrateofinterest.Financialliabilitiesclassified as
payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Tradecreditorsareobligationstopayforgoodsorservicesthathavebeenacquiredinthe ordinary
courseof operationfromsuppliers.Amountpayableare classifiedas currentliabilitiesif paymentis due
withinoneyearorless.Ifnot,theyarepresentedasnon-currentliabilities.Tradecreditors are
recognisedinitiallyat transactionriceand subsequentlymeasuredat amortisedcostusingthe effective
interest method.
Grant income
Governmentandlocalauthoritygrantsandsubsidiesarerecognisedatthefairvalueforthe asset
receivedor receivablewhenthereis reasonableassurancethatthe grantand subsidyconditionswill be
met and the grants and subsidies will be received.
continued...
Page 20
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
3.
DONATIONS AND LEGACIES
Donation - Aldenham Parish Council
Donation - John Apthorp
Other donations
4.
INVESTMENT INCOME
Deposit account interest
Investment portfolio interest and dividends
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 |
|
|
31.3.25
£
-
-
4,205
4,205 |
|
|
31.3.24
£
20,000
50,000
4,943
74,943 |
|
|
31.3.24 |
|
|
31.3.23 |
|
|
|
£ |
|
|
£ |
|
|
|
3,033 |
|
|
380 |
|
|
|
297 |
|
|
168 |
|
|
|
|
|
|
|
|
|
|
3,330 |
|
|
548 |
|
|
|
|
|
|
|
|
|
|
31.3.25
£
19,260
715,681
121,000
203,370
69,532
12,975
7,704
1,149,522 |
|
|
31.3.24
£
16,715
657,173
121,000
200,722
65,127
14,189
8,418
1,083,344 |
|
|
|
|
|
|
|
|
continued...
Page 21
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
6. CHARITABLE ACTIVITIES COSTS
|
|
Support |
|
|
Direct |
and |
|
|
costs |
Governance |
|
|
(note 7) |
costs |
Total |
31 March 2025 |
£ |
£ |
£ |
Concerts and stage performance |
877,945 |
- |
877,945 |
Hire of centre |
108,336 |
- |
108,336 |
Educational programmes |
42,700 |
- |
42,700 |
Art exhibition |
2,394 |
- |
2,394 |
Auditors' remuneration (Governance
costs) |
- |
6,800 |
6,800 |
Investment charges (Support costs) |
- |
1,631 |
1,631 |
|
|
|
|
|
1,031,375 |
8,431 |
1,039,806 |
|
|
|
|
|
|
|
|
|
|
Support |
|
|
Direct |
and |
|
|
costs |
Governance |
|
|
(note 7) |
costs |
Total |
31 March 2024 |
£ |
£ |
£ |
Concerts and stage performance |
825,945 |
- |
825,945 |
Hire of centre |
112,455 |
- |
112,455 |
Educational programmes |
42,626 |
- |
42,626 |
Art exhibition |
2,798 |
- |
2,798 |
Auditors' remuneration (Governance
costs) |
- |
6,000 |
6,000 |
Investment charges (Support costs) |
- |
1,514 |
1,514 |
|
|
|
|
|
983,824 |
7,514 |
991,338 |
|
|
|
|
continued...
Page 22
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
|
31.3.2025 |
31.3.2024 |
|
£ |
£ |
Staff costs |
280,407 |
278,912 |
Rates and water |
1,170 |
1,104 |
Insurance |
12,057 |
14,574 |
Light and heat |
17,971 |
27,727 |
Telephone |
3,646 |
3,434 |
Building enhancement, repairs and maintenance |
37,330 |
43,444 |
Advertising |
26,565 |
27,673 |
Sundries |
33,303 |
24,927 |
Event and concert costs |
45,110 |
34,750 |
Artist fees |
496,237 |
457,029 |
Tutors' fees |
5,312 |
4,506 |
Credit card charges |
10,114 |
9,267 |
Hospitality |
1,985 |
2,593 |
Transport |
7 |
52 |
Postage and stationery |
3,039 |
2,657 |
Office services |
21,568 |
21,330 |
Office consumables |
234 |
515 |
Staff training and recruitment |
2,252 |
2,705 |
Depreciation |
25,818 |
25,149 |
Loss on disposal of tangible fixed assets |
7,250 |
1,476 |
|
|
|
|
1,031,375 |
983,824 |
|
|
|
8. SUPPORT COSTS
|
Support |
Governance |
|
|
costs |
costs |
Total |
|
£ |
£ |
£ |
Investment charges |
1,631 |
- |
1,631 |
Auditors' remuneration |
- |
6,800 |
6,800 |
|
|
|
|
|
1,631 |
6,800 |
8,431 |
|
|
|
|
|
|
|
|
continued...
Page 23
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Deficit on disposal of fixed assets
10.
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's
financial statements |
31.3.25
£
25,819
7,250
31.3.25
£
6,800 |
31.3.24
£
25,148
1,476 |
|
|
31.3.24
£
6,000 |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees'remunerationor other benefitsfor the year ended 31st March 2025nor for the
year ended 31st March 2024.
Trustees' expenses
There were no Trustees'expensespaid for the year ended 31st March 2025nor for the year ended 31st
March 2024.
12. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Administration
Technical
Operating |
31.3.25
£
243,295
16,122
20,990
280,407
31.3.25
8
4
1
13 |
31.3.24
£
242,154
14,672
22,086 |
31.3.24
£
242,154
14,672
22,086 |
|
|
278,912 |
|
|
|
|
31.3.24
8
5
1
14 |
continued...
Page 24
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025
12. STAFF COSTS - continued
Thenumberofemployeeswhoseemployeebenefits(excludingemployerpensioncosts) exceeded
£60,000 was:
|
|
31.3.25 |
31.3.24 |
£60,001 |
- £70,000 |
1 |
1 |
The average number of full time equivalent employees for the year was as follows:
|
31.3.25 |
31.3.24
5
3
1
9 |
Administration |
5 |
|
Technical |
3 |
|
Operating |
1 |
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
Key management personnel |
|
|
Thekeymanagementpersonnelofthetrustcomprisethetrusteesandtheatremanager.The total
amountofemployeebenefits(includingemployerpensioncontributions)receivedby key
management personnel for their services to the trust was £85,189 (2024: £84,837).
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Concerts and stage performance
Hire of centre
Educational programmes
Art exhibition
Investment income
Total
EXPENDITURE ON
Charitable activities
Concerts and stage performance |
Unrestricted
funds
£
4,943
794,888
200,722
79,316
8,418
3,335
1,091,622
825,945 |
Restricted
funds
£
70,000
-
-
-
-
-
70,000
- |
Total
funds
£
74,943
794,888
200,722
79,316
8,418
3,335 |
|
|
|
1,161,622 |
|
|
|
825,945 |
continued...
Page 25
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Hire of centre
Educational programmes
Art exhibition
Governance costs
Other
Total
Net gains on investments
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
112,455
42,626
2,798
6,000
1,514
991,338
8,755
109,039
70,000
179,039
704,827
883,866 |
Restricted
funds
£
-
-
-
-
-
-
-
70,000
(70,000)
-
106,000
106,000 |
Total
funds
£
112,455
42,626
2,798
6,000
1,514 |
|
|
|
991,338 |
|
|
|
8,755 |
|
|
|
179,039
- |
|
|
|
179,039
810,827 |
|
|
|
989,866 |
continued...
Page 26
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
14. TANGIBLE FIXED ASSETS
Auditorium
seating
£
COST
At 1 April 2024
101,111
Additions
-
Disposals
-
At 31 March 2025
101,111
DEPRECIATION
At 1 April 2024
4,044
Charge for year
4,044
Eliminated on disposal
-
At 31 March 2025
8,088
NET BOOK VALUE
At 31 March 2025
93,023
At 31 March 2024
97,067 |
Sound and
light
equipment
£
202,022
25,877
(136,102)
91,797
172,469
10,294
(132,138)
50,625
41,172
29,553 |
Fixtures
and
fittings
£
307,528
5,600
(98,147)
214,981
252,664
11,481
(94,861)
169,284
45,697
54,864 |
Totals
£
610,661
31,477
(234,249)
407,889
429,177
25,819
(226,999)
227,997
179,892
181,484 |
|
|
|
|
continued...
Page 27
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
15. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Listed |
|
investments |
|
£ |
MARKET VALUE |
|
At 1 April 2024 |
100,658 |
Additions |
20,195 |
Disposals |
(20,652) |
At 31 March 2025 |
100,201 |
PROVISIONS |
|
At 1 April 2024 |
(9,549) |
Provision for year |
(2,087) |
Eliminated on disposal |
110 |
At 31 March 2025 |
(11,526) |
NET BOOK VALUE |
|
At 31 March 2025 |
111,727 |
At 31 March 2024 |
110,207 |
There were no investment assets outside the UK.
Net gain / (loss) on investments |
|
|
|
31.3.25 |
31.3.24 |
|
£ |
£ |
Realised gain on sale of shares |
590 |
44 |
Unrealised gain on revaluation to market value |
2,087 |
8,711 |
|
|
|
|
2,677 |
8,755 |
|
|
|
continued...
Page 28
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
Prepayments and accrued income
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors and accruals
Deferred income |
31.3.25
£
502
31.3.25
£
10,304
13,346
8,561
14,407
46,618
31.3.25
£
9,373
4,755
35,457
151,892
201,477 |
31.3.24
£
263
31.3.24
£
22,604
10,172
3,561
14,246
50,583
31.3.24
£
24,144
4,512
34,033
177,431 |
31.3.24
£
263
31.3.24
£
22,604
10,172
3,561
14,246 |
|
|
|
50,583 |
|
|
240,120 |
|
continued...
Page 29
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025
18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued
DEFERRED INCOME
|
31.3.25 |
31.3.24 |
|
£ |
£ |
Deferred income at 1st January |
177,431 |
178,464 |
Resources deferred in the period |
151,892 |
177,431 |
Amount released from previous periods |
(177,431) |
(178,464) |
|
|
|
Deferred income at 31st December |
151,892 |
177,431 |
|
|
|
|
|
|
Deferred income comprises the following: |
|
|
Room hire |
16,820 |
19,480 |
Box office sales |
129,115 |
149,518 |
Workshops |
4,582 |
4,100 |
Mast rental |
375 |
3,333 |
Toilet scheme |
1,000 |
1,000 |
|
|
|
|
151,892 |
177,431 |
|
|
|
19. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Building Fund
Restricted funds
Building fund
TOTAL FUNDS |
At 1.4.24
£
617,767
266,099
883,866
106,000
989,866 |
Net
movement
At
in funds
31.3.25
£
£
129,267
747,034
-
266,099
129,267
1,013,133
-
106,000
129,267
1,119,133 |
At
31.3.25
£
747,034
266,099 |
|
|
|
|
continued...
Page 30
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025
19. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Building Fund
Restricted funds
Auditorium Seating Fund
Building fund
TOTAL FUNDS |
Incoming
resources
£
1,166,396
1,166,396
At 1.4.23
£
438,728
266,099
704,827
-
106,000
106,000
810,827 |
Resources
expended
£
(1,039,806 )
(1,039,806 )
Net
movement
in funds
£
109,039
-
109,039
70,000
-
70,000
179,039 |
|
Gains and
losses
£
2,677
2,677
Transfers
between
funds
£
70,000
-
70,000
(70,000)
-
(70,000)
- |
Movement
in funds
£
129,267
129,267
At
31.3.24
£
617,767
266,099
883,866
-
106,000
106,000
989,866 |
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 31
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
19. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Auditorium Seating Fund
TOTAL FUNDS |
Incoming
resources
£
1,091,622
70,000
1,161,622 |
Resources
expended
£
(991,338)
-
(991,338) |
Gains and
losses
£
8,755
-
8,755 |
Movement
in funds
£
109,039
70,000
179,039 |
|
|
|
|
|
Buildingfund:Afundtofinancefuturelifecycleandenhancementworksinaccordancewith the
agreement between Aldenham Parish Council and The Radlett Centre.
Auditoriumseatingfund:Duringthe yearthe companyreceiveddonationsand grantstotalling £70,000
for refurbishmentof the auditoriumseating.This fund has been fully utilisedso has been transferred to
the general fund.
20. RELATED PARTY DISCLOSURES
Includedin incomingresourcesare subsidiesreceivedfrom AldenhamParishCouncilof £120,000 (2024:
£140,000).
Duringtheyear,TheRadlettCentreTrustchargedAldenhamParishCouncil£12,346(2024:£7,412) for
rent and maintenance. £41,974 (2024: £52,244) was payable to Aldenham Parish Council for utilities.
IncludedwithintradedebtorsfallingduewithinoneyearisanamountduefromAldenham Parish
Council of £13,346 (2024: £11,388).
The Council has appointed two trustees to the Company's Board of Trustees.
continued...
Page 32
THE RADLETT CENTRE TRUST
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025
21. PENSION COSTS
TheCompanyisaparticipatingemployerintheHertfordshirePensionFund,adefinedbenefit scheme
whichguaranteestoprovidebenefitsbasedonmembers'finalpay.Thecontributionsare determined
by a qualified actuary on the basis of triennial valuations using the projected unit credit method.
Themostrecentformalactuarialreviewoftheschemewhichwasavailableatthedatethat these
accountsweresignedwasat31March2022.Themarketvalueofthescheme'sassetsat31 March
2022was£921,000.Themostrecentpresentvalueofthescheme'sliabilitieswas£699,000.The latest
estimateofthescheme'sassetsrevealsthatthepresentvalueoftheCompany'sobligationswas less
thanthe fairvalueof the scheme'sassets.However,the resultingsurplusof £222,000is not recognised
asadefinedbenefitschemeassetastheCompanyisnotabletorecoverthesurpluseither through
reduced contributions in the future or through refunds from the scheme.
Theassumptionsunderlyingthevaluationforthecurrentandpreviousyearareforapension increase
rateof 2.7%,salaryincreaserateof 3.2%,longtermmortalityimprovementof 1.5%and an investment
return of 3.6%.
Thepensionchargeinthestatementoffinancialactivitiesincludepaymentstothedefined benefit
pensionfundof£17,867(2024:£18,805)andpaymentstothedefinedcontributionschemeof £3,123
(2024: £3,281).
Page 33