THE PALACE THEATRE WATFORD LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FQR THE YEAR ENOED 31 MARCH 202.5 c.ompany Registration No. 3218719 (England and Wales) 'AEHJ L))N* 1611212025 COMPANIES HOUSE A26
THE PALACE THEATRE WATFORD LIMITED CONTENTS Page Directors and Advlsers Report of th8 Directors Report.of the Independent Audltorn Sts¢ement, ol Flnan¢.ia!: Activltle8 8alance Shégt. Statement of Cash Flo.ws Notes, to the Flnanclal.Statements
THE PALACE THEATRE WATFORD LIMITED DIRECTORS AND ADVISERS Directors Chair Chair Aaqil Ahmed (appointed 29 September 2025) John Hunt (resigned 29 September 2025) Marilyn Devonish ' Agni8szka Dychton ' Felicity Evans Anne Fenton Sarah Golding Howard Groves Mark Lawrence Carol Lingwood Bibi Mauthoor Binlta Mehla-Parm0r Giles Rowland Brett Spencer Kenny Sperry Jayne Trotman Governance Committee Governance Committee Governan Committee Governance Committee Governance Committee Directors nominated by Watford Borough Council. Secrptary .Jamie Arden Regi8tèred Offlce 20 Clarendon Road W8tford Herts WD17 1JZ Bankers National Westminsler Bank plc 72-74 High Street Walford Herlg V4D17 2BQ Audltor PKF Littlejohn LLP Statutory auditor 15 Westferry Circus Canary Wharf London E14 4HD Charity Registration number 1056950 Company Registration numbor 3218719
THE PALACE THEATRE WATFORD LIMITED REPORT OF THE DIRECTORS The Directors of the Charitable Company present herewith their Annual Report. together with the audited Financial Statements for the year ended 31 March 2025. This report is intended to fulfil the requirements both of Section 234 of the Companies Act 2006 and of the Charities Act 2011.The Directors have adopted the provisions of the Statement of Recommen(led Practice "Accounting and Reporting by Charities" in preparing the annual report and financial slalements of the charity. Reference and Admln18tratlve Detall8 The Palace Theatre Wafford Limited is a charitable company limited by guarantee and governed by a Memorandum and Articles ofAsso¢iation dated 17 May 1996. Public Benefit The Trustees confirm thal they hawe had regard to the. guidaTrce on public benefit issued by Ihè Charity Commission when considering the objectives and aclivilies of the Charilable Company. Board of DiroCtor6 The Directors and Trustees from 1 April 2024 to the date of the signing of Ihe Financial Statements were as shown on page 2. The Directors shall have power at any lime to appoint any person to be a Director, but so that the total number of Directors shall not at any lime exceed the number fixed in accordance with the Articles. Any Director so appointed shall hold Offi only until the following Annual General Meeting, and shall then be eligible for re-election, but shall nof be taken into account in determining the Directors who are lo retire by rotation at such meeting. Two Directors are nominated by Watford Borough Council. (There afe specific requirements associated with th8 rotation of Director5, the terms of which are stated in the Memorandum and Articles of Association). Trustees receive ongoing training, including attendance at strategic 'working parties, or away days. The. Directors and Trustees deleg8te the day to day running of the organisallon to.. Steve Marmion - Chief Executive and Director of Programming Jamie Arden - Executive Director and Company Secretary Andrew Phillips - Director of Finance Power8 of the Company The Directors take this opportunity lo confirm that under Clause 3 of the Charitable Company's Memorandum of Association, il is empowered to carry out the activities reviewed in the Annual Report including, bul not limited to, the beneficial investment of the Charitable Company's funds. Strateglc Objectlves Annual Report Snapshot 2024-25 This has been a year of transformation at Wafford Palace Theatre one of change, renewal, and momentum. We set oul to make the Palace a home that truly reflects its community, a place where world-¢lass work and local creativity share the same stage. As the year closes, the building, the programme, and the peopl6 who make it all possible feet stronger than eNer. A Palace Reborn The most visible change will be the refurbishment for which we have raised the funds and made the plans.. new studios, Ihe 1908 Cabaret, and expanded trdining spaS to give us the capacity to host more artists, young people, and community groups than ever before. At the same time, our decarbonisation works will make the Palace greener, leaner, and future-ready. Behind the scenes, we've invested in our staff, with new roles and training ensuring the team has the skills and support to match our ambition.
THE PALACE THEATRE WATFORD LIMITED REPORT OF THE DIRECTORS ade in Watford: A Year on Stage The programme has been both bold and broad. Our Young Company returned in spectacular fashion with Spongebob- The Musical, a production that brought new talent and technical apprentices to the stage. Two of imagining a final meeting between Lennon and Mccartney in John's New York apartment - which was made and premiered in Wafford and then transferred to Home Manchester, all to standing ovations and national press attention. The South Asian Comedy Festival brought huge diversity and audience response, while Sitting in Limbo gave voice to the powerful story of Windrush on our stage and across the national media. Our festive season sparkled with Aladdin. the highest-grossing panto in recent years, while Bitch Boxer picked up a Black British T.heatre Award nomination. Our new musical Frankie Goes to Bollywood was made in Watford with our partners Rifco and toured the country, finishing up at London's Southbank Centre. Touring work continued to carry the Palace's name far beyond Hertfordshire, with our acclaimed show Merchant of Venice 1936 twice transferring to the West End as well as the RSC and touring UK. Uncanny the hit BBC show and podcast, rehearsed and opened with us in Walford, live on our stage. before touring the country. and our show Whipped Upl that we made specifically for babies and toddlers, opened in Watford. transferrecl lo London's Polka Thealre before embarking on an exiensive tour across venues in the South East in partnership with House. We were also immensely proud to be the only UK date on an extensive worldwide lour for the powerhouse Belgian company Ontroerend Goed with a new version of their show Fight Night. Our work and our brand all reaching new audiences across the country- achieving our ambition lo bring the World lo Watford and Ihen take Wafford to the World. Building Audiences & Community Our audiences have grown again, wilh ticket sales up mora than 5°h, and participation climbing by 160/0. The Young Company has expanded. with more young people than ever taking part onstage, backstage, and in training roles. And our building is busier than ever, with local partners from Ihe Chinese Association to Knit & Chat and the Herts MIND Mental Health Cafè making our front of house a true hub of community activity. Securlng Our Futuro Financially, the yéar has been one of both strength and challenge. Turnover has grown by 320k. At the same time, we've made the deliberate choice to invest reserves in new role5, marketing and producing capacity. and essential works ensuring resilience for the years ahead. We close the year forecasting a deficit, but with clear plan to rebalance through stronger programming, sharper ticketing strategies, and an invigorated fundraising campaign. Ra58lng Our Volco Wafford pala is firmly back in the public eye. Our partnerships with top PR and marketing agencies have put the Palace on national plattorms with coverage across the BBC, The Guardian, The Stage, and strengthened our relationship wilh local press e.g. Watford Observer. New film campaigns and striking visuals have begun lo reshape how we tell our story, while sold-out houses and standing ovations tell their own story about the impact of the work on stage. Looklng Ahead As we look to the year ahead, the energy in the building is undeniable. Productions like The Void. Surinderella, Jack and the 8eanstalk. and The Mesmerist promise bold entertainment for every taste. Our new spaces are alive with activity, Our team is stronger, our audiences are returning in greater numbers, and our community is woven through everything we do. We are proud to be Watford's home of entertainment with world<las5 work for everyone. on your doorstep.
THE PALACE THEATRE WATFORD LIMITED REPORT OF THE DIRECTORS The Palace of Entertainment: ProducedlCo.ProduGed shows and events included: Two of Us, written by Mark Stanfield. Richard Short and Barry Sloane, produced by Walford Palace Theatre, The Northern Players Company and Home, Manchester. Bitch Boxer, written by Charlie Josphine and produced by Watford Palace Theatre. Frankie Goes to Bollywood by Pr8vesh Kumar, Niraj Chag, and Tasha Taylor Johnson, produced by Rif¢o Theatre Company and Watford Palace Theatre. Slttlng In Llmbo written by Shenagh Camerort and produced by Viva Theatre and Watford Palace Theatre. South Asian Comedy Festival, produced by Watford Palace Theatre in association with Soho Theatre. Aladdln written by Steve Marmion and produced by Watlord Palace Theatre. Uncanny Llve, produced by Tilted Sessions Ltd in association with Watford Palace Theatre. Flght Nlght produced by Ontroerend Goed and presented in partnershlp with Watford Palace Theatre The Palacè of Entertalnment: Recelved Programmed shows and events Included: Morgan and West's Masslv• Maglc Show lor Klds by Morgan and West Mllkshakel Llve on Hollday by Mark Thompson Productions Errol's Gard•n by Golden Toad Productions Ltd Horrlble Hlstorles.. Rotten Royals by Birmingham Stage Company Ltd The Very Hungry Caterplllar by Sti15 Hungry Ltd Science Museum." The Llve Stage Show by Mark Thompson Productions Wlll Wars by Mfjfi Vvars Ltd Black Is the Colour of My Volee by Seabright Live Ltd Shock Horror by Thunder Road The Bar al the Edge ol Tlme by Frozen Light Room on the aroom by Tau Strjries Theatre Company Ltd Comedy Club 4 Kld$ by Comedy Club 4 Kids The Llttl'est Yak by LASlheatre Mlnlstry of Sclence by Mark Thompson Produclions rifl Wars 2 by Wifi Wars Ltd Ukelele Jain by Amy Tasker Brlng Your Own Baby Comedy 9 by Bring Your Own Baby Comedy (Carly Smallman) Tiny Dance." Music of Elton John by MRC presents
THE PALACE THEATRE WATFORD LIMITED REPORT OF THE DIRECTORS Ricky GeThals & Friends by Live Nation Bring Your Own Baby Comedy 10 by Bring Your Own Baby Comedy {Carly Smallman) Lost in Musie by Entertainers Show Providers Ltd The Scummy Mummies Greatest Hits Show by Scummy Mummies Ltd Comedy Club 4 Kids 2 by Comedy Club 4 Kids Legend.. The Muslc of Bob Marley by Entertainers Show Providers Lld Bring Your Own Baby Comedy 11 by Bring Your Own Baby Comedy (Carly Smallman) Klzza.'Blgfunkymaglcman by Eddie Summers Taylor Swlft Tribute by Red Entertainment Rl¢ky Getvals.. Work In Pmgress by Live Nation Brlng Your Own Baby Comedy 12 by Bring Your Own Baby Comedy (Carly Smallman) Comedy Club 4 Klds 3 by Comedy Club 4 Kids Ballet Black Double Bill by Ballet Black 8rlng Your Own Baby Comedy 13 by Bring Your Own Baby Comedy {Carly Smallman) Ed Gamble.. Hot Diggity Dog by Avalon Productions Stewart Copaland.. Have I sald foo Much? by A Way With Media Productions Ltd Queenz." Drag Me to the Disco by David Michael Productions Brlng Your Own Baby Comedy 14 by Bring Your Own Baby Comedy Icady Smallman) Rob Beckett.. Giraffe by Off the Kerb Productions rhe Rat Pack Llve by Entertainers s.how Providers Ltd Ukelele Jam Fègtive Edition by Amy Tasker Frnzen 2 Slng-A-Long (Film Screening) Help I Sexted My Boss (Live Film Screening) NT Llve Screenlng.. Nye (National Theatre As. Live. Film Screening} NT Live Screening.. Macbeth {National T.heatre As Live Film Screening) rhe Ronnle Scott's Story Soho Songbook by JBA Concorts Solve•Along-A-Murder-She•Wmte. by Timothy Benzie Bollywood Time Machlne by Luv Entertainment Ben Elton." Authentic Stupidity by Phil Mclntyre Live Bring Your Own Baby Comedy 15 by Bring Your Own Baby Comedy (Carly Smallmanl
THE PALACE THEATRE WATFORD LIMITED REPORT OF THE DIRECTORS Russell Kane.. Hyperactlva by Off the Kerb Productions Chaka.. The Muslc of Chaka Khart by Murmur Live Ltd Ukulele Jam Worhshop by Amy Tasker Brlng Your Own Baby Comedy 16 by Bring Your Own Baby Comedy (Carly Smallm8n) Aurfe Styla.. The Aurator Tour by Live Natlon The BBC 8ig Band: Rhapsody in Blue by JBA Concerts and The BBC Big Band P&ter Doherty.. Anywhere In Alblon by TEG Live Europe Take Part (WPYC Youth programmes)ICommunltyl8u81n888 engagement ovents Included: Story Play- WPT storytelling 5ession8 for early years Wattord Palace Young Company 14-17s pmgramme - Springlsummer and Autumntwinter 24125 Warford Palace Young Company 7-1 Is pmgramme - Springlsummer and Aulumnlwinter 24125 Watford Palace Young Company 11-14s pmgramme - Springlsummer and Autumnlwinter 24125 The SpongeBob Musl¢al.. Youth Edltlon by Kyle Jarrow & Tlna Landau. produced by the Walford Palace Young Company Drama 8ootcamp." rhe Baslcs - WPYC Wot*shop Hom)r and Multimedia- WPT Hertfordshire Film Festival Workshop Make a Film In a Day- WPT Hertfordshire Film Festival Workshop Unleash Your Creativity workshop with Stop Motion Animatlonl - WPT Hertfordshire Film Festival Workshop Kalasetu.. Building Cultural Bridges presented by Subrang Arts and produced by Watford Palace Theatre in association with the Celebrating Diwali Committee Kalasetu.. Building Cultural Bridges Workshop with Subrang Arts and produced by Watford Palace Theatre in association with the Celebrating Diwali Committee Chln•sè New Year Culture Show in partnershlp with UK-China National Dance Exchgnge Association, produced by Watford Palace Theatre Wa£ford Jazz Junction Festival Gala Show 2024 featuring Ray Gelato & The Giants and supported by Xantoné Blacq - produced by Watford Jazz Junction Rise and Shine by Rise Studios Ltd London Summer Funk by Shiamak Davar International Ltd The Purcell School.. A Night of Jazz. and Soul by The Purcell School of Music . Andalucia by The Oaniel Martinez Flamenco Compsny Ltd NHS Star of Herts 2024 by West Hertfordshire Teaching Hospitals NHS Trusts
THE PALACE THEATRE WATFORD LIIVIITED REPORT OF THE DIRECTORS Our House.. The Madness Musical by Tim Firth with music and lyrics by Madness and pmduced by Casslo In affangement. with Jospeh Weinberger Ltd 0heu$ In The Undetworld an operetta by Jacques Offenbach and a libretto by Rory Bremner. ProdUd by Abbots Langley Gilbert and Sulivan Society The WBC AudentiorAwards 2025 in partnership with Watford Borough Council TJX." Lip Sync for Comic Relief by TJX Europe The activities described above demonstrote that public benelit is being provided by the Ch8rity Flnanclal R•vlew The Statement of Financial Activities shows a deficit of £166,595 (2024 deficit of £144,439) for the financial year. This comprises a deficit before transfers on unrestricted funds of £211,979 (2024- surplus of £58,764) and surplus on restricted funds of £45,38412024- deficit of £203,203). The Directors note that this deficit is declared after fecognising depreciation charges of £274,338 (being £51,757 applied to unrestricted funds, and £222,581 applied to restricted funds). Flnanclal Po8ltlon In the Context of Ongolng Commltments and Obllgation3 The Balance Sheel shows net assets of £5,030.682 al 31 March 2025 (2024 - £5,197,276). As at the same dale, Revenue subsidy amounting to £191.028 and £211,081 for the following 12-month period has been confirmed by Watford Borough Council and Arts Council England respectively. An agreed budget for the year to 31 March 2026 has been approved by the Board of Directors. Sub$idiary Und•rtaking8 The Charitable Company's wholly owned subsidiaries, The Palace Theatre Watford Bar Limited and The Palace Theatre Watford Productions Limited. remained dormant throughout the year. Investment Pollcy The Charitable Company holds surplus cash on a deposit account to re1ve a rate of interest commensurate with an appropriate level of security, whilst not restricting access for operational purposes or payment of box office to tourirtg companies and hires. Where sufficient surplus cash remain5 available after due consideration for longer term liabilities, the Charitable Company utilises other relatively low risk financial products (such as Fixed Rate Bonds) lo maximise income. Parent Chgrltable Company'3 R8soTh88 Pollcy The Trustees have reviewed the Charitable Company's needs for reserves in line wrth the guidance issued by the Charity Commission and have agreed the following reserves policy.. the target levèl of unrestricted reseNes is based on loo of typical box office income and six weeks running costs. At the last calculation, the target is to hold free reserves of £250,000. The unrestricted general reserve (see page 14) stood at £250,335 on 31 March 2025 (2024 - £250,312). This policy is reviewed annually by the Trtjstees. Rlsk Assessment The Trustees have examined and prioritised the most critical risks to the Charitable Company and, as a result, are confident thal they have in place sufficient accountability and focussed action to protect the objectives of the Charitable Company. A risk register has been produced and is reviewed by the Leadership Team and updated by the Executive Director every two months for consideration by the Bo8rd. The major risk identified concerns the funding of the Charitable Company. Arts Council England and Watford Borough Council have the right under servi Level Agreements to withdraw funding andlor request repayment of funds should those funds be applied to purposes other than the stated charitable objectives. The Charitable Company has put in place a range of mitigatory measures. The Board operates a separate governance committee. with its own Chair. to maintain a transparent and objective overview.
THE PALACE THEATRE WATFORD LIMITED REPORT OF THE DIRECTORS Statement of Trustees, ResponslbS1itles The Trustees (who are also Directors of The Palace Theatre Watford for the purposes of company law) are responsible for preparing the Trustees. Report and the Financial Statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and Charity law requires the Trustees to prepare Financial Statements for each financial year. Under that law the Trustees have elected to prepare the Financial Statements in accordance wilh the Charities, Statement of Recommended Practice, Accounting and Reporting by Charities issued in March 2015 and United Kingdom Financial Reporting and Accounting Standards. Under Company and Charrty law the Trustees must not approve the Financial Statements unless they are satisfied that they 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 (and the Group) for that period. In preparing these Financial Statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the melhods and principles of the Charities. SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained in the Financial Statements., and prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trust8es are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fjinancial position of the ChaTilable Company and enable thern to ensure Ihal the Financial Statements comply with the Companies Act 2006. They are 81s0 responsible for Safeguarding the assets of the Charitable Company (and the Group) and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with company law, as the Company's Directors, we confirm that.. so far as we are aware, there is no relevant audit information of which the Company's auditors are unaware., end as the Directors of the Company, we have laken all steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to eslablish that the Company's auditors are aware of that information. Auditors PKF Littlejohn LLP are appointed as auditors to the Charitable Company and have indicaled their willingness to conlinue in office. This report was approved by order of the Board ol Directors and signed on its behalt by.. Aaqll Ahmed Chair Dale: 24 November 2025
THE PALACE THEATRE WATFORD LIMITED INDEPENDENT AUDITORS. REPORT Independent Auditors, Report to the Members of The Palace Theatre Watford Limited Opinion We have audited the financial statements of The Palace Theatre Watford (the 'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements. including signific8nt accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Fin8ncial Reporting Stand8rd applicable in the UK and Republic of Ir818nd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatements.. gwe a true and fair view of the slate of Ihe charftable company's affairs as at 31 March 2025 and of fts incoming resource5 and applicatbon 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. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slatements section of our report. We are independent of the charilable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ihe UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu81ons relatlng to golng 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 perfomied. we h8ve not identified any material uncertainties relating to events or conditions that, individually or colleclivefy. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the infomiation included in the Annual Report of the Trustees, other than the financial staternents and our auditor's report thereon. The trustees are responsible for the other infomation contained within the Annual Report of the Trustees. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is to read the olher information and. in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othe¢wise appears to be materially misstated. If we identify such material inconsistanci8s or apparent material misstatements, we are required to determine whelher this gives rise to a rnaterial misstatement in the financial slatemenls 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.
THE PALACE THEATRE WATFORD LIMITED INDEPENDENT AUDITORS. REPORT Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Annual Report of Ihe Trustees (which includes the Directors, report) prepad for the purposes of company law, for the financial year for which the financial statements are prepared is consistent wilh the financial statements- and the Annual Report ofthe Trustees (which includes the Directors. report) has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In Ihe light of the knowledg'e and understanding of the charitable tompany and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Trustees. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accountlng records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement wilh the accounting records and returns: or certain disclosures of trustees. remuneration specified by18w are not made; or we have not received all the information and explanations we require for our audit. Ro8ponsibilitles of trustees As explained more fully in theTrustees' responsibilities statement, the trusteés {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to conlinue as a going concem, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounts'ng unléss the trustees either intend to liquidate the chafrtable company or to cease operations, or have no realistic alternative but to do so. Auditor's respon8lbilltles for the audlt of the financlal statem•nl8 Our objectives are lo obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that artr audit conducted in accordance with ISAS (UK) will always detect a material misslatemenl when il exists. Misstatements can arise frorh 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 takan on th'e basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material missiatements in respect of irregularities, including fraud. The extent to which our procedures a Capable of detecting irregularities, including fraud is detailed below- We obtained an underslanding of the charitable company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained Ouf understanding in this regard through discussions with management, sector research and application of cumulative audit knowledge and experience.
THE PALACE THEATRE WATFORD LIMITED INDEPENDENT AUDITORS, REPORT We determined the principal laws and regulations relevant to the charitable company in Ihis regard to be those afising from the Companies Act 2006, Charities Act 2011, Charities (Accounts and Reports) Regulations 2008, Financial Reporting Standard 102 and the Charities SORP. We designed our audit procedures to ensure the audit team considered whether there were any indications of non<ompliance by the charitable company with those laws and regulations. These procedures included, but were not limited to enquiries of Trustees, review of minutes and review of legal and regulatory correspondence. We also identified the risks of material misstatement of the financial ststements due to fraud. We considered. in addition to the non-rebultable presumption of a risk of fraud arising from management override of controls, that there was a potential for management bias in the recognition of revenue. We addressed this through reviewing revenue in the year for evidence of entitlement and around the year end to ensure accounled for in the correct period. As in all of our audits. we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limiled to.. the testing of journals,. reviewing accounting 8stimates for evidence of bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 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 missialemenl In the financial statements or non-compliance with regulation. This risk increases the more thatcompliance 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 InStanS of non-compliance. The risk is also grealer regarding irregularities c¢curring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description pf our responsibilities for the audil of the financial slalements is located on the Financial Reporting Council's website at.. kjaud orsres onsibilities. This description forms part ol our auditor's report. Use of our rèport This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the charitable company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility lo anyone, other thgn the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. Alastair Duke (Senior Statutory Auditor 15 Westferry Circus For and on b•half of PKF Littlejohn LLP Canary Wharf Statutory Auditor 10 December 2025 London E14 4HD
THE PALACE THEATRE WATFORD LIMITED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 2025 2025 Unrestricted Restricted funds funds 2025 Total fund8 2024 Total funds Note Incoming Resources. Grants receivable and fees Donations and gifts Bank inter8St Ancillary trading activrties 1,016,199 20,267 21,925 168,849 250,000 1,266.199 941 21.208 21,925 168,849 1,047.075 18,185 20,489 138,000 1,227,240 250,941 1,478,181 1,223,749 Charitable Activitie8 Production Participation Other 1,380,595 32,474 386,821 1,380,595 32,474 407,880 1,048,434 20,723 199,544 21.059 1,799,890 21,059 1,820.949 1,268,701 Total Income 3,027,130 272,000 3,299,130 2,492,4SO Expenditure on: Raising funds Charitable ActivitlO8 Production Participation 791 335 1,126 381 3,081,118 157,200 211,451 3,292,569 14,830 172,030 2,532,430 104,078 Total Expendlturo 3,239,109 226,616 3,465,725 2,636,889 Not Expendlture {211.979) 45,384 {166.595) <144,439) Transfers belween funds 13 42,707 (42,707) Total funds brought forward 955,093 4,242,183 5,197,276 5,341,715 Total funds carrled forward .785,821 4,244,860 5,030,681 5,197,276 All income and expenditure derives from continuing activities. The statement of financial activities includes all gains and losses recogni5ed during the year. The Accounting Policies and Notes on pages 16 to 25 form part of these Financial Statements.
THE PALACE THEATRE WATFORD LIMITED (Company Registration number 3218719) BALANCE SHEET YEAR ENDED 31 MARCH 2025 2025. 2024 Note Flxed Assets Tangible assets Investments 4,119,940 200 4,169,822 200 4,120,140 4,169.822 Current As8el8 Stocks Debtors Cash at bank and in hand Short term investments 9,577 624,618 571,796 150,000 6,114 609,154 586,413 300,000 10 1,355,991 1,501,681 Creditor8: amounts falling duè within one year 11 (445,450) (474,227) Net Current Assets 910,541 1,027,454 Not A8Sets 5,030,681 5.197,276 Income Fund8 R8strict•d Fund8 13. 4,244,860 4,242,183 Unrestricted Funds General Designated 12 250,335 535,488 250,312 704,781 Total Unr88tricted Funds 785,821 955,093 Total Charlty Funds 5,030,681 5,197,278 Approved by the Board on 24 November 2025 and signed on its behalf by". Aaqll Ahmed Chair Th.e Accounting Policies and Notes on pagès 16 to 25 fomi part of those Financial Stat'emenls.
THE PALACE THEATRE WATFORD LIMITED STATEMENT OF CASHFLOWS YEAR ENDED 31 MARCH 2025 2025 2024 Cash flow provided from oporallng actlvit108 38,114 59,750 Cash flow from investing actlvitles Payments to acquire tangible fixed assets Interest receivable {224,656) 21,925 (66,184) 20,489 Net cash flovl used In investing activities (202,731) 145,695) Change In cash and cash equlvalents in the year (164.617) 14,055 Ca8h and cash equlvalonts at start of year 886.413 872,358 ash and cagh equlvalents at end of year 721.796 886,413 ReconcllSatlon of not •xpondltur• to net ca8h flow from operatlng actlvltia8 Nel expenditure for year Interest receivable Depreciation of tangible fixed assets Increase in stock5 Increas8 in deblors. (Decrease)Ilncrease in creditors {166.595) {21,925> 274.338 (3,463) (15,464} 128.777) (144,439) {20,489) 263,397 (924) (154,619) 116.824 Net cash flow provided from op'erating actlvities 38,114 59,750 Ca8h and cash equivalents consists of: Cash at bank and in hand Short term investments 571,796 150,000 586,413 300,000 Ca8h and cash equlvalent8 7.21,796 886,413 The Accounting Policies and Notes on pages 16 to 25 form part of these Financial Statements.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 General inforniation and basis of preparation The Palace Theatre Watford Limited is a company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The addsS of Ihe regISted Offi is given in Ihe charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are set out in the Report of the Trustees. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Comp8nies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. The financial statements are prepated on a going concern basis under the historical cost convention, modified to include certain items al fair value. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the prep8ralion of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheNise stated. Going Concern It is the opinion of the Dlrectorsrrrustees that the use of the golng concern basis of accounting is appropriate because.. there are no material uncertainties relating lo events or conditions that may cast significant doubt about the ability of the Charitable Company lo continue as a going concern., there is reasonable expectation that the Charitable Company has adequate resources tocontinue in operational existence for Ihe foreseeable future, considered to be 8t least e1ve months from the date of approval of the financial statements. Accountlng Pollcle8 2.1 Funds Unrostrlcted Deslgnated Funds Refurbishrnenl Depreciation Fund - costs related to small scale repairs and renovations, and the associated depreciation. Future Production and Artistic projects - to hold grant and other monies for use on future productions and artistic projects. 8uilding and visitor experlence - to hold grant and other monles to cover building contingency expenses and for physical improvements to enhance the visilor experience. Lighting Desk Depreciation Fund - Ihe depreciation cost of the lighting desk acquired in November 2012. Resilience Projects Fund to hold grant and other monies to fund one-off midllong term impact projects related to the Charitable Company's strategic resilience. Bar Refit Depreciation Fund costs related to the renovation of the Bar I Cafe areas, and the associated depreciation. VAT Project Fund - fees and other expenses in relation to a revlew of the Theatre's historic VAT treatment, and subsequent claim for a refund from HMRC.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Accountlng Polici08 (continued) Restricted Funds Theatre refurbishment fund - funds receivedlreceivable specifically for the cost of the refurbishment of the Theatre. Catalyst Arts Fund - funds receivedlreceivable specifically in relation to the Arts Council England's Catalyst Arts Capacity building and match funding scheme, to support organisations in building their fundraising capacity and capability over a three-year period. ACE Capital Fund - funding towards capital works to enhance rehearsal facilities, to improve energy efficiency and to replace essential specialist equipment. New INriting Fund- funding towards investment in writing new work. Arts Council Cultural Recovery Fund the government'8 Culture Recovery Fund, supporting cultural organisations through the impact of the Covid-19 pandemic. Garfield Weston Foundation - grant received form the Weston Culture Fund to support our Take Part youth and community programmes. Amounls are drawn down against the fund and transferred to the general fund when expenditure is incurred. Restoration Levy Fund - monies charged per Box Oftice transaction, specifically towards the refurbishment, improvernent, and upkeèp of the theatre. Herts Foundalion Fund- granl received from the HeTttordshire Community Foundation to support the WPT and OneYMCA Partnership Youth Theatres project. Neighbourhood Grant Fund - Monies received from Walford Borough Council, being for small grants with local neighbourhood impact. Secured specifically for support with decarbonisation efforts aclioned during Summer 2025. Backstage Trust Fund Charitable trust funding for the improvement of earned income facilities and new 8paces (such as the Studi08 and Cabaret Bar) during Summer 2025. Fund Transfers Transfers are made beeen funds as and when the Trustees deem thern necessary, within the limits of any restrictions that are in place. 2.2 Incomlng Resources Voluntary income including donations, gifts and grants that provid6 core funding or are of a general nature are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred where the donor has specified that the grant or donation must be used in a future accounting period. Investment income is recognised on a raeeNable basis Income from charitable activities includes.. income derived from theatrical productions which is accounted for in the period in which the production closes., grant Income to support education and youth activities which is recognised where there is entitlement, certainty of receipt and the amount can be reliably measured. 2.3 Resources Expended Expenditure is recognised in the Statement of Financial Activities when a liability is incurred and the following conditions are met: The charity has a legal or constructive obligation as a result of a past event., It is probable that a transfer of economic benefit will be required to settle the obligation., and The amount of obligation can be measured reliably.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Accounting Policies (continued) Charitable activities include expenditure associated with the staging of theatrical productions and participation activities. These include both the direct costs and support costs relating to these activities. Expenditure on materials for set, props and costumes are accounted for in the Consolidated Statement of Financial Activities (SOFA) of the period of the production. None of this expenditure is capitalised, as sets are either disposed of, or sold on within the same financial year, or very shortly after the financial year end. Support costs represent cenlral function costs, governance costs and overtieads and have been allocatett beeen the activities of productions and participalion using an apportionment percentage calculated by comparing the direct costs attributable to each of those categories in the year. 2.4 Financial Instruments Basic financial assets. including debtors, cash 8t bank and in hand, and short lenn investments, are initially recognised at transaction price, 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. Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried al fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial as8et8 are derecognised when (al the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the assel to an unrelated third party without imposing additional restrictions. 2.4 Tangible Fixed Asset8 Fixed assets (other than those relating to productions see above) are stated al historical cost. Deprecialion is provided on all tangible fixed assets at rates calculaled to wiite each asset down lo its eslimated residual value eventy over its expected usefLtI life. as follows.. Plant, equipment and machlnery Information technology Leasehold improvements Long leasehold propety 10% . 25QA straight line 100/0 . 33% straight line 2.50/0 200kn straight line 2.50kn straight line 2.5 Stock Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete or slow moving items. 2.6 Leased assets and obllgations All operating lease rentals are charged to the SOFA on a slraighl line basis over the lease tem. 2.7 New Wrltlng Arrangement8 These are advance costs incurrerj for possible future shows where Ihe Charitable Company commissions a writer to work on a production which may or may not eventually be produced. The costs are written off to the SOFA in the year in which they are incurred. 2.8 Penslon8 The Charilable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. 2.9 Taxatlon The Charitable Company is exempt from Corporation Tax as all of its income is charitable and is applied for charitable purposes. The Charitable Company is registered for Value Added Tax (VAT),. irrecoverable VAT (where applicable) is included in the cost of those items to which it relates.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Net Expenditure Note 2025 2024 This is ststed after charg.ing'. Au'ditors, Temuneration Depreciation Operating leases - land and buildings 9,880 274,338 7,268 9,389 263.397 27,000 Incoming Resources 2025 2024 Grants Recolvable and Feej Unrestricted income from.. Arts Council England - grant Service provision fees - Waiford Borough Council 805,118 211,081 805,118 231,957 Restricted income from: Herffordshire Foundation Grant WBC Neighbourhood Grant Backstage Trust Grant 10.000 50,000 200,000 1,266,199 1.047,075 Incomlng Regour¢o8 frpm Charitable A¢tlvStl08 Production.. Box office income - produced Bo* office income - co produced Box office income - presented Other production income Film sales Hire fees income Front of house sales 433,873 181,592 427,442 278,819 2,754 50,089 6,026 383,168 73,272 441.958 71,629 18,412 52,431 7,564 1,380,595 1,048.434 Participalion: Educational activilies 32,474 20,723 32,474 20,723 Other.. Tax relief Sundry income 370,729 37,151 162,421 37,123 407,880 199,544 Total income from ¢haritable activities 1,820,949 1,268.701 Income from grants receivable and fees was £1,266,199 {2024 £1,047,075) of which £250,000 (2024 £10,000) was attributable lo restricted funds and £1,016,199 (2024 - £1,037,075) was attributable to unrestricted funds. lncome.from charitatyle activities was £1,820,949 (2024 £1,268,701) of which £21.059 (2024 £10,869) was attribulable to restricted funds and £1,799,890 (2024 - £1,257,832) was attributable to unrestricted funds.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Employee Inforniation - Staff Costs 2025 2024 Estsblishment salaries Establishm8nt social security costs Establishment pension costs Non-estoblishment salaries Non-establishment social security costs Non-establishment pension costs 891,315 88,060 17,914 419,134 10,868 5,294 815,153. 77,436 16,800 278,851 6,337 1,810 1,4.32.585 1,196,387 The number of employees during the period w.ho earned over £60,000 in the year was as follows.. Number of employee8 2025 2024 £60,001- £70,000 £70,001- £80,000 The total amount of employee benefits Teceived by key management personnel, considered to be the Executive Team, during the year was £201,67212024 - £185,630). Totsl redundancy I termination payments of £Nil (2024 - £13,704) were made. No payments were outstanding at the year end. Average Monthly Number of Employees durlng the Year Part-time Casualls•asonal 2025 2024 Establishment Non Establishment 28 31 26 26 Transactlons wlth Dlrectorn The Directors of the Charitable Company received no remuneration or reimbursement of expenses in the year (2024 - £nil). Total Resources Expended 6.1 Analysis of Charitable Expenditure Dlrect costs Support costs Total 2025 Total 2024 Production Participation 1,527,327 79,122 1,765,242 92,908 3,292,569 2,532,430 172,030 104,078 1,606.449 1,858,150 3,464,599 2,636.508
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Total Resources Expended (continued) Charitable expenditure wa8 £3.464,599 (2024 - £2,636,508) of which £226.281 (2024 £2.24,977) was attributable to restricted funds and £3,238,318 (2024 - £2,411.531) was attributable to unrestricted funds. 6.2 .Analysls of Support Costs Charitable Governance Actlvltie8 C08ts Total 2025 Total 2024 Wages Establishment Administration Marketing and box office Depreciation Bank charges and interest Legal and accountancy fees Board Audit 1.036.354 273,910 153,872 102,517 274,338 6,496 1,036,354 273,910 153,872 102,517 274,338 6,496 690 93 9,880 922,434 235,232 132,954 84,291 263.397 3,790 813 144 9,389 690 93 9,880 1,847,487 10,663 1,858,150 1,652,444 Support costs are allocated as shown in Ihe table above and then further apportioned between the two haritable activities undertaken. Support costs are allocated on a basis consi3tent with the use of resources. Tanglble Assets Leasehold Improvement projects Plant and machlnery Long leasehold property Equlpment Total Coat .At 1 April 2024 Additions 538,226 55.792 863,677 159,629 349,984 9.235 7,819,178 9,571,065 224,656 At 31 March 2025 594,018 1,023,308 359,219 7,819,178 9,795,721 Depreciation At 1 April 2024 Charge for the year 465.112 22.422 776,969 51,731 349.052 4,706 3,810,310 5,401,443 195,479. 274,338 At 31 March 2025 487.534 828,700 353,758 4,005,789 5,675,781 Not Book Value At 31 March 2025 106,484 194,60S 5,467 3,813,389 4,119,940 At 31 March 2024 73,114 86,708 935 4,008,865 4,169,622
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 8. Investment~ subsldlary tradlng companies 2025 2024 Shares in group undertakings" Cost, at 1 April and at 31 March 200 200 The Chariteble Company owns 100% of'the ordinary share capital of The Palace Theatre Wafford Procluctions Limited. which is incorporated in England and Wales. The subsidiary company was domant during the year. The Charilable Company owns 100 % of the ordinary share capital of The Pal8¢e Theatre Wafford Bar Limited, which is incorporated in England and Wales. The Charitable Company has 1009/0 control over this subsidiary company. This subsidiary company has been dormant from 1 April 2015, but previously operated to provide working capital finance for the charitable parent Charitable Company by covenanting distributable profits to The Palace Thealre Watford Limited. The subsidiary company operated catering facilities at the theatre. 9. Stocks. 2025 2024 Stocks 9,577 6.114 10. Debtors 2026 2024 Trade deblors Prepayments and accrued income , 46,726 577,892 38,592 570,562 624,618 609.154 1.1. Credltors: Amounts falllng duo wlthln one-year 2025 2024 Trade creditors Amounts due to subsidiary companies Social security and olher taxes Other creditors Accruals and deferred income 50,268 200 31,465 47,848 315,669 43.520 200 25.729 55.541 349.237 445,450 474,227 Included in accruals and deferred income is deferred income of £235,042 (2024 - £225,576) which comprises advance ticket sales. £225,576 was released to the SOFA in the year lo 31 March 2025 and £235,042 will be released to the SOFA in the year to 31 March 2026. Included in other creditors are defined contribution pension liabilities of £10,004 (2024 £3,941) 811 of which has been funded by unrestricled funds. Amounts due to subsidiary companies are interest-free. unsecured and repayable on demand.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 12. Unrestrlctsd Designatèd Funds The income funds of the Charitable Company include the following designated funds which have been set aside out of unrestricted funds by the Trustees for sp.ecific purposes: Balance at 1 April 2024 Balance at 31 March 2025 Incoming resources Outgoing expenditure Transfers G•neral Funds 250,312 2,983,390 {3,228,217) 244,850 250,335 Oesignated Funds Refurblshment Fund Future Production & Artistic Projects Building and Visitor Experience Resilience Projecl Fund VAT Projecl Fund 4,494 190,592 271,685 220,755 17,255 (1,123) 3,371 194,332 261.842 59,255 16.686 43,740 (40,000) (643) {161,500) (9,200) (569) 704,781 43,740 (10.892) (202,143) 535.486 Unre6trlcted Funds 955,093 3,027,130 13,239,109) 42,707 785,821 Balance at 1 April 2023 Balance at 31 March 2024 Incoming rosource8 Outgoing expendltur• Tran81or8 General Fund8 250,666 2.449,352 (2.405,058) (44,650) 250,312 Deslgnated Fund6 Refurbishment Fund Future Production & Artistic Projects Building and Visitor Experience Resilience Project Fund VAT Project Fund 5,620 169,649 245,814 190,755 {1,126) 4,494 190.592 271,685 220,755 17,255 20.943 {4,629) 30,500 30,000 (720) 629,813 20.943 (6,475) 60,500 704,781 Unrestricted Funds 880,479 2,470,295 12,411.531) 15,850 955.093 A description of the designated funds can be found at note 2.1.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 13. Restrlcted Fund The income funds of the Charitable Company include the following restricted funds where the donor has specified the purpose for which the fund is lo be used.. Balance at 1 Aprll 2024 Balance at 31 March 2025 Incomlng resource8 Outgolng expenditure TransferB Theatre Refurbishment Fund Catalyst Arts Fund Arts Council England Capital Fund New Writing Fund Arts Council Cultural Recovery Fund Garfield W8Ston Foundalion Restoration Levy Fund Herts Foundation Fund Neighbourhood Grant Fund Backstage Trust Fund 4,008,866 8,387 8,581 478 73,119 121,883 10,869 10,000 (195,480) (335) (610) 3,813,386 8,994 942 478. 52,623 79.481 31.927 (21.139) (5,352> 643 (37,050.) 21,058 (3,700) (6,300) 50,000 200,000 50,000 200,000 4,242,183 272,000 (226,616) (42,707) 4,244,860 Balance at l April 2023 8alanco al 31 March 2024 Incomlng resources Outgoing expenditure Transfers Theatre Refurbishment Fund Catalyst Arts Fund Arts Council England Capital Fund New Writing Fund Arts Council Cultural Recovery Fund Garfield Weston Foundation Restoration Levy Fund .Herts Foundation Fund 4.204.347 10,780 22,082 478 83.764 139,785 (195,481) (379) (13,501) 4,008,866 8,387 8,581 478 73,119 121,883 10.869 10,000, 1,286 (3,300} (10,645) (5,352) .(12,550) 10,869 10,000 4.461,236 22,155 <225,358) {15,850) 4,242,183 A description of the restricted fund8 can be found at note 2.1.
THE PALACE THEATRE WATFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 14. Allocatlon of Net Assets between Funds G&n8ral Designated Restricted fund fund fund Total 2025 Tangible fixed assets. Investments Current assets Current liabilities 145,732 200 549,853 (445,450) 109.018 3,865,190 4,119,940 200 379,670 1,355,991 (445,450) 426.468 Net assets 25Q,335 535,486 4,244,860 5.030,681 General D981gnated Restrlcted fund fund fund Total 2024 Tangible fixed assets. Investments Current assets Current liabilities 102,118 200 622,221 1474,227) 66,052 4,001,452 4,169,622 200 1,501,681 (474,227) 638,729 240,731 Net assets 250,312 704,781 4,242,183 5,197,276 15. Capital Commltments At 31 March 2025, the Charity had capital commitments of £296,000 relating to the refurbishment of its main premises, which were contracted for but noi provided for in the financial statements {2024 - none). 16. Related Party R•latlonship8 and Tran8a¢tlon8 During the year, the following Trustees have been connected with organisations that have made payments to the Charitable Company.. Councillor Agni88zka Dychlon and Marilyn Devonish - Watford Borough Coun¢il - S¢rvice provision fee8 of £211,081 (2024.. £231,957) and further funding of £50,000 (2024 - £nill.