REGISTERED CHARITY NUMBER: 234147
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
FOR
RADLETT VILLAGE INSTITUTE
Nagler Simmons Chartered Accountants 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
RADLETT VILLAGE INSTITUTE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 |
RADLETT VILLAGE INSTITUTE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The Management Committee, who are Trustees, have pleasure in presenting their report and the financial statements of the charity for the year ended 31st March 2022.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The stated objective of the charity is for the trust property to be held upon trust for the benefit of the inhabitants of the parish of Aldenham and the neighbouring area without distinction of sex or political, religious or other opinions, including use for meetings, lectures and classes and for other forms of recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants.
The property was previously vested in the Official Custodian for Charities until it was transferred back to Aldenham Parish Council on 28th March 2014.
Volunteers
All trustees give their time voluntary and receive no remuneration or other benefits.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
Net unrestricted funds received from fundraising were higher compared to the previous year due to the Covid pandemic. During the year the hall was hired out on a regular basis to various local groups for meetings and achieved an unrestricted fund income of £31,897 (2021: £15,195). There was also grants from Hertsmere Council of £8,000 and HMRC Job Retention scheme of £3,964. Due to the higher expenditure and a smaller residual Covid grant £5.9k this resulted in a gain before transfers on unrestricted funds of £998 for the year (2021 Gain : £1,934).
FINANCIAL REVIEW
Reserves policy
The Management Committee has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held be the charity should be 9 to 12 months of the resources expended (excluding depreciation and refurbishment expenditure). With this level of free reserves the Management Committee feel that they would be able to continue the current activities of the charity in the event of a significant drop in income or a significant repair cost being incurred.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Radlett Village Institute is an unincorporated registered charity. The charity is constituted under a scheme of the Charity Commissioners dated 1st June 1966, as amended by schemes dated 16th June 1987, and 27th January 2004.
Page 1
RADLETT VILLAGE INSTITUTE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The Committee of Management consist of competent persons appointed from time to time.
The full number of Members shall be 12 being four elected and eight representative Members. Elected Members shall be appointed at the annual general meeting and shall be entitled to hold office from the end of the annual general meeting at which they are appointed until the end of the annual general meeting in the following year. Representative Members shall be appointed by organisations named in the governing document. The Aldenham Parish Council shall be entitled to appoint three Representative Members and each of the other organisations shall be entitled to appoint one Representative Member.
The Committee shall have the power to authorise the appointment of an additional Representative Member by any organisation in the Parish of Aldenham.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 234147
Principal address 413 Watling Street Radlett Hertfordshire WD7 7JD
Trustees Ms D Jeens B Hardy (resigned 15.8.22) Ms I Swain J J Spencer R Glass (resigned 9.8.21) D Wickham (resigned 9.8.21) Ms H Jones (resigned 9.8.21) Ms C Kilhams (resigned 15.8.22) M Delaney (appointed 9.8.21) S Khawaja (appointed 9.8.21) M Cherry (appointed 9.8.21) M Thomas (appointed 9.8.21) M Hathaway (appointed 9.8.21) L Myers (appointed 21.11.22)
Independent Examiner Nagler Simmons Chartered Accountants 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
Page 2
RADLETT VILLAGE INSTITUTE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
24/01/2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Jeffrey Spencer
.................................................................
J J Spencer - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RADLETT VILLAGE INSTITUTE
Independent examiner's report to the trustees of Radlett Village Institute
I report to the charity trustees on my examination of the accounts of Radlett Village Institute (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Simmons ICAEW Chartered Accountant Nagler Simmons Chartered Accountants 5 Beaumont Gate Shenley Hill Radlett WD7 7AR
Date: .............................................25 January 2023
Page 4
RADLETT VILLAGE INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Radlett Men's Club 4,320 Parties & classes 19,875 Focus4People 7,702 Investment income 2 996 Other income 11,964 Total 44,857 EXPENDITURE ON Raising funds 43,859 Net gains on investments 3,356 NET INCOME 4,354 RECONCILIATION OF FUNDS Total funds brought forward 137,297 TOTAL FUNDS CARRIED FORWARD 141,651 |
Restricted fund £ - - - - - - - - - 5,203 5,203 |
31.3.22 Total funds £ 4,320 19,875 7,702 996 11,964 44,857 43,859 3,356 4,354 142,500 146,854 |
31.3.21 Total funds £ 3,840 7,238 4,117 1,073 17,814 |
|---|---|---|---|
| 34,082 | |||
| 32,148 | |||
| 5,430 | |||
| 7,364 135,136 |
|||
| 142,500 |
The notes form part of these financial statements
Page 5
RADLETT VILLAGE INSTITUTE
BALANCE SHEET
31 MARCH 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 2,530 CURRENT ASSETS Debtors 7 - Investments 8 36,364 Cash at bank 106,111 142,475 CREDITORS Amounts falling due within one year 9 (3,354) NET CURRENT ASSETS 139,121 TOTAL ASSETS LESS CURRENT LIABILITIES 141,651 NET ASSETS 141,651 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - 1,500 - 3,703 5,203 - 5,203 5,203 5,203 |
31.3.22 Total funds £ 2,530 1,500 36,364 109,814 147,678 (3,354) 144,324 146,854 146,854 141,651 5,203 146,854 |
31.3.21 Total funds £ 2,811 1,500 33,008 108,074 142,582 (2,893) 139,689 142,500 142,500 137,297 5,203 142,500 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24/01/2023............................................. and were signed on its behalf by:
Jeffrey Spencer
............................................. J J Spencer - Trustee
............................................. I Swain - Trustee
The notes form part of these financial statements
Page 6
RADLETT VILLAGE INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost Fixtures and fittings - 10% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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continued...
RADLETT VILLAGE INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022
2. INVESTMENT INCOME
| 31.3.22 | 31.3.21 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | 11 | 107 |
| Equity fund dividends | 985 | 966 |
| 996 | 1,073 |
' 3. TRUSTEES REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| No employees received emoluments in excess of £60,000. 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Charitable activities Radlett Men's Club 3,840 Parties & classes 7,238 Focus4People 4,117 Investment income 1,069 Other income 17,814 Total 34,078 EXPENDITURE ON Raising funds 32,148 Caretaker |
Restricted fund £ - - - 4 - 4 - 31.3.22 1 |
Total funds £ 3,840 7,238 4,117 1,073 17,814 31.3.21 1 |
|---|---|---|
| 34,082 | ||
| 32,148 |
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continued...
RADLETT VILLAGE INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ Net gains on investments 5,430 - NET INCOME 7,360 4 RECONCILIATION OF FUNDS Total funds brought forward 129,937 5,199 TOTAL FUNDS CARRIED FORWARD 137,297 5,203 6. TANGIBLE FIXED ASSETS Improvements Fixtures to and property fittings £ £ COST At 1 April 2021 and 31 March 2022 40,302 12,354 DEPRECIATION At 1 April 2021 40,302 9,543 Charge for year - 281 At 31 March 2022 40,302 9,824 NET BOOK VALUE At 31 March 2022 - 2,530 At 31 March 2021 - 2,811 |
Total funds £ 5,430 |
|---|---|
| 7,364 135,136 |
|
| 142,500 | |
| Totals £ 52,656 49,845 281 50,126 2,530 2,811 |
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continued...
RADLETT VILLAGE INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 8. CURRENT ASSET INVESTMENTS Listed investments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 10. MOVEMENT IN FUNDS At1.4.21 £ Unrestricted funds General fund 137,297 Restricted funds Building fund 5,203 TOTAL FUNDS 142,500 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 44,857 (43,859) TOTAL FUNDS 44,857 (43,859) |
31.3.22 £ 1,500 31.3.22 £ 36,364 31.3.22 £ 732 2,622 3,354 Net movement infunds £ 4,354 - 4,354 Gains and losses £ 3,356 3,356 |
||
|---|---|---|---|
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continued...
RADLETT VILLAGE INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||||||
|---|---|---|---|---|---|---|---|
| movement | At | ||||||
| At 1.4.20 | in funds | 31.3.21 | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 129,937 | 7,360 | 137,297 | ||||
| Restricted funds | |||||||
| Building fund | 5,199 | 4 | 5,203 | ||||
| TOTAL FUNDS | 135,136 | 7,364 | 142,500 | ||||
| Comparative net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Gains and | Movement | ||||
| resources | expended | losses | in funds | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| Generalfund | 34,078 | (32,148) | 5,430 | 7,360 | |||
| Restricted funds | |||||||
| Building fund | 4 | - | - | 4 | |||
| TOTAL FUNDS | 34,082 | (32,148) | 5,430 | 7,364 | |||
| A current year 12 months and prior year 12 months combined position is as | follows: |
| Unrestricted funds General fund Restricted funds Building fund TOTAL FUNDS |
At 1.4.20 £ 129,937 5,199 135,136 |
Net movement in funds £ 11,714 4 11,718 |
At 31.3.22 £ 141,651 5,203 |
|---|---|---|---|
| 146,854 |
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continued...
RADLETT VILLAGE INSTITUTE
FOR THE YEAR ENDED 31 MARCH 2022
NOTES TO THE FINANCIAL STATEMENTS - continued
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 78,935 | (76,007) | 8,786 | 11,714 |
| Restricted funds | ||||
| Building fund | 4 | - | - | 4 |
| TOTAL FUNDS | 78,939 | (76,007) | 8,786 | 11,718 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 12
RADLETT VILLAGE INSTITUTE
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 MARCH 2022 | ||
| 31.3.22 | 31.3.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Deposit account interest | 11 | 107 |
| Equity fund dividends | 985 | 966 |
| 996 | 1,073 | |
| Charitable activities | ||
| Radlett Men's Club | 4,320 | 3,840 |
| Parties and classes | 19,875 | 7,238 |
| Focus4People | 7,702 | 4,117 |
| 31,897 | 15,195 | |
| Other income | ||
| Hertsmere grant | 8,000 | 10,000 |
| HMRC JRS grant | 3,964 | 7,814 |
| 11,964 | 17,814 | |
| Total incoming resources | 44,857 | 34,082 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Caretaker | 12,885 | 12,331 |
| Pensions | 387 | 370 |
| Rates and water | 1,598 | 3,387 |
| Insurance | 2,746 | 2,634 |
| Light and heat | 7,371 | 4,065 |
| Telephone | 569 | 534 |
| Garden maintenance | 1,247 | 3,243 |
| Sundries and cleaning | 807 | 734 |
| Repairs | 11,111 | 2,839 |
| Accountancy | 2,003 | 1,699 |
| Website costs | 2,854 | - |
| Depreciation of tangible fixed assets | 281 | 312 |
| 43,859 | 32,148 | |
| Total resources expended | 43,859 | 32,148 |
| Net income | 998 | 1,934 |
This page does not form part of the statutory financial statements
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