**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:
1. 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
3. 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.
Page 7
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|
Page 8
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|
Page 9
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||
|---|---|---|---|
|||||
Page 10
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|
Page 11
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
Page 13