## **BERKHAMSTED TOWN HALL TRUST** ## **NOTICE OF ANNUAL GENERAL MEETING** **THE FORTY FOURTH ANNUAL GENERAL MEETING OF BERKHAMSTED TOWN HALL TRUST WILL BE HELD IN THE GREAT HALL OF THE TOWN HALL ON THURSDAY 30 NOVEMBER 2023 AT 8.00 P.M. FOR THE FOLLOWING PURPOSES:** ## **1 Presentation of the Trustees report and accounts for the year ended 31 July 2023** ## **2 Discussion on the administration of the Trust** ## **3 Election of six Trustees** All inhabitants of the Town of Berkhamsted and the Parish of Northchurch who have attained the age of eighteen may attend the meeting and are eligible to vote. Nomination forms for elected Trustees are available from the Trust Office in the Town Hall. Nominations must be received at the Trust Office not later than 12.00 noon on Friday 24 November 2023. **Trust Office By order of the Trustees 196 High Street Berkhamsted Ian Hall Herts Secretary to the Trust HP4 3AP Tel: 01442 862288 www.berkhamstedtownhall.co.uk** **Registered Charity no 278248** **7 September 2023** **The Meeting will be preceded at 7.30 p.m. by the Annual General Meeting of the Market Fund and followed at approximately 9.00 p.m. by a meeting of the Trustees to elect officers and to appoint committees and professional advisers.** **BERKHAMSTED TOWN HALL TRUST REPORT OF THE TRUSTEES AND FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023** ## **CONTENTS** |**REPORT**|**Page**| |---|---| |**Legal and administrative information**|| |Report|2| |Formation|2| |Trustees
|2| |Charitable object and policies|3| |Organisation and administration|3| |Appointment of Trustees|3| |Trustee induction and training|3| |Public benefit statement|3| |Professional advisers and bankers|4| |Associated organisations|4| |**Development, activities and achievements**|| |Financial|4| |Buildings|4| |Ground Floor Tenancy|5| |Community facilities|5| |The Market Fund|5| |‘The Friends’|5| |People|6| |Burns Night 2023|6| |**Financial review**|7| |**Other matters**|| |Assets and obligations|7| |Investments|7| |Risk management|7| |Trustees’ responsibilities in relation to|| |the financial statements|8| |**Summarised financial statement**|| |Summarised statement of financial activities|9| |Summarised balance sheet|10| |Balance sheet|11| |Statement of financial activities|12| **Detailed financial statements** 13 to 21 ## **PATRONS** Richard Mabey MA Tim Bentinck, 12th Earl of Portland MBE Esther Rantzen DBE David Sherratt Page 1 ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023** The Trustees present their annual report and financial statements of the charity for the year ended 31 July 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and 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) published on 16 July 2014. ## **FORMATION OF THE TRUST** The Trust was established in 1979 by a Scheme of Trust under Interim Trustees. This was in succession to earlier schemes for the Town Hall, which had latterly been administered by the Berkhamsted Town Council. In 1981 a new Scheme of Trust, approved by the Charity Commissioners, stated that the buildings were to be used as a community centre for the people of Berkhamsted and Northchurch. It also provided for the annual election of six Trustees and the appointment of other Trustees by certain local authorities and organisations who nominate their own representative. ## **TRUSTEES DURING THE YEAR TO 31 JULY 2023** ## **Elected** Christine Cowie# Peter Elsworth# (Chairman) Iain Lang# Ian Reay# Jeannie Stirrup# ## **Appointed** Richard Case# Berkhamsted Town Council Giles Clark# (Vice Chairman) Berkhamsted Arts Trust & Friends of the Town Hall John Gerry# Berkhamsted & District Chamber of Commerce Councillor Sally Symington # Dacorum Borough Council Christopher Talbot-Ponsonby# (Hon. Treasurer) Berkhamsted Citizens Association ## **Co-opted** Jim Jukes# # Served as all year ## **No 278248 Registered Charity Trust Office 196 High Street, Berkhamsted, HP4 3AP** Page 2 ## **CHARITABLE OBJECT AND POLICIES** ## **Object** The Trust’s object is to provide community facilities in the Town Hall. ## **Policies** At the time the Trust was formed the Town Hall was almost derelict. In order to bring the building back into use the Trustees decided to lease the ground floor to commercial firms. The leasehold income together with grants, fund raising activities and loans raised on the security of future commercial income have enabled the rest of the building to be restored. The Trustees allow the community facilities to be hired out for other purposes to subsidise the running costs. Some ground floor locations, which are unsuitable for commercial letting, are now used for community purposes. The Trust’s policy on reserves has not yet been defined by the Trustees, because there have not yet been any reserves available after meeting planned commitments and other planned expenditure. There have been no changes in these policies since the last report. ## **ORGANISATION AND ADMINISTRATION** The Trustees normally meet every three months to discuss the Trust’s affairs. The Trustees are responsible for the financial matters, general Trust administration, commercial activities, the refurbishment and maintenance of the buildings, and the community facilities. Berkhamsted Town Hall Trading Limited, a wholly owned subsidiary company, manages the bar and catering facilities and covenants its profits to the Trust. The Town Hall Manager and the Finance Manager handle the Trust’s administration. ## **APPOINTMENT OF TRUSTEES** In 1981 a new Scheme of Trust, approved by the Charity Commissioners provided for the annual election of six Trustees and the appointment of other Trustees by certain local authorities and organisations who nominate their own representative. ## **TRUSTEE INDUCTION AND TRAINING** This is undertaken by the Chairman of Trust who briefs them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Memorandum and Articles of Association, the committee and decision-making processes and recent financial performance of the Trust. Trustees are encouraged to attend appropriate external training events where these will add value to their role. ## **PUBLIC BENEFIT STATEMENT** The Trustees have considered the Charity Commission’s guidance on public benefit and as a result have continued to actively encourage new regular bookings for the benefit of the community. The majority of the regular hirers provide health and well-being activities to users, from toddlers to seniors. The Hertfordshire Hearing Advisory Service (Registered Charity number 1063430) operates out of the Town Hall, free of charge, on the second Tuesday of every month. Page 3 ## **PROFESSIONAL ADVISERS and BANKERS during the year to 31 July 2023** |Bankers|Barclays Bank PLC, Hemel Hempstead| |---|---| ||Santander UK, Reading| |Independent Examiners|HJP, Berkhamsted| |Insurance Brokers|Bond Insurance Services, Potters Bar| |Pension Advisers|Delta Financial Management Ltd, Elstree| |Property Advisers|Aitchison Raffety, Hemel Hempstead| ||Brasier Freeth, Watford| |Solicitors|Austins Penny and Thorne, Berkhamsted| |Surveyors|Robert Martell & Partners, Berkhamsted| ## **ASSOCIATED ORGANISATIONS** The Market Fund - c/o Town Hall Trust Office, 196 High Street, Berkhamsted, HP4 3AP The Friends of Berkhamsted Town Hall - Chairman, Giles Clark, The Bothy, Berkhamsted Place, Berkhamsted, HP4 1HQ. ## **DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS** ## **FINANCIAL** In this financial year, the Town Hall recorded a small deficit of £6,719. ## **BUILDINGS** Other than routine maintenance the only major expenditure on the building was the redecorating of the Great Hall at a cost of £4,920. ## **Planned building work** The building’s ten-year roof maintenance plan is being implemented as and when finances permit. Page 4 ## **GROUND FLOOR TENANCY** At the start of January 2023, Copper House Bars Ltd. (Copper House) ceased trading. Early in February they informed the Trust of their intention to reassign the Lease to Prime Steak & Grill Ltd. (Prime). The Trust’s solicitors, Austins Penny & Thorne in conjunction with the solicitors of Copper House and Prime produced a License to Assign, Deed of Variation of Lease and a Supplemental Lease for the use of the courtyard garden area by Prime. The Lease was assigned to Prime on 14th April 2023 for a term of 11 years. The rent is at an initial rate of £87,500 net per annum with a rent review due in 2028. On assignment of the Lease, Prime paid twelve months rent in advance with subsequent payments being made quarterly in advance. Copper House continued to pay rent until 14th April 2023 and on assignment of the Lease to Prime, the outstanding balance of Copper House’s rent security deposit (£36,765) was returned. ## **COMMUNITY FACILITIES** In order to give the Trust a more guaranteed regular income from hires, emphasis is placed on increasing the number of regular hire bookings whilst leaving the majority of Friday and Saturday evenings available for ad hoc bookings such as weddings and private functions. |Hiring of halls
**Total income from community facilities**|**Income**
**2023**
£
40,691
40,691|**2022**
£
36,316| |---|---|---| |||36,316| ## **THE MARKET FUND** The street market continues to provide a major contribution to the finances of the Trust, with a surplus of £50,989 (2022 £51,313). The Trust has an indefeasible right to the profits of the market, which is administered by a separate trust of which this Trust has the right to appoint the majority of Trustees. ## **‘THE FRIENDS’** The Friends of Berkhamsted Town Hall is an independent organisation whose income is not dealt with in these accounts. Activities of the Friends are limited to sponsoring concerts and selling refreshments at special events, such as the Graham Greene Festival, and the funds raised are relatively small. All donations received from the Friends of Berkhamsted Town Hall are placed in restricted funds and are only spent on projects approved by the donor. Page 5 ## **PEOPLE** ## **Patrons and Trustees** **Thomas Loten** , a patron since since 1996 and a renowned conductor and impresario, conducting numerous concerts over a fifteen-year period at Berkhamsted Town Hall., sadly passed away on 2nd April 2023. ## **Volunteers** The Trust continues to benefit from the services of its volunteers, principally those who constitute the Friends of the Town Hall. The Trust would also like to record our appreciation of the services of **Joan Aldous** who manages the bookstall with great success. ## **Staff** The Trust is fortunate to have a loyal and enthusiastic staff, led by our Town Hall Manager, **Ian Hall** , who is endeavouring to build up an increased letting programme for the future whilst maintaining the existing high level of regular bookings. He is ably assisted by **Pat Carter** , Head Housekeeper, and by two Assistant Housekeepers, **Stephen Carter** and **Rachel Jones** who joined in April 2023 as a replacement for **George Green** who had left in October 2022. ## **Bar and catering contractors** **Marie Clout** continues to provide an excellent bar service. **Nic Leon** of Alida Event Catering continues to provide an excellent catering service. ## **Independent examiners** The Trust has reappointed HJP of Berkhamsted as independent examiners of the Trust’s financial statements. This appointment is made by charities whose annual income and expenditure are both less than £250,000. It involves less responsibility and therefore lower fees. ## **BURNS NIGHT 2023** The Trust, in conjunction with Gadebourne Lodge (lodge number 6960), held a Burns Night Supper on 28th January 2023, which was co-ordinated by Peter Elsworth the Chairman of the Trust. This highly enjoyable and successful evening raised £937.20 with the Trust receiving £468.60 and Gadebourne Lodge receiving £468.60 (to be split between other local charities). Page 6 ## **FINANCIAL REVIEW** The Statement of Financial Activities shows a small decrease of 1.01% in the Trust’s income. The decrease is attributable to the fact that in the previous financial year the Trust received £9,821 from Government support schemes. There was an increase in expenditure of 11.5%. This was attributable mainly to an increase in utility bills, the redecorating of the Great Hall and an increase in mortgage interest payments (£5,925 more than in the previous financial year). The net movement in funds is a deficit of £6,719 (2022 surplus of £14,335). The Trust continues to reduce its repayment mortgage with Santander UK. In 2023 the mortgage was reduced by £15,363 (2022: £15,363) to £236,389. A summary of the key figures in the full financial statements, which will be presented to the Annual Meeting, is shown later in this report together with the full financial statements. ## **OTHER MATTERS** ## **ASSETS AND OBLIGATIONS** In the opinion of the Trustees, the Trust’s assets at 31 July 2023 were adequate to meet the Trust’s obligations as they fall due. ## **INVESTMENTS** The Trustees invest any permanent endowments in Gilt Edged securities. ## **RISK MANAGEMENT** We confirm that the major risks to which the Trust is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. Page 7 ## **TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS** The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law and the law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources for that period. In preparing the financial statements, the trustees are required to: - select suitable accounting policies and the apply them consistently; - observe the methods and principles of the Charities SORP 2019 (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Approved on behalf of the Trust on 7th September 2023** **by _____________________ Chairman of Berkhamsted Town Hall Trust** **Berkhamsted Town Hall Trust 196 High Street Berkhamsted Herts HP4 3AP Registered Charity No. 278248** Page 8 ## **SUMMARISED FINANCIAL STATEMENT** The financial information on pages 9 and 10 is taken from the financial statements of the Trust for the year ended 31 July 2023. It does not contain sufficient information to allow for a full understanding of the affairs of the Trust. It excludes the assets, liabilities and cash flows of Berkhamsted Town Hall Trading Limited. The financial statements are on pages 11 to 21 and were approved by the Trust at its meeting on 7 September 2023. The report of the independent examiner was unqualified. ## **SUMMARISED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023** |**Income**
Property income
Hire of community facilities
Trading Co.
Market Fund
Coronavirus Job Retention Scheme
Coronovirus Government Grants
Donations, bequests and other income
Total income
**Expenditure**
Community facilities
Trust administration
Property expenditure
Total expenditure
Net increase in resources from
operating activities
**(**
USE OF RESOURCES FOR CAPITAL EXPENDITUIRE
Net increase
**(**
Depreciation
Capital expenditure
Resources available for future spending, subject to
commitments to repay loans,
increased by|**2023**
**£**
81,429
40,691
1,551
50,989
0
0
4,818
**179,478**
168,322
8,450
9,425
**186,197**
**6,719**
**)**
6,719
**)**
10,380
0
**3,661**|**2022**
**£**
80,000
36,316
1,818
51,313
3,821
6,000
2,045
**181,313**| |---|---|---| |||152,065
8,450
6,463
**166,978**| |||**14,335**
14,335
10,380
0
**24,715**| Page 9 ## **SUMMARISED BALANCE SHEET AS AT 31 JULY 2023** |||**2023**||**2022**| |---|---|---|---|---| |||**£**||**£**| |Fixed Assets||||| |Property and equipment||702,951||713,331| |Investments||0||0| |**Total Fixed Assets**||**702,951**||**713,331**| |Amounts owing to the Trust||18,647||4,706| |Bank balances||129,931||133,908| |Less||||| |Amounts due by the Trust in the next year|(|90,798 )|(|32,444 )| |**Net Current Assets / (Liabilities)**||**57,780**||**106,170**| |Less amounts falling due in more than one year|(|221,026 )|(|273,077 )| |**Net Assets**||**539,705**||**546,424**| |**Funds**||||| |Beginning of year||546,424||532,089| |Net increases / (decreases) in resources|(|6,719 )||14,335| |Revaluation of investment||0||0| |**End of year**||**539,705**||**546,424**| |The closing balances on the reserves are as follows||||| |Permanent Endowment - Restricted||198||198| |Development Fund - Restricted||2,989||2,989| |Unrestricted Funds||536,518||543,237| Page 10 ## **BERKHAMSTED TOWN HALL TRUST BALANCE SHEET AS AT 31 JULY 2023** |**Unrestricted Restricted**
**Permanent**
**Note**
**Funds**
**Funds**
**Endowment**
**£**
**£**
**£**
**Fixed Assets**
Tangible Fixed Assets
8
702,951
Investments
9
0
702,951
**Current Assets**
Debtors
10
18,647
Bank Balances
126,744
2,989
198
**Total Current Assets**
145,391
2,989
198
**Current Liabilities**
Creditors: amounts falling due within one year
11
(
90,798 )
(
**Net Current Assets/(Liabilities)**
14
54,593
2,989
198
**Total Assets Less Current Liabilities**
757,544
2,989
198
**Long Term Liabilities**
Creditors: amounts falling due in more
than one year
Mortgage
12.1 (
221,026 )
(
Rent Security Deposit
12.2 (
0 )
(
**Total Long Term Liabilities**
(
221,026
)
(
**Net Assets**
536,518
2,989
198
**The Funds of the Charity**
Permanent Endowment
198
Restricted Funds
13
2,989
Unrestricted Funds
13
536,518
13
**Total Charity Funds**
536,518
2,989
198|**Total**
**Prior**
**Funds**
**Year**
**2023**
**2022**
**£**
702,951
713,331
0
0
702,951
713,331
18,647
4,706
129,931
133,908
148,578
138,614
90,798
) (
32,444
)
57,780
106,170
760,731
819,501
221,026 ) ( 236,389 )
0 ) (
36,688 )
221,026
)
(
273,077
)
539,705
546,424
198
198
2,989
2,989
536,518
543,237
539,705
546,424| |---|---| The notes at pages 12 to 21 form part of these accounts Approved by the Trustees on 7th September 2023 and signed on their behalf by: …………………………. Peter Elsworth - Chairman of the Trust Trust Office 196 High Street Berkhamsted Herts HP4 3AP Registered Charity No. 278248 Page 11 |**BERKHAMSTED TOWN HALL TRUST STATEMENT OF FINANCIAL**|**BERKHAMSTED TOWN HALL TRUST STATEMENT OF FINANCIAL**|**BERKHAMSTED TOWN HALL TRUST STATEMENT OF FINANCIAL**|**ACTIVITIES FOR THE**|**ACTIVITIES FOR THE**|**YEAR ENDED 31 JULY 2023 - INCOME & EXPENDITURE ACCOUNT**|**YEAR ENDED 31 JULY 2023 - INCOME & EXPENDITURE ACCOUNT**|**YEAR ENDED 31 JULY 2023 - INCOME & EXPENDITURE ACCOUNT**|**YEAR ENDED 31 JULY 2023 - INCOME & EXPENDITURE ACCOUNT**|**YEAR ENDED 31 JULY 2023 - INCOME & EXPENDITURE ACCOUNT**|**YEAR ENDED 31 JULY 2023 - INCOME & EXPENDITURE ACCOUNT**|**YEAR ENDED 31 JULY 2023 - INCOME & EXPENDITURE ACCOUNT**|| |---|---|---|---|---|---|---|---|---|---|---|---|---| ||Note||2023|2023|2023|2023||2022|2022|2022|2022|| ||||**UNRESTRICT**|**RESTRICT**|**PERMANENT**|**Total**||**UNRESTRICT**|**RESTRICT**|**PERMANENT**|**Total**|| ||||||**ENDOWMENT**|||||**ENDOWMENT**||| ||||£|£|£|£||£|£|£|£|| |**INCOME**||||||||||||| |Property income|||81,429|||81,429||80,000|||80,000|| |Community facilities income|||40,691|||40,691||36,316|||36,316|| |Trading Co.|16||1,551|||1,551||1,818|||1,818|| |Market fund|2||50,989|||50,989||51,313|||51,313|| |Coronavirus Job Retention Scheme|||0|||0||3,821|||3,821|| |Donations/Bequest|3||1,844|||1,844||1,985|||1,985|| |Coronovirus Government Grants|||0|||0||6,000|||6,000|| |Burns Night income|||2,383|||2,383||0|||0|| |Interest receivable|||591|||591||60|||60|| |**TOTAL INCOME**|||**179,478**|||**179,478**||**181,313**|||**181,313**|| |**EXPENDITURE ON**||||||||||||| |Charitable activities - hall management|4|(|168,322|)|(|168,322|) (|152,065|)|(|152,065|)| |Other expenditure|5|(|17,875|)|(|17,875|) (|14,913|)|(|14,913|)| |**TOTAL RESOURCES EXPENDED**||**(**|**186,197**|**)**|**(**|**186,197**|**) (**|**166,978**|**)**|**(**|**166,978**|**)**| |**NET MOVEMENT IN FUNDS**||**(**|**6,719 **|**)**|**(**|**6,719 **|**)**|**14,335**|||**14,335**|| |_RECONCILIATION OF FUNDS_||||||||||||| |Total funds brought forward|||543,237|2,989|198|546,424||528,902|2,989|198|532,089|| |**TOTAL FUNDS CARRIED FORWARD**|||**536,518**|**2,989**|**198**|**539,705**||**543,237**|**2,989**|**198**|**546,424**|| |**USE OF RESOURCES TO ACQUIRE FIXED ASSETS FOR CHARITY**||**USE**||||||||||| |Net movement in funds||**(**|6,719|**)**|**(**|6,719|**)**|14,335|||14,335|| |Capital expenditure||||||||||||| |Depreciation|||10,380|||10,380||10,380|||10,380|| |Resources available for future spending, subject to||||||||||||| |commitments to repay loans, increased by|||3,661|||3,661||24,715|||24,715|| Page 12 ## **DETAILED FINANCIAL STATEMENTS** ## BERKHAMSTED TOWN HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ## 1 ACCOUNTING POLICIES ## 1.1 Basis of Preparation The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts (financial statements) have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. Berkhamsted Town Hall Trust meets the definition of a public benefit entity under FRS 102. The functional currency used in preparing the accounts is GBP (British Pound). ## 1.2 Financial Reporting Standard 102 – Reduced Disclosure Exemptions The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by Charities SORP FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’: The requirements of Section 7 – Statement of Cash Flows ## 1.3 Funds Structure Unrestricted income funds comprise those funds, which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose. Restricted funds are funds, which are to be used in accordance with specific restrictions imposed by the donor or trust deed. Transfer between funds, the donations by the Friends of the Town Hall are allocated to restricted funds, then any of their donations authorised to be spent on capital items are transferred to unrestricted funds. ## 1.4 Income Recognition The recognition of incoming resources is based on when the charity becomes entitled to the resources, when the Trustees believe that there is sufficient certainty that receipt of the resources is considered probable and when the monetary value can be measured with sufficient reliability. Property income and income derived from room hires is recognised as earned (that is, as the related services are provided). Donations are credited in the year in which they are received and if given for a specific purpose are included in restricted funds. Page 13 ## NOTES TO THE FINANCIAL STATEMENTS ## 1.5 Expenditure Recognition Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. ## 1.6 Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## 1.7 Allocation of Overhead and Support Costs Staff costs are allocated on a time basis and other expenses/depreciation on an actual basis and interest on occupation area. The remaining costs are allocated as a lump sum between the expenditure categories of the Statement of Financial Activities report. ## 1.8 Tangible Fixed Assets and Depreciation Fixed Assets are depreciated on a straight-line basis over their estimated useful lives at the following ratesBuildings 1% (100 years) Furniture and equipment 20% (5 years) No fixed assets write-down assessment was deemed necessary. ## 1.9 Fixed Assets Investment Investments are shown at middle-market value as at the balance sheet date. ## 1.10 Pensions In accordance with the Pensions Act 2008 all employees of the charity are automatically enrolled into a workplace pension scheme, which is managed by NEST (National Employment Savings Trust). The Trust’s contribution is restricted to the contributions disclosed in note 15. The total expense ratio of the scheme for this financial year was 8% (3% contribution from the Trust and 5% contribution from the individual employee). The Trust has no liability beyond making its contributions and paying across the deductions for the employees’ contributions. ## 1.11 Debtors and Creditors Receivable / Payable Within One Year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ## 1.12 Government Grants Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. ## 2 MARKET FUND The income from this fund arises from the Berkhamsted street markets and the Trust has an indefeasible right to the excess of income over expenses of this fund. Page 14 ## NOTES TO THE FINANCIAL STATEMENTS ## 3 GRANTS / BEQUESTS / DONATIONS |Non Government Grants
Bequests
Donations -
Friends
Burns Night
Other
Bookstall|2023
£
0
0
150
469
20
1,205
1,844|2022
£
0
0
150
0
500
1,335| |---|---|---| |||1,985| ## 4 EXPENDITURE ON CHARITABLE ACTIVITIES |Hall Management|2023
£
168,322
168,322|2022
£
152,065| |---|---|---| |||152,065| The Trustees, wherever possible, have sought in agreements to exclude themselves from personal liability and in addition, the combined commercial insurance policy covers their personal liability as Trustees. ## 5 OTHER COSTS |Property
Trust Administration|2023
£
8,450
9,425
17,875|2022
£
8,450
6,463
14,913|2022
£
8,450
6,463| |---|---|---|---| Page 15 ## NOTES TO THE FINANCIAL STATEMENTS ## 6 ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS The breakdown of support costs and how these were allocated between governance and other support costs is shown in the table below. |Cost Type|Total|Governance|Other|Basis of| |---|---|---|---|---| ||Allocated|Related|Support|Apportionment| ||||Costs|| ||£|£|£|| |Staff Costs|95,857|5,276|90,581|Staff time| ||95,857|5,276|90,581|| Allocation of staff time is based on 15% of the manager's salary covering trustee meetings and accounting. |Governance Costs
Independent Examiner's Fees
Professional Fees
Support Costs (see above)|2023
£
3,970
0
5,276
9,246|2022
£
3,710
0
5,018| |---|---|---| |||8,728| The total support cost attributable to charitable activities is applied to the Hall Management activity. Allocation of governance and other support costs |Hall Management|2023
£
99,827
99,827|2022
£
97,013| |---|---|---| |||97,013| ## 7 ANALYSIS OF RESOURCES USED |Governance
& Support
£
Hall Management
99,827
Administration
Property
2023
99,827
2022
97,013|Other
Depreciation
Interest
£
£
£
50,889
10,380
7,226
8,450
2,200
7,225
61,539
10,380
14,451
51,059
10,380
8,526|Total
£
168,322
8,450
9,425
186,197| |---|---|---| |||166,978| Page 16 NOTES TO THE FINANCIAL STATEMENTS ## 8 TANGIBLE FIXED ASSETS The Trustees own the freehold of Berkhamsted Town Hall, which comprises three separate but integrated buildings - the Town Hall, the Sessions Hall and the Market House. |Cost
Net Book Value as at
31 July 2023
Charge for year
At 31 July 2023
31 July 2022
At 1 August 2022
At 31 July 2023
Depreciation
At 1 August 2022|Freehold
Furniture and
Property
Equipment
£
£
1,038,054
8,800
1,038,054
8,800
324,723
8,800
10,380
0
335,103
8,800
713,331
0
702,951
0|Total
£
1,046,854
1,046,854|Total
£
1,046,854
1,046,854| |---|---|---|---| ||||333,523
10,380
343,903| ||||713,331| ||||702,951| ## 9 INVESTMENTS There are currently no investments. ## 10 DEBTORS Debtors are amounts owed to the charity. They are measured on the basis of their recoverable amount. |Rental debtors
Other debtors
Prepaid expenses|2023
£
241
567
17,839
18,647|2022
£
0
159
4,547| |---|---|---| |||4,706| Page 17 ## NOTES TO THE FINANCIAL STATEMENTS ## 11 CREDITORS – Amounts falling due within one year Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt. Amounts which are owed in more than a year are shown as long-term creditors. |||2023|||2022|| |---|---|---|---|---|---|---| |||£|||£|| |Mortgage - Santander - payments||33,763|||28,363|| |Mortgage - Santander - interest|(|18,400|)|(|13,000|)| |Mortgage - Santander (1) - amount due||15,363|||15,363|| |Other creditors and accruals||7,278|||4,789|| |Rent in advance||64,157|||2,292|| |Government Bounce Back Loan||4,000|||10,000|| |||90,798|||32,444|| |12 CREDITORS - Amounts falling due in more than one year.||||||| |12.1 Santander Mortgage||||||| |||2023|||2022|| |Mortgage - Santander (2)||£|||£|| |Forecast balance remaining as of 31st July 2024||221,026|||236,389|| The Town Hall freehold property and building is the subject of a charge in favour of Santander UK. The remaining term of the mortgage at 31 July 2023 was 15 years, and the rate of interest at 31 July 2023 was 3.0% base rate plus 4.9304% UK SONIA rate. |Actual Mortgage
Santander UK Mortgage - Commenced on 28th August 2013
Mortgage - Santander total outstanding as of 31st July 2023
Mortgage - Santander (2)
Mortgage - Santander (1) [from note 11]|2023
£
15,363
221,026
236,389|2022
£
15,363
236,389| |---|---|---| |||251,752| The Freehold Property is stated at net book value in the Balance Sheet at £702,951 per Note 8. The aggregate of the mortgage (£236,389) represents 33.63% of the net cost of the freehold property on which it is secured. Page 18 ## NOTES TO THE FINANCIAL STATEMENTS ## 12.2 Copper House Bars Ltd. Rent Security Deposit The balance of Copper House Bars Ltd.’s rent security deposit was returned to them on assignment of the ground floor Lease to Prime Steak & Grill Ltd. on 14th April 2023 – see the Ground Floor Tenancy section on page 5. |Copper House Rent Security Deposit at 1st August 2022
Agreed Rent Withdrawals by the Trust
Interest on Copper House Rent Security Deposit
Copper House Rent Security Deposit Returned 14th April 2023
(
Copper House Rent Security Deposit at 31st July 2023|2023
£
36,688
0
77
36,765
)
0|2022
£
36,682
0
6
0
36,688| |---|---|---| ## 13 FUNDS ## (a) The Permanent Endowment Fund This represents the balance of funds transferred to the Trust at its inception in 1981. ## (b) Restricted Fund This fund represents donations and grants received to refurbish the Town Hall less amounts expended on purchase of Fixed Assets and renovation expenditure. |Permanent Restricted Unrestricted
Endowment
Funds
Funds
£
£
£
At 1 August 2022
198
2,989
543,237
Funds received
Revenue income (net)
____
(
6,719
) (
At 31 July 2023
198
2,989
536,518|Total
£
546,424
0
6,719
)
539,705| |---|---| ## 14 ANALYSIS OF NET ASSETS |Permanent Restricted Unrestricted
Endowment
Funds
Funds
£
£
£
Fixed Assets
702,951
Net Current Assets / (Liabilities)
198
2,989
54,593
Long Term Liabilities
(
221,026 ) (
Investments
_____
198
2,989
536,518|Total
£
702,951
57,780
221,026 )
0
539,705| |---|---| Page 19 ## NOTES TO THE FINANCIAL STATEMENTS 15 ANALYSIS OF STAFF COSTS, TRUSTEES’ REMUNERATION AND EXPENSES, AND REMUNERATION OF KEY MANAGEMENT PERSONNEL |Salaries and Wages
NEST Pension Scheme
National Insurance|2023
£
91,268
3,344
1,245
95,857|2022
£
88,860
3,263
1,180
93,303| |---|---|---| The average number of employees during the year was 4 (2022: 4) with all employee time involved in providing either support to the governance of the charity or support services to the charitable activity (hall management). The trustees were not paid by or received any other benefits from the Trust (2022: £Nil) neither were they reimbursed expenses during the year (2022: £Nil). No trustee received payment for professional or other services supplied to the Trust (2022: £Nil). The Trust considers that its key management personnel comprise solely of the Manager. The total employment benefits including employer pension contributions of the key management personnel were £35,170 (2022: £33,454). No employee had benefits in excess of £60,000 (2022: none). ## 16 BERKHAMSTED TOWN HALL TRADING LIMITED The company was incorporated as a wholly owned subsidiary of the Trust on 7 September 1997 and commenced trading in May 1998 and receives the commission from the catering services provided. In the opinion of the Trustees the assets and liabilities are immaterial to the Trust's affairs and therefore group accounts have not been prepared. At 31 July 2023 the profit from Berkhamsted Town Hall Trading Limited was: ||2023|2022| |---|---|---| ||£|£| |Profit for year|1,551|1,818| When there is a profit, it is donated under a Deed of Covenant to the Trust. ## 17 RELATED PARTY TRANSACTIONS There were no related party transactions (2022: none). Page 20 NOTES TO THE FINANCIAL STATEMENTS 18 CAPITAL COMMITMENTS AND FUNDING At 31 July 2023 the capital commitments not provided for in the accounts was £ Nil (2022: £Nil). ## 19 ULTIMATE CONTROLLING PARTY The opinion of the Trustees is that the Ultimate Controlling Party of the Berkhamsted Town Hall Trust is the Trustees themselves. Page 21 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the trusteesl membgrs of Berkharrsted Town Hatl Trust On accounts for the year ended 31 Juty 2023 Charity no (rf any) 278248 Set out on pages I report to the trustees on my examination of the accounts of the above charity llhe Trust.) for the year ended 3110712023 Responsibilities and As thè charty trust*s of the Trust. you are reswn5ibFe for the preparation basis of report of the accounts in accordan￿ wilh the requirements of the Charities Act 2011 [Ihe Actl. I reFX)rt in respe(# of ry examination of Ihe TnASt's aco)unts carried out under seclion 145 of the 2011 Act and in carrying out my examination, I have followed the applicable DirectTrons given by the Chaty Commission under section 145(5)(b) of the Act I have completed my exarninatK)n. I confiTm that no material mattery8 have c4)me to my attention in conneclion ￿￿th the examination which grves me cabjse to believe that in. any Mat￿la1 respecl.. accounting records were not kept in accordance with section 130 of the Act or the a￿UnIS do not ￿ wilh the ac(x)unting records Independenl examlnefs statement I have no (J)ncems and have come across no other matters in connection wtth the examination to which attention should be drawn in order to enabte a proper understanding of the ac£ounts to be reached. Signed: Date: Islii lkni Name: Angela Peden FCA Relevant professional qualificationlsl or body lif any)". FCA Address: ALL ABOUT BUSINESS LIMITED. AUDLEY HOUSE NORTH8R]DGE ROAD BERKHAMSTED. HERTS. HP4 1EH Section B Disc105ure Onty complete rfthe examiner needs to highlight matte(s of concem (see CC32, Independent examination of charity atxounts: direciions and guidance for examirfers). Give here brief details of any items that the examiner wishes to disclose.