COMPANY REGISTRATION NO: 02422890
REGISTERED CHARITY NO: 1059678
REPORT & CONSOLIDATED FINANCIAL STATEMENTS
MK GALLERY
{A COMPANY LINirrED BY GUARANTEE)
FOR THE YEAR ENDED 31 MARCH 202A

MK GALLERY
CONTENTS
Page
Trustees, Report
1-13
Statement of Trustees. Responsibilities
14
Independent Auditors, Report to the Members of
MK Gallery
15-18
Consolidated Statement of Financial Activities
(including Consolidated Income and Expenditure Account)
19
Consolidated and Charitable Company Balance Sheets
20-21
Consolidated Statement of Cash Flows
22
Notes to the Financial Staten]ents
23-45

MK GALLERY
TRUSTEES, REPORT
The Trustees: who are also Directors of the chariiy for the purposes of the Companies Act 2(M)6, are
pleased to present their annual report and the audited consolidated financial statements of the charity
for the year ending 31 March 2024 which are prepared to meet the requirements for a Directors. report
and accounts for Companies Act purposes and LO comply wilh the requiremenis ot the Charity
Commission.
The financial statements comply with the Charities Act 201 l. Ihe Companies Act 2006: the
Memorandum and Articles of Association. and Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing Iheir accounis in accordance wilh the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objects of the charity and public benefit
In consideration of strategies and policies of the charity, the Trustees have due regard for the public
benefit in accordance with the Charities Act 2011.
The Charity's objects &s set out in its Articles of ASS(￿lation are:
'to promote, maintain, improve and advance the education and understanding of the public,
particularly through the producLion and presentaiion of and engagement with the arts. vi%ual
culture and related areas of creative practice: and to formulate: prepare and establish projects
and schemes therefore provided that all objects of the Company shall be of a charitable nature,
'to preseni, promote. organise, provide. manage, and produce a balanced programme of artistic
activity and endeavour. whether on any premises of the Company or elsewhere, as are
conducive to the promotion, mainlenance, improvement, and advancement of education and
understanding of the public. and encouragement of the arts. visual culture, and related areas of
creative practice.
Charitable Purpose
MK Gallery, s principal charitable purpose is to promoie. maintain, improve, and advance the education
and understanding of the public, particularly by the production and presentation of and engagement
with the arts, visual culture, and relaled areas of creative practice.
Its vision is to be one of the UK'S leading centres for the arts with a national and international
reputation for artistic excellence and innovation and to be a cultural beacon for the city.
Mission
The Gallery's mission is:
To provide access to high quality, innovative and thought-provoking art from around the world and
through its programme, Slimulate participaiion and debaie, and build relationships between artists and
audiences.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Objectives
In order to achieve the principal charitable purpose, in line with the vision and mission, the Trustees set
out a set of objectives:
l. Build, diversify and increase visitors to the building and create opportunities for
artisticlcultural engagement for everyone in the community
Deliver a broad range of onsite and digital programmes that enable everyone to enjoy,
and take part in culiural aciivity
b. Develop an audience straLegy that achieves 50,000+ footfall across all programmes
from a range of visitors that reflects the demographic of the catchment area
Develop new programmes and activities for children and young people that build
confidence and encourage creativiiy and Critical thinking
d. Create opportunities for artists and creatives to develop and share their work and
reigniie their careers post-covid
2. Be ambitious and seek partnerships to deliver quality programmes and activities that change
lives.
Work in partnership to develop and strengthen cultural opportunities in Milton Keynes
and the South East
b. Create opportunities for diverse local communilies to develop a sense of ownership
and connection with the Gallery and to animate spaces and exchanges with their
creative voices, vision, imagination, and curiosity
Pursue programmes that deliver against the health and wellbeing agenda and impact
positively on people's lives
3. Be flexible, dynamic. and creaLive in the approach to improving financial sustainability and
diversity among our workers.
Build a s(rong sustainable financial base to enable innovation and risk-taking in the
longer tern]
b. Support apprenticeships and paid/unpaid work experience Op￿rtUnItieS to incubate
and grow the creative talent p(x)I
Maximise onsite and digital commercial opportunities that appeal to a diverse
audience
4. Consider the Gallery s cottllnitment to environmental responsibility and how to embed this in
the organisation.
a. Undersiand MK Gallery's environmental impact and develop a strategy to mitigate
that impact
b. Consider how MK Gallery s Pro￿arnmeS can contribute and infiuence current debate
at a local and regional level

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Public Benefit
The Trustees confirm that they have referred to the Charitable Commission guidance on public benefit
when reviewing the Charity's aims and objecLives as well as future planning of activities.
Through the delivery of world class exhibilions. engaging public programmes. and inclusive
volunteering activily, the Charity has promoted. maintained. improved. and advanced the education
and understanding of the public, connecting audiences and participants to current and relevant local
and global social concerns including race, gender, Britishness, and IMMI￿allOn.
The Charity's priori(ies are aligned to its major public funders, Milton Keynes City Council and Arts
Council England.
Activities and achievements during the year
Exhibitions:
MK Gallery attracted 90.741 visitors to the gallery in 2023124, which is down on the previous year
(114,533). This is due in par( to a national picture of resisiance to taking risks on leisure costs. Visitors
came from across the country. with a sn]all number of visitors attending from overseas.
The 2023124 exhibitions programme included the end of: 'Trickster Figures.. Sculpture and the Body
the full run of 'Boyd & Evans: Hioh Time, and 'Beyond the Page: South Asian Miniature Painting and
Brilain, 1600 to Now," and Lhe beginning of 'Saul Leiier: an Unfinished World,.
The programme overall attracted significant critical acclaim. with exiensive and high-profile media
coverage, especially for 'Beyond the Page: South Asian Miniature Painting and Britain, 1600 to Now,,
which attracted a Guardian Editorial and was awarded the Eastern Eye Editors, Special Award at
ACTAS 2024 and 'Saul Leiter. an Unfinished World.. which attracted many features and reviews. MK
Gallery commissioned imEx)rtani new worL managed over 350 artwork loans and worked with one
national partner, The Box, Plymouth where 'Beyond the Page. was exhibited.
The exhibitions presented a very diverse programme, supporting artists from minority backgrounds,
including from the South Asian diaspora and non-binary, addressing pressing social issues, and
engaging with hard-to-reach audiences and partners. A sold-out conference and three major
publications were also produced.
Visitor numbers overall were lower than in recent years, despite critical acclaim, although the Boyd &
Evans exhibition, especially, resonated strongly with local residenis and communities. Anecdotal
feedback suggests that changes in audience behaviour ￿s1-coV1d are continuing with the rise in the
cost of living and train strikes as contributing factors. At the same time, revenue fun(traising exceeded
previous records and social media and wider engagemeni with the cultural secLor and arts industry
continued to grow significantly.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Activities and achievements during the year (continued)
Public programmes:
The Gallery worked with a range of Milton Keynes communities to deliver outcomes which were
shared with wider audiences, including" a co-designed project with the Sierra Leone community
exploring family history, heritage and migration. a partnership with an South Asian radio station during
'Beyond the Page, resulting in co-created activity such as: a 'Fesiival of Lights, perfonnance; a Project
Space exhibition; a Diwali influenced Family Fun Day; and an MK Gallery Late. From autumn 202.3
the Public Programming team worked wilh five communiiies as part of a co-curating process for the
open, MK Calling 2024. The five groups included MK SNAP: a group of visually impaired adults, a
group of young adult creatives, the Middle Eastern Cultural Group, and Q:Alliance.
The family programme included: 4 family days. explore guides. exhibition themed art trails; and the
Young Sculptor competiiion, which received 60 entries with 73 children taking part in artist-led
sculpture workshops. Afterschool artist-led workshops for children aged 5-1 I continued with success
and the team introduced ariist master classes during school holidays for 11-14 year olds. Adult creative
workshops continued in association with the exhibitions progranune and delivered a series of MK
Lates, offering informal learning and social engagement opportunities for adults.
The youth offer included: projects for young people facing social and emotional challenges.
ARTiculation in partnership with the National Gallery; and 32 different schools and colleges visiting
the Gallery (nearly a threefold increase on the previous year). The Boyd & Evans exhibition was
particularly popular with schools in Milton Keynes.
The team delivered projects with fdm, fashion: and music students from MK College and partnered
with the University of Nottingham. the University of Loughborough, Ihe Royal Institute of Philosophy,
the Art Historian's Society and the Buckinghamshire Society of Architects on a series of Project Space
exhibitions, workshops, talks and lectures.
The Inclusive Practice in the Arts programme included: weekly family 'Art & Us, workshops for
families with children with complex and additional needs" half-tenn artist-led 'Art Together, family
workshops; Artist-led Sensory Tours; and Our Studio, a monthly supported studio programme which
also incorporated a summer take-over of Lhe Project Space. The partnership wiih MK SNAP delivered
co-designed tours with learning disabled adults. Workshops and activities were delivered with national
and local pariners including.. Art Riot, Coveniry; Venture Ans, Manchester; Extra Special Families;
Little Miracles; VICTOR" and a two-year partnership project with the Pace School in Aylesbury was
launched. The inclusion ieam were inviied to share infonnation about the programme at national
conferences on creative play and inclusive praciice held at= the Attenborough Arts Centre, Leicester;
Greenwich Museums. London; and the Baltic, Gateshead.
Audio description, guiding and site loss awareness training were delivered to artists, volunteers and
staff to Suppori work with visually impaired audiences. A continued partnership with tmr provided
networking opportunities for young diverse creatives and offered conunissioning and exhibition
opportunities to locatly based artists.
Public programme activities were delivered this year with support from Paul Hamlyn Foundation, the
Paul Mellon Centre, Milton Keynes Community Foundation. Children in Need, the Austin and Hope
Pilkington Trust, Garfield Weston Foundation. the Paul Mellon Foundation, the Royal Institute of
Philosophy, and the Ar( Historians Society.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Activities and achievements during the year (continued)
Volunieering:
Despite the national picture of a declining volunteer force, the Gallery recorded 235 volunteers with
199 volunteers giving 8,214 hours of their time to support the charity, s activities in 2023124. This is up
by £1,114 hours. On average 80-90 volunteers gave time each month carrying out such activities as
invigilating exhibitions, supporting family and adult creaiive workshops. cinema usher. outreach
activity.
Trading:
MK Gallery s sustainable finance strategy includes the success of the trading subsidiary, MK Gallery
Enterprises Ltd. The subsidiary runs the Sky Room Cinema, the Cafe, the Shop and Private Hires. In
addition, the Gallery made the decision to increase revenue potential by charging admission for all
exhibitions and non-educational events.
Overall secondary spend was lower than expected, however the previous year's (2023) efforts to make
the subsidiary profiiable did see a significani decrease to the company's overall deficit. demonstrating
a move towards a more profitable model.
Cinema exceeded expectation. delivering popular shows in partnership with Nr Live and collaborating
with MK Centre to give more local visibiliiy to the summer programme, Summer Replay.
The Cafe continued to offer locally sourced produce and has established a partnership with a local
brewer. Milk and Beans, which goes from strength to strength. In line with current catering trends the
offer caters predominately to vegetarian and vegan dietary requirements with a seasonal menu change.
The shop generated a larger revenue than in previous years and proved that exhibition related
merchandise is a key straiegy to raising income. This worked particularly well when working with
local artists Boyd and Evans.
Private and event hire came close to the budget forecast, with exceptional levels of hire in the autumn.
The Gallery struggles to compete locally during the Christmas party season. however, this year (2024)
saw an enriched partnership wilh John t£wis and their communities tearn, offering Chrismias
screenings to their conununity partners.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Future Developments
The Gallery's first year of operation was a period of significant programme and audience development
with footfall figures exceeding all expecLations. The impaci ot Covid-19 and the closure of the building
in March 2020 presented numerous challenges for the Board and executive across all areas of the
business including cash-flow, long-tenn revenue fundraising and public exhibitions and education
programmes.
The Gallery has used the period since 2021 to build back programmes: audiences and create more
suitable resilience within ils trading subsidiary and while visitor numbers are noi at pre-covid levels
(phenomena experienced across the sector), ￿eat inroads have been made to re-establish MK Gallery
as an outstanding venue for visual art programming that is socially engaged, locally relevant and an
asset io MK Council.
In 2024125: The Gallery will continue to build its business model based on the feedback received from
our visitors, our work with our Partners (Arts Council England, MK Council) to ensure we are
financially resilient while delivering the charitable Mission to a high standard synonymous with the
MK Gallery Brand.
Finance Review
The financial perforniance for 2023124 and the financial posiiion on the balance sheet are set out in this
report. In particular the Statement of Financial Activity (SOFA), which includes both unrestricted and
restricted, shows the perfonnance of the group during 2023124.
The principal Charity income for the year is made up of unrestricted annual subsidies from Milton
Keynes Council totalling £304:675 (2023: £286:936), and unrestricted funding from Arts Council
England of £390,3É1) (2023: £390,360).
Further funds were raised through income generation from exhibition admissions; exhibition hire fees;
sales of limited-edition artworks; and exhibition caialogues. During the previous year the Gallery
moved to charging admission to all exhibitions to increase revenue with additional access day such as
£1 residential Tuesdays and pay what you can Sundays.
Total expenditure for the group was £2,109,740 (2023: £2,216,574) of which £1,972,688 (2023:
£2,032:245) was spent on the charitable activiiies i.e.. operation of the art gallery. This included;
£841:165 (202_3.. £927,690) of staff costs" £4_37.047 (202_3. £376.6_37) of exhibition and public
programming costs; £277,820 (2023: £230:464) of premises costs; and £278,699 of depreciation (2023:
£279,245)
The cost of governance activities was £19,046 (2023: £19,436). Direct governance costs have been
included in accordance with the SORP 2019 and include audil fees. legal fees. and Trustee expenses.
MK Gallery Enterprises Limited: reported a loss of £8,088 (2023: loss of £17,809) which is a better
than the budget forecast position. MK Gallery Enierprises Limited operates all commercial trading
operations carried out on the Gallery premises. The operations in the subsidiary continued to be
reorganised during the year ending in a better Ihan budgeied position. Further plans to increase yield in
each area will support the conlinued growth ot the subsidiary.
The Trustees are fully aware of the need to protect the Charity's funds beyond the period of committed
support from Milton Keynes Council whilst ensuring that the charity can fulfil the key charitable
objectives in the short and medium term.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
The Charity's financial forecasts and strategies were examined while preparing the Fonvard Plan 2023
- 2026; those continue to be monitored and tested through its financial controls and reporting systems.
Financial Summary
The year-end financial position for the charitable group (to the nearesi thousand) was as follows..
Unrestricted funds carried forward
General surplus
Capital fund
Designated funds carried forward
Capital construction fund
Capital renewal fund
Restricted funds
100,(M)o
10,752,(M)O
(3,(K)O)
6(K),000
288,(K)O
Net assets
£11,737,000
Going concern
The financial statements have been prepared on an on-going concern basis. Trustees consider that there
is reasonable expectation that the charitable company and group have sufficient resources to continue
in operational existence for the foreseeable fijture and for this reason they have adopted the going
concern basis in preparing the financial statements.
Reserves policy
The trustees have considered the level of reserves required to maintain sufFicient working capacity to
operate the Gallery in the most efficient manner and to meet unforeseen liabilities that may arise. The
Trustees have Iherefore established a reserves policy that aims to protect the charity's activities from
risk of disruption at short notice due to lack of funds.
They take the view that the nature of MK Gallery's consolidated cash flows is such that they have set
as a medium-term objective to maintain an unrestricted reserve. excluding benefit pension liabilities, at
a level of 3 months operation or £350,(XX).
At March 2024, restricted funds in the company stand at £287,687, and unrestricted funds as £217,513
and designated funds ai £597,255. Free reserves of the group as of 31" March 2024 were £l(K),145.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Reserves policy (continued)
At 31 March 2024 the building contract retention remains outsianding. The final contract sum has been
agreed between Bowmer & Kirkland and MK Gallery bui due io Covid-19 and closure the rectification
period has been extended.
To regain the level of reserves necessary the Gallery will undergo a review of income, expenditure. and
investment in 202412025.
In the view of the Trustees the free reserves are sufficient at the current time as the decision can be
taken to reverse any designations in the event the funds are needed for general purposes.
Investment Policy
Trustees have the power to invest funds noi immediately required frorn operational purposes such as
securities or properties as they see fit. The underlying investment policy is to accept only a low-level
risk, therefore available funds are invested through a chariiable investment portfolio with Ruffer LLP.
MK Gallery operates a policy of investing a minimum sum of £l,O(X),000 (plus accumulated value)
relating to the current Development Fund long-term with an investment manager.
MK Gallery assets are invested in line with its aims, in such a way that enables the trust to achieve its
goals in both the shori and long tenn. The Trusiees do not wish 10 adopi an exclusionary policy, but
individual investments may be excluded if perceived to conflict with the trust's purpose. Such
instructions may be issued to the Investment Manager on behalf of the trust by the Finance and
Operations Commit(ee.
Investment in 2024 represented losses of £95:255 due to the realisation of assets for cashflow purposes
and poor perforniance in the financial markets. The Board made the decision to release a further
£170:000 of funds to invest in high interest accounts to ensure a level of interest in the short term and
to support the cashfiow. Following this: a small working group met with Ruffer to gain assurance of the
investment policy and strategy going forward. 11 was agreed to continue to invest the remaining capital
with Ruffer.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Assets
In the opinion of the Trustees, the charitable company s assets are sufficient to fulfil the obligations of
the Charity.
Trustee Liability Insurance
Liability Insurance exists for the benefit of all Trustee Directors.
Legal and Administrative Details
The Charity is MK Gallery (registered number 1059678) and is constiiuted as a private limited
company limited by guarantee (regisiered number 02422890). The principal and registered address is
MK Gallery, 3 Theatre Walk, Central Milton Keynes, MK9 3PX. All current Trustees stand as
guarantors (o the company in the sum of £1 each.
Trustees
The directors of the charitable company are its Trustees for the pury)oses of charity law. The Trustees
and Officers serving during the year were as follows:
Chair
Elizabeth Gifford
Asase Amoah
Cllr Robin Bradburn (passed away 14 September 2024)
Susan Carbert
David Danskin (resigned 7 November 2023)
Naialie Drought (appointed 31 January 2024)
Cllr David Hopkins
David King
Cllr Shanika Mahendran (appointed 17 November 2023)
Cllr Pete Marland (resigned 7 November 2023)
Roselyn Mascarenhas
Fidele Mutwarasibo
Ranjit Singh (appointed I l June 2024)
Neil Smith
Anthony Spira
Sarah Westacott
Sunita Yeomans
Company Secretary
David Danskin (resigned 7 November 2023)
Gallery Director
Anthony Spira
Deputy Director
Francis Ranford
All current Trustees stand as guarantors to the company in the sum of £1 each.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
The trading subsidiary of MK Gallery is MK Gallery Enterprises Ltd. The Directors of the subsidiary
company who served during this year and up to the date of this report were:
Chair
David King
David Danskin (resigned 17 November 2023)
Susan Carbert
Anthony Spira
Advisers
The following acted as advisers to the charity during the year:
Bankers
METRO Bank
One Southampton Row
London
WCIB SHA
Auditors
HW Bedford Ltd
Woburn Court
2 Railton Road
Kempston
Bedford MK42 7PN
HR Consultants
ARC HR Solutions
44 Blanchland Circle
Monkston
Milton Keynes
MKIO 9GP
Solicitors
HCR Hewitsons
50-60 Station Road
Cambridge
CBI 2JH
Accountants
Monico Tunley Ltd
19 Goldington Road
Bedford
MK40 3JY
Structure, Governance and Management
MK Gallery, established in 1999 as Milion Keynes Theatre and Gallery Company, is a company
limited by guarantee and a registered charity governed by its Memorandum and Articles of Association
which were fomially adopted on 20 February 2014.
The Board of Trustees has responsibility for the ongoing strategic direction of MK Gallery and its
subsidiary MK Gatlery Enterprises Ltd, overseeing finances and approving the budget, working with
the Gallery Director and Deputy Director in the development and implementation of policy to meet the
Gallery s objects and to ensure it meets its statutory duties. The Board meet at least four times a year
and a Finance and Operations Committee meets on a quarterly basis.
Day to day management is delegated to the Gallery Director, Anthony Spira, the Deputy Director
Francis Ranford, and the Senior Leadership Team: Niki Braithwaite, Head of Public Programmes, Fay
Blanchard, Head of Exhibitions, Cherelle Cunningham. Head of Marketing and Audience
Development and Andrew Papworth. Head of Catering and Events.
io

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Trustee (Director) recruitment
The Articles provide that two directors shall be appointed who are members of Milton Keynes City
Council in accordance with Ihe nomination of ihe city council. Other directors may not be members or
officers of the City Council and may be appointed after recommendation of the Directors after they
have considered:
Making such a recommendation after the advertisement of the vacancy and the response to an
advertisement.
Aiming for a board of Directors with a range of skills, experience, and abilities relevant to the
objectives and activities. and
Aiming for a board of Directors that is representative of Milton Keynes.
Each Trustee serves for a three-Ye￿ term from the date of his or her appointment. The Trustees may
resolve to re-appoini a Trustee for a further tenn. The exceptions 10 this rule are Trustees nominated by
Milton Keynes Council, who are appoinied on an annual basis and ihe Gallery Director. who has been
appointed as company Director as per the amendments to the Articles in 2022.
New Trustees receive induciion and training through meetings with the Chair: Director. and staff ot the
Charity and through receipt of the Charity Conunission's The Essepitial Truslee, a copy of the charity's
Articles of Association and other key internal d(￿UMentS including the most recent Business Plan and
Board papers.
As the charitable company is limited by guarantee. not having any share capital, none of the Trustees
hold any interest in the charitable company or hold any right to subscribe to shares.
Remuneration of Key Management Personnel
Remuneration of management personnel is set by comparison iniernally with similar posts and. when
possible, benchmarking with similar organisaiions through peer networks such as Plus Tate.
Inclusive employer
MK Gallery is committed to being an inclusive employer, ensuring barriers to employment are
removed and that the working environment is an open. safe place to work. The Gallery achieved
Disability Confident Employer status in 2023.
Related parties
None of the Trustees receive remuneration or other benefit from their work with the charity. Any
connection between a Trusiee or senior manager of Ihe charity with an artist, contractor, perforn]er or
oiher supplier must be disclosed LO the tull Board in the same way as any oiher contractual relationship
with a related party.
The charity's wholly owned subsidiary. MK Gallery Trading Limited: was established in 2002 to
undertake some or all of the commercial activities of MK Gallery. This subsidiary ceased trading in
2021 and is in the process of being wound up.
The Board authorised the set-up of a new trading company, MK Gallery Enterprises Limited, in
October 2018 for all the Gallery's trading activities. The Board started meeting regularly from 2019 to
review the Gallery s conunercial activities.
li

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Risk Management
The Trustees actively and regularly review the major risks to which MK Gallery is exposed and have
implemented procedures to manage and minimise any impaci should any of the ideniified risks
materialise. A Risk Management policy. supported by an organisational risk register. is maintained
setting out an assessment of the likelihood and impact of risk with required actions identified to
manage risk, which is monitored no less than quarterly.
The Trustees are satisfied that there are clear lines of delegation and auihority to teams regarding risk
management and that the team are aware of the need to address risk in their area.
Key risks are:
Threat to financial stability with stand still core funding, a more competitive fundraising
landscape, an unstable financial markei. rising cosis of goods and services and the impact to
cost of living on our customers and teams.
A reduced capacity team leading to more menial health risks as individuals take on more work
in order to maintain a quality cultural service.
A need to refurbish and refresh rr services. and integral capital items such as Air Handling
Units, boilers. etc.
The level of restricted funds liability in the accounts, dating back to 2019.
Fundraising activities
MK Gallery actively pursues funding from grant makers (trusts, foundations, and public funders),
corporate sponsorships and individuals to fund charitable activities. MK Gallery works with others to
increase the tundraising opportunities including academic partners. specialist sector organisations.
charities that align with the purpose and conununity partners.
The Gallery ofters the option to gift aid admission charges, and to make donations online or onsite at
one of the donation stations.
MK Gallery does not employ the services of professional or commercial fundraisers. MK Gallery does
not take street collections or telephone campaigns. Where Mk Gallery collects personal information,
this is managed in line with our Data Protect Policy.
12

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Stalement of Disclosure of Inforn￿tiOn to Auditor
In so far as the Trustees are aware:
(a) there is no relevant inforniation of which the group s auditor is unaware, and
(b) the Trustees have taken all Lhe SLeps that ihey ought to have taken to make themselves aware of
any relevant audit infom]ation and to establish that the auditor is aware of that information.
Auditor
A resolution to reappoin( HW Bedford Ltd as auditor to the Charity and to authorise the Trustees to fix
their remuneration will be proposed at the next General Meeting.
This report has been prepared under the special provisions of Part 15 of the Companies Act 2(K)6
relating to small entities.
Approved by the Board and signed on its behalf by
E Gifford
Chairnlan
Date: 2011212024
13

MK GALLERY
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees (who are also the directors of MK Gallery for the purposes of company law) are
responsible for preparing the Trustees. Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a
true and fair view of the slate of the affairs of the charitable company and the group and of the
incoming resources and application of resources. including the income and expenditure, of the
charitable company and the group for that ttriod. In prepating these financial statements, the trustees
are required to-
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in Ihe financial staiemenis.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume tha( (he charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable company and the group and enable them to
ensure that the finanLial statements comply wilh Ihe Companies Act 2006. They are also responsible
for safeguarding the assets of the chaTiLable company and the group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
14

MK GALLERY
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY
Opinion
We have audited the financial statements of MK Gallery (the parent charitable company ) and its
subsidiaries (the 'group ) for the year ended 31 March 2024 which comprise of the Consolidated
Statement ot Financial Activities. the Consolidated and Chariiable Company Balance Sheets, the
Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of
significant accoun(ing policies. The financial rey)rting framework that has been applied in their
preparation is applicable law and UniLed Kingdom Accounting Standards: including Financial
Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland,: (United Kingdom Generally Accepied Accouniing Praciice).
In our opinion, the financial statements:
give a true and fair view of the state of the group s and of the parent charitable company's
affairs as at 31 March 2024 and of the group's income and expenditure for the year then ended.
have been properly prepared in accordance with United Kingdorn Generally Accepted
Accounting Practice; and
have been prep￿ed in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance wilh Internaiional Siandards on Auditing (UK) (ISAS {UK)) and
applicable law. Our respon.sibilities under ihose standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the 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.
Conclusions relaling to going concern
In auditing the fmancial 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 perfornied, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively. may cast significani doubi on the group and
parent charitable company s ability to continue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with reSt￿cL to going concern are described
in the relevant sections of this report.
Other informalion
The other infom]ation comprises the inforn]ation included in the Trustees Report, other than the
financial statements and our auditor, s report thereon. The trustees are responsible for the other
intorniation contained within Lhe annual report. Our opinion on the financial statements does not cover
the other information and: except to the extent otherwise explicitly stated in our report, we do not
express any forn] of assurance conclusion thereon. Our responsibility is to read the other inforn]ation
and, in doing so. consider whether the other inforniaiion is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to deterniine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have perfornied: we conclude that there is a material
misstatement of Ihis other infonnation, we are required to report that fact.
We have nothing to report in this regard.
15

MK GALLERY
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undenaken in the course ot- Ihe audit:
the inforniation given in Lhe Trustees, Report, which includes the Directors, Report prepared
for the purposes of company law. for the financial year for which the financial statements are
prepared is consistent with the financial statements. and
the Directors, Report included within the Trustees. Report has been prepared in accordance
with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and the parent charity and its environment
obtained in the course of the audit. we have noi identified material misstatements in the Directors,
Report included within the Trustees, Report.
We have nothing io report in respect of the following matters in relation 10 which the Companies Act
2006 requires us to report to you if, in our opinion:
adequate and proper accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visiied by us. or
the parent charity financial statements are not in agreement with the accounting records and
returns; or
certain disclosures of trustees, remuneration specific by law are not made. or
we have not received all the infom]ation and explanations we require for our audit; or
the Trustees were not entitled LO prepare ihe financial statements in accordance with the small
companies regime and take advantage of the small companies. exemption in preparing the
Trustees, Report and from the requirement to prepare a Strategic Report.
Responsibilities of Trustees
As explained more tully in the SLatement of Trustees, Responsibilities sei out on page 15, the Tru%tees
(who are also the directors of the parent charity for the purposes of company law) are responsible for
the preparaiion of the financial statements and for being saiisfied that they give a true and fair view,
and tor such internal control as Ihe trustees deterniine is necessary to enable the preparation of financial
statements that are free from fflaterial misstatement, whether due to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the group's and the
parent charity s ability to continue as a going concern: disclosing, as applicable, matters related to
going concern and using Ihe going concern basis of accouniing unless the Irustees either intend to
liquidate the chariiy or to cease operaiions, or have no realistic alternative but to do so.
Audiior responsibilities for Ihe audit of the financial siatements
We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.
Our objectives are to obtain reasonable assurance about whether the 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 an
audit conducted in accordance with ISAS (UK) will always detecl a malerial misstalemenl when it
exists. Misstatements can arise from 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 taken on the
basis of these financial slatements.
16

MK GALLERY
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY
Auditor responsibilities for Ihe audit of the financial slatements (conlinued)
Irregularities, inLluding traud, are insiances of non-compliance wilh laws and regulaiions. We design
procedures in line with our responsibilities. outlined above, lo detect material misstatements in respect
of irregularities, including fraud. The specific procedures for this engagement and the extent to which
these are capable of detecting irregularities, including fraud. is detailed below:
We obtained an understanding of the nature of the sector in which the charitable company
group operates, including the legal and regulatory framework applicable to the charitable
company group. We consider that the most significant are the Charities Statement of
Recommended PracLice, the Financial Reporting Standard applicable in the United Kingdom
and Republic of Ireland (FRS 102). the Charities Act 2011 and the parent charitable company s
Memorandum and Articles of Association.
We obtained an understanding of how the charitable company group complies with these
requirements by discussions with Ihose charged with governance and reviewing the minutes of
Trustee meetings.
We assessed the risk of material misstatement of the fmancial statements, including the risk of
material misstaiemeni due 10 fraud and how it mighi occur, by holding discussions with those
charged with governance.
We inquired of those charged with governance about their own identification and assessment
of the risk of irregularities, including any known actual: suspected or alleged instances of
fraud.
We discussed matiers about non-compliance with laws and regulations and how fraud might
occur including assessment of how and where the financial statements may be susceptible to
irregularities or fraud.
Based on this understanding, we designed specific appropriate audit procedures to identify
instances of non-compliance with laws and regulations. This included making enquiries of
management and those charged with governance and obtaining additional corroborative
evidence as required.
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 misstatement in the fmancial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulaiion is removed from the
events and transactions reflected in the financial statements. as we will be less likely to become aware
of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud
rather than error, as fraud involves intentional concealment: forgery: collusion, omission or
misrepresentation.
A further description of our responsibiliLies is available on the FRC'S website at..
htt s:/lwww.trc.oru.uk/auditoi'slaudii-assui'aiicelaudiior-s-re%
oiisibiliiie%-for-the-audit-of-the-
fildescri
tion-of-the-audi1orlcE2￿/c80￿/c99s-reS
onsibiliiies-t-or. This description fornis part of our
auditor's report.
17

MK GALLERY
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY
Use of the audit report
This report is made solely to the charitable company's members as a body in accordance with Chapter
l of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the company s members those matters we are required to state to them in an auditor's report and for no
other purpose. To the fullest exieni perniitted by law, we do noi accept or assume responsibility to
anyone other than the group and the group s members as a body for our audit work. for this report, or
for the opinions we have fonned.
)ffjrt/r
Alberto Di Lorenzo (Senior Statutory Auditor)
for and on behalf of HW Bedford Ltd
Accountants and Staiutory Auditor
Wobun] Court
2 Railion Court
Kempston
Bedford
MK42 7PN
Date.. 2311212024
HW Bedford Ltd 1% eligible to act a% an audiior in iemis of section 1212 of the companie.s Aet 2(K)6.
18

MK GALLERY
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
As restated
Total
2023
Unrostricted
funds
Restricted
funds
Total
2024
Notes
Income:
Incomefrom chontable activities."
Grants and donations
Other income
865,690
210.089
354,209
1,219,899
210.089
1,091,268
58,54.3
Incomefrom other trading activities..
Commercial trading operations
342,069
342,069
419,502
Investment income
667
667
58
Total income
1,418515
354209
1,772,724
1,569,371
Expenditure:
Raising funds
137.052
137.052
184,329
Expenditure on cl￿rItable activities..
Operation of art gallery
1.623.173
-349,515
1,972,688
2,032,245
Total expenditure
1,760225
349515
2,109,740
2,216,574
Unrealised gain/(loss) on
investments
(95,255)
(95,255
279
Net incomel(expenditure}
(436,965)
4,694
(432,271)
(646,924)
Transfers between funds
Net movement in funds for the year
(436,965)
4,694
(432,271)
(646,924)
Reconciliation of funds:
Total funds brought fonvard
11,886,351
282,993
12,169,344
12,816,268
Total funds carried forward
21, 22
11,449J86
287,687
11,737,073
12,169,344
The notes on pages 23 to 45 also fonn part of these financial statements.
19

MK GALLERY
CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEETS
(COMPANY NUMBER 02422890)
AS AT 31 MARCH 2024
Group
As restated
Charitable company
As restated
Not(s
2024
2023
2024
2023
Fixed assets:
Tangible assets
Investments
Tot￿ r￿ed assets
16
17
10,456.416
1.075.829
11532245
10.747,2tM)
1.444.925
12,192,125
10,456,416
1,076,029
11532,445
10,747,2(M)
1,44.5.125
12,192J25
Current assets:
Stock
Debtors
Cash at bank and in hand
Total current assets
25.884
268.517
136.081
430,482
27,916
212.551
61.371
301,838
10.528
333,255
48,898
392,681
18
385,493
128,426
527,277
Liabilities:
Creditors falling due within
one year
19
(225.654)
(324,619)
(20.5:281)
{314,626}
Net current assets /
(liabilities)
204,828
(22,781)
321,996
78,055
Total assets less current
liabilities
11.737,073
12,169.344
11.854,441
12,270,380
Net assets
11,737,073
12,169J44
11,854,441
12,270J80
The funds of the charity:
Unrestricted funds
General income fund
General capital fund
Designated funds
Total unrestricted funds
21
21
21
l(X),145
10.751.986
597.255
11,449,386
195,328
10.973,775
717.248
11.886,351
217,513
10,751,986
597,255
11,566,754
296,364
10,973.775
717,248
11,987,387
Restricted funds
Restricted income funds
Total restricted tunds
21
287.687
287.687
282,993
282.993
287,687
287,687
282.993
282.993
Total charity funds
22
11,737,073
12,169J44
11,854,441
12,270J80
The notes on pages 23 to 45 also forni part of these financial statements.
20

MK GALLERY
CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEETS
(COMPANY NUMBER 02422890)
AS AT 31 MARCH 2024 (CONTINUED)
These financial statements have been prepared in accordance with the special provisions of Part 15 of
the Companies Act 2006 relating to snMII companies.
Approved by the board, authorised for issue and signed on its behalf by
E Gifford
Chairman
Date: 2011212024
21

MK GALLERY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Group
As restated
2023
Charitable company
As restated
2023
2024
2024
Cash floivs from operating
activities:
Nei movement in funds
Less interest income shown in
investing activities
Add depreciation
Less unrealised gainladd unrealised
loss
(Increase)/Decrease in stock
Decrease in debtors
Increase/(Decrease) in creditors
Add investment management fees
paid from fixed asset portfolio
Net cash used in operating
activities
(432.271)
(646,924)
(415,9.39)
{629,115}
(667)
278,699
(58)
279,245
(667)
278,699
(58)
279,245
95,255
2.032
(55.966)
(98.965)
(279)
7,653
(68,67_3)
(14,463)
95,255
(2,830)
(52:2_38)
(109.345)
(279)
{289)
(19,641)
{2,645)
3.841
17.767
3,841
17,767
(208,042)
(425,732)
(203224)
{355 015)
Cash flows from investing
activities:
Interest received
Net disposals of listed investments
Adjustment to previous [￿ed asset
additions
Purchase of tangible fixed assets
Net cash provided bvl(used in)
investing activities:
667
58
667
58
270,(XK)
294,Otx)
270,(K)O
294,0(M)
12.891
(806)
282,752
42,954
(1,115)
335,897
12,891
(806)
282,752
42.954
(1,115)
335,897
Change in cash and cash
equivalents in the year
74,710
(89,835)
79,528
(19,118)
Cash and cash equivalents at the
beginning of the year
61.371
151.206
48,898
68,016
Total cash and cash
equivalenls at the end of the
year
136,081
61J71
128,426
48,898
22

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
l Accounting policies
Basis of preparation
The financial s(atements have been prepared in accordance with Accounting and Reporting
by Charities: Stalemeni of Recommended Praciice applicable io charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)),
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
and the Companies Aci 2(X)6.
MK Gallery constitutes a public benefit entity as defined by FRS 102.
Going concern
The financial statements have been prepared on a going concern basis under the historical
cost convention, modified to include certain iiems ai fair value. Assets and liabilities are
initially recognised at historical cost or transaction value unless otherwise stated in the
relevant accounting policy note.
The Trustees consider the going concern basis to be appropriate due to the current level of
reserves and the fact the charity raised all necessary funds needed for the capital project
which, at the end of the year. was compleie.
b)
Group financial statements and basis of consolidation
These financial statements consolidate the results of the charity and its wholly owned
subsidiaries, MK Gallery Enierprises Limited and MK Gallery Trading Limited, on a line-
by-line basis. A separate statement of financial activities and income and expenditure
account for the charity itself has not been presented itself because the charity has taken
advantage of the exempiion afforded by section 408 of the Companies Act 2006.
Volunteers and donated services and facilities
The value of services provided by volunteers is not incorporated into these financial
statements. Further deiails of the contribution made by volunieers can be found in the
trustees, annual report.
d)
Short term employee benefits
When employees have rendered service to the charity, short-terni employee benefits to
which the employees are entiiled are recognised at the undiscounted amount expected to be
paid in exchange for that service. The charity operaies a defined contribulion pension
scheme. Contributions payable to the charity's pension scheme are charged to the statement
of financial aciivities in the period to which Ihey relate.
23

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income
Voluntary income including donaLions. gifts and legacies and grants that provide core
funding or are of general nature are recognised where there is entitlement, certainty of
receipt and the amount can be measured with sufficieni reliability. Such income is only
deterred when:
The donor specifies that the grant or donation must only be used in future accounting
periods; or
The donor has imposed conditions which must be met before the charity has
uncondiiional entitlement.
Grants and donations for capital purposes are recognised on a receivable basis.
Income from commercial trading activities is recognised as earned as the related goods and
services are provided.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income received under contract or where
entitlement to grant funding is subject to specific performance conditions and is recognised
as earned as the related services are provided. Grani income included in this category
provides tunding to support pertormance aciivities and is recognised where there is
entitlement. certainty of receipt and the amount can be measured with sufficient reliability.
Income is deferred when perf0m￿nCe relaied grants are received in advance of the
exhibitions or education programmes 10 which they relaie.
Expenditure
Expenditure is recognised when a liability is incurred. Contractual arrangements and
perforniance related grants are recognised as goods or services are supplied. Other grant
payments are recognised when a constructive obligation arises that results in the payment
being unavoidable.
Costs of generating funds are those costs incurred in attracting voluntary income and those
incurred in trading activities that raise funds.
Expenditure on capital items is capitalised and included within fixed assets when it becomes
payable.
Charitable activities include expenditure related to the overall administration and
development of the art gallery complex in Milion Keynes. It includes both the direct costs
and support costs relating LO these activities.
Governance costs include those incurred in the governance of the charity and its assets and
are primarily associaied with constilulional and staiuiory requirements.
24

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
l Accounting policies {continued)
Expenditure (continued)
Expenditure is classified under activity headings relating 10 the exhibition programme, the
education programme and the events programme of the charity. Expenditure that is not
directly attributable to each activity is apportioned between the activities of the charity
according (o criteria appropriaie to the nature of the expenditure. Expenditure is allocated to
support costs using the bases stated in note 9.
g)
Irrecoverable VAT
All expenditure is classified under activity headings that aggregate all costs related to the
category. Irrecoverable VAT on revenue expenditure is included within support costs and
irrecoverable VAT on capital costs is capitalised as part of the cost of the fixed asset.
h)
Fixed assets and depreciation
Tangible fixed asseis under Ihe cost model are stated at hisiorical cost less accumulated
depreciation and any accumulaied impaimlent losses.
Depreciation is provided to write off the cost of tangible r￿ed assets over their estimated
usetul economic lives as t"ollows=
Proper(y Improvements under
the course of construction
Capital constructions
Furniture, fitiings and equipment
Computer equipment
Not depreciated
1.25% on cost per annum
20¥6 on cosi per annum
33% on cost per annuffl
Fixed asset investments
Investment income is accounted for when due.
Realised gains and losses are accounted for by reference to the sale proceeds and either the
last balance sheet valuaiion, or the cost of the purchase if laier. Unrealised gains and losses
are calculated by comparing the Previous balance sheet valuation, or cost ot purchase if
later, to the valuation at the year end.
i)
Financial instruments
Debiors and creditors with no siaied interesi raie and receivable or payable within one year
are recorded ai tran.saciion price. Any losses arising from impaimient are recognised in the
statement of financial activities in SUp￿rt costs.
Cash at bank and in hand consists of cash and amounts held in bank accounts.
25

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
l Accounting policies {continued)
k)
Funds
The company has the following funds:
Unrestrictedfunds." These represent funds which can be expended as the Trustees see fit, in
accordance with the charitable objects of the company.
Designatedfunds.. These are funds set aside by the Trustees out of unrestricted general
funds for specific fuiure purposes or projects.
Restricted incomefunds." These represent income received, which can only be expended for
the purpose specified by the donor.
Unrestricted capitalfunds." The charity, s restricted capital funds are those raised for the
capital project. Annual depreciaLion is charged against the fund. The closing balance
represents funds held in the restricted capital project fixed asset and equates to the net book
value of the associaied restricted fixed asset.
2 Key areas of judgement and estimate
In applying the accounting policies. Ihe Trustees have made critical accounting judgments,
estimates and assumptions. These estimates and assumptions ate based on historical experience
and are reviewed on a con(inual basis. Actual results may differ from the estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accouniing estimates are recognised in the period in which the estimaie is revised where the
revision affects only that period. or in the t￿n0d of the revision and future periods where the
revision affects both current and future periods.
The total cost of the capital project has been broken down using con]ponent accounting
to include the shorter life assets within the category of furniture, fittings and equipment
rather than capiial constructions. The &sseis have been categorised according to iheir
useful lives which have been chosen to reflect the eAt￿Cted life of the asset and are
then depreciaied accordingly. There are no indications of impainnent of the capital
constructions.
3 Limiled liability
The company is lirnited by guarantee and therefore has no share capital. The liability of the
members is limited by guarantee to £1 each.
26

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
4 Comparative Statement of Financial Activities
The Consolidated Statemenl of Financial Aciivilies for the year ended 31 March 2023 is
presented for illustrative purposes.
Unrestricted Restricted As Restated
funds
funds
Total
Notes
Income:
Incomefrom charitable activities..
Grants and donations
Other income
866.761
58,543
224,507
1,091,268
58.543
Incomefrom other trading activities."
Commercial trading operations
419.502
419,502
Investment income
58
58
Toial income
1,344,864
224,507
1,569.371
Expenditure:
Raising funds
184,329
184,329
Expenditure on charitable acftvities."
Operation ot art gallery
1.760,308
271,937
2,032.245
Toial expenditure
1,944,637
271,937
2,216.574
Unrealised (loss)Igain on
investments
279
279
Net incomel(expenditure)
(599,494} (47,4_30)
(646,924)
Transfers between funds
69,523
(69.523)
Net movement in funds for the year
(529.971) (116.953)
(646,924)
Reconciliation of funds..
Total funds brought forward
12,416.322
399,946 12,816,268
Total funds carried forward
11.886._351
282,99_3
12,169.344
The unrestricted funds balance of £11,886,-351 is made up of £11,169,103 income and capital funds
and £717,248 designa(ed funds.
27

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Voluntary income
2024 (Group)
Restricted
Capital
2024
Unrestricted Restricted
2024
2024
Total
2024
Grants receivable:
Milton Keynes Council:
Deed ot Variaiion
Gallery subsidy
Other grants
Trusts and foundations
Public grants
Arts Council England
Total grants receivable
Donations
229.675
75,0(X)
229,675
75,000
160,844
56.293
161,844
56,293
390,360
913,172
306,727
390.360
696.0_35
169,655
217.137
137,072
865.690
354.209
1,219,899
2023 (Group)
Restricted
Capital
2023
Unrestricted Restricted
2023
2023
Total
2023
Grants receivable:
Milton Keynes Council:
Deed of Variation
Gallery subsidy
Other grants
Trusts and foundations
Public grants
Arts Council England
Total grants receivable
Donations
206.9_36
80.0(K)
206,936
80,000
142.922
33,5(X)
7.053
183,475
41.032
142,922
33,500
397,413
860,771
230,497
390.360
677,296
189.465
866.761
224.507
1.091,268
Under a historic agreement with Milton Keynes Council, the Council undertook to provide the
company with an annual subsidy of £ I￿),1￿M) iowards Ihe gallery's operaiional costs. As at 31
March 2024. a total of £2.524.998 (2023: £2,449,998) has been received since 1998. Of this,
£75,000 (2023: £80,tK)O) is included in this year, s financial statements which is lower than
previous years due to a reduction in funding. A further agreement with Milion Keynes Council
commenced in November 2011 to provide an index-linked grant of £150.0(K) per annum under
a Deed of Variation. £229,675 has been included as income in the year ended 31 March 2024
{2023. £206,936).
Under its NPO scheme A￿ provided the company with a grant of £390,360 towards gallery
operational cosis for the year ended 31 March 2024 (2023: £390,360). There were several
public grants received during the year toward the costs of charitable activities including grants
for Ihe capiial project from ACE and Milion Keynes Council.
28

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Investment income from current assets
Group
2024
2023
Deposit interest receivable
Bank interest receivable
667
58
667
58
Investment income from fixed ￿et investments
Group
2024
2023
Unrealised gains/{losses) on Iisted investments
portfolio
(95,255)
(95,255)
279
279
Costs of generating funds
Unrestricted
2024
Restricted
2024
Group
2024
Group
2023
Commercial trading operations
Investment management fees
137,052
137,052
167,289
17,040
Total expenditure on costs of
generating tunds
137.052
137,052
184,329
All figures for 2023 relate to unrestricted fijnds.
29

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of expenditure on charitable activities
Exhibitions
and running
the Gallery
Public
programme
Total
2024
Exhibition costs
Public programming costs
Premises costs
Marketing and development
costs
Travel costs
Depreciation
Staff costs
Support costs (see note 9)
Governance costs (see note 9)
317,919
317,919
119.128
194,474
119,128
83,346
111,128
50.43_3
139
139.349
382,567
277.837
11.428
-37.825
104
111,480
137,162
185,225
7,618
88,2.58
243
250,829
519.729
463,062
19,046
Total eX￿ndItUre on
charitable activities
1.290.800
681,888
1,972,688
Expenditure on chariiable acLivities was £1.972,688 (2023: £2,032,245) of which £173,843
{2023: £184:077) was restricted in respect of exhibition costs, £165:824 was restricted in
respect of public programming cosis (2023: £68,032).. £9,065 was restricted in respect of
development costs (2023: £11.980). £nil was restricted in respect of premises costs {2023:
£4,800) and £783 was restricted in respect of support costs (2023: £5,196). The remaining
amount of £1,623,173 (2023: £1,760,308) was unrestricted. 100% of support costs are
allocated to expenditure on charitable activities.
30

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of support and governance costs
2024
Support
costs
Governance
costs
Total
2024
Basis of
apportionment
Salary costs
Other staff costs
Travel costs
Marketing and
development costs
Premises costs
Accountancy - accounts
preparation services
Accountancy- general
support services
Audit fees
Professional fees
Membershipslsubscriptions
Tru%tee insurance
Bank charoes
Depreciation
ecoverable VAT
Sundry costs
rr and telephone costs
Printing and postage costs
204.531
2,402
104
5.IK)O
209,531
2,402
104
Time spent
Invoiced cost
Invoiced cost
37,824
37,824
83,346
Invoiced cost
Office space
3.500
-3,500
Governance
4.773
4,773
9,500
12,551
1,860
1.046
9,585
27,870
6,938
(16,549)
84,882
2,945
Invoiced cost
Governance
Invoiced cost
Invoiced cost
Governance
Total cost
Office space
Total cost
Invoiced cost
Invoiced cost
Invoiced cost
9,500
12.551
1,860
1.046
9,585
27,870
6.938
(16.549)
84.882
2,945
Tolal
463.062
19,046
482,108
31

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of support and governance costs (continued)
2023
Support
costs
Governance
costs
Total
2023
Basis of
apportionment
Salary costs
Other staff costs
Travel costs
Marketing and
development costs
Premises costs
Accountancy - accounts
preparation services
Accountancy- general
support services
Audit fees
Professional fees
Membershipslsubscriptions
Tru%tee insurance
Bank charoes
Depreciation
ecoverable VAT
Sundry costs
rr and telephone costs
Printing and postage costs
101.159
16.518
470
5.IK)O
106,159
16,518
470
Time spent
Invoiced cost
Invoiced cost
38,714
69,139
38,714
69,139
Invoiced cost
Office space
3.500
-3,500
Governance
11.918
11,918
9,500
21,712
8,141
1.436
9,654
27,925
33,087
323
81,909
6,228
Invoiced cost
Governance
Invoiced cost
Invoiced cost
Governance
Total cost
Office space
Total cost
Invoiced cost
Invoiced cost
Invoiced cost
9,500
21.712
8,141
1.436
9,654
27,925
33.087
323
81.909
6,228
Tolal
426.897
19,436
446,333
10
Net incomel(expenditure) for the year
This is stated after charging:
Group
2024
2023
Auditors, remuneration for audit services
Depreciation
9,500
278.699
9,5(K)
279.245
32

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11
Staff costs
Group
2024
2023
Wages and salaries
Social security costs
Other pension costs
722,661
58,022
60,482
802,-399
63,537
61,754
841,165
927,690
One employee received remuneration in the band £75.000 to £85,(K)O during the year (2023:
one in the band £75:0(M) to £85,0(M)). Pension costs in the year for the provision of a defined
contribution scheme in respect of this employee amounted 10 £7:501 (2023.. £7,282).
The charity trustees were not paid any remuneration in the year (2023.. £nil}, neither were they
reimbursed expenses during the year (2023: £nil).
The key management personnel of the parent charity and the group comprise the Trustees, the
Gallery Direcior, the Deputy Director, and Ihe Head of Developmeni and Communications.
For the previous year. the key management personnel were the Trustees. the Gallery Director,
the Deputy Director and the Head of Development and Communications. The total employee
benefits of the key management personnel of the charity were £132,051 (2023.. £122,080).
The average number of persons employed by the group during the year was 34 (2023: 43).
12 Pension costs
The company and its subsidiary make contributions into a group of personal pensions on behalf
of their employees. The assets of the scheme are held separately from those of the company.
The pension cost charge for the period represenied contributions payable by the company and
lis subsidiary and amounted to £60,482 (2023: £61.754). At the year end there were
contributions outstanding of £6,302 which are included in other creditors (2023.. £6,332).
Pension costs are allocated to restricted fijnds when such costs are covered by restricted
tunding.
33

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13 Taxation
As a registered charity. the company is not in normal circumstances subject to corporation tax.
As a result, the Trustees are of the opinion that no material corporation tax liability will arise
on the activities undertaken during this year.
The following relates to the trading subsidiary s corporation tax charge:
Group
2024
2023
Domestic current year tax
UK corporation tax
CutTent tax charge
2024
2023
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation
Profit on ordinary activities before taxation multiplied
by the standard rate ot U.K. corporation of 19.(K)%
(2023: 19.OOfo)
Eftects of:
Gift Aid donations
Capital allowances in excess of depreciation
Depreciation in excess of capital allowances
Current tax charge
The subsidiary MK Gallery Trading Limited's result for the year gives rise to a current tax
charge of £nil for Ihe year ended 31 March 2024 (2023: £nil).
The subsidiary MK Gallery Enterprises Limited's result for the year gives rise to a current tax
charge of £nil for Ihe year ended 31 March 2024 (2023: £nil).
34

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14 Financial activities of the charity
The financial activities shown in the consolidated statement includes Ihose of the charity's
wholly owned subsidiaries, MK Gallery Enterprises Limited and MK Gallery Trading
Limited.
A summary of the financial activities by the charity is sei oul below:
As restated
2023
2024
Gross income
Total expenditure
Net income
Total funds broughi forward
Total funds carried forward
1,438,898
1,150,148
(1,854,837) (1,779,263)
(415,939} {629,115)
12,270.380 12,899,495
11,854.441 12,270.380
Represented by:
Restricied income funds
Designated funds
Unre%tricted income funds
Unrestricted capital funds
287,687
282,993
597,255
717,248
217.513
296,364
10,751.986 10,973,775
11,854.441 12.270.380
15 Financial activities of the trading companies
The wholly owned trading subsidiaries MK Gallery Trading Limited (MKGT) and MK Gallery
Enterprises Limited (MKGE). which are incorporated in the United Kingdom, usually pay all
taxable profi(s to the charity by gift aid. No Gift Aid payment was made in the year so that
tunds were retained in the subsidiary for use in the following year. The trading subsidiaries
operate the art gatlery and all commercial tradino operations carried on at the art gallery
premises. The charity owns the entire share capiial of l(K) ordinary shares of £1 each in each
company. A summary of the trading results is shown below.
MKGE
2024
MKGE
2023
MKGT MKGT
2024
2023
Turnover
Cost of sales & administraiion costs
Net loss
342,069
419,502
(350.157) (437,311)
(8.088) (17.809)
Amount gift aided to the charity
Taken to reserves in subsidiary
(8.088) (17,809}
The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net (liabilities)lassets
Aggregate share capital and reserves
29,814
44,566
(147.082) (153,746)
(117.268) (109,180)
(117.268) (109,180)
9,384
(1,140)
8.244
8,244
35

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
16
Tangible fixed assets
Group
Group
Group
Group
Capital
construc-
tions
Furniture,
rittings and
equipment
Computer
equipment
Total
Cost
As at l April 2023 - as restated
Additions
Adjustment
At 31 March 2024
11,051,112
820,691
42,010 11,913,813
806
806
{23.161)
42,816 11,891,458
(13.750)
11,037.-362
(9.411)
811,280
Depreciation
At l April 2023 - as restated
Charge for the year
Adjustment
At 31 March 2024
553,103
138.676
(859)
578,540
135,769
(9,411)
34,970
4,254
1,166,613
278,699
{10,270)
690.920
704,898
-39,224
1,435,042
Iyet book value
At 31 March 2024
10.346.442
106,382
3,592 10,456,416
At 31 March 2023 - as restated
10.498.(K)9
242,151
7.040 10,747,200
Company
Company
Company
Company
Capilal
eonstrue-
tions
Furniture,
rittings and
equipment
Computer
equipment
Total
Cost
As at l April 2023 - as restaied
Additions
Adjustment
At 31 March 2024
11,051,112
811,280
42,010 11,904,402
806
806
(1.3,750)
42,816 11,891,458
(13,750)
11,037,362
811,280
Depreciation
At l April 2023 - as restated
Charge for the year
Adjusiment
At 31 March 2024
553.103
138.676
(859)
569,129
135,769
-14,970
4,254
1,157,202
278,699
(859)
690.920
704,898
39,224
1,435,042
Net book value
At 31 March 2024
10,346,442
106,382
3,592 10,456,416
At 31 March 2023 - as restated
10.498.(XJ9
242,151
7,040 10.747,200
36

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
16
Tangible fixed assets (continued)
The fixed assets figure has been adjusied io reflect a reduction in the cost of the capital project
which was included as fixed asset additions in a previous year.
All assets are held for direct chariiable purposes.
17
Investments
Listed investments are held at market value and were valued by Ruffer LLP on the basis of
their open market value as at 31 March 2024. The historical cost of the investments as at 31
March 2024 is £286,tK)0 (2023: £556,1MX)). All investments are held for charitable activities.
Group
Shares in
subsidiary
Listed
investments
Total
At l April 2023
Change in market value
Sold in the year
Gross investment management fees paid
At 31 March 2024
1,444,925
{95,255)
(270,0(X))
(3.841)
1,075.829
1,444,925
(95,255)
(270,000)
(3,841)
1,075,829
Company
Shares in
subsidiary
(cost)
Listed
investments
(market
value)
Total
At l April 2023
Change in market value
Sold in the year
Gross investment management fees paid
At 31 March 2024
200
1,444,925
{95,255)
(270,OIK))
(3.841)
1,075,829
1,445,125
(95,255)
(270,000)
(3,841)
1,076,029
200
MK Gallery owns all the shares of MK Gallery Trading Limited, a company registered in
England under company number 04469234. Unaudited accounts have been signed and have
been filed with the Registrar of Companies. A summary of trading results is shown in note 15.
MK Gallery also owns all the shares of MK Gallery Enterprises Limited, a company registered
in England under company number 11597873. Unaudited accounts have been signed and have
been filed with the Registrar of Companies. A summary of trading results is shown in note 15.
The change in market value represents the net gains and losses arising within the portfolio
managed by Rut"fer LLP.
37

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18
Debtors
Group
2024
Company
2024
2023
2023
Trade debtors
Prepaymen(s
Accrued income
Amounts owed by group
underiakings
Other debtors
11.457
44,073
99.573
15.122
82,480
536
2.913
42,983
99,573
126,711
1,780
82,480
536
135,220
113.414
114.413
113,313
113,239
268,517
212,551
385,493
333,255
19
Creditors: amounts falling due within one year
Group
Company
As
reslated
2023
As
restated
2023
2024
2024
Trade creditors
Deterred income (note 20)
Taxation and social security
Accruals
Amounts owed to group
undertakings
Other crediLors
59,361
8.712
16,546
134,733
59,502
75,237
18.888
164,660
50,885
385
16,546
131,063
100
53,635
18,888
159,250
9,-384
6.302
6.332
6.302
6,332
225.654
324.619
205,281
314,626
Amounts owed by and to group undertakings are unsecured. interest free and repayable on
demand.
20
Deferred income
Group
2024
Company
2024
2023
2023
Balance at l April 2023
Amount received in the year
Amount released in the year
75,237
8.712
(75.237)
2.OtK)
75,237
(2,IK)O)
67,138
385
(67,138)
67,138
Balance at 31 March 2024
8.712
75,237
385
67,138
Income is deferred where it relates to a fijture accounting period.
38

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
21
Analysis of charitable funds
As restated
At l April
2023
Income Expenditure
Transfers At 31 March
2024
Group
Unrestricted fund movements:
Designated funds:
Capi(al construction fund
Capital renewal fund
Programme fund
General income fund
(2,745)
6tx).tXK)
(2,745)
600,0(M)
119.993
(119,993)
128,237
296.364 1.076,446 (1,28_1,534)
10.973.775
{221,789)
217.513
General capital tund
Trading Subsidiaries".
MKGT
10,751,986
8,244
(109.280)
(350,157)
11.886,-351 1.418,515 (1.855.480)
(8,244)
MKGE
342.069
(117,368)
11,449,386
Total unrestricted funds
Restricted funds (see below)
282.993
354,209
(349,515)
287,687
Total fijnds
12.169,344 1,772,724 (2,204,995)
11,737,073
Company
Designated funds:
Capital construction fund
Capital renewal fund
PrO￿amMe fund
General income fund
(2.745)
6(X),(x)o
119,993
296,364 1,084,689 (1,283,533)
10.973.775
(221,789)
11.987.387 1.084,689 (1,505,322)
282,993
354,209
(349,515)
12.270.380 1.438.898 (1.854,837)
{2,745)
600,0
(119,993)
119,993
217,513
10,751.986
11,566,754
287,687
11,854,441
General capital fund
Total unresiricted funds
Restricted funds (see below)
Total fijnds
39

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
21
Analysis of charitable funds (continued)
restated
At l April
2023
Income Expenditure
Transfers
At 31 March
2024
Restricted funds
Group and Company
Paul Hamlyn Foundation
Paul Mellon
Garfield Weston
102,978
125.947
1,51K)
20,(XM)
(124,504)
(1,306)
(4,860)
104,421
194
15,140
125,0(M)
Kirldand Foundation
125,tXK)
Saul Leiter
10,(XK)
(10,tM)o)
(4,257)
(2,396)
(8,090)
(695)
Austin Hope Pilkington
MKCF Seeing Ditferently
Children in Need
743
i O,(KK)
10,(XM)
725
7,604
9,803
30
7,893
MK Gallery 25 Anniversary
Gala
MK Council Apprenticeship
MK Council Street Art
5,668
20
(6,065)
381
{397)
11,272
10,871
Capital Construction
Boyd & Evans Catalogue
MK Council Shutter Project
B TP Conterence
PAW Supported Studio
Bagri Foundation Grant
South Asian Miniatures
(1.350)
5.602
(37,100)
4.8(M)
5,602
3,323
(578)
{ I,(M)2)
(4,934)
{3,-335}
i O,O(K)
287,687
(677)
(19,203)
(25,875)
(100,083)
(4,785)
16,820
(127)
(945)
1.250
iO.O(K)
1,805
25,(XK)
96.094
Trickster Figures
Henry Moore Foundation
Total Restricted funds
200
282.993
354,209
(349,515)
40

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
21
Analysis of charitable funds (continued)
Milton Keynes Council has confirmed that for the purposes of managing and reporting on their
annual grants. that the Council do not consider or treat those as restricted. The Company must
report regularly on the grant released as a resuli of new managemeni arrangements, and
comply with annual Council reporting needs.
Name of fund
Description, nature and purpose of fund
Restricted Funds
Paul Hamlyn Foundation
To fund a 3 year programme of inclusive arts practice for
children with complex needs and their families
Paul Mellon
Garfield Weston
Kirkland Foundation
To support the cost of exhibition programmes
Saul Leiter
Austin Hope Pilkington
To support the costs of exhibition programmes
MKCF Seeing Differen(ly
Children in Need
To fund a 3 year facilitated artists programme of activity for
young people with low level mental health relates issues
Ih
MK Gallery 25 Anniversary
Gala
MK Council Apprenticeship
MK Council Street Art
To support the costs of the street art project
Boyd & Evans Catalogue
To support the costs of the catalogue production
MK Council Shutter Itoject
To support the costs of the shutter project
41

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
21
Analysis of charitable funds (continued)
Name of fund
Description, nature and purpose of fund
Restricted Funds
B TP Conference
PAW Supported Studio
To support the costs of the supported studio
Trickster Figures
To support the costs of exhibition and catalogues
Henry Moore Foundation
To support the costs of exhibition programmes
There were further funds for Bagri Foundation and South Asian Miniatures. These funds are in
deficit at the end of the year but the deficit balances will be cleared with funding in the
following financial year.
Designated Funds
The designated development fund was reallocated to a new £_360:0(X) designated programme
fund (£120.(K)O per annum to be drawn down annually to support programming costs) and a
new £600.0(K) designated capiial renewal fund. Any remaining reserves in this fund were
allocated to the general incotne fund.
Unrestricted Funds
The general income fund represents those funds that are unrestricted and not designated for
other purposes.
The general capital fund represents those funds thai are unrestricted but represented by capital
assets and are therefore not available reserves.
Transfers between funds
A transfer of £119:993 was made from the Pro￿arnMe fund designated fund to the general
fund io represent to annual drawdown 10 support programming costs.
42

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
22
Analysis of net a&sets between funds
Group:
As restated
2023
Total
Unreslricted
Funds
Restricted
Funds
2024
Total
Fixed assets
Investments
CutTent &ssets
Current liabilities
10,456.416
1.075,829
142.795
(225,654)
10.456,416
1,075,829
430.482
(225,654)
10,747,200
1,444,925
301,838
(324,619)
287,687
11.449.386
287,687
11.7_17,073
12,169,344
Company:
As reslated
2023
Total
Unrestricted
Funds
Restricted
Funds
2024
Total
Fixed assets
Investments
Current assets
CutTent liabilities
10.456,416
1.076.029
239.590
(205,281)
10,456,416
1.076,029
527,277
(205,281)
10,747,200
1,445,125
392,681
(314,626)
287,687
11,566.754
287.687
11,854,441
12,270,380
23 Commitments
There is a 99 year lease on the Theatre, Art Gallery and Theatre Square. A nominal rent of £1
each per annum is payable. This lease expires in more than 5 years.
Changes to the lease arrangements between Milton Keynes Council. Ambassador Theatre
Group and MK Gallery mean the three parties are all now si(Tnatory to management
arrangements that are enshrined in a long lease of 99 years from 18 December 2001.
Capital cominitments
The charity has undertaken a capital development project which is complete apart from the
final balance due to the contractor. At the year end the final balance due for the project was
unknown but the charity is holding sufficient reserves to cover the balance due.
43

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
24 Related party transactions
During the year donations of £nil were received from Trustees (2023: £nil). There are no other
related party transactions during the period that require disclosure. The charitable company has
taken advantage of the exempiion available in accordance with Section 33 of FRS 102 'Related
Party Disclosures, not to disclose transactions entered into between two or more members ot
the group that are wholly owned.
25 Provisions and contingent liabilities
The company has indemnified the purchaser of a lease against any claw back of £800,000 V AT
by HMRC. This is only ever likely io arise if the building was not to be used as a commercial
theatre within 10 years from November 2011. The Trustees consider the likelihood of this
occurring to be remote and consequently no provision for this liability is considered
appropriate.
26 Prior year adjustment
An adjustment was made to the figures for the year ended 31 March 2020 in relation to the
following accounting issues in the years ended 31 March 2018, 31 March 2019 and 31 March
2020:
VAT return errors arose which resulted in £134,205 being payable to HMRC. This
meant creditors were understated by this amount in the figures originally reported.
Fixed asse( cost was overstated by £68,7(X) as a resuli of irrecoverable VAT being
capitalised in error (relating to the VAT return errors).
Accruals and fixed asset costs were both overstated by £197,560 in relation to an
accrual for fixed asset additions that was not necessary.
The relevant values in the comparaiive figures have now been adjusted. The effect of this
adjustment is=
Group
Company
Opening reserves at l April 2020 (as previously stated)
Prior year adjustment
12.806.667
(190,843)
12,858.710
(190,843)
Opening reserves at l April 2020 (as restated)
12,615,824
12,667,867

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
27 Notes to the Statement of Cash Flows
Cash and cash equivalents
Year ended 31 March 2024
Group
2024
Company
2024
2023
2023
Cash and cash equivalents
136,081
61,371
128,426
48,898
Year ended 31 March 2023
Group
2023
Company
2023
2022
2022
Cash and cash equivalents
61,371
151,206
48,898
68,016
Analysis of changes in net funds - Group
2023
Cash flow
2024
Cash at bank and in hand
61.371
74.710
74,710
74,710
136,081
136,081
136,081
61,371
Analysis of changes in nel funds - Company
2023
Cash flow
2024
Cash at bank and in hand
48,898
48.898
48,898
79,528
79,528
79,528
128,426
128,426
128,426
45