COMPANY REGISTRATION NO: 02422890
REGISTERED CHARITY NO: 1059678
REPORT & CONSOLIDATED FllYANCIAL STATEMENTS
MK GALLERY
(A COMPANY LIMrrED BY GUARANTEE)
FOR THE YEAR ENDED 31 MARCH 2025
L i*

MK GALLERY
coNrENTS
Page
Trustees, Report
1-13
Independent Auditors, Report to the Members of
MK Gallery
l£k17
Con501idat¢d Statement of Financial Activities
(including Consolidated Income and Expenditure Account)
18
Consolidated and Charitable Company Balance Sheets
19-20
Consolidated Ststement of Cash Flows
21
Notes to the Financial Statements
2244

MK GALLERY
TRUSTEES, REPORT
The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, are
pleased to present their amiual report and the audited consolidated financial statements of the charity
for the year ending 31 March 2025 which are prepared to meet the requirements for a Directors, report
and accounts for Companies Act purposcs and to comply with the requirements of the Charity
Commission.
Thc f￿ancial statements comply with the Charities Act 201 I, the Companies Act 2006, the
Memorandum and Articles of Association, and Accounting and Reporting by Charities: Ststement of
R¢commended Practicc applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ir¢land (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 thc Charities Act 2011.
The Charity's objects as set out in its Articles of Association are:
'to promote, maintain, improve and advance the education and understanding of the public.
particularly through the production and presentation of and engagement with the arts, visual
culture and related areas of creative practice, and to fomiulate, prepare and establish proj¢cts
and schemes therefore provided that all objects of th¢ Company shall be of a charitable nature,
'to presen¢ promote, organise, provide, manage, and produce a balanced programme of artistic
activity and endeavoiir, whether on any pr¢mises of the Company or elsewhere, as are
conducive to the promotion, maintenance, 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 charitabl¢ purpose is to promote. maintain, improve. and advance the education
and understanding of the public, particularly by th¢ production and presentation of and engagement
with the arts, visual ¢ultur¢, and related areas of creative practice.
Its vision is to be one of thc 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.
mI￿10n
Thc Gall¢ry's mission is:
To provide acces5 to high quality, innovative and thought-provoking art from around the World and
through its prowme, stimulate participation and debate, and build relationships between artists and
audiences.
MK Gallery has three core value that support its vision and mission:
Quality- By championing excellence the charity seeks to raise ambition and build confidence.
Div¢rsity- The charity welcomes and actively supports inclusivity.
Opportunity- The charity is a plarforni for the development and exchange of art and ideas.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Objeetives
In order to achieve the principal charitable purpose, in line WAth the vision and mission, the Trustees set
out a set of objectives:
l. Build. diversify and increase visitors to the building and ¢reat¢ opportunities for
artistic/cultural engagement for everyone in the community
Deliver a broad range of onsite and digital pro￿aMMe$ that enable everyone to enjoy,
and take part in cultural activity
b. Develop an audi¢n¢e strategy that achieves 50,000+ footfall across all programmes
from a range of visitors that reflects the demographic of the catchment area
c. Develop new programmes and activities for children and young people that build
confidence and encourage creativity and critical thinking
d. Create opportvnities for artists and creatives to develop and share their work and
reignite 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 Stren￿en cultural opportunities in Milton Keynes
and the South East
b. Create opportunities for divers¢ local communities 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
c. Pursue programmes that deliver against the h¢alth and w¢llb¢ing agenda and impact
positively on people's lives
3. Be flexible, dynami¢, and creative in the apwoach to improving fmancial sustainability and
diversity among our workers.
Build a strong sustainable financial base to enable innovation and risk-taking in the
longer terni
b. Support apprentic¢ships and paidlunpaid work experience opportunities to incubate
and grow the creative talent pool
¢. Maximise onsite and digital commercial opportuniti¢s that appeal to a divers¢
audience
4. Consider the Gallery's commitment to environmentsl responsibility and how to embed this in
the organisation.
a. Understand MK Gallery's environmental impact and develop a strategy to mitigate
that impact
b. Consider how MK Gallery's programmes Can contribute and influence current debate
at a local and regional level
The charity's objectives are in the process of being reviewed and updated in line with the newly
refreshed Business Plan (2025-2028).

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Publie Benefit
The Trustees confirni that they have referred to the Charity Commission guidance on public benefit
when reviewing the Charity's aims and objectives as well as future planning of activities.
Through the delivery of world class exhibitions, engaging public programmes, and inclusive
volunteering activity, the Charity has promoted, maintaineil improved, and adVall¢￿ the education
and und¢TStanding of the public, connecting audiences and participants to current and relevant local
and global social concerns including Tace, gender. Britishness, and iMmi￿atiOn.
The Charity's prioTitics are aligned with its major public funders. Milton Keynes City Council and Arts
Council England.
Activities and achievements during the year
Exhibitions:
ll( Gallery attracted 80.744 visitors to the gallery in 2024125, which is down on the previous year
(90,741). This is due in part to a national picture of resistance to taking risks on leisure costs. Visitors
came from across the country, with a small number of visitors attending from overseas.
The 2024125 exhibitions programme included the end of: 'Saul Leiter: an Unfmished World..
Calling 2024,. 'Vanessa Bell: A World of Forni and Colour, and the start of 'Andy Warhol: Portrait of
America,. The year presented a broad range of projects ranging from the international to th¢ national to
th¢ local, across most artfornis, including photography, painting, applied arts and sculpture. The Saul
Leiter and Vanessa Bell exhibitions attracted very widespread acclaim and substantial internationa]
media coverage, with five-star reviews and high-profile radio programmes, while our regular open call
exhibition, MK Calling, provided an unprecedented collaboration with five I￿al communities,
including visually impaircd. neurodivergent and Middle Eastern groups. The Warhol ¢xhibition, with
thanks to the Artist Room team. Tat¢ and Scottish National Galleries, engaged younger and higheT
proportion of local visitors.
Public
ro
mes:
The Public Pmgrdmming t¢am and Exhibitions t¢am worked with five communities as part of a ¢o-
curating PTOC¢SS for the open, MK Calling 2024. The five groups included MK SNAP, a group of
visually impaircd adults, a group of young adult creatives, the Middle Eastern Cultural Group. and
Q:Alliance.
The family progrdmme included exhibition themed art trabls" weekly afterschool artist-l¢d workshops
foT children aged 5-1 l. Adult cr¢ative workshops continued in association with th¢ exhibitions
prO￿amMe and delivered a series of MK Lates, offering infornial learning and social engagem¢nt
opportunities for adults. Drawing club continued to offer life drawing sessions on a monthly basis: as
part of th¢ Vanessa Bell programme the Gallery offered a series of applied art themed workshops that
have provided data to be able to grow the Adult Creativ¢ Workshops regular programme including
print making, ¢¢ramics and wreath making. A new partnership with Sip and Paint franchise has been
extrem¢ly popular.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Activities and achievements during the year {CODtinued)
Public
ammes
continued
Despite the loss of the public programming team, the Gallery w&8 Still able to participate in
ARTiculation in partnership with th¢ National Gallery. and 30 different s¢hools and colleges visited
the Gallery (down by 2 schools). The Vanessa Bell exhibition was particularly popular with schools in
Milton Keynes,
The Inclusive Practice in the Arts (IPA) programme at MK Gallery continu¢d to deliver a rich and
accessible arts programme for Childre￿ young P￿pIe, and adults with additional and complex support
needs, offering bespoke 1-2-1 workshops, family sessions, sensory tours, and a supported studio for
youth. Partnerships with organizations like MK SNAP, St Paul's Catholic School VI Departhi¢n( and
The Pace Centre enabled collaborative sensory tours and artist-led workshops. The IPA Team also co-
Curated the MK Calling 2024 exhibition with MK SNAP learners and the local VI community,
allowing participants to th¢me gallery spaces and select artworks. A major highlight was the Explore,
Create, Play: IPA Autumn Symposium, which brought together 50 professionals from national cultural
institutions, coinciding with the IPA Family Celebration Day marking six years of impactful inclusive
arts work. The programme was fvnded by Milton Keynes Community Foundation, Paul Hamlyn
Foundation, Art Fund, and Artist Rooms.
The Vanessa Bell conference was sold out in the Sky Room and attracted another 130 attendees online.
10 different speakers presented a wid¢ variety of angles on Bell's work, including new research and
scholarship.
As part of the access prO￿amme the G￿lery delivered, 4 BSL tours. 3 audio described tours. 4 s¢nsory
tours and 2 relaxed tours.
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 Hop¢
Pilkington, Garfield Weston Foundation, and th¢ Paul Mellon Foundation.
Volunteerin
The Gallery Tecorded 235 volunteers with 195 volunteers giving 7,491 hours of their tim¢ to support
the charity's activities in 2024125. This is down by 500 hours due to the decr¢as¢ in opportunities
available through schools and family programming. On averag¢ 80-90 volunteers gave time each
month carrying out such activities as invigilating exhibitions, supporting family and adult creative
workshops, cinema usher, outreach activity.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Aclivities and achievements during the year (continued)
Trading."
MK Gallery's sustainable finance strategy includes the success of the trading subsidiary, MK Gallery
Enterprises Ltd. The subsidiary runs th¢ Sky Room Cinema, the Café, thc Shop and Private Hiies. In
addition, the Gallery charg¢s admission for all cxhibitions and non-educational evcnts.
MK Gallery Ente￿n5¢S Ltd made a profit of £26,931, the first since its opening in 2019. The success
was mainly due to tight spending controls and continuous development of our offer in each area.
Cinema exceeded expectation, delivering popular shows in partnership with NT Live and the Royal
Opera House.
The Cafe continued to offer locally sourced produce and has established a parthership with a local
brewer, Milk and Beans. which goes from str¢ngth to strength. In linc with current catering tr¢nds the
offer caters pr¢dominat¢ly to vegetarian and vegan dietary requirements with a seasonal mcnu change.
The shop generated a larger revenue than in prcvious years and proved that cxhibition Telated
merchandise is a key strategy to Taising income. This worked particularly with Vanessa Bell as the
secondary spend was high with the audience danographic (older, middle Class, day trippers).
Private and event hir¢ underperfornicd as a result of resourcing issues whereby ¢ither the Head of
Events and Catering or the Events Co-ordinator role was vacant.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Future Developments
Th¢ Gallery exceeded expectations in 2024125, ending the year in a profitable position for the f￿$t time
since 2019. This success was driven by the strong, in-depth relationships we have built with our
parineTS and stakeholders. Our programme proved highly popular, attracting visitors from across the
UK who also engaged significantly with our café and retail offer.
Looking ahead to 2025126, the Gallery will focus on building the capacity needed to grow beyond our
previous restructures. We will strengthen our capacities in fundraising, learning, and engagement. This
will expand our ability to develop meaningful relationships with both the corpordte and leisure sectors
to grow our enterprising activities.
A newly refreshed Business Plan (2025-2028) sets out clear objectives to deliver world-class
programming across ¢xhibitions, public programmes, and cin¢ma. These initiatives will all￿ with the
Milton Keynes, tourism strategy, aiming to attract visitors from at l¢ast a one-hour drive of Milton
Keynes, while Continuing to deeply engage our local community.
The Business Plan also outlines significant growth in our entrepreneurial activities.
We will broaden our partnerships with the corporate sector to develop a compelling offer for event hire
and corporate hospitslity. This will open new avenues for Corporate investment in our creative
programming.
The Gallery also aims to further &xtend its reach through a strengthened digital presence. Developing
our social media strategy will give us a direct voice to global audiences-faising awareness of a
programme rooted in deep global discourse that is also locally relevanL
Finance Review
The financial perforniance for 2024125 and the financial position on the balance sheet are set out in this
report. In particular the Statement of Financial Activity (SOFA), which includes both unrestricted and
restrict¢d funds, shows the perforn]anc¢ of the group during 2024125.
The principal Charity income for the year is made up of unrestrictsd annual subsidies from Milton
Keynes City Council totalling £317,227 (2024: £304,675), and unrestricted funding from Arts Council
England of £390,360 (2024: £390,360).
Further funds were raised through income generation from exhibition admissions. exhibition hire fees.
sales of limited-edition artworks. and exhibition catalogues.
Total expenditure for the group was £1,773,110 (2024: £2,109,740) of which £1,616,727 (2024:
£1,972,688) was spent on the charitable activities i.e. operation of the art gallery, This included
£784,578 {2024: £841,165) of staff costs; £296,052 (2024: £437,047) of exhibition and public
programming costs. £262,506 (2024: £277,820} of premises costs. and £161,799 of depreciation (2024:
£278,699).

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Finance Review (continued)
The cost of governance activities was £19,027 (2024: £19.046). Direct governance costs have been
includ￿ in accoTdance with the SORP 2019 and include audit fees, legal fees, and Trustee expenses.
MK Gallery EnteTprises Limited. ￿ported a profit of £26,931 (2024- loss of £8,088) which is better
than thc budg¢t forecast. MK Gallery Enterprises Limited opcrates all commercial trading operations
carried out on the Gallery premises. Th¢ budget had been set with ambitious targets and there were
high expectations for visitor footfall {down by 9,997 visitors when comparcd to 2023124). Furthcr
plans to increas¢ the foorfall to the Gallery will increase the potential for revenue opportUDities.
The Trustees are fully aware of the need to protect the Charity's funds beyond the peTiod of committed
support from Milton Keynes City Council whilst ensuring that the charity can fulfd th¢ key charitable
objectives in the short and medium terni.
Th¢ Charity's financial forecasts and strategies were examAn¢d whil¢ preparing the Forward Plan 2025
- 2028. 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 nearest thousand) was as follows:
Unrestricted funds carried forward
G¢neTal sU￿1￿S
Capital fund
Designated ￿ndS carried forward
Capital construction fund
Capital renewal fund
Restricted funds
311,000
10,613.000
(3,000)
600,000
277,000
Net assets
£11,798,000
Going ¢oneern
The financial statements have been pr¢par¢d on a going concern basis. Trustees consider that there is
reasonable expectation that the charitsble wmpany and group have sulricient resources to continu¢ in
operational existence for the foreseeable futUTe and for this reason they have adopted the going concern
basis in preparing the financial statements.

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Rese￿e8 policy
The trustees havc considered the level of reserves required to maintain suificient working capital to
operate the Gallery in the most cffici¢nt manner and to meet unforescen liabilities that may arise. The
Trustees have therefore established a reserv¢5 policy that aims to protect th¢ charity's activities from
risk of disruption at short notic¢ du¢ to lack of funds.
They takc the view that the nature of MK Gallery's consolidated cash flows is such that they have s¢t
as a medium-tern] objectivc to maintain an unrestricted rcscrvc, at a level of 3 months operation or
£350,000.
At 31 March 2025, restricted funds in the company stand at £277,093, and unrcstricted funds as
£401.443 and designated funds at £597,255. Free Teserves of the group as of 31 March 2025 were
£311,006.
At 31 March 2025 the building contract retention has been resolved with a reserve of £25,000 to
resolve fwe curtain failures.
To regain the level of reserves necessary the Gallery will undergo a review of income, expenditure, and
investment in 202512026.
In th¢ view of the Trustees the free reserves are sufficient at the curr¢nt tim¢ as the decision can be
taken to reverse any designations in the event the funds are needed for general purposes (see note l).
Investment Policy
Trustees have the power to invest funds not immediatety required from operational purposes such as
securities or properties as they see fit. The undcrlying investment policy is to accept only a low-level
risK therefore availabl¢ funds are investcd through a charitable investm¢nt portfolio with Ruffer LLP.
MK Gallery operates a policy of investing a minimum sum of £1,000,000 (plus accumulated value)
relating to th¢ current Dcvelopment Fund long-terni with an investment managcr.
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 short and long tern]. The Trust¢es do not wish to adopt an cxclusionary policy, but
individual inves1m¢nts may be excluded if perceived to confiict with the Trust's purpose. Such
inslructions may be issued to the Investment Manager on behalf of the Trust by the Finance and
Operations Committee.
Imiestment in 2025 represented profit of £41,898. The Board made the decision to release £85,000 of
funds during the year to invest in high interest accounts to ensure a level of interest in the short terni
and to support cashflow. The team continue to research the best investment approach.

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 constituted as a PTivate company
limited by guarantee (registered number 02422890) incorporated in the UK on 14th September 1989
and is governed by its Memorandum and Articles of Associations. The principal and registered address
is MK Gallery, 3 Theatre Walk, Central Milton Keynes, MK9 3PX. All Current Trustees sLind as
guarantors to the company in the sum of £1 each.
Trustees
The directors of the company are its Trustees for th¢ purposes of charity law. The Trustees and o*ficers
serving during the year wer¢ as follows:
Chair
Eli72beth Gifford
Asase Amoah
Cllr Robin BTadburn (passed away 14 September 2024)
Susan Carbert
Natali¢ Drought
Cllr Jenni Fetrans (appointed 9 December 2024)
Cllr David Hopkins
David King
Cllr Shanika Mahendran
Roselyn Mascarenhas
Fidele Mutwarasibo (resigned 19 Decemb¢r 2024)
Ranjit Singh (appotnted I l June 2024, passed away 26
May 2025)
Neil Smith
Anthony Spira
Sarah Westacott
Sunita Yeornans
Company Secretary
Natalie Drought (appointed 17 December 2024)
Gallery Director
Anthony Spira
Deputy Director
Francis Ranford

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
The trading subsidiary of MK Gallery is MK Gallery Enterpris¢s Ltd. The Directors of the subsidiary
company (who are also Trustees of MK Gallery) who served during this year and up to the date of this
report were:
Chair
David King
Susan C￿bert
Anthony Spira
AdviserJ
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
Solieitors
HCR Law
50-60 Station Road
Cambridg¢
CBI 2JH
Accountants
Monico Tunley Ltd
19 Goldington Road
Bedford
MK40 3JY
Structsre, Governance and Management
Thc Board of Trust¢¢s has responsibility for the ongoing strategic direction of MK Gallery and its
subsidiary MK Gallery Enterprises Ltd. ov¢rs¢eing financcs and approving the budge¢ working with
the Gallery Director and Deputy Director in the dev¢lopment and implementation of policy to meet the
Gallery's objects and to ensur¢ it meets its statutory duties. The BoaTd 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, the Deputy DIT￿t0[, and the Senior
Leadership Team: Head of Exhibitions, Head of Marketing and Audience Development and Head of
Catering and Ev¢nts.
10

MK GALLERY
TRUSTEES, R￿PoRT (CONTINUED)
Trustee (Director) reernitment
The Articles provide that two directors may be appointed by Milton Keynes City Council. Other
directors may be appointed after recommendation of the Directors after they have considered:
Making such a recommendation after the advertisement of th¢ vacancy and the response to an
advertisemcnt.
Aiming for a board of Directors with a range of skills, experienc¢, and abilities ￿levant io the
obj￿tiveS and activities. and
Aiming for a board of Directors that is representative of Milton Keynes.
Each Director serves for a thrcc-year terni from the datc of their appointment. The Directors may
resolve to re-appoint a Dittctor for a further terni. Th¢ exceptions to this rule DiTCCtors nominat¢d
by Milton Keynes City Council, who are appointed on an annual basis and th¢ Gallery Director, who
has been appointed as company Director following the am¢ndm¢nts to the Articles in 2022.
New Trustees receive induction and training through meetings with the Chair. Director, and staff of the
Charity and through receipt of the Charity Conunission's The Essential Trustee, a copy of the charity's
Articles of Association and other key internal documents including the most recent Business Plan and
Board papers.
As the company is limited by guarante¢, not having any share capitaL none of the Trustees hold any
Anterest in the company or hold any right to subscribe to shares.
Remuneration of Key Management Personnel
Remuneration of management personnel is set by comparison internally with similar posts and, when
possibl¢, b¢nclllnarking with similar organisations through peer networks such as Plus Tate.
Inclusive employer
MK Gallery is committed to being an inclusive employeT, ensuring barriers to employment are
removed and that the working environment is an open. safe place to work. The Gallcry achieved
Disability Confident Employer status in 2023.
Related parties
Save for the Executive Director, none of the Trustee5 receive remun¢ration or other benefit from their
work with the charity. Any connection between a Trustee or senior manager of the charity with an
artist, contractor, perfom]er or other supplier must be disclosed to the full Board in the same way as
any other contractual relationship with a related party.
Th¢ charity's wholly owned subsidiary, MK Gallery Enterprises Limited, was established in 2018 to
undertake the Gall¢ry's trading activities.

MK GALLERY
TRUSTEESY REPORT (CONTINUED)
Risk Management
The Trustees actively and rcgularly review the major risks to which MK Gallery is exposed and have
impl¢mented procdures to manage and minimise any impact should any of the identified risks
materialis¢. A Risk Management policy, supported by an organisational risk register, is maintained
setting out an aS￿sSMent of the likelihood and impact of risk with required actions idcntified to
manage risK which is monitored no l¢ss than quart¢rly.
The Trustees are satisfied that theTe are clear lin¢s of delegation and authority to tcams regarding risk
management and that the team are aware of the nced to address risk in their area.
Key risks:
Threat to financial stability with stsnd still Core funding, a more competitiv¢ fundraising
landscape, an unslable financial markeL rising costs of goods and services and the impact to
cost of living on our customers and teams.
A reduced capacity team leading to more mental health risks as individuals lake on more work
to maintain a quality cultural service.
A need to refurbish and refresh IT services, and integral capital items such as Air Handling
Units, boilers, etc.
The level of restricted funds liability in the ac¢ounW dating back to 2019.
Fulldraising aetivities
MK Gallery actively pursucs funding from ￿ant makers (trusts, foundations, and public funders),
corporate sponsorships and individuals to fund charitabl¢ activities. MK Gallery works with others to
Inc￿aSe the fundraising opportunities including academic partners, specialist sector organisations,
harities that align with the purpose and community partneTS.
The Gallery offers the option to gift aid admission chaTges. 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. Gallery doe5
not take street collections or telephon¢ campaigns. Where Gallery collects personal inforniation,
this is managed in line with current legislation.
12

MK GALLERY
TRUSTEES, REPORT (CONTINUED)
Statement of Trustees, Re8ponsibilitie$
The Trustees (who are also the directors of MK Gallery for the purposes of company law) are
responsibl¢ 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 trnstees to prcpaT¢ financial statements for each fmancial ycar. which give a
true and fair vicw of the state of thc affairs of the charitabl¢ company and the group and of the
incoming resources and application of resourccs, including the income and expenditure, of the
charitablc company and the group for that period. In preparing these financial statements, the trust¢es
are required to:
select suitable accounting policies and th¢n apply them consistently.
observe the methods and principles in the Charitics SORP 2019 (FRS 102)"
makc judgements and estimates that are reasonable and prudent.
state whether applicabl¢ UK AccountlDg Standards have been followed, subject to any matsrial
dcpartures disclosed and cxplained in the fllwicial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting r¢cords that disclose with reasonable
accuracy at any time the f￿ancial position of th¢ charitable company and the group and enable them to
ensur¢ that the financial statements comply with the Companies Act 2006, They are also responsible
for safeguarding the assets of the Charitable company and the group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Statement of Disclosure of Information 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) thc Trustees have taken all the steps that they ought to have taken to make themselves aware of
any rclevant audit infonnation and to establish that the auditor is aware of that inforniation.
Auditor
A resolution to reappoint HW B¢dford Ltd as auditor to the Charity and to authorise the Trustees to fix
their remuneration will be proposd at the next Gen¢ral Meeting.
This ￿port has been pr¢paT¢d under the spccial provisions of Part 15 of the Companies Act 2006
relating to small entities.
Approved by the Board and signed on its behalf by
E Gifford
Chairman
Datr: 9 December 2025
13

MK GALLERY
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY
Opinion
We have audited the fllyancial statements of MK Gallery (the 'parent charitable company,) and its
subsidiaries (the 'group') for the year ¢nded 31 March 2025 which comprise of the Consolidated
Stat¢m¢nt of Financial Activities, the Consolidated and Charitable Company Balance Sheets, the
Consolidaicd Statcmcnt of Cash Flows and notes to the financial statements, including a summary of
significant accounting policies. The fmancial reporting framework that has b¢¢n applicd in their
prcpaiation is applicable law and United Kingdom Accounting Standards, including Financial
Rcporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland" (United Kingdom Generally Accq)tcd A￿OUnting Practice).
In our Opinio￿ the f￿anCIal statements:
give a tru¢ and fair view of the state of the group's and of the parent charitable company's
affairs as at 31 March 2025 and of the group's income and expenditure for the year then ended.
have been propuly p￿pared in accordance with United Kingdom Generally Accepted
Accounting Practice. and
have been prepared in a¢¢ordance with the requirements of the Companies Act 2006.
Basls for opinion
We conducted our audit in accordance WAth International Standards on Auditing (UK) (ISAS IUK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the fmancial statements section of our report. We are independent of the
harity 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 relating to golng concern
In auditing the financial statements, we have concluded that the lrnstees, us¢ of the gosng concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work w¢ hav¢ perfornied, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the ￿0UP 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 authoris¢d for issue.
Our responsibilities and thc rcsponsibilities of the trnstees with respect to going concern are described
in the r¢l¢vant sections of this report.
Other infomiation
The other inforniation comprises th¢ information included in the Trustees Report, other than the
f￿ancIal statements and our auditor's report th¢rcon. The trustees are responsible for the other
inforn)ation contained within the annual report. Our opinion on th¢ financial statemcnts does not cover
the other inforniation and, except to the extent otherwise explicitly stated in our report, we do not
express any forni of assurance conclusion thercon. Our rcsponsibility is to read the other infomiation
and, in doing so. consider whether the other inforniation is materially inconsist¢nt with the financial
statements or our knowl¢dg¢ obtained in thc course of the audit or othenvise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to detern)ine whether this gives rise to a material misstatemenl in the fmancial statements
themselves. If, based on the work we have perfornied, we conclude that there is a material
misstatement of this other tnfonnation, we are required to report that fact.
We have nothing to report in this regard.
14

MK GALLERY
INDEPE]¥DEIYT 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 undertaken in the course of the audit:
the infomiation given in the Trustees, Report, which includes the Dircctors, Report prepared
for the purposcs of company law, for the financial y¢ar for which the f￿anCial statcments are
prepared is consistcnt with the financial statements. and
the Directors, Report included within the Trustecs, Rcport has been prepared in accordance
with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowl¢dg¢ and underslanding of the group and the parent charity and its ¢nviTonment
obtained in the course of the audiL we hav¢ not identified material misstatements in the Directors,
Report included within the Trustees, Report.
W¢ have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion:
adequate and proper accounting Tecords have not been kep¢ or returns adequate for our audit
have not been Teceived from branches not visited 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 ar¢ not made; or
we have not received all the inforniation and explanations we require for our audiL or
the Trustees were not entitled to prepare the 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 fully in the Statement of Trnst¢es' Responsibilities set out on page 13. the Trustees
(who are also the directors of the parent Charity for the purposes of company law) are responsible for
the pr¢paration of the financial statements and for being satisfied that they give a true and fair view,
and t.or such internal control as thc trustees deternlinc is n¢cessary to enable the preparation of fu￿nCIal
statements that are free from material misstatement, whether duc to fraud or error.
In preparing the financial statements, the trustc¢s 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 the going concern basis of accounting unless the trnstees either intend to
liquidate thc charAty or to cease operations, or have no realistic alt¢rnative but to do so.
Auditor responsibilities for the audit of the financial statements
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, wheth¢r du¢ to fraud or error. and to issue an auditor's report that
includes our opinion. Reasonabl¢ assurance is a high level of assur&nc¢, but is not a guarantee that an
audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individua]ly or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
15

MK GALLERY
INDEP￿NDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY
Auditor responsibilities for the audit of the financial statements (continued)
I￿egUlarItIes, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined alK)ve, to detect material misstatements in rcspect
of irregularities, including fraud. Th¢ specific procedures for this engagemcnt and the extent to which
these are capable of detecting irregularities, including fraud, is dctailed below:
Wc obtained an understanding of the nature of the sector in which the cbaritablc company
group op¢rates, including the legal and regulatory framework applicable to the charitable
company group. We consider that the most significant are the Charitics Statement of
Recommended Practice. the Financial Reporting Standard applicable in the United Kingdom
and Rcpublic of Irelarjd (FRS 102), the Charities Act 2011 and tbe parent charitable company'5
Memorandum and Articles of Association.
We obtsined an understanding of how the Charitable company group complies with these
requirements by discussions with those charged with governanc¢ and reviewing the minutes of
Trustee meetings.
We assessed the risk of material misststement of the fmancial statements, including the risk of
material misstatement due to fraud and how it might 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 all¢ged instances of
fraud.
We discussed matters about non-compliance with laws and regulations and how fraud might
occur including assessment of how and where the financial statements may be SU￿eptIb1e to
irregularities or fraud.
Based on this understanding, we designed specific appropriate audit procedures to identify
instances of non-compliance with laws and rcgulations. This includ¢d making enquiries of
management and those charged with governance and obtaining additional corroborative
evidcnce as required.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irr¢gularities,
including those leading to a material misstatcment in the fmancial statemellts or non-compliance with
regulation. This risk increases the morc that complianc¢ with a law or regulation is removed from the
¢vcnts and transactions rcflected in the financial statements, as we will be less likely to bccom¢ aware
of instanccs of non-complianc¢. The risk is also greater regarding irregularities occurring due to fraud
rather than error, as fraud involves intsntional concea]ment, forgery, collusion, omission or
misrcpr¢s¢ntation.
A further description of our responsibilities is available on the FRC'S website at:
hrt ￿:1/wWw.fi.C.or￿.l1]￿auditOrSlaudAt-assuJ.anCe/auditOr-S-rcs
oiisibilities-for-tlie-audit-of-the-
fddescri 7tion-of-the-auditorO/oE2 /0800/099s-res .
onsibilities-t-ot.. This description fornis part of our
auditor's report.
16

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 memb¢rs as a body in accordance with Chapter
3 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 extent pennitted by law, we do not 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 formed.
Alberto Di Lorenzo (Senior Statutory Auditor)
for and on behalf of HW Bedford Ltd
Accountants and Statutory Auditor
Woburn Court
2 Railton Court
Kempston
Bedford
MK42 7PN
Date: 9 December 2025
HW Bedford Ltd is eligible to act as an auditor in tsrn]s of section 1212 of the Companies Act 2006.
17

MK GALLERY
CONSOLIDATED STATEMENT OF FINANCIAL AcTIV￿lEs
UNCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2025
As restated
Total
2024
UDrestri¢ted
funds
Restricted
funds
Total
2025
Notes
Income:
Incomefrom charitable aclivities..
Grants and donations
Other income
975,193
184,049
264.225
1,239,418
184,049
1,219,899
210.089
Incopnefrom oiher Irading aclivities..
Commercial trading operations
364,722
364,722
342,069
Investment income
3.555
3,555
667
Total income
1,527519
264,225
1,791,744
1,772,724
Expenditure:
Raising funds
156,383
156,383
137,052
Erpendiiure on charitable aclivities..
Operation of art gall¢ry
1,363,610
253,117
1,616,727
1,972.688
Total expenditure
1519,993
253,117
1,773,110
2,109,740
Unr¢alised gainl{loss) on
invcstm¢nts
41,898
41.898
Net iDeomel(expeDditure)
49.424
11,108
60,532
(432,271)
Transfers between funds
21,702
(21,702)
Lyet movement in funds for the year
71,126
10,594
60532
432,271
Reconciliatioll of ￿lldS:
Total funds brought fonvard
11.449,386
287,687
11,737,073
12,169,344
Total funds carried forward
21, 22
11,520,512
277,093
11,797,605
11,737,073
The notes on pages 22 to 44 also forni part of these fInancial slatements.
18

MK GALLERY
CONSOLIDATED AIYD CHARITABLE COMPANY BALANCE SHEETS
(COMPANY NUMBER 02422890)
AS AT 31 IVIARCH 2025
Group
As restated
2024
Charitable company
As restated
Notes
2025
2025
2024
Fixed assets:
Tangible assets
Inv¢stmcnts
Total r￿ed assets
16
17
10,305,753
1.032,727
11,338,480
10,456,416
1,075,829
11,532,245
10,305,753
1,032,827
11,338,580
10,456,416
1,076,029
11532,445
Current assets:
Stock
Debtors
Cash at bank and in hand
Total eurrent assets
33,340
304,806
365,310
703,456
25,884
268,517
136,081
430,482
23,306
415,336
341,001
779,643
13,358
385,493
128,426
527377
18
Liabilities:
Creditors falling due within
one year
19
244,331
225,654
230,181
205.281
Net current assets I
Oiabilities)
459,125
204,828
549,462
321,996
Total assets less current
liabilities
11,797,605
11,737,073
11,888,042
11,854,441
Net assets
11,797.605
11,737,073
11,888,042
I1￿54,44]
The funds of the cbarity:
Unrestricted funds
General income fund
Genernl Capital fund
Designated funds
Total unrestricted funds
21
21
21
311,006
10,612,251
597,255
11,520,512
100.145
10,751,986
597,255
11.449,386
401,443
10,612,251
597,255
11,610,949
217,513
10,751,986
597,255
11.566,754
Restricted funds
Restricted income funds
Totsl restricted funds
21
277,093
277,093
287,687
287,687
277,093
277,093
287,687
287,687
Total cbarity funds
22
11,797,605
11,737,073
11,888,042
11,854,441
The notes on pages 22 to 44 also forni part of these financial statements.
19

MK GALLERY
CONSOLIDATED AM) CHARrrABLE COMPANY BALANCE SHEETS
(COMPANY NUMBER 02422890)
AS AT 31 MARCH 2025 (CONTINUED)
These financial statements have been prepared in a￿OrdanCe with the special provisions of Part 15 of
the Companies Act 2006 relating to small companies.
Approved by the board, autborised for issue and signed on its behalf by
•ul
E Gifford
Chairman
Date: 9 December 2025
20

MK GALLERY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Group
As restatsd
2024
Charitable company
As restated
2024
2025
2025
Cash flows from operating
a¢tivities:
Net movement in funds
Less interest income shown in
investing activities
Add depreciation
Less unrealised gainladd unrealised
loss
(Increase)/Decreas¢ in stock
Decr¢ase in debtors
Increase/(Decreas¢) in creditors
Add investment management fees
paid from fixed asset portfolio
Net casb used in operating
activities
60,532
(432,271)
33,601
(415,939)
(3,555)
161,799
(667)
278,699
(3,555)
161,799
(667)
278,699
(41,898)
(7,456)
(36,289)
18,677
95,255
2,032
(55.966)
(98,965)
(41,898)
(9,948)
(29,843)
24,900
95,255
(2,830)
(52,238)
(109,345)
151010
208 042
135,056
203
24
Casb flows from investing
activities:
Interest Teceived
Net disposals of listed investments
Adjustment to previous fixed asset
additions
Add loss on disposal of invesknents
Purchase of tangible fixed assets
Net cash provided byl(used in)
investiDg aetivities:
3,555
85,000
667
3,555
85,000
667
270,000
270,000
12,891
12,891
100
11,136)
(11,136
806)
(806)
77,419
282,752
77,519
282,752
Change ID cash and eash
equivalents in the year
229,229
74,710
212375
79,528
Cash and cash equkvalents at the
beginning of the year
136,081
61.371
128,426
48,898
Total cash and cash
equivalents at tbe end of the
year
365JlO
136,081
341,001
128,426
21

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
l Accounting policies
Basis of preparation
The fmancial statements have been prepared in accordance with Accounting and Reporting
by Charities: Statement of Recommended Practice applicable to charitics preparing their
accounts in accordance with thc Financial R¢porting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)).
the Financi￿ Reporting Standard applicable in the UK and R¢public of Ireland (FRS 102)
and the Compani¢s Act 2006.
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 items at fair value. Assets and liabiliti¢s 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.
b)
Group financial statements and basis of consolidation
These financial statements consolidate the results of the charity and its wholly owned
subsidiary, Tr￿K Gallery Enterprises Limited, on a line-by-line basis. A separate ststement
of financial activities and income and expenditure account for the charity itself has not been
presented itsclf because thc charity has taken advantag¢ of the exemption afforded by
section 408 of the Companies Act 2006.
Volunteers and donated services and facilities
The valuc of services provided by volunt¢crs is not incorporated into these financial
statements. Further details of the contribution made by volunteers can be found in th¢
Trnstees, annual report.
d)
Short terni employee benefits
When employees have rendered service to the charity, short-tem employee benefits to
which the employees are entitled are recognised at the undiscounted amount expected to be
paid in exchange for that service. The charity op¢rat¢s a defmed contribution pension
scheme. Contributions payable to the charity's pension scheme are charged to the statement
of financial activities in th¢ p¢riod to which they relate.

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 NL4RCH 2025
Income
Voluntary income including donations, gifts and legacies and grants that provide COTe
funding or are of general nature aTe recognised where there is entitlement, certainty of
receipt and thc amount can be measured with sufficient reliability. Such income is only
deferred when:
The donor specifics that the grant or donation must only be used in future accounting
periods. or
The donor has imposed conditions which must be met befoTe the charity has
unconditional entitlement.
Grants and donations for capital purpos¢s are recognised on a receivable basis.
Income from commercial trading activities is recognised as earned as th¢ related goods and
services are provided.
tnvestment 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 perforniance conditions and is Tecognised
as earned as the related services are provided. Grnnt income included in this category
provides funding to support perforn]ance activities and is recognised where there is
entitlement certainty of receipt and th¢ amount can be measured with sufficient reliability.
Income is deferred wh¢n perfonnance related grants are received in advance of the
exhibitions or education programmes to which they relate.
ExpeDditure
Expenditure is recognised when a liability is incurred. Contractual a￿angeMentS and
perforniance related grants are recognised as goods or services are supplicd. Other grant
payments ar¢ recognised when a constructive obligation ariscs that results in the payment
being unavoidable.
Costs of generating funds arc those costs incurred in attracting voluntary income and those
incurred in trading activities that raise funds.
Expenditure on capital items is capitaliscd and included within fixed assets when it becomes
payabl¢.
Charitable activities include expenditure related to the overall administration and
development of the art gallery complex in Milton Keynes. It includes both the direct costs
and support costs relating to these activities.
Governance costs include those incurred in the governance of the charity and its assets and
are primarily associated with constitutional and statutory requirements.
23

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
l Accounting policies (eontinued)
Expendithre (eontinued)
Expenditure is classified under activity headings relating to the exhibition programme, the
education programme and the events programme of the charity. Exp¢nditur¢ that is not
directly attributable to ¢ach activity is apportioncd bctwe¢n th¢ activiti¢s of thc charity
according to criteria appropriate to the nature of the expenditure. Expenditure is allocated to
support Costs using th¢ bases stated in note 9.
Irrecoverable VAT
All expenditure is classified under activity headings that aggregate all costs rclated 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 a&sets and depr￿lation
Tangible fixed assets under the cost model are stated at historical cost less accumulated
depreciation and any accumulated impairnlent losses.
Depreciation is provided to write off the cost of tangibl¢ fixed assets over their estimated
useful economic lives as follows:
Propety Improvements under
the Course of Construction
Capital constructions
Furniture, fittings and equipment
Computer equipment
Not depreciated
1.25 % on cost per annum
200/0 on cost per annum
33 % on cost per annum
Fixed asset investments
Investment income is accounted for when due.
Realised gains and losses are accountcd for by r¢fer¢ncc to the salc procccds and either the
last balance sheet valuation, or the cost of the purchase if later. Unrealised gains and loss¢s
arc calculatcd by comparing the previous b&lance sheet valuation, or Cost of purchasc if
later, to the valuation at the year end.
i)
Financial instruD]ents
Debtors and creditors with no stated interest rate and receivable or payable within one year
are recorded at transaction price. Any losses arising from impainnent are recognised in the
statement of financial activities in support costs.
Cash at bank and in hand consists of cash and amounts held in bank accounts.
24

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
l Accounting policie5 (continued)
k)
Funds
The company has the following funds:
Unrestrictedfvids." These represent fi]nds which can b¢ expended as the Trustees see fit, in
accordance with the charitable objects of the company.
Designatedfunds.. These are fiinds set aside by the Trust¢¢s out of unrestricted general
funds for specific future pury)os¢s or projects.
Restricted incomefunds." These represent incom¢ received, which can only be expcnded for
the purpos¢ specified by the donor.
Unrestricled capilalfvnds.. The charity's T¢strict¢d Capital funds arc those raised for the
capital project. Annual depreciation is charged against the fund. The closing balance
rep￿SentS funds held in the restricted capitsl project flxcd asset and equates to the net book
value of the associated restricted f￿ed asset.
2 Key areas of judgement and estimate
In applying the accounting policies, the Trustees have made critical accounting judgments,
estimates and assumptions. These estimates and assumptions are based on historical experience
and are reviewed on a continual basis. Actual results may differ from the ¢stimates.
The estimaks and underlying assumptions are reviewed on an ongoing basis. Revisxons to
accounting estimates are recognised in the period in which the estimate is revised where the
revision aff¢cts only that period, or in the period of the revision and future periods where the
rcvision affects both current and future periods.
The total cost of the capital proj¢ct has been broken down using component accounting
to include th¢ shorter life assets within the category of furniture. fittings and equipment
rather than capital constructions. The assets have bccn Categorised according to theiT
useful lives which have been chosen to reflect th¢ expected life of the assct and are
then depreciated accordingly. Th¢r¢ are no indications of impairnient of the capital
onstructions.
3 Limited liability
The company is limited by guarantee and therefore has no share capital. The liability of the
members is limited by guarantee to £1 each.
25

IVJK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4 Comparative Statement of Financial Activilies
The Consolidated Statement of Financial Activities for the year ended 31 March 2024 is
presented for illustrative purposes.
Unreslricted Restricted As Reststsd
funds
funds
Total
Notes
Income:
Incomefrom charilable activities..
Grants and donations
Other income
865,690
210,089
354,209
1,219,899
210,089
Jncomefrom other Irading aclivities.-
Commercial trading operations
342,069
342,069
Inveslment income
667
667
Total income
1,418,515
354,209
1,772,724
Exp¢nditure".
Raising funds
137,052
137,052
Expenthiure on charilable aclivilies."
Operation of art gallery
1,623,173
349,515
1.972,688
Total expenditure
1,760.225
349,515
2,109,740
Unr¢alised (loss)/gain on
invcstmcnts
95,255
95,255
Net incomel(expenditure)
(436,965)
4,694
(432,271)
Transfers b￿Weell funds
Net movement in funds for the year
(436,965
4,694
432.271
Reconciliation of funds:
Total fLmds brought fonvard
11,886,351
282,993 12,169,344
Total funds Ca￿led forward
11,449,386
287,687 11,737 073
The unrestricted fimds balance of £1 1,449,386 is mad¢ up of £10,852,131 income and capital funds
and £597,255 designat¢d funds.
26

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Voluntary income
2025 (Group)
Restricted
Capital
2025
Unrestricted Restricted
2025
2025
Total
2025
Grants receivable:
Milton Keynes City Council:
Deed of Variation
Gallery subsidy
Other grants
Trusts atld foundations
Public grants
Arts Council England
Total grants receivable
Donations
242,227
75.000
242,227
75,000
20,000
181,074
25,351
390.360
934,012
305,406
20,000
181,074
25.351
390,360
707,587
267.606
226,425
37,800
975,193
264,225
1,239,418
2024 (Group)
Restricted
Capital
2024
Unrestricted Restricted
2024
2024
Total
2024
Grants receivable:
Milton Keynes City Council:
Deed of Variation
Gallery subsidy
Other grants
Trusts and foundations
Public grants
Arts Council England
Total grants receivable
Donations
229,675
75.000
229,675
75.000
1,000
160,844
56,293
161,844
56.293
390,360
913,172
306,727
390,360
696,035
169,655
217,137
137,072
865,690
354,209
1,219,899
Under a historic agreement with Milton Keynes City Council, the Council undertook to
provide the company with an annual subsidy of £IOO,000 towards the gallcry's opcrational
costs. As at 31 March 2025, a total of £2,599,998 (2024: £2,524,998) has bcen received since
1998. Of this, £75,000 (2024: £75,000) is included in this year, s financial statements which is
lower than pr¢vious years due to a rcduction in funding. A further agreement with Milton
Keynes City Council commenced in November 2011 to provide an index-linked grant of
£150,000 per annum under a D¢¢d of Variation. £242,227 has been included as income in the
year ended 31 March 2025 (2024: £229.675).
Under its NPO scheme Arts Council England ("ACE") provided the company with a ￿ant of
£390,360 towards gallery operational costs for the year ¢nded 31 March 2025 (2024:
£390,360), There were several public grants r¢ceiv¢d during the year toward the costs of
charitable activities.
27

MK GALLERY
NOTES TO THE FINANCtAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Investment income from current assets
Group
2025
2024
Bank interest receivable
3,555
3,555
667
667
Investment income from r￿ed asset Inv￿lMents
Group
2025
2024
Unrealised gainsl{losses) on listcd investments
portfolio
41.898
41,898
(95,255
(95,255}
Costs of generating funds
Unrestricted
2025
Restricted
2025
Group
2025
Group
2024
Commercial trading operations
156,383
156,383
137,052
Total expenditure on costs of
generating funds
156.383
156,383
137.052
All figures for 2024 relate to unrestricted funds.
28

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of expenditure on charitable aetivities
2025
Exbibitions
and running
the Gallery
Publie
programme
Total
2025
Exhibition costs
Public programming costs
P￿miseS costs
Marketing and dcv¢lopmcnt
costs
Travel Costs
Depreciation
Staff costs
Support costs (see not¢ 9)
Governance costs (see not¢ 9)
192.086
192,086
103.966
183,754
103,966
78.752
105.002
42.611
660
80,899
354,097
272,620
11,416
31,958
495
64,720
88,088
181,746
74,569
1,155
145,619
442,185
454,366
19,027
Total expenditure on
charitable activities
1,059,391
557,336
1.616,727
2024
Exhibitions
and rulluillg
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 notc 9)
Govcrnance costs (see note 9}
317.919
317,919
119,128
194,474
119,128
83,346
111,128
50.433
139
139,349
382,567
277,837
11,428
37,825
104
111,480
137,162
185,225
7,618
88,258
243
250,829
519.729
463,062
19,046
Total expenditure on
charitabl¢ activities
1,290,800
681,888
1,972.688
Expenditure on charitsble activities was £1,616,727 (2024: £1,972,688) of which £57,878
(2024: £173,843) was restricted in respect of exhibition costs, £178,116 was restricted in
respect of publi¢ programming costs (2024: £165,824), £10,627 was restricted in respect of
development costs (2024: £9,065), and £6,496 was r¢stricted in respect of support costs (2024:
£783). The remaining amount of £1,363,610 (2024: £1,623,173) was unrestricted. IOOO/o of
support costs are allocated to expenditure on charitable activities.
29

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Anydlysis of support and governance costs
2025
Support
costs
Governance
Costs
Total
2025
Basis of
apportiollment
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
MemberShip￿SubsC[lpti0ns
Trustee insurance
Bank charges
Depreciation
Irrecoverable VAT
Sundry costs
IT and telephone costs
Printing and postage costs
204,833
3,206
496
5,000
209,833
3,206
496
Time spent
Invoiced Cost
Invoiced cost
31,959
78.752
31,959
78,752
Invoiced cost
Office space
3,500
3,500
Governance
3,271
3,271
9,750
7,990
2.525
777
12,864
16,180
2,483
7,234
80,005
Invoic￿ cost
Governance
Invoiced cost
Invoi¢¢d cost
Governance
Total cost
Office space
Total cost
Invoiced cost
Invoiced Cost
Invoiced cost
9,750
7,990
2,525
777
12,864
16,180
2,483
7,234
80,005
2,568
Total
454,366
19,027
473,393
30

MK GALLERY
NOTES TO THE FllNANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of support and governance costs (continued)
2024
Support
costs
Governance
costs
Total
2024
Basis of
apportioDmeDt
Salary costs
Other staff costs
Travel costs
Marketing and
development costs
Premises costs
Accountancy - accounts
preparation services
Accoiintancy- general
support services
Audit fe¢s
Professional fees
Memb¢rships/subs¢riptions
Trustee insurance
Bank charg¢s
Depreciation
Irrecoverable VAT
Sundry costs
IT and telephone costs
Printing and postag¢ costs
204,531
2,402
104
5,000
209,531
2,402
104
Time spent
Invoiced cost
Invoiced cost
37,824
83,346
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
Invoic¢d cost
Governance
Invoiced Cost
Invoiced cost
Governance
Total cost
Offtce 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
Total
463,062
19,046
482 108
10
Net incomel(expenditure) for the year
This is stated after charging:
Group
2025
2024
Auditors, remuneration for audit services
Depreciation
9,750
161,799
9,500
278,699
31

MK GALLERY
NOTES TO THE FINANCIAL STATEIIqENTS
FOR THE YEAR ENDED 31 MARCH 2025
11
Stsff costs
Group
2025
2024
Wages and salaries
Social security costs
Other pension costs
685,336
51.071
48,171
722,661
58,022
60,482
784,578
841,165
One employee received remuneration in the band £85,000 to £90,000 during the year (2024:
one in the band £85,000 to £90,000). Pension costs in the year for the provision of a defined
contribution scheme in respect of this employee amounted to £7.576 (2024: £7.501).
The charity trustees were not paid any remun¢ration in the year (2024: £nil), neither weTe they
reimbursed expenses during th¢ year (2024: £nil).
The key management personnel of the parent charity and the group comprise the Trustees, the
Gallery Director, the Deputy Director, and the Head of Development and Communications.
The total employee benefits of the k¢y managem¢nt persomiel of the charity were £133,372
(2024: £132,051).
The average number of persons employed by the group during the year was 34 (2024: 34).
12 Pension costs
The company and its subsidiary make contributions into a group of ￿rSonal pensions on behalf
of their employees. The assets of the schem¢ are held separately from those of the company.
Th¢ pension cost charge for th¢ period r¢pr¢s¢nted contributions payable by the company and
its subsidiary and amounted to £48,171 (2024: £60,482). At the year end there were
ntributions outstanding of £5,052 which are included in other creditors (2024: £6,302).
Pension costs are allocated to restricted funds when such costs are covered by restricted
funding.
32

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
'FOR THE YEAR ENDED 31 MARCH 2025
13 Taxation
As a registered charity, the company is not in norn)al circumstances subject to corporation tax.
As a ￿SuIt, 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
2025
2024
Dom¢stic current year tax
UK cory)oration tax
Current lax charge
2025
2024
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation
26,931
Profit on ordinary activities bcfore taxation multipli¢d
by the standard rate of U.K. corporation tax of19.00 %
(2024: 19.000/0
5,117
Effects of:
Gift Aid donations
Losses brought forward
Capital allowances in excess of dcpieciation
Depreciation in excess of capital allowances
(5,117)
Current tsx charge
The subsidiary MK Gallery Enterprises Limited's result for the year gives rise to a current tax
charge of £nil for the year ended 31 March 2025 (2024: £nil).
33

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14 Financial aetivities of the charity
The fmancial activities shown in the consolidated statement includes those of the charity's
wholly owned subsidiary. MK Gallery Enterprises Limited.
A summary of the financial activities by the charity is set out below:
As restaled
2024
2025
Gross income
Total expenditur¢
Net income
Total funds brought forward
Total funds carried forward
1,468,920
1.438.898
1,435.319
1,854,837
33,601
(415,939)
11,854,441 12,270,380
11,888,042 11,854,441
Represented by:
Restrictcd income funds
Designatcd funds
Unrestricted income funds
Unrestricted capital funds
277,093
287,687
597,255
597.255
401,443
217,513
10,612,251 10 751986
11,888,042 11,854,441
15
Financial activities of the trading company
The wholly owned trading subsidiary, MK Gallery Enterprises Limited {MKGE}, which is
incorpordted in the United Kingdom, usually pays all taxable profits to the charity by gift aid.
No Gift Aid paym¢nt was made in the year so that funds We￿ r¢tained in the subsidiary for use
in the following year. The trading subsidiary operdtes the art gallery and all commercial
trading operations carried on at the art gallcry premises. The charity owns the entire share
capital of l 00 ordinary shares of £1 each in the subsidiary company. A sun]mary of the trading
results is shown below.
MKGE
2025
IIIKGE
2024
Turnover
Cost of sales & administration Costs
Net loss
364,722
337,791
26,931
342,069
350,157
(8,088)
Amount gift aided to the charity
Taken to reserves in subsidiary
26.931
8,088
The assets and liabilities of the subsidiary were:
Curr¢nt assets
Current liabilitics
Total net (liabilitiesyassets
Aggregate share capital and reserves
40,963
131,300
90,337
90.337
29,814
147,082
117,268
117,268
34

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16
Tangible rued assets
Group
Group
Group
Group
Capital
Furniture,
fittings and
equipment
construc-
lions
Computer
equipment
Total
Cost
As at l April 2024- as restated
Additions
11,037,362
811.280
7.922
42,816 11,891,458
3.214
11,136
At 31 March 2025
11,037,362
819,202
46,030 11,902,594
Depreciation
At l April 2024 - as restated
Chargc for thc year
690,920
137.967
704,898
19,998
39,224
3,834
1,435,042
161,799
At 31 March 2025
828,887
724,896
43,058
1,596,841
Net book value
At 31 March 2025
10,208,475
2 972 10,305.753
At 31 March 2024- as restated
10 346 442
106 382
3 592 10,456,416
Company
Company
Company
Company
Capitsl
¢oDstru¢-
tions
Furniture,
rittings and
equipment
Computer
equipment
Total
Cost
As at l April 2024 - as restated
Additions
11,037.362
811,280
7,922
42,816 11,891,458
3,214
11,136
At 31 March 2025
11,037.362
819,202
46,030 11.902,594
Depreeiation
At l April 2024- as restated
Charge for the year
690,920
137,967
704,898
19,998
39,224
3,834
1.435,042
161,799
At 31 March 2025
828,887
724.896
43,058
1,596,841
Net book value
At 31 March 2025
10,208,475
94,306
2,972 10 305 753
At 31 March 2024 - as restated
10,346,442
106,382
3,592 10 456 416
35

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16
Tangible fixed assets {continlled)
All assets are held for direct charitable 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 2025. Th¢ historical cost of the investments as at 31
March 2025 is £201,000 (2024: £286,000). All investments are held for charitable activities.
Group
Shares in
Subsidiary
Listed
investments
Total
At l Aprtl 2024
Change in rna￿et value
Sold in the year
At 31 Ma￿h 2025
1,075,829
41,898
(85,000
1,032,727
1.075,829
41,898
85,000
1,032.727
Company
Sbares in
subsidiary
(cost)
Listed
investments
(market
value)
Total
At l April 2024
Chang¢ in market value
Sold in th¢ year
At 31 March 2025
200
1,075,829
41,898
(85,000)
1,032,727
1.076,029
41,898
(85,100)
1,032,827
(100)
100
MK Gallery owns all the shares of Nlt( Gallery Enterprises Limited, a company register¢d in
England under company number 11597873, Unaudited accounts hav¢ b¢¢n signed and have
been fded with th¢ R¢gistrar of Companies. A summary of trading results is shown in note 15.
MK Gallery disposed of its shares in Gallery Trading Limited, a company registered in
England under company number 04469234 which was wound up on 22 October 2024 after
c¢asing to trade on 31 March 2021.
The change in market valu¢ represents the n¢t gains and losscs arising within the portfolio
manag¢d by Ruffer LLP.
36

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 I￿ARCH 2025
18
Debtors
Group
2025
Company
2025
2024
2024
Trade debtors
Prepayments
Accrued income
Amounts owed by group
undertakings
Other debtors
8.320
51,429
101,078
11,457
44,073
99,573
4,191
50,339
99,678
117,249
2,913
42,983
99,573
126,711
143.979
113,414
143,879
113,313
304,806
268,517
415,336
385,493
19
Creditors: aD)ounts falling due within one year
Group
Company
restated
2024
restated
2024
2025
2025
Trad¢ creditors
Deferred income (note 20)
Taxation and social security
Accruals
Amounts owed to group
undertakings
Other creditors
71,504
11,710
20,517
135,548
59,361
8,712
16,546
134,733
60,827
10,902
20,506
132,894
50,885
385
16,546
131,063
100
5,052
6,302
5,052
6,302
244,331
225,654
230,181
205,281
Amounts owed by and to group undertakings ar¢ unsecured, interest free and repayable on
demand.
20
Deferred illcome
Group
2025
Company
2025
2024
2024
Balan¢¢ at l April 2024
Amount received in the year
Amount released in the year
8.712
11,710
(8,712)
75,237
8,712
(75.237)
385
10,902
(385)
67,138
385
(67,138)
Balance at 31 March 2025
11,710
8.712
10,902
385
Income is deferred where it relates to a future accounting period.
37

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
21
Analysis of charitable funds
As restated
At l April
2024
Income Expenditure
Transfers
At 3] March
2025
Group
Unrestricted fund movcments:
Designated funds..
Capitsl construction fLmd
Capital renewal fund
Programme fi￿d
General income fund
General capital fund
Trading Subsidiaries:
QGE
Total unrestricted funds
(2.745)
600,000
(2.745)
600,000
217,513 1,204,695 (1,042,467)
10.751,986
(139,735)
21,702
401,443
10,612,251
(117,368)
364,722
(337,791)
11,449,386 1,569,417 (1,519,993)
(90,437)
11,520,512
21,702
Restricted funds (see below)
287,687
264,225
(253,117)
(21,702)
277,093
Total funds
11,737,073 1,833,642 (1,773,110)
11,797,605
Company
Designated funds:
Capital construction fund
Capital renewal fund
Programme fijnd
G¢neral income fund
Gen¢ral capitsl fund
Total unrestricted funds
Restricted funds (see below)
Total funds
(2,745)
600,000
(2,745)
600,000
217,513 1,204,695 (1,042,467)
10,751,986
(139,735)
11,566,754 1,204,695 (1,182,202)
287,687
264,225
(253,117)
11.854,441 1,468,920 (1,435.319)
21,702
401,443
10,612,251
11,610,949
277,093
11,888,042
21,702
(21,702)
38

MK GALLERY
NOTES TO THE FINANCIAL sTAT￿l￿ENTs
FOR THE YEAR ENDED 31 IkL4RCH 2025
21
Analysis of charilable funds {continued)
restated
Al l April
2024
Income Eipenditure
Trallsfers
At 31 Mareh
2025
Restricted funds
Group and Company
Paul Hamlyn Foundation
Paul M¢llon
Garfield Weston
Kirkland Foundation
MK Calling
Austin Hop¢ Pilkington
MKCF Seeing Diffcrcntly
Children in Need
MK Gallery 25 Anniversary
Gala
MK Council Appr¢ntic¢ship
MK Council Street Art
Capital Construction
Boyd & Evans Catalogue
MK Council Shutter Project
Beyond the Page Conference
PAW Supported Studio
Bagri Foundation Grant
South Asian Miniatures
Trickster Figur¢s
Jerwood
Vanessa Bell exhibition
Vanessa Bell conference
Stony Stratford Arts Group
MKCC
Artist Room IPA
Anson ChaTitable Trust
Artist Room Exhibitions
Art Fund - Reimagin¢
Henry Moore Foundation
Total Restricted fijnds
104,421
194
15,140
125,000
106.240
{147,989)
(67)
(9,021)
62,672
(127)
20,000
26,119
125,000
5,000
(4,964)
(36)
(743)
743
7,604
9,803
30
40
(7,653)
(7,887)
(1,916)
(30)
(397)
11,272
5,351
(9,483)
(4,529)
2,163
(9,109)
4,800
5,602
3,323
(578)
(1,002)
(4,934)
(3,335)
(4,800)
5,602
3,323
2,516
5,000
(1,950)
12
(3,998)
4,934
3.335
700
20,000
17,950
5.000
255
20,000
7.357
i 0,000
3,500
36,016
(20,700)
(18,073)
(4,562)
(249)
(4,961)
(1,214)
(i 0.000)
{3,500)
(844)
73
(50)
438
(6)
15,039
6,143
35,172
10,000
287,687
(i 0,000)
(21,702)
264,225
(253,117)
277,093
39

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
21
Analysis of charitable fuDds (continued)
Milton Keynes Council has confirnied 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
r¢port regularly on the grant released as a result of new management arrangements. and
comply with annual Council r¢porting needs.
Name of fund
Description, nature and purpose of fund
Restrieted Funds
Paul Hamlyn Foundation
To fund a 3 year pr0￿MMe of inclusive arts practice for
children with complex needs and their families
Paul Mellon
To support the Beyond the Page exhibition
Garfield Weston
To support sustainable programming for children and young
people
Kirkland Foundation
To support the cost of exhibition prO￿arnMeS
Calling
Individual donations to support the realisation of MK Calling
Austin Hope Pilkington
To support the costs of exhibition programmes
(CF Seeing Differently
To support pro￿amMing for people with visual impairnients
to facilitate access to exhibitions
Children in Need
To fund a 3 year facilitat¢d artists programme of activity for
young people with low level mentsl health relates issues
MK Gallery 25 Anniversary To support the costs of the 25 Anniversary Gala
Gala
( City Council
Apprenticeship
To support th¢ costs of the apprentice
( City 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 Project
To support the costs of the shutt¢r project
Ba￿1 Foundation
To support the Cost of exhibition programmes
South Asian Miniatures
To support the cost of exhibition programmes
Vanessa Bell exhibition
To support th¢ exhibition costs
Vanessa Bell conference
To support the conference costs
Beyond the Page Conference
To support the costs of the Beyond the Page conference
40

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
21
Analysis of charitable funds (continued)
Name of fund
Descriplion, nature alld purpose of fund
Restricted Funds
PAW Supported Studio
To support the costs of the supported studio
Trickster Figures
To support the costs of exhibition and catalogues
Jerwood
To support th¢ costs of ¢r¢ating the Vanessa Bell catalogue
Stony Stratford Arts Group
To support IPA costs
MKCC UK Shared Prosperity To support the development of corporate memberships
Fund
Artist Room IPA
Funded workshops linked to the Andy Warhol show
Anson Charitable Trust
To support the costs of realising the exhibition progryamme
Artist Room Exhibitions
To support the cost of the Andy Warhol exhibition
Art Fund- Reimagine
To support thc d¢velopm¢nt of the access programme
Henry Moore FoundatÉon
To support the costs of exhibition programmes
Designated Funds
The Trust¢es have assigned £600,000 to a designated capital renewal fund.
Unrestricted Funds
Th¢ general income fund represents those funds that are unrestricted and not designated for
other purposes.
The general capital fund represents those funds that are unrcstrictcd but represented by capital
assets and are therefore not available reserves.
Transfers between funds
Transfers of £9,063 were made from unrestricted funds to restricted funds to cover the deficit
on the restricted fvnds. Transfers of £30,765 were made from restricted funds to unrestricted
funds to reimburs¢ the general fund for costs that were allocated to unrestricted funds instead
of the restricted fund.
Funds in deficit
The deficits on the MK Council Apprenticeship fund and the Vanessa Bell exhibition fund will
be covered by funding received in the following financial year.
41

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 I￿RCH 2025
22
Analysis of net assets between funds
Group:
As restated
2024
Total
Unrestrieted
Funds
Restricted
Funds
2025
Total
Fixed assets
Investments
Current assets
cU￿ent liabilities
10,305,753
1.032,727
426,363
(244,331)
10,305,753
1,032,727
703,456
(244,331)
10,456,416
1,075,829
430,482
(225,654)
277.093
11,520,512
277,093
11,797,605
11,737,073
Company:
As restated
2024
Total
Unrestricted
Funds
Restricted
Funds
2025
Total
Fixed assets
Investments
Current assets
Current liabilities
10,305,753
1,032.827
502,550
(230.181)
10,305,753
1,032,827
779,643
(230,181)
10,456,416
1,076,029
527,277
(205.281)
277,093
11,610,949
277 093
11,888,042
11.854,441
23 Con)mitments
There is a 99 year lease on th¢ Th¢atr¢, Art Gall¢ry and Theatre Square. A nominal rent of £1
each per annum is payable. This lease expires in more than 5 years.
Changes to the leas¢ arrangernents between Milton Keynes City Council, Ambassador Theat
Group and MK Gallery mean thc three parties ar¢ all now signatory to management
arrang¢ments that are enshrined in a long lease of 99 years from 18 December 2001.
Capiial commilments
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 th¢ project was
£75,325 but the charity is holding sufficient reserves to cover the balance due.
42

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24 Related party transactions
During the year donations of £300 were received from Trustees (2024: £200). There are no
other related party transactions during the period that require disclosure. The charitable
company has thk¢n advantage of the exemption available in accordance with Section 33 of
FRS 102 'Relat¢d Paty Disclosures, not to disclose transactions entered into between two or
more members of the group that are wholly owned.
25 Prior year adjustment
An adjustment was rnade to th¢ 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 th¢ figures originally reported.
Fixed asset cost was overstated by £68,700 as a result of irr¢cov¢rdble VAT being
capitslised in error (relating to the VAT return errors).
Accruals and fixed asset costs were both overstated by £197,560 in relatlon to an
accrual for fixed asset additions that was not necessary.
The relevant values in the comparative figures have now been adjusted. Th¢ ¢ffect 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
43

MK GALLERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
26 Notes to the Statement of Cash Flows
Cash 2nd cash equivalents
Year eDded 31 March 2025
Group
2025
Company
2025
2024
2024
Cash and casb equivalents
365,310
136,081
341,001
128,426
Year ended 31 March 2024
Group
2024
Company
2024
2023
2023
Cash and cash equivalents
136,081
61.371
128,426
48,898
Anydlysis of changes in net funds - Group
2024
Cash flow
2025
Cash at bank and in hand
136,081
136,081
136,081
229.229
229.229
229.229
365,310
365,310
365,610
Analysis of changes in net funds - Company
2024
Cash flow
2025
Cash at bank and in hand
128,426
128,426
128,426
212,575
212.575
212.575
34E,001
341.001
341.001