REGISTERED COMPANY NUMBER: 05185107 (England and Wales) REGISTERED CHARITY NUMBER: 1108426
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
FOR
NEW MILLS ART THEATRE LIMITED
Mourne & Co 2 Meadow Close Whaley Bridge High Peak SK23 7BD
NEW MILLS ART THEATRE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
NEW MILLS ART THEATRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The theatre remained closed for six months during the year, finally reopening its doors to the public in October 2021. It remained financially supported during this time, and for some months after, by further Covid-19 support grants from HPBC.
Ten events were held subsequent to the Theatre opening and a full programme of events is scheduled for 2022/23.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05185107 (England and Wales)
Registered Charity number
1108426
Registered office
45 Union Road New Mills High Peak SK22 3EL
Trustees
C Brown R D Hole P A Holt J T Barber Mrs B J Eaves D B Thompson J A Chase R B Hawkins N PEACH (appointed 19/6/2023)
Company Secretary
D C Cooper
Independent Examiner
Mourne & Co 2 Meadow Close Whaley Bridge High Peak SK23 7BD
Approved by order of the board of trustees on 19th June 2023 and signed on its behalf by:
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NEW MILIS ART THEATRE LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3AST MARCH 2023 P A Holt- Trnsiee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW MILLS ART THEATRE LIMITED
Independent examiner's report to the trustees of New Mills Art Theatre Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Timothy J Mourne FCA
Mourne & Co 2 Meadow Close Whaley Bridge High Peak SK23 7BD
19th June 2023
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NEW MILLS ART THEATRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 5,807 Charitable activities Theatre hire 23,263 Other trading activities 2 54,213 Other income 200 Total 83,483 EXPENDITURE ON Raising funds 27,823 Charitable activities Theatre hire 46,573 Total 74,396 NET INCOME 9,087 RECONCILIATION OF FUNDS Total funds brought forward 532,150 TOTAL FUNDS CARRIED FORWARD 541,237 |
2022 Total funds £ 4,704 11,163 25,606 17,001 |
|---|---|
| 58,474 | |
| 15,842 39,063 |
|
| 54,905 | |
| 3,569 528,581 |
|
| 532,150 |
The notes form part of these financial statements
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NEW MILLS ART THEATRE LIMITED
BALANCE SHEET 31ST MARCH 2023
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Stocks 7 Debtors 8 Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 468,418 2,207 3,225 71,537 76,969 (4,150) 72,819 541,237 541,237 541,237 541,237 |
2022 Total funds £ 475,000 2,076 169 62,445 64,690 (7,540) 57,150 532,150 532,150 532,150 532,150 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 19th June 2023 and were signed on its behalf by:
P A Holt - Trustee
The notes form part of these financial statements
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NEW MILLS ART THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost Improvements to property - 10% on cost Plant and machinery - 20% on reducing balance, 10% on cost, 5% on cost and Straight line over 15 years Fixtures and fittings - 5% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
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continued...
NEW MILLS ART THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
2. OTHER TRADING ACTIVITIES
| Bar sales Confectionery sales Ice cream sales Sundry receipts Fundraising events Coffee machine sales 3. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Other operating leases |
2023 £ 19,286 6,398 4,535 391 23,521 82 54,213 2023 £ 16,322 1,500 |
2022 £ 7,065 2,111 2,686 160 13,554 30 |
|---|---|---|
| 25,606 | ||
| 2022 £ 15,386 - |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 4,704 |
| Charitable activities | |
| Theatre hire | 11,163 |
| Other trading activities | 25,606 |
| Other income | 17,001 |
| Total | 58,474 |
| EXPENDITURE ON | |
| Raising funds | 15,842 |
| Charitable activities | |
| Theatre hire | 39,063 |
| Total | 54,905 |
| NET INCOME | 3,569 |
continued...
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NEW MILLS ART THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS Improvements Long to leasehold property £ £ COST At 1st April 2022 650,000 3,160 Additions - 9,740 At 31st March 2023 650,000 12,900 DEPRECIATION At 1st April 2022 195,000 1,264 Charge for year 13,000 1,290 At 31st March 2023 208,000 2,554 NET BOOK VALUE At 31st March 2023 442,000 10,346 At 31st March 2022 455,000 1,896 7. STOCKS Stocks 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors VAT |
Plant and machinery £ 18,246 - 18,246 5,654 1,573 7,227 11,019 12,592 |
Unrestricted fund £ 528,581 532,150 Fixtures and fittings Totals £ £ 7,499 678,905 - 9,740 7,499 688,645 1,987 203,905 459 16,322 2,446 220,227 5,053 468,418 5,512 475,000 2023 2022 £ £ 2,207 2,076 2023 2022 £ £ 800 - 169 169 2,256 - 3,225 169 |
|---|---|---|
continued...
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NEW MILLS ART THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors VAT Other creditors Accrued expenses 10. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 532,150 TOTAL FUNDS 532,150 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 83,483 TOTAL FUNDS 83,483 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 528,581 TOTAL FUNDS 528,581 |
2023 2022 £ £ 219 432 - 766 1,519 2,268 2,412 4,074 4,150 7,540 Net movement At in funds 31.3.23 £ £ 9,087 541,237 9,087 541,237 Resources Movement expended in funds £ £ (74,396) 9,087 (74,396) 9,087 Net movement At in funds 31.3.22 £ £ 3,569 532,150 3,569 532,150 |
|---|---|
continued...
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NEW MILLS ART THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 58,474 | (54,905) | 3,569 |
| TOTAL FUNDS | 58,474 | (54,905) | 3,569 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 528,581 528,581 |
Net movement in funds £ 12,656 12,656 |
At 31.3.23 £ 541,237 |
|---|---|---|---|
| 541,237 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 141,957 | (129,301) | 12,656 |
| TOTAL FUNDS | 141,957 | (129,301) | 12,656 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2023.
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NEW MILLS ART THEATRE LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 5,172 | 3,854 |
| Gift aid | 635 | 850 |
| 5,807 | 4,704 | |
| Other trading activities | ||
| Bar sales | 19,286 | 7,065 |
| Confectionery sales | 6,398 | 2,111 |
| Ice cream sales | 4,535 | 2,686 |
| Sundry receipts | 391 | 160 |
| Fundraising events | 23,521 | 13,554 |
| Coffee machine sales | 82 | 30 |
| 54,213 | 25,606 | |
| Charitable activities | ||
| Theatre hire | 23,263 | 11,163 |
| Other income | ||
| Government grants | 200 | 17,001 |
| Total incoming resources | 83,483 | 58,474 |
| EXPENDITURE | ||
| Other trading activities | ||
| Opening stock | 2,076 | 1,030 |
| Bar purchases | 10,371 | 2,943 |
| Confectionery purchases | 3,252 | 1,396 |
| Ice cream purchases | 2,058 | 1,080 |
| Fundraising events | 12,155 | 11,382 |
| Coffee machine purchases | 118 | 87 |
| Closing stock | (2,207) | (2,076) |
| 27,823 | 15,842 | |
| Charitable activities | ||
| Rent | 1,500 | - |
| Rates and water | 3,823 | 2,931 |
| Insurance | 2,160 | 1,962 |
| Light and heat | 7,817 | 5,028 |
| Telephone | 36 | 250 |
| Postage and stationery | 14 | - |
| Advertising | 925 | 140 |
| Sundries | 5,162 | 3,655 |
| Building maintenance | 6,962 | 3,040 |
| Carried forward | 28,399 | 17,006 |
This page does not form part of the statutory financial statements
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NEW MILLS ART THEATRE LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Brought forward | 28,399 | 17,006 |
| Licenses | 145 | 70 |
| Computer expenses | 220 | 509 |
| Irrecoverable VAT | - | 2,789 |
| Website expenses | 377 | 2,403 |
| Depreciation - Land and buildings | 13,000 | 13,000 |
| Improvements to property | 1,290 | 316 |
| Plant and machinery | 1,573 | 1,579 |
| Fixtures and fittings | 459 | 492 |
| 45,463 | 38,164 | |
| Support costs | ||
| Finance | ||
| PayPal and EBay charges | - | 1 |
| Credit card charges | 445 | 358 |
| 445 | 359 | |
| Governance costs | ||
| Accountancy fees | 665 | 540 |
| Total resources expended | 74,396 | 54,905 |
| Net income | 9,087 | 3,569 |
This page does not form part of the statutory financial statements
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