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2024-03-31-accounts

Company registration number: 06418190 Charity registration number: 1138139

Mitchell Memorial Youth Arts Centre Ltd

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024

Daryl Denson ACMA Dudson Centre Hope Street Stoke-on-Trent ST1 5DD

Mitchell Memorial Youth Arts Centre Ltd

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11 to 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 to 30

Mitchell Memorial Youth Arts Centre Ltd

Reference and Administrative Details

Chairman Sir Brian Edward Frederick Fender Trustees Anthony Munday Michael Norman Lloyd Paul Dobson Elizabeth Selina Bromley Claire Louise Garner Sampson Ross Mitchell Edward Francis Slade Secretary Harriet Faye Louise Jackson Charity Registration Number 1138139 Company Registration Number 06418190 Registered Office Mitchell Arts Centre Broad Street Hanley Stoke-on-Trent Staffordshire ST1 4HG Independent Examiner Daryl Denson ACMA Dudson Centre Hope Street Stoke-on-Trent ST1 5DD

Page 1

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024.

Objectives and activities

Objects and aims

As set out in the Memorandum of Association, the object of the charitable company is:

•The promotion of education for all, with a preference to young persons under the age of 25 years, by means of artistic productions and activities.

•The promotion of artistic education for the benefit of the public, with a preference to young persons under the age of 25 years, by means of concerts, recitals, drama productions, film and other artistic media, exhibitions and festivals.

•The maintenance, development and promotions of the Mitchell Memorial Youth Arts Centre as a performing arts centre for all people with a preference to young persons under the age of 25 years.

• To provide or assist in the provision of facilities in the interests of social welfare for the recreation or other leisure time occupation of individuals, with a preference to young persons under the age of 25 years, who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

• To develop and increase the high quality cultural and community facilities of the Mitchell Arts Centre.

• To encourage an increased interest and participation in the broadest possible range of arts activities.

• To challenge the effects of exclusion and to promote social cohesion through engagement in creative arts activities.

• To provide opportunities that encourage investment in young people and businesses engaged in the arts.

• To work with a growing number of partnerships with local government, charities, not-for-profit organisations and the private sector.

• To be recognized as an exemplar of good governance and business management, particularly in respect of policies which underpin our values, transparency and consultation; respect for the environment and delivering long term value for money.

• Through the previous objectives, increase Mitchell Arts Centre’s reputation and impact in North Staffordshire and beyond.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit. Many of the community groups, not-for-profit organisations and societies that use and hire our facilities receive significantly subsidised rates and partnership opportunities are offered.

The charitable company delivers its objectives to encourage participation in arts and culture for all with a preference to young persons under the age of 25 years.

Page 2

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

Vision

To be the leading exponent of the Arts in Stoke-on- Trent and the surrounding area.

To encourage the aspiration and creativity in young people under 25 reflecting the values along with dedication that Reginald Mitchell brought to the design of the Spitfire.

By encouraging appreciation of and engagement with professional and amateur artistic activities to provide entertainment, education, and social cohesion for local communities.

Key shared objectives

The following key objectives are deliberately in line with those articulated by the City Council as a benefit to the community. The Mitchell Arts Centre works toward the achievement of its strategic aims through the following activities:

• Events and activities - a year-round changing combined arts programme of events and performance accompanied by talks, activities and events.

• Links with schools and educational establishments - offering resources allied to the national curriculum in order to diversify and widen our engagement with people under the age of 25.

• Community and young people - supporting the work of amateur and voluntary/not-for-profit theatre, dance, arts organisations and societies.

• Self-generated income - hire and café bar income both commercially and in support of not-for-profit organisations.

• Artist ecology - supporting existing and emerging artists and creative individuals - offering resources to research and develop new work while engaging with audiences beyond their practice and studies.

• Partnerships - a series of conferences and symposia - around performing arts, moving image, performance, contemporary art practice, live arts and emerging digital forms.

• Film festivals - opportunities for emerging filmmakers from the West Midlands, including Stoke Your Fires Film Festival.

Use of volunteers

The volunteers to the Mitchell Arts Centre are the trustees who are not remunerated. Also, front of house volunteers and other operational volunteers

Page 3

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

Achievements and performance

Mitchell Arts Centre opened in 1957 as a tribute to one of the city’s most loved local heroes – Reginald Mitchell who designed the Supermarine Spitfire. It was paid for by the public following an appeal in the local newspaper, The Sentinel.

The original centre became a popular cultural landmark in the city for many years, providing a performing platform for youth arts and community theatre. The theatre quickly became the main venue for amateur dramatic societies and the home for theatrical youth groups. It also offered performance training including dance, drama workshops and acting classes.

In 2007 with the building in much need of repair, a successful bid was made to the BIG Fund. This allowed Mitchell Arts Centre to be restored to and beyond its former glory. This significant cultural venue has undergone a major £4m refurbishment funded by the Stoke-on-Trent City Council, the BIG Fund and the Coalfields Regeneration Trust.

Considerable improvements have been made the Mitchell Arts Centre making it a modern, light, airy cultural venue on three floors with rehearsal areas, several dressing rooms with full facilities including showers, a modern rubber-floored dance studio, a 304-seat auditorium and two meeting rooms that can be used for a variety of functions.

Flexibility is the key to Mitchell Arts Centre, and while its use is mainly as a community, cultural and creative venue, it is also perfect for business and corporate purposes such as awards ceremonies, seminars and conferences.

With music and dancing licenses as well as a fully licensed bar, the Mitchell Arts Centre is also ideal for all kinds of entertaining.

The Mitchell Arts Centre was re-launched in June 2011 as one of Stoke-on-Trent’s key cultural venues based in the heart of the city’s Cultural Quarter, with a focus on communities and young people.

It is funded annually by Stoke-on-Trent City Council, and generates income through box-office, café bar, charitable and trading activities.

As part of the re-launch a comprehensive marketing tender established and implemented the new brand, website, e-flyer distribution, print templates and instigated the start of the social media outlets such as Twitter and Facebook.

Page 4

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

Programmes, hires and events

Mitchell Arts Centre has during its tenth year of operation continued to expand its programme, including continuation of its own programming, spanning across live theatre, film and visual arts exhibitions.

As a leading community arts venue in North Staffordshire Mitchell Arts Centre offers an exciting and safe environment for families and young people to engage in creative activity in the City of Stoke-on-Trent. Presently the charitable company provides services to:

Exhibition space has been created to enable artists to display their work to our audiences.

The charitable company has supported the Factory Programme and the Stoke Your Fires Film Festival for the past four years providing a screening venue, workshop facilities and networking space for emerging creative and professionals in the City.

Mitchell Arts Centre has supported WaveMaker, a consortium project to develop a creative lab space in the City. Originally based on the top floor of the Centre where it still retains an office the MAC retains links with its developing programme

Mitchell Arts Centre is a pivotal member of the Live Age Festival planning group and part of the festival was hosted at the centre.

Between 2011 and 2015 103,611 people visited the Centre; 42,374 participants have engaged in education workshops and events; 45,568 young people have engaged in cultural activities at the Centre and over 9,500 people have engaged with the charitable company’s outreach activities at City-wide events. Visitor numbers continued to increase with solid customer base of around 55,000 individuals in 2018-2019 and 70,000 in 2019-2020. The MAC closed in March 2020 and re-opened in July 2021 due to the Covid-19 pandemic which has had an impact on visitor numbers as no individuals were able to visit the MAC during 2020-2021.

Annually, over 500 school children have benefitted from artists working in the classroom supported by the charitable company. Children and young people now account for over 45% of the charitable company’s overall audience numbers and work continues to focus on the hardest to reach. Partnership programmes with organisations such as Parent Time and the Children’s Centre allow the charitable company to develop supportive relationships with the community most in need.

On 12 June 2018 the charitable company launched its first live streaming event with a screening of Swan Lake from the Royal Opera House. This was well attended and the start of a planned programme of events consisting of ballet, opera and theatre performances.

Page 5

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

Spitfire café bar

The Spitfire café bar continued to operate both during daytime and in the evenings on show nights. The café hosted a weekly under 5s session Make or Bake and has begun to provide children’s parties with a film screening.

Partnerships activities and supporting organisations

Mitchell Arts Centre plays an important role in the cultural ecology of Stoke-on-Trent. It has therefore forged partnerships with key cultural organisations in the area including: Potteries Museum & Art Gallery, Bethesda Chapel; New Vic Theatre; Staffordshire University; Keele University; Appetite, The Cultural Sisters; Letting in the Light; Frontline Dance; Restoke and AirSpace gallery, and continues to support the creative endeavours of emerging artists and collectives such as PotBoiler Theatre, and Theatre 523.

Staffing

Mitchell Arts Centre reviews roles on a regular basis to strengthen the business and creative programme functions.

Financial review

Mitchell Memorial Youth Arts Centre Ltd has funds available to finance its activities. These are unrestricted funds expendable at the discretion of the Board in furtherance of the charitable company’s objects. Such funds may be designated by the Board for a particular project or purpose.

The Board recognises the need to establish a level of general reserves that enable financial stability, are adequate to meet the requirements of working capital and act as a cushion against fluctuations in income levels and in the financial performance of the charitable company’s activities. Such reserves are built up from operating surpluses.

The Board’s policy is that free reserves should be sufficient to manage the predominant risks to the organisation and its working capital requirements.

Having carried out a detailed review of the charitable company’s resources and the challenges presented currently, the trustees are satisfied that the charitable company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts.

Please refer to the SOFA, Balance Sheet and notes to the accounts for further information

Policy on reserves

The charitable company held fund balances at 31 March 2024 of £3,055,541 (2023: £5,109,750) comprising £32,485 (2023: £9,239) of restricted funds, £323,056 (2023: £319,026) of unrestricted general funds and £2,700,000 (2023: £4,781,485) of designated funds.

Free reserves (general unrestricted funds less fixed assets) stood at £307,997 (2023: £296,591)

The level of reserves the charitable company aims to accumulate would be the equivalent of six months of activity, which would be in the region of £170,000. This would be considered adequate by the Board for current short-term needs. The Board are exploring additional fundraising opportunities.

Page 6

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

Plans for future periods

Aims and key objectives for future periods

The trustees recognise the need to maximise the asset to deliver the income required to remain independent and to deliver the vision for the next three years. The trustees are implementing a number of plans compatible with our mission, which will generate the charitable company significant income in the future. These plans include a studio space for multipurpose use including small scale touring theatre, MAC’s own programme, Film screenings, rehearsal space, comedy acts etc and for the use of community groups. Other plans include exhibition gallery sales, an education workshop programme.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Anthony Munday Michael Norman Lloyd Paul Dobson Elizabeth Selina Bromley Robert Michael James (resigned 19 June 2024) Claire Louise Garner Lorraine Beardmore (resigned 18 May 2023) Sampson Ross Mitchell Edward Francis Slade Chairman: Sir Brian Edward Frederick Fender Secretary: Harriet Faye Louise Jackson

Structure, governance and management

Nature of governing document

The charitable company is governed by its constitution.

The charity is constituted as a company limited by guarantee by its Memorandum and Articles of Association. It is a charity registered with the Charities Commission.

Memorandum and atricles of association incorporated 15 November 2007 as amended by special resolution date 11 August 2010.

Recruitment and appointment of trustees

As set out in the Articles of Association, directors are nominated for election at the Annual General Meeting (AGM) of the charitable company by existing trustees and members. The Board of Trustees nominate the Chairperson of the directors. At the AGM one third of the Board must resign on rotation. A retiring trustee is eligible for re-election.

Page 7

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

Induction and training of trustees

New trustees undergo an orientation meeting to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charitable company. During the inductions process they meet key employees and other trustees.

Organisational structure

The Board of Trustees administers the charitable company and meets bi-monthly. The Board does not have a maximum number of trustees but has a minimum of three. A Director is appointed by the trustees to manage the day to day operations of the charitable company. To facilitate effective operations, the Director has delegated authority within terms approved by the trustees for operational matters including finance, employment and artistic performance related activity.

Major risks and management of those risks

Funding

Mitchell Arts Centre has had support from Stoke-on Trent City Council since its conversion to a charity, which has now ceased.

• Mitchell Arts Centre was successful in receiving a 2-year covering 19/20 and 20/21 funding agreement with Stoke on Trent City Council. Mitchell Arts Centre has been successful in receiving core funding for 21/22 and 22/23

• Given the funding difficulties of the Council there is a risk that this support will not be available in 2023-4.

• This risk is being mitigated by a diversification of self-generated income and new funding streams around an expanded educational programme.

• At the end of 2019-20 the MAC was closed in line with government guidelines to combat the Coronavirus outbreak. The MAC re-opened in July 2021 and audiences have returned at the expected rate.

Senior Recruitment

• Mitchell Arts Centre reviews roles on a regular basis to strengthen its business and creative programme Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charitable company.

Statement of trustees' responsibilities

The trustees (who are also the directors of Mitchell Memorial Youth Arts Centre Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

Page 8

Mitchell Memorial Youth Arts Centre Ltd

Trustees' Report

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

20/12/24 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

Sir Brian Fender

~~..................................~~ Sir Brian Fender (Dec 20, 2024 16:29 GMT) ....... Sir Brian Edward Frederick Fender Chairman

Page 9

Mitchell Memorial Youth Arts Centre Ltd

Independent Examiner's Report to the trustees of Mitchell Memorial Youth Arts Centre Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

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

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of VAST, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of Mitchell Memorial Youth Arts Centre Ltd as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

...................................... Daryl Denson ACMA VAST

Dudson Centre Hope Street Stoke-on-Trent ST1 5DD

20/12/24

Date:.............................

Page 10

Mitchell Memorial Youth Arts Centre Ltd

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income
Other recognised gains and losses
Gains/losses on revaluation of fixed assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
21		 Unrestricted
funds
£
750
538,261
96,508
2,552
638,071
(82,497)
(553,396)
(635,893)
2,178
(2,079,633)
(2,077,455)
5,100,511
3,023,056		 Restricted
funds
£
35,312
-
-
-
35,312
-
(12,066)
(12,066)
23,246
-
23,246
9,239
32,485		 Total
2024
£
36,062
538,261
96,508
2,552
673,383
(82,497)
(565,462)
(647,959)
25,424
(2,079,633)
(2,054,209)
5,109,750
3,055,541

The notes on pages 15 to 30 form an integral part of these financial statements. Page 11

Mitchell Memorial Youth Arts Centre Ltd

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
21		 Unrestricted
funds
£
90,000
466,694
102,565
453
659,712
(108,131)
(531,796)
(639,927)
19,785
19,785
5,080,726
5,100,511		 Restricted
funds
£
44,678
-
-
-
44,678
-
(40,028)
(40,028)
4,650
4,650
4,589
9,239		 Total
2023
£
134,678
466,694
102,565
453
704,390
(108,131)
(571,824)
(679,955)
24,435
24,435
5,085,315
5,109,750

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 21.

The notes on pages 15 to 30 form an integral part of these financial statements. Page 12

Mitchell Memorial Youth Arts Centre Ltd

(Registration number: 06418190) Balance Sheet as at 31 March 2024

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
17
Creditors: Amounts falling due within one year
18
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
21
Unrestricted income funds
Unrestricted funds
Total funds
21		 2024
£
2,715,059
3,000
31,366
349,938
384,304
(43,822)
340,482
3,055,541
32,485
3,023,056
3,055,541		 2023
£
4,803,920
3,000
10,547
339,339
352,886
(47,056)
305,830
5,109,750
9,239
5,100,511
5,109,750

For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 11 to 30 were approved by the trustees, and authorised for issue on 20/12/24 .................... and signed on their behalf by:

Sir Brian Fender

~~..................................~~ Sir Brian Fender (Dec 20, 2024 16:29 GMT) ....... Sir Brian Edward Frederick Fender Chairman

The notes on pages 15 to 30 form an integral part of these financial statements. Page 13

Mitchell Memorial Youth Arts Centre Ltd

Statement of Cash Flows for the Year Ended 31 March 2024

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
7
Investment income
6
Revaluation of investments
Working capital adjustments
Increase in debtors
16
Decrease in creditors
18
Increase in deferred income
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
14
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2024
£
(2,054,209)
10,282
(2,552)
2,079,633
33,154
(20,819)
(5,601)
2,367
9,101
2,552
(1,054)
1,498
10,599
339,339
349,938		 2023
£
24,435
10,433
(453)
-
34,415
(1,489)
(27,987)
9,841
14,780
453
(655)
(202)
14,578
324,761
339,339

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 15 to 30 form an integral part of these financial statements. Page 14

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Charity status

The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Mitchell Arts Centre Broad Street Hanley Stoke-on-Trent Staffordshire ST1 4HG

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Mitchell Memorial Youth Arts Centre Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Page 15

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Page 16

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £50.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Freehold interest in buildings 2% straight line Furniture, fixtures and fittings 15% straight line Computer equipment 20% straight line

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 18

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Grants, including capital grants;
Government grants
Grants from other charities		 Unrestricted
funds
General
£
-
750
750		 Restricted
funds
£
35,312
-
35,312		 Total
2024
£
35,312
750
36,062

Page 19

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Grants, including capital grants;
Government grants
4
Income from charitable activities		 Unrestricted
funds
General
£
90,000
90,000		 Restricted
funds
£
44,678
44,678		 Total
2023
£
134,678
134,678
Ticket sales
Programming
Hire of auditorium, dance studio and provision of educational facilities
Meeting room hire
Ticket sales
Programming
Hire of auditorium, dance studio and provision of educational facilities
Meeting room hire
5
Income from other trading activities
Trading income;
Sales of goods and services
Other income from other trading activities		 Unrestricted
funds
General
£
363,382
21,307
143,567
10,005
538,261
Unrestricted
funds
General
£
319,226
15,639
118,985
12,844
466,694
Unrestricted
funds
General
£
90,238
6,270
96,508		 Total
2024
£
363,382
21,307
143,567
10,005
538,261
Total
2023
£
319,226
15,639
118,985
12,844
466,694
Total
2024
£
90,238
6,270
96,508

Page 20

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Trading income;
Sales of goods and services
Other income from other trading activities
6
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
101,078
1,487
102,565
Unrestricted
funds
General
£
2,552
2,552
Unrestricted
funds
General
£
453
453		 Total
2023
£
101,078
1,487
102,565
Total
2024
£
2,552
2,552
Total
2023
£
453
453

7 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Licenses
Employment costs		 Unrestricted
funds
General
£
39,080
180
43,237
82,497		 Total
2024
£
39,080
180
43,237
82,497

Page 21

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Costs of goods sold
Licenses
Employment costs
8
Expenditure on charitable activities
Note
Programming - Employment costs
Programming - Performance costs
Programming - Ticket costs
Programming - Ticket Settlements
Theartre facilities - Building running
costs
Theartre facilities - Administration costs
Theartre facilities - Employment Costs
Theartre facilities - Consultancy fees
Depreciation, amortisation and other
similar costs
Governance costs
9
Note
Programming - Employment costs
Programming - Performance costs
Programming - Ticket costs
Programming - Ticket Settlements
Theartre facilities - Building running
costs
Theartre facilities - Administration costs
Theartre facilities - Employment Costs
Theartre facilities - Consultancy fees
Depreciation, amortisation and other
similar costs
Governance costs
9		 Note
Unrestricted
funds
General
£
37,078
8,323
16,023
296,454
47,954
59,249
67,762
8,771
10,282
1,500
553,396
Unrestricted
funds
General
£
32,027
5,456
9,957
249,375
93,843
53,103
69,519
4,133
10,433
3,950
531,796		 Unrestricted
funds
General
£
46,772
180
61,179
108,131
Restricted
funds
£
-
-
-
-
11,288
778
-
-
-
-
12,066
Restricted
funds
£
-
-
-
-
38,178
1,850
-
-
-
-
40,028		 Total
2023
£
46,772
180
61,179
108,131
Total
2024
£
37,078
8,323
16,023
296,454
59,242
60,027
67,762
8,771
10,282
1,500
565,462
Total
2023
£
32,027
5,456
9,957
249,375
132,021
54,953
69,519
4,133
10,433
3,950
571,824

Page 22

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

9 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Audit fees
Audit of the financial statements		 Unrestricted
funds
General
£
1,500
1,500
Unrestricted
funds
General
£
3,950
3,950		 Total
2024
£
1,500
1,500
Total
2023
£
3,950
3,950

10 Government grants

Stoke-on-Trent City Council £25,500 (2023: £128,178) National Heritage Fund £9,812 (2023: £6,500)

The amount of grants recognised in the financial statements was £35,312 (2023 - £134,678).

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

Page 23

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2024
£
93,228
2,879
1,892
97,999		 2023
£
112,638
3,478
1,858
117,974

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

charity during the year expressed as full time equivalents was as follows:
Fundraising and trading
Management and administration		 2024
No
3
2
5		 2023
No
4
2
6

No employee received emoluments of more than £60,000 during the year.

Page 24

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

13 Taxation

The charity is a registered charity and is therefore exempt from taxation.

14 Tangible fixed assets

Cost
At 1 April 2023
Revaluations
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
15 Stock
Stocks
16 Debtors
Trade debtors
Prepayments		 Land and
buildings
£
4,792,597
(2,079,633)
-
2,712,964
11,112
1,852
12,964
2,700,000
4,781,485		 Furniture and
equipment
£
93,888
-
-
93,888
72,516
7,719
80,235
13,653
21,372		 Furniture and
equipment
£
93,888
-
-
93,888
72,516
7,719
80,235
13,653
21,372		 Computer
equipment
£
19,785
-
1,054		 Total
£
4,906,270
(2,079,633)
1,054
2,827,691
102,350
10,282
112,632
2,715,059
4,803,920
2023
£
3,000
93,888 20,839
72,516
7,719		 18,722
711
80,235 19,433
13,653 1,406
21,372 1,063
2024
£
3,000
2024
£
29,037
2,329
31,366
2023
£
8,815
1,732
10,547

Page 25

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

17 Cash and cash equivalents

Cash on hand
Cash at bank
Short-term deposits
Other cash and cash equivalents		 2024
£
2,575
144,175
203,183
5
349,938		 2023
£
3,597
134,927
200,766
49
339,339

18 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Pension scheme creditor
Accruals
Deferred income
Deferred income at 1 April 2023
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2024
£
20,011
1,842
400
9,361
12,208
43,822
2024
£
9,841
-
(9,841)
-		 2023
£
22,469
3,291
343
11,112
9,841
47,056
2023
£
8,647
9,841
(8,647)
9,841

deferred income of £12,208 (2023: £9,841) which relates to income invoiced in advance relating to the 2024/25 financial year.

19 Obligations under leases and hire purchase contracts

The total value of future minimum lease payments was as follows:

The total value of future minimum lease payments was as follows:
Within one year
In two to five years		 2024
£
(1,320)
-
(1,320)		 2023
£
(1,320)
(1,320)
(2,640)

Page 26

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

20 Pension and other schemes

Defined contribution scheme

The charitable company operates a defined contribution scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund amounted to £1,892 (2023: £1,858). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date.

21 Funds

Unrestricted funds
General
General funds
Designated
Designated funds
Total unrestricted funds
Restricted funds
Kitchen project
ELS
Mayors Fund
UK Youth Generate Fund
National Heritage Fund
Partners on creative learning
Out of the Blue Fund
Anchor Grant
Total restricted funds
Total funds		 Balance at 1
April 2023
£
319,026
4,781,485
5,100,511
500
1,239
250
2,400
4,650
200
-
-
9,239
5,109,750		 Incoming
resources
£
638,071
-
638,071
-
-
-
-
-
-
9,812
25,500
35,312
673,383		 Resources
expended
£
(634,041)
(1,852)
(635,893)
-
-
-
-
(778)
-
-
(11,288)
(12,066)
(647,959)		 Other
recognised
gains/(losses)
£
-
(2,079,633)
(2,079,633)
-
-
-
-
-
-
-
-
-
(2,079,633)		 Balance at
31 March
2024
£
323,056
2,700,000
3,023,056
500
1,239
250
2,400
3,872
200
9,812
14,212
32,485
3,055,541

Page 27

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Unrestricted funds
General
General funds
Designated
Designated funds
Total unrestricted funds
Restricted
Kitchen project
ELS
Mayors Fund
UK Youth Generate Fund
Stoke-on-Trent City Council
National Heritage Fund
Partners on creative learning
Total restricted funds
Total funds		 Balance at 1
April 2022
£
297,389
4,783,337
5,080,726
500
1,239
250
2,400
-
-
200
4,589
5,085,315		 Incoming
resources
£
659,712
-
659,712
-
-
-
-
38,178
6,500
-
44,678
704,390		 Resources
expended
£
(638,075)
(1,852)
(639,927)
-
-
-
-
(38,178)
(1,850)
-
(40,028)
(679,955)		 Balance at 31
March 2023
£
319,026
4,781,485
5,100,511
500
1,239
250
2,400
-
4,650
200
9,239
5,109,750

Page 28

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

The specific purposes for which the funds are to be applied are as follows:

Unrestricted Funds

The general funds represent the unrestricted funds of the charity that are not designated for a particular purpose.

Designated Funds

The theatre building was transferred to Designated Funds as it is held by the charitable company for provision to the community in accordance with the charitable company’s charitable objects.

Restricted Funds

Kitchen Project

Funding from Stoke on Trent City Council to improve the cafes offer by converting a storage cupboard into part of the main cafe and installing an oven.

ELS

Funded by the Opportunities Area, MAC was successful in gaining a fund to run arts-based workshops over the academic year to 10 different schools.

Mayors Fund

Funds received to deliver make or bake activities in the Café, to be delivered to children under the age of 5 years old.

UK Youth Generate Fund

Funds received to deliver workshops to children between the ages of 11 and 15 years old within the Stoke on Trent area.

National Heritage Fund

The National Heritage fund is a fund to deliver a series of workshops surrounding the history of Reginald Mitchel and Stoke-on-Trent.

Out of the Blue Fund

Funding from The National Heritage fund for delivering a range of creative workshops to disadvantaged groups.

Anchor Grant

Funding from Stoke-on-Trent City Council for creating a black box theatre space for Mac to use for education and projects

22 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
15,059
2,700,000
351,819
-
(43,822)
-
323,056
2,700,000		 Restricted
funds
£
-
32,485
-
32,485		 Total funds at
31 March
2024
£
2,715,059
384,304
(43,822)
3,055,541

Page 29

Mitchell Memorial Youth Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
22,435
4,781,485
343,647
-
(47,056)
-
319,026
4,781,485		 Restricted
funds
£
-
9,239
-
9,239		 Total funds at
31 March
2023
£
4,803,920
352,886
(47,056)
5,109,750

23 Related party transactions

During the year the Charitable Company purchased goods and services totalling £7,687 (2023: £4,715) from Music Mania Limited, a company in which M Lloyd is the sole director. As at the 31 March 2024 £912 (2023: £612) was due to Music Mania.

During the year the Charitable Company had transactions in relation to ticket sales and hires totalling £44,841 (2023: £42,324) from M Lloyd Investments Limited, a company in which M Lloyd is the sole director. In addition, the Charitable Company made sales totalling £nil (2023: £6,452). As at 31 March 2024, £nil (2023: £nil) was due from or to M Lloyd Investments Limited. These transactions were all carried out on an arms' length basis.

During the year the Charitable company purchased services of £1,969 (2023: £2,906) from HJ Business Support, a business owned by H Jackson, the company secretary. As at 31 March 2024, £nil (2023: £750) was due to H Jackson.

Page 30

Mitchell Memorial Youth Arts Centre 2024 Accounts for signing

Final Audit Report

2024-12-20

Created: 2024-12-20 By: VAST Accounts (accounts@vast.org.uk) Status: Signed Transaction ID: CBJCHBCAABAA6JWyudkgXlFlJzAtyk5kYkD5kl2b55eY

"Mitchell Memorial Youth Arts Centre 2024 Accounts for signing" History

Document created by VAST Accounts (accounts@vast.org.uk)

2024-12-20 - 2:46:24 PM GMT- IP address: 82.31.1.14

Document emailed to Sir Brian Fender (fenderbrian1@gmail.com) for signature

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