Cornpany registration niimber". 06418190 Charity registration number.. 1138139 Mitchell Memorial Youth Arts Centre Ltd (A company limiied by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2025 Daryl Det]sot] ACMA Dudsot] Centre Hope Street Stoke-on-Treiit STI 5DD Mitchell Memorial Youth Arts Centre Ltd Contents Reference and Administrative Details Trustees, Report 2to5 Independent Examiner's Report Statement of Finat]cial Activities 7t08 Balance Sheet Statement of Cash Flows 10 Notes to the Financial Statements I I to26 Mitchell Memorial Youth Arts Centre Ltd Refer¢n¢¢ and Administrative D¢tails Chairrnan Sir Brian Edward Frederick Fender Trustees Anthony Munday Michael Norniall Lloyd Paul Dob50n Claire Louise Garner Sainpson Ross Mitchell Ha￿let Faye Louise Jackson Secretary Charity Registration Number 1138139 Company Registration Nu￿ber 06418190 Registered Office Mitchell Arts Centre Broad Street Hanley Stoke-on-Trent stsffordshire STI 4HG Independent Examiner Daryl Denson ACMA Dudson Ceiitre Hope Street Stoke-on-Trent STI 5DD Page I Mitchell Memorial Youth Arts Centre Ltd Trust¢¢s' Report The trustees. who are directors for the purposes of company law, present the aiinual report together with the financial 5tatement5 of the charitable cotnpany for the year ended 31 March 2025. Objectives and activities Objects aims As set out in the Memorandum of Association, the objeet of the tharitable company is.. .The promotion of education for all. with a preference to young persons under the age of 25 years, by means of artistic pr(Kluctions and aLtivities. .The promotion of artistic education for the benefit of the public, with a preference to young persons under the age of 25 years, by Ineans of concerts. recitals. drama prodiictions, film and other artistic media. e.xhibitions and festivals. •The maintenance, development and promotions of the Mitchell Memorial Youth Atts Cenire as a perforniing arrs centre for all people w'ith a preference to }'oung persons under the age of 25 years. fo provide or assist in the provision of facilities in the interesis of social welfare for the recreation or other leisure time occupaiion 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 L)r disability, financial hardship or social circllmsiances with the object of improving Iheir conditions of life. To develop and increase the high quality Cultiiral and community facilities of the Mitchell Arts Centre. To encourage an increased interest and pgrticipation in the broadest possible ran2e of arts activiiies. To build and engage new audiences with particular attention to the young and hard to reach communities. To promote the life-long benefiis of education by means of arts activities, to raise aspirations particularly for young persons. 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 ￿..it￿ local governinent. charitie5, not-for-profit organisations and the private sector. To be reco¥nized as exemplar Of ¥ood governance aiid busines5 mana¥einent, particularly iii respect of policies which undeTpin our value5, transparency and con5llltstion', respect for the environineiit aiid deliveriii lon¥ teTm value for Tnoney. Throu¥h the previou5 objectives. increase Mitchell Arts Centre's reputation and impact in North Staffordshire and beyond. Publlc benefll The trustees confimi that they have complied with Ihe 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 objeciives 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 thgt use and hire our faciliiies receive significantl}, subsidised rates and partnership opportiinities are offered. The charitable company delivers its objectives to encourage parti¢ipgtion in arts and ¢ulture for all with a prefeTei)ce to young persons under the age of 25 years. Page 2 Mitchell Memorial Youth Arts Centre Ltd Trust¢¢s' Report Vision Ti) be th¢ l¢ading exponent of the Arts in Stoke-on- Trent and the SUTrounding area. To encourage th¢ aspiration and creativity in youn£ people under 25 refle¢ting the values along with dedication that Rcginald Mitchcll brought to the design of the Spitfire. By en¢ouraging appreciation of and engagement with professional and amateur artistic activities to provide entertaininent, ediication. and social cohesion for local communities. Ke! 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 5trategFic aiins throiigh the following activities.. Events and activities a year-round Changing combined arts pmgramme of events and perfomiance aLcon)panied by talks, activities and events. Links with schools and educational establishments offering resources allied to the national currieulum in ordei to diversify and widen oiir engagement witl) people undei the age of 25. Coinmunity and ytsung people - sUPPOrting the work of amateui and voluntarylnot-for-profit theatre, dance, arts organisations and societies. Selt-generated income hire and cafe bar income boih CL)mmercially 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 pertomling arts. moving image. performance, contemporary art practice. live arts and emerging digital forms. Film fesiivals opportunities for emerging filmmakers from the West Midlands, including Stoke Your Fires Film Festival. u.se Of volunleers The volunteer5 to the Mitchell Arts Centre are the trustees who are not remunerated. Also, front of house volunteer5 and other operational voluntee[5 Financial review Puliry on reberve The chariiable compan5, held fund balances at i l March 2025 of £3,048,156 12024.. £3.055.541) coniprising £19,139 (2024.. £32.485) of resiricted funds, £328,837 (2024.. £323,056) of unrestricted general lunds and £2,700,000 (2024.. £2,700,000) of deSIgna￿d funds. Free reserves (general unrestricted funds less fixed assets) stood at £322.419 {2024'. £307,997) The level of reserves the charithble company aims ro accumulate would be the equivalent of six months of activity, which would be in the region of £170,000. This M'liuld be considered adequate by the Board for current short-temi needs. The Board are exploring additional fundraising opportunities. Trustees and officers The trustees and otyicers serving during the year and since the year end were as follows.. Page 3 Mitchell Memorial Youth Arts Centre Ltd Trust¢¢s' Report TTUStees'. Anthony Munday Michael Nornian Lloyd Paul Dobson Elizabeth Selina Bromley (resigned 20 Maich 2025) Robert Michael James (resigned 19 June 2024) Claire Louise Garner Samp501I R05s Mitchell Edward Francis Slade (resigned 25 November 2025) Chainnan.. Sir Brian Edward Frederick Fender Secreiary.. Harriet Faye Louise Jackson Structure? governance and mallagement lure ofgoiierning documenl The charitable company is governed by its constitution. The charity is constituted as a coinpany limited b}, guarante¢ by its Memorandum and Articles of A$s￿latiOn. It is a Charity registered with the Charities Commission. Memorandum and atri¢les of association incorporated 15 November 2007 as amended by sp￿la7 resolution date I l August 2010. Re¢rulimenl thpp0lrtln￿nI oftrusiees As set out in the Articles of Association, directors are nominated for election at the Annual General Meeting {AGMI of the charitable company by existing trustees and members. The Board of Trustees i)ominate the Chairperson of the direetors. At the AGM one third of the Board must resign on rotation. A retiring trustee is eligible for re-election. l￿d￿Cli0￿ findiraining ofiruslees New triistees undergo an orientation meeting to brief them on their legal obligations under charity and company la￿,, the content i)f the Memorandum and Articles of Association, the ¢ommittee and decision-making proces%es, the business plan ai)d receiit financial perfom]ance of the charitable company. Durii)b the inductions process they Ineet key employees and other t1115tees. Org￿￿/S￿lI01•tsls1r￿e1Mrt The Board of frustees adminisiers the charitable company and meets bi-monthly. The Board does not have a maximum number of trustees bui has a minimum of three. A CEO is appointed by the trustees to manage the da), to da}, L)perations of the charitable company. To facilitate effective operations, the CEO h&s delegated authority within temis approved b). the trustees flir operational matters including finance, employment and artistic perfomiance related activity. Page 4 Mitchell Memorial Youth Arts Centre Ltd Trust¢¢s' Report Mffijor risks andnianagemenl vfihose risk5 Risk Assesmenl A risk a5sesment wa5 caried out by the Charitable Company durin¥ the period Mitchell Arts Centre has had SUPPLin from Stoke-on Trent Ciry Council since its conversilin tl) a charity, which has nLlW ceased. This risk is being mitigated by a diversifi¢ation of self-generated income and new funding streams around an expanded ediicational pro£ramme. During the year grant funding was sourced from an number of sources (see note 20 for fiirther inforniation) Senior Recrz4ilment Mitchell Arts Centre reviews roles on a regular basis to strengthen its business and creative prograinme Int¥rnal iisks are Ininimised by the iinpltn)entation of proctduies for authori5ation of all transactions and projtcts to ensure consisttnt quality of delivtry for all tsperational aspects of the charitable con)pany. These proceduies are periodically reviewed to ensure that they still n)eet the i)eeds of the cl)aritable company. Small eornpanies provision Statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 19112125 . and Signed on its behalf by.. Sir Brian Edward Frederick Feiider Chaitinan Page 5 ## **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 2025. ## **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 ofmy 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 STl 5DD ## **19/12/25** Date: ............................ . Page 6 Mitchell Memorial Youth Arts Centre Ltd Statement of Finaneial Attivities for the Year Ended 31 Mareh 2025 (Ineluding Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Unrestricted funds Restricted funds Total 2025 Note Income and Endowments from: Donations and legacies Charitable activities Other trading aciiviiies InvestTnent incotne 79,153 79,153 568,208 97,035 3,09i 568,208 97,035 i.09i Total income 668,336 79,15i 747,489 Expenditure on: Rai5in¥ funds Charitable activities (65,202) {597,353) (65.202} {689,672) (92,319) Total eXpendi￿re {66? 555) (92,319) (754,874) Net in¢omel{exp¢nditur¢) 5,781 (13,166) 17,385) Net mov¢m¢nt in fvnds 5,781 (13,166) {7,385} Reeoneiliation of funds Total ￿ndS brought forward 3,02i,056 32,485 3,05i,541 Total ￿lldS catTied fonvard 20 i,028.837 19,319 3,048,156 The notes On pages I I to 26 form an integral part of these financial statements. Page 7 Mitchell Memorial Youth Arts Centre Ltd Statement of Finaneial Attivities for the Year Ended 31 Mareh 2025 (Ineluding Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Other trading aciiviiies InvestTnent incotne 750 538,261 96,508 2.552 i5,312 36,062 538,261 96,508 2,552 Total income 638,071 i5,312 673,38i Expenditure on: Rai5in¥ funds Charitable activities (82,497) {553,396) (82.497} {565,462) (12,066) Total eXpendi￿re {635,893) (12,066) (647,959) Net income 2,178 25,424 Other recognised gains and 1055es Gainsllosses on revaluation of fjxed assets 2,079,633 2.079,633 Net movement in fvnds {2,077,455) 23,246 (2,054,209) Reconciliation of funds Total funds brought forward 5,100.511 9,239 5,109,750 Total funds carried fonvard 20 J.023.056 i2,485 J.055,541 All of the charity's aciiviiies derive from continuing operaiions during the above two periods. The funds breakdown for 2024 is shown in note 20. The notes On pages I I to 26 form an integral part of these financial statements. Page 8 ## **Mitchell Memorial Youth Arts Centre Ltd** ## **(Registration number: 06418190) Balance Sheet as at 31 March 2025** |||**2025**|**2024**| |---|---|---|---| ||**Note**|£|£| |**Fixed assets**|||| |Tangible assets|14|2,706,418|2,715,059| |**Current assets**|||| |Stocks|15|3,000|3,000| |Debtors|16|28,247|31,366| |Cash at ban and in hand|17|364,432|349,938| |||395,679|384,304| |**Creditors: Amounts flling due within one year**|18|(53,941)|(43,822)| |**Net current assets**||341,738|340,482| |**Net assets**||3,048,156|3,055,541| |**Funds of the charity:**|||| |**Restricted income funds**|||| |Restricted fnds|20|19,319|32,485| |**Unrestricted income fnds**|||| |Unrestricted fnds||3,028,837|3,023,056| |**Total fnds**|20|3,048,156|3,055,541| For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 7 to 26 were approved by the trustees, and authorised for issue on .!-.Q/.l?/7.L ...... and signed on their behalf by: Sir Brian Edward Frederick Fender Chairman The notes on pages 11 to 26 form an integral part of these fmancial statements. Page 9 ## **Mitchell Memorial Youth Arts Centre Ltd** ## **Statement of Cash Flows for the Year Ended 31 March 2025** |||**2025**|**2024**| |---|---|---|---| ||**Note**|**£**|**£**| |**Cash fows fom operating activities**|||| |Net cash expenditure||(7,385)|(2,054,209)| |**Adjustments to cash fows fom non-cash items**|||| |Depreciation|7|10,355|10,282| |Investent income|6|(3,093)|(2,552)| |Revaluation of investments|||2,079,633| |||(123)|33,154| |**Working capital adjustments**|||| |Decrease/(increase) in debtors|16|3,123|(20,819)| |Increase/( decrease) in creditors|18|3,973|(5,601)| |Increase in defred income||6,146|2,367| |Net cash fows fom operating activities||13,119|9,101| |**Cash fows fom investing activities**
Interest receivable ad simila income
Purchase of tangible fxed assets|6
14|3,093
(1,708)|2,552
(1,054)| |Net cash fows fom investing activities||1,385|1,498| |Net increase in cash ad cash eqivalents||14,504|10,599| |Cash ad cash eqivalents at 1 April||349,938|339,339| |Cash ad cash eqivalents at 31 Mach||364,442|349,938| All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 11 to 26 form an integral part of these fmancial statements. Page 10 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 I Charitv status The charity is limited by guarantee. incorporated in and consequcntly does not have shgre capital. Each of the trustee5 is liable to contribute an amount not exceeding £10 towards the asset5 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 STI 4HG 2 Aeeounting policies Sumrnary of significant accounting policies and key accounting estimates The principal accouniing policies applied in the preparaiion of these financial siaiements are sei out below. These policies have been consisiently applied to all the years presented. unless oiherwise 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 IFRS 1021) {issued in October 2019} (Charities SORP IFRS 10))), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Aci 2006. Basis of preparation Mitchell MeTnorial Yoiith Arts Centre Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transartion value unless Qtherwise stated in the relevant a¢counting policy notes. Going eoneern '[ lic trnstees consider that there are no material uncertainties abolit the charity's ability to continue gs a going concem nor any significant areas of uncertainty that affect the catrying value of assets held by the charity. Income and endowments All income is recog511ised once the charity has entitleineiit to the income, it is probable that the income will be received [￿d the Eunount of the income receivable can be ineasured reliably. Gronts reeelv&ble Grants are recognised when the charity has an entiilement to the funds and any CL)nditions linked to the grants have been met. Where performance conditions are attached to the grant and are )wet to be met, the income is recognised as a liability. and included on the balance sheet as deferred income to be released. Page 11 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Deferrgd illcome DefeTred income represents amounts received for ￿tUre periods and 15 released to incotning resources in the period for which, it has been received. Such incoine is only deferred when.. The donor specifies that the grant or doiiation Inust only be used in future accounting periods; or The donor has imposed conditions which mugt be met belore the charity has unLonditional entitlement. Inveslnienl inconie Dividends are recognised once the dividend has been declared and noiification h&s been received of the dividend due. Expenditure All expenditure is re¢ognised once there is a legal or constructive obligation to that expenditur¢, it is probable settlement is required and the ami)iint can be measured reliably. All costs are allocated to the applicable expenditure hcading that aggregaie similar costs to that ¢ategory. Where costs cannot be dire¢tl}' attributed to particular headings they have been allocated on a basi% consistent with the use of resoiirces, with ¢¢ntrdl staff cost5 allocated on the basis of time spent, and depreciation chargFes allocated on the portion of the asset's use. Other 5UPPOrt costs are allocated based on the spread of staff costs. Ral&lrtgftsiids These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities thai raise funds. Cliqriloble a¢livilies Charitable expendi￿re comprise% those costs inciirred by the ¢harity in the delivery of its activities gnd services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature iiecessary to support thein. Support eosts Support costs iiiclude centTal functions and have been allocated to activity cost categories on a basis consistent 'ith the use of resources. for example, allocating property costs by floor area5, or per capita, stsff costs by the time spent and other costs by their usage. Governance Costs These include the costs attributable to the charitv's coinpliance with constitutional and statutory requirements, including audit, strategic management ai)d trustees ineetii)gs and reimbuTsed expenses. Government grants Governn)ent gn)nts are recognised based oli the accrual Inodel and are measured at the fair value of the asset received or receivable. Grants ale Lla5silied as relatiii¥ either to revenue or to assets. Grants relating to revenue are recognised in inclime over the period in which Ihe relaied costs are recognised. Grants relating to assets are recognised over the expecied useful life of Ihe assei. Where part of a grant relating to an asset is deferred. it is recognised as deferred income. Page 12 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 TaAation The charity is considered to pass the tests set out in Paragraph I S¢hedule 6 of the Finance Art 2010 and thcrcfore it meets the definition of a charitable ci)mpany for UK corporation tax purpo%es. Accordingly, the charity is potentially exempt from taxation in respect of income or capitsl gain% received within categaries covered by Chapter 3 Part I l of the Corporation Tax Art 2010 or Section 256 of the Taxation of Chargcabl¢ Gains Act 1992, to th¢ extent that such income or gains are applied ¢x¢lu5ively to ¢haritable 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 impaitThent 105ses. Depreciation and amortisation Depreciatioii is provided 011 tangFible fixed assets so as to WTite off the cost or valuation, less any estimated residual value, over their expected useful economic life as follo￿'S.. Asset class Freehold interest in buildings Furnitiire, fixtiires and fittings Computer equipment Depreciation method and rate 20/0 Straight line 150/0 Straight line 200/0 Straight line Research and development Research and developmeni expenditure is written off as incurred. Sttsek Siock 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. Cosi is determined using the first-in, first-out {FIFO). Tr#dc dcbttsrs -Frade debtors are amounts due from customers for merchandise sold or services perfomied in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are 5ub5equently measured at atnortised cost usijig the effective interest method, less provision for impaim]ent. A provi5ioiI for the impaiTment 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 equivalei)ts comprise cash on hand and call dep05lts, and other 5hort-terni highl}. liquid investments thdt are readily Lonvertible to a known amount of cash and are subject to an iiisi¥nifILi￿t risk of change iii value. Page 13 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Trade ereditors '[ rade creditnrs are obligations to pay for goods or services that have been acquir¢d in the ordinary ¢ourse of hu%iness from suppliers. Accounts pa}'able are cla8%ified as ciirrent liabilities if the ¢harity does not have an uncanditional right, at the ¢nd of the reporting perii)d, to defer settl¢ment of the creditor for at leasi t￿,elve months after the reporting date. If there is an unconditional right to defer %ettlement for at least ￿￿'¢Ive mi)nths after the reporting date, they are presented as non-current liabilities. Trade creditors are recogni5ed initially at the transaction price and 5ub5equently measured at ainortised cost using the effective interest method. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing bo￿oWIng5S are subseqiiently Ca￿led at amortised cost, with the difference between the proceed5, net of transaction cost5, and the amount due on redemption being recogFnised as a charuFe to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is reeognised 01) the basis of the effective interest method and is ineluded in interest payable and similar charges. Borr0￿.1ngS are classified as current liabilities unless the charity has an unconditional right ro defer settlemeni of the liability for at least Iwelve mlinths after the reporting da￿. Fund Structure Unrestricied income funds are general funds that are available for use ar the trustees discretion in furtherance of the objectives of the charitv. Restrictcd income funds are those donated for use in a panicular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post retirement obli2ations Thc charity opcrates a defincd contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension flind and the charity has iio legal or constructive obligation to pay fiirther contributions even if the fund doe5 not hold Sufficient assets to pay all ertjployees the benefits relating to emplovee Service iii the cutTent and prior periods. Contributions to defined contribution plan5 are reco¥ni5ed in the Statement of Financial Activities when they are due. If contribution payment5 exceed the coi)tribution due for service, the excess is recogni5ed as a prepayment. Financial in51rumentS Clfjs5ificutio Fii)ancial assets and financial liabilities are recognised when the chariry becomes a parry to the coniraciual provisions of the instrument. Fii)ancial liabilities and equity instruments are classified according to the substance of the coniraciual arrangements entered into. An equity ii)strument is any contract that evidences a residual ii)teresi in the assets of the chariiy after deducting all of its liabilities. Page 14 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 ReLognilioR undmeasuremenl All financial assets and liabilities are initially inea5ured at transaction price (including transaction costs), except for those financial assets classified as at fair value throuiwh profit or loss, which are initially inea5ured at fair value (which is notinally the transactioii price excluding transaction cost5). unles5 the arrangement con5titute5 a Iinancing transaction. If an arrangement constitutes a finanLing 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 siinilar debt instrument. Financial assets and liabilities are only offset in the stateinent 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 b&sis. or to realise the asset and settle the liability Simultaneo￿$1Y. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are seitled, b) the charity transfers to another party substantiallv all of ihe risks and rewards of Ol￿nerShIp of the financial asset. or c) the charity. despite having retained some. but not all. significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only ￿'hell the obligation specified in Ihe contract is discharged, cancelled or expires. Jnve51men15 Investments in iion401)vertible preference sharts and non-puttable ordinary or preftrei)¢e shares (where shares are publicly traded or theii fail value is reliably ineasurabltl are measured at fair value through prtsfit or loss. Where fair value Cannot be Ineasured reliably, investments are n)easured at Cost less impaiment. Investments in subsidiaries and associates ale measured at cost less impaimient. For investments in subsidiaries acquired for consideration including the issue of shares qualify'ing for merger relief, cost is measured by reference to the noininal value of the shares issued plus fair value of other consideration. Any premium is ignored. Fair value measuremenl The best evidence of fair value is a quoted PTiCe for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transactioii for an identical asset provides evideiice of fair value a5 long as there has iiot beeii a significant change in econoTnic circumsta]ices or a significant lapse of time siiice the trdll5action took place. If the market 15 not active and recent trdnsactions of an identical asset on their owi are not a good estimate of fair value: the fair valiie is estimated by using a valuation technique. 3 Incorne frorn donations and leg8cie$ Restricted funds Total 2025 Grants, including capital grants., Government grants Grants from other charities 49,140 30,013 49,140 30,013 79,153 79,153 Page 15 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Unrestricted fund5 General Restricted fund5 Total 2024 Grants, illclllding Capital grants., Government grants Grants from other charities 35,312 35,312 750 750 750 i5,312 i6,062 4 Incorne from charitable activitie5 Unrestricted funds General Total 2025 Ticket sales Pro¥ranimiii¥ Hire of aiiditoriurn. dance studio and provision of educational facilities Meeting room hire 379.543 19,9i8 148,782 19,645 379,843 19,938 148,782 19,645 568 ?08 568,208 Unrestricted fund5 General Total 2024 Ticket sales Programming Hire of auditorium. dance studio and provision of educaiional facilities Meeting room hire 363,382 21,307 143.567 10,005 363,382 21,307 143,567 10,005 538,261 538,261 5 Incorne from other trading activities Unrestricted funds General Total 2025 Tradin¥ income; Sales of goods and setvices Other income from other trading activities 95,52i 1,512 95,52i ,512 97,035 Page 16 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Unrestricted fund5 General Total 2024 Trading income. 8al¢s of goods and services Other income from other trading activities 90,238 0,270 6,270 96,508 96,)08 6 Investment income Unrestricted funds General Total 2025 Interest receivable and similar income; Interest receivable on bank deposits 3,09i 3,09i 3,093 3,093 Unrestricted fund5 Genernl Total 2024 Interest receivable and similar income., Interest receivable on bank deposits 2,552 2,552 2,552 2.552 7 Exptnditure ott raising funds a) Costs of trading activities Unrestricted fund5 Genernl Total 2025 Note Costs of goods sold Employment costs 38,686 26,516 38,686 26,516 65,202 65,202 Page 17 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Unrestricted fund5 General Total 2024 Note Costs of goods sold Licen%es Employment costs i9,080 180 43,237 39,080 180 43,237 8 Expenditure otl charitable activities Unrestricted lunds General Restrieted funds Total 2025 Note Prograniming- Employment costs Pro¥raminin¥- Perfonnance costs Programming- Ticket costs Programming- Ticket Settlements Theanre faciliiies Building running costs Theanre faciliiies Administration costs Theanre facilities - Employment Costs Theartre lacilities Consultancy fees Depreciation. atnortisation and other Similar costs 49.351 7,17i 13,367 305,742 49,351 7,173 13,367 305,742 76,331 76,331 55,920 73,380 4,240 73,380 4,240 10.349 1,500 10,349 1.500 92,319 Governance cost5 Grant Exprnditure 92,319 597,35) 92,319 689,672 Unrestricted fund5 General Restricted fund5 Total 2024 Note Page 18 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Unrestricted fund5 General Restricted fund5 Total 2024 Note Programming - Employment costs Prograinming - Performance Costs Programming Tickei costs Programming- ficket Settlements Theartre lacilities Building running Losts i7,078 8,323 16,023 296.454 37,078 8,323 16,023 296,454 47.954 59,249 67,762 8,771 11,288 778 59,242 60,027 67,762 8,771 Theartre facilities Adinini5tration costs Theartre facilities - Employment Costs Thcanre facilities Consultancy fees Depreciation, amortisation and other similar costs Governance costs 10,282 1,500 10,282 1,500 553,i96 565,462 9 Analysi5 of governance and 511pport COSt5 Governance costs Unrestricted funds General Total 2025 Independent examiner fees Examination of the financial staten)ents I,iOO 1,500 1,500 1,500 Unrcstricted funds General Total 2024 Indepeiideiit eXa￿li]er fees Examination of the financial statements 1,500 1,500 1,500 1,500 Page 19 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 10 Government grants Natii)nal Li)ttery Commiinity Fund £49,140 (2024.. £nil) Stoke-on-Trent City Council £nil (2024.. £25,500) National Heritag5e Fund £nil (2024.. £9,812) The amount of gjrants recognised in the financial statements was £49,140 {2024- £35,312). I l Trustees remuneration and exp¢ns¢5 No trustees. nor any persons connected with them, have received any iemuneration from the charity during the }'ear. No irustees 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.. 2025 2024 Staff cost5 during the year were: Wages and salarics Social security costs Pension costs 138,227 5,588 2.755 93,228 2,879 1,892 146,570 97,999 The monthly average number of persons (including senior management I leadership team) employed by the chariry during the yegr expressed as full time equivalents was as follows.. 2025 No 2024 No Fundraising and trading Management and administration No employee received emoluments of more thgn £60,000 diiring the year. Page 20 ## **Mitchell Memorial Youth Arts Centre Ltd** ## **Notes to the Financial Statements for the Year Ended 31 March 2025** ## **13 Taxation** The charity is a registered charity and is therefore exempt from taxation. ## **14 Tangible fixed assets** |**14 Tangible fxed assets**||||| |---|---|---|---|---| ||**Land and**|**Furniture and**|**Computer**|| ||**buildings**|**equipment**|**equipment**|**Total**| ||**£**|**£**|**£**|**£**| |**Cost**||||| |At 1 April 2024|2,712,964|93,888|20,839|2,827,691| |Additions||1,053|655|1,708| |At 31 Mach 2025|2,712,964|94,941|21,494|2,829,399| |**Depreciation**||||| |At 1 April 2024|12,964|80,235|19,427|112,626| |Chage fr the yea|1,852|7,877|626|10,355| |At 31 Mach 2025|14,816|88,112|20,053|122,981| |**Net book value**||||| |At 31 Mach 2025|2,698,148|6,829|1,441|2,706,418| |At 31 Mach 2024|2,700,000|13,653|1,412|2,715,065| |**15 Stock**||||| ||||**2025**|**2024**| ||||**£**|**£**| |Stocks|||3,000|3,000| |**16 Debtors**||||| ||||**2025**|**2024**| ||||**£**|**£**| |Trade debtors|||27,209|29,037| |Prepayments|||1,038|2,329| ||||28,247|31,366| Page21 ## **Mitchell Memorial Youth Arts Centre Ltd** ## **Notes to the Financial Statements for the Year Ended 31 March 2025** ## **17 Cash and cash equivalents** |**17 Cash and cash equivalents**||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Cash on had|4,405|2,575| |Cash at ba|153,726|144,175| |Short-ter deposits|206,198|203,183| |Other cash ad cash eqivalents|103|5| ||364,432|349,938| ## **18 Creditors: amounts falling due within one year** |**18 Creditors: amounts flling due within one year**||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Trade creditors|25,166|20,011| |Other creditors|1,798|1,842| |Pension scheme creditor|636|400| |Accruals|7,987|9,361| |Defred income|18,354|12,208| ||53,941|43,822| ||**2025**|**2024**| ||**£**|**£**| |Defred income at 1 April 2024|12,208|9,841| |Resources defred in the period|18,354|12,208| |Amounts released fom previous periods|(12,208)|(9,841)| |Defred income at yea end|18,354|12,208| ## **19 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 £2,755 (2024:£1,892). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date. ## **20 Funds** |**20 Funds**||||| |---|---|---|---|---| ||**Balance at 1**|**Incoming**|**Resources**|**Balance at 31**| ||**April 2024**|**resources**|**expended**|**March2025**| ||**£**|**£**|**£**|**£**| |**Unrestricted funds**||||| |**_General_**||||| |General fnds|323,056|668,336|(662,555)|328,837| Page 22 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Balance at I April 2024 Incoming resources Resource5 expended Balance at 31 March 2025 Designuled Designated funds 2,700.000 2,700.000 Total unrestricted funds 3,023,056 668.336 662,555 3,028,837 Restrieted funds Kitchen project ELS Mayot5 Fund UK Youth Generate Fund National HeritagFe Fiind Out of the Blue Fund Partners on creative learning Anchor Grant Community Lottery Garfield Weston The Hubb Foundatioii Arts for Action 500 1.239 250 (500) (1,239) 250 2,400 3,872 9,812 200 14,212 12.400} li.872} (9,812) 200 (10,680) 29,049 500 (24,892) (20,091) (9,500) (15,950) I I,000} 13,063 49,140 l O.(KJO 15,950 1.000 3,063 Tesco Total restricted funds 32,485 79,153 92,319 19,319 Total funds 3.055,541 747,489 {754.874} i.048,156 Page 23 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 Other recognised gainsl{1055es) Balance at 31 March 2024 Balance at I April 2023 Incoming resources Re50uree5 expended Unrestricted funds Gener￿1 General funds 319,026 638,071 (634,041) 323,056 DesigNdled Designated funds 4,781,485 (1,852) (2,079,633) 2,700,000 Total unrestricted funds 5,100,511 638,071 (635,893) (2,079,633) 3,023,056 Restrieted Kitchen project ELS Mayor5 Fuiid UK Yoiith Generate Fund National Heritage Fund Out of the Blue Flind Partners on creative learning Anchor Grant 500 1,2i9 250 500 1,239 250 2,400 4,650 2,400 3,872 9,812 200 14,212 (778) 9,812 200 25.500 111.288) Total re$trieted funds 9,2i9 i5.312 11?,066) 32,485 Total funds 5,109,750 67i,383 (647,959 (2,079,633) 3.05i,541 Page 24 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 The specific purposes for which the funds are to be applied are as fLIIIows'. Unrestricted Funds The general funds represent the unresiricted 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 chariiable 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 Opportiinitics Area, MAC was success￿1 in gaining a fund to run arts-based workshops over the academic year to 10 different school5. Mayor5 Fund Funds received to deliver tnake or bake activities in the Cafe, to be delivered to childreii under the age of 5 years old. UK Youth Generate Fund Funds received to deliver workshops to childrei) between the ages of I l and 15 years old within the Stoke on Trent area. National Heritsge Fund The National Heritage fund is a fund to deliver a series of workshops surrounding the history of Reginald Mitchel and Stoke-on-frent. Out of the Blue Fund Funding from The National Heritage fund for delivering a range L)f 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 Hubb Foundation Supporting children in performance WOTkshops Tesco Supporting MAC workshops for children in Stoke on Trent Coinmunitr), days fiinding Supporting disabled groups in stoke on trent thTou¥h accessible filin and craft wrokshop5. Art of Action - BFI fund Fuiidiiig for delivering Buster Keaton filn15 to schools with live niusic Page 25 Mitchell Memorial Youth Arts Centre Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2025 21 Analvsis of net assets between funds Total funds at 31 March 2025 Unrestri¢¢ed fund5 General Designated Restricted fund5 Tangible fixed assets Curreni assets Current liabilities 6,418 376.360 {53.941) 2,700,000 2,706,418 395,679 (5J,941 } 19,319 Total net assets 328,837 2,700.000 19,319 3.048,156 Total funds at 31 March 2024 Unrestricted fund5 General Designated Restricted funds Tangible fixed assets Current assets Current liabilities 15,059 351,819 43,822 2.700,000 2.715,059 i84,304 43,892 i2,485 Total net assets 323,056 2.700,000 J.055.541 22 Related party transactlOllS During the year the Charitable Company purchased goods and services totalling £6,036 (2024.. £7,687) from Music Mania Limited. It also had transaciions in relation to ticket sales and hires iotslling £10,270 (?024..£13,344) with Music Mania Limited, a company in which M Lloyd is the sole director. As at the 31 March 2025 £912 (2024.. £912) was due io Music Mania and £2,730 (2024..£nil) was due from Music Mania. During the )'ear the Charitable Compan}. had transactions iii relation to ticket sale5 and hires totslling £39,945 {2024.. £44,841) from M Llo)'d Investtneiits Limited, a company in which M Lloyd 15 the sole director. As at 31 March 2025, £nil {2024..£nil) ￿2S due from or to M Lloyd Investments Limited. These transactions were all carried oiit on an arnis, length basis. Page 26 MMYAC Accounts 25 Final Audit Report 2025-12-19 Created.. 202&12-19 By.. VAST Accounts lacwunls@vasl.org.ukl Sl8lus'. Signed Tr8nsaclion ID.. CBJCHBCA4BAAtJCg9uGOfjlgzQVCrt