OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Mill Arts Centre Trust (A Charitable Incorporated Organisation) Registered Charity No: 1165998

Trustees' Report and Financial Statements For the Year Ended 31 March 2021

Mill Arts Centre Trust

Contents

Page
Reference and Administrative Details 1
Trustees' Report 2 - 13
Statement of Trustees' Responsibilities 14
Independent Examiner's Report 15
Statement of Financial Activities 16
Comparative Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements, incorporating:
Accounting Policies 20 - 24
Other Notes to the Financial Statements 25 - 31

Mill Arts Centre Trust

Reference and Administrative Details For the Year Ended 31 March 2021

Trustees

Gwen Van Spijk (Chair) Karen Warren Barbara Baseley-Smith Louise Norton Cllr Andrew McHugh

Senior Management Team

Artistic Director & Joint CEO Georgia Bradley (Maternity Leave until 14-02-21) Executive Director & Joint CEO Andrew Lister (Interim CEO until 14-02-21) Secretary Andrew Lister Charity Number 1165998 Registered Office and The Mill Arts Centre Trust Business Address Spiceball Park Road Banbury Oxfordshire OX16 5QE Principal Bankers Yorkshire Bank 7 Gold Street Northampton NN1 1EN Independent Examiner Andrew C Jones, CA(Aus), FCA Cooper Parry Group Limited Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA

Page 1

Mill Arts Centre Trust

Trustees’ Report For the Year Ended 31 March 2021

TRUSTEES REPORT

The Trustees present their annual report together with the financial statements of the charitable incorporated organisation for the year ended 31 March 2021.

The financial statements comply with the Charities Act 2011, the charity’s Constitution and 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 issued in October 2019 (Charities SORP 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is a charitable incorporated organisation, registered with the Charity Commission for England and Wales on 11 March 2016.

The Charity’s constitution is the primary governing document of the charity.

Details of the Trustees who served throughout the year are included in the Reference and Administrative details on page 1.

Members’ Liability

In the event of the charity being wound up, the Members have no liability to contribute to at the assets of the trust and no personal responsibility for settling its debts and liabilities.

Trustees’ Indemnities

In accordance with normal commercial practice, the charity has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on charity business. The insurance provides cover up to £1,000,000.

Method of Recruitment or Appointment or Election of Trustees

The charity’s constitution specifies that the number of Trustees shall not be less than 3 and not more than 12. All Trustees are appointed for a 3 year term except for the Chair of Trustees who is appointed for a 4 year term. Subject to remaining to be eligible to be a Trustee, any Trustee can be re-appointed or reelected.

The board of Trustees consider nominations for any new Trustee who can make a valuable contribution to the strategy and management of the charity, with any appointments of new Trustees being approved at a meeting of the Board of Trustees.

Page 2

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

Policies and Procedure adopted for the Induction and Training of new Trustees

All Trustees received a general introduction to the charity, its organisation, structures and employees. They are provided with copies of policies, procedures, minutes, accounts, budgets, plans and other documents they will need to undertake their role as Trustees. As there are normally only a few new Trustee appointments each year, induction tends to be done informally and is tailored specifically to the individual. Advantage is taken of specific courses offered by various external organisations as appropriate.

A bespoke governance development program is operated throughout the year which allows Trustees to meet informally as a team for training, to keep the Trustees updated on relevant developments impacting on their roles and responsibilities, and to contribute to the strategic leadership and direction of the charity.

Organisational Structure

The Board of Trustees are responsible for the overall governance of the charity. They set the general strategy and business plans for the charity, approve an annual budget, monitor performance against the plans and budgets and make major decisions about strategy, charity development and senior staff appointments.

The Trustees policy is to meet at least 6 times each year. However, Trustees have also established a Finance sub-committee for the purposes of undertaking the in-depth management of the financial, risk and resource aspects of the governance of the charity. The Board of Trustees appoint the members to this subcommittee.

This sub-committee has continued to meet monthly throughout the year in undertaking their respective responsibilities as set out in their respective terms of reference as agreed by the Board of Trustees.

The Trustees have delegated the day-to-day management of the Trust to the Executive team, comprising the Artistic Director/Joint CEO and Executive Director/Joint CEO. During the period of maternity leave of the Artistic Director/CEO from January 2020 to February 2021 the Executive Director acted as Interim CEO.

During the year, the Trustees have also monitored application of the Charity Governance Code and how the charity’s current governance structure meets the best practice principles set out in Code. The Trustees are satisfied that they have applied all the material best practice requirements of the Code and have maintained a plan to ensure all remaining areas of best practice are implemented over the next 12 months as follows:

Page 3

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

Arrangements for Setting Pay and Remuneration of Key Management Personnel

The Trustees consider the Board of Trustees and the executive team to comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All Trustees give of their time freely and no Trustee received any remuneration in the current or prior year. Details of Trustees’ expenses are disclosed in note 24 to the financial statements.

The pay of the executive team is reviewed annually in line with the charity’s pay and remuneration policy and by reference to remuneration levels for similar sized charities in the sector.

Related Parties and Other Connected Charities and Organisations

The Mill Arts Centre building is owned by Oxfordshire County Council and leased to the Trust on a peppercorn rent. In addition, Oxfordshire County Council provides facilities management and supply of utilities to the Trust as support in kind.

Cherwell District Council supports the Trust through an annual public subsidy of £171,000. An officer of the council sits as an observer on the Board of Trustees to oversee application of these funds.

OBJECTIVES AND ACTIVITIES

Objects and Aims

The principal objects of the charity, as set out in its Constitution, are to:

The key aims of the charity are summarised below:

Page 4

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

Objects and Aims (continued)

The key priorities are contained in the charity’s 5-year strategic plan. The strategic plan is reviewed annually by the Trustees and the key actions for each year are set as a result of this review.

However in light of the ever-evolving exceptional situation arising from the pandemic, the immediate priority actions for the charity for the year ended 31[st] March 2021 were updated as follows:

Re-engaging with Audiences

Page 5

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

Re-engaging with Audiences (continued)

Supporting Staff, Artists and Communities

Preparing for The Future

Public Benefit

The Trustees confirm that they have complied with the requirement in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit in exercising their powers and duties. They have referred to this guidance when reviewing the charity’s objects and aims and in planning its future activities and are satisfied that the charity’s activities comply with this guidance and are of public benefit.

Page 6

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE

As is evidenced by the objectives identified above, the charity continues to evolve and to adapt to the ever-changing sector in which it operates. The charity is committed to continual improvement which is achieved in a number of ways; including improvement planning, review meetings, beneficiary feedback, continual professional development, performance management, self-evaluation, data analysis and action planning.

The particular highlights for the charity during the otherwise extraordinarily challenging year ended March 2021 were as follows:

NOTABLE CHALLENGES

Page 7

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

NOTABLE CHALLENGES (continued)

FINANCIAL REVIEW

2020-21 saw the Trust return an overall net surplus of £41,549 to end the year with a combined balance sheet net deficit of funds of £3,560 at year end.

Throughout the vast majority of the review period live events were either prohibited or significantly restricted as a result of prevalent Government COVID-19 restrictions and guidelines.

The Mill was able to initially offer a limited season of film showings during Autumn 2020 as restrictions eased first on cinemas, providing the first opportunity to bring audiences back to The Mill.

Through investment from the Culture Recovery Fund the organisation was subsequently able deliver a socially distanced festive production of Snow Play for families during December 2020 in partnership with Lyngo Theatre.

In addition the funding from the DCMS enabled the acquisition of the necessary equipment to be able to live-stream events from the Theatre, thereby giving audiences the option to either view the show inperson or to watch virtually from home.

The Creative Learning programme was able to resume from September 2020, as restrictions on Further Education were relaxed. A number of classes were able to successfully switch to online delivery, and this success has led to the intention to retain a number of online learning opportunities alongside the on-site programme into the future.

Whilst some classes were able to be delivered online, the priority has been to resume in person learning as soon as safely possible. The requirement for specialist equipment, materials and workspace along with the social element of the courses and inequality of technology access amongst students and tutors meant that the greater majority of regular classes could only be delivered effectively on-site.

Through detailed risk assessment and taking an above and beyond approach to safety, the response of participants evidenced the clear need for the programme, and helped to rebuild confidence with students reporting that they felt particularly safe taking part at The Mill with the precautions that had been put in place.

Page 8

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

• Education Classes (continued)

Therefore the programme was impacted by subsequent reimposition of restrictions in January 2021, with a reduced number of classes that were able to continuing to operate online.

SFA funding for academic year to Jun 2020 included an allocation of £5,010 from the ESFA for non-delivery because of COVID19 in respect of term 3 for academic year 2019-20.

• Grant Income (including Project Grants)

A number of grants were received in the prior period for activity due to be delivered during the review period. Agreement was sought with each awarding body to further defer the grants into the following financial year with a view to adapting and delivering the programme of work when restrictions permitted.

Cherwell District council provided core revenue support of £171,000 which included an allocation of £30,000 for New Growth which was deferred to 2021/2 due to ongoing restrictions preventing development activity during the review period.

A grant of £30,188 was awarded from the Arts Council England COVID Emergency Response Fund, and subsequently an award of £118,560 from the DCMS Culture Recovery Fund to support the organisation during the pandemic and ongoing restrictions.

Business support grants totalling £43,857 were awarded from government schemes supporting Retail, Leisure and Hospitality business including the Local Restrictions Grant scheme and £8 7 , 527 was received in employment support from the Coronavirus Job Retention Scheme.

• Donations & Memberships

Sales of memberships were suppressed during the review period as it was agreed to extend existing memberships for 12 months due to the inability to deliver membership benefits during lockdown. Nonetheless new membership income represented 68% compared to prior year as new audiences still chose to support The Mill through joining the scheme.

Individual donations were however 60% up on the prior year as customers continued to show their support for the organisation through lockdown, including through choosing to donate the cost of tickets for events that could not go ahead.

• Hospitality

Through the majority of the year the hospitality operation was unable to open at all. However during the period of relatively relaxed restrictions between September and December 2020 a limited operation was resumed in full compliance with prevailing guidance for hospitality businesses.

During this period a ‘hotdesk and lunch’ offer was extremely well received, offering a safe alternative to people working at home and helping to alleviate isolation.

Page 9

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

• Hospitality (continued)

During the review period the organisation was able to invest in technology to support the fuller resumption of the hospitality operation in due course including the creation of a second bar space in order to spread audiences in support of social distancing as well as POS technology to enable app, online and at-seat contactless ordering.

• Theatre & Room Hire

As a result of the pandemic, long-standing sub-tenants Creation Theatre Company gave notice on their office space at The Mill resulting in the loss of this regular source of income. In addition Banbury Community Church were unable to hold regular Sunday meetings throughout the period resulting in the loss of another recurring income stream.

There were limited opportunities for ad-hoc room hires, however during the limited windows of relaxed restrictions the demand for spaces proved reassuring, and new arrangements had provisionally been put in place for occupation of the vacant spaces from early in the next financial year.

• Overheads

The trust supported staff to access the furlough scheme where appropriate, as a result fixed payroll costs appear comparatively constant against prior years although this was enabled and offset by funding support from the Coronavirus Job Retention Scheme.

Where possible negotiation with suppliers of fixed contracts took place to reduce or suspend services whilst the building remained closed.

Investment in transitioning IT & Telephony to ‘the cloud’ with support from the Culture Recovery Fund supported staff to move to remote working whilst also delivering an envisaged reduction in future overhead costs.

The grant from the Culture Recovery Fund included support for technical equipment purchase to enable the organisation to work effectively both online and away from base in the future, giving the flexibility to respond to trajectory of the pandemic.

Reserves Policy

Restricted reserves at year-end total £3,938 and unrestricted reserves at year-end total a deficit balance of £7,498 to give a combined total deficit reserves position of £3,560 at the year end.

The finance group review the balance sheet on a monthly basis and Trustees formally assess the reserve levels of the charity at least annually. This review encompasses the nature of the income and expenditure streams, the need to match income with commitments and the nature of reserves. The Trustees also take into consideration the future plans of the charity, the uncertainty over future income streams and other key risks identified during the risk review.

Page 10

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

Reserves Policy (continued)

In light of the pandemic, Trustees identified that the significant challenge to cash flow would arise during the period of resuming activities as the country emerges from lockdown. The approach was therefore adopted of repleting reserves as far as possible through the period of lockdown in order to ensure the charity had the resources in place to weather future periods of uncertainty.

The Trustees have determined that the charity should aspire to hold free cash reserves sufficient to cover approximately one month’s core operating costs, which would equate to approximately £50,000. The reason for this is to provide sufficient working capital to cover delays between spending and receipts of income and to provide a cushion to deal with the reduction in income levels in future years, together with unexpected emergencies such as long-term staff absences etc. Although the current level of free (unrestricted) reserves is below the target level identified above, the Trustees continue to look at and evaluation strategies for raising additional income whilst also reviewing key areas of operational expenditure to ensure the targeted reserves can be achieved in future years.

Principal Risks and Uncertainties

The Trustees have a risk management strategy which comprises:

The results of this process are documents in the Risk Register, which is constantly reviewed in light of any new information and formally reviewed annually.

The principal risks and uncertainties facing the charity are as follows:

1. Short term building tenure agreement leading to potential :

Loss of business and insolvency Reduced fundraising capacity Loss of employment opportunities

  1. Inability to maintain revenue levels due to expected reductions in District Council funding in future periods leading to potential:

Loss of business and insolvency Loss of employment opportunities Inability to meet conditions of project funding

Page 11

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

3. Poor condition of building leading to potential:

Health and safety considerations, potential closure if a major incident were to occur Loss of reputation due to poor customer experience Inability to deliver charitable objectives

4. Ongoing flooding risk leading to potential:

Loss of income arising from extended period of closure Inability to obtain insurance against future flood risk

Going Concern

In common with Cultural Organisations across the UK, the outbreak of COVID19 has had a direct and significant impact on the Trust’s ability to deliver our programme of activities due to ongoing restrictions. As a result, this has led to a significant depletion in earned incomes throughout the review period. However, the Trust have been able to access significant financial support through a number of sources including Arts Council England Emergency Funding, the Department of Culture, Media and Sport (DCMS) Culture Recovery Fund, Local Authority Retail Leisure and Hospitality Grants and the Coronavirus Job Retention Scheme. In addition, Cherwell District Council continued to support the Trust throughout the period and a funding agreement is in place through to end of 2021/22, and budget request has been agreed for 2022/23.

The Trust was able to successfully resume areas of the operation through the Autumn of 2020 during the period of comparatively light COVID restrictions, and participant numbers, income and feedback gave significant confidence that audience numbers and therefore earned income would recover post pandemic.

Subsequent to the review period, grants from two further rounds of the DCMS Culture Recovery Fund have supported the organisation as remaining restrictions have been gradually lifted. In Autumn 2021 The Mill was able to deliver a near pre-pandemic scale programme, with audience numbers and earned incomes returning to and exceeding pre-pandemic levels further cementing this view.

The Trustees’ Finance Sub Group continue to meet monthly in order to maintain a continual risk assessment of the financial position, and the Trust meet regularly with Cherwell District Council to ensure our future business model reflects the ever-evolving situation. Therefore, after making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies within the financial statements.

PLANS FOR FUTURE PERIODS

The charity's plans for future periods are:

Page 12

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

PLANS FOR FUTURE PERIODS (continued)

FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

The charity and its Trustees do not act as Custodian Trustees of any other charity.

The Trustees’ Report was approved by order of the Board of Trustees on 28[th] January 2022 and signed on its behalf by:

………………………………....................

Gwen Van Spijk Chair of Trustees

Page 13

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• state whether applicable UK Accounting Standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Constitution. 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 charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by order of the Board of Trustees on 28[th] January 2022 and signed on its behalf by:

……………………….........…..

Gwen Van Spijk Chair of Trustees

Page 14

Mill Arts Centre Trust

Independent Examiner’s Report to the Trustees of the Mill Arts Centre Trust

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 16 to 31.

Responsibilities and Basis of Report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

Since the charity’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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Andrew C Jones CA (Aus) FCA

Member of the Institute of Chartered Accountants in England and Wales

Cooper Parry Group Limited Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA

31 January 2022

Page 15

Mill Arts Centre Trust

Statement of Financial Activities for the year ended 31 March 2021

(incorporating an Income & Expenditure Account)

Note
Income
Income for charitable activities
Income from live programme
Shows & films
2
Education classes
3
Box office income
Exhibitions
Other income
4
Grants
5
Donations
6
Project grants
7
Income for generating funds
Income from bar and café
8
Income from theatre and room hire
9
Total income:
Expenditure
Expenditure on charitable activities
Expenditure on live programme
Shows and films
10
Education classes
11
Box office costs
12
Other costs
13
Project costs
14
Payroll costs (not included elsewhere)
Overhead costs
Establishment costs
15
Marketing costs
16
Office costs
17
Professional and financial costs
18
Expenditure on generating funds
Expenditure on bar and café
19
Depreciation of fixed assets
Depreciation
20
Total expenditure:
Net income/(expenditure) before transfers
Transfers between funds
31
Net movement in funds for the year
Reconciliation of funds
Funds at 31 March 2020
31
Funds at 31 March 2021
31
Net movement in funds for the year		 Unrestricted
funds
Restricted
funds
Total Funds
2021
Total Funds
2020
£
£
£
£
2,052
0
2,052
141,798
17,585
0
17,585
91,163
795
0
795
36,314
0
0
0
503
3,319
0
3,319
7,314
390,944
30,188
421,132
179,167
4,303
0
4,303
12,996
0
0
0
35,612
3,953
0
3,953
91,853
11,879
0
11,879
68,924
434,830
30,188
465,018
665,644
6,737
0
6,737
99,024
11,445
0
11,445
45,705
11,061
8,913
19,974
34,096
0
0
0
0
0
0
0
58,687
219,416
11,363
230,779
226,264
68,971
7,194
76,165
49,878
18,909
0
18,909
39,740
25,758
3,337
29,095
25,075
4,353
0
4,353
17,456
10,297
0
10,297
65,597
11,592
4,123
15,715
21,100
388,539
34,930
423,469
682,622
46,291
-4,742
41,549
-16,978
9,087
-9,087
0
0
55,378
-13,829
41,549
-16,978
-62,876
17,767
-45,109
-16,322
-7,498
3,938
-3,560
-45,109
55,378
-13,829
41,549
-28,787

All of the Trust's activities derive from continuing operations during the financial year. The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 31 form part of these financial statements.

Page 16

Mill Arts Centre Trust

Statement of Financial Activities for the year ended 31 March 2020

(incorporating an Income & Expenditure Account)

Note
Income
Income for charitable activities
Income from live programme
Shows & films
2
Education classes
3
Box office income
Exhibitions
Other income
4
Grants
5
Donations
6
Project grants
7
Income for generating funds
Income from bar and café
8
Income from theatre and room hire
9
Total income:
Expenditure
Expenditure on charitable activities
Expenditure on live programme
Shows and films
10
Education classes
11
Box office costs
12
Other costs
13
Project costs
14
Payroll costs (not included elsewhere)
Overhead costs
Establishment costs
15
Marketing costs
16
Office costs
17
Professional and financial costs
18
Expenditure on generating funds
Expenditure on bar and café
19
Depreciation of fixed assets
Depreciation
20
Total expenditure:
Net income/(expenditure) before transfers
Transfers between funds
31
Net movement in funds for the year
Reconciliation of funds
Funds at 31 March 2019
31
Funds at 31 March 2020
31
Net movement in funds for the year		 Unrestricted
funds
Restricted
funds
Total Funds
2020
Total Funds
2019
£
£
£
£
141,798
0
141,798
109,468
91,163
0
91,163
76,408
36,309
0
36,309
36,314
300
0
300
503
7,314
0
7,314
6,481
178,500
667
179,167
116,055
7,786
5,210
12,996
6,166
0
35,612
35,612
63,262
91,853
0
91,853
85,488
68,924
0
68,924
80,587
623,947
41,489
665,436
580,732
98,024
1,000
99,024
96,244
45,705
0
45,705
41,532
34,096
0
34,096
33,960
0
0
0
0
0
58,687
58,687
43,141
233,865
4,000
237,865
226,264
49,878
0
49,878
41,188
38,863
877
39,740
48,511
25,075
0
25,075
19,553
17,456
0
17,456
14,894
65,597
0
65,597
63,060
16,978
4,122
21,100
25,073
625,537
68,686
694,223
653,420
-1,590
-27,197
-28,787
-72,688
0
0
0
0
-1,590
-27,197
-28,787
-72,688
-61,286
44,964
-16,322
56,366
-62,876
17,767
-45,109
-16,322
-1,590
-27,197
-28,787
-72,688

All of the Trust's activities derive from continuing operations during the financial year. The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 31 form part of these financial statements.

Page 17

Mill Arts Centre Trust

Balance Sheet as at 31 March 2021

Notes
Tangible Fixed Assets
Theatre equipment
24
Office equipment
24
Fixtures and fittings
24
Current assets
Stocks
25
Trade debtors
26
Prepaid costs and accrued income
27
Credit card collections due
VAT recoverable
Bank and cash
38
Current liabilities
Bank overdraft
38
Trade creditors
VAT, PAYE & NIC owing
28
Sums held as agents for third parties
29
Accrued costs and prepaid income
30
Net Assets
Funds of the Trust:
Restricted Funds
Restricted funds
31
Unrestricted Funds
General funds
31
Total Funds		 2021
2020
£
£
49,715
60,489
4,067
8,434
676
1,251
54,458
70,174
1,833
4,243
7,850
18,867
17,300
38,743
-668
-1,577
12,178
0
12,033
2,293
50,526
62,569
0
56,492
17,519
50,947
4,987
7,551
14,494
13,989
71,544
48,873
108,544
177,852
-3,560
-45,109
3,938
17,767
-7,498
-62,876
-3,560
-45,109

The financial statements were approved by the Trustees and signed on 28 January 2022 on their behalf by:

Gwen Van Spijk Chair of Trustees

The notes on pages 20 to 31 form part of these financial statements.

Page 18

Mill Arts Centre Trust

Statement of Cash Flows for the year ended 31 March 2021

Notes
Cash flows from operation activities
Net cash flow provided by /used inoperating activities
37
Cash flows from investing activities
Capital grants
Purchases of fixed assets
Cash flows from financing activities
Repayments of borrowings
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
38
Cash and cash equivalents at the end of the period
38
The notes on pages 20 to 31 form part of these financial statements.		 2021
2020
£
66,232
-34,075
0
0
0
-163
0
0
£66,232
-£34,238
-54,199
-19,961
£12,033
-£54,199

Page 19

Mill Arts Centre Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting Policies

A summary of the principal accounting policies, which have been consistently applied, except where noted, is set out below.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102), the 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 issued in October 2019 (Charities SORP 2019) and the Charities Act 2011.

The charity meets the definition of a public benefit entity under FRS102.

Going Concern

The Trustees assess whether the use of going concern is appropriate (i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern). The Trustees make this assessment in respect of a period of

one year from the date of approval of the financial statements.

In common with Cultural Organisations across the UK, the outbreak of COVID19 has had a direct and significant impact on the Trust’s ability to deliver our programme of activities due to ongoing restrictions. As a result, this has led to a significant depletion in earned incomes throughout the review period. However, the Trust have been able to access significant financial support through a number of sources including Arts Council England Emergency Funding, the Department of Culture, Media and Sport (DCMS) Culture Recovery Fund, Local Authority Retail Leisure and Hospitality Grants and the Coronavirus Job Retention Scheme. In addition, Cherwell District Council continued to support the Trust throughout the period and a funding agreement is in place through to end of 2021/22, and budget request has been agreed for 2022/23.

The Trust was able to successfully resume areas of the operation through the Autumn of 2020 during the period of comparatively light COVID restrictions, and participant numbers, income and feedback gave significant confidence that audience numbers and therefore earned income would recover post pandemic.

Subsequent to the review period, grants from two further rounds of the DCMS Culture Recovery Fund have supported the organisation as remaining restrictions have been gradually lifted. In Autumn 2021 The Mill was able to deliver a near pre-pandemic scale programme, with audience numbers and earned incomes returning to and exceeding pre-pandemic levels further cementing this view.

The Trustees’ Finance Sub Group continue to meet monthly in order to maintain a continual risk assessment of the financial position, and the Trust meet regularly with Cherwell District Council to ensure our future business model reflects the ever-evolving situation.

Page 20

Mill Arts Centre Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Going Concern (continued)

Therefore, after making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies within the financial statements.

Fund Accounting

Unrestricted funds are donations and other income received or generated by the charity's charitable purposes.

Restricted general funds are to be used for specific purposes as set out by the funder donor and may include grants received from Cherwell District Council, Banbury Town Council and Banbury Charities. All expenditure which meets these criteria is charged to the respective restricted funds.

Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders where the asset acquired or created is held for a specific purpose.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount

can be measured reliably.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured

reliably and is not deferred.

Income generated from the supply of goods and services is included in the Statement of Financial

Activities in the year in which the supply is made. This includes income generated from the sale of merchandise.

The charity acts as agent for some artists and some exhibitioners, collecting sums on their behalf and accounting for them after charging agreed commissions.

Donated Services and Facilities

Donated consultancy services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

Page 21

Mill Arts Centre Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Donated Services and Facilities (continued)

On receipt, donated consultancy services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

In accordance with the Charities SORP 2019, any general volunteer time is not recognised in the financial statements.

Interest Receivable

Interest on funds held on deposit is included when receivable and the amount can be measured

reliably by the charity which is normally upon notification of the interest paid or payable by the bank.

Expenditure and Irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Tangible Fixed Assets

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance Sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fund in the Statement of Financial Activities. Depreciation on such assets is charged to the restricted fund in the Statement of Financial Activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the charity's depreciation policy. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

Page 22

Mill Arts Centre Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Tangible Fixed Assets (continued)

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful lives, as follows:

Theatre equipment 4 years where acquired before 1 April 2017 10 years where acquired after 1 April 2017 Fixtures and fittings 4 years Office equipment 4 years

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and In Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and Provisions

Creditors and provisions are recognized where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 23

Mill Arts Centre Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Pensions Benefits

The company operates a defined contribution pension scheme for some of its employees and t h e pension cost charge in the Statement of Financial Activities represents amounts payable by the charity

to the fund in respect of the year.

Critical Accounting Estimates and Areas of Judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 24

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2021

2 Income from live programme - shows & films

**2 ** Income from live programme - shows & films
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Music, Theatre, Comedy, Dance and Films 2,052 0 2,052 141,798
2,052 0 2,052 141,798
**3 ** Income from live programme - classes
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Charges for classes 14,966 0 14,966 70,496
Funding from Skills Funding Agency 2,619 0 2,619 20,667
17,585 0 17,585 91,163
**4 ** Other income
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Charges for equipment 30 0 30 2,721
Performing Rights Fees recovered from artists 0 0 0 2,844
Advertising fees received 0 0 0 0
Postage charges recovered 139 0 139 1,446
Merchandise sales 0 0 0 4
Commission on artists' merchandise 0 0 0 299
Other income 3,150 0 3,150 0
3,319 0 3,319 7,314
**5 ** Grants
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Local Authority
Cherwell District Council - base grant 141,000 0 141,000 148,000
Cherwell District Council - COVID support grants 0 0 0 0
Banbury Town Council - base grant 0 0 0 0
Charities
D'Oyly Carte - grant to core 0 0 0 0
Farnham Maltings Ltd - intern support grant 0 0 0 0
Garfield Weston - grant to core 0 0 0 25,000
Doris Field Trust -grant to core 0 0 0 0
ICO Film Club 0 0 0 500
Oxfordshire Community Foundation - grant to core 0 0 0 0
Pye Foundation - grant to core 0 0 0 2,500
Other
Cala Homes - grant to core 0 0 0 0
DCMS Culture Recovery Fund 118,560 0 118,560 0
Arts Council Emergency Fund 0 30,188 30,188 0
Central Government COVID Retail, Leisure & Hospitality Gra 25,000 0 25,000 0
Central Government COVID Business Support Grants 14,857 0 14,857 0
HMRC Furlough scheme income 87,527 0 87,527 0
HMRC - Employment allowance 4,000 0 4,000 3,000
Surf the Wave 0 0 0 167
390,944 30,188 421,132 179,167

6 Donations & memberships

Corporate donations
Other donations and sponsorship
Legacies
Membership fees		 Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
0
0
0
2,800
2,009
0
2,009
2,715
0
0
0
5,210
2,294
0
2,294
2,271
4,303
0
4,303
12,996

Page 25

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2021

7 Project grants

7 Project grants
Arts Council England - Banbury to Bicester
Arts Council England - Dance
Bicester Town Council - Banbury/Bicester
Cherwell District Council - Arts for Older People
Cherwell District Council - Spark Funding
National Lottery Awards For All - Moving Forward
Rothschild Foundation - Moving Forward
Pavilion Dance South-West - Moving Forward
National Lottery 25th Anniversary - Moving Forward
Doris Field Trust - Moving Forward
8 Income from bar & café
Income from bar
Income from café
9 Income from theatre & room hires
Theatre & room hire for shows
Theatre hire (other)
Room hire (other)
10 Expenditure on live programme - shows & films
Music, Theatre, Comedy, Dance and Films
11 Expenditure on live programme - classes
Tutorial payroll
Tutorial fees
Tutorial materials
12 Box office costs
Spektrix charges
Credit card charges
Box office payroll
13 Other costs
Cost of merchandise sales		 Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
0
0
0
4,803
0
0
0
1,500
0
0
0
619
0
0
0
5,500
0
0
0
1,940
0
0
0
10,000
0
0
0
5,000
0
0
0
4,250
0
0
0
1,000
0
0
0
1,000
0
0
0
35,612
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
3,474
0
3,474
84,650
479
0
479
7,203
3,953
0
3,953
91,853
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
0
0
0
12,935
1,080
0
1,080
8,223
10,799
0
10,799
47,766
11,879
0
11,879
68,924
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
6,737
0
6,737
99,024
6,737
0
6,737
99,024
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
0
0
0
280
10,525
0
10,525
42,946
920
0
920
2,479
11,445
0
11,445
45,705
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
1,466
0
1,466
11,690
1,514
0
1,514
5,682
8,081
8,913
16,994
16,724
11,061
8,913
19,974
34,096
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
0
0
0
0
0
0
0
0

Page 26

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2021

14 Project costs

Arts Council England - Banbury to Bicester project
Artist costs
Other costs
Arts Council England - Dance
Artist costs
Other costs
Cherwell District Council - Arts for Older People
Artist costs
Other costs
Cherwell District Council - Spark Funding
Artist costs
Other costs
Doris Field Trust - Moving Forward
Artist costs
Other costs
National Lottery Awards for All - Moving Forward
Artist costs
Other costs
National Lottery 25th Anniversary - Moving Forward
Artist costs
Other costs
Pavilion Dance South-West - Moving Forward
Artist costs
Other costs
15 Establishment costs
Energy, cleaning, maintenance, repairs & security
Business Investment District Rate
Insurance
Technical support
16 Marketing costs
Brochures
Web site maintenance
Digital marketing & flyers
Advertising
Other marketing
17 Office costs
Postage & stationery
Photocopier
Staff training
IT software & support
CRB checks & safeguarding
Staff travel & subsistence
Equipment leasing
Staff recruitment
Other office costs		 Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
0
0
0
10,561
0
0
0
10,096
0
0
0
11,035
0
0
0
5,964
0
0
0
0
0
0
0
6,928
0
0
0
1,542
0
0
0
398
0
0
0
1,000
0
0
0
0
0
0
0
6,000
0
0
0
4,000
0
0
0
0
0
0
0
1,000
0
0
0
163
0
0
0
0
0
0
0
58,687
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
15,821
3,089
18,910
11,358
928
0
928
501
6,074
0
6,074
5,989
46,148
4,105
50,253
32,030
68,971
7,194
76,165
49,878
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
12,913
0
12,913
18,712
926
0
926
3,825
468
0
468
2,722
4,562
0
4,562
14,243
40
0
40
238
18,909
0
18,909
39,740
Unrestricted
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
1,379
0
1,379
3,854
2,005
0
2,005
2,855
245
0
245
1,468
17,042
3,337
20,379
9,243
35
0
35
0
387
0
387
2,779
2,608
0
2,608
202
0
0
0
1,584
2,057
0
2,057
3,090
25,758
3,337
29,095
25,075

Page 27

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2021

18 Professional & financial costs

**18 ** Professional & financial costs
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Independent examination of accounts and advice 2,000 0 2,000 1,400
Legal fees 0 0 0 3,125
Bank charges and interest 1,923 0 1,923 3,566
Other credit charges 208 0 208 98
Bad debts written off 0 0 0 0
Doubtful debts provision 0 0 0 550
Cash discrepancies -297 0 -297 53
Irrecoverable VAT 0 0 0 3,374
Performing Rights Society fees 0 0 0 4,245
Strategic consultancies 0 0 0 825
Other licences 515 0 515 220
Other costs 4 0 4 0
4,353 0 4,353 17,456
**19 ** Expenditure on bar & café
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Bar cost of sales 2,371 0 2,371 34,520
Café cost of sales 928 0 928 4,602
Bar & café payroll 6,998 0 6,998 26,475
10,297 0 10,297 65,597
**20 ** Depreciation
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Theatre equipment 10,774 0 10,774 10,774
Office equipment 244 4,123 4,367 4,367
Fixtures & fittings 574 0 574 5,959
Profit on disposal of equipment 0 0 0 0
11,592 4,123 15,715 21,100
**21 ** Staff
Total Total
2021 2020
(a) Staff costs £ £
Wages and salaries 230,663 256,929
Social security costs 17,284 17,756
Pension costs 6,824 6,659
254,771 281,344
(b) Staff numbers
The average number of persons (including senior management) employed by the Trust during the year were as follows:
2020 2019
numbers numbers
Charitable activities
Management 4 3
Administration and support 4 5
Casual staff 20 20
28 28

(c) Higher paid staff and senior management team remuneration

No staff received remuneration in excess of £60,000 in the year and there were no staff earning in excess of £60,000 pa during the year. The total remuneration of the senior management team during the period was £63,859 (2020: £88,402).

22 Related Party Transactions - Trustees' Remuneration & Expenses

No Trustees received any remuneration, reimbursed expenses or other benefits during the year.

23 Trustees' and Officers' Insurance

In accordance with normal commercial practice, the trust has purchased insurance to protect Trustees and Officers from claims arising from negligent acts, errors or omissions occurring while on Trust business. The insurance cover provides cover up to £1 million on any one trustee indemnity claim and the cost for the year was £604. The cost is included in the total insurance cost.

Page 28

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2021

24 Tangible Fixed Assets

24 Tangible Fixed Assets
Cost
Brought forward
Additions
Disposals
Depreciation
Brought forward
Provision for year
Disposals
Net Book Value
At 31 March 2021
At 31 March 2020
25 Stocks
Bar stocks
Café stocks
26 Trade Debtors
Trade debtors
Provision for doubtful debts
27 Prepaid costs and accrued income
Prepaid costs
Accrued income
Invoiced ticket sales
Brewery loan over-repayment
28 VAT, PAYE & NIC owing
VAT
PAYE & NIC
Pension contributions
29 Sums held as agents for third parties
Third party events
Exhibition sales
Spektrix gift vouchers
Spektrix credit balances		 Theatre
equipment
Office
equipment
Furniture &
fixtures
Total
2021
Total
2020
£
£
£
£
112,255
17,468
40,462
170,185
170,022
0
0
0
0
163
0
0
-1
-1
0
112,255
17,468
40,461
170,184
170,185
51,766
9,034
39,211
100,011
78,911
10,774
4,367
574
15,715
21,100
0
0
0
0
0
62,540
13,401
39,785
115,726
100,011
49,715
4,067
676
54,458
70,174
60,489
8,434
1,251
70,174
Total
2021
Total
2020
£
£
1,777
4,044
56
199
1,833
4,243
Total
2021
Total
2020
£
£
8,927
19,944
-1,077
-1,077
7,850
18,867
Total
2021
Total
2020
£
£
0
16,637
16,289
21,044
1,011
1,062
0
0
17,300
38,743
Total
2021
Total
2020
£
£
0
1,652
3,531
3,077
1,456
2,822
4,987
7,551
Total
2021
Total
2020
£
£
8,426
10,133
739
739
1,334
1,059
3,995
2,058
14,494
13,989

Page 29

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2021

30 Accrued costs and prepaid income

Accrued costs
Prepaid ticket sales and other income
Other
31 Funds
Current Year
Restricted Capital Funds
Cherwell District Council - IT & WiFi capital grant
Arts Council England - Age Limitless project
Sub-total
Restricted Income Funds
Local Authority:
Bicester Town Council - Banbury/Bicester
Charity:
Arts Council Emergency Fund
Rothschild Foundation - Moving Forward
Pavilion Dance South-West - Moving Forward
Other Donors / Funders:
Other Donors / Funders
Sub-total
Total for restricted funds
Unrestricted Fund
Mill Arts Centre Trust Fund
Total Funds
Previous Year
Restricted Capital Funds
Cherwell District Council - IT & WiFi capital grant
Arts Council England - Age Limitless project
Sub-total
Restricted Income Funds
Local Authority:
Cherwell District Council - Arts for Older People
Bicester Town Council - Banbury/Bicester
Cherwell District Council - Spark Funding
Charity:
Arts Council England & others - Banbury to Bicester
Arts Council England & others - Dance 2019
Doris Field Trust - Moving Forward
National Lottery Awards For All - Moving Forward
Rothschild Foundation - Moving Forward
Pavilion Dance South-West - Moving Forward
National Lottery 25th Anniversary - Moving Forward
Other Donors / Funders:
Other Donors / Funders
Sub-total
Total for restricted funds
Unrestricted Fund
Mill Arts Centre Trust Fund
Total Funds		 Total
2021
Total
2020
£
£
1,700
5,561
69,844
43,312
0
0
71,544
48,873
Balance at 1
April 2020
Incoming
Resources
Resources
Expended
Transfers
Between
Funds
Balance at
31 March
2021
£
£
£
£
£
7,877
0
-3,939
0
3,938
184
0
-184
0
0
8,061
0
-4,123
0
3,938
619
0
-619
0
0
0
30,188
-30,188
0
0
5,000
0
0
-5,000
0
4,087
0
0
-4,087
0
0
0
0
0
0
9,706
30,188
-30,807
-9,087
0
17,767
30,188
-34,930
-9,087
3,938
-62,876
434,830
-388,539
9,087
-7,498
-45,109
465,018
-423,469
0
-3,560
Balance at 1
April 2019
Incoming
Resources
Resources
Expended
Transfers
Between
Funds
Balance at
31 March
2020
£
£
£
£
£
11,816
0
-3,939
0
7,877
367
0
-183
0
184
12,183
0
-4,122
0
8,061
1,428
5,500
-6,928
0
0
0
619
0
619
0
1,940
-1,940
0
15,854
4,803
-20,657
0
0
15,499
1,500
-16,999
0
0
0
1,000
-1,000
0
0
0
10,000
-10,000
0
0
0
5,000
0
0
5,000
0
4,250
-163
0
4,087
0
1,000
-1,000
0
0
0
5,877
-5,877
0
0
32,781
41,489
-64,564
0
9,706
44,964
41,489
-68,686
0
17,767
-61,286
623,947
-625,537
0
-62,876
-16,322
665,436
-694,223
0
-45,109

Page 30

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2021

32 Analysis of net assets between funds

At 31 March 2021
Tangible Fixed Assets
Current Assets
Current Liabilities
Total Net Assets
At 31 March 2020
Tangible Fixed Assets
Current Assets
Current Liabilities
Total Net Assets		 Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
50,520
3,938
54,458
50,526
0
50,526
-108,544
0
-108,544
-7,498
3,938
-3,560
62,113
8,061
70,174
52,863
9,706
62,569
-177,852
0
-177,852
-62,876
17,767
-45,109

33 Guarantees, Letters of Comfort and Indemnities

The Trust has not provided any Guarantees, Letters of Comfort or Indemnities to any party or organisation during the year.

34 Members' Liability

In the event of the charity being wound up, the Trustees have no liability to contribute to the assets of the charity and no personal liability for settling its debts and liabilities.

35 Pensions and similar obligations

The charity has made arrangements for the provision of workplace pensions under the Auto Enrolment legislation and contributes to a defined benefit pension scheme for qualifying employees under these arrangements. The assets of the scheme are held separately from those of the charity in an independently administered fund. The total pension contribution costs for the year are disclosed in note 21.

36 Related Party Transactions

Owing to the nature of the Trust's operations and the composition of the Board of Trustees, transactions may take place with organisations in which the Trustees have an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the Trust's constitution, the requirements of the Charities Act 2011 and the Trust's normal procurement policies. None of the Trustees benefit personally from any such transactions.

The Mill is owned by Oxfordshire County Council which has granted a lease to the Trust at a peppercorn rental. Negotiations continue between the County Council, Cherwell District Council and the Trust to establish a more sustainable future for the building. The County continues to bear the cost of cleaning, utilities and the structure of the building and the hidden costs of this subsidy are estimated to be in the region £100,000 pa. An Officer of the District Council sits as an observer on the Board of Trustees of the Trust.

37 Reconciliation of Net Movement in Funds to Net Cash Flows from Operating Activities

Netexpenditure/ income for the period (as per Statement of Financial Activities)
Adjustment for:
Depreciation
Capital grants
Decrease in stock
Decrease in debtors
Increase /decreasein creditors
Net cash provided by /used inoperating activities
Analysis of Cash and Cash Equivalents
Cash at bank and in hand
Bank overdraft		 Total
2021
Total
2020
£
£
41,549
-28,787
15,715
21,100
0
0
2,410
-35
19,374
17,555
-12,816
-43,908
£66,232
-£34,075
Total
2021
Total
2020
£
£
12,033
2,293
0
-56,492
£12,033
-£54,199

38 Analysis of Cash and Cash Equivalents

Page 31