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2022-03-31-accounts

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

Trustees' Report and Financial Statements For the Year Ended 31 March 2022

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 2022

Trustees

Gwen Van Spijk (Chair to 19 May 2022) Karen Warren (Vice Chair) Barbara Baseley-Smith (Chair from 19 May 2022) Louise Norton Cllr Andrew McHugh (Cherwell District Council nominated Trustee to 19 May 2022 and reappointed as an independent Trustee from 19 May 2022) Catherine Snelling (from 24 March 2022) Cllr Phil Chapman (Cherwell District Council nominated Trustee from 19 May 2022)

Senior Management Team

Artistic Director & Joint CEO Georgia Bradley (to 30 June 2022) Executive Director & Joint CEO Andrew Lister 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 Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

Page 1

Mill Arts Centre Trust

Trustees’ Report For the Year Ended 31 March 2022

TRUSTEES REPORT

The Trustees present their annual report together with the financial statements of the charitable incorporated organisation for the year ended 31 March 2022.

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 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 2022

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 is 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 meets on a monthly basis 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 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 2022

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 22 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 £106,000. 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 2022

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 were adjusted through the pandemic and the immediate core priorities for the year ended 31[st] March 2022 remain as follows:

Re-engaging with Audiences

Page 5

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2022

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 2022

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 year ended March 2022 were as follows:

NOTABLE CHALLENGES

Page 7

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2022

FINANCIAL REVIEW

2021-22 saw the Trust return an overall net surplus of £21,998 to end the year with a combined balance sheet net funds of £18,438 at year end.

Live Programme

The beginning of the review period saw the gradual lifting of COVID 19 restrictions. A limited number of events were scheduled within the reduced capacity requirements in this period as a way to re-gain the confidence of artistes, staff and audiences alike after the prolonged period of closure. The ability to do this was made possible by funding from the DCMS Cultural Recovery Continuity Fund (Round 3).

Full capacity events were able to resume from July 2021, however adaptions for COVID-19 remained in place including relaxed policies regarding refunds and exchanges in the event of infection to underpin customer confidence.

A total of 141 live events were presented during the year, which is down on previous periods due to the restrictions in place in the first quarter, as well as ongoing sporadic event cancellations due to artists contracting COVID.

However when reviewing only the 9-month period from July once capacity restrictions had been removed, total admissions were 20% higher than the same period in 2019-20 demonstrating clear pent-up demand for live events.

A highlight of the programme was the inclusion of ‘The Very Hungry Caterpillar’ by MEI Theatrical as an early Christmas run in December. Taking a balanced view of risk in agreeing a higher than normal producer guarantee for a strong commercial title reaped significant reward, with over 2,300 tickets sold including almost 700 school group attenders.

The decision to present the show at the beginning of December avoided the resurge in COVID infections that occurred later that month and so were able to proceed with all performances as planned.

Education Classes

Whereas the Live Programme had been through a prolonged closure, the Creative Learning programme had been able to partially resume in the prior period from September 2020, and has seen a more gradual return to full pre-pandemic levels.

Whilst some classes continue to be delivered online alongside on-site options, there has been a clear shift in return to on-site learning demonstrating the importance of the social interaction aspect for learners.

Overall attendance is around 10% down versus pre-pandemic which in part reflects the older age profile of attendees – a group most impacted and cautious as a result of the pandemic. However with term on term growth of +8% through the year, participation is expected to return to and exceed prior levels within the next financial year.

Page 8

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2022

Education Classes (continued)

Skills Funding Agency allocation of £17,379 for the review period includes £3,000 relating to underprovision for expected income in the academic year to July 2021 within the prior period.

Grant Income (including Project Grants)

Due to the pandemic, a number of grants that had been received in 2019/20 to support activity originally planned for 2020 had been deferred in agreement with respective funders with a view to delivering activity once restrictions permitted.

The review period therefore saw us expending restricted funds in respect of grants from the Rothschild Foundation and Pavilion Dance South West, as we were able to move forward with delivering promised activity.

These were complemented by £13,499 received against £15,000 awarded from Arts Council England to support the Reigniting Dance project, seeking to test and re-establish The Mill’s strategic dance ambitions.

A grant of £24,357 was received from the Covid Outbreak Management Fund (COMF) and was expended on supporting online creative learning opportunities to encourage compliance with COVID guidelines.

Further smaller grants were received from Active Oxfordshire, Doris Field Charitable Trust and Sanctuary Housing Association.

Cherwell District council provided a core revenue support grant of £106,000.

£79,670 was received from the DCMS Culture Recovery Fund comprising two grant awards from rounds 2 and 3 to support The Mill’s recovery from the impact of the pandemic.

COVID related business support grants totalled £35,840 comprising awards from the Retail, Leisure & Hospitality grant and Local Restrictions Grant scheme with a final £15,840 received in employment support from the Coronavirus Job Retention Scheme.

Donations & Memberships

Customers who joined the membership scheme prior to the pandemic were offered a 12-month extension on their membership due to our inability to fulfil membership benefits during the period of restrictions. This therefore resulted in fewer members needing to renew during the review period.

Hospitality

Hospitality sales over the latter 9 months of the review period (once COVID restrictions were removed) were 10.7% ahead of the comparable period in 2019/20.

This is in spite of significant ongoing staffing/recruitment challenges leading to some reduction in operating levels at times where we unable to fulfil minimum staffing levels and therefore will have had a negative impact on sales.

Page 9

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2022

Theatre & Room Hire

Room Hire incomes were largely non-existant through the pandemic, and some long-standing users did not return. This was mitigated somewhat by two new long-term rentals during the second half of the year which will continue into the new period.

Ad-hoc room hires have gradually resumed over the period, however remain below pre-pandemic levels as some users have remained more cautious about returning to in-person activity.

Overheads

The Trust encouraged staff to adopt a gradual return to work, accessing the Coronavirus Job Retention scheme to balance staff wellbeing against cost pressures.

Marketing costs were lower than in previous years due to the fewer number of live events, alongside an ongoing shift to more cost-effective digital marketing activity.

Funding from the Culture Recovery Fund supported the Mill with Professional & Financial costs associated with engaging Art Reach as consultants to provide support with future business planning, communications strategy, fundraising and development.

Reserves Policy

Restricted reserves at year-end total £13,923 and unrestricted reserves at year-end total £4,515 to give a combined total reserves position of £18,438 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.

During 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 three months fixed 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 evaluate strategies for raising additional income whilst also reviewing key areas of operational expenditure to ensure the targeted reserves can be achieved in future years.

Page 10

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2022

Principal Risks and Uncertainties

The Trustees have a risk management strategy which comprises:

The results of this process are documented 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 Future increase in facilities management costs

  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

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

Page 11

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2022

Going Concern

In common with Cultural Organisations across the UK, the outbreak of COVID19 had a direct and significant impact on the Trust’s ability to deliver its programme of activities due to ongoing restrictions leading to a significant depletion in earned incomes through the prior 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 2022/23, and budget request has been agreed for 2023/24.

The Trust have been delighted with the response of audiences as business has resumed, and strong earned income levels and positive feedback give significant confidence that audience numbers and therefore earned income can continue to out-perform pre-pandemic levels.

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.

Furthermore following a successful application to Arts Council England to become a National Portfolio Organisation, MACT have received a conditional offer of investment for the period 2023-2026 of £183,000 per year with the funding agreement expected to be in place by February 2023.

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 2022

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 30[th] January 2023 and signed on its behalf by:

………………………………....................

Barbara Baseley-Smith Chair of Trustees

Page 13

Mill Arts Centre Trust

Trustees’ Report (continued) For the Year Ended 31 March 2022

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:

• 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 30[th] January 2023 and signed on its behalf by:

……………………….........…..

Barbara Baseley-Smith 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 2022 which are set out on pages 16 to 31.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

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 Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

31 January 2023

Page 15

Mill Arts Centre Trust

Statement of Financial Activities for the year ended 31 March 2022

(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 income/(expenditure) for the year
Reconciliation of funds
Funds at 31 March 2021
31
Funds at 31 March 2022
31
Net movement in funds for the year		 Unrestricted
funds
Restricted
funds
Total Funds
2022
Total Funds
2021
£
£
£
£
145,360
0
145,360
2,052
70,450
0
70,450
17,585
38,934
0
38,934
795
0
0
0
0
10,348
0
10,348
3,319
226,510
0
226,510
421,132
5,744
0
5,744
4,303
0
63,840
63,840
0
70,579
0
70,579
3,953
53,387
0
53,387
11,879
621,312
63,840
685,152
465,018
110,078
0
110,078
6,737
37,193
360
37,553
11,445
34,021
0
34,021
19,974
0
0
0
0
0
30,809
30,809
0
246,677
12,528
259,205
230,779
39,787
4,619
44,406
76,165
36,084
895
36,979
18,909
17,263
706
17,969
29,095
40,516
0
40,516
4,353
38,651
0
38,651
10,297
9,029
3,938
12,967
15,715
609,299
53,855
663,154
423,469
12,013
9,985
21,998
41,549
0
0
0
0
12,013
9,985
21,998
41,549
-7,498
3,938
-3,560
-45,109
4,515
13,923
18,438
-3,560
12,013
9,985
21,998
41,549

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

Comparative 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 income/(expenditure) 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
£238,073
£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
£694,431
£46,291
-£4,742
£41,549
-£28,787
£9,087
-£9,087
£0
£0
£55,378
-£13,829
£41,549
-£28,787
-£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 17

Mill Arts Centre Trust

Balance Sheet as at 31 March 2022

Notes
Tangible Fixed Assets
Theatre equipment
24
Office equipment
24
Fixtures and fittings
24
Current assets
Stocks
25
Trade and sundry debtors
26
VAT receivable
26a
Prepaid costs and accrued income
27
Credit card collections due
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		 2022
2021
£
£
£41,441
£49,715
£0
£4,067
£50
£676
£41,491
£54,458
£4,223
£1,833
£13,404
£7,850
£0
£12,178
£11,783
£17,300
£3,896
-£668
£107,733
£12,033
£141,039
£50,526
£0
£0
£58,416
£17,519
£8,241
£4,987
£16,503
£14,494
£80,932
£71,544
£164,092
£108,544
£18,438
-£3,560
£13,923
£3,938
£4,515
-£7,498
£18,438
-£3,560

The financial statements were approved by the Trustees and signed on 30 January 2023 on their behalf by:

Barbara Baseley-Smith 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 2022

Notes
Cash flows from operation activities
Net cash flow provided by operating 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.		 2022
2021
£
95,700
66,232
0
0
0
0
0
0
£95,700
£66,232
12,033
-54,199
£107,733
£12,033

Page 19

Mill Arts Centre Trust

Notes to the Financial Statements for the Year Ended 31 March 2022

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 had a direct and significant impact on the Trust’s ability to deliver its programme of activities due to ongoing restrictions leading to a significant depletion in earned incomes through the prior 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 2022/23, and budget request has been agreed for 2023/24.

The Trust have been delighted with the response of audiences as business has resumed, and strong earned income levels and positive feedback give significant confidence that audience numbers and therefore earned income can continue to out-perform pre-pandemic levels.

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.

Furthermore following a successful application to Arts Council England to become a National Portfolio Organisation, MACT have received a conditional offer of investment for the period 2023-2026 of £183,000 per year with the funding agreement expected to be in place by February 2023.

Page 20

Mill Arts Centre Trust

Notes to the Financial Statements for the Year Ended 31 March 2022

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 2022

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 2022

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 2022

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 2022

2 Income from live programme - shows & films

Music, Theatre, Comedy, Dance and Films
3 Income from live programme - classes
Charges for classes
Funding from Skills Funding Agency
4 Other income
Charges for equipment
Performing Rights Fees recovered from artists
Share of co-production revenue
Income from Exhibitions
Advertising fees received
Postage charges recovered
Merchandise sales
Commission on artists' merchandise
Other income
5 Grants
Local Authority
Cherwell District Council - base grant
Charities
Pye Foundation - grant to core
Other
DCMS Culture Recovery Fund
Arts Council Emergency Fund
Central Government COVID Retail, Leisure & Hospitality Grant
Central Government COVID Business Support Grants
HMRC Furlough scheme income
HMRC - Employment allowance
Surf the Wave
6 Donations & memberships
Corporate donations
Other donations and sponsorship
Legacies
Membership fees		 Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
145,360
0
145,360
2,052
145,360
0
145,360
2,052
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
53,070
0
53,070
14,966
17,380
0
17,380
2,619
70,450
0
70,450
17,585
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
3,177
0
3,177
30
3,261
0
3,261
0
1,866
0
1,866
0
140
0
140
0
475
0
475
0
621
0
621
139
0
0
0
0
351
0
351
0
457
0
457
3,150
10,348
0
10,348
3,319
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
106,000
0
106,000
141,000
1,000
0
1,000
0
79,670
0
79,670
118,560
0
0
0
30,188
12,000
0
12,000
25,000
8,000
0
8,000
14,857
15,840
0
15,840
87,527
4,000
0
4,000
4,000
0
0
226,510
0
226,510
421,132
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
55
0
55
0
2,531
0
2,531
2,009
0
0
0
0
3,158
0
3,158
2,294
5,744
0
5,744
4,303

Page 25

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2022

7 Project grants

Cherwell District Council - COMF Funding
Active Oxfordshire - Sport England Tackling Inequalities Fund
Arts Council - Reigniting Dance
Doris Field Trust - Reigniting Dance
Sanctuary H.A. - Reigniting Dance
Dancin' Oxford - Reigniting Dance
Surf The Wave - Reigniting Dance
Rothschild Foundation - Snow
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
2022
Total
2021
£
£
£
£
0
30,357
30,357
0
0
4,252
4,252
0
0
13,499
13,499
0
0
1,000
1,000
0
0
1,000
1,000
0
0
2,000
2,000
0
0
6,732
6,732
0
0
5,000
5,000
0
0
63,840
63,840
0
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
66,838
0
66,838
3,474
3,741
0
3,741
479
70,579
0
70,579
3,953
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
11,258
0
11,258
0
3,601
0
3,601
1,080
38,528
0
38,528
10,799
53,387
0
53,387
11,879
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
110,078
0
110,078
6,737
110,078
0
110,078
6,737
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
0
0
0
0
35,342
360
35,702
10,525
1,851
0
1,851
920
37,193
360
37,553
11,445
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
8,445
0
8,445
1,466
8,500
0
8,500
1,514
17,076
0
17,076
16,994
34,021
0
34,021
19,974
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
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 2022

14 Project costs

Cherwell District Council - COMF Funding
Artist costs
Other costs
Various Funding - Reigniting Dance
Artist costs
Other costs
Active Oxfordshire - Sport England Tackling Inequalities Fund
Artist costs
Other costs
Rothschild Foundation - Snow
Artist costs
Other costs
15 Establishment costs
Energy, cleaning, maintenance, repairs & security
Business Investment District Rate
Insurance
Renovations
Technical support
16 Marketing costs
Brochures
Web site maintenance
Digital marketing & flyers
Advertising
Programme consultancy
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
2022
Total
2021
£
£
£
£
0
8,879
8,879
0
0
0
0
0
0
14,057
14,057
0
0
2,251
2,251
0
0
0
0
0
0
1,280
1,280
0
0
0
0
0
0
4,342
4,342
0
0
30,809
30,809
0
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
7,040
4,619
11,659
18,910
745
0
745
928
5,981
0
5,981
6,074
0
0
0
0
26,021
0
26,021
50,253
39,787
4,619
44,406
76,165
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
20,873
0
20,873
12,913
528
0
528
926
3,974
0
3,974
468
10,709
895
11,604
4,562
0
0
0
0
0
0
0
40
36,084
895
36,979
18,909
Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
3,248
0
3,248
1,379
2,406
0
2,406
2,005
370
0
370
245
8,737
706
9,443
20,379
448
0
448
35
1,240
0
1,240
387
0
0
0
2,608
47
0
47
0
767
0
767
2,057
17,263
706
17,969
29,095

Page 27

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2022

18 Professional & financial costs

**18 ** Professional & financial costs
Unrestricted Restricted Total Total
Funds Funds 2022 2021
£ £ £ £
Independent examination of accounts and advice 1,850 0 1,850 2,000
Legal fees 6,058 0 6,058 0
Bank charges and interest 149 0 149 1,923
Other credit charges 212 0 212 208
Bad debts written off 3,605 0 3,605 0
Doubtful debts provision 0 0 0 0
Cash discrepancies 90 0 90 -297
Irrecoverable VAT 0 0 0 0
Performing Rights Society fees 3,259 0 3,259 0
Strategic consultancies 24,910 0 24,910 0
Other licences 383 0 383 515
Other costs 0 0 0 4
40,516 0 40,516 4,353
**19 ** Expenditure on bar & café
Unrestricted Restricted Total Total
Funds Funds 2022 2021
£ £ £ £
Bar cost of sales 23,046 0 23,046 2,371
Café cost of sales 2,399 0 2,399 928
Bar & café payroll 13,206 0 13,206 6,998
38,651 0 38,651 10,297
**20 ** Depreciation
Unrestricted Restricted Total Total
Funds Funds 2022 2021
£ £ £ £
Theatre equipment 8,274 0 8,274 10,774
Office equipment 129 3,938 4,067 4,367
Fixtures & fittings 626 0 626 574
Profit on disposal of equipment 0 0 0 0
9,029 3,938 12,967 15,715
**21 ** Staff
Total Total
2022 2021
£ £
(a) Staff costs
Wages and salaries 262,026 230,663
Social security costs 19,975 17,284
Pension costs 7,486 6,824
289,487 254,771
(b) Staff numbers
The average number of persons (including senior management) employed by the Trust during the year were as follows:
2022 2021
numbers numbers
Charitable activities
Management 4 4
Administration and support 4 4
Casual staff 12 20
20 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 £73,071 (2021: £63,859).

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 £737. 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 2022

24 Tangible Fixed Assets

Cost
Brought forward
Additions
Disposals
Depreciation
Brought forward
Provision for year
Disposals
Net Book Value
At 31 March 2022
At 31 March 2021
25 Stocks
Bar stocks
Café stocks
26 Trade and Sundry Debtors
Trade debtors
Provision for doubtful debts
26a VAT receivable
VAT
27 Prepaid costs and accrued income
Prepaid costs
Accrued income
Invoiced ticket sales
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
30 Accrued costs and prepaid income
Accrued costs
Prepaid ticket sales and other income		 Theatre
equipment
Office
equipment
Furniture &
fixtures
Total
2022
Total
2021
£
£
£
£
112,255
17,468
40,461
170,184
170,184
0
0
0
0
0
0
0
0
0
0
112,255
17,468
40,461
170,184
170,184
62,540
13,401
39,785
115,726
100,011
8,274
4,067
626
12,967
15,715
0
0
0
0
0
70,814
17,468
40,411
128,693
115,726
41,441
0
50
41,491
54,458
49,715
4,067
676
54,458
2022
2021
£
£
4,078
1,777
145
56
4,223
1,833
2022
2021
£
£
16,985
8,927
-3,581
-1,077
13,404
7,850
2022
2021
£
£
0
12,178
0
12,178
2022
2021
£
£
3,767
0
5,157
16,289
2,859
1,011
11,783
17,300
2022
2021
£
£
1,161
0
5,424
3,531
1,656
1,456
8,241
4,987
2022
2021
£
£
10,771
8,426
855
739
1,381
1,334
3,496
3,995
16,503
14,494
2022
2021
£
£
5,186
1,700
75,746
69,844
80,932
71,544

Page 29

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2022

31 Funds

Current Year
Restricted Capital Funds
Cherwell District Council - IT & WiFi capital grant
Sub-total
Restricted Income Funds
Charity:
Rothschild Foundation - Snow
Cherwell District Council - COMF Funding
Active Oxfordshire - Sport England Tackling Inequalities Fund
Arts Council - Reigniting Dance
Doris Field Trust - Reigniting Dance
Sanctuary H.A. - Reigniting Dance
Dancin' Oxford - Reigniting Dance
Surf The Wave - Reigniting Dance
Arts Council - OTD
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:
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		 Balance at
1 April 2021
Incoming
Resources
Resources
Expended
Transfers
Between
Funds
Balance at
31 March
2022
£
£
£
£
£
3,938
0
-3,938
0
0
3,938
0
-3,938
0
0
0
5,000
-5,000
0
0
0
30,357
-24,357
-6,000
0
0
4,252
-4,252
0
0
13,499
-5,576
0
7,923
0
1,000
-1,000
0
0
1,000
-1,000
0
0
0
2,000
-2,000
0
0
0
6,732
-6,732
0
0
0
0
6,000
6,000
0
0
0
0
0
0
63,840
-49,917
0
13,923
3,938
63,840
-53,855
0
13,923
-7,498
621,312
-609,299
0
4,515
-3,560
685,152
-663,154
0
18,438
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

Page 30

Mill Arts Centre Trust

Notes to the Financial Statements for the year ended 31 March 2022

32 Analysis of net assets between funds

Analysis of net assets between funds
At 31 March 2022
Tangible Fixed Assets
Current Assets
Current Liabilities
Total Net Assets
At 31 March 2021
Tangible Fixed Assets
Current Assets
Current Liabilities
Total Net Assets		 Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
41,491
0
41,491
127,116
13,923
141,039
-164,092
0
-164,092
4,515
13,923
18,438
50,520
3,938
54,458
50,526
0
50,526
-108,544
0
-108,544
-7,498
3,938
-3,560

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 observer on the Board of Trustees.

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

Net income for the period (as per Statement of Financial Activities)
Adjustment for:
Depreciation
Capital grants
Increase/decrease in stock
Decrease in debtors
Increase in creditors
Net cash provided by operating activities
38 Analysis of Cash and Cash Equivalents
Cash at bank and in hand
Bank overdraft		 2022
2021
£
£
21,998
41,549
12,967
15,715
0
0
-2,390
2,410
7,577
19,374
55,548
-12,816
£95,700
£66,232
2022
2021
£
£
107,733
12,033
0
0
£107,733
£12,033

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