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2024-03-31-accounts

Charity registration number 1165998

MILL ARTS CENTRE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MILL ARTS CENTRE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees B Baseley-Smith
Mr A J McHugh
C R Snelling
S L Norton
K Warren
Senior management A Lister Chief Executive
E Hiorns Creative Director
Charity number 1165998
Registered office The Mill
Spiceball Park
Banbury
Oxon
OX16 5QE
Independent examiner Whitley Stimpson Limited
Penrose House
67 Hightown Road
Banbury
Oxfordshire
OX16 9BE

MILL ARTS CENTRE TRUST

CONTENTS

Page
Trustees' report 1 - 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 22

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the financial statements of the charitable incorporated organisation for the year ended 31 March 2024.

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 (FRS 102) (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

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

The key aims of the charity are summarised below:

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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.

Identified priorities for the year ended 31st March 2024 were as follows:

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.

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.

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The particular highlights for the charity during the year ended March 2024 were as follows:

Notable Challenges

Financial review

2023-24 saw the Trust return an overall net surplus of £21,908 to end the year with a combined balance sheet surplus of £45,081.

Live Programme

There continued to be strong growth in audiences through the review period, with income from live event sales up 23.7% on the prior year, driven by an underlying growth in the number of events whilst maintaining average occupancy.

A total of 212 live events were presented during the year (181 prior year), with 23,027 admissions (20,425 previously). Furthermore, this growth in both occupancy and the number of events was achieved in spite of the closure of The Mill’s Theatre from the end of January 2024 due to water damage, therefore representing a significant increase on a like for like basis during the 10 months that the theatre was in full operation.

A highlight of the programme was the inclusion of 22 performances of ‘There’s a Monster in your Christmas Show’ by Millenium Entertainment International as an early Christmas run in December, building on achievement from ‘The Gruffalo’ in December 2022. 2937 tickets were sold representing a final capacity of 67%, including 760 schools attenders.

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Through February and March 2024 the Theatre space was out of action due to essential repairs, requiring the majority of programmed events to be re-scheduled for later in the year, although a small number of events were able to go ahead in alternate locations where this was practically possible.

Education Classes

Income of £108,562 equate to growth of 18.4% on the prior year. Whilst the Creative Learning programme was not directly impacted by the temporary closure of the Theatre, there was some downward impact on the final two months of the period, considered to be due to mis-reading of this messaging.

Skills Funding Agency allocation of £20,712 for the review period reflects final reconciliation of funding secured for the academic year to 31st July 2023 along with apportionment of expected funding for the academic year to 31st July 2024.

Box Office Income

Box Office income is earned through booking fees levied on the sale of tickets for both our Live and Creative Learning programmes, which goes to support the associated staffing costs, licenses and costs associated with the CRM system, credit card and bank processing charges. This revenue is therefore directly driven by the volume of tickets sold during the period.

Income of £57,417 represents a slight increase on the prior year driven by the uplift in live shows admissions. However, this is proportionately lower than the uplift in show incomes might otherwise dictate due to the transaction of refunds on advance sales for future events taking place after the review period and in light of the theatre closure.

Grant Income (including Project Grants)

Cherwell District council provided a core revenue support grant of £106,270, in addition we received £183,000 as core funding from Arts Council England as the first year of Investment through the National Portfolio Organisation (NPO) 2023-26 programme.

In addition we received £16,500 section 106 funding from Cherwell District Council to further develop our programme of cultural activity for the residents of Kingsmere and Launton in Bicester, alongside work to develop community partnerships in Bicester. This project continues into the 2024/25 financial period.

We were awarded £10,000 from Cherwell District Council as a disbursement of UK Shared Prosperity Funding to launch the Community Connections Fund – designed to support the costs of engaging with The Mill’s programme for residents from the Neithrop, Ruscote and Grimsbury wards of Banbury.

Hospitality

Predominantly composed of ‘wet’ sales, total Hospitality revenue of £108,784 represents growth of 11.8% on the prior year.

This area of the operation has continued to see staffing/recruitment challenges at times having a limiting effect on our capacity to drive growth. Analysed ‘per head’ this is fairly static against the prior year, however it would normally be expected to see sales per head decrease as occupancy increases due to an effective ceiling on the capacity of the Mill’s physical bar spaces.

Furthermore the reduction in footfall caused by the temporary theatre closure in February and March had a significant impact on revenues for the final two months of the period.

Theatre & Room Hire

Overall, income from hires equates to a 23.7% reduction on the prior year. This is largely due to the cessation of a significant post-pandemic temporary hire present during the prior financial period, and reflects a return to historic levels. This revenue stream is also subject to fluctuation depending on the mix of hire arrangements for live events, whereby a smaller proportion of events were programmed as third party hires.

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Overheads

Payroll costs show a 28.8% increase on prior year. This increase is driven by the establishment of two new permanent roles supported by Arts Council England investment, along with a further year of significant wage inflation in line with changes to the National Living Wage.

Marketing costs also show an increase on prior year, however were supported by project grant funding from the Oxfordshire Local Enterprise Partnership to invest in review of the regular What’s On Guide format and distribution, expected to deliver a cost saving in future periods.

Going concern

The closure of the Theatre Auditorium due to flood damage for 8 months during 2024 has had a significant impact on the financial position of the trust due to lost revenues and the additional costs arising from operating from temporary premises. Whilst the trust has been able to offset a significant proportion of those losses against prior overperformance, contingencies and salary savings there has been an unavoidable depletion of the Trust’s limited reserves.

The Trustees’ Finance Sub Group have continued to meet monthly in order to maintain a detailed continual 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.

Whilst as a result the balance sheet position has been depleted, Trustees are clear that the challenges are shortterm and confined to the resolution of the auditorium damage. Trustees have satisfied themselves that solutions to these practical issues can be delivered in a timely manner, however that the underlying operating model and demand for the Trust’s services remains undiminished.

Detailed financial modelling shows that on the return to the regular premises in October 2024 the Trust expect to immediately commence recouping and offsetting prior losses, and thereby trading to a more sustainable position.

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.

Reserves policy

Restricted reserves at year-end total £Nil and unrestricted reserves of £45,081 give a combined position of £45,081.

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.

The Trustees have determined that the charity should aspire to hold free cash reserves sufficient to cover approximately three month’s fixed operating costs, which would equate to approximately £75,000. The reason for this is to provide sufficient working capital to cover cashflow delays between spending and receipts of income and to provide a cushion to deal 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 are pleased to note positive progress over the period, and continue to look at strategies for raising additional income whilst also reviewing key areas of operational expenditure to ensure the targeted reserves can be built in future years.

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Principal Risks and Uncertainties

The Trustees have a risk management strategy which comprises:

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

1. Short term building tenure agreement leading to potential:

2. Inability to maintain revenue levels due to risk of reductions in Local Authority funding in future periods leading to potential:

3. Poor condition of building leading to potential:

4. Ongoing flooding risk leading to potential:

Plans for future periods

The charity's plans for future periods are:

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 re-elected.

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.

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.

The trustees who served during the year and up to the date of signature of the financial statements were: B Baseley-Smith Mr A J McHugh Councillor P Chapman (Resigned 2 May 2024) C R Snelling S L Norton K Warren

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 4 times each year. However, Trustees have established a sub-committee structure to undertake more in-depth oversight. The Board of Trustees appoint the members to each sub-committee and agree terms of reference.

The Resources sub-committee oversees the financial, risk and resource aspects of the governance of the charity. This sub-committee meets on a monthly basis throughout the year in undertaking their respective responsibilities as set out in the terms of reference as agreed by the Board of Trustees.

The Programme, Audiences & Communities sub-committee enable support, challenge and oversight of the effective evaluation of past and future programmes and audience engagement strategy to ensure these meet the outcomes and aims of the charity and associated funding agreements. The committee meet at least 8 times each year.

The Trustees have delegated the day-to-day management of the Trust to the Chief Executive.

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:

Arrangements for Setting Pay and Remuneration of Key Management Personnel

The Trustees consider the Board of Trustees and the Chief Executive 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. 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 nominal 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 £106,270. An officer of the council sits as an observer on the Board of Trustees to oversee application of these funds.

Remuneration policy

The Trustees consider the Board of Trustees and the Chief Executive 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.

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.

Funds held as custodian trustee

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

MILL ARTS CENTRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

B Baseley-Smith Trustee

19 December 2024

MILL ARTS CENTRE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MILL ARTS CENTRE TRUST

I report to the trustees on my examination of the financial statements of Mill Arts Centre Trust (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 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 the Institute of Chartered Accountants in Engalnd and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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

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 financial statements to be reached.

Hermione Hymers ACA

Whitley Stimpson Limited Penrose House 67 Hightown Road Banbury Oxfordshire OX16 9BE

Dated: 19 December 2024

MILL ARTS CENTRE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
326,047
28,073
Charitable activities
3
419,760
-
Other trading activities
4
170,727
-
Total income
916,534
28,073
Expenditure on:
Other activities
5
88,893
-
Charitable activities
6
805,733
28,073
Total expenditure
894,626
28,073
Net income
21,908
-
Transfers between
funds
-
-
Net movement in
funds
8
21,908
-
Reconciliation of funds:
Fund balances at 1 April 2023
23,173
-
Fund balances at 31 March
2024
45,081
-		 Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
£
£
£
354,120
151,625
40,228
419,760
366,586
-
170,727
167,024
-
944,607
685,235
40,228
88,893
69,068
1,692
833,806
585,357
64,611
922,699
654,425
66,303
21,908
30,810
(26,075)
-
(12,152)
12,152
21,908
18,658
(13,923)
23,173
4,515
13,923
45,081
23,173
-		 Total
2023
£
191,853
366,586
167,024
725,463
70,760
649,968
720,728
4,735
-
4,735
18,438
23,173

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MILL ARTS CENTRE TRUST

BALANCE SHEET AS AT 31 MARCH 2024

Notes
£
Fixed assets
Tangible assets
12
Current assets
Stocks
13
4,118
Debtors
14
93,323
Cash at bank and in hand
82,731
180,172
Creditors: amounts falling due within
one year
15
(161,640)
Net current assets/(liabilities)
Total assets less current liabilities
The funds of the charity
Unrestricted funds
16		 2024
£
£
26,549
7,250
75,316
96,109
178,675
(188,669)
18,532
45,081
45,081
45,081		 2023
£
33,167
(9,994)
23,173
23,173
23,173

The financial statements were approved by the trustees on 19 December 2024

B Baseley-Smith Trustee

MILL ARTS CENTRE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
18
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 £
(1,656)		 2024
£
(11,722)
(1,656)
-
(13,378)
96,109
82,731		 £
-		 2023
£
(11,624)
-
-
(11,624)
107,733
96,109

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Mill Arts Centre Trust is a charity registered in England and Wales. The registered address is The Mill, Spiceball Park, Banbury, Oxon, OX16 5QE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant & equipment 25% Straight line Fixtures & fittings 25% Straight line Computers 25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Core grants
317,858
28,073
Individual donations
8,189
-
326,047
28,073		 Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
£
£
£
345,931
145,334
40,228
8,189
6,291
-
354,120
151,625
40,228		 Total
2023
£
185,562
6,291
191,853

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Live programme income
Ticket sales 235,780 186,210
Funding from SFA 20,710 19,036
Theatre and room hire 11,700 23,509
Income from classes 87,850 72,645
Project income 5,380 10,000
Booking fees 57,417 54,424
Exhibition sales commissions 923 762
419,760 366,586

4 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Bar income 104,474 94,007
Café income 4,310 3,270
Commissions 6,948 4,806
Theatre and room hire 51,764 59,754
Technical income 3,231 5,187
Other trading activities 170,727 167,024

5 Expenditure on other trading activities

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Other trading expenses
Bar costs
42,219
-
Café costs
2,681
-
Merchandise
271
-
Bar & café wages
43,722
-
88,893
-		 Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
£
£
£
42,219
34,350
1,692
2,681
2,403
-
271
-
-
43,722
32,315
-
88,893
69,068
1,692		 Total
2023
£
36,042
2,403
-
32,315
70,760

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on charitable activities

Shows and
films
2024
£
Direct costs
Box office costs
-
Project costs
-
Shows and films costs
181,139
Education and classes costs
-
Techical costs
38,168
219,307
Share of support and governance costs (see note 7)
Support
442,507
661,814
Analysis by fund
Unrestricted funds
642,780
Restricted funds
19,034
661,814		 Classes
Projects
Ticketing
2024
2024
2024
£
£
£
-
-
55,262
-
55,883
-
-
-
-
60,847
-
-
-
-
-
60,847
55,883
55,262
-
-
-
60,847
55,883
55,262
60,847
46,844
55,262
-
9,039
-
60,847
55,883
55,262		 Total
2024
£
55,262
55,883
181,139
60,847
38,168
391,299
442,507
833,806
805,733
28,073
833,806

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6
Expenditure on charitable activities
Previous year:
Shows and
films
Classes
Projects
2023
2023
2023
£
£
£
Direct costs
Box office costs
-
-
-
Project costs
-
-
37,538
Shows and films costs
147,665
-
-
Education and classes costs
-
50,261
-
147,665
50,261
37,538
Share of support and governance costs (see note 7)
Support
368,665
-
-
516,330
50,261
37,538
Analysis by fund
Unrestricted funds
489,309
50,209
-
Restricted funds
27,021
52
37,538
516,330
50,261
37,538
7
Support costs allocated to activities
Depreciation
Non-attributable payroll
Establishment costs
Marketing costs
Office costs
Professional and finance costs
Bad debt
Analysed between:
Shows and films
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 (Continued)
Ticketing
Total
2023
2023
£
£
45,839
45,839
-
37,538
-
147,665
-
50,261
45,839
281,303
-
368,665
45,839
649,968
45,839
585,357
-
64,611
45,839
649,968
2024
2023
£
£
8,274
8,324
317,635
246,551
17,856
57,075
38,691
29,347
26,572
16,372
29,767
10,996
3,712
-
442,507
368,665
442,507
368,665
2024
2023
£
£
1,800
1,800
8,274
8,324		 (Continued)
Ticketing
Total
2023
2023
£
£
45,839
45,839
-
37,538
-
147,665
-
50,261
45,839
281,303
-
368,665
45,839
649,968
45,839
585,357
-
64,611
45,839
649,968
2024
2023
£
£
8,274
8,324
317,635
246,551
17,856
57,075
38,691
29,347
26,572
16,372
29,767
10,996
3,712
-
442,507
368,665
442,507
368,665
2024
2023
£
£
1,800
1,800
8,274
8,324
281,303
368,665
649,968
585,357
64,611
649,968
2023
£
8,324
246,551
57,075
29,347
16,372
10,996
-
368,665
368,665
2023
£
1,800
8,324

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

Management
Admin & Support
Casual staff
Total		 2024
Number
5
7
11
23		 2023
Number
5
6
9
20

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Plant &
equipment
Fixtures &
fittings
Computers
£
£
£
Cost
At 1 April 2023
112,255
40,461
17,468
Additions
-
-
1,656
At 31 March 2024
112,255
40,461
19,124
Depreciation and impairment
At 1 April 2023
79,088
40,461
17,468
Depreciation charged in the year
8,274
-
-
At 31 March 2024
87,362
40,461
17,468
Carrying amount
At 31 March 2024
24,893
-
1,656
At 31 March 2023
33,167
-
-		 Total
£
170,184
1,656
171,840
137,017
8,274
145,291
26,549
33,167

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Stocks

Raw materials and consumables
Finished goods and goods for resale
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
4,102
16
4,118
2024
£
56,571
1,921
34,831
93,323
2024
£
11,359
50,431
4,039
95,811
161,640		 2023
£
7,068
182
7,250
2023
£
25,918
7,065
42,333
75,316
2023
£
13,308
93,269
1,814
80,278
188,669

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
General funds 23,173 916,534 (894,626) - 45,081
Previous year: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
General funds 4,515 685,235 (654,425) (12,152) 23,173

MILL ARTS CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Related party transactions

The Mill is owned by Oxfordshire County Council which has granted a lease to the Trust at a nominal rent. 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 to the Board of Trustees.

18 Cash generated from operations 2024 2023
£ £
Surplus for the year 21,908 4,735
Adjustments for:
Depreciation and impairment of tangible fixed assets 8,274 8,324
Movements in working capital:
Decrease in stocks 3,132 (3,025)
Increase in debtors (18,007) (46,235)
Decrease in creditors (27,029) 24,576
Cash absorbed by operations (11,722) (11,625)

19 Analysis of changes in net funds

The charity had no material debt during the year.