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2023-03-31-accounts

REGISTERED CHARITY NUMBER: 1168202

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PARNDON MILL

Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

PARNDON MILL

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Cash Flow Statement 7
Notes to the Cash Flow Statement 8
Notes to the Financial Statements 9 to 15
Detailed Statement of Financial Activities 16 to 17

PARNDON MILL

REPORT OF THE TRUSTEES for the Year Ended 31 March 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Parndon Mill has the following Charitable Objectives:

Summary of Main Activities:

With Covid restrictions finally lifted, Parndon Mill's Main Activities have been able to resume. These included:

Maintenance of the three-acre site with its numerous Grade II listed buildings providing space for creative studios, workshops, Project Space and The Gallery continue as usual. Additionally, the provision of fine art rental pieces to local business continued, albeit at slightly lower levels, and this is a source of regular income that we will strive to increase.

Significant activities

We are pleased to report that the on-going issues with the works to sink a new borehole have finally been resolved and we now have full access to fresh and plentiful water for the Mill and its occupants.

An in-depth Business Development Plan has been produced and will be presented to resident artists at the start of the next financial year. This fully costed document will prove invaluable to Trustees and resident artists when seeking capital funding and Grant Aid to help develop the rental estate and facilities at The Mill, including a fully established Outreach programme.

Public benefit

The Trustees have given due consideration to the Charity Commission's published guidance on public benefit. The benefits for all our Event attendees, Gallery visitors, Artist Tenants and Art-course delegates as individuals in the community and the artistic life of the communities we serve, particularly in Harlow and its environs, have been detailed above.

Hot on the heels of Covid, this financial year we have seen the impact of the cost-of-living crisis, with communities having less disposable income for the arts. This has continued to have a significant impact on overall public benefit during the year but the Trustees are hopeful that normality may return during the coming financial year. We are pleased that creative practitioners at Parndon Mill have successfully applied for funding from Harlow Council to deliver free access to creative activity for 7- to 14-year-olds via an ongoing series of events, and the first tranche of funding has been received.

Page 1

PARNDON MILL

REPORT OF THE TRUSTEES for the Year Ended 31 March 2023

FINANCIAL REVIEW

Financial Review

During the year overall Trust Income was £138,893 (£8,789 relates to the Borehole Appeal) compared to £133,471 last year.

Overall Studio, Mooring and Project Space income from the Mill's [31] individual studios and [6] Moorings this year was £103,633 compared with £102,667 in the prior year.

Total Gallery Income and Art Rental income during the year was £20,700 compared to £18,232 last year.

Expenses incurred by the Trust but recharged to individual tenants for this financial year was £2,240 compared to £2,794 in the prior year.

Total Expenditure for the period was £139,531 from £130,966 in the prior period. Net Income for the period was therefore (£638) which, combined with brought forward balances of £1,373,038 has ensured a decrease in Total Funds to £1,372,400.

With regard to the Balance Sheet, Net Assets are £1,372,40, Net Current Assets have decreased from £83,184 to £73,239 and underlying cash reserves have also decreased to £82,732 from £89,313.

As at the Balance Sheet date, the Trust had Tangible Assets of £1,309,161 compared to £1,309,854 last year.

Reserves policy

The Trust's core income is generated from moorings, studio rental and gallery sales with any surplus re-invested to support the on-going development of the Trust and the fabric of the buildings of the Mill. The Trust has hitherto funded all activities using existing reserves and due to the restrictions of Covid and the effect of the cost-of-living crisis, has not, as yet, sought grants for special events or capital projects. However, this is set to change in the next financial year in line with the revised Business Development Plan.

Adequate reserves are required to ensure that the Trust's operations can operate without recourse to bank borrowings. The board of Trustees therefore aim to hold reserves equal to at least two months' operating costs in the Trust's bank account, in unrestricted funds, as a contingency for normal operating purposes.

An important element of the Trust is Parndon Mill itself together with its surrounding buildings and land. With the legal transfer of these assets the Trust has a significant asset of value on its balance sheet. Accordingly, such a valuable asset will greatly assist the Trustees in their search for capital grants for building works that could expand the amount of space available to local artists or improve the general facilities of the Mill.

Trustees also recognised that, unless they could demonstrate sound financial acumen, obtaining significant funding would prove difficult. Therefore, for the first time in three years, an increase in rates for studio rental and mooring fees was applied.

FUTURE PLANS

The Trustees are aware that the future financial viability of the Mill will ultimately be determined by generating sufficient income from studio space without stifling creative energies from those who so benefit from the Mill environs. With this in mind, the Trustees are actively considering plans for the following projects:

The Trustees acknowledge that some form of grant aid will be required in order to complete the above projects.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is governed by its governing document a trust deed of a Charitable Incorporated Organisation.

Recruitment and appointment of new trustees

The Trustees have the power to co-opt additional members to fill specialist roles and to fill any vacancies due to retirement or resignation. New Trustees are carefully assessed by the existing Board of Trustees prior to appointment. The appointment of each new trustee takes place by formal minuted board resolution. No person or body external to the charity is entitled to appoint any of the Trustees.

Induction and training of new trustees

All Trustees are provided with an induction to the Trust and given guidance as to the role and responsibilities of being a charity trustee.

Page 2

PARNDON MILL

for the Year Ended 31 March 2023

REPORT OF THE TRUSTEES

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1168202

Principal address Parndon Mill Harlow Essex CM20 2HP

Trustees

J Holland J D Lee R A Lee N Bowman (resigned 31.3.23) J Shepherd B Ingram L Wright (resigned 31.3.23)

Independent Examiner

Maurice Brindley BSc FCA Institute of Chartered Accountants in England and Wales Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH Approved by order of the board of trustees on ............................................. and signed on its behalf by:

..............................................................................

B Ingram - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PARNDON MILL

Independent examiner's report to the trustees of Parndon Mill

I report to the charity trustees on my examination of the accounts of Parndon Mill (the Trust) for the year ended 31 March 2023.

Responsibilities and basis of report

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

Independent examiner's statement

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 Trust 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.

Maurice Brindley BSc FCA Institute of Chartered Accountants in England and Wales Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH Date: .............................................

Page 4

PARNDON MILL

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023

Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
Charitable activities
4
Studio rentals and sales together
with the upkeep of the Mill and its
environs
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Studio rentals and sales together
with the upkeep of the Mill and its
environs
NET
INCOME/(EXPENDITURE)
Transfers between funds
14
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
fund
£
105
129,824
175
130,104
129,455
649
(1,292,510 )
(1,291,861)
1,369,564
77,703		 Property
fund
£
-
-
-
-
-
-
1,292,510
1,292,510
-
1,292,510		 Restricted
funds
£
8,789
-
-
8,789
10,076
(1,287)
-
(1,287)
3,474
2,187		 31.3.23
Total
funds
£
8,894
129,824
175
138,893
139,531
(638)
-
(638)
1,373,038
1,372,400		 31.3.22
Total
funds
£
5,749
127,720
2
133,471
130,966
2,505
-
2,505
1,370,533
1,373,038

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 5

PARNDON MILL

BALANCE SHEET 31 March 2023

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than
one year
12
NET ASSETS
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
16,651
10,001
79,059
89,060
(18,008)
71,052
87,703
(10,000)
77,703		 Property
fund
£
1,292,510
-
-
-
-
-
1,292,510
-
1,292,510		 Restricted
funds
£
-
-
3,673
3,673
(1,486)
2,187
2,187
-
2,187		 31.3.23
Total
funds
£
1,309,161
10,001
82,732
92,733
(19,494)
73,239
1,382,400
(10,000)
1,372,400
1,370,213
2,187
1,372,400		 31.3.22
Total
funds
£
1,309,854
8,242
89,313
97,555
(14,371)
83,184
1,393,038
(20,000)
1,373,038
1,369,564
3,474
1,373,038

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. B Ingram - Trustee

The notes form part of these financial statements

Page 6

PARNDON MILL

CASH FLOW STATEMENT for the Year Ended 31 March 2023

31.3.23
31.3.22
Notes £
£
Cash flows from operating activities
Cash generated from operations 1 (2,877)
5,118
Net cash (used in)/provided by operating activities (2,877)
5,118
Cash flows from investing activities
Purchase of tangible fixed assets (3,879)
(750)
Interest received 175
2
Net cash used in investing activities (3,704)
(748)
Cash flows from financing activities
New loans in year -
10,000
Loan repayments in year -
(3,720)
Net cash provided by financing activities -
6,280
Change in cash and cash equivalents in the
reporting period (6,581)
10,650
Cash and cash equivalents at the beginning of
the reporting period 89,313
78,663
Cash and cash equivalents at the end of the
reporting period 82,732
89,313

The notes form part of these financial statements

Page 7

PARNDON MILL

NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 March 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.3.23 31.3.22
£ £
Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities) (638) 2,505
Adjustments for:
Depreciation charges 4,572 4,567
Interest received (175) (2)
(Increase)/decrease in debtors (1,759) 899
Decrease in creditors (4,877) (2,851)
Net cash (used in)/provided by operations (2,877) 5,118
  1. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.22
Cash flow
At
£
£
Net cash
Cash at bank and in hand
89,313
(6,581)
89,313
(6,581)
Debt
Debts falling due within 1 year
(10,000)
(10,000)
Debts falling due after 1 year
(20,000)
10,000
(30,000)
-
Total
59,313
(6,581)		 31.3.23
£
82,732
82,732
(20,000)
(10,000)
(30,000)
52,732

The notes form part of these financial statements

Page 8

PARNDON MILL

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements and assessment of going concern

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The financial statements are presented in sterling (£).

Critical accounting judgements and key sources of estimation uncertainty

In preparing financial statements it is necessary to make certain judgements, estimated and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Income

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

No depreciation is charged in respect of freehold land and buildings as the residual value of the property after its estimated useful life is anticipated to be at least the carrying value of the property show in the financial statements.

Taxation

The charity is exempt from tax on its charitable activities.

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and current bank accounts.

Creditors

Creditors are recognised where then charity has a present obligation resulting from a past event that will 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 are recognised at their settlement amount.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 9

PARNDON MILL

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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 settled 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.

2. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
Harlow Council Grant
National Lottery
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Studio rentals and sales together with the upkeep
Studio and mooring rents
of the Mill and its environs
Studio rentals and sales together with the upkeep
Project space rental
of the Mill and its environs
Studio rentals and sales together with the upkeep
Recharged expenses
of the Mill and its environs
Studio rentals and sales together with the upkeep
Gallery sales and art rental
of the Mill and its environs
Studio rentals and sales together with the upkeep
Services
of the Mill and its environs		 31.3.23
£
494
8,400
8,894
31.3.23
£
1,500
6,900
8,400
31.3.23
£
175
31.3.23
£
103,633
2,942
2,240
20,700
309
129,824		 31.3.22
£
5,749
-
5,749
31.3.22
£
-
-
-
31.3.22
£
2
31.3.22
£
102,667
3,235
2,794
18,232
792
127,720

continued...

Page 10

PARNDON MILL

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

5. NET INCOME/(EXPENDITURE)

Studio rentals and sales together with the
upkeep of the Mill and its environs
Net income/(expenditure) is stated after charging/(crediting):
Independent examiners fee
6.
SUPPORT COSTS
Studio rentals and sales together with the upkeep
of the Mill and its environs		 Direct
Costs
£
130,522		 Support
costs (see
note 6)
£
9,009		 Totals
£
139,531
31.3.23
£
1,680		 31.3.22
£
1,680
Governance
Finance
costs
£
£
1,123
7,886		 Totals
£
9,009

7. TRUSTEES' REMUNERATION AND BENEFITS

During the year £10,000 (2022: £10,000) was paid to R Lee for services provided outside those of trusteeship.

At the year end the Charity owed R Lee £10,000 (2022: £10,000) of which relates to services provided.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Key management

The trustees consider the role of Key Management to be that of the Founder & Curator.

During the year £10,000 (2022: £10,000) was paid to the Key Management for services provided in previous years.

At the year end the Charity owed the Key Management £10,000 for services provided in 2023 and the remaining balance brought forward of £10,330 (2022: £10,330) making a total of £20,330 outstanding at the year end.

8. 2021/22 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Studio rentals and sales together with the upkeep of
the Mill and its environs
Investment income
Total
EXPENDITURE ON
Charitable activities
Studio rentals and sales together with the upkeep of
the Mill and its environs
NET INCOME/(EXPENDITURE)		 Unrestricted
fund
£
3,926
127,720
2
131,648
111,279
20,369		 Property
fund
£
-
-
-
-
-
-		 Restricted
funds
£
1,823
-
-
1,823
19,687
(17,864)		 Total
funds
£
5,749
127,720
2
133,471
130,966
2,505

continued...

Page 11

PARNDON MILL

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

8.
2021/22 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Unrestricted
Property
fund
fund
£
£
RECONCILIATION OF FUNDS
Total funds brought forward
1,349,195
-
TOTAL FUNDS CARRIED FORWARD
1,369,564
-
9.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
Plant and
and
property
machinery
fittings
£
£
£
COST
At 1 April 2022
1,292,510
5,296
32,154
Additions
-
3,779
100
At 31 March 2023
1,292,510
9,075
32,254
DEPRECIATION
At 1 April 2022
-
2,518
17,588
Charge for year
-
1,639
2,933
At 31 March 2023
-
4,157
20,521
NET BOOK VALUE
At 31 March 2023
1,292,510
4,918
11,733
At 31 March 2022
1,292,510
2,778
14,566
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments		 continued
Restricted
funds
£
21,338
3,474
Motor
vehicles
£
70
-
70
70
-
70
-
-
31.3.23
£
1,745
8,256
10,001		 Total
funds
£
1,370,533
1,373,038
Totals
£
1,330,030
3,879
1,333,909
20,176
4,572
24,748
1,309,161
1,309,854
31.3.22
£
3,442
4,800
8,242

continued...

Page 12

PARNDON MILL

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other creditors
13.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Mr R A Lee Loan - Short term
S C Dobson Loan - Short term
Amounts falling between one and two years:
S C Dobson loans - Long Term
14.
MOVEMENT IN FUNDS
Net
movement
At 1.4.22
in funds
£
£
Unrestricted funds
General fund
1,369,564
649
Property fund
-
-
1,369,564
649
Restricted funds
Bore Hole Fund
3,474
(1,436)
National Lottery Community Fund
-
135
HDC Partnership
-
14
3,474
(1,287)
TOTAL FUNDS
1,373,038
(638)		 31.3.23
£
(2,744)
22,238
19,494
31.3.23
£
10,000
31.3.23
£
10,000
10,000
20,000
10,000
Transfers
between
funds
£
(1,292,510)
1,292,510
-
-
-
-
-
-		 31.3.22
£
2,243
12,128
14,371
31.3.22
£
20,000
31.3.22
£
10,000
-
10,000
20,000
At
31.3.23
£
77,703
1,292,510
1,370,213
2,038
135
14
2,187
1,372,400

continued...

Page 13

PARNDON MILL

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Bore Hole Fund
National Lottery Community Fund
HDC Partnership
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Bore Hole Fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Bore Hole Fund
TOTAL FUNDS		 Incoming
resources
£
130,104
389
6,900
1,500
8,789
138,893
At 1.4.21
£
1,349,195
21,338
1,370,533
Incoming
resources
£
131,648
1,823
133,471		 Resources
expended
£
(129,455)
(1,825)
(6,765)
(1,486)
(10,076)
(139,531)
Net
movement
in funds
£
20,369
(17,864)
2,505
Resources
expended
£
(111,279)
(19,687)
(130,966)		 Movement
in funds
£
649
(1,436)
135
14
(1,287)
(638)
At
31.3.22
£
1,369,564
3,474
1,373,038
Movement
in funds
£
20,369
(17,864)
2,505

continued...

Page 14

PARNDON MILL

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Property fund
Restricted funds
Bore Hole Fund
National Lottery Community Fund
HDC Partnership
TOTAL FUNDS		 At 1.4.21
£
1,349,195
-
1,349,195
21,338
-
-
21,338
1,370,533		 Net
movement
in funds
£
21,018
-
21,018
(19,300)
135
14
(19,151)
1,867		 Transfers
between
funds
£
(1,292,510)
1,292,510
-
-
-
-
-
-		 At
31.3.23
£
77,703
1,292,510
1,370,213
2,038
135
14
2,187
1,372,400

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Bore Hole Fund
National Lottery Community Fund
HDC Partnership
TOTAL FUNDS		 Incoming
resources
£
261,752
2,212
6,900
1,500
10,612
272,364		 Resources
Movement
expended
in funds
£
£
(240,734)
21,018
(21,512)
(19,300)
(6,765)
135
(1,486)
14
(29,763)
(19,151)
(270,497)
1,867

Transfers between funds

During the year the property, which is valued at £1,292,510, has been moved into a separate unrestricted fund in order to show operational funds clearly in the financial statements.

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

Page 15

PARNDON MILL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 March 2023
31.3.23 31.3.22
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 494 5,749
Grants 8,400 -
Investment income 8,894 5,749
Deposit account interest 175 2
Charitable activities
Studio and mooring rents 103,633 102,667
Project space rental 2,942 3,235
Recharged expenses 2,240 2,794
Gallery sales and art rental 20,700 18,232
Services 309 792
129,824 127,720
Total incoming resources 138,893 133,471
EXPENDITURE
Charitable activities
Rates and water 1,123 1,275
Insurance 13,291 11,595
Light and heat 2,650 8,081
Telephone and data costs 2,901 1,844
Printing postage & stationery 1,588 886
Advertising and marketing 1,244 1,445
Sundries 2,624 3,248
Artists costs 10,701 13,869
Travel expenses 46 267
Repairs and maintenance 32,331 25,800
Cleaning 2,978 8,250
Computer costs 717 982
Consultancy fees 20,000 20,000
Animal Costs 240 30
Entertaining 302 -
Motor Expenses 2,072 571
Water waste management 1,619 3,607
Outreach/Project Costs 8,251 -
Subscriptions 432 432
Printing cost of sales 2,057 -
Repairs & Maintenance Grounds 16,949 -
Bore Hole expenses 1,825 19,687
Bad debts 9 -
Plant and machinery 1,639 926
Fixtures and fittings 2,933 3,641
130,522 126,436
Support costs
Finance
Bank charges 1,123 798

This page does not form part of the statutory financial statements

Page 16

PARNDON MILL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 March 2023
31.3.23 31.3.22
£ £
Finance
Governance costs
Accountancy and legal fees 7,886 3,732
Total resources expended 139,531 130,966
Net (expenditure)/income (638) 2,505

This page does not form part of the statutory financial statements

Page 17