**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:
- To promote the arts and encourage wider community engagement and participation.
- To maintain and strengthen established collaborations with local education.
- To maintain and strengthen relationships between the arts and business to promote free access to the arts for all sectors of society and bring arts and culture into the work environment.
- To maintain the Grade II Listed buildings as a hub of creativity and heritage asset, offering artists' workspace, classes, workshops and gallery exhibitions.
Summary of Main Activities:
With Covid restrictions finally lifted, Parndon Mill's Main Activities have been able to resume. These included:
- Delivery of a programme of exhibitions showing the works of many artists free to the public 251 days per annum.
- Provision of weekday, evening and weekend arts & craft workshops and classes.
- Hosting seminars for local commerce, sharing cultural opportunity with the business community.
- Delivering the annual Open Studios weekend to:
- Provide insight into the wide range of creative practices.
- Provide free access to the historic buildings and enjoyment of the waterside environs via events.
- Provide taster workshops in many different crafts at low cost.
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:
- Additional studio space
- Improvements to existing facilities to enable access to those with limited mobility
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|
2. **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.
- Plant and machinery 25% on reducing balance - Fixtures and fittings 20% on reducing balance Motor vehicles - 25% on reducing balance
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