**REGISTERED CHARITY NUMBER: 1168202**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **FOR**
## **PARNDON MILL**
**PARNDON MILL**
## **CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**||7||
|**Cash Flow Statement**||8||
|**Notes to the Cash Flow Statement**||9||
|**Notes to the Financial Statements**|10|to|18|
|**Detailed Statement of Financial Activities**|19|to|20|
**PARNDON MILL**
## **REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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:
Parndon Mill's main activities 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**
The Business Development Plan that was produced in the previous financial year was presented to resident artists at the start of this financial year. Whilst 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, it is a 'live' document and as such is re-visited and updated on a regular basis.
Full planning permission and consent from Historic England has been granted to completely refurbish and add to the existing toilets at the Mill, which are in very poor condition. This will create a fully accessible toilet and wash facilities, thus opening access to the arts for all. Work should commence in the next financial year.
A studio previously occupied by a single professional practitioner became available during the year. To enable as many creatives as possible to have access to a dedicated workspace, we made the decision to use the studio for multiple occupancy by recent graduates. We are pleased to say that we now have three creatives occupying this space and the arrangement is working extremely well. This is a model we may well use when other large spaces become available in the future.
## **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.
The cost-of-living crisis continues, with communities having less disposable income for the arts. This has had 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 two tranches of funding has been received.
Page 1
**PARNDON MILL**
## **REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024**
## **FINANCIAL REVIEW**
## **Financial Review**
During the year overall Trust Income was £170,187 (£13,779 relates to the Borehole Appeal) compared to £138,893 last year.
Overall Studio, Mooring and Project Space income from the Mill's [31] individual studios and [6] Moorings this year was £134,846 compared with £106,575 in the prior year.
Total Gallery Income and Art Rental income during the year was £17,071 compared to £20,700 last year.
Expenses incurred by the Trust but recharged to individual tenants for this financial year was £1,645 compared to £2,240 in the prior year.
Total Expenditure for the period was £120,696 from £139,531 in the prior period. Net Income for the period was therefore £49,491 which, combined with brought forward balances of £1,372,400 has ensured an increase in Total Funds to £1,421,891.
With regard to the Balance Sheet, Net Assets are £1,421,891, Net Current Assets have increased from £73,239 to £115,560 and underlying cash reserves have also increased to £107,860 from £82,732.
As at the Balance Sheet date, the Trust had Tangible Assets of £1,306,331 compared to £1,309,161 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 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, in the previous financial year the first tranche of 'levelling up' rent increases were applied. Annual increases continue to be applied in line with CPI rates.
Page 2
**PARNDON MILL**
## **REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024**
## **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. Other avenues are also being explored to create additional income, including the hosting of music events and possibly using the Mill environs for filming.
Also, following the passing of the renowned artist Gerda Rubinstein, who had very strong links to Harlow and Parndon Mill, we are in early talks with her widower, Harlow Arts Trust, and Arts Council England to bring her studio to Parndon Mill. If this comes to fruition, it will not only preserve the studio, but also provide an invaluable teaching tool for up-and-coming sculptors and art historians.
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
- Creation of a space to study the work of Gerda Rubinstein, as well as learn the art of restoration of sculpture
The Trustees acknowledge that some form of grant aid and collaboration 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.
## **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 J Shepherd B Ingram D Easby Trustee (appointed 7.1.24) J Greer (appointed 9.9.23) J Houston Trustee (appointed 15.12.23)
Page 3
**PARNDON MILL**
## **REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024**
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ B Ingram - Trustee
Page 4
**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 2024.
## **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
Date: .............................................
Page 5
## **PARNDON MILL**
## **STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024**
|Notes
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Studio rentals and sales together
with the upkeep of the Mill and
its environs
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
**Charitable activities**
6
Studio rentals and sales together
with the upkeep of the Mill and
its environs
**NET**
**INCOME/(EXPENDITURE)**
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
fund
£
-
153,562
2,015
817
156,394
118,900
37,494
77,703
115,197|Property
fund
£
-
-
-
-
-
-
-
1,292,510
1,292,510|Restricted
funds
£
13,794
-
-
-
13,794
1,796
11,998
2,187
14,185|31.3.24
Total
funds
£
13,794
153,562
2,015
817
170,188
120,696
49,492
1,372,400
1,421,892|31.3.23
Total
funds
£
8,894
129,824
-
175
138,893
139,531
(638)
1,373,038
1,372,400|
|---|---|---|---|---|---|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 6
## **PARNDON MILL**
## **BALANCE SHEET 31 MARCH 2024**
|Notes
**FIXED ASSETS**
Tangible assets
10
**CURRENT ASSETS**
Debtors
11
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one
year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more
han one year
13
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
13,821
19,450
93,676
113,126
(11,750)
101,376
115,197
-
115,197|Property
fund
£
1,292,510
-
-
-
-
-
1,292,510
-
1,292,510|Restricted
funds
£
-
-
14,185
14,185
-
14,185
14,185
-
14,185|31.3.24
Total
funds
£
1,306,331
19,450
107,861
127,311
(11,750)
115,561
1,421,892
-
1,421,892
1,407,707
14,185
1,421,892|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|
|---|---|---|---|---|---|
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 7
**PARNDON MILL**
## **CASH FLOW STATEMENT for the Year Ended 31 MARCH 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|31.3.24
£
25,283
25,283
(971)
817
(154)
25,129
82,732
107,861|31.3.23
£
(2,877)
(2,877)
(3,879)
175
(3,704)
(6,581)
89,313
82,732|
|---|---|---|
The notes form part of these financial statements
Page 8
**PARNDON MILL**
## **NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 MARCH 2024**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**OPERATING ACTIVITIES**|||
|---|---|---|
||31.3.24|31.3.23|
||£|£|
|**Net income/(expenditure) for the reporting period (as per the**|||
|**Statement of Financial Activities)**|49,492|(638)|
|**Adjustments for:**|||
|Depreciation charges|3,800|4,572|
|Interest received|(817)|(175)|
|Increase in debtors|(9,449)|(1,759)|
|Decrease in creditors|(17,743)|(4,877)|
|**Net cash provided by/(used in) operations**|25,283|(2,877)|
**2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**|At 1.4.23
Cash flow
At 31.3.24
£
£
£|
|---|---|
|Cash at bank and in hand|82,732
25,129
107,861|
||82,732
25,129
107,861|
|**Debt**||
|Debts falling due within 1 year|(20,000)
10,000
(10,000)|
|Debts falling due after 1 year|(10,000)
10,000
-|
||(30,000)
20,000
(10,000)|
|**Total**|52,732
45,129
97,861|
The notes form part of these financial statements
Page 9
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2024**
## **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.
continued...
Page 10
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Taxation**
## **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.
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**
|**2.**|**DONATIONS AND LEGACIES**|||
|---|---|---|---|
|||31.3.24|31.3.23|
|||£|£|
||Donations|7,010|494|
||Grants|6,784|8,400|
|||13,794|8,894|
||Grants received, included in the above, are as follows:|||
||Harlow Council Grant|31.3.24
£
284|31.3.23
£
1,500|
||National Lottery|1,375|6,900|
||The Harlow Health|5,000|-|
||Other grants|125|-|
|||6,784|8,400|
|**3.**|**OTHER TRADING ACTIVITIES**|||
||Fundraising events|31.3.24
£
2,015|31.3.23
£
-|
continued...
Page 11
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
|**4.**
**INVESTMENT INCOME**
31.3.24
£
Deposit account interest
817
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
31.3.24
Activity
£
Studio rentals and sales together with the
Studio and mooring rents
upkeep of the Mill and its environs
128,772
Studio rentals and sales together with the
Project space rental
upkeep of the Mill and its environs
6,074
Studio rentals and sales together with the
Recharged expenses
upkeep of the Mill and its environs
1,645
Studio rentals and sales together with the
Gallery sales and art rental
upkeep of the Mill and its environs
17,071
Studio rentals and sales together with the
Services
upkeep of the Mill and its environs
-
153,562
**6.**
**NET INCOME/(EXPENDITURE)**
Support
Direct
costs (see
Costs
note 7)
£
£
Studio rentals and sales together with
the upkeep of the Mill and its environs
114,714
5,982
Net income/(expenditure) is stated after charging/(crediting):
31.3.2
4
£
Independent examiners fee
1,800
**7.**
**SUPPORT COSTS**
Governance
Finance
costs
£
£
Studio rentals and sales together with the
upkeep of the Mill and its environs
99
5,883|**4.**
**INVESTMENT INCOME**
31.3.24
£
Deposit account interest
817
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
31.3.24
Activity
£
Studio rentals and sales together with the
Studio and mooring rents
upkeep of the Mill and its environs
128,772
Studio rentals and sales together with the
Project space rental
upkeep of the Mill and its environs
6,074
Studio rentals and sales together with the
Recharged expenses
upkeep of the Mill and its environs
1,645
Studio rentals and sales together with the
Gallery sales and art rental
upkeep of the Mill and its environs
17,071
Studio rentals and sales together with the
Services
upkeep of the Mill and its environs
-
153,562
**6.**
**NET INCOME/(EXPENDITURE)**
Support
Direct
costs (see
Costs
note 7)
£
£
Studio rentals and sales together with
the upkeep of the Mill and its environs
114,714
5,982
Net income/(expenditure) is stated after charging/(crediting):
31.3.2
4
£
Independent examiners fee
1,800
**7.**
**SUPPORT COSTS**
Governance
Finance
costs
£
£
Studio rentals and sales together with the
upkeep of the Mill and its environs
99
5,883|31.3.24
£
817
31.3.24
£
128,772
6,074
1,645
17,071
-
153,562
Support
costs (see
note 7)
£
5,982|31.3.24
£
817
31.3.24
£
128,772
6,074
1,645
17,071
-
153,562
Support
costs (see
note 7)
£
5,982|31.3.23
£
175
31.3.23
£
103,633
2,942
2,240
20,700
309
129,824
Totals
£
120,696|
|---|---|---|---|---|
||||31.3.2
4
£
1,800|31.3.2
3
£
1,680|
||Governance
Finance
costs
£
£
99
5,883|||Totals
£
5,982|
continued...
Page 12
**PARNDON MILL**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
During the year £10,000 (2023: £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 (2023: £10,000) of which relates to services provided.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **9. 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)**
**Transfers between funds**
**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|Total
funds
£
8,894
129,824
175
138,893
139,531
(638)
-
(638)
1,373,038
1,372,400|
|---|---|---|---|---|
continued...
Page 13
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
## **10. TANGIBLE FIXED ASSETS**
|Freehold
property
£
**COST**
At 1 April 2023
1,292,510
Additions
-
At 31 March 2024
1,292,510
**DEPRECIATION**
At 1 April 2023
-
Charge for year
-
At 31 March 2024
-
**NET BOOK VALUE**
At 31 March 2024
1,292,510
At 31 March 2023
1,292,510
Motor
vehicles
£
**COST**
At 1 April 2023
70
Additions
-
At 31 March 2024
70
**DEPRECIATION**
At 1 April 2023
70
Charge for year
-
At 31 March 2024
70
**NET BOOK VALUE**
At 31 March 2024
-
At 31 March 2023
-
**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments|Plant and
machinery
£
9,075
-
9,075
4,157
1,230
5,387
3,688
4,918
Computer
equipment
£
-
603
603
-
151
151
452
-
31.3.24
£
9,388
10,062
19,450|Fixtures
and
fittings
£
32,254
368
32,622
20,521
2,420
22,941
9,681
11,733
Totals
£
1,333,909
971
1,334,880
24,748
3,801
28,549
1,306,331
1,309,161
31.3.23
£
1,745
8,256
10,001|
|---|---|---|
continued...
Page 14
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|31.3.24
£
Trade creditors
(375)
Other creditors
12,125
11,750
**13.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
31.3.24
£
Other creditors
-
**14.**
**LOANS**
An analysis of the maturity of loans is given below:
31.3.24
£
Amounts falling due within one year on demand:
Mr R A Lee Loan - Short term
10,000
S C Dobson Loan - Short term
-
10,000
Amounts falling between one and two years:
S C Dobson loans - Long Term
-
**15.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.23
in funds
£
£
**Unrestricted funds**
General fund
77,703
37,494
Property fund
1,292,510
-
1,370,213
37,494
**Restricted funds**
Bore Hole Fund
2,038
(794)
National Lottery Community Fund
135
1,375
HDC Partnership
14
125
Accessible Toilet Fund
-
11,008
Harlow Civic Pride Fund
-
284
2,187
11,998
**TOTAL FUNDS**
1,372,400
49,492|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
At
31.3.24
£
115,197
1,292,510
1,407,707
1,244
1,510
139
11,008
284
14,185
1,421,892|
|---|---|
continued...
Page 15
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
## **15. 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
Accessible Toilet Fund
Harlow Civic Pride Fund
**TOTAL FUNDS**|Incoming
resources
£
156,394
1,002
1,375
125
11,008
284
13,794
170,188|Resources
Movement
expended
in funds
£
£
(118,900)
37,494
(1,796)
(794)
-
1,375
-
125
-
11,008
-
284
(1,796)
11,998
(120,696)
49,492|
|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Property fund
**Restricted funds**
Bore Hole Fund
National Lottery Community Fund
HDC Partnership
**TOTAL FUNDS**|At 1.4.22
£
1,369,564
-
1,369,564
3,474
-
-
3,474
1,373,038|Net
movement
in funds
£
649
-
649
(1,436)
135
14
(1,287)
(638)|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|
|---|---|---|---|---|
continued...
Page 16
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
## **15. MOVEMENT IN FUNDS - continued**
Comparative 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
£
130,104
389
6,900
1,500
8,789
138,893|Resources
Movement
expended
in funds
£
£
(129,455)
649
(1,825)
(1,436)
(6,765)
135
(1,486)
14
(10,076)
(1,287)
(139,531)
(638)|
|---|---|---|
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
Accessible Toilet Fund
Harlow Civic Pride Fund
**TOTAL FUNDS**|At 1.4.22
£
1,369,564
-
1,369,564
3,474
-
-
-
-
3,474
1,373,038|Net
movement
in funds
£
38,143
-
38,143
(2,230)
1,510
139
11,008
284
10,711
48,854|Transfers
between
funds
£
(1,292,510)
1,292,510
-
-
-
-
-
-
-
-|At
31.3.24
£
115,197
1,292,510
1,407,707
1,244
1,510
139
11,008
284
14,185
1,421,892|
|---|---|---|---|---|
continued...
Page 17
**PARNDON MILL**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024**
## **15. MOVEMENT IN FUNDS - continued**
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
Accessible Toilet Fund
Harlow Civic Pride Fund
**TOTAL FUNDS**|Incoming
resources
£
286,498
1,391
8,275
1,625
11,008
284
22,583
309,081|Resources
Movement
expended
in funds
£
£
(248,355)
38,143
(3,621)
(2,230)
(6,765)
1,510
(1,486)
139
-
11,008
-
284
(11,872)
10,711
(260,227)
48,854|
|---|---|---|
## **16. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2024.
Page 18
**PARNDON MILL**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024**
|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**for the Year Ended 31 MARCH 2024**|||
|---|---|---|
||31.3.24|31.3.23|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|7,010|494|
|Grants|6,784|8,400|
|**Other trading activities**|13,794|8,894|
|Fundraising events|2,015|-|
|**Investment income**|||
|Deposit account interest|817|175|
|**Charitable activities**|||
|Studio and mooring rents|128,772|103,633|
|Project space rental|6,074|2,942|
|Recharged expenses|1,645|2,240|
|Gallery sales and art rental|17,071|20,700|
|Services|-|309|
||153,562|129,824|
|**Total incoming resources**|170,188|138,893|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Rates and water|1,369|1,123|
|Insurance|15,443|13,291|
|Light and heat|10,644|2,650|
|Telephone and data costs|2,764|2,901|
|Printing postage & stationery|1,556|1,588|
|Advertising and marketing|2,547|1,244|
|Sundries|988|2,624|
|Artists costs|13,294|10,701|
|Travel expenses|775|46|
|Repairs and maintenance|29,861|32,331|
|Cleaning|2,545|2,978|
|Computer costs|1,369|717|
|Consultancy fees|17,200|20,000|
|Animal Costs|462|240|
|Entertaining|1,697|302|
|Motor Expenses|1,298|2,072|
|Water waste management|2,969|1,619|
|Outreach/Project Costs|1,375|8,251|
|Subscriptions|-|432|
|Printing cost of sales|61|2,057|
|Repairs & Maintenance Grounds|10,351|16,949|
|Carried forward|118,568|124,116|
This page does not form part of the statutory financial statements
Page 19
**PARNDON MILL**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024**
|**for the Year Ended 31 MARCH 2024**|||
|---|---|---|
||31.3.24|31.3.23|
||£|£|
|**Charitable activities**|||
|Brought forward|118,568|124,116|
|Prior year over provision|(10,000)|-|
|Bore Hole expenses|1,796|1,825|
|Bad debts|550|9|
|Plant and machinery|1,229|1,639|
|Fixtures and fittings|2,420|2,933|
|Computer equipment|151|-|
|**Support costs**|114,714|130,522|
|**Finance**|||
|Bank charges|99|1,123|
|**Governance costs**|||
|Accountancy and legal fees|5,883|7,886|
|Total resources expended|120,696|139,531|
|**Net income/(expenditure)**|49,492|(638)|
||||
This page does not form part of the statutory financial statements
Page 20