Registeredrhorltynumber Company number 1185577 10817382 Islington Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Index Pa8e Trustees. annual report Reference and administrative details Objectives and actiV￿e$ Achievements and perfofmante Plans for the future Financial Revi StructUTe, governance and management Statement of trustees, responsibilities Independent Exarnine¢s Report Statement of financial actNiiies Balance Sheet Notes to the finanoal staternerts Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Page I Directors. Aeport for the purposes ol section 417 of the Companies Act 2(￿￿ and Trustees, Report for the purposes of part 8 of the Charitie5 Art 2011 The Trustees (who are a150 the Directors for the purpose of Comparry Lawl have plea5uie in presenting their anfiuèl report and the financial siatements for the year ended 30 June 2022. The Trustees have adopted the provisions of the Statement of Recommended Prattice ISORPI-Accounting and ReFK)rttn8 by Charities" IFRS 1021 in preparinEthe annual report and financial statements of the Charity. Referen¢e and adminbstratr¥e det•lls Reglstered ¢horltynumber Ct7mpany number 1185577 108173 Address olchorfty Islington Mill Studi05 15lington Mill James Street Salford M3 5HW Trustees/dirertors Professor Sarah Perks lan Melzack Mollie Balshaw Laura Deane Miqhael Raymond Kannemeyer X Niladri Khalil West Lucy Du88an fresigned27Jonuory20231 loppointed24 Ortober20221 Ioppoift7ted 24 Ortober20221 loppointed24 0(tober2Q22J loppoftnted27Jonuury2023) Ireswned l June 2022) Iresigned24 Ortober2022J Keymttnttqemenipersonnel Islin8ton Mill Artistic Direttof5 Maurice Carlin, 8111 Campbell. RN(a Rubin. Aachel Goodyear Brynkers Unity Bank PO 8ox 7193 Planetary Road Willenhall WVI 90G IndependentExumlner Michael Garrett Kay Johnson Gee Limr(ed I City Road East Manchester MIS4PN Islington Mill Foundatlon- Trustee Annual Report For the year ended 30 June 2022 Page 2 ot¥èrtlves and ortlvltles Objerts oythe Churfty The objects ol the charity. as sd ￿Jt in the Memorandsjm and Articles of AssLKfdtion. are specifically restricted to the advancement of the education of the public in the arts by lin particular but not exclusivelyl providing artist development and supporr pro8rammes. The charify has wwerto do aTrything which is calculated to further its objects or s conducNe or ir*idental to doing so. Thepurpose ondolms oltlre chvrfty The advan£emeffl of Education ot the public in the arts by lin particular bui not extlusNetyl prowding development afid 5UPPOrt programmes. Our core aims are: to support ansts in developing theif skn"Ils. understanding and Wattice to support the development of public en8a8ement with, and appreciation of the arts PAoin ortP¥ftleJ undtrtuken In rekntfon to the obo¥*pwoose The trustees review the aims. objeaNes and activitie5 of the charity each year. The review also helps the trustee5 ensure the charty's work rernains fr￿used its stated purposes and for the public benefit. Thi5 year the charity's work has been f(Kused on the tontinued development of the charity. developing spaces that allow artists to thrive. and to start devebping more comrnunity en8a8ement at Islin8ton Mill. Athlevements and perforniante This year Islington Mill Foundation's focus turned towards creating an environment for both ihe artist and local comrnunity to thrive. Our aim was to create an outdoor space at Islin8ton Mill with support from volunteers, the lotal and artistic cornmunity ￿kne￿ peO￿e covkl come together. leam new skills and share knowledBe attrdcting new and familiar faces to take part in the actiwties. Throughout the year With support from fvnders the spate has beeft transformed by volunteers into a thriving garden. cornmunity classroom facility and a much loved haven for bee5. In this year we also started a process for the ￿rUitMent of new trustee5. This will allow some lonker 5tandln8 boar members to step down. and forihere to be a rotation of newtrustee5 onto the t#)ard. as is good practice. Plans forthe futu To £ontinue the project above. further building on increasin8 public a£cessibilityand lartisticl learning and skill activity. To celebrate Islington Mill's 200 year herits8e with artist led activity and workshDPS the public and support artlst education and practice. Flnancial Re¥lew Rexryespoll¢y The trustees have agreed a policy of the maxirnum liability of 3 month5 running tt15ts. should a break in financial supsx)rt occur (for this duration),. or cost5 to merf èll lia￿"tItieS should a wind-up be necessary. Liabilities include salaries. redundancies payments. exit fees from leases and rnaintenance contracts, plus accovntancy and legal costs to meet our fundin8 agreements aThd statutory liabilities. Results A summary of the results 15 as frj1lo￿- 2022 2021 Income Expenditure 55933 125,3391 144,5931 Net movement in funds 30￿94 144.5931 Isllngton Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Pa8e 3 Strurture, goveman¢è and managemert The or8anisation is a charitable company limited by guarantee. incorporated on 14 June 2017 and registered as charity on 01 October 2019. All trustees their time voluntarity and receive no benefits from the chariry. Any expenses ￿ClaImed from the charity will be hi8hlighted in the accounts. A robust process is in place to advertise for or solicit charity trustees. based on their skills. experience and what they can offer to the organisation alon8side the tsther trustee5. No other person or bc*Jy is entitled to appoint a charity trustee, and we carefully follow our Articles and Memorandum of Association. ststement of trustees. respwslbllkl•s The trustees Iwho are also directors of Isling￿n Mill Foundation for the purpjse of company lawl are responsible for the preparation of the Trustees. Annual Report and financial staternents for each financial year. in accordance with applioble law and United Kingdom Accounting Standards Iunited Ki￿d0M Generally Accepted Accounting Pratticel, which give a true and fair wew of the state of aftairs of the charrty as at the end of the financial year, and of the incoming resource5 and application of resources lor that period. In preparing these finafftcial staternents. the tTUStees are required to.. Select suitable accovntln8 policies and then appty them consistentty; Observe the rnethods and principles in the Charities SORP.. Makejud8ements and estimate5 that are reasonable and pnJdent: State whether applicable accountin8 StantJard5 have been followeLI- and Prepare the financrdl statements on a going concem bass unless tt 15 inappropr￿te to presume that the charity will continue in business. The trustees are also responsible for ensuring that the charity ha5 3ppr(wriate systems of Tnternal control acr05S the organisation. They are responsible for keeping proper accounting records. which disckjse with reasonable accuracy, at any time, the financial p051tion of the charity enable thèm to ensure that the financial statements follow best practice. They are further responsible for safeguardin8 the a55ets of the charity and hence for taking reasonable steps for the prevention and detettion of fraud and other Irregularities. The financial staternent5 compty with currert ststutory requirements, the company's Memorandum and Articles of Association and the Charities SORP. The Trustee5' Report was approved and was signed on behaw ofthe Trustees by. Allatt Mè12adE Trustee Date- Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Page 4 INDEPENDENT EXAMINER'S REPORT To the Trustees of Islington Mill Foundation I rèport to the trustees (who are also Directors for the purpose of company low) on rny eXaMinat￿n of the financial statements of Isliniton Mill Foundation I'the charitable companWI for the year ended 30June 2022 which comprise the Statement ol Financial Act1Wt￿. the Balance Sheet and related notes. This report is made 501ely to the charitfs tnJste2s. as a body. in accordance with section 145 of the Charities Act 2011. My work has been undertaken 50 that l rnight state to the charitrfs trustees those rnatters l arn required io state to thern in this report and for no other purpose. To the fullest extent perrnitted by law. I do not accept or assume reswnsibtlity to anyone thher than the charity and the thartvs trustees as a both. for my work, for this repon, or for the opinions I have formed. Responsibslities and b•*s of report A5 the trustees of charitable companv vou are responsible for the preparation of the financial statement5 in accordance with the requirement5 of the Companies Art ZTrJ61'the 2C#)6 ACVI. Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eltwble for independent examiTratton. I report in respect of my examination of the charltable cornpan*s financial staternents carried out under section 145 of the Charities Act 20111.the 2011 Act'l and in carryin8 out my examination I have followed all the applicable Direcrions 8tven by the Charity Commission under section 14515llbl of the 2011 ACL An independent examination doe5 not involve 8atherin8 all the evidence that would be required sn an audit and consequently does not cover all the matters that an auditor considers in 8rylllg their opinion on the financial statements. The planning and coTrdLKt of an audrt goe5 beyond the limited a55urance that an independent examination can provide. Consequentty l express no opIn￿n as to whether the financial statements present a 'true and faSr' Mew and my report is limited to those specific matters set out in the independent examiner's statement. Indepet)dent examlnerfs statement I have completed my examination. I confirm that no material matters have cometo my attention in connection with the examination giving me cause to believethat in any material fespert.. accountin8 records were not kept in respect of ihe charitoble companyas required by Section 386 of the 2006 Act.. or thefinancial statements do not accord with those rerc*ds: or the financial statements do not comply with the accountin8 requirernents of settion 396 of the 2006 Act other than any requirement that the financial ststements give a 'true and fair view whith is not a matter considered as part of an independent examination,. or the financial ststements have not been prepareLI in accordance wAth the methods and principles of the Statement of Recommended Prattice for accouTrttng and repjrting by charities applicable to charitie5 preparing their accounts in accordante with the Financial Reportin8 Standard applicable in the UK and Republic of I￿land IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention Should be drawn in this repjrt in order to enable a proper understanding of the financial staternertts to be reached. MoQaL JLthnson G*e Limited Chartered Accountants I City Road East Manchester M15 4PN Ml¢hJel Garrett Date.. 22 March 2023 Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Page 5 Statement of Flnanflal A¢llvltles Unrestrlrted fvnds Unre5trirted funds 2021 INCOME Grants received 55.933 Totsl Incorne 55,933 EXPENDITURE Charltsble a¢￿VItIeS Islin8ton Mill- projectfundin8 Governance 23.505 42,464 2,129 Total expendlwre 25.339 44,593 Net mo¥emerrt In fvnds 144,5931 Unrestrirted funds at 01 Juty 2021 22.878 67,471 Unrestricied lunds at 30 JuThe 2022 53,472 22,878 Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Page 6 Balan¢e Sheet 2022 2021 Currtnt assèts Cash ai bank and in hand Amounts duefrom related party 31ILWJ 14197 Z5,983 .697 25,983 ed￿OIs. amoufits f4llln8 duv wlthln &￿e year Accruals and deferred incorne Amounts due to related party 132251 13,0751 1301 Net wrrent a55ets 53h72 22,878 Net assets 53N72 22,878 Funds Unrestritted funds 53A72 22,878 The directors consider that the cornpany is entitled to e¥emption from the ￿QU1￿ment to have an audit under the provisions of section 477 the Companie5 Act 2￿]6¢'the Act'l 3nd members have not required the cornpany to obtain an audit for the year in question in accordance with section 476 of the Act. The direttors acknowledge their responsibilty for ensuAng that the company keeps accountin8 records which comply wr(h section 386 of the Att and for preparing financial statements which give a true and tsir view of ihe s¢ate of affairs of the company as at 30 June 2022 and of its surplus or deficit for the year then ended in accordance with the requirements of Sect￿n5 394 and 395 of the Act and which otherwise cornply with the requirements of the Cornpanses Aci 2(M16 relating to the financial 5taternents so far as applicable to the company. These accounts have been prepared in accordance with the pro¥isiwts applicable to companies subject to the small companies. regime. Approved by the board of Trustees and si8ned on its behaW ty: Allan Meltsck Trustee Date.. ?zloj2023 ' Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Pa8e 7 Notes to the finandal statements Genèral tnforrnatioTr Is￿1ngton Mill Foundation is a registe￿d charity (charity nurnber 11855771 and a company limited by 8uafdntee in the United Kin8dorn. In the event of the Charity being wound up. the liability in respect of the guarantee ss limited to £1 per member of the Charity. The address of the re81ste￿d office ￿ 8iven in the charity inforrnation on pa8e 2 of these financial statements. The charity constitutes a pU￿1C benefft entity as defined by FRS 102. The financial statement5 have been prepared in accordance with Accounting and ReFk)rting by Charities= Ststement of Recommended Prartice applicable to charities preparing accounts in accofdance wr(h the Financial Repjrting Staadard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014. the Finanoal Reportin8 Standard applicable in the Unf(ed Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companie5 Act 2C¥)6 and UK Generally Accepted Accountin8 Practice as it applles from l January 2015. A¢countl￿a polkles 2.1 Ba￿S of a￿oUnt1ng The accounts are prepared under the historical c05t convention. and in atcordance with wtth applicable accounting standards. The significant accountlng sxjlictes applied in the preparation of these financial statements are set out below. These policies have been consisterrtlyapplied to all years presented unless otherwse stated. 2.2 Income Income from grants and other sources is accounted for on an accruab basis. ststed gross of tsx. 2.3 ExpEnditure Expenditure *5 recDgni5ed on an accrua15 basis a5 soon as a liability is inturred. Expenditure includes afty VAT which cannot be fully recovered. and 15 repjrted as part of the expenditure towhich r( relate5. Charitable expendiiure comprises those costs incurred by the charity in the delivery of it5 activitie5 and services. It includes both costs that can be allocated direcity to such attiwties and those costs of an indirect nature necessary tg supwrt them. Governance costs include those costs associated with meeting the ￿nstr(UlI0nal and statutory requ1￿mentS of the charity and include the independent examiner's fees and costs linked to the strategic mana8ement of the charity. 2.4 Fund accounting Vnrestritted funds comprise accumulated surpluses and deficits that are available for use at the dsscretion of the trustees in furtherance of the genefal objettNes of the Chartty and which have Trot been designated for other purposes. 2.5 Golng concem The financial statements have been prepared on a going ba515 as the trustees believe that no rnaterial uncertainties exisi. The truttees have considered the level of funds held and the expected level of incorne and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure Is sUffic￿ent with the level tsf reserves for the charity to be able to continue as a 8Otn8 concern. Islington Mill Foundation- Trustee Annual Report For the year ended 30 June 2022 Page 8 Nirtes to the finondal ststements 2022 2021 Goveman¢e Independent examinerfee Computer costs Legal fees and forrnation costs Sundry expenses Bank charges 1.650 1.575 72 2,129 Trltstee remuneratlon & rel•ied p•rtytr•nsxti No trustee received any rernuneration from the tharity dufin8 *theryear. Independewrt examtner The fees char8el bythe ¢ndepentlent eominer in respect ol theyear amounted to £1.650 incl VAT Control The charity Is controlled bythe irustees. No trustee has o¥erall control.