THE MILLER CENTRE TRUST ANNUAL REPORT AND ACCOUNTS FOR THE PERIOD ENDED 31[st] MARCH 2021
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THE MILLER CENTRE TRUST
REFERENCE AND ADMINISTRATION INFORMATION
Miller Centre, 30 Godstone Road, Caterham, Surrey, CR3 6RA
Registered Charity No. 1185583
Committee of Trustees 2019/21 Mr. P. Shore, Chair (as Chair wef 06.04.2020) Mrs. D. Birkett, Lead Trustee (as Lead until 06.04.2020) Mr. M.V. Casebourne Mr. S. England Ms. N.D.G. Pendrigh Mr. G.M. Sparks Mr. J.W. Spinks (Resigned 01.07.2020) Solicitors Pendrigh Makin Ltd. Old Wheel House 31-37 Church Street Reigate, Surrey RH2 0AD Accountants Braidwood Wheeler & Co Chartered Certified Accountants Goodman House 13a West Street Reigate Surrey RH2 9BL
Bankers CAF Bank Ltd 25 Kings Hill Avenue Kent. ME19 4JQ
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THE MILLER CENTRE TRUST
TRUSTEES’ REPORT
The Trustees present their report and accounts for the period 2[nd] October 2019 to 31[st ] March 2021.
STRUCTURE GOVERNANCE & MANAGEMENT
The CIO
The Miller Centre Trust (Charity No. 1185583) is a charitable incorporated organisation formed on 2[nd] October 2019. The Objectives and Powers of the CIO are detailed in the Constitution dated 14[th] May 2019. The assets and liabilities of the predecessor organisation of the same name (Charity No. 258420) were transferred to The CIO on 3[rd] March 2020. The CIO commenced operations on 4[th] March 2020.
Trustees
Under its Constitution, the activities of the CIO are co-ordinated by a Committee of Trustees whose powers and responsibilities are defined in the Constitution. The Trustees also decide on the general policy to be adopted in the pursuance of the objectives of the CIO. When the need arises, new trustees will be appointed with regard to their experience and background to further the activities of the CIO. The Committee of Trustees during the financial year being reported on are set out on the previous page.
Michael Pilch
Michael Pilch stepped down in March 2020 as Life Chairman and Founder of what was originally the Park Hill Trust with the transfer of the assets and liabilities to the Charitable Incorporated Organisation, to which he was appointed Honorary Life President. This was in recognition of his visionary concept of The Miller Centre. Michael recognised that once someone reaches retirement life is not over! This group of people have an enormous wealth of skills and talents. In 1977 the Miller Centre opened, providing a theatre and a daily place of activities run by and for older people. Sadly, Michael died on 30 January 2021. It is a mark of both his and his late wife Christine’s drive and determination over the years that the Miller Centre stands today as a focal point for older people and theatre goers in Caterham, all thanks to the original vision they had and their unstinting dedication to making a difference to so many people’s lives.
Public Benefit
The Trustees have complied with the duty to have regard to the public benefit guidance published by the Charities Commission.
Risk
The Trustees believe that the only major risk to the financial stability of the CIO is the possible loss of receipts from the Miller Centre, arising either from failure on the part of the licensees or from the property being unavailable for use. The latter eventuality might be alleviated by insurance, but there would be a temporary reduction of income which would have to be funded from reserves.
Such a risk arose in March 2020, during the current reporting period, with the outbreak of Coronavirus. Following the Government advice at the time, the Trustees took the decision to close the Centre on 17 March 2020 and this was followed by the Health Protection Regulations that came into force on 26 March 2020, requiring the closure of (inter alia) all theatres and community centres. Under the terms of the licence agreements with the two licensees, no licence fees were payable from the point of closure, a circumstance not covered by insurance.
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THE MILLER CENTRE TRUST
TRUSTEES’ REPORT (continued)
Risk (continued)
The Centre remained closed under the various lockdown requirements that applied throughout 20/21 , with only a few short periods when use of the Centre was permissible and licence fees therefore due. The financial impact of the loss of licence fee income was mitigated by both the Government’s furlough scheme and the availability of Government grants and rate relief.
AIMS, OBJECTIVES AND ACTIVITIES
Our objective is to improve the quality of life for older people. The aim is to encourage them to play a positive role in the community. One practical expression of this is to be found at the Miller Centre, where the CIO’s property is licensed to the Miller Centre Theatre Company (MCTC) and the Miller Centre Club (MCC). The MCTC present eight or nine theatrical productions and some film/musical shows per year which are attended by, and provide occupation for, a large proportion of older people. The MCC organises a wide range of other activities – social, educational and recreational – for older people, using the premises six days a week. Additionally, donations are made from time to time, out of income generated by the CIO, to other charities with similar aims and objectives.
ACHIEVEMENTS AND PERFORMANCE
The pandemic was a significant constraint on our activites. The Centre is ready to welcome back The Theatre and The Club in a covid secure manner when restrictions allow. The CIO continued its programme of donations throughout the period. With the exception of the Caretaker, the whole operation is run by volunteers.
RESERVES POLICY
The Trustees keep the question of reserves under review at regular meetings. The cost of major maintenance projects and enhanced facilities of the Miller Centre are met from reserves. The reserves are kept at a level needed to service the Miller Centre, a large building at the heart of the Caterham community, and to tide the CIO over any possible short to medium term loss of income from identified risks.
INVESTMENT POLICY
Investment policy is discussed on a regular basis. Our aim is to maximise income, so far as is compatible with maintaining the capital value of reserves in real terms and retaining an appropriate degree of liquidity.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
The result for the year was a financial surplus of £10,311 (2020: deficit £5,300) after taking into account movements in investments. The total value of funds amounts to £662,661 (2020: £652,350) including £Nil (2020: £579) in the Building Fund which is a Restricted Fund and receives restricted income from MCTC as a contribution towards Building Repairs and Improvements; the CIO adds funds from the General Fund as required. The total funds also include £73,510 (2020: £73,510) designated funds for the 40[th] Project.
Donations totalling £2,500 (2020: £1,500) were made to 5 (2020: 3) charities which met the CIO’s criteria during the year.
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THE MILLER CENTRE TRUST
TRUSTEES’ REPORT (continued)
TRUSTEES’ RESPONSIBILITIES STATEMENT
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 14[th] June 2021 and signed on their behalf by:
............................................. P. Shore Chair
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THE MILLER CEIYTRE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the trustees on my examination of the accounts of the Miller C¢ntre Trust (the "CIO") for the period ended 31 st March 2021. Responsibilities and basis of report As the charity trustees of the CIO you are responsible for th¢ preparation of the accounts in accoTdance with the requirements of the Charities Act 2011 ('the Act,). l Teport in respect of my examination of the CIO'S accounts as required under section 145 of the 2011 Act and in carrying out my exarnination I have follow¢d all the applicable Directions given by the Charity Conllnission under section 145(5)(b) of the Act. Independent eraminer'5 Statement I hav¢ completed my examination. I confirni that no matoial matters have come to my attention in connection with the examination giving tne cause to believe that in any mat¢rial respect: l. Accounting records were not kept in respect of the CIO as required by section 130 of the Act. or 2. That accounts do not accord with those records. or 3. That accounts do not comply with the applicabl¢ r¢quirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a 'trne and fair view. which is not a matt¢r considered as part of an independent 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 enabl¢ a proper understandillg of the accounts to be reache(L David Wheeler- Independent Examiner David Wheeler FCCA Braidwood Wheeler & Co Charter¢d Certified Accountants Goodtnan Hous¢ 13a West Street Reigate Surrey RH2 9BL Dated: 14
THE MILLER CENTRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD ENDED 31[st] MARCH 2021
| INCOME Income from charitable activities: Miller Centre licence revenue Investment Income Licensees contribution to expenditure Items Donations & Grants Received Contribution to Building Fund from the Miller Centre Theatre Company TOTAL INCOME EXPENDITURE Expenditure on charitable activities: Miller Centre running costs Building Repairs & Improvements Depreciation Donations to Charities Governance costs 40th Project TOTAL EXPENDITURE NET INCOME / ( EXPENDITURE) Net (losses)/gains on investments Transfer between funds NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Funds brought forward Funds transfer in from The Trust Total funds carried forward |
(note 1.7) Unrestricted Restricted Total Total Funds Funds Funds Funds 2021 2021 2021 2020 Notes 5,623 - 5,623 50,044 3 7,743 - 7,743 7,551 474 - 474 699 4 53,014 - 53,014 - - 853 853 10,748 ——— ——— ——— ——— 66,854 853 67,707 69,042 ——— ——— ——— ——— 5 35,605 - 35,605 38,105 - 5,077 5,077 10,169 9,358 - 9,358 9,358 2,500 - 2,500 1,500 6 2,322 - 2,322 2,518 7 - - - 21,592 ——— ——— ——— ——— 49,785 5,077 54,862 83,242 ——— ——— ——— ——— 17,069 (4,224) 12,845 (14,200) (2,534) - (2,534) 8,900 (3,645) 3,645 - - ——— ——— ——— ——— 10,890 (579) 10,311 (5,300) - - - £657,650 651,771 579 652,350 - ——— ——— ——— ——— £662,661 £- £662,661 £652,350 ——— ——— ——— ——— |
|---|---|
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THE MILLER CENTRE TRUST
BALANCE SHEET AS AT 31[st] MARCH 2021
| FIXED ASSETS Tangible Assets Investments TOTAL FIXED ASSETS CURRENT ASSETS Cash at Banks Debtors TOTAL CURRENT ASSETS CURRENT LIABILITIES Creditors Deferred Income TOTAL CURRENT LIABILITIES NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY Restricted Funds Building Fund Unrestricted Funds 40thProject Fund General Fund TOTAL CHARITY FUNDS Approved by the Trustees on 14thJune 2021 and signed on their behalf by: |
(note 1.7) Unrestricted Restricted Total Total Funds Funds Funds Funds 2021 2021 2021 2020 Notes 9 308,694 - 308,694 318,052 10 194,120 - 194,120 195,654 ——— ——— ——— ——— 502,814 - 502,814 513,706 ——— ——— ——— ——— 11 170,916 2,000 172,916 156,108 12 4,960 - 4,960 3,911 ——— ——— ——— ——— 175,876 2,000 177,876 160,019 ——— ——— ——— ——— 13 1,747 - 1,747 2,866 14 14,282 2,000 16,282 18,509 ——— ——— ——— ——— 16,029 2,000 18,029 21,375 ——— ——— ——— ——— 159,847 - 159,847 138,644 ——— ——— ——— ——— 662,661 - 662,661 652,350 ——— ——— ——— ——— 15 - - - 579 16 73,510 - 73,510 73,510 589,151 - 589,151 578,261 ——— ——— ——— ——— £662,661 £- £662,661 £657,650 ——— ——— ——— ——— Chair/Trustee |
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|---|---|---|
Treasurer/Trustee
The notes on pages 9 to 12 form part of these accounts.
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THE MILLER CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31[st] MARCH 2021
1 ACCOUNTING POLICIES
1.1 Basis of Preparation
The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The CIO constitutes a public benefit entity as defined by FRS 102.
1.2 Income Recognition
Bank interest, voluntary income and donations including income tax refunds are accounted for when received by the CIO. Licence Fees are recognised when earned.
1.3 Gifts in Kind
The Charity receives the benefit of work carried out by volunteers.
1.4 Taxation
As a registered Charity the CIO is exempt from Income Tax and Capital Gains Tax but not VAT.
1.5 Investments
Realised gains and losses are taken to the Income and Expenditure Account. Listed investments are shown at Mid Market Value.
1.6. Tangible Fixed Assets
Depreciation is provided at the following rates:
Buildings – 2% on cost
Plant and equipment – 20% on cost
1.7 Comparative Information
The reporting period commenced on 2[nd] October 2019 and ended on 31[st] March 2021 however there were no financial transactions prior to 4[th] March 2020. The prior period column “2020” refers to the final period of the predecessor organisation covering 6[th] April 2019 to 3[rd] March 2020 and is included for comparative purposes only.
2. TRANSACTIONS WITH TRUSTEES AND OTHER CONNECTED PERSONS
No remuneration or expenses are paid to the Trustees.
| 2021 | 2020 | ||
|---|---|---|---|
| 3. | INVESTMENTINCOME | ||
| Interest | 1,618 | 1,423 | |
| From U.K. listed investments | 1,468 | 685 | |
| From interest bearing investments | 4,657 | 5,443 | |
| ——— | ——— | ||
| £7,743 | £7,551 | ||
| ——— | ——— |
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THE MILLER CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31[st] MARCH 2021
(continued)
| (continued) | |||
|---|---|---|---|
| 2021 | 2020 | ||
| 4. | DONATIONS& GRANTSRECEIVED | ||
| Donations Received | 62 | - | |
| Covid-19 HMRC Job Support & Retention Schemes | 12,452 |
- | |
| Covid-19 Government Grants | 40,500 | - | |
| ——— | ——— | ||
| £53,014 | £- | ||
| ——— | ——— | ||
| 5. | MILLERCENTRERUNNINGCOSTS | ||
| Building Servicing | 3,331 | 6,193 | |
| Staff Costs | 14,738 | 15,208 | |
| Utilities | 7,481 | 7,022 | |
| Council: Tax, Rates, Levy & Licence Fees | 2,273 | 4,837 | |
| Insurance | 5,728 | 1,608 | |
| Waste Collection | 1,938 | 2,478 | |
| Other General Costs | 116 | 759 | |
| ——— | ——— | ||
| £35,605 | £38,105 | ||
| ——— | ——— | ||
| 6. | GOVERNANCECOSTS | ||
| Independent Examiners fee | 480 | 480 | |
| Legal and professional fees | 1,708 | 1,983 | |
| Bank Charges | 74 | 55 | |
| ——— | ——— | ||
| £2,262 | £2,518 | ||
| ——— | ——— | ||
| 7. | 40TH PROJECTCOSTS | ||
| Design & Project Management | - | 19,140 | |
| Fundraising | - | 2,452 | |
| ——— | ——— | ||
| £- | £21,592 | ||
| ——— | ——— | ||
| 8. | STAFFCOSTS | ||
| Gross salaries | 14,738 | 15,208 | |
| ——— | ——— | ||
| £14,738 | £15,208 | ||
| ——— | ——— |
One employee was employed during the year (2020: one)
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THE MILLER CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31[st] MARCH 2021
(continued)
9.
TANGIBLE FIXED ASSETS
| NGIBLEFIXEDASSETS | |||
|---|---|---|---|
| Miller | Miller | ||
| Centre | Centre | Total | |
| Freehold | Improvements | ||
| Cost at 4 March 2020 | 27,058 | 467,913 | 494,971 |
| ——— | ——— | ——— | |
| Depreciation at 4 March 2020 | - | 176,919 | 176,919 |
| Charge for the year | - | 9,358 | 9,358 |
| ——— | ——— | ——— | |
| Depreciation at 31 March 2021 | - | 186,277 | 186,277 |
| ---------- | ----------- | ---------- | |
| Net Book Value at 4 March 2020 | 27,058 | 290,994 | 318,052 |
| ——— | ——— | ——— | |
| Net Book Value at 31 March 2021 | £27,058 | £281,636 | £308,694 |
| ——— | ——— | ——— |
The Trustees do not depreciate the freehold of the Miller Centre as they consider that the residual value is in excess of the carrying amount in the accounts.
10. FIXED ASSET INVESTMENTS
| XEDASSETINVESTMENTS | ||||
|---|---|---|---|---|
| Fixed | ||||
| Investment | Interest | TOTAL | TOTAL | |
| Fund | Fund | 2021 | 2020 | |
| Market Value at 4 March 2020 | 22,506 | 173,148 | 195,654 | 186,754 |
| Purchases (Sales) | 51,000 | (50,000) | 1,000 | - |
| Change in market value | 3,464 | (5,998) | (2,534) |
8,900 |
| ——— | ——— | | | |
| Market Value at 31 March 2021 | £76,970 | £117,150 | £194,120 | £195,654 |
| ——— | ——— | | |
The Investments are held by CCLA Investment Management Ltd Mid market valuation as at balance sheet date.
11. CASH AT BANKS
| SH ATBANKS | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| Funds | Funds |
Funds | Funds | |
| 2021 | 2021 |
2021 | 2020 | |
| COIF Deposit | - | - |
- | 1,000 |
| Shawbrook Bank | 80,000 | - |
80,000 | 60,000 |
| Charity Bank | 72,055 | - |
72,055 | 65,464 |
| CAF Bank | 18,861 | 2,000 |
20,861 | 29,644 |
| ——— | ——— |
——— | ——— | |
| £170,916 | £2,000 |
£172,916 | £156,108 | |
| ——— | ——— |
——— | ——— |
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THE MILLER CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31[st] MARCH 2021
(continued)
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| 12. | DEBTORS | |||||
| Prepaid Insurance | 3,329 | 3,681 | ||||
| Prepaid Waste Collection | 544 | 230 | ||||
| HMRC Job Support | 1,087 | - | ||||
| ——— | ——— | |||||
| £4,960 | £3,911 | |||||
| ——— | ——— | |||||
| 13. | CREDITORS | |||||
| Suppliers | 1,267 | 1,486 | ||||
| Accruals | 480 | 1,380 | ||||
| ——— | ——— | |||||
| £1,747 | £2,866 | |||||
| ——— | ——— | |||||
| 14. | DEFERREDINCOME | |||||
| General Restricted | Total |
Total | ||||
| Funds | Funds | Funds |
Funds | |||
| 2021 | 2021 | 2021 | 2020 | |||
| Licence Fees in advance | 14,282 | - | 14,282 |
15,956 | ||
| Contribution to Building Fund in advance | - | 2,000 | 2,000 |
2,418 | ||
| Contribution to Caretaker costs in advance | - | - | - | 135 | ||
| ——— | ——— | ——— |
——— | |||
| £14,282 | £2,000 | £16,282 |
£18,509 | |||
| ——— | ——— | ——— |
——— |
15. THE BUILDING FUND
This restricted fund meets the expenditure on Building Repairs & Improvements. The fund receives restricted income from The Miller Centre Theatre Company. Funds are also transferred into The Building Fund from the General Fund as required. The fund is supported by cash balances.
16. THE 40[TH] PROJECT FUND
This designated fund was established in the 40th anniversary year of the Centre to provide funds for an ambitious building project to improve access and increase the space at The Miller Centre for day time activities. The fund was seed funded from General Reserves to create plans and initiate fund raising. There were no financial transactions in the reporting period.
17. RELATED PARTIES
None.
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