TUE MILLER CENTRE TRUST A CHAIUTABLE INCORPORATED ORGANISATION ANTrIUAL REPORT AND AccouNrs FOR THE YEAR ENDED 315t MARCH 2024
THE MILLER CEIYTRE TRUST REFEIiENCE AND ADMINISTRATION INFORMATIO144 Miller C¢ntre. 30 Godstone Road, Cat¢rbam, Surrey, CR3 6RA Registered Charity No. 1185583 Committee of Trustees 2023124 Mr. P. Shore, Chair Mr. M.V. Caseboum¢ Mr. S. England Ms. N.D.G. Pcndrigh Mr. D. Woods Solficltors P¥Ilari1 M¢ikiii Ltd Old Wheel House 31-37 Church Stre¢t Reigate Suffey RH2 OAD Inde endellt examiner David Wh¢¢l¢r FCCA Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Stre¢t Redhill Surrey RHI IRJ Bankers CAF Bank Ltd 25 Kings Hill Avenue Kent ME19 4JQ
THE MILLER CENTRE TRUST TRUSTEES, REPORT The TThteeS present thfflr report and accounts for the year ended 31" March 2024. STRUCTURE GOVERNANCE & MANAGEMENT The CIO The Miller Centre Trust (Charity No. l185583) is a charitable incorporated organisation fornied on 2 October 2019. The Objectives and Powers of the CIO are detailed in the Constitution dated 14 May 2019. The predec¢ssor organisation of th¢ same name (Charity No. 258420) ceased operations and simultan¢ously the th CIO commenc&l operations on 4 March 2020. Trustees Under its constitutio the activities of the CIO are Wwordinated by a Committe¢ of TnleeS WIse powas and responsibilities are defmed in the Constitution. The Trustees also decide on the general policy to be adopt¢d in the pursuance of the objectives of the CIO. When the need aris¢s. new trustees will be appointed with regard to their experience and background to further th¢ tIVItieS of the CIO. The committ of Trustees during the financial year being reported on are set out on the previous pag¢. Publle Benefit The Tntee5 have complied with the duty to have regard to the public benefit guidance published by the Charities Commission. AIMS. ORJECTIVES AND ACTIVITIES Our objective is to improv¢ the quality of life for olderpeople. The aim is to encourage them to play a positive role in the cornmunity. The practical expr¢ssion 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 filmlmusil 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 recreationaI - for older people, using the pren]ises six days a w¢¢k Additionally, donations are made from time to tin]¢, out of incom¢ generated by the CIO, to other charities with similar aims and objectives. ACHIEVEMENfs AND PERFORMANCE During the course of th¢ year we carried out a number of struCtal improvements to the building to ensur¢ it could wntinue to facilitate its busy use by our licensees and we were pleased to enable and support their activities.
THE MILLER CENTRE TRUST TRUSTEES, REPORT continued RISK The Trnstees believe that the only major risk to tbe fanCIal stability ofthe CIO is the possible loss of receipts from the Miller Centr¢. arising either from failure on the part of the lic¢n5ees, from one or ix)th ofthe licensees suffering significant reductions in income through reduced popularity of their activitl¢S OT from the propety 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. RESERVES POLICY The Trust¢¢s keep the question of reserves under review at relar rnectings. The cost of major maintenance projects and enhanced facilities of the Miller Centre are md from reserves. The reserves are kept at a level needed to servic¢ the Miller Centre, a large buildin8 at the heart of the Caterham community, and to tide the CIO over any possible short to mdium temi loss of income from identified risks. INVESTMENT POLICY Investment p)licy is discussed on a resular basis. Our aim is to maximis¢ income, so far as is compatibl¢ with maintaining the capital value of reserv¢s in real ternLS and retaining an appropriate degr¢e of liquidity. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The operating surplus for the Y w&s £4,108 (2023: £1.917) and after taking into account a positive market movement in investm¢nts of £18,656 (2023: negative £9,148) resulted in an overall financial SUluS of £22,764 (2023.. defi¢it £7,231). The total value of funds amounts to £712,472 (2023: £689,708) including £62,672 (2023: £67,225) in the Building Fund which is a ResttICt Fund and receives restricted income from MCTC as a contribution towards building repaiT5 and improvements. the CIO adds funds from the G¢neral Fund as required. Donations totalling £2,400 (2023: £2,000) were made to 3 (2023: 3} charities which met the CIO'S criteria during tbe year. The truste¢s are satisfied that tbe CIO has more than adequate fidS in order to continue &8 a going concern for the foreseeable future. FirruRE PLANS Our plans for 2024125 are to continue to support our two licensees, the Theatre Company and the Club, as they deal with the challeng¢s of preserving and increasin8 participation numbers, as well as continuing our progr8rnme of works to maintsin and improve the fabric of the building and its facilities.
THE MILLER CENfRE TRUST TRUSTEES, REPORT contAnued TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are responsibl¢ for preparing the Tntee5, Annual Retx)rt and the financial statements in accordance with applicable law and United kngdom Accounting Standards (United Kingdom Genera]ly Accepted Accounting Practice). The law applicable to clwities in England and Wales Iquires the trustees to prepare financial statements for each financial year which give a tTue 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: select suitable accounting policies and then apply them consistently" observe the rnethods and principles in the Charities SORP. make judgements and ¢stimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any mat¢rial departures disclosed and explained in the financial statements. prepare the financial statements on the going con¢¢rn basis unless it is inappropriate to pr¢sume that the charity will continue in operation. The trustees ar¢ responsible for keeping proper accounting records that disclose with reasonable ac¢uracy at any time the financial position of the charity and enable them to ensure that th¢ financial statements comply with the Charities Act 2011, the Charity (Accounts and R¢ports} Regulations 2008 and the provisions of the ITUSt deed. They are also responsible for safeguarding the ass¢ts of the charity and hence for taking reasonable steps for the prevention and dctection of fraud and other irregularities. tb Approved by the Trustees on 25 July 2024 and sign¢d on their behalf by: P. Shore Chair
THE MILLER CENTRE 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 year ended 31" March 2024. Responsibilities and basis of report As th¢ charity ttvstees of the CIO you ar¢ responsible for th¢ preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in pect of my examination of the CIO'S accounts as required under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions giv¢n by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have Gompleted my examination. I confirn] that no material matters have come to rny attention in connection with the examination giving me cause to believe that in any matfflal respect: l. AcLountiDg records were not kept in respect of the CIO as r¢quired 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 applicable requirem¢nts concerning the fonn and content of accounts set out in the Ch&rities (Accounts and Reports) Regulations 2008 other than the requirement that the a¢unts give a 'tru¢ and fair view, which is not a matter considered &8 part of an independent examinatiotL I have no concerns and have come acTOSS no oth¢r matters in connection with the examination to which attention should be drawn in this report in order to aydble a proper understatiding of the accounts to be reached. David Wheel¢r- Jndependent Examiner David Wheeler FCCA Cheeld Wheeler & Co Charter&l C¢rtified Accountants R¢dhill Chambas 2d High Street Redhill RHI IRJ Dated: ?1
THE MILLER CENfRE TRUST STATEMENT OF FINAIYCIAL ACTIVITIES FOR THE YEAR ENDED 31" MARCH 2024 Unrestrlcted Restricted Funds Fund5 2024 2024 Total Funds 2024 Total Funds 2023 Notes INCOME Income from charitable activities: Donations & grants received Miller Centre licence revenue Licensees contribution to expenditUT¢ items Investment Income Contribution to Building Fund from the Miller Centre Theatre Company 150 69,434 214 8,092 iO,(K)O 70,000 2,222 9,230 70,000 2,222 9,230 10,000 10,000 TOTAL INCOME 81,452 10,000 91,452 87,890 EXPENDfTURE Expenditure on Charitable activiti¢$: Miller Centre running costs Building Tepairs & improvem&]ts Depreciation Donations to charities Governance costs 59,423 59,423 14,553 9,358 2,400 1,610 51,524 20,834 9,358 2,000 2,257 14,553 9,358 2,400 1,610 TOTAL EXPENDrruRE 72,791 14.553 87,344 85,973 Net gains/Oosses) on investments 18,656 18,656 (9.148) 27,317 (4,553) 22,764 (7,231) IYET RECONCILIATION OF FUNDS Total fLllth brought forward 622,483 67,225 689,708 696,939 Total fidS Carri forward £649,800 £62,672 £712,472 £689,708
THE MILLER CENTRE TRUST BALANCE SHEET AS AT 31" MARCH 2024 Unrestrieted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Notes FIXED ASSETS Tangible assets Investments 280,620 277,241 280,620 289,978 277,241 258,585 TOTAL FIXED ASSETS 557,861 557,861 548,563 CURRENT ASSETS Debtors Cash at bank io li 4,508 102,426 4,508 3,785 64,339 166,765 154,373 TOTAL CURRENT ASSETS 106,934 64,339 171273 158,158 CURRENf LIABILITIES Creditors Deferred income 12 13 3,329 11.666 3.329 13.333 3,680 13,333 1,667 TOTAL CURRENT LIABILITIES 14.995 1,667 16.662 17,013 NET CURRENT ASSETS 91,939 62,672 154,611 141,145 NET ASSETS 649,800 62,672 712.472 689,708 THE FUNDS OF THE CK4RITY Restricted Funds Building Fund Unr¢strict¢d Funds Gen¢ral Fund 14 62,672 62,672 67,225 649,800 649.800 622,483 TOT AL CHARITY FUNDS £649,800 £62.672 £712,472 £689,708 Approva by the Trnstees on 25 July 2024 and signed on their behalf by: chaIrrrntee Treasurer1Tnte¢ The notes on pages 9 to 13 fonn part of these aunts.
THE MILLER CENTRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024 The trust is registered as a Charitsble Incotporat¢d Organisation in England and Wales. AccouNTtNG POLICIES Basis of Preparation The financial statemmts have been prepared under the historical cost convention as modified by the inclusion of investments at market valu¢. The financial statem¢nts hav¢ 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 &s defined by FRS 102. Income RecognltloD Bank inter¢st, voluntary income> grants 8nd donations including incDme tax refLmds are accounted for when rec¢ived by the CIO. Licence Fees are recognised when eamed. Gifts in Kind The Charity receives the benefit of work carried out by volunteers. Taxation As a Tegistered Charity the CIO is exempt from Income Tax and Capital Gains Tax but not VAT. Investments Realised gains and losses are taken to the Income and Expenditure Account. List&1 inveslments are shown at Mid Market Valu¢. Tangible Flxed Assets Depr¢ciation is provided at the following rat¢s.' Building improvements- 2 % on cost TRANSACTIONS WITH TRUSTEES AND OTHER CONNEcfED PERSONS No remuneration or expenses are paid to the trustees. 2024 2023 DONATIONS & GLINTS RECEIVED Council Tax Energy Rebate 150 £150
THE MILLER CENfRE TRUST NOTES TO THE ACCOUNTS FOR THE PEIUOD ENDED 3111 MARCH 2024 (continued) 2024 2023 tNVESTL%qENT INCOME Interest from UK savings accounts From UK listed investments From int¢St bearing investments 2,299 4,534 2,397 2,027 3,258 2,807 £9,230 092 MILLER CENTRE RUNNING COSTS Building servicing Staff costs Utiliti Council: rates, levy & licence fees Insurance Waste collection Mill¢r Centre Club catering provisions Other general costs 12,387 21,462 13,654 2,570 6,328 1,346 1,631 45 5,819 21,019 13.468 3,422 5,761 1,762 273 £59,423 £51,524 GOVERNANCE Costs Independent examiner's f¢¢ Legal and professional fees Bank charges 660 653 297 600 1.584 73 £1,610 £2257 STAFF COSTS Gross salaries Employer Pension Contribution 20,837 625 20,642 377 £21,462 £21,019 One ernployee was employd during the y¢ar (2023: one) io
THE MILLER CENTRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3151 MARCH 2024 (continued) TANGIBLE XED ASSETS Mlller Centre Freehold Im Miller Centr¢ rovements Total Cost at l April 2023 27,058 467,913 494,971 Dqireciation at l April 2023 Charge for th¢ y¢ar 204,993 9,358 204,993 9,358 Depreeiation at 31 March 2024 214,351 214,351 N¢t book value at l April 2023 27,058 262,920 289.978 Net book value at 31 March 2024 £27,058 £253,562 £280,620 The trustees do not depreciate the freehold of the Miller C¢ntr¢ as they consider that the residual value is in excess of the Carrying amount in the accounts. FED ASSET INVESTMELYrs Fixed Investment Intsrest TOTAL TOTAL Fund Fund 2024 2023 Market vaIue at 31 March 2023 Change in nurket value 155,924 102,661 258,585 192.733 14,114 4,542 18,656 (9,148) Market value at 31 March 2024 £170,038 £107,203 £277241 £258J85 The Investments are held by CCLA Investment Management Ltd Mid market valuation as at balance sheet date. 2024 2023 io. DEBTORS Prepaid insuran¢¢ Miller Centr¢ Club 4,134 374 3,785 £4,508 £3,785
THE MILLER CEIYTRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315t MARCH 2024 (continued) ii. CASH AT BANK Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Hampshire Trnst Bank CAF Deposit Platforni CAF Bank 30.000 90,583 11,843 50,000 140,583 14,339 26,182 124,373 £102,426 £64J39 £166,765 £154.373 CAF Dq)osit Platfonn is provided by Flagston¢ Investment Management offering access to banks and building societies savings accounts. 2024 2023 12. CREDITORS Trade Creditors Accruals 2.669 660 3,080 600 £3J29 £3,680 13. DEFERRED INCOME General Restricted Funds Fund5 2024 2024 Total Funds 2024 Total Funds 2023 Licence f¢es in advance Contribution to Building Fund in advance 11,666 11,666 1,667 11,666 1,667 1,667 £11,666 £1,667 £13J33 £13J33 14. THE BUDll¥G FUND This restiicted fund me¢ts the expenditure on building repairs and improvem¢nts. The fund rec¢ives restrict income from The Miller Centre Theatre Company. Funds are also transf&Ted into the BuildiDg Fund ftom the General Fund as r¢quired. The fund is supported by cash balances. 15. RELATED PARllES None. 16. VOLUNTEERS Apart from the caretaker who is employed by the trusL the CIO is supported by a nutnber of volunteers who assist in th¢ running of the trthst. 12
THE MILLER CENTRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31rt MARCH 2024 (ntInUal) 17. TRUSTEES The trustees give their time and skills to the CIO freely and none of them received any payment for their smic¢s. None of thc trustees claimed any expenses from the tTht in the year (2023 - nil). 18. GOING CONCERN The charity has substantial liquid reS0ceS and is easily abl¢ to meet its liabilities as th¢y ar¢ due, and so the trnst¢¢s are satisfied that ther¢ are no going concern problems. 13